You should have the work/family balance. They are several people that are debt free and have a family that is bankrupt emotionally. People have abuse situations in their family life just to get out debt. They have neglected the children and spouse by chasing money.

I knew a couple that vowed to be debt free, they worked various jobs, and the children were flipped around so much while the parents worked. They did whatever it took to be debt free. Meanwhile, their child was so disconnected with them. Yes they became debt free but at the expense of their child who later, by being home alone joined a gang. I would never a pay as this just to get out of debt a year sooner. Some things are not worth it.

I once heard a caller call into the Dave Ramsey Show and she said that her and husband got of debt and a week before she was going to call to scream “We’re Debt Free” her husband decided to leave her.

So I ask you how important is getting out of debt? Are you willing to sacrifice your marriage? Just to beat some type of timeline. The husband simply went along with her/Dave Ramsey plan to get out of debt, but she never asked what were her husband wants and needs. He may have wanted to start a business while getting out of debt and she may have bent on being debt free. Who knows? If your marriage is suffering already and you think getting out of debt is going to somehow make it better, you are only kidding yourself. You need to talk to your spouse before you just lay out a debt free plan. Sometimes you can compromise.

Another caller was out of debt, and wanted to buy some clothes after three years of getting out of debt. She called Dave Ramsey for permission to buy some clothes? Huh? Simply because Dave says you must have a fully funded emergency fund before you start loosening up and buying things. She wanted to buy clothes and her husband wanted to keep going according to the plan. Oh brother!

Children have also suffered, as I said earlier there are single moms sacrificing their children upbringings because of the rush to get out of debt.

Do not get me misunderstood— being out of debt is a good thing, but do not sacrifice a marriage or your children’s future for the sake of getting out of debt early. Sometimes it’s not worth it.

Personal finance is personal! The sacrifice and stress may or may not be conducive to your family situation. Certain things cannot be rushed

Don’t lose what money cannot buy, just to get what money can buy

Business is the art of extracting money from another man’s pocket without resorting to violence.

~Max Amsterdam

Age | Salary

25-35 ——- 25K -55K

35-60 ——- up to $100K

60-85 ——– back to $25K (fixed income)

I am determined to break this way of living; my earnings will be 100K or more a year for the rest of my life.

How: by expanding my business, salary income, adding more streams of income and maximizing a few investments. I must keep sharpening my skills, stay on top of social trends and take a few calculated risks. I also have to keep my debt/income ratio under 20%. My debt cannot exceed 20%.

The system is set up for the average person financial life to end the same way they started—low income. The peak of their income is earned during middle age and it’s almost always less than 100K a year.

The average person in their early twenties today make at or around the same salary that the average 60something retired recipient.

You can kick this cycle if you say to yourself: “I refuse to be average”

If you work hard on your job you will make a living, if you work hard on yourself, you can make a fortune

-Jim Rohn

Learn to work harder on yourself than you do on your job!

photo: momlogic.com

Car sickness is the feeling you get when the monthly payment is due.

~Author Unknown

The Girl Scouts of Greater Atlanta are bringing a little taste of home to our military men and women overseas. For every $3.50 donated, we will send a box of cookies to soldiers abroad.

Because our military troops have given us a taste of freedom, we want to give them the familiar taste of home said Marilyn Midyette, CEO of Girl Scouts of Greater Atlanta, Inc. To learn more about Girl Scouts of Greater Atlanta s Project Cookies 4 Troops or to make a donation, visit the website.

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Two things that say: “I have it together”. Having ample savings and max out expenses is not a life.

Some people cringe payday because they have so many payments due, they know once their check is cashed the money is removed the same day to pay creditors beyond your rent/mortgage, utilities, insurance you will start to sink financially.

It’s usually our wants that gets us in trouble, not our needs.

So if you want a life, make sure your net income matches your common expenses.

The reason why I am in a good financial position now is because I delayed gratification when most of my friends started to folly with debt. Therefore, [as Warren Buffett said] “you know who is skinny dipping once the tide goes out”.

Use your paycheck to invest/save not to consume all the time.

Tips:

• Pay yourself first (save)
• Pay your expenses (keep them low as possible)
• Invest systematically

Then you can have your fun !

The real measure of your wealth is how much you’d be worth if you lost all your money. ~Author Unknown

I guess it all boils down to whatever is best for the family finances. I received a weekly allowance from my Dad of $5 a week. For doing absolutely nothing. It got to a point it was expected. Every Friday I would wait impatiently for my Dad to come home from work.  Some days, I would ask for my money before he got a chance to relax and sit down.  Of course, I became spoiled.

I want to at least attach some chores to my daughters’ allowance. Maybe receive $1 for every chore around the house. At least she will feel that you have to work in order to get money.

From there I hope to teach her how to spend it, unlike my Dad, he gave us money and we did not know what to do with it except to spend it. Three categories: Save, Spend, Give will be the topics of dividing her little income.

I rather her to learn this at 4, than learning it late in life like I did.

Do you give your children an allowance or commission?

pic: ralphlauren

This is so perfect. For those who are better at visual aids, this chart is for you. It’s a great way for you to organize your finances.

chart swiped from: http://www.moolanomy.com/