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FIB - Scams 101 - Ye Olde Archives
Posted By: Mel. White In Response To: Re: SPEND YOUR WAY TO WEALTH!!!!!!!!!!!!!!!! (Ramona)
Friday, 15 September 2006, at 4:25 p.m.
You can find real information about them everywhere. So you're basically paying someone to coach you.
Coaching, while it does work for some, is not a magic "fix all." Some folks need a monitor constantly and others just need the information and they have enough determination to stick with a plan.
It's easier than dieting. Trust me!
> there are five levels of coaching, which include showing you how to free
> up about 300-500 a month in cash flow,
Any financial planner will show you this. Basically, it's "take a hard look at your finances and decide where you're overspending." 300-500 a month is a bit optomistic for some folks... but most of us can manage to trim off 50 bucks per month.
Then you turn that freed up money to paying off debts.
> paying down debt with a concept
> they call the accelerator margin,
That's just paying a little more than the monthly payment on any long-term debt (car, house, etc). It gets rid of the debt a little faster.
> learning how to reduce your taxes,
Another concept that doesn't always work. If you're in the $20,000 year bracket or so there's very little that you can do to reduce taxes. This advice is good for those making $50,000/year and up. It involves putting money into tax sheltered investments and retirement accounts (particularly retirement accounts) and making sure you know how to itemize taxes if you are qualified to itemize.
> learning how to start a home-based business (optional, don't want to do
> succeed. I want to know if you're out there. Or, if you're someone who has
> been in huge debt but learned how to get out of it through more
> cost-effective resrouces (i.e. Barnes & Noble), I'd like to know that,
> too. Thanks again.
We were there not once, but three times (death of a child who was born severely handicapped, house fire where we were woefully underinsured ($60k of sudden debt), a second child with long term disability that required surgery and a whopping amount of medication bills on top of the rather staggering amount we pay for my husband's meds.
We borrowed against 401K's to pay down credit card debt, tightened the belts, put money into 401K's and tax-deferred annuities, and I ran a business on the side (and worked as a freelance artist and freelance author on the side in addition to a regular job) and itemized the dickens out of the taxes.
We learned all that in one of the many local classes/seminars taught by local financial planners. I do encourage folks to try one of those -- they are good if you can afford it. It ain't magic, but it's doable.
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