Posts Tagged ‘Debt’

How to Take Advantage of Low Interest Rates

Part 1 – Check Your Credit42-25396911

It’s time for some good news, isn’t it?

Don’t look now, but interest rates are at record lows. Whether you own a home, car, or have a credit card, it’s a wonderful time to begin exploring ways to lower your interest rate. Here’s the really, really good news: a lower interest rate will probably mean lower payments. This can give you financial breathing room to focus on your craft or pay down debt more quickly.

Today, I’d like to make sure you can participate in the interest rate game. Once we’ve solved that problem, we’ll talk later about how to refinance your debt. Sound good? Great!

Let’s move on these steps to check your credit report:

(more…)

Posted in Debt, interest rates | 4 Comments »
Posted by Miata | February 8th, 2012

How to Cure a Credit Card Hangover

Ah, late January… a time of colder temperatures, snuggling around a warm fireplace…and December’s credit card42-29063714 bill waiting like a bomb in your mailbox.

Nightmare!

Did you overspend during the holiday season? If not, many people you know made up for you. According to this Bloomberg Businessweek article, consumer debt rose more in November of last year than it had in 10 years.

Although analysts call this a “good sign” for the economy, doesn’t this statistic frighten you? Weren’t we just talking recently about many people losing their homes because of too much debt? People in the arts, especially, shouldn’t take on debt they can’t afford. In many cases, our income streams bounce around enough that we shouldn’t be spending next month’s paycheck that may never arrive.

But, if you overspent over the holiday season, there’s nothing to do now but clean up the mess. It won’t be easy, but with a good plan and the right tools, you’ll be back on your financial feet in no time. Here are my four steps to curing your credit card hangover: (more…)

Posted in Credit Cards, Debt, Goals, budget | No Comments »
Posted by Miata | January 26th, 2012

5 Lessons from 2011

education300This time of year I like to look back over the last twelve months and reflect. For me, life is about making mistakes–mentors have told me that if you don’t make any mistakes, you aren’t moving fast enough. This year has been a whirlwind, so I must have made some real doozies!

While it certainly can be difficult, I try not to dwell on my missteps as long as I learn from them. At this time of year, I also like to learn from events and the mistakes of others. There are five that I think are well worth reflecting on before we march into 2012:

1) Don’t Wait on Government…In Fact, Don’t Wait.

Politics seemed to enter our life more than ever this year, with Republicans and Democrats waiting to the last minute before passing legislation in several key areas, including funding to keep the government open!

I’ve met people who’ve said that they can’t do any long-range planning because they’re unsure what measures the government is about to pass, or they aren’t sure if the tax structure is going to change, or they want to wait and see who the next president is.

Most artisans work on a 1099 income basis, so some important areas such as health care and small business taxes can have a big impact on your bottom line.

….but does this mean you should wait?

Waiting on the government doesn’t make any sense to me. Is it better to have a plan in place that you may need to adjust or to have no plan at all? I’d always prefer to revisit my plan when the government finally decides their actions, than be held hostage to whatever political problems crop up.

The Bottom line: Plan now and adjust as events occur. (more…)

Posted in Banking, Debt, Education, Investments, Newsletters, money plan | No Comments »
Posted by Miata | December 29th, 2011

The REAL Road to Wealth…

crossroads200Last week, an old friend called to meet for lunch. I suggested we try a comfortable mid-priced place with a patio, but she insisted on one of the nicest restaurants in town. Arriving, I couldn’t help but notice that her car was worth about double mine. She was dressed from head to toe in designer clothes and sported a pair of sunglasses I suspected cost so much that I’d be far too nervous to wear them. I was surprised to see how much money she’d apparently made, and mentioned it when we sat down.

“My students would love to know your secret,” I said. “You’re obviously doing really well. That’s fantastic.”

She sat back and sighed. For the first time since we’d met, I saw how tired she appeared.

“My secret,” she laughed, “is that I’m in over my head. That’s why I wanted to meet you. I’ve got to get my sanity back. The credit card debt is killing me.”

Needless to say, I was shocked. Nothing that I saw in front of me was the truth.

I understand the desire to appear successful. It’s important to project a confident image with our peers and potential clients. But spending money that we don’t have only makes things worse. Here’s how: (more…)

Posted in Credit Cards, Debt, Newsletters | 1 Comment »
Posted by Miata | July 28th, 2011