Companies That Are Debt-Free

July 20, 2011 |

What do the following companies have in common?

  • Apple (AAPL)
  • Fastenal (FAST)
  • Panera Bread Corp (PNRA)
  • Texas Instruments (TXN)
  • Bed Bath & Beyond (BBBY)

Besides being TOTALLY UNRELATED organizations, they are all 100-percent DEBT-FREE!  Google was 100-percent debt-free until 2010 and Microsoft was 100-percent debt-free until 2009.  Each company possesses more than enough cash to eliminate the debt without any financial margin issues.

Take a good look around at America’s businesses – they are almost ALL carrying some debt.

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0-Percent Balance Transfer Credit Card

July 19, 2011 |

Updated 5/23/2016

I am constantly looking for 0% APR Balance Transfer Credit Card offers so that people with high interest credit card balances can restructure that debt to 0% interest. This allows ALL of the monthly payment to be applied directly to the principal balance of the loan.

Credit card lenders have begun really offering better terms recently as they have extended the 0-percent terms and lowered transfer fees. The best offer(s) I’ve currently located are located on the I Was Broke. Now I’m Not. page (HERE).

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Posted in Debt, Saving

Flushing Money Down The Toilet

May 23, 2011 |

MoneyFlushPicture

Ever spent money and felt like you might as well be flushing it down the toilet?

I’ve had those experiences.   We all have.

Situations like the following come to mind:

  • Moneypit House Repairs
  • Fixing a boat
  • Health club membership and haven’t been to health club in years
  • Giving money to a friend/family member who refuses to change their poor financial behaviors

Maybe you are doing this right now – and you don’t even realize just how big it is costing you!

  • Paying interest on your home mortgage – adds up to THOUSANDS per year!
  • Paying interest on a credit card balance or furniture purchase – can add up to THOUSANDS per year!
  • Purchasing a brand new car/boat/truck/ATV/etc – and HUNDREDS and THOUSANDS of dollars are lost the moment it is taken off the lot!
  • Paying for a storage unit for stuff you don’t even use!

These “hidden costs” can add up to a TON of money that can be used in so many more ways than just “flushing it down the toilet”.

What is ONE THING you could do today to make a huge difference tomorrow?

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Posted in Debt, Saving

You Can Not Borrow Your Way Out Of Debt

February 11, 2009 |

I have seen so many people attempt to borrow their way out of debt.  I have personally tried to borrow my way out of debt.  The problem is that it does not work!

Here are some ways I see people try to borrow their way out of debt:

  • Debt Consolidation Loan  Roll all of the credit cards into a single loan.
  • Home Equity Loan  Roll all of the credit cards and car payments into a single loan using home equity.
  • Loan From The Parents  Roll all of the debt into a single loan from Mom and Dad.

I have never seen it work because these "solutions" only address symptoms!  You must address the root cause of what created the debt in the first place.

Iit is necessary to change spending behavior and money management behavior. 

I have seen a lot of people use the crutch of "it is medical bills" and expect to receive a free pass on the debt.  That is so frustrating because in nearly all cases, the reason the medical bills exist is because the individual or family opted out of carrying health insurance.

I have seen a lot of people use the crutch of "I lost my job" and expect a response of "Oh, that makes your debt OK."  BUT it would have never happened if they would have made an emergency fund of three to six months of expenses their top priority instead of a house, cars, furniture, and numerous other "gotta-have-it" purchases.

You simply can not borrow your way out of debt.  It requires a written plan and a ton of focus.  You can start your journey by reading THIS SERIES and preparing your own written spending plan using the FREE TOOLS. 

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