Posts by jsangl
Student Loan Debt
I recently read that student loan debt is rising in America. No big surprise since I am seeing the same thing in all of my financial counseling appointments!
There are two facts I want you to know about student loan debt.
- It WILL come due some day
- You can not bankrupt on student loan debt
Yes, student loans will come due one day. I financed my undergraduate degree. I was able to pay some of it as I went along, but I still left Purdue University with nearly $20,000 in debt. It took me 8.5 years to pay it back. Do you want to pay payments on your education for 8.5 years or more?
You can not bankrupt on student loan debt. There are two things that are non-bankruptable – taxes and student loans. So if your plan was to go get a degree and then declare bankruptcy, you have a VERY BAD PLAN!
The median student loan debt of graduating bachelor degree recipients in 2004 was $19,300 according to the College Board.
Are your children going to have to finance their education as well? If so, it will likely set back your child 5-10 years in achieving debt freedom.
I resolve to provide my daughter a paid-for college education and set her up to start out life with ZERO debt. Life is just so much more fun when you are debt-free!
Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.
Laid off. Living paycheck-to-paycheck. What should you do?
With over 70% of Americans living paycheck-to-paycheck, this situation happens more often than you might imagine!
You see, when you are living paycheck-to-paycheck, bills go past due THE INSTANT that you miss ONE paycheck.
So what should you do if you encounter this situation? I have prepared a list of things that I would do IMMEDIATELY if I were living paycheck-to-paycheck and lost my job.
- PRAY!!! It really does work!
- Call every single creditor you owe and inform them of your situation. Humbly ask them to help you. Ask them if they would please lower the interest rate to 0%, charge no fees, and give you three months of no payments. Most of them will work with you!!! Communication person-to-person works so well!!!
- File for unemployment.
- Immediately cut out all non-essential expenses. Get rid of the cable, internet, home telephone (keep the cell phone), gym membership, etc.
- Go get a job that earns something to help bridge the gap between full-time positions.
- Apply for new jobs on monster.com, hotjobs.com, and the newspapers.
- Spend all of your money on paper BEFORE you actually receive the money. In other words, start PLANNING your spending! Free tools are available by clicking on "Tools" at the top of the page!
By the way, if you are living paycheck-to-paycheck, but still have a job – consider yourself warned!!! TODAY it might happen to you. What would your family have to do if you lost your job today? Why not make today THE DAY that you change your family's entire financial future?
Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.
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98,589
98,589 – It is a very important number to me.
It is the number of people who need to hear this in the remaining 4 years and 3 months. 100,000 was the God-inspired number given me. 1,411 have already been taught. 98,589 remain.
These are people who need to hear that it is EZ to manage their money. They need to SEE with their own eyes the power of compound interest. They need a clear plan for their lives. They need to understand just how much cash will be needed to fund their dreams like college for the kids, weddings, dream vacations, and retirement. They need to HEAR THIS!!! They need to SEE THIS!!! They need to DO THIS!!!
But more than any of this, these 98,589 people need HOPE! They need to know they still have a chance! They need this restore unity to their marriage! They need this BECAUSE IT WORKS!!!
I may seem like I am SHOUTING this. I AM!!! I am proclaiming it from the rooftops!
Why? Because my life was changed! Because my marriage was taken to a whole new level of unity! Because I can do EXACTLY what I have been put on earth to do because I learned this stuff! Because I know that there are MILLIONS who need to hear this!
Time is ticking away … TICK TOCK
Another two down, now the number is 98,587. 
Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.
Church/Business Leaders
This is a first for me, so here goes …
On August 16, I want to have a roundtable discussion about teaching people about personal finances.
It looks like I will complete counseling for over 450 people for this year, and that pumps me up! However, I am confident that I need to learn more!!!
So here's the deal, August 16th at NewSpring Church in Anderson, SC, this roundtable will take place. I can accommodate up to ten people who are church/business leaders and are passionate about helping others with their personal finances.
Agenda
10:00AM Walkthrough of the process I am using to teach people about personal finances
12:00PM Sit it on one session of the Financial Freedom Class (lunch provided)
1:30PM Open Discussion
3:00PM Meeting over
To throw your name into the hat, contact me HERE. In the contact form, please tell me your name, your position, and why you are interested in participating.
I'm looking forward to it!!!
Looking for additional Personal Finance Resources? You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.
What should I do with my car? Part THREE
It has been fun hearing everyone's thoughts about what Jenn and I should do about our 10 year old car that has been failing routinely and helping my mechanic friends achieve financial freedom!
I do want to remind everyone that I did try to replace my car, but the deal fell through!
So with all of the problems, all of the frustrations of the old Purdue car, we have decided to replace her.
She was replaced last Tuesday with a SUV that is able to run over the old car without the driver even noticing.
God gave us an incredible deal!
So the saga of the old car is over. She is replaced.
And, yes, Steve_Sr1 (see his comment below that post), I will be changing the oil routinely and checking the oil regularly. Thanks for the reminder!