debt problems

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December 12, 2008

Achieving Financial Success, In Spite of Fear (yours and everyone else’s)

Posted by barbarastanny under Barbara Stanny, Business, debt problems, Economy, Empower, Finance, Money | Tags: , , |
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Have the headlines got you spooked?

I Can Do This !! Let me introduce you to my 2    Laws for Financial   Success…In Spite of Fear  (yours and everyone else’s!)…(drum roll please!)…expressly for the faint-hearted and other victims of the current fear mongering.

1.  Stanny’s Law of Resistance—the amount of resistance you experience in any endeavor is directly correlated to the amount of power and pleasure available on the other side.

2.  Stanny’s Law of a Lousy Economy—no matter how bad the economy, there will always be people who are prospering.

The following email demonstrates these laws in action.   The writer, a seminar graduate, ended up in the hospital after the first day of a 2 day seminar!  Even though she was in utter fear and the economy sucked big-time, she tenaciously respected Stanny’s Laws!  Look what happened:

Dear Barbara,

I took your Overcoming Under Earning Workshop last fall.   I am the woman who spent the night (after the first day) hooked to an IV in the emergency room.   My body was physically rebelling the changes that were taking place  in  me emotionally in your workshop!   As crazy as it seemed, I forced myself back for the second day… knowing I had every excuse not to launch deeper into more of my financial  mud pit.

Thank goodness I did… I am very happy to report that despite the economic upheaval of our Country I am better than ever.!!!! Since I saw you I have made some real tangible changes.  First off, I got the courage to go back to court and get a child support adjustment… this was something that I had been avoiding for 9 years… results a 233% increase!!!! Long overdue, obviously.

Even better than that, I finally know my financial future is completely in my hands… and that is incredibly empowering.   I now know that I control my financial future.  (I feel excited just writing this, and even more excited living it!!! )  I am working “smarter not harder“.

I have adjusted my business focus to accommodate the economic environment.  I now do what I had been doing full time, part time, and am working more full time with my internet brokerage company.  The  shift in focus has given me great financial success, as a matter of fact by staying on the course I am on  now, I am estimated to triple my best income  ever within 12 months!!!  Wow, didn’t even know what leverage was about a few years ago.

Just wanted to send you my  success story and express my thanks   for you, and the door that you helped me open in my life!

The moral of this story: never ever let fear or resistance stop you from going for the gold… regardless of what’s happening ‘out there’ or going on ‘in here’ (i.e. your head).  Resistance is simply a clear indication of what you need to do next!!

 

November 24, 2008

In debt, or know someone who is? Have I got news for you!

Posted by barbarastanny under Barbara Stanny, debt problems, Money | Tags: , , |
[2] Comments 

I’m using today’s blog to let the secret out of the bag.  Please help me in this effort by passing this on to everyone you know who’s in debt.

Stone arch

The secret is this: Your creditors will negotiate, and all you have to do is make the call!

I just read a fabulous article on this very subject by my friend, the fabulous financial columnist, Liz Weston: “Why lenders might forgive your debt.”

As Liz points out, “There was a time when lenders didn’t want to work with you if you couldn’t pay. Now they want to avoid foreclosure, lawsuits or repossession almost as much as you do.“

Want more?  Click on http://articles.moneycentral.msn.com/Banking/YourCreditRating/why-lenders-might-forgive-your-debt.aspx?page=2

If you’ve got piles of unpaid bills, this is a must-read.  And I encourage you to email it to your friends.  It’s one small way you can ease the suffering and contribute to the solution during this economic slump!

 

October 8, 2008

Is The Sky Really Falling? Messages from the Market

Posted by barbarastanny under Barbara Stanny, debt problems, Finance, Money, Support, wealth | Tags: , , , , |
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Unless you’ve been stuck on a dessert island, you’ve probably noticed that the financial industry is on one hell of a roller-coaster ride.   But according to the rule of the roller coaster, the only ones who get hurt are those who jump off in the middle.

This is not a time to panic.  This is a time to pay attention.

I believe scary times carry significant lessons. This financial mess has some urgent messages for us all. It’s as if the Universe is shaking us by the shoulders, desperately trying to get our attention, urging us to do things differently.

My advice: use these economic breakdowns as a catalyst for your own financial breakthroughs. If you can reap the wisdom in the chaos, there’s a wealth of knowledge to be gained. Here are a few Messages From the Market :

1. Never confuse ignorance with safety – This is not a time to ignore money and pretend everything will be ok. That’s what got us into this mess in the first place. Complacency without comprehension is particularly perilous.

The message from the markets: educate yourself financially…now!! (www.barbarastanny.com)

2. Never buy anything you can’t afford – Debt is bad. Debt is dangerous. When debt starts spiraling out of control, as it always does, it takes everything down with it.

The message from the markets: stop using credit, get rid of your cards, and create a plan for paying off outstanding balances. (www.nfcc.org)

3. Never invest in anything you don’t understand – Not even the experts understood the mortgage backed securities they were gobbling up. (www.betterinvesting.org)

The message from the markets: as your mother probably told you, just because everyone else is doing it, doesn’t mean you have to too!!!

4.  Diversification is paramount – Plunging markets tend to sink all ships. Those who bounce back fastest, however, have money spread out among different sectors, company sizes, industries, and countries.

The message from the markets: call your advisor and re-balance your portfolio. No advisor? (www.cfp.net; www.nafpfa.org; www.financialpro.org)

5. Trust your gut – If something is too good to be true, rest assured…it is, despite what the supposed experts are saying!!!.

The message from the markets: take your power back.

6. It’s a sale! – The media knows…fear sells. Don’t buy in by selling out. Instead, start scouting for bargains.

The message from the markets:   “When a recovery comes, those who were smart or lucky enough to buy at the bottom will do very well.” Wall Street Journal  (10/6/08) (www.wsj.com)

The markets will eventually go back up. And when they do, you want to be well positioned to benefit…and geared up to weather the next inevitable downturn.

 

July 24, 2008

Are You In Over Your Head?

Posted by barbarastanny under Barbara Stanny, debt problems, Finance, Money, Savings | Tags: , , , |
1 Comment 

Denial is so tempting, especially around money. But oh so dangerous. That’s why I urge you to take the Five Signs Test, featured in this Yahoo article: Five Signs That You’re Living Beyond Your Means. http://finance.yahoo.com/banking-budgeting/article/105396/Five-Signs-That-You’re-Living-Beyond-Your-Means

“If you find that one or more of them apply to you,” the article warns, “it is likely time to reevaluate your spending and work on a long-term financial plan. Recognizing the problem is the first step to finding a solution.”

Here are the 5 Signs:

Sign No. 1 – Your Credit Score is Below 600

To find your credit score is, contact (TransUnion, Equifax, Experian) for a copy of your credit report.

Sign No. 2 – You are Saving Less Than 5%

Best to sock away as much as possible, but most financial experts suggest a minimum of 10% of your gross income.

Sign No. 3 – Your Credit Card Balances are Rising

If you’re paying only the monthly minimum, consider that a big red flag. “A person with $5,000 in credit card debt that makes the minimum payment of just $200 per month will end up spending more than $8,000 and take almost 13 years to pay off that debt.”

Sign No. 4 – More Than 28% of Your Income Goes To Your House

Why 28 % ? Because, experts say,“ this is the rate at which the average person can get by, make their mortgage payments and still enjoy a reasonable standard of living.”

Sign No. 5 – Your Bills are Spiraling Out of Control

The solution? Start slicing and dicing your expenses. Figure out what you spend each month and decide where you can cut. “Some of the best places to find savings include; your telephone bills (cell and land line), your utility bills (turn off the lights, and don’t run the air conditioning if nobody is home) and your entertainment expenses (you could stand to dine out less and to pack a lunch for work).”

You owe it to yourself to answer these questions honestly… any thoughts?

 

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