Helping You Avoid Life's Financial Mistakes

5 Things You Can Do Right Now To Get Debt Free Part 2

May 25, 2009 By Leave a Comment

In are last post we talked about some simple things you could do right now to get out of debt.  In this post I’m going focus on some more advanced ways.   However some of these tactics should only be done after you have completed some of the basic task first. 

You can review the last article here.

Call The Mortgage Company

If the bills are getting to be to much and the cash is getting to be a bit tight you may want to think about calling your mortgage company.  Why?

If your facing a lot of issues with keeping up on your bills sometimes just calling your mortgage company and talking to them about your situation could be all that you may need to do get a little breathing room. 

If you wait until it’s to late the mortgage company won’t be so kind.  In fact you may want to call them before you start having any major issues with your debt or credit.  This way you may be able to refinance at a lower rate.  

Even if you are have issues paying your mortgage payment give them a call who knows they may have a program that could help you out.  The last thing a mortgage company wants to do is go through another foreclosure again.  So give them a call.

Negotiate A Deal With Your Credit Card Company

Want to pay less on your credit card payments?  Call your credit card company and ask them.  You heard me call them.  You might think they would just say no but that is the worst thing they would say.

So how do you do this?

Simple call them and explain that you can’t get ahead on your payments and will be forced to miss payments on your credit card.  Tell them you need a lower rate and if they don’t like that idea ask to talk to their supervisor.  If the supervisor won’t do it, hang up and call them back tommarrow.

The chances of you getting the same customer support person on the phone is slim.  Again ask them to lower your interst rates.  Do this everyday until they lower your rates.

Get A Part Time Job

If time allows a part time job will help you bring in a few bucks to put toward helping you pay off that debt.  Even if it were just an extra $100 think of how much stress that could eleviate from your life.

The great thing about part time jobs is they are a lot easier to come by then full time jobs.  I once new a guy who took up a paper route to pay off his debt.  Just something that simple got him back in control of his finances

If you are interested in a part time job here is one I’ve been recommending to people latley about working with the census bureau.   Check it out here.

Sell Something You Own

This idea right here is how I built up my entire emergency fund from scratch.  So how did I do it.  First off, I put my mind to it.  I decided that enough was enough and decided to sell my snowmobile I had owned for several years.

It was tough at first because I really didn’t want to sell it but I knew if I did the pressure I was facing with my finances would go a lot smoother.  So I put my mind to it and started talking to people who would like to by my snowmobile and in one day I had it sold and $1000 in the bank.

I thought it worked so well selling my snowmobile so I decided to give it a shot and sell my timeshare while I was at it.  A few weeks later I had it sold and money in the bank. 

Now, I know not everyone has big items to sell around their house but it really doesn’t matter if you make $5 or $5000 from selling something you own.  The point is to use that money to cut down your debt and stear yourself in a better financial direction.  So go ahead find something around you house and sell it.

Start A Part Time Business

Have you ever heard the phrase…

If you feed a man a fish you feed him for a day, but if teach a man to fish you feed a man for life.

If I teach you how to get out of debt I’ve really only done half of the job for you here at Stumble Forward.  Just getting out of debt is not enough.  You also need to learn how to prevent yourself for falling back into debt, and the best way I can teach that is by teaching you how to start a business of your own.

I’m not going to go into detail about why you need to start a part time business but if you would like to learn more about this option you can learn more here.  Also if are looking for some ideas of what kind of part time businesses you can start by checking out these options.

Chris

Filed Under: Debt Managment Tagged With: , , , ,

Can You Control Your Finances Or Do They Control You

November 19, 2008 By 3 Comments

Do Your Finances Got You Trapped?

I recently read a great article about diversifying your income by earning money though other ways other than your job by a IttyBiz.  This particular post interested me because it made a valid point that there are more ways to earn income other than just your JOB.  In the past year she was able to earn $176,000 though various income streams.

Not Bad.

Though while I was reading the article it made me realize that she had one thing that not all American have, CONTROL.  She decided a long time ago that she controlled her income and that no one else does.  In today’s society with layoffs and companies going under I felt this post would be appropriate considering the times.

This post is all about the things you can control and the things you can’t.   By the end of this post you may feel like I do and ready and willing to take action.

What Can You Can’t Control?

When deciding to take control of your finances realizing that you don’t have control over everything is the first step.  Why you might ask?

One thing almost every person ( including myself) are guilty of is blaming, complaining, and criticizing others for things we have no control over.  In fact one of my favorite sayings has always been:

Before you criticize, blame, or complain walk a mile in that persons shoes.  This way if you do decide to criticize, blame, or complain you will be a mile away and have that persons shoes.

In all things being fair you can’t control everything.  For example you can’t control what the President of the United States will do.  You can’t control what others will say or do.  You can’t control when your bills are do. You can’t control what the markets will do. There are a million things that you can’t control. 

The worst part of this all though is that we worry about these things like the sky is falling.   In the end though we can influence people all we want but we can’t make there decisions for them.  So why spend all of are time worrying about things we can’t control and look at the things we can control.

What Can You Control?

Obviously IttyBiz didn’t worry about these things and neither should you.  In fact this is a tactic the rich will use.  While most people are in fear the successful rich are calm and in control.  They look at life from a different perspective.  What they can control.

So what can you control?

You may not have much control over how much you get paid from your employer but that doesn’t mean they can tell you how to spend it or earn money though other sources.  Such as starting a part time business. 

You may not have control over the market but that doesn’t mean you could take steps to invest correctly such as investing long term and diversifying your money. 

You may not have control over your bills but this doesn’t mean you  couldn’t watch your spending and pay them on time. 

The point is you have control over a lot of things when it comes to your personal finances.  However with as much control that people don’t think they have they tend to play victim to being stuck in debt.  Does this sound like you?  Leave a comment and tell me about it.

What Can You Do To Take Control?

  • Except responsibility.  Are you blaming others for your financial problems.  You are the only person who pays your bills, spends your money, and makes your financial decisions.  Except responsibility and you are on the road to success like the great ones.
  • Put a budget together.  Learn where your money goes.  Put a monthly budget together and plan out where your money is going then track to see your true results.  Knowing where your money is going will help in being more cautious.
  • Put a debt plan together.  A true debt plan will give you the exact way to get debt free and stay that way.  With a debt plan designed with your goals in mind it will go a long way in stopping further problems down the road.  You can put your personal debt plan together free here.
  • Start a part time business.  Starting a part time business puts you in control of your money not your employer.  It also gives you the power to learn how to improve your business while you have a full time job helping diversify your income just in case you lose your job.  Here’s a great post on starting a part time business.
  • Educate yourself.  I say this a lot but I feel I can’t say it enough.  Learning more about your money and how you can control it better helps you time and time again.  Take time now to educate yourself and sign up for my RSS and check out my blogroll of other personal financial bloggers who will help to put you on the right track.

Are You In Control?

Do you have your finances under control?  Do you play the blame game?  It may be hard to admit this to yourself but it’s the first step to taking control of your financial future.

Filed Under: Money Managment Tagged With: , ,

3 Part Time Businesses You Can Start Today

October 24, 2008 By 2 Comments

Do You Want Financial Independence?

If you would ask this question to almost anyone they would give you an empathic “YES!”  I can relate.  Achieving financial independence has been in my blood since I started my first business. 

Just to recap quick last week I posted an article Why you should start a part time business about what I learned about my first part time business opportunity and what you can learn from starting your own part time business.  This article is a good place to start.

In this weeks article my outcome is to show you a few business opportunities that are low barrier and low cost to start.  There may be more business opportunities out there like the one Isaac told me about running a vending machine business from home.  

What will these opportunities give you?

  • A new way to fund your get out of debt program.  Starting a part time business will allow you to fund your debt plan and if you already have one you can apply the extra money you earn to get you out of debt quicker.
  • A new way to build financial security.  You can also use this money to fund your emergency fund, buy extra insurance you may need, or put money back for your retirement.
  • Finally it can also be a great way to achieve financial independence.  If your looking to build a business that will give you recurring income this is also a great place to start.

Last thing before I go on.  Starting a part time business is a great way to earn extra income but I recommend that you don’t start any business expecting income immediately.  Instead keep a steady full time job while you get your business off the ground.  This way you aren’t rushed to do it and you won’t be pressured as much to show results.

Now that that’s out of the way lets move on.

Low Barrier Part Time Businesses

  • Blogging.  Out of the 3 this is the simplest to start and lowest investment of all of them.  All you have to buy is a domain name and some hosting space and your up and running.  OK, it not that simple but you get my drift.  If you would like to learn more about this opportunity here is a great free video tutorial to get you started.
  • Financial Services.  This is where I started my first part time business.  However this opportunity will require little bit more of an investment for licensing and getting you started in there company.  Though one thing I feel that this opportunity will give you is an education on how to run a business.  Usually at no cost to you.  If you have an interest in this you can contact me and I’ll give you more info on this. 
  • Affiliate Marketing.  This opportunity allows you to sell products from different companies usually on the internet.  This is similar to blogging but you aren’t constantly putting post up you are marketing products on your website.  Here is a great place to learn more about this.

Other Part Time Business Opportunities

You may be wondering what other ideas there are.  Well this is where it is up to you.  I am starting a new section on my website dedicated to helping you find a part time business opportunity. 

This is where you come in.

If you know of a business opportunity that you would like me to post on my website let me know.  You can either leave me a comment at the end of this post or you can contact me here. 

The business opportunity must be legit, the investment should be minimal, and also be able for someone to start part time.  If you would like me to add an opportunity send me some info so I can review the opportunity.

Filed Under: Financial Independence Tagged With: , , ,

Why You Should Start A Part-Time Business

October 17, 2008 By 10 Comments

The Beginning of Your Financial Independence

I know I haven’t spent a lot time discussing financial independence but I hope do so as things progress.  The reason I haven’t though is because I felt I haven’t truly reach financial independence.  Though that doesn’t mean I won’t talk the things I’ve learned along the way.

In this post though my outcome is to show you that starting a part-time business is your first step to becoming financially independent.

My First Part Time Business

In 2004 I started my first part-time business in financial services.  A friend of mine who had been in the business for several years presented the opportunity to me.  At that time I didn’t know anything about financial services, insurance, or investments.

The first few years in the business I didn’t make much progress at all but I kept after it and after five years I managed to end up with a handful of clients and little bit of money.  Though after those years of being in financial services I didn’t make much money but I did learn 2 very important lessons.

  1. I learned how to run a business.  You can go to school for many years to learn how to manage and run a business by reading a few books and taking a class or two is nothing compared to getting some real world experience.  The great thing about this education is that I didn’t pay one cent for it.  That’s the great thing about starting a part time business.
  2. I learned how to manage my money.  Before I got into financial services I knew nothing about saving my money or where to save it or how to pay off my debt.  People can pay top dollar to get the education I did but it didn’t cost me a dime.

When You Need To Start A Part Time Business

You can start a part time business any time you want.  In fact it’s easier than ever.  With all the opportunities out there you won’t have much trouble.  I will share a few ideas with you at the end of this article.  However I must warn you though research the opportunity before you decide on any particular one there are some bad scams out there.

Starting a part time business allows you to have a full time job while you are running your part time business.  This way you can build up your business until you have enough cash flow to switch to a full time position. 

Another reason you should start a business is if you have debt.  You might be thinking this would be the worst time but allow me to elaborate.  When your in debt this is the best time start a part time business because you can learn what it takes without taking the big risk and also raise some money to pay off some debt, fund that emergency fund, or even save for your kids college education.  There are a lot of thing you could do with this money.

At any rate the clear idea here is to take action.  Don’t delay.  Those that want to succeed will take this step and go for it.  So why don’t you be one of them.

What Kind Of Part Time Business Opportunities Are There?

Before I get into what ideas are out there I should say that there two ways to go about this. 

  1. Start your own business.  Start a business that you would like to do.  For example I know a guy who started his own taxidermy business and he is seeing some great success from this.  However I don’t recommend this route for any new people who want to start a business because you may become frustrated easily and quit before you really see any success.
  2. Join a business.  When you join a business or what is called a business opportunity you generally pay a fee (usually a couple hundred dollars) and they will take care of everything from training to helping you grow your business.  This is my suggested route for those who have never run a business before.

Where I Would Start

These are a few of my ideas but you may know of more.

  • Start your own blogging business.  This is very easy to do and has a low barrier to entry.  Just a few bucks a month.
  • Financial Services.  This is where I got started learning how to run a business, manage money, and do sales.  I wouldn’t be where I am today if I hadn’t jumped on this opportunity.
  • Affiliate Marketing.  This is where you set up a website to sell products on the Internet.  This is again a low barrier to entry and if you work at you can make some great money too.

Are you considering starting a part time business?  What kind of business would you like to start?  Let me know what you would like to do.  I will also be doing a sequel to this article next week to go more in depth on the 3 business I have given you. 

Until then.

Filed Under: Financial Independence Tagged With: , , , , ,