Be Prepared

Around this time last year I really amped up my belief in the old Boy Scout motto to Always Be Prepared. My brother was among many other friends that were recently out of work, and I decided that I was going to prepare myself ahead of time for an unexpected lay off. Dave Ramsey was my new friend. Tonia and I didn’t quite use gazelle-like intensity, but we did really well in attacking our debt. By the time 2009 rolls around we’ll have paid off around $9,000 in debt (we both completely financed college, so this is a long road). We had already decided to step up our intensity this next year despite the addition of some new debt. Our goal is to pay off at least $15,000 in debt in 2009.

Those numbers look astronomical to me when put on paper, but it’s amazing how easy it is when it becomes your focus. I can’t recommend the snowball method enough, but really the best way to reduce your debt is to live on less. Consistently evaluate your spending and cut out what you can. I have been steadily increasing my savings deduction that comes out of my weekly check. In January I plan on increasing that another $25. You learn to adjust your spending to what you have available. It’s all a mind game, but it works.

I’ve said all that to say this, don’t wait until it’s too late to get your finances in order. Be prepared. I read a great article today on Get Rich Slowly with 10 Essential Steps to Take Before You Get Laid Off.

1. Update Your Skills
2. Reduce Your Household Burn Rate
3. Start a Blog
4. Expand Your Physical Network
5. Update Your LinkedIn Profile
6. Expand Your Virtual Network
7. Start Exercising
8. Learn to Use Social Media Effectively
9. Do Extracurricular Work That Showcases Your Abilities
10. Avoid Being Laid Off in the First Place

Read the entire article here.

Filed under: Debt, Money, Work

9.4 Trillion

Our favorite third wheel is back.

He’s right you know. Our national debt is a disgrace.

Ross Perot, business leader and former presidential candidate, announced today the launch of “PerotCharts.com,” a public information website that contains objective, factual information about the current economic crisis in America. The site is being launched as an alert and appeal for American citizens to inform themselves about federal government spending. Perot said, “The U.S. national debt reached $9.4 TRILLION on April 30, and it is increasing by more than $1 billion every day. We are leaving our children and grandchildren with debt they cannot possibly pay.”

PerotCharts.com consists of three major components: a video featuring Ross Perot discussing the purpose of the website, a blog where new charts and other information are posted daily for study and comment, and a narrated chart presentation explaining the economic problems our country faces.

The website is not affiliated with any political party or candidate. Most of the data and research for the charts is gathered from official government sources.

“The economic crisis facing America today is far greater than anything since the Great Depression,” said Perot. “Our federal government continues to spend us deeper into debt. The American people must get directly involved and demand an end to deficit spending. This website will provide information for citizens to do just that.”

On a related note, I was watching this 1992 Presidential Debate with Ross Perot, George Bush Sr., and Bill Clinton. Things sure haven’t changed in the last 16 years. We have a candidate running on the platform of “change” from a Bush presidency, and Ross Perot is talking about the national debt.

If only Dana Carvey would rejoin SNL.

Filed under: America, Debt, Democrat, Politics, Republican, Ross Perot

Thanks Sam

Didn’t quite use it to stimulate the economy though…

Filed under: America, Credit, Credit Cards, Dave Ramsey, Debt, Economic Stimulus Check, Economics, Economy, Government, Money, Recession, Spending, Uncle Sam

Bad Math

Further evidence that times are tough: It now costs more than a penny to make a penny. And the cost of a nickel is more than 7½ cents.

Is this story funny or sad?

Filed under: Coins, Copper, Debt, Inflation, Money, National Debt, News, Nickel, Pennies, Zinc

Economic Stimulus Checks

Don’t look a gift horse in the mouth.

That’s what they always say, but honestly I don’t even know what that means. I hate sayings that I don’t know the meaning behind.

This isn’t meant to be a gift-horse-mouth-viewing post, but it is meant to encourage people to be wise with these economic stimulus checks the government is about to be sending out.

1. Don’t Spend The Checks. Crazy I know, but the fact that we spend so frivolously is what got us into this problem in the first place. The thought that they are only encouraging this behavior to “stimulate” the economy is just poor vision. So don’t go buy a new big screen TV with these checks. Don’t put a down payment on a new (or even used) car with these checks. Take this check and pay off debt. If you’re lucky enough to be without debt, take this money and invest it wisely. Let’s be smarter than our government with this money.

2. These Aren’t Free. Most people are unaware that these checks are actually an advance on our next years returns. I’ve found very little information available online about exactly how this will work. It’s possible the tax code will be altered to adjust for this check, making it indeed a wash. But the way I’m reading it, if we were meant to get a $2000 refund next year on our taxes, we’ll only receive $500. With so many people I know counting on their tax returns every year, I think this is something worth looking into. Ask your accountant for an explanation of exactly how this will effect you next year.

With all that said, my check can’t come fast enough. Tonia and I have started an aggressive plan to rid ourselves of our student loan nooses, and these will surely help!

Filed under: Debt, Economics, Etymology, Government, Investing, Spending, Taxes

Debt Free Living

(ht: Get Rich Slowly)

Filed under: Cartoons, Debt, Humor, Money

Link Dump

Got a few fun random links backing up over here, as well as some blogs I don’t remember pimping. Please click through all of them because I get paid if you do. Not really, but every single one of these links will help you live your best life now!

RANDOM LINKS:
» Have Yourself A Non-Materialistic Christmas
» Find Free Music On The Web
» Jesus Hearts Darwin
» Saying Goodbye To Debt
» Construct A Killer Resume
» How To Hunt Bats
» Lessons In Not Sucking
» 10 Ways To Defeat Brain Drain
» Is The Creation Museum Worth It?

BLOGS:
» Life. Hope. Faith. Love.
» Salvo Noodle
» The Deloach
» More Fire
» Ordinary Radical
» Overactive Fork
» Billy Burnett
» Chris From Canada
» Driveby Media
» Echoes In Eternity
» Memphis Monster

Filed under: Bats, Blogosphere, Blogs, Brain Drain, Christmas, Creation, Darwin, Debt, Jesus, Lifehacker, Links, Marketing, Materialsim, Money, Music, Resumes, WIRED