Debt Free Life Hacks: Managing Money Like a Boss

This week’s blog may be somewhat controversial. It’s important to always weigh your options and the consequences of financial decisions you make. I recently made a decision that challenges what many financial gurus would recommend. I considered the consequences and decided it was worth it. So what did I do?  I’ve been wanting to upgrade my mobile phone, something I don’t do often and when I do it’s never the latest and greatest because I just need something that is practical and reasonably priced. The phone that I’m wanting is the latest model of my current phone, and an ideal fit for my needs ( and tiny hands 😂). The Problem The problem is the phone is much more than I feel is reasonable for a phone. Cell phones discounts are extremely rare these days 😞 and so there’s not much wiggle room when it comes to getting a “good deal”. It just doesn’t feel right for me to spend so much money a cell phone. I need a deal! My Solution To feel good about the purchase, I decided...

We've all heard the phrase, "you never miss the water until the well runs dry". Sometimes in life we get so caught up in everything that we don't spend enough time appreciating what we have. How Easily We Forget Things we easily take for granted like food, water, and lights hold so much value. It's not until we're hungry, thirsty, or in the dark that we realize have valuable these things are in our lives. Having lived in Florida for some time, I've seen some of the damage a hurricane can cause.  In those times, there may have been a loss of power for several days to weeks. Then is when you realize how important electricity is and how lost you may feel without it, even for a short time. Realize how valuable your money is before there isn't enough of it Money can be the same way. We can get so caught up in the routine - going to work, getting paid, paying bills, and just living life -  that we just expect it to always be that way. But life is...

Maybe the best motivation to get your finances in order is when you really take a look at your finances. Knowing how much you make and how much you spend is only a piece of that puzzle. Considering all of your assets and liabilities, are you looking at a positive or a negative difference? If  the difference is negative, than that is motivation to pay down debts. If the difference is 0, that’s good because you have no debt, but motivation to build assets up.  If the difference is positive, you’re definitely headed in the right direction. Keep it up! What is net worth? Most simply speaking, net worth is the difference between your assets and liabilities. If all your loans and debts were paid, how much money remains? Consider that your net worth.  Examples:  Betty has a total of $10,000 in savings, $40,000 in retirement, $30,000 in student loans, and a $10,000 car loan. Betty’s net worth is $10,000 ($50,000 - $40,000). Jackie has a total of $50,000 in ...