Are you managing your debt? Or is it managing you? If you're stuck in a money quicksand trap, you may not even realize at first that you're in a financial predicament, especially if you're sinking slowly and have been poorly managing your cash for a long time.
Are you managing your debt? Or is it managing you? If you're stuck in a money quicksand trap, you may not even realize at first that you're in a finan...
Read More
- Start by taking inventory of all your outstanding debts. - Look for ways to maximize your disposable income so you can put more money towards your ...
Read More
Entering one’s twenties often marks the beginning of true financial independence, a period of exciting possibilities juxtaposed with significant eco...
Read More
Navigating the labyrinth of healthcare debt requires a unique blend of financial strategy and systemic understanding, distinct from managing other for...
Read MoreUnexpected illnesses or injuries often result in high out-of-pocket costs (e.g., deductibles, copays, uncovered treatments), forcing families to rely on credit cards, loans, or payment plans to cover expenses.
Request itemized bills to check for errors, contact the hospital’s financial aid office to apply for charity care or discounts, and negotiate payment plans or settlements.
A negative net worth, where debts exceed assets, is common for those with significant student loans or who are early in their careers. It is the primary indicator of being overextended. The goal is not to panic but to create a strategic plan to systematically reduce liabilities and build assets.
Imposing a 24- to 48-hour waiting rule for non-essential purchases above a certain amount helps counteract impulse buying. This cooling-off period allows you to evaluate if the item is truly needed and worth potentially going into debt for.
Having specific, written goals (e.g., saving for a down payment, retiring early) provides a powerful motivation to avoid debt. It makes spending decisions easier by asking, "Does this purchase bring me closer to or further from my goal?"
