I am a millionaire, but I don’t feel like one. Perhaps the better way of saying it is it does not feel like I thought it would. Let’s get back to that a little later.

First a bit about me and the family. I am a forty-one year old white male. Married for 12 years with two kids- a nine year old girl and a seven year old boy. I have an undergraduate degree in finance and went to night school to get an MBA. I have spent my entire career working in information technology (IT). Most of that time has been programming. I have a few stints in management, but it didn’t take.

My wife works at home and has done so since our daughter was born. She volunteers at the kid’s school quite a bit. I also keep her busy with a lot of the business activity. Our kids attend public school. We were going the private school route for a few years. When both were going to be all-day students, the bill was $18,500 for the year. By the time they are be in 2nd and 4th grade, the bill will be $21,000 and that was if tuition stayed the same. Fat chance on that.

I have started my own company. The dream was to have a big operation where I would have 50+ people working for me and spend my time running the business and helping bring in new clients. Four years into it, we are considered successful, but the big dreams have turned out to be little dreams. I have a few people working for me but the majority of revenue is still billing my own hours.

I come from a middle class home. My father worked for the federal government and never made more than $25,000 a year. I went to public schools. I am smart and my grades always reflected that. I graduated high school in the top 10% (barely). My father passed away when I was in high school. While there was life insurance, it was not much. My mom had to go back to work after staying home to raise the kids for 20 years

My career and savings started when I was 22 and graduated from college. 18 years later I can see several things:

I made some great decisions
I made some bad decisions
I made good decisions with bad results
There has been good luck and bad luck, which came whether intended or not Inaction that should have been action.

Some Good Decisions

Student Loans – I never had any. My undergraduate was paid for by scholarships and out of pocket. My employer paid for the MBA. I did not go to a big school, although I could have. The decision to go where I did, McNeese State University in Lake Charles, LA, was made out of finances. They offered a scholarship that covered tuition, books and a room. I was on my own for food. A little help from mom and some part time work took care of that.

I noticed that many of my friends upon graduation were paying off student loans. Every month they were paying a couple of hundred dollars. For them this went on for years. I was saving my money instead. This provided a good foundation for later.

Avoiding bad debt - I can remember one day talking to a friend who was about to get married. He had $8,000 in student loans, $10,000 in car debt, $3,000 in credit card debt and was about to get a loan to pay for his portion of his $30,000 wedding. He never told me exactly what he wound up paying for the wedding but I bet his portion was half. Here is a guy who is 25 years old and $36,000 in debt and all he has to show for it is a car and a marriage certificate. He was going to be paying that off until he is in his thirties and then start saving. I had a ten year head start for savings on him.

While I have had car notes, they were never huge and never more than three years. I put as big a down payment as I could. I have bought more used cars than new cars.

I pay off the credit card every month. I do charge everything I can. This maximizes the points. The bill has often been higher than what I want it to be. My wife and I have had more than our share of fights when I opened the credit card statement. In the end I made sure the balance never got up and we never paid interest or fines.

I recently had a conversation with a co-worker who told me she had $75,000 in credit card debt. This fascinated me because we had similar jobs with similar pay and are similar ages. How can I have so much and her so little? Her answer was it started small when she was in her 20’s. She and her husband would carry a balance this month and go on vacation instead of paying for it. That balance never got paid. The next month they had an $800 car repair, adding to the balance. They had a cycle of accumulating bad debt for 15 years that resulted in $75,000 of debt.

Ground rules with the spouse – Before we got engaged, I wanted to go over finances with my then-girlfriend. I discovered she had $2,800 in credit card debt. I let it be known that we were not going to get engaged until she got it off the credit cards. She applied for and received a debt consolidation loan at a much more reasonable rate. This started the groundwork very early for us about what would be good and bad financial decisions.

My wife is not a money person. She is a spender and consumer. She impulse buys regularly while I seldom do. My saving has often been countered by her spending. I could have been a millionaire many years ago if she viewed money like I do. The things we do for love.

While we have fought, and will fight again, over money and spending, there have always been some ground rules. No credit card debt, do not touch the savings unless for another investment, save every month, try to avoid spending on the big things.

We have taken trips, bought clothes, had nice meals and remodeled kitchens. We temper these things. I try to delay these expenses and question if we really need all of it.

One thing that works for us was we created a separate checking account for her. Every month we transferred money into that account. Birthday gifts, baby gifts, wedding showers, clothes and her pocket money all came from there. These were the items that would get out of hand. More than once she was giving a wedding or baby shower with other people. It always seemed that one of the others would go out and spend an outrageous amount. The $400 dollar cake was my favorite. They would through the receipts in a pile, add them up and divide. Three showers in a month totaling $450 can bite you quickly. When these types of expense would come from our savings, she treated it like there was a bottomless well. When she had to pay from her own account, she started budgeting. The account literally saved our marriage.

Buy a house early – I bought my first house when I was 25. I paid $52,000 for it. It is a 2 bedroom /1 bath with 1100 square feet. I lived in it for 5 years. Four years being single and one after we got married. I still own that house today. It has been a rental property the rest of the time. By the time we moved out, I could rent it to cover the note and then some. As time went by and property values rose so did rents. This house is now paid off and is valued at $210,000. I collect $850 a month in rent. I could get a little more but we have a good tenant who pays on time and doesn’t call much.

That single decision is now responsible for nearly 15% of my net worth and provides around $6000 a year positive cash flow (minus taxes and insurance).

Maximize 401K – We have put as much in to our 401Ks as we can. These accounts are now worth over $200,000 and the returns have just been average. I have changed jobs several times. Several of these 401Ks are now in IRAs. This money is taxed-deferred, encourages savings and adds up over time.

Save every month – Shortly after college I opened a mutual fund account. I started putting $100 a month into it. After a while I upped it to $110. I got another fund and started adding $50 a month into it. Over the course of time, those monthly investments became $800 a month. But over the course of time, these mutual funds are now worth $180,000.

Look into making money outside of your job – There are lots of ways to make money on the side. We have gotten in and out of direct-marketing companies. We have bought and sold on Ebay. I have been to dozens of foreclosure auctions. These are only a few of the items I have looked into. I have invested hundreds of hours and thousands of dollars over the course of time. Multiple times I had to make the decision that this was not worth my time or any more of my money and had to cut my losses.

In the end I have found side incomes that bring in an extra $30-$40K a year. There are a ton of get-rich-quick ideas out there. Many of the things you will come across are scams. Some only work for certain types of people, usually not the type of person I am. What I currently do, I stumbled into. I stumbled into it because I was looking into something else that did not work. Every opportunity you see, book you read, seminar you attend will spurn some other thought and idea. The challenge often becomes evaluating what is the best match for your skill, capital and time.

Hobbies – I know guys who play golf every weekend. Others go hunting or fishing. While we all need our hobbies, often these hobbies dominate our lives and finances. Golf is not cheap. Even the cheapest green fees can run up the hundreds of dollars a month for the avid player. Add in balls and clubs and it can really get up there. If you are making $70K a year and have two kids and spending $300 a month on golf, it is time for a financial re-evaluation. If golf is more important than wealth keep it up, but you are not going to make it to the millionaire club that way.

Let’s not just pick on the golfers. Hunters, boaters and shoppers have equal if not more outflow. I see hunting leases for $2000 a year. $500 pair of shoes. $17000 boats. If you want to save, you eventually need to decide – hobbies or wealth?

I started my own business - I could have easily just worked for someone else or gotten a job in a big IT shop somewhere. Instead I put myself out there to accept contract gigs. There were times where it was just me. Luck plagues the diligent. I sought out opportunities where I could bring in other people. Since I was incorporated, I could do that. I knew a bunch of programmers and could get them better rates that anywhere else. I kept thin margins, but making $4K a year off of someone is better than making nothing.

Starting your own business enables multiple opportunities outside of the obvious profit centers. There are so many expenses that I used to absorb that I could now deduct from my taxes. Office supplies, mileage driving to client, etc.

Work Hard – whether I was working for myself or someone else, I was always a hard worker. I came in a little earlier and stayed a little later. I did not whine if I had to come in on the weekend. I accepted responsibility and sought allies. I took the blame and shared the credit. I became valuable wherever I was. This set me up for higher pay when I worked for someone. When I went out on my own guess who the first clients were – people who used to work with me. They knew they would get a certain level of productivity out of me.

Things I wish I did

Increase the monthly investment – There were long periods of time (5-6 years) where I left the monthly investment in the mutual funds alone when my income went up. I should have increased the monthly payment into them each time my pay went up.

Buy and move into more houses – I look at the house I bought when I was 25 that is now worth $210K and regret not repeating the process. My wife and I could have moved 2 – 3 times more and bought a house each time. This would have left us with a bigger trail of rental properties all well on their way to being paid off.

The single best beginners way to build a real estate empire is to buy a house, live in it, buy another, move into that and rent out the former. Fixed rate loans for the owner of the house is still the cheapest way to get a loan. It also avoids the extra loan costs of buying investment property.

Things I cannot control

Luck – This goes both ways. The house I bought when I was 25 was in an area that has not suffered from urban decay. I cannot predict how a neighborhood will get that disease. It could have just as easily turned out to be a bad neighborhood. Fortune smiled there.

Just like that was good, I can account for $250,000 I have invested back into my business that I have not received a return on. I have hired several sales people who did not work out. Each one of them drew a salary, submitted expenses, hired outside support and took people away from billable efforts all to help close a sale. While these are things you do to grow a business, you want to them to actually grow the business.

My business has grown more from my efforts than anyone I paid to do it. Was it my bad judgment in evaluating their sales talents or I did not give them the support they needed? I cannot rule it out. Were they not putting their all into it? I cannot rule that out either. When they were hired, everyone thought it was a good idea, the approach was sound and we communicated regularly. I just never got the result I wanted. It was a good decision that had a bad result.

The Dot Bomb era – I had a lot of technology stocks. There was a point in time where my and my wife’s IRA was worth $160K. This was in early 1998. A year later they were worth $60K. There is a reason I primarily invest in S&P 500 index funds today.

I used to consider myself a “very aggressive” investor. Not any more. Losing $100K in the market will do that to you.

What it is like to be a millionaire

Having over a million dollars in net worth is a good place to be. It sounds oversimplified but being a millionaire is better than not being one. It is not the penultimate financial goal that I once thought it was. I am not retiring and picking up golf any time soon.

I still worry about cash flow. So much is tied up in real estate, mutual funds and the business that I cannot get to a lot it without tax consequences. I still drive an eleven year old car. We eat at the same places. We still argue about the credit card statement. I still buy the generic pasta at the grocery store because it is 15 cents cheaper. I am not going to “summer” in Europe or buy a Mercedes. That is not how I got here. If I make those types of lifestyle changes, I might not stay here. I have splurged on a few things. I have “invested” in my baseball memorabilia collection and we took a nice vacation.

I do sleep better knowing I have some flexibility and assets working for me. There are people I work with that have a couple of thousand in the bank, even more in credit card debt and live from check to check.

I have over $1.4 million in assets. This includes everything. If I get 5% return on them, that is another $70K added onto the amount in the next year. The same people I just references are years away from saving $70K much less $70K in a single year. That is what a lot of people make in a year. That is my return when I do nothing.

It was not positive linear growth every month. Many months went backwards or stagnant. Remember, I saw my market values drop $100K. There was over $250K invested back into the business. To save a million dollars you to need to be out there and take a chance. Not all of them are going to work. Hopefully a lesson learned pays dividends down the road.

Having the money allows me to look at different investments. Doors that were shut are now open. I just have to be smart. I can consider different options. In the end that is what I am really after – the options to control what I want to do and on my terms.

Bird Cage

The growing costs of paying for a college education have made a lot of would-be college students to stop and think about their future. Many prospective students won’t be able to get an education without means of a private student loan. The debate of making college education accessible for everyone is still a major concern, and is likely to be an argument for a long time to come.

There are many reasons why college education should be free for all, since it would greatly help the national economy if everyone were well-educated, creating a vastly more competitive economy. The potential of giving each citizen their own degree would also be a benefit to the government itself. But with the country’s economy still unstable, how would the government pay for everyone’s tuition fee? Where will the funding come? Should the general taxpayers who do not directly benefit from higher education pay additional taxes for the education of the country?

Of course, one place people can also start collecting funds for free college education is from those people who will benefit from the free education system, through higher taxes for those going to college, for instance. However, this may not be realistic, as a lot of college students may not have the means to help out-even though they no longer have to worry about paying tuition.

One common problem when it comes to most university students is not about their intellectual ability, but how they’ll pay for their college education. Many entrance examinations even cater not to the intellectual ability of a student, as much as whether they’ll have the financial support to get them through the four years of college life. If we are truly serious in providing everyone a free education, then we should find a way in widening the students’ participation, regardless of whether they have money or not.

Many organizations have even come up with ways of creating new private student loans so that students are able to afford and pay their tuition fees on time. Given that free college education for students is still a long way off, students should find their own means of helping themselves so that they can get access to better education in the meantime.

For those who want an alternative in getting a loan for school, a great option is to get a private student loan. For most lenders, all you need is to have good credit, and you will be eligible for a private student loan. There are still ways to ease the financial burden on students, until the time when everyone will be able to get access to free college education.

Sensor

Both the private and federal student debts can be consolidated, but not together. When you consolidate student loans, the benefit is the simplicity, i.e. the graduate gets only one or two debts and lenders. But if the debts will also refinanced, then it is possible to get bigger savings.

1. When You Consolidate Student Loans, You Can Remove The Co-Signer.

Concerning the private student loans consolidation, it is possible to remove the co-signer after 24 or 48 months of making the regular payments. This will free the parent or the relative from the potential liability.

2. What Is The Lowest Loan Amount?

Most lenders will require a combined sum of $ 5,000 or more for the consolidation for the private debt consolidation and $10,000 for the federal one. You cannot be in a default status with any of your loans. The consolidation process takes about 45 days.

3. You Can Reconsolidate, If You Take An Added Loan.

You cannot reconsolidate the federal and direct debts unless additional loans are included. For example, if you consolidated your federal debts after your undergraduate degree and then wanted to also consolidate your graduate loans, you can combine the new loans with those that were reconsolidated.

4. You Cannot Consolidate Federal And Private Loans Into One Big Loan.

There are natural reasons for this rule. If you go back to school, you cannot defer the private loan consolidation payments, but with the federal loan you can. You have to pay the private loan consolidation even if you have difficult economic situation. You cannot get the tax benefits from the paid interests. And you cannot apply for forgiveness on a private loan consolidation.

If you will pass away, the private loan goes to the next kin, but the federal loans are forgiven. And finally, the private loans have generally the variable interest rates, so you cannot lock the rate during a low rate period.

5. The Need Of The Co-signer.

If you are now a recent graduate or undergraduate, it is possible that your lender will require a co-signer for a private loan consolidation. This also depends on the principles of the lender and on the credit history of the borrower. However, in all cases a co-signer will make it sure that the application will go through.

The student loan consolidation is a typical financial service process, which is full of details and full of opportunities. That is the reason, why it is wise to turn to the expert and really think this issue thoroughly before jumping into some agreement. I would recommend a low monthly payments, because this system will leave room for the sudden changes in the future. And you can always turn to the lender to pay the loan quicker.

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For anyone student in Stark County looking to take on the post-secondary education experience, it can be hard to know just how much it will cost and even harder to know if you can really afford it. There are dozens of different college scholarships for Stark County students and understanding how to utilize them and where to find them is the key to making your dreams come true. Many students see the tuition, books and housing bills and think there is no way they can afford to go to school and simply give up. There is no reason to give up when there are so many college scholarships for Stark County students waiting for you to apply for!

The Stark Community Foundation handles over 80 different scholarship programs for the Stark County area and distributes more than $500,000 in money to deserving students each and every year. As a prospective University student, this is the type of resource you should be fully utilizing. They offer the following scholarships:

Brookside Country Club Educational Trust

Canton Advertising Club Scholarship Fund

The Harry D. Callahan Educational Trust

The Thomas W. Gallagher Scholarship Fund

Jackson HS Alumni Scholarship Fund

The Markley Family Scholarship Fund

The Washington HS Scholarship Fund

This is quite literally just a small taste of the dozens and dozens of different scholarship opportunities you can apply for within the Stark County area. This should really show you how important education really is and just how many people love to donate and help students achieve their life long dreams, even when the financial responsibilities may be too many for many of them.

It is no secret that post-secondary education is far out of many American’s reach today and this is why the wealthier members of this county and businesses have taken it upon themselves to create scholarships to help promote and encourage Stark County students to further their education and reach their goals, no matter how wealthy or un-wealthy they may be. Education was never meant to be a privilege, although for many students today this is what it may seem like with tuition bills reaching over $10,000 and other expenses that seem too far out of reach.

Look towards collage scholarships for Stark County students before federal and private lending options. You may have the ability to be approved for more than one scholarship to help you pay for the majority of your schooling without a great deal of student debt to carry around. By visiting the Stark Community Foundation website you can download the appropriate scholarship applications and fill each of them out from the comfort of your own home.

Contrary to popular belief you do not have to have a 90% average in order to qualify for scholarships, although there are some academic based scholarship programs like this, they are not all based on grade point averages. Take the time to go through the 80 different college scholarships for Stark County students and you may be surprised just how many of them may apply to you. This is money that you are being donated, that does not have interest rates or stipulations, it is only meant to help you achieve your goals, why not take advantage?

Visit the Stark Community Foundation website today and you will be amazed just how many college scholarships for Stark County students there are to choose from. Apply for more than one; apply for all of them if you want to. Make the most out of your applications and education by utilizing all the different financial avenues available for prospective students.

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Shopping around for debt relief programs?
Getting quotes from different debt settlement companies?
Filling out forms on the Internet, looking for help with credit card debt?

Tempted by Lower Payments?

Don’t be fooled…

DO YOU HAVE ACCOUNTS WITH ANY OF THESE CREDITORS:

Citibank, Discover or Bank of America? (Are you sure?)

MARCH 2012 UPDATE: Target and Kohl’s have both become highly aggressive. Your program must account for the higher cost and possibility of lawsuits to be successful. Only work with a professional law firm with an attorney in your state to represent you that passes the tests below…

BUYER BEWARE:

If you receive quotes from anyone who does NOT ask you who your creditors are, you better RUN!

With so many people in a financial hardship these days, many unscrupulous, untrained or ignorant people are jumping onto the debt settlement bandwagon… unfortunately this could mean big trouble for you!

Did you know Citibank, Discover and Bank of America are much more likely to file a lawsuit against you if you make the mistake of enrolling into a bad program over 24-30 months. Or, in some cases, even if it’s longer than 12 months?

It all depends on how much debt you have with “aggressive creditors” like Citibank, Discover and Bank of America.

You may have accounts disguised as other creditors, but and are actually owned by these same nasty creditors, like…

* AT&T Universal (Citibank)

* Most gas cards (Exxon, BP, Citgo, Chevron… ALL Citibank)

* Sears (Citibank)

* Sometimes Lowes & Sams (Discover)

* FIA (Bank of America)

* Plus many more common names you might know all too well, but didn’t know were ticking time bombs in your financial plan.

In fact, if you have too much debt with Citibank, Discover or Bank of America, then debt settlement MIGHT NOT WORK for you at all!

MARCH 2012 UPDATE: Citibank has recently become much easier to deal with, settling account for much less and backing off on legal action. In fact, many creditors are softening. I believe this is due to the economy. Creditors want something instead of nothing, ASAP. This is GOOD NEWS for you!

These rough economic times are indeed the very best time for you to get out of debt for as little as possible, AS SOON AS POSSIBLE! A friend of mine recently had $75,000.00 of his personal credit card debt with Bank of America settled for only 10% ($7,500.00).

Take advantage now if you’ve been affected by the economy and are struggling with serious debt.

What if you enrolled in one of these debt settlement program who DID NOT account for these “aggressive creditors” (like most debt settlement companies offer today)?

If you’re like one of the many clients I’ve attempted to help when they came to me after dropping out of one of the many bad debt settlement programs like this, then you too would just get ripped off and left to deal with nasty creditors on your own.

You’d be a year or two into a program that was destined to fail from the start, with a LOT more debt (higher balances due to interest and fees piling up), “a whole bunch of nothing” for a lot of money paid in fees to an unresponsive debt settlement company with a long list of complaints… and your accounts will be too far gone for a legitimate debt settlement company to do anything for you that you could possibly afford. It usually takes a large LUMP SUM at that point, roughly 65%+ of your total debt, to avoid bankruptcy or worse…

Watch out for the “smoke and mirrors” most debt settlement companies are trying to pull these days.

There are literally thousands of debt settlement firms who have jumped on the bandwagon in just the past couple of years. Most of them have come from failed sub-prime mortgage companies, who were behind the slew of bad loans that helped through our economy into the tailspin we’ve been in.

“Three Rules”…Make That, “Four NEW Rules” To Avoid Costly Debt Settlement Mistakes:

RULE #1. Only get quotes from a debt settlement company who requires statements.

Watch out for high pressure sales people or slick-sters trying to sell you on the lowest monthly payment without even looking at your specific situation. Steer clear of any company or sales person who attempts to enroll you into a program without covering everything included in the “TASC Standard Disclosure.

RULE #2. Only work with a debt settlement firm who has been in business over 5 years.

If 90% of businesses fail in the first five years, why would you ever trust your financial future with an unproven start up company? Stay away from start ups or companies with a “business start date” listed on their BBB Report less than five years ago. Choose a company with a proven track record over time.

RULE #3. Only work with companies with a clean BBB Reliability Report.

Stay away from companies with a long list of complaints… especially “unresolved” complaints. This is a sure sign they over-promise and deliver poor results, probably getting their clients sued unnecessarily. You need a company, and a consultant, who will be there for ou throughout your program to see to it you are taken care of and successful in your efforts to get out of debt.

Bottom Line: Learn what a “satisfactory record”* with the BBB means and require it from any company you consider trusting with your financial future.

MARCH 2012 UPDATE: Because of the many unscrupulous operators in the industry, as mentioned mentioned above, the BBB rescinded Membership for many debt settlement companies in most areas of the country. It’s a case of a few bad apples spoiling the barrel. Few parts of the country still allow membership. In addition to this, the BBB has issued “D” ratings to companies just for being in the debt settlement industry, even with no history of complaints or problems with consumers.

There is currently no criteria recognized by the BBB to distinguish good companies from bad, other than the length of time in business and the number of complaints.

* The BBB’s credibility has come under mass-scrutiny. The BBB is not a government organization, but private entities who have amassed major influence over consumer buying decisions, but have become unfair and corrupt in their own business dealings.

FreedomDebt.com, for example, was an Accredited Member of the BBB until summer 2008 when the company’s membership was rescinded because of the industry the company is associated with in the state of Texas. This, the BBB assured, had nothing to do with the company, its performance or service to customers. Maintaining a good reputation and trust with clients since 2002, regularly invited back to news programs and talk shows for live TV interviews all over the country, FreedomDebt.com (Debt Freedom, Inc.) services many thousands of clients nationwide, and still maintains an outstanding track record with the BBB (only two resolved complaints in the company’s entire eight-year history).

RULE #4. Only work with a debt settlement law firm under a licensed attorney instead of a non-attorney based company.

This is because attorney’s are governed by the BAR Association, not the FTC like non-attorney based companies. Pending FTC regulation is a threat to all non-attorney based companies, whereas law firms regulated by the BAR Association will not be affected by this future regulation. For this reason, you should only consider working with a legitimate debt settlement law firm to avoid future regulation affecting your financial future.

In 2009, the FTC began cracking down on the debt settlement industry due to the many unscrupulous, fly-by-night companies sprouting up in recent years who have taken advantage of consumers for quick profits.

Additionally, with an attorney representing you there are significant advantages in dealing with creditor calls or potential lawsuits far beyond that which a non-attorney based company. With a top debt settlement law firm you can typically obtain better results, lower settlements and greater savings.

Make No Mistake, Debt Settlement *May* Be the Best Option For YOU (By Far), If You’re Facing Financial Hardship…

…But *only* if it’s a quality program that will work for you, in YOUR SPECIFIC SITUATION, and offered by a trusted representative of the small handful of reputable debt settlement companies.

Being in the debt settlement industry myself for over a decade, working with most of the major players and watching bad companies come and go by the thousands, I’VE SEEN THE NEED FOR THIS DEBT SETTLEMENT WARNING FIRST HAND.

My experiences not only inspired me to write this article, but has also driven me to spend the past decade developing and creating a financial education program to help people like you make your best choice, and AVOID THESE COSTLY MISTAKES.

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If you have tried to work with your creditor and he is unwilling to accept partial payments from you or if you simply cannot pay your debt, a creditor may take you to court. In court, if you have no valid defense the creditor most likely will win and a judgement will be ordered against you. You certainly must want to know what happens when you have a judgement against you and you are unable to pay?

The court ordered verdict allows the creditor to legally go after assets that you have. However, because a creditor gets a court order he still may never collect a dime from you. Each State varies, but there are certain items that a creditor cannot touch in his attempt to try to recoup his monies. To determine what the creditor can take from you a legal proceeding is held to discover what assets you actually hold.

At the asset hearing, you will need to bring certain documents such as tax returns, check registers and pay stubs. These items will be examined by the creditor’s attorney to determine what your income is and what private assets you own. If it is determined that you have no income or property that your creditor can take, the court order is essentially worthless. You are considered “judgement proof”. As you can see, when you have a judgement against you and you have few if any assets, you should feel less frightened about your future.

Now that you know what happens when you have a judgement against you and you cannot pay, it is important to understand that each State differs on the value of assets you can have. It is still possible to have a certain income and assets including a house with little equity, a cheap car, personal effects and some private property and still be untouchable by the court’s verdict. You will need to speak to an attorney in your State to determine your specific asset situation as each State has its own asset schedule.

One interesting note is that at one time in the United States and also in the United Kingdom, there was something known as “debtors’ prison.” People were actually incarcerated for being unable to pay their debts. These laws were changed in the US and UK in 1833 and 1869 respectively. Today there is no such thing as incarceration for unpaid debt except in cases of fraud, child-support or alimony.

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Debt collection letters are tools in the debt collection process. They are intended to remind the debtor about his liability. They are also proof of necessary communication in the court while litigation proceeds. The federal law, FDCPA, insists on a standard methodology for the letter. The use of illegal words or style in the debt collection records will be a violation of the law. To avoid such difficult circumstances, sample letters can be used as route maps for standard debt collection letters. Sample debt collection letters narrate the content and style of debt collection letters.

Sample debt collection letters act as a guide for debt collection documents. FDCPA regulations protect the rights of the debtor. The Act particularly insists not to include abusive, harassing and deceptive statements in the correspondence. Sample letters exemplify the right pattern of communication. The procedure usually involves a letter within 5 days of the first telephone call to the debtor in order to clarify the details. In the absence of a favorable reply, debt collectors send reminders. Sample letters are available for each format, whether they are sample reminder letters or sample notice letters.

Sample letters are informational resources for debt collection letters. They provide the outline, though they cannot be copied as such. However, some ready made letters are also available in which only details such as the name, due amount and date have to be added. They are provided in the pre-formatted version, suitable for various circumstances.

Sample debt collection letters are usually provided by experts in the debt collection field. Section 812 of FDCPA imposes civil liabilities for the supply of deceptive sample letters. The Internet is the best source at your fingertips. Sample letters are generally available on websites of attorneys and debt collector agencies. A few sites provide free sample letters. Pre-formatted sample debt collection letters can be downloaded and used as original letters with necessary modifications. Sample letters are also included in books and training modules on debt collection.

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One of the hardest things about being a single mom is finding enough money to pay the bills. Debt is a reality for many Americans, but for single moms financial problems can be even worse. Having enough money to pay rent or mortgage, buy groceries, and take care of the kids is a lot for one person to handle. Thankfully, there’s help available. You just need to know where to look.

A good place to start would be talking to non-profits in your area that offer Government financial help for single moms. These wonderful organizations offer housing assistance, employment assistance, and even tuition assistance. Check the phonebook, local non-profit listings, and the internet for opportunities in your community.

Federal and state governments also offer programs to help single mothers in need. Look up the Temporary Assistance for Needy Families, or TANF, program in your state and contact them for help with food stamps, job training and placement assistance, and financial aid. For help paying your energy bill, contact your utility company first to see if they can offer any assistance. You can also contact the Low Income Housing Energy Assistance Program, or LIHEAP, to request assistance with your heating bill.

Another option is to apply for grants set aside for single moms. To find available grant money, simply search the internet for “grants for single mothers” and a long list will appear. You have to apply and be accepted for grants and different programs will have different expectations. Apply for the ones best suited to your particular situation.

There are also many ways you can earn extra money without sacrificing time with your children. You could watch other children during the day or in the evenings while you take care of your kids. You could watch other people’s pets while they are away, clean a house or two a week, or look for freelancing jobs you can do from home. If you have a special talent or hobby, consider turning it into a business. There are many things you can make, bake, write, craft, or create that you could also sell.

Paying the bills as a single mom can be tough, but you don’t have to go it alone. Don’t be afraid to ask for help when you need it. There are programs out there that have been specifically designed to help single moms who are having trouble making ends meet.

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So many people today are in debt. Some people say the average person in the US has about $8000 on average of credit debt. How do we get out of debt? Perhaps that is the one reason you are reading this article right now, you want to get out of debt. Or you need to find a way to pay for a better education in order to be able to live the life less troubled by debt.

If you are a single mom and you’re wondering how you’re going to be able to raise your kids on your own while suffering financially, you may find it encouraging to know that there is free money that you can access from the government. Many times you read information online or people claim you can get free grant money. Money you will never have to pay back. Is this true?

Yes, it is true. However, it does require action on your part. The first step is learning more about the type of money that is out there and available for you to use. There are in fact programs and yes grants that have been ear marked specifically for single mothers. But do not despair if you are not a single mom. There is money for everyone in financial need.

But obtaining these grants or finding the programs that will provide you with the funds to go back to school, finance a career, and help you take care of your family as a single parent, are not always easy to find.

The fact is even though the government sets aside millions of dollars by means of grants and programs for people to access and use for various reasons, they don’t really want you to find it too easy to obtain. So requires a little digging.

So you find yourself in need of some financial aid in exchange for giving you some free money, you’re going to need to invest a little bit of your time. Which at this point is obvious you’re willing to do since you found yourself here.

What type of grants are available? There were all kinds of grants available. Federal, state, county, and city grants are available. There are even private funds and community groups that are willing to help you if you are a nonprofit organization. If you are a minority and especially if you’re a woman you can qualify for a wide variety of grants.

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Paying off credit card debt using a personal loan can seriously reduce your interest costs. Most credit card companies charge massive interest rates on your outstanding balance, whereas an unsecured loan will be charged at much lower rates.

When you’re trying to pay off credit card debt, your repayments never seem to make a dent in your balances so your interest bill keeps mounting up and you never seem to get ahead.

Advantages of an Unsecured Loan

It is possible to consolidate all your credit card balances into an unsecured personal loan and begin to reduce your debt quickly. The main reason for this is that credit card minimum payments are designed to cover the interest costs with only a small portion of each payment going to pay off the balance. With this loan, every payment you make has a principle portion build into your repayment amount. This means every time you make a payment your loan is reduced.

Another benefit with using these loans to pay off your credit card debt is that loan repayments are amortized – which means you’re not paying compounding interest every month like you are with credit cards. The lender would already have factored the interest repayments into your total payment amounts.

Getting a Personal Loan to Pay Off Credit Card Debt

When shopping around for your loan, be sure to compare several different loans. Look for loans that offer low rates and no hidden fees. Ask the lender about terms and conditions on the loan and whether flexible payment options are available. These things become important if you’re considering using a loan to reduce credit card debt otherwise you’ll be no better off than you were before.

One thing to keep in mind if you do decide to consolidate — your repayments will now be lower than they were before you refinanced your debts. This means you should have more cash in your pocket at the end of each month, so make absolutely certain you pay your loan repayments on time every time.

What to Do After You Get a Loan

While your repayments are reduced from what you’re used to, it’s also a wise move to look more closely at the rest of your budget. By simply getting rid of your credit cards and opening a new personal loan, you might have gotten rid of some debt, but you haven’t fixed the reason you got into such a mess in the first place.

Learn to avoid temptation and spend a bit less on those little extravagances. Definitely avoid opening or applying for more credit cards and work on controlling your budget. If you don’t watch these little spending habits then you’ll find yourself with even more credit cards in a few months time as well as a big loan to pay off as well!

Overall, when used properly, a personal loan can help you to pay off your credit card debt — but only if you take care not to repeat the same financial pattern again in the future.

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