Sometimes the same people who call you “cheap” or “tight” with money secretly want your help.
During my early 20’s, I had been working for a couple of years, and I had established this basic budget which helped me prioritize saving, spending on bills, spending on debt, and then spending on myself (in that order). I was probably making something like $35,000 in an entry-level helpdesk job. I wasn’t making a ton of money by IT field standards, but it was enough to do all of the above, as long as I stayed disciplined. (In case you are new to the site) The result of my path was that I ended up paying off 100% of my debt, including my mortgage by age 28. Continue reading “People Will Call You Cheap”
In my post about whether or not you should cut up your credit cards, I mentioned Revolving Credit and Installment Credit. These are two of the most common ways to borrow money, and yet most people don’t understand the differences between them. So I will explain in this quick post. Continue reading “Comparison – Revolving Credit vs Installment Credit”
I am not 100% against all forms of debt…for two reasons.
When in Doubt, Kick It Out!
I believe that most of the “all or nothing” rules out there are meant for novices and newcomers. That, and they can be helpful for folks who just don’t have great self-discipline and are self-aware enough to know that they should probably just stay away from a thing altogether.
An example that comes to mind is in the game of soccer. Defenders are taught at a very young age, “When in doubt, kick it out!” This helps save teams from costly mistakes made by defenders who are trying to make decisions under pressure while standing near the goal they are defending.
This guy had no business dabbling in debt. He should have just paid cash:
Continue reading “Should You Cut Up Your Credit Cards?”