Financial Questions and Answers June 12, 2013

by Steven on June 12, 2013

Q. Steve I missed a credit card payment and the credit card increased my interest rate by 10% BUT that’s not it, my other credit cards also increased my interest rates, is this legal?
A. Yes it is legal.  Credit card companies are like snakes in tall grass.  They wait for you to make one false move and then they bit you.  I keep reminding people about when President Bush signed the new credit/bankruptcy laws it really hurt the little man.  No more bankruptcy for student loans, unlimited interest rates for payday loans and credit card companies can raise your interest rate if you mess up on a card from another company, even if you never miss a monthly payment with them.  Thanks President Bush!!!  I personally haven’t had a credit card since 1994 so I haven’t been bit since then.

Q.  I can barely pay my bills.  I work at a fast food store and I just want to give up because I don’t see any light at the end of my tunnel, what should I do?
A.  You need a better job, but that’s easier said than done.  Because of your financial struggles you haven’t been focusing on creating anything that could possibly pull you out of your financial struggles.  You need to see where you stand financially on paper.  Not in your mind.  Write it down!  When you see your life on paper you can start making the right decisions to get you out of the situation you are currently in.  Most people can’t face the facts that they are responsible for the situation they are in.  Stop blaming other people and start making positive changes in your life.

Q. My husband can’t hold down a job for more than 2 months, what should I do?
A. You need to write down on a piece of paper how you would like your life to be over the next 12 months.  Write down how you would like him to treat you, if you have children write down how you would like to interact with them and how you would like them to grown up.  Write down some goals, personal and financial.  Then sit your husband down and talk to him about it.  If he refuses to do what you did maybe its time to pick a new man.  Life is too short to try to change people, they have to change themselves.

Q. I’m trying to start my own real estate investment company is this a good choice for a business?
A. Real Estate can be a great business and a horrible business too.  Really every business can be looked at that way.  I’ve had business associates that make millions of dollars but they hate their business and I’ve had others that made a good living and loved their business.  It’s not about what business, its more about doing what you love to do.  I love my businesses.  I’ve learned this lesson the hard way myself.  There have been several businesses that I started that I absolutely hated.  Network marketing is on the top of that list.

Q. Now that the economy is good I think my boss might give me a raise, what should I do if he doesn’t?
A. Probably one of the biggest mistakes most employees make is to think they run their bosses business.  You need to be the best employee that you can be regardless of the pay.  If you are not earning enough plan to leave on good terms.  But be honest with yourself, here’s a little secret that you need to understand.  Your boss will pay you what the business can afford to pay you and your boss will fight to keep you if you are doing a great job.  Just remember doing a “Great Job” comes before “Better Pay” not the other way around.

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