Whilst being perfectly independent from a financial perspective is the ideal state to be in, the reality can often be a little different. Even if you are, more or less, financially independent, there are always unexpected emergencies and surprises that can appear when money is low and not everyone has spare money sitting in a savings account… Read more
Viewing posts tagged with: bankruptcy
What To Do When Collectors Call
Sometimes, like Josh wrote last year, avoiding debt collectors and refusing to pay a debt really is the best case scenario. If that’s your situation, you’ll get no judgment from me. If you’re on the fence, though, I’m going to suggest something radical. I’m going to suggest that you actually answer the phone. There are… Read more
Things to Consider when Purchasing Real Estate
Homeownership is often seen as one of the ultimate forms of financial independence. Instead of throwing money away each month, making someone else rich, you’re investing money in your future – in equity on your property. If you can invest in multiple properties, they earn even more money for you, thereby increasing your financial independence…. Read more
Declaring Bankruptcy: Not an Easy Way Out
Declaring bankruptcy can sometimes seem like the only option when you or your business is unable to pay multiple debtors. In many cases, it is the quickest and simplest way to clear an overwhelming debt. To become bankrupt, you must first apply to the court for a bankruptcy order. You may also be… Read more
Making ends meet when on welfare
With the cost of living continuing to rise while incomes stay flat, making ends meet can be very difficult. This is especially holds true for those on welfare with little to no means in increasing their benefit payments. In these difficult times with uncertainty in global financial markets, individuals and families must be savvy with… Read more
Who are those most likely to be affected by high debt levels?
Debt is something that millions of us are likely to get into. It could be from taking out a student loan, a credit card, being overdrawn on our current accounts, by taking out a mortgage or by an ordinary personal loan. For some of us, paying off debts in instalments is simple enough, but… Read more
What to do if there isn’t enough money?
During my first year of college, I had two majors, and taking an extra job on top was virtually impossible. My college town had about 40000 students and most seniors had trusted the rare jobs available, so when I arrived unprepared in September, I knew I had to rely only on my scholarship for that… Read more
How I helped my handyman get into debt
Since I moved to Guatemala, I have hired a handyman to do work around the house. Let’s call him H. H is 20 years old and lives in the nearby village. He used to work for the previous owner for $65 per month but didn’t do much. When we took him in, we asked him… Read more
How to negotiate your bills and your debt
Last week, I talked about ways to reduce monthly payments on your debt. Some strategies included finding better deals to take on some cheaper debt, and others making an extra effort to pay your debt faster and reduce the interest paid. Unfortunately, it is not always that easy. Sometimes, bills… Read more
How to reduce payments on your debt
On a recent post, I talked about how to calculate your debt’s weighted average interest rate. Simply put, if you have a $1000 debt at 6% and a 2000% debt at 0%, your total debt is $3000 at 2%. That rate is important because this is how much that debt money is costing you. Paying… Read more