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    Boiled Down Money Goo, Tips For Propelling Your Financial Future
    Boiled Down Money Goo, Tips For Propelling Your Financial Future
    Boiled Down Money Goo, Tips For Propelling Your Financial Future
    Ebook142 pages1 hour

    Boiled Down Money Goo, Tips For Propelling Your Financial Future

    By Daniel Minteer and Deborah Minteer

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    About this ebook

    Boiled Down Money Goo is a painless way to learn about a sometimes painful subject - personal/family finances. With a dose of humor to help it sink in, these simple, boiled down personal finance tips will outfit you in the best possible gear to weather the financial mudslides. While grandma may give similar advice, we won’t dump it on your plate along with a bran and prune muffin.....or flash any dentures.

    LanguageEnglish
    PublisherDaniel Minteer
    Release dateMay 28, 2011
    ISBN9781458148902
    Boiled Down Money Goo, Tips For Propelling Your Financial Future
    Author

    Daniel Minteer

    “We know how others struggle with money and the stress it adds to marriages, jobs and everyday life.”Having gone through financial challenges which took them to the verge of bankruptcy and required selling virtually everything they had and starting over, Daniel and Deborah have a passion to want to help people learn what they learned and experience true freedom too.

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      Book preview

      Boiled Down Money Goo, Tips For Propelling Your Financial Future - Daniel Minteer

      INTRODUCTION

      Too often our ego is bigger than our wallet.

      The Motive

      Seven years ago I (Daniel) was scared, deep in debt, and broke. This was caused by flagrant credit card debt, too-old student loans, an upside down car loan, and sparse home equity. Considering how much I practiced living paycheck to paycheck, I wasn’t very good at it!

      The stress and worry were always eating at me….and being a financial failure made me feel worthless at everything else too. Bankruptcy seemed like the only option off this frantic ride, yet the idea left a bitter taste that I wasn’t ready to swallow. Could anything else get me out of this mess?

      That’s about the time I met Deborah. Even though she had some investments, my debt gave us a big fat negative net worth when we married. As you can imagine, bringing little to the marriage other than my tattered pride was frustrating. It was time to change whatever had to change.

      Fast forward only seven years later and we had: Kicked all debt to the curb, paid off our five-year old house and everything that’s inside it too, paid off both cars, and started hitting hard on building our savings and investments.

      We’re spilling our guts on how we did this so quickly, so others can enjoy being freed up too.

      And there’s not a single get rich quick scheme to be found in our pile of tricks. That’s not how we did it. While our jobs (Daniel is an engineer and Deborah is a secretary) pay well, they are not high income. Nor did we inherit or win any money, or get rich from the stock market. Our only equity was sweat equity!

      Discover this radically simple idea—your income (no matter what the level) is your greatest tool for building wealth. Protect it like a mother bear seeing a threat to her cubs. What you do (and don’t do) with your money is far more important than how much you make! Money with a plan will stick around. An impressive wad without a plan will mysteriously wander off.

      Every light bulb idea that we learned, often the hard way, during our seven-year quest is captured in this book. So get a taste of our boiled down money goo. Life will never taste the same again.

      DEBT

      The same wave that lifts you gently up can also smash you into a rock – a very big and sharp rock.

      Chapter 1

      Rich Or Ruined?

      Many of us are more concerned with looking rich than being rich.

      We think being rich means having a lot of nice stuff, even if it means being in debt up to our panicked eye balls. We should be alarmed when our oversized house is worth less than what is owed on the mortgage. Instead we cheerfully sign up for sixty easy payments on furniture, need something dependable vehicles, got to have campers and recreational vehicles. Then we use a credit card to buy the latest hi-tech gadgets to entertain us along the way. Life is a ball! Too bad the ball is attached to a chain.

      We now have to work, work, work to pay the I.O.U.’s. For many of us, if we lose a job, then we can lose everything.

      Many Europeans only work about thirty hours per week. So why do people in the United States work so much? Usually it’s because of our long wish list…and the resulting debt list.

      The worst part about having to work so much is that many of us are in this position voluntarily! We’re doing this simply because we are buying too much stuff and borrowing too much money. So we’re stuck in jobs we don’t really like and working longer hours than we want to. Then, we use up too much of our remaining free time to take care of all our stuff.

      Being rich isn’t about having the most things or largest bank balance. It’s having the choice of how to spend your time. Debt robs that from us.

      Chapter 2

      Piranha Plastic

      We’ve been lied to about paying with plastic. Receiving that elite card doesn’t mean we’ve arrived. It doesn’t make our lives any easier or better. And it wasn’t sent in the mail to benefit us.

      Because people have more heartburn handing over cash, the banks and credit card companies send plastic cards so we’ll spend more. Thoughtful of them, huh? It’s hard to know what people buy when they use cash, so credit cards also help them track our buying habits. Then an ad for the perfect thing just happens to arrive in the mail…

      Plastic doesn’t help us (the consumer) in any tangible way. It’s just created more headaches. Just ask the person trying to get their money back after someone stole their debit card. Or ask the person who is out of control with credit card debt.

      Plastic is probably here to stay, so here are a few rules to guide you.

      Plastic Rule #1 – Do not carry a balance

      If you can’t pay off the credit card balance within thirty days, then you shouldn’t have any credit cards. None. This sounds harsh, but friends need to tell each other the truth. The interest rates listed on the bills are probably scarier than some roller coasters. And a lot less fun. Close all of the credit card accounts and pay them off. Then stick with cash until the self-control fairy visits your home.

      If you have no credit card debt or routinely pay off credit card balances every month, then congratulations! You’re doing good. Make sure there are no annual fees and that they don’t pull tricks like the beastly brats that live next door. If a card company starts getting greedy, then dump it like last night’s burnt dinner. There’s plenty of competition for your business and you can do better than them.

      Plastic Rule #2 – Use a credit card for risky purchases

      Use your credit card for any transaction that is risky, such as online or over the phone purchases, hotel and car reservations, and any time you get a bad vibe. Why? If a card number gets stolen, it’s better for the credit card company to be out the money then your checking account. Hey, maybe there is something good about plastic…

      Plastic Rule #3 – Pay cash as much as possible for everything

      We spend less when the bill is paid with some presidents from our wallet. Using a check, debit card or credit cards don’t affect our hands or mind the same way.

      Still sometimes it’s not possible to pay with cash, so use a check or debit card before pulling out a credit card. There is one word of caution. Some businesses, such as hotels and gas stations, put a temporary hold on some of your funds as soon as you swipe your debit card. Pay these things with cash, or keep a cushion in your bank account

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