College tuition costs have sky rocketed in the past decade. These huge tuition payments have made student loans necessary for most students. When you compound these loans with a poor job market you get the very real possibility of student loan debt leading graduates into bankruptcy. Plus, when you add U.S. policy on discharging student debt you end up with a disaster.
The real estate market is becoming big business again, but those who are interested in participating are adjusting their outlook. There was a time, when the market was flush, where flipping houses seemed like the norm. It was the latest in a long line of get rich quick schemes and america was certainly excited about that possibility. There was a definite need and want to make money by buying a cheap house and then throwing it up for big cash. However, all that has changed.
These days the key is buying again, but the flipping isn’t the same. Now people are looking at property as long term investment and it’s something that is allowing people to be more selective about the houses they buy. This is also because the average buyer is becoming more selective about the houses they are buying. In the end the buyer knows full and well that any house they buy is going to have to be something they are comfortable living in for the long haul. Sure, there is a chance they can get out of it early, but since it’s no longer a seller’s market there are other things to worry about.
Perhaps the key here is that the real estate investor is starting to become more savvy about the purchases they make. They are no longer going to take chances on property they aren’t 100% sure they can turn around and sell, and they know there are very few quick sales. The economy is changing, the game is changing and in the end there is nothing that the people in the real estate industry can do but react and adapt to the changes.
The debt ceiling was raised due, in large part, to the fact that both sides couldn’t figure out a serious way to cut the debt and pay the bills on time. They were able to come up with the frame work for a plan but the truth of the matter is that their plan is relatively worthless if it’s not followed the way that it should be.
The men and women of the united states are also going to find it very discouraging that while seniors worried about not getting medicare and not getting their social security, the congress elected themselves a very hefty raise. It’s hard to tell your voters that life might get worse for them while the life for you gets better. The problem many people feel is that there is an issue these days with politics not be a civil service job but rather a cushy job. It’s a dream job and not a thankless job like most civil service jobs are. There is no question they will have a lot of explaining to do when they get back home.
The first thing to throwout is purchases you have made in the past. Now, this doesn’t mean that you should throw out your debt picture or how much you have coming in versus how much you are spending. No, the key here is that you should be doing whatever you can to make sure that you are spending within your limits but you cannot look at past purchases to determine whether or not you should buy something in the future.
This is a principle called the sunk cost. Money spent is money spent. If you went out to dinner and now you are going out for lunch you shouldn’t make that determination on lunch based on dinner. Either you should or you should not go out for lunch. This might sound a little complicated but it is anything but.
Remember to avoid thinking of a big purchase as an investment unless you have the potential to see it rise in value. the truth of the matter is that nothing that is going to decrease in value is going to be considered an investment. However, that doesn’t mean a big purchase can’t have optimum value. Buying a big purchase is never an easy thing to allow yourself to do but you should be willing to take the plunge if it’s worth it and you have made the decision with sound judgement.
Every sports fanatic has a team he loves more than any other; one that keeps him up at night watching DVR’d games before a random cabbie can ruin the surprise. Think you know which sports teams are most successful? You may know the stats on game successes, but financially, some of the leading teams have debt and bankruptcies in their past that outweigh game success! Find out which teams are hurting for plain dollars and cents, even if their talent is off the charts.
Let’s get right to it. Your first year of marriage should be bliss, but for most people it’s not because there are things that come up that no one was expecting. What does that entail? Well, there could be a number of things, but the most common is money. Here are some of the pitfalls of marriage and money and how to avoid them.
The Budget
Let’s be honest, you don’t need two cooks in the kitchen. While both parties should be completely clear on what is going on, one of you should be in charge of balancing the books and making the budget each month. You have to have one of you who is more responsible and will to take on the burden of figuring out all of life’s little happenings and how they affect your financial state. One of you has to be on top of the budget so make sure you figure that out early and often.
The Savings
You have to agree on what you are saving for and how aggressively you want to save. There are plenty of people out there who want to put a little money away, and then there are some that want to put a lot of money away. You have to decide what you are saving for and how long until you want that. Is it a house in three years or a car in one year. Whatever you decide is fine just so long as you are both on the same page. There will be no fighting when you both want the same things from your money. So make sure you get on the same page as soon as possible.
Some of the largest bankruptcies ever have occurred during this decade. With the first government bankruptcy looming over Jefferson County, AL, this will be financial decade to remember. It’s a difficult time for corporations, individuals, and for our nation’s finances. Take a look at this timeline of corporate failures, and see how much cash has been lost in flames.
So you are ready to be married and all the arrangements for the big day are squared away. You’ve thought of everything right? Well, probably not. The one thing that new married couples often forget to really communicate on is money. Yes, money is a very serious matter to the new couple. If it’s not than it should be. Here are some of the new money issues that you are your spouse will face.
Leisure Money
This seems easy enough right? You take the money you need for the stuff you want and your spouse does the same. You both act responsibly and that’s all there is to it, right? Wrong. The truth is that being a member of a marriage means that you should have a budget and how you divide your fun money is a big sticking point for both sides. The key here is to have limits. You should be setting aside money for that and figuring out how that fun money gets spent. The last thing you need is to find out you couldn’t put money into savings because your spouse treated a friend to dinner. Are you rethinking your leisure money now?
Savings
Yes, this matters whether you think it does or not. If you aren’t enacting a plan for savings than you are making a big mistake. You need to be saving a minimum of 10% of your money for a rainy day, or just for bigger purchases like a house or a car. Yes, these seem like things that will take care of themselves but if you are not on the same page about a plan you will both find yourself at odds about your financial state and it could make for the first year to be a real nightmare.
Being married is never easy. There is never a time where you think that everything is going to be roses and wine. If you do then you weren’t really preparing yourself for marriage. However, being married can be impossible when you and your spouse and facing the very real threat of bankruptcy. There is nothing more unnerving, or humiliating than having lost such a grip on your finances that you are having to face the real possibility of having to file for bankruptcy. Here is a way to navigate that decision peacefully.
The first thing that should be done is come to the understanding that whatever damage has been inflicted is something that was the fault of both parties. It doesn’t matter who came into the marriage with more debt. Once you entered in it became the property of both parties and you are far too good to start playing the blame game. The sooner you get on each other’s side you’ll be better prepared to deal with it.
The next thing you can do is look at each and every option. If you don’t know that bankruptcy is an extreme choice than you haven’t learned enough about it. You should look at every possible option and talk to each creditor. It’s a trying time for the both of you but it’s exactly what you need in order to know that your decision to go into bankruptcy was the right decision. Exhausting all options is the best way.
Being married isn’t made any easier by having to tell a court of law that you need to declare bankruptcy, but once you have settled on it with the right sound mind you will feel so much better as a couple and be ready for the hard road together.
If someone would have told you many years ago that you would have a marriage filled with turmoil and bankruptcy then you wouldn’t have told them they are out of their mind. The truth of the matter is that bankruptcy is something that comes from either one big event, but more likely a series of small events that derail your financial health. In a marriage you will find that filing for bankruptcy is something that can serious put a strain on your marriage. Here are some tips to avoid feeling that.
The first order of business, and the most important, is not to play the blame game. There area number of couples who like to draw sides when it comes to bankruptcy. They play the other person for the reason they are having to make sure a difficult and painful decision. However, there is so much more to it than that. The moment you agree to marriage you have to agree to share the credit for the good and the blame for the bad. There is nothing good that can come of putting the blame on your spouse. All it serves to do is upset them and create a greater division between the two of you.
You have to make sure that you have entered the decision together. The last thing that you or your spouse needs is the realization that one of you was not on board for a decision that would cripple your financial situation for a great number of years. You must be in perfect agreement in order to make the transition into bankruptcy an easy one to handle. Bankruptcy doesn’t have to mean the end of the world and it doesn’t have to ruin your marriage.
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