she wrote: Several years ago I wrote to you asking for advice because we were heavily in debt and feeling a bit overwhelmed.
Now my husband and I are debt free, our credit score is excellent, we have money in the bank, and we are paying off the mortgage.
How do we do it? Not by listening to your advice, which is getting two jobs each and working hard paying thousands in interest and principal to the bank to pay off our massive credit card debt.
No, instead we just stopped paying credit cards back. The amount we owe is $30,000, which increases to $50,000 with interest. But I learned that, because credit cards are unsecured loans, you don’t actually have to pay them back. So we sat and waited for seven years and, lo and behold, we were out of debt, and had very good credit scores. I want you to share this with your readers – no way, I know! But that’s probably a better tip than working hard to give billion dollar profitable companies money they don’t deserve.
Barefoot responded: I’ve been in the trenches as a financial advisor and I’ve never seen a lender roll over and not try to recover a $30,000-50,000 debt (which they have every right to do – because you’re legally responsible for paying the debt).
Regardless, let’s be clear about what’s going on here: someone lent you money in good faith – and you deliberately ripped it off.
You say: “This is probably a better tip than working hard to give billion dollar profitable companies money they don’t deserve.”
I said: (nothing, my mouth was open, but no words came out).
I can’t help but wonder how this mindset spreads to other areas of your life: like how you fill out your time sheets at work, how you write financial questions in the newspaper, and what kind of examples are provided for you. children.
You may think you’ve gotten away with this, but you really haven’t.
You were broke seven years ago.
Great day for Dad
Terry wrote: After reading Barefoot Kids, my nephew thought: “I can sell vegetables from our vegetable garden!” He helped pick vegetables and then set up a stall in front of his house. He was very excited, and even made his own gesture. Then he made $79 in two hours — he was fired up! He then very calmly and diligently divided the money among his Splurge, Save, and Give jars. We are all very proud of him. It’s fun and inspiring, and it involves the whole family.
Barefoot responded: This is what I dreamed of when I wrote Barefoot Kids:
Instead of Mom and Dad yelling at their kids to do their chores, the kids are in charge.
Look at Dad in the photo, he looks so proud. As a parent, it feels like the wins are few and far between, but this is definitely one of them.
Children learn from experience, and parents keep memories.
Show me your pinky
she asked: My mother inherited a pink Argyle diamond worth $36,000.
He thinks we should keep it going because the mine that produces most of the world’s pink diamonds (over 90 percent) is closing in 2020.
So he believed his value would soar.
According to the FCRF, pink diamonds are growing in value more than any other color, rising in value 116 percent between 2010 and 2019. But would it be wiser to sell them and add them to an index fund investment?
Barefoot responded: Your mom got her research from FCRF, which stands for Fancy Color Research Foundation.
So are pink diamonds a good investment?
To be honest, I don’t know.
However, as I said before, I know that regular diamonds are not that valuable. In fact, they are more common than dog balls.
Seriously, there are said to be 39 billion stones in existence – more than five for every person on earth, according to diamond analyst Martin Rapaport.
Personally, I wouldn’t keep a significant amount of my net worth in pink diamonds. I’d rather own something that puts money in my pocket, like a stock that pays dividends, than something that takes money out of my pocket (if your mom holds it, she has to insure it).
Don’t get between your mother and her little finger. Let him decide.