Our topic this week is Financial Security. I combined 2 posts from Diana in Wisconsin with great get out of debt advice:
“We are in for some bumpy rides, and prepping can only help.”
Ain’t that the truth! And it doesn’t even need to BE THIS WAY! Grrrr!
“What do you think is the most crucial SURVIVAL topic to start with?”
I probably sound like a broken record, but get yourself DEBT FREE. That, in and of itself, frees you up to so many possibilities and opportunities! Use whatever method works for you. Snowball-Method Debt Payment, Dave Ramsey’s ‘Baby Steps’ or just cut up your credit cards for starters!
How the Debt Snowball Method Works:
https://www.ramseysolutions.com/debt/how-the-debt-snowball-method-works
The Seven Baby Steps:
https://www.ramseysolutions.com/dave-ramsey-7-baby-steps
I was debt free when I retired (I sold my farm, my only debt) at age 56. Having a positive cash flow is so important if you want to buy a generator for your home, pay cash for that big freezer and the side of beef you want to buy below grocery store prices. You don’t have to worry about a big car repair or any other life emergency that crops up (and they DO!) because you’re financially prepared.
I have been ‘prepping’ since I was a kid; I grew up in Tornado & Blizzard Country, so I learned from the best - My Dad. He was always prepared for anything; I felt VERY safe growing up and I still want that level of safety and readiness in my life, today. (Miss You, Dad!)
Yeah, skills learned in the Army helped a lot, too - but you can read an Army Manual for any of THAT kind of stuff. ;)
One more thought: I’m NEVER going to be the kind of hard-charging prepper that wants to be the Last Woman Standing.
If things are THAT dire (world war, a nuclear strike, aliens invade us hoping to find intelligent life) *SMIRK* I’d rather head for Heaven than eat bugs and live in a cave or the shell of our former home.
More links for your topic next week. :)
Debt Free in a Year:
https://www.forbes.com/advisor/debt-relief/debt-free-in-a-year-steps-and-strategies/
More Dave Ramsey, My Hero:
https://www.ramseysolutions.com/debt/ways-to-get-out-of-debt
The Case for Being Debt Free:
https://www.cnbc.com/select/being-debt-free-and-how-it-impacts-life/
And while I HATE Mother Government and all she stands for, there IS some helpful advice here from the Federal Trade Commission (FTC) of all places:
https://consumer.ftc.gov/articles/how-get-out-debt
Drastic times call for drastic measures!
Diana :)
Great topic!
I love Dave Ramsey as well. The kids read his book years ago, and it gave them practical and doable steps. The only debt they have now is a relatively small amount on a rather substantial property and business. Debt free is the best.
I would like you to put my name on the list for financial security - do you mail me a check, or can I sign up for direct deposit?
Hahaha unfortunately, it’s too late for me to worry. We’ve already cashed in and are living with minimal expenses, but I like reading good advice for those younger.
Right now, the jobs market is pretty bad. You’d think with so many companies crying that “nobody wants to work” it would be easier to find a job. I’m kind of limited in what I can do because of medical issues, but my nephew is the fittest guy I know, and it took him months to find a job!!! Even the one he found is temporary, so he’s still looking for a permanent one.
I have a couple of side-hustles I’m trying to make a go of. Feels like I’m just treading water.
Interest payments on the national debt were $475 billion in fiscal year 2022
Every responsible intelligent person knows the best financial policy is to be debt free.
We know that's not easy but remaining as debt free as possible is a good first step..
The only large personal debt we ever incurred was our home mortgage.
Once we saved enough to buy a home large down payments were required and interest rates were high (9.5%).
We took a 15 year mortgage, made some advance lump sum payments and doubled down on monthly payments as much as possible
By scrimping and doing without we were able to pay the loan off in a little less than 11 years.
Once we owned our home free and clear it made a big and positive impact on our finances.
Keeping the money that would have gone to pay interest is like giving yourself a fat pay raise.
Since then we have stayed out of debt.
We do use a credit card to make almost all purchases but pay it off every month and pay no credit card interest at all - ever.
Plus we get money back - it is a small percentage of our purchases but once again - it is like a pay raise for being financially responsible.
So - if everyday people (like us Freepers) know the wisdom of not throwing away wealth by paying avoidable interest
WHAT THE HECK IS WRONG WITH OUR GOVERNMENT?
Millionaires in Washington borrow trillions of dollars to throw around the world and to finance unnecessary expenditures.
They incur avoidable debt that saps billions of dollars of taxpayer money to pay as interest to other millionaires.
Then they pat themselves on the back and compliment each other on their virtue and generosity.
Right now the federal government is spending about $7 million dollars a minute!!!!!
Republicans control the House of Representatives that (supposedly) controls the "nations purse strings".
But most seem to have abandoned the traditional republican principles of small government and balanced budgets.
Instead they have jumped on the band wagon with democrats and throw billions of dollars around like parade confetti.
They don't even speak out when the president unilaterally decides to hand out billions of dollars that was not budgeted by congress.
And no matter how we vote the debt keeps going up and up at an ever faster rate.
Right now the national debt is about $33.5 TRILION DOLLARS!
And it is currently growing by about $2 Trillion dollars a year!