Tag Archives: credit cards

Top Ways Folks Go Broke

Being broke sucks and you don’t have to come from a wealthy family, have the next  billion-dollar idea or work 18-hour days to become rich, says self-made millionaire Mike Finley. In fact, you don’t have to be extraordinary in any of the headline-grabbing ways. What you need is the self-awareness to avoid wasting Financial Happiness.

“Money used wisely can give you financial security ”

Finley lists 10 of the most common money traps that lead to consumers going broke:

1- Making the appearance of wealth one of your top priorities by acquiring more stuff. The material trappings of a faux lifestyle, as seen in magazines and advertisements, are not good term happiness.

2- Working a job you hate, and spending your free time buying happiness. Instead, find fulfilling work Monday through Friday so you are not compensating for your misery with expensive habits during the weekend.

Even worse than living paycheck to paycheck- advance loan on your paycheck.
Even worse than living paycheck to paycheck- advance loan on your paycheck.

3-  Living paycheck to paycheck and not worrying about saving money. Don’t live for today, as if that’s all that matters. Have you already achieved all of your dreams by this moment? If not, embrace hope and plan for tomorrow. (Appreciating your life today doesn’t require unnecessary expenditures.)

4-  Stopping your education when someone hands you a diploma; never reading a book on personal finance. Just about any expert will tell you that the most reliable way out of poverty is education. Diplomas shouldn’t be the end of learning; they should be a milestone in a lifetime of acquiring wisdom.

5-  Playing the lottery as often as possible. While you’re at it, hitting the casino! Magical thinking, especially when it comes to money, is a dangerous way to seek  financial security.

6-  Running up your credit cards and making the minimum payments whenever possible. Paying interest on stuff you really don’t need is a tragic waste of money.

7-  When you come into some free money, spending it. Feeling like you deserve it. By that logic, you’re saying that a future version of you doesn’t deserve the money, which can be multiplied with wise investments.

8-  Buying the biggest wedding and the biggest ring so everyone can see just how fabulous you really are. Nothing says “Let’s start our future together” like blowing your entire savings on one evening.

9-  Treating those “amazing” celebrities and “successful” athletes as role models. Trying to be just like them whenever possible. As far as we know, there’s only one you the universe has ever known. Don’t dilute your unique individuality by chasing an image.

10-  Blaming others for your problems in life. Repeat after me: I am not a victim. The victim mentality is an attempt to rationalize poor habits and bad decision-making.

“If you’re feeling uncomfortable with your financial situation, don’t just sit there in a malaise of ‘If only I had more money,’ ” Finley says. “Instead, use it as motivation for a better life; that’s why the discomfort is there.”

Like most North Americans, Mike Finley was raised with no education in personal finances. Joining the Army out of high school, he realized he didn’t understand money management and began the task of educating himself. After 26 years in the service, during which he practiced the principles he learned, he retired a millionaire. Finley is the author of “Financial Happine$$,” and teaches a popular financial literacy class at the University of Northern Iowa.  For the Silo, Jarrod Barker.

Our Cashless World Of Alternative Payments

The payments world has long been governed by the world’s great financial institutions. Banks and states have dominated the world’s spending habits, regulating transactions and payment methods.

The last decade has seen a shift away from the great institutions having total control over the financial landscape, and it’s been largely down to the digital revolution. Recent years have seen growing partnerships with the technology industry. Tech has sought more innovative ways for the financial industry to operate, and a greater freedom for consumers to spend their money.

Find current trends and what the future has in store for spending in this interesting infographic below from our friends at moneyguru.com.  At the time of posting 1 British Pound = $1.42 US and $1.79 CDN.

Alternative Spending Methods for Cashless World

CNNMoney- Millennials Saying No To Credit Cards

CNN Money No Credit Cards For Millenials

 

CNNMoney ‏@CNNMoney 13h

Millennials are saying no to credit cards: http://cnnmon.ie/1uFOSGl  via @blakeellis3 pic.twitter.com/T1U8i7OU2I

What some tweeters are saying:

CalBeach ‏@CalBeach 13h

@CNNMoney @blakeellis3 They’re smart to avoid debt.

YmeYnot ‏@YmeYnot2011 13h

@CNNMoney @blakeellis3 Only use charge card when you can pay entire debt completely before you are charged interest.

NETGAINS ‏@Netgains_ 13h

@CNNMoney @blakeellis3 Great info… Thanks for sharing..

Equality=Peace ‏@angrigarisangri 13h

@CNNMoney @CNN @blakeellis3 Yes to #bitcoin!

Glenn ‏@GlennMPR 13h

@CNNMoney @CNN @blakeellis3 Smarter than my generation then.

Pm3marston ‏@Pm3marston 13h

@CNNMoney @CNN @blakeellis3 We know not to be caught in the credit card trap. Only use it as a cash replacement card, not for debt.

Roger Bustos ‏@rogerbgom 13h

@CNNMoney @blakeellis3 like a smart wallet just pass the wallet and charge from your credit or debit just pick with your phone….

BrokenHearted ‏@patientfailure 12h

@CNNMoney @CNN @blakeellis3 Stupid. You’re spending decisions should never change based on your form of payment.

Patrick B ‏@sportbikeguy00 12h

@CNNMoney @CNN @blakeellis3 Credit & debts of any kind should be avoided,my motto is if you can’t pay cash for it,save up or forget it.

mizo ‏@bemelmesre 12h

@CNNMoney @CNN @blakeellis3 Never used a credit card in my life. Only used credit for commercial purposes.

victor ‏@victor_de64 11h

@CNNMoney @CNN @blakeellis3 I’m a baby boomer and cut all mine 19 years ago and never missed them

CynicalPolitico ‏@IndyinTX31 11h

@CNNMoney: Millennials are saying no to credit cards: http://cnnmon.ie/1uFOSGl  via @blakeellis3 pic.twitter.com/sAw87n1GDt”()

FatNoMore™ Fitness ‏@FNM_Fitness 10h

@CNNMoney @blakeellis3 Either buy cast or use paypal. Credit cards are just a disaster waiting to happen #ParentWillAgree

Andrew Smith ‏@iSmitty12 10h

@DaveRamsey thoughts? “@CNNMoney: Millennials are saying no to credit cards: http://cnnmon.ie/1uFOSGl  via @blakeellis3 pic.twitter.com/kcL0lgMyzP

Yvonne Moedt ‏@YvonneMoedt 9h

@CNNMoney That’s great!! You never know what’s left or how big your debt is and will never get out once you start. Real paper money #future

Declan Martens ‏@DeclanMartens 9h

@CNNMoney @blakeellis3 hey that’s us! @Malicious_Tea

Zbolts ‏@zbolts 9h

They use mom/dad?! “@CNNMoney: Millennials are saying no to credit cards: http://cnnmon.ie/1uFOSGl  via @blakeellis3 pic.twitter.com/f1jlE2zlAq

HogsAteMySister ‏@hogsatemysister 9h

@CNNMoney @blakeellis3 Which is easy to do when you still live at home…

Websterwall ‏@Websterwall 8h

@CNNMoney @blakeellis3 It’s true. No card for me. Living within my means

The Epitomy Of An ‏@ErnieBlanco63 8h

@CNNMoney With the job market being so rocky it’s a smart move.

Stephen Cefalu ‏@Scef2308 7h

@CNNMoney @CNN @blakeellis3 they don’t know how to use a CC to maximize the rewards and cash back. Learn how to use credit.

Jay Brausch ‏@BigDogStar 7h

@CNNMoney @CNN @blakeellis3 One of the smartest things of the new millennium that they can do.

KC Simbeck ‏@kc_simbeck 6h

@CNNMoney I’d like to not have a credit card. But it’s pretty much required for building credit.

Liesel Rickert ‏@le_rickert3 6h

Ive been wanting 1, but can’t decided bc of 2 factors here RT “@CNNMoney: Millennials are saying no to credit cards: http://cnnmon.ie/1uFOSGl