Posted on 09/10/2010 5:57:02 AM PDT by CSM
Bogus real estate offers
Dear Dave,
Ive been seeing a lot of hand-made signs along the road here in Dallas lately. They say Seeking real estate investor apprentice $20,000 a month. It also has a phone number listed. Do you know what this is about? It sounds too good to be true.
Jerry
Dear Jerry,
Of course its too good to be true! If someones offering a legitimate job making $20,000 a month do you really think theyre going to post it on a hand-made sign next to the road? I think your advertising budget will involve a little more than poster board and a stick if theres really $20,000 a month involved. Give me a break!
It sounds to me like theyre trying to sell a questionable real estate seminar. A lot of these things are marketed as real estate boot camps. The premise is that over the course of a weekend theyll teach you to buy and sell foreclosure properties. Some of them charge anywhere from $3,000 to $8,000, with the promise that if you follow the guru and his advice, then the guru will help you by buying the house with you. Theyll furnish the capital! Of course, seldom if ever do they even buy any houses, and if they do its the best possible deal that you might not want to share, anyway.
Anything that sounds too good to be true is too good to be true. Its not any harder than that. Beverly Sills had it right when she said, There are no shortcuts to anyplace worth going. Becoming wealthy isnt easy. It takes lots of hard work, sacrifice and the willingness to live on less than you make.
Even the Bible talks about this kind of thing. Proverbs 28:20 says, A faithful man will abound with blessings, but he who hastens to be rich will not go unpunished. Remember that, Jerry!
Dave
Time to grow up!
Dear Dave,
My husband and I have been married for about a year, and in that time weve been blessed with several financial gifts from our parents. We keep having this recurring discussion on how to use the money when its given to us. I came into the marriage with some debt were trying to pay off, but he feels like we should use this gift money like found money and have some fun. What do you think?
Katie
Dear Katie,
Unless the giver has very specific thoughts on how theyd like you to use the money, then its really up to you guys. If the giver wanted you to use it for something specific, though, they probably should have said so or just bought you the item in the first place.
Other than that, I think its time someone grew up a little bit and realized its not a birthday party when this kind of thing happens. Its simply money that has come into your householdlike a paycheck youd get on the job, in other words. You dont go out and blow $100 or whatever on toys or other fun just because it was handed to you by mom and dad. Thats how a 10-year-old behaves.
If theres something you need, and you agree on it together and choose to buy it as a couple, thats cool. Ive got no problem with that. But you guys are just starting out, and youve got debts to pay. Im sure hes a good guy, but its time for him to start acting like an adult about this stuff and work with you on getting your financial lives in order!
Dave
Act your wage so you don’t get so despareate that you fall for scams.....
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I am always surprised by people that spend a bonus or a gift on something “fun” when applying that money to their debt would ease their burdens for the long term.
I look at it as buying piece of mind.
I know someone who received an inheritance, so he put it into a Roth IRA, which seemed like a good idea at the time, instead of paying off debt. Now that Roth is worth less than half the money he was given. Maybe it’ll recover, but it’s going to take a while.
There is really a way to compromise when it comes to gift money. Take a set percent (10% or even maybe as much as 20%) and do something “fun” with it. Something memorable like a nice dinner out or if it is a small enough portion a couple of $5 DVDs from Wal-mart. Then use the rest to pay off debt.
But you need to have a solid, rigid, agreed upon rule on what that percent is.
Which is why most people would advise splitting it into equal payments and investing it over time.
The single greatest tool that I have taken from Dave is the PLAN. When you have a plan, these things become second nature.
You are correct, but most often I see trips to Cancun or other lavish purchases. Not moderation, but excess. I am with you 100% that a small “fun” purchase is a great thing.
We did it. As of this past week, after 2 years and 11 months of hard work.
Whew.
Great job! Take a moment to reflect on what you have accomplished, you have now moved up to the top 85% of the US population. When you have the EF completed, you’ll move up to the top 90%!
Great job!
Keep living like no one else!
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