Ways To Curb An Addiction To Shopping – MPSOS170

Ways To Curb An Addiction To Shopping Ep170

Patti, a concerned listener, doesn't have a lot of debt but is concerned about her dwindling savings. It appears that she has made 80 purchase on Amazon in the past six months and her rainy-day fund is dwindling to pay her monthly Visa bill. Once discovering this hole in her budget she deleted her Visa number from Amazon, creating an extra hurdle to spending money. This allows her to think twice before clicking once with "One Click". She has also cut up her credit cards and will be using … [Read more...]

Getting Credit Advice from a Journalist – who do you listen to?

credit card journalist

Gah! I’m listening to a blogger with a BA in journalism talk about how to improve your credit score. The general advice was “get more than one credit card, use them, but don’t use them too much.” Excuse the rudeness here but why are we listening to the advice of a journalism grad with no training in the industry except that of her own personal experiences? On the other hand, why are you listening to me? My education comes from working in retail, as an internal auditor for large companies, … [Read more...]

Financial rules, Frugal decisions, and a Henry Rollins debt free story – MPSOS169

Financial Rules

Ignore these financial rules at your own risk: Live beneath your means Do something smart with the difference Have health insurance Don’t waste time building a credit score Shop for health insurance at eHealthInsurance.com Listen to an interview with Medi-Share  Watch my position on credit scores in a 5 minute YouTube video Henry Rollins tells a debt free story I have a new favorite show. It features punk rocker Henry Rollins. In the episode titled “10 things you don’t know … [Read more...]

Looking back at 30 years of purposeful purchases – MPSOS168

Interview with John Pugliano

Special guest, John Pugliano, shares his experiences of spending with purpose for more than 30 years. He and his wife made purposeful purchases in order to afford the things they needed to raise their young family and accomplish his goal of retiring early. "One of the key decisions I made in my life that allows me to be financially independent was buying an old ugly station wagon instead of a new suburban. "I hated that car.  It was blue and had fake wood panel on the sides. I would park it … [Read more...]

Debt Depression: Should I be ashamed of my debt?

ashamed of debt

As a financial coach, I hear from wives afraid to talk to their husbands about a credit card they racked up. Those who can’t pay the minimums feel guilty because they have broken a contract with their creditors. Christians feel like they are cheating God because “I have too much debt to tithe”. Are these valid feelings? Should you be ashamed of your debt? Debt depression Our culture has made it taboo to speak about personal finances in a meaningful way. If we share our net worth then we are … [Read more...]

A Simple and Fair Solution to Taxes: The #FairTax – MPSOS167

FairTax interview

Is it possible to have a simple and fair solution to the US tax code? Yes, it's called the FairTax. 105 years ago the 16th Amendment was passed allowing the US Government to levy an income tax on corporations. Somewhere along the way things changed and we find ourselves buried under 74,000 pages of tax code. Which is simpler: 74,000 pages or 133? The FairTax turns our complicated system into a medium sized book. The FairTax is much simpler: No more income tax withholding No more … [Read more...]

How can Dave Ramsey’s advice be dangerous to his audience – MPSOS166

Can Dave Ramsey's advice be dangerous

I hear it all the time: "You can't get 12%" or "Dave Ramsey's advice on investing is dangerous"! How can Dave Ramsey's advice be dangerous to his audience? After all, he has helped more people get out of debt and save money than any single person in the United States over the past 20 years. Listen to Steve Stewart and Joshua Sheats debate various financial topics presented by Dave Ramsey on his radio show. Joshua Sheats; providing an alternative to existing broadcast radio Joshua Sheats … [Read more...]

What should I do with my old 401k? – MPSOS165

What should I do with an old 401k?

A Census Bureau survey shows millennials change jobs every 3.2 years. Many of them saved a little in the company retirement plan in order to get the match. What should they do when they leave the company for bigger and better opportunities? Should they cash it out to fund the move? Should they roll it into a plan with more options? Lisa Emperador of LisaVsTheLoans.com is a young professional with $8,000 in an old 401(k). She had several options for what to do with the money when starting with … [Read more...]

Why getting out of debt is so hard (and what to do about it)

What you need to know when getting out of debt

Why is getting out of debt so hard? It’s really easy to get into debt. Why is it so difficult to get out? I believe it comes down to these three big obstacles: Peer pressure Time between paychecks Less confetti and balloons Simply knowing these obstacles exist will help you to pay attention and give you the energy to persevere in killing the monster. Peer pressure Whether you were an A/V nerd or highly-respected jock on the high school football team, you succumbed to peer … [Read more...]

FICO and the FACTS behind the Credit Score Industry – MPSOS164

Facts about FICO - the first live interview

Have you ever wondered what happens behind the scenes of the credit score industry? I sit down with Anthony Sprauve from FICO, the big-daddy data collector that created the credit score, to get answers! The interview was recorded live from the Country Financial Podcast Stage at FINCON 14. According to Anthony, this is quite possibly very first FICO audio interview. Anywhere. Ever. We hammer out the clear and correct information about FICO and the credit scoring industry: How FICO is … [Read more...]