Financial Excellence

05 Mar What Kids Need to Know About Money

A Child's FutureThe other day I was hanging out with my kids when I noticed the unmistakable mirror image of my habits in their behavior. As they mimicked my every move, it dawned on me that my children learn from watching me. Children spend a lot of time watching their parents and pick up on the behaviors they see. Not only is this true with your personality traits and behaviors, but it's also true with your spending habits.
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01 Mar Buying a Car for Less

I am constantly searching the web for good articles and information that I can pass on to the consumer. Here's a good one on smartmoney.com that exposes tricks of the trade in the auto industry to help you get the best deal on the lot. Now, when I post links to these articles that doesn't always mean I agree with everything in there. As usual, I have a few thoughts on this particular article. The author works hard to expose all tools a dealership has in an effort to eliminate all profit margin for them. Hey, a dealer is in business to make a profit, and I'm ok with that. But I also think you as the consumer need to be informed when making a major purchase. Here are two major points I picked out that are near and dear to the debt free way of life.
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25 Feb Myths vs. Truths – The Truth About Debt Consolidation

Debt consolidation:  Exposing the false beliefs of the financial world

Myth: Consolidating debt is a good idea and a great way to lower my monthly payments.

  Truth: Consolidating debt works much better for the bank than it does for you.

The truth is, success in personal finance depends on what you do, not what you know. Consolidating debts makes sense on paper, but if you don't change the behaviors and disciplinary factors that got you into debt, you'll wind up even deeper in debt. If you don't stop borrowing money and learn to hate debt, consolidating your debts just frees up more room to go deeper into debt. It happens time and again where families consolidate and get a lower payment, then turn right around and rack up more payments until they're worse off.

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