Financial Questions and Answers July 17, 2013

by Steven on July 17, 2013


Q. I just completed a short sale of my house, can the bank make me pay the balance of $75,000 that was owed on the property?
A. Usually the bank will forgive the debt. You’ll get a bill from the IRS if they do that. They can also choose to go after you for the $75,000 if you didn’t negotiate that when they approved the short sale. If they decide to go after you for the money you can more than likely settle it for a few thousand dollars.

Q. My credit card monthly payments keep going up event hough I haven’t been charging anything…can they do this?
A. Yes they can…deep in the extra small print on your “terms of service” contract with your credit card provider you accepted that they can raise your interest rates for any reason they see fit. Even if you never miss a payment with them but you get behind on another bill with an entirely different company not related to the credit card provider, they can increase your interest rate.

Q. My grandmother left me $3,000 when she died what should I do with the money?
A. You should save the money. Look into starting a business or investing the money for retirement. To be fair use $2,000 for a business and/or investing in your retirement and have some fun with $1,000.

My granny Oleta Phillips gave me $2,500 when I turned 18 years old. I used the money to learn about real estate investing and to buy a used Buick Regal from my uncle. Today I own close to $1,000,000 in real estate. More importantly I meet some very influential people at an early age because of what I choose to do with that money.

Q. I hate my job what should I do?
A. Quit! Just kidding…you need to prepare yourself for making a career change. You need to be doing what you love, but I know that’s hard when you have debt hanging over your head. So I would advise you to start getting out of debt and then you’ll feel comfortable about taking a risk because your bills will be paid.

Q. I’ve tried to get out of debt, but I just can’t seem to get started, what should I do first?
A. If you are married you and your spouse need to sit down and come to a decision/agreement about getting out of debt. Both of you must be on the same page and have a written agreement explaining why and how you will get out of debt. If you are single, grow up!

Need Help Getting Out Of Debt – CLICK HERE!

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