Doctor Debt Blog
Its true! Just because we help people find solutions to their financial woes, doesn’t mean we don’t have our own.
I’m sure fitness instructors sometimes have lazy periods, Investment advisors have lost money and great chefs order pizzas. The point is, we are all human and we all make less-than-perfect choices once in awhile. In fact, it is our very mistakes that help us help you. As other has been heard saying, “do as I say. Not as I do”.
So often, people come to me, embarrassed and ashamed that they are facing bankruptcy, or a similar compromise of debt. They feel that they have failed. They are hard on themselves in a way that is not productive. I created this pep talk in an effort to help them through this cross road in their life. Feel free to share this with anyone who you feel would benefit from it.
The method that works best depends on who is on the other end of the line, their personality/style and maybe on the success or failure of the call before you. Some agents are understanding and sympathetic. Others, well, not so much. They have an agenda and will not waiver from it. The following are some “tips” to help you take some of the stress of these conversations.
What comes to mind when you hear the word “Consolidation”? Do you envision all of your debts being ‘paid off’ leaving you with the manageable obligation of one monthly payment? If so, you are thinking about a “Consolidation Loan”. A financial institution loans you money by paying off your debt and you pay them back. With interest, of course. Nowadays, the word “consolidation” is being used in a much more liberal term
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I’m in my car. On my way to work. Listening to the radio. And one commercial catches my attention.
A lady comes home with a shopping bag. Her husbands asks what’s in it and then exclaims, “Don’t you have enough dresses?” (Like that’s actually possible). She replies, “But honey, they were 70 percent off”. He pauses and then replies, “That’s a lot.” In reality, this is a general perception. If it’s on sale and I’m getting such a great bargain, I should buy this.
We have a weekly tradition in our household. Every week, assuming they have earned it, we stop at the local convenience store, where my kids get to pick out a movie. We head to the non new-release section. Its a great deal. A 3 day rental for 2.00. The kids get an entire weekend of entertainment (assuming they have time to watch the movies. And if they don’t, it’s only 4 bucks.)
If you step back and look at your finances, you will find that you are in one of three stages of financial being – The first stage is “survival mode”. The next stage is the “breathing room” stage. The third stage, which is where we all strive to be, is the “comfort zone”.
Trimming your budget is a lot like trimming your waistline. Consumers spend millions of dollars every year looking for that magic solution to losing weight. And businesses increase their bottom line while relatively few consumers decrease their bottoms/middles etc. The same phenomenon happens in money management. We tend to look for quick fixes – consolidation loans, second mortgages, payday loans. Neither works for the masses. Why? They do nothing to address the underlying problem…