Five Rules For Bulletproofing Your Financial Life
Follow These Fundamental Principles and Money Woes Will Never Darken Your Door, Says Debt Expert Jeff Boulton
Phoenix, AZ (PRWEB) April 1, 2008 -- There are eras when the number one question in people's financial lives is how to become rich. This isn't one of them. With gas and food prices surging, thousands of homes in foreclosure, and stock market indexes whipsawing upward and downward almost daily, the main question today is, "How do I keep from going under financially?"
Jeff Boulton, CEO of Rise Above Debt Relief, a nationwide, nationally certified debt settlement service, has the answer. After counseling thousands of people from all walks of life who have found themselves in money trouble -- and helping them regain their footing and their good credit through better money management -- Boulton has become an expert on the keys to wise financial decision-making.
"Money is the fundamental factor that determines a person's quality of life. Yet it's not how much money you have, but how well you use it, that makes all the difference," said Boulton. "It's tragic that despite all the messages and emphasis on wealth in our culture today, most people haven't learned how to view and handle money the right way, so they can sleep well at night."
Regardless of income or socioeconomic status, it's possible to be on a solid financial footing, Boulton claims -- if you follow some basic principles:
| | - Stick to a Budget. Some people were taught early on by their parents that maintaining a personal budget is simply part of life, Boulton says. For those of us who weren't so lucky, it's critical that we learn the habit. "The instinct or skill to budget isn't limited to people with education or high income. In fact, some very highly educated, wealthy people get in financial trouble because they never kept a budget. Everyone -- and I mean everyone -- can, and must, maintain a household budget. It's the one great solution. Once you can balance a budget, one that includes even a modest savings plan, everything else falls into in place," he notes.
- Always plan for the worst case scenario. Especially when subprime mortgages were being pushed by lenders, too many people said yes based on an unrealistically rosy outlook on their futures. "You can't make financial decisions based simply on what you think will go right, like upcoming raises or promotions," states Boulton. Before taking on any major purchase or planned life change, be realistic enough to imagine what will happen if things go poorly. If the negatives are greater than the positives, don't do it.
- Take action when the red flags appear. "If you're using credit cards for all your major purchases and you're not paying off your balances each and every month, you need to be changing your spending habits," Boulton asserts. "Anything but zero balances on your credit cards means you're digging a deeper hole for yourself each and every day. It WILL catch up with you." He also points out that despite the credit offers that are literally thrown at people -- even people below the poverty line -- very few people read the fine print. "People are seduced by the low introductory rates and believe they'll pay off the balance before the rate changes. Just remember, creditors make their money on those who are in virtual servitude due to high interest rates."
- Don't assume that bankruptcy is the answer. Too many people, Boulton notes, adopt an all or nothing attitude; that is, they will overspend themselves into financial purgatory and then ruin their credit rating by choosing bankruptcy. "99 percent of people in financial difficulty can recover either through Debt Settlement or Credit Counseling. These specialists should be your first professional calls for assistance," he says, noting that bankruptcy should only be a last resort. Debt Settlement and Credit Counseling services each have their advantages and disadvantages, he adds, so look at their programs and decide which is best for your situation.
- Your ship doesn't have to come in today. Finally, Boulton points out that our attitudes about possessions are at the root of most problems. Just because your neighbor pulls into his driveway with an expensive new car, doesn't mean you have to respond. "Your day will come -- it doesn't have to be today. Why do we willingly place ourselves in a death grip to somebody else's money?" he asks. "Things are a drug. They're a habit that needs to be broken. Like kicking the cigarette habit, it won't happen in a day. But as you get your financial life in order, you begin to rise above all the temptations. Ask anyone who's done it -- the feeling of being out of debt is ALWAYS better."
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About Rise Above Debt Relief:
An accredited member of the Better Business Bureau and the International Association of Professional Debt Arbitrators, Rise Above Debt Relief is America's most trusted company for debt relief. The company's programs are designed to reduce personal qualifying debt obligations by 30-60%, and are backed by a $25,000 cash guarantee. The Web-based company, based in Phoenix, Arizona, serves a national clientele. To learn more, log on to www.riseabovedebtrelief.com.
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