Creating Your Own Finance Strategy (Part Two)

If you didn't want to hear the lengthy tale of my own unique money management experience, in a sentence - never become complacent in your current financial situation unless you are well-schooled in how to make money repeatedly work in your favor.  And this has nothing to do with income itself but being physically and mentally secure in your existence.  I've seen people with low-paying service jobs buy houses while those with a bachelor's degree or higher are holding on to some godawful job just to make rent on a place that's not worth the money.

Although health is more important than wealth, videos like the one above can provide some good basic information without trying to sell you something. One thing to always take into consideration is that the pennies do eventually add up.  However, if you find your current job has you in a money quicksand, it may be time to change careers to one that's less stressful.

How the Heck Can a Person Change their Money Situation?

My first theory after learning how to save pennies (then dollars) is to learn how to enemy operates.  While banks and other financial institutions aren't bad people or have evil intentions, many of their policies don't work in the favor of the consumer.  Excellent examples of this are interest charges and miscellaneous fees.

Although the concept of second-chance credit is good for those recovering from extreme hardship, it shouldn't be a way of life.  The thing is creditors don't always see it this way...either you pay off the balance or take a hit if you close the account.  Unfortunately, if a consumer pays off the balance and closes the account, their credit rating takes the hit.

Right now, I'm trying to lower my credit interest rates with the intention of closing in the near future.  While there may be agencies that will do this for you, I believe that if can heed simple instructions and maintain a follow-up schedule, this credit card closure method can serve you well.

Why Does Learning About Money Management Seem So Technical?

There are few people who use lay terms to give the answers we need to hear.  Yes, there are books by Suze Orman and others you can buy or borrow from the local library.  Another alternative would be to look into a consumer finance class at your local college or university.  Some things are so basic that you really don't need an extensive explanation.

While you shouldn't have to sit through a lengthy lecture, it's a good idea to at least become familiar with some consumer money sites or groups out there.  Often these snippets of information are free or all some online experts ask is that you share with others.  Here are a few places that I highly recommend for helping you create a budget that fits your lifestyle - 

• Her Money by Jean Chatzky - Taking the online quiz to find out your money type may be the first step in creating a feasible plan.
• WIFE - Since 1988, this organization has helped women move beyond divorce, widowhood, and other things that factor into life.
• SheBudgets - While they haven't posted any content since 2019, there's still some good information to be found.
• Freelancer's Guide to Money Management (article) - This gives some of the basics on how to live a quality life without punching a time clock.
• Financing Your Biz - Business Owners Idea Cafe is another golden oldie with many resources for entrepreneurs of all levels, including in-house grant programs.