Biggest Recession Worries?
May 27, 2008
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Recession is big news these days. We read/hear about foreclosures and we all know about higher prices because we’re the ones paying them every day. Everyone I talk to is worried about how this will affect them.
I’m giving a special free teleseminar called “Dealing with Financial Worries” to give some hope and strategy for surviving hard financial times like these. If you’d like to get call in details, please sign up here.
I want to make sure I tackle the specific urgent issues that my readers are dealing with, so would you do me a quick favor? Post a comment below or click 
and tell me what you’re worrying about right now. You don’t have to leave your name, you can post anonymously. I’m looking for the real thing here so please don’t sugar coat it.
Just answer the question: What is your number one financial worry?
Warmly, Cindy
3 Steps to Getting Out of Debt
May 26, 2008
This is part of our Pay Debt Quickly series sponsored by
PDQ Pay Debt Quickly kit.
Are you struggling with debt? I’ve been there (and it was a major cause of my divorce). This is information I wish I had known then. As always, feel free to comment below.
Step 1: Draw a Debt Picture
Gather all your statements and enter your information in the Debt Payoff Info worksheet. You’ll need to know your balance, interest rate and current payment. Total the balances and the payments. Acknowledge that you used your credit cards to fund your lifestyle and move on to debt-freedom. Get my free Debt Payoff Info worksheet in Excel or Adobe.
Step 2: Stop using your Credit Cards
The credit card companies are masters at this game and if you’re carrying a balance, you’re on the losing end of the deal.
- Did you know that new purchases don’t have a grace period if you have a balance?
- Did you know that new purchases don’t usually get the existing teaser rate?
- Did you know that if you have multiple interest rates on the same card that most or even all of your payments will go to the balance with the lowest interest rate while the balances at the highest interest rate just keep compounding?
These are all great reasons to stop using your credit cards now!
Step 3: Convert Minimum Payments to Fixed Payments
This is the beautiful part! Let me explain.
When you get a home and auto loan, you pay the same amount of money for a specific amount of time and then you’re done and the debt is paid off. With a credit card, though, your payment is a percentage (usually around 4%) of your balance. As you make payments, your balance drops and so does your minimum payment. This is what will keep you in debt jail for a very long time.
However, you don’t have to make just the minimum payment. I recommend that you take the minimum payment from this month and pay that same amount every single month until it is paid off.
Converting your credit cards payments to fixed payments can save years and years and thousands of dollars. Let’s see how much this method can save by looking at one client’s debt information:
| Name | Interest Rate | Current Balance | Minimum Payment |
|---|---|---|---|
| Visa | 32.24% | $970.86 | $29 |
| MasterCard | 19.49% | $1506 | $128 |
| Cap One | 16.24% | $11,700 | $277 |
| Store Card | 13.07% | $1407 | $42 |
| Auto Loan | 8.09% | $10,356 | $237 |
| Totals | N/A | $25,940 | $713 |
Paying the minimums only will take 350 months and cost $49,007 (total interest is $23,067 almost double the current balances!). Changing the payments to fixed (paying the same amount every month as listed above) will take 47 months and the total will be $33,272 ($7,332 in interest). Total savings is $15,735 and over 25 years!!
AND they didn’t pay any more than they paid this month.
What if you could become completely debt-free faster than you ever thought possible?
What If You Could Instantly Create A Plan To Pay Off All Your Debts Including Your Mortgage? And without “pinching pennies”, getting a second job or cutting your spending in any way!
Introducing the PDQ Pay Debt Quickly kit!
Warning: This program is NOT for everyone. If you are months behind on your bills or about to lose your home, you require more help than the PDQ Pay Debt Quickly kit can provide — Please do not order this program.
If you ARE paying your bills but just can’t seem to get ahead, the PDQ Pay Debt Quickly kit is for you. It’s also for those who are doing extremely well and getting ahead but still trying to get rid of their debt and eager to learn how to get rid of it once and for all.
If you are in either of these two situations, then reserve your PDQ Pay Debt Quickly kit while you’re thinking of it and instantly create your plan to eliminate debt forever.
Warmly, Cindy Morus
P.S. You can also earn money recommending the PDQ Pay Debt Quickly program to your friends. Email me to find out more details.
What Will Happen When You Die?
May 15, 2008
If you’re like 70% of Americans, you’ll be leaving a mess behind for your family because you don’t have a Last Will and Testament.
Is that how you want to be remembered?
Of course not!
AND, if you don’t have a Will, your state has one for you and you probably won’t like how they divide your assets. For example, your estate doesn’t automatically go to your surviving spouse. Without a will, it can be divided between your spouse and your children or your spouse and your parents.
If you have children, a judge will determine who they go to and they may be stuck in the foster care system until that is decided.
So, since we’re all going to die anyway, let’s get our affairs in order and allow our friends and family to focus on what we meant to them and leave a legacy of calm and organization!
Now that you’ve faced your death, where can you go to get your Will? (Don’t even think about trying to do it yourself).
| A local attorney ($$$) | |
| DoYourOwnWill.com (Free) | |
 |
Simple Will Book ($) |
 |
Quicken Willmaker ($) |
What else should I do?
A Living Will indicates your wishes regarding how long/if you want to be kept alive by medical means (life support).
An Advance Medical Directive authorize someone to make medical decisions on your behalf if you are unable to.
Power of Attorney designates someone to handle your financial affairs. You can choose one which will become effective immediately or one that only becomes effective when you become incapacitated (known as a springing power of attorney).
Don’t forget to update your Will and other documents every few years or when there is a major life change such as a new child, a beneficiary or executor’s death, move to a new state, divorce or marriage.
I’ve created some additional worksheets you can download if you’d like:
Burial Instructions
Financial Inventory
Please take care of this right now while you’re thinking of it. Your family will thank you.
Warmly, Cindy
Credit Card Convenience vs. Credit Card Debt
May 5, 2008
This is part of our Pay Debt Quickly series sponsored by
PDQ Pay Debt Quickly kit.
Over the last few years, I’ve seen more and more people pull out “plastic” to pay for everything they need — from gas to groceries to fast food.
Why not? When all it takes is a quick swipe of the card through a little electronic box and a signature then, everything’s okay. You go home happy, content, and almost worry-free. On the other hand, the convenience of using credit cards can lead to a false feeling of financial security. And this realization will strike you as soon as the bills arrive.
I used to get my credit card bills and month after month, I would be shocked at how much we had spent. I’d say, “that can’t be right” but every month I’d add up all the charges and it would be right.
So, then I’d look at each item and each item was justifiable. Every one had been legitimate at the time of purchase. But, they did add up so quickly.
If you recognize this story and are and having credit card debt troubles, it’s time to get a plan in place to pay off your debt. Our Pay Debt Quickly kit will start with your debt information and instantly create a plan you can easily follow to pay off your debt.
What would you do with all the money you are spending on debt?
Warmly, Cindy Morus
P.S. If you like the PDQ Pay Debt Quickly kit for yourself, your friends and family will too. And you can use your earnings to pay down your debt even faster!
Health Insurance Sucks!
May 1, 2008
An Open Letter to our Politicians – Part I
Dear Presidential Candidates, Senators and Representatives,
I’m sharing my thoughts with you about our health care system both personally and from my clients. Here’s what we are all saying:
WE’RE WORRIED ABOUT OUR HEALTH CARE INSURANCE and it is constantly on our minds!
We worry about it:
- At bedtime
- At work
- With every ache and pain
- On our birthdays
We talk about it at:
- Our kids’ sporting and school events
- Church
- Social gatherings
- Work
- Restaurants
- Over the dinner table
- Our medical appointments
We make major life decisions based on health care issues and ask ourselves if we can or should:
- Retire
- Change jobs
- Move to a new state
- Start a business
- Get divorced, married, be a domestic partner,
- Have a child
The health care issue is draining the very life force of our lives and the economy, too. We are wasting time, money and energy dealing with an issue that is as basic as the food we eat and the air we breathe.
Safe, efficient, reliable health insurance is every American’s right. We all know we’ll have to pay for it - just get us a system that works!
Respectfully,
Cindy Morus
P.S. We would all enroll in the Congressional Health Care Plan and be very, very, very happy!
P.P.S. Stay tuned for Part II where I’ll provide some ideas from the “trenches” for fixing this situation.
