What have you learned?
"What has this economic situation taught you?"
This was an interesting question I saw posed somewhere and I thought it would be great to put it out to you, my readers and see what you've learned. It might be something the rest of us have missed.
What changes have you made to your lifestyle, habits etc. Do you think they will be permanent?
What changes did you make previously that made dealing with the situation easier OR harder? And if you must say investing in "How To Own Your Paycheck Again!" made things easier that's OK but that's not what I'm fishing for. :>)
Anything you think would be helpful to others would be appreciated. Click on COMMENTS below and let's hear your (anonymous) story.
Thanks!
Leo
I’m 72, partially retired and don’t have many money worries now because over the past 12 years we have been quite conservative. We bought a new home in 2003 with a 15 year mortgage and paid it off in 6 years. We have absolutely no debt. We use our credit card only rarely and pay it off immediately. We weren’t making huge salaries either-we just managed well (my wife retired in 2008). So, what I learned was-think about your finances way ahead so as to be prepared for any eventuality.
I live from paycheck to paycheck, my wife and I. We both work. My wife has been with an investing firm for a short period of time whereas I have been working for several years as a custodian. I am also a new author whose book has been published. I am trying to help market it, and that is difficult for a new author. The book I have written is about scams, a self-help guide. I am in the process of having it available as an e-book. These economic times just makes us to pull up our sleeves and try to think of ways for extra income and I don’t mean a scam. It is tough but not impossible. We just have to become more creative. Thank you.
Leo….
Well, several years ago when all this began, we lost our business. We had already purchased “How to Own Your Paycheck Again” and had been reducing our debt and simplifying our life with your help and the help of the FlyLady program.
Well, debt was finally gone by the time it hit us big time, our house was decluttered and we had already learned how to stick to a menu and grocery list (this seems to be the critical area for us – only place we have left to save some dollars). We learned the hard lesson of NOT shopping unless it was absolutely necessary. We learned to make do with the clothes we had hanging in the closet!
We raise two teenage grandchildren (always have had them with us) and they are a blessing, but boy can they eat! They have learned to hate clutter too!
My husband has a full time job that pays about a third of what we used to make and he also has a part time job. I have social security (lol). Our only debt is a small car payment, but the electric and water just keep going up and up. I set a timer so that my dryer does not run any longer than necessary.
It’s tough, but we are making it. We eat well and have everything we NEED. We live on an island which makes it very difficult for me to find a job without traveling an hour to and an hour from the city.
You keep us on our toes, have given us advice in the past and continue to inspire. Thank you so much.
So, to sum up what others should strive for:
NO debt
NO clutter
Menu plan (NO eating out….maybe just a little)
Grocery LIST
Again, thanks for all you do for all of us!
Hi Leo
Thanks for always being there and being so supportive of all our situations! I have learned that money is not more powerful them me and that “the system ” has done quite a psych job on many of us…so setting up a realistic plan to take back our power from the financial instituitons can be one of the most freeing feelings ever!
I have learned: to live in the present moment and really smell the roses again, to ask myself more supportive questions before I decide to spend money–like is this really necessary? to understand that the new LESS is the new MORE and get creative, and to undestand that happiness is a choice not a situation.
I have made a switch to whole foods and organic foods and found away to cut else where–because I figure health first then money. I also feel that this economy with all the blows that it has dealt people–have ironically made me even more grateful for my family, friends and clients.
I have also learned how fake money is–since it is not backed by anything and is just a promesory note–it is kinda funny how any value is attached to it at all! Hopefully we will be rid of the central banks soon and have our own solid currancy that is backed by gold, silver etc…and take back our financial sanity!
I suggest getting Leo’s “How to Own your Own PayCheck Again” even if you are self-employed like I am…or even if you are unemployed (you have more time to read and learn and absorb it).
It is very good information and very practical and down to earth–also Leo is very reachable if you need him!
Cheers!
Tracy
Leo,
It took being on a reduced income to really come to terms with money issues. We modified our home loan, paid off 2 of our 5 credit cards and have a plan for the rest of those also. We use cash instead of whipping out the plastic. We really think before we need to spend for an item and use our ingenuity to recycle items for another purpose. Your “How to Own Your Own Paycheck Again” really helped us take a look at all our expenses. My husband started his own business and I think it will be very profitable. It is paying it’s own way from the very beginning.
Thanks again,
Raeann
I’ve learned that mortgage companies are not interested in helping their customers. Apparently, they prefer to foreclose on a home and take the lump sum settlement instead of working out a mortgage modification.
After a 14 month period of unemployment I was able to find a new job and purchase a home. While trying to repay debts accumulated during the lean times, I tried to get a loan modification. Well, the mortgage company said I didn’t qualify because I was not behind in payments. I let a couple of payments slip in order to qualify and was put into a 6 month forebearance program.
After 6 months they did nothing to move forward with any payment program. I was repeatedly told that they would only accept payment in full for the amount in arrears and any lesser payments would be rejected. Their Loss Mitigation Dept would only tell me that my case was still under review. It’s been almost a year since the end of the forebearance program and their latest communication is that foreclosure proceedings will continue and that now my debt is too high for a loan modification. Needless to say, I have had to retain an attorney to stave off the foreclosure and will likely have to file for Chapter 13 bankruptcy protection. They don’t appear to be interested in going through with the modification. My credit rating is now so far in the basement that I couldn’t qualify to obtain a new mortgage anywhere. grrrr
ed
In the past several years, I have discovered that one must be frugial, flexible and creative in how they earn and save money. We need to depend more on ourselves and not our employers. We don’t have a government that will bail us out. Thus, we have to find alternative ways to earn and save our money. We need a business plan for ourselves that will help us protect and sustain what we have and need to acquire to become debt free and self supportive.
Leo,
We learned that if you want a brighter tomorrow, you had better get a handle on today! Every detail of today can impact tomorrow. We also learned that we can live (wonderfully comfortably) without any credit cards and have been doing so for three years (because for two of those years they were maxed and being payed off). We learned how to follow “How to Own Your Own Paycheck Again” and are just about there. And most importantly we learned that our lives do not have to be dictated by anyone’s payment plan but our own! If we want something now we pay cash!!! (Thanks, Leo!!)