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Rice and Beans, Beans and Rice

There is bad debt.

There is also good debt.

In today’s media laden world there are more and more financial experts proclaiming the only way to live life in this economy is to be debt free.  Hey, don’t get me wrong I happen to like much of what Dave Ramsey preaches about credit and debt but I disagree about totally wiping out all of your debt, painfully living below your means, and eating beans and rice until you can afford the steak.   That’s no way to live life richly!  Rather it’s my belief each of us to adopt proper personal finance skills in order to keep the bad debt from taking over your life.

In this world there are good forms of debt that we all must use to make life’s freedom possible.   An example of a good debt is the home mortgage which can be leveraged to build equity or for investing in a property that creates you a form of income through rent.  We’ve failed in America in teaching which debt is good and which is bad.  Even consumer credit such as credit cards can be good if properly used.  We need to educate about the differences.

It’s my premise that bad debt is really just bad behavior by the consumer.  We need to be aware of our behavior which is causing damage to our personal finances, credit reports, and scores.  We need to be vigilant about correcting wrongs in the way we handle money and in our credit reports.  We need to educate ourselves about the good forms of credit that add asset value to our personal worths!  We will be discussing and learning strategies in future blog posts!

Until then I want you to reflect on this… living life richly in America today probably includes:

  • Earned Income (Job)
  • Capital Gains (From Investments)
  • Passive Income (From Rental Investments)
  • Credit Cards
  • Other lines of credit
  • Cash

On your journey towards a high personal worth, please order a juicy steak to celebrate the small wins!

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Cars, Freedom, and the Fourth of July!

“Here’s a couple things America got right… cars and freedom.”

I love this commercial! It is very true. Cars can be substituted for anything that our nation has innovated in the past to make our lives/country the envy of the world. Freedom is also the envy of the world’s people but just not all of the it’s rulers. As we head into the July 4th weekend let’s take some time away from our personal finance worries and reflect on the meaning of the day. Being free is something most of us take for granted and we really shouldn’t. As Americans we are blessed beyond imagination even in the midst of our own personal demons. In the worst possible cases we likely would find ourselves much better off than 75% of the rest of the earth’s masses.

This weekend take the time to say a prayer for those brave souls who fought for our freedoms and especially those founding fathers that possessed rare understanding what was needed to create a more perfect republic. Their vision and plan has withstood the test of time and we are forever grateful for them! A lot of wars have come and gone since the founding fathers first penned the declaration. And we must also say a prayer of remembrance and thanks for those soldiers that have served and died for this countries freedom! Your freedom!

In closing… “I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all.”

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The High Price of Living Free

Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty. -John F. Kennedy

Memorial Day 2010

As we all struggle with personal demons such as heavy debt and or credit problems let’s not forget the ultimate purpose of Memorial Day. It’s a time to be thankful for the freedoms provided by the greatest, safest, opportunity laden country in the world! It’s a time to remember all of the fallen heroes that have gone before us to help make and keep the United States of America free.

On this very weekend let’s make sure to set aside our financial problems and spend time with our family relaxing in our unprecedented liberty! Fly the flag! Say a prayer for those who have given their lives in the line of duty! Don’t forget to thanks their families! Have a picnic! Do not work! Watch the Indy 500! Go to the lake or park! Revel in the freedom to enjoy where you are today and where you expect to go in the future!

Have a great Memorial Day and enjoy the video below from 2006 that I find as moving today as I did back then!

Live rich and free today my friends!

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