Skip to main content

Face the Music

A new year is historically a time when each of us promises ourselves that we are going to implement positive variations in our lives in some form or another...I am going to eat less junk food. I am going to get more exercise. I am going to lose weight. I am going to get more organized. I am going to be a better mother, grandmother, friend, or (insert your relationship-word here). My favorite? I am going to get in control of my finances.

More often than not, executing these new actions means doing something really hard...changing. Change is not easy, and it often means facing some tough, deep-rooted habits and lifestyle behaviors–demons, if you will. It can be uncomfortable and scary. But, as they said in the Old West, sometimes you gotta grab the bull by the horns.

In the days of the cowboy, ranch hands literally wrestled with steers.  It was part of their everyday working life throughout the west, and it was dangerous. While facing your financial situation might be frightening, at least you won’t have to worry about getting impaled by something sharp and spikey.

In my humble opinion, it’s easier to face something head on when you have a clearer picture of what it is. So, amid your start-of-the-year-renewal, make the time to figure out your net worth. Use an online calculator, if that makes it easier for you, like the one at Ramsey Solutions. (Thanks, Dave, you're my hero.)

Get in front of this. Maybe it’s not as bad as you think.

Comments

Post a Comment

Popular posts from this blog

Stack or Roll?

Last week I gave instructions to put your debts in order from the smallest balance owed to the largest balance owed. And, it is in this order that I intend to instruct you how to pay them off–you will pay the smallest balance first, and when that debt is paid in full, you combine that payment (that you are no longer paying because you are DONE with it) with the payment of the second smallest debt….you roll the first payment into the second debt. This allows payments to get larger and larger as you pay off creditors and is called debt snowballing . This system works for most people, is by far the easiest to understand, and allows you to see quick progress which is most likely to keep people motivated. But I would be remiss if I didn’t tell you there is another way to organize your debt, and that is by the percentage of interest you are paying–the creditor with the highest interest rate goes at the top of the pile, and you pay off that creditor first. When that debt is paid off, yo...
1 comment
Read more

Say "Ahh..."

I cannot believe that in all my months of blogging that I have not used–I checked–one of my most favorite quotes of all time. Benjamin Franklin once said, “An ounce of prevention is worth a pound of cure.” The gist of it is that it’s easier and cheaper to fix something small than it is once it grows too large. It sounds like Franklin’s original intent might have been health-related (think cancer), but it can be applied to anything that needs maintenance (think car problems). Your house is no different. Side note; if you are renting, you can thank your lucky stars at this point. Renters are not responsible for regular home maintenance. However, this is also one thing that potential home-owners don’t usually think about when they are getting “house-hungry” and “throwing their money away on rent.” If you have too much debt when you try to buy a home, you are probably asking for more financial trouble. Now, let us return to the subject at hand. Why this time of year? You ask? Well, t...
Post a Comment
Read more

Gifts that Matter

When I think about my childhood, there are a few events (some good, some not so good) that really stand out. These specific incidents made big impacts on me, so they really stuck. I bet you can say the same thing. These encounters, good and bad, help shape who we are. As parents, it is our job to teach our children to be honest, upstanding, contributing members of society. This does not happen by accident. Part of this process involves the experiences we give our children–we can orchestrate PEAK moments for our families that will leave lasting impressions on young, impressionable minds. What is a PEAK moment? According to de Jager Meezenbroek, Garssen, van den Berg, van Dierendonck, Visser, and Schaufeli in the Journal of Religion and Health , “Peak experiences are often described as transcendent moments of pure joy and elation. These are moments that stand out from everyday events.” Christmas offers an EXCELLENT opportunity to offer experiences that can become “PEAK moments” in ...
Post a Comment
Read more