Comments on: Smart Money Management Will Always Be a Win Win Situation

By: EmmieR

EmmieR — Thu, 19 Jun 2008 10:36:58 +0000

Money! Money! Money!It should be spent wisely to stay out of debt. Our family budget depends on the way we manage our finances. Going on a spending spree is the bitterest enemy.

By: Mona

Mona — Sat, 29 Mar 2008 02:38:04 +0000

@ Getting myself out of debt – The “pay it off at the end of the month” mentality is what gets most people in trouble. Buying something with credit with the goal of paying it off at the end of the month means that you assume the money will be there at the end of the month. Since most people are living paycheck to paycheck, putting themselves in this position means they are spending more than they make. If you pay for things with money out of your pocket instead of money you hope to still be available later than you in a much safer position.

It is a myth that you have to have credit cards to help you build credit for a house . According to Dave Ramsey with a 20% down payment, buying a house in your real price range, 2 years or more on with your current job, and 2 years of paying your landlord early will qualify for a mortgage.

The main reason it is important to stay away from credit is because of what we are seeing in society now. More and more people living beyond their means because no one is giving them smart alternatives. More and more people these days are filling bankruptcy and loosing all they have and it all started with poor money management and the “gotta have credit”, “gotta have stuff mentality. I think the world would be a much better place if people would just learn the simple truth, “Buy what you need and want with money you have, not with money you wish or hope to had.”
Thanks for stopping by to offer your comments and opinions

@Gaida – Investing is an important part of building monetary wealth. The best investments are long term mutual funds, and paid for real estate. Investing should start after you have a 3-6 month emergency fund and paid off all of debt (except mortgage). Unless of course you job offers good investing options.
Thanks for stopping by and commenting Gaida

By: Gaida

Gaida — Wed, 26 Mar 2008 03:18:12 +0000

Hi Mona,

I believe that our kids should be taught more money matters at school. Unfortunately they have this instant gratification & need to have everything now. You see so many kids these days using a credit card & getting into debt earlier & earlier….. and that’s before they even take on a mortgage!

Kids and adults need to look at better ways to make their money work harder for them… To get a higher rate of interest. Quite often you need a ‘basic’ passbook account ..which gives practically no interest at all BUT you link this to an online savings account only accessible via internet or phone banking.

You then transfer the money into the online a/c to gain the higher interest and when you need to withdraw it you have to transfer to your basic a/c.

You’d be surprised how many are unaware of this idea of savings!

By: Getting myself out of debt

Getting myself out of debt — Tue, 25 Mar 2008 12:52:44 +0000

You are right – spend less than we earn – simple, yet effective. I would never encourage anyone to spend MORE than they earn. What most people mean when they say ‘build up credit’ is to buy things that you CAN afford & would have bought anyway, but use your credit card instead – then pay it off before the end of the month. That way you are building yourself a decent credit rating which will mean you can get a mortgage at a reasonable rate. Something that most people will need to do at some point in their lives.

If that was the encouragement, how would you feel about it?