Comments on: 20 Things I’ve Learned While Getting Out Of Debt

By: Money Management 101: An Introduction | Simple Mom

Money Management 101: An Introduction | Simple Mom — Mon, 16 Feb 2009 08:02:39 +0000

[...] 20 Things I’ve Learned While Getting Out Of Debt :: The Wisdom Journal [...]

By: Perspective & Priorities « Where’s Our Money?

Perspective & Priorities « Where’s Our Money? — Fri, 06 Feb 2009 05:32:11 +0000

[...] can do to save money”. You get the picture. Most of the posts contain fantastic advice, like this one, but what troubles me is the lack of focus on what really matters at the end of the [...]

By: How to Get and Stay Out of Debt

How to Get and Stay Out of Debt — Mon, 26 Jan 2009 14:06:50 +0000

[...] 20 Things I’ve Learned While Getting Out of Debt [...]

By: Carla

Carla — Wed, 21 Jan 2009 21:28:42 +0000

This is really good advice thats simple to follow. I am working out of $5K of medical debt and #20 is the goal.

By: January 20, 2009 Link Payday | Uncommon Cents

January 20, 2009 Link Payday | Uncommon Cents — Tue, 20 Jan 2009 23:00:01 +0000

[...] over at The Wisdom Journal again teaches us from his own experience when he discusses 20 Things I’ve Learned While Getting Out of Debt. Maybe these lessons won’t have to be learned the hard way by [...]

By: Dan Massicotte

Dan Massicotte — Tue, 20 Jan 2009 16:24:56 +0000

Having a plan for after you get out of debt is good. But don’t forget to have a plan for the long-long run (aka life).

Going on a food diet is a lot like trying to get out of debt. Problem is, most people don’t have a plan for after their diet is over, and they gain it all back. What I found works best for me is having a long-term plan that entails small amounts of action, but that last for my life. Like, working out 2x per week for years, rather than 4 times for just a few weeks and then getting sick of it.

By: Jan

Jan — Mon, 19 Jan 2009 22:23:01 +0000

Ron!!!
How did your wife handle the fact that you were not on the same page about finances???? It is obvious….you can’t change a person….but you can influence them! This is a biggie for me…I am not the spend thrift…..hubby is and always has been! You have heard the expression “The money is burning a whole in his pocket!” That’s him! Literally…at least it seems that way at times!!!

By: Admin

Admin — Mon, 19 Jan 2009 16:00:22 +0000

Ken→

That’s not a minor quibble and your point is well taken. But these were things I learned and I’ve never been in trouble with the IRS! Thank goodness.

But I agree with you 100 percent. Pay your taxes unless your ready for an extended vacation in the “big house.”

Great comment.

By: Ken

Ken — Mon, 19 Jan 2009 15:38:09 +0000

I have a minor quibble with #6. I spent 15 years as a Bankruptcy and debtor defense lawyer and when my friends would ask me what I learned about finances from dealing with hundreds of people in severe financial distress I would tell them my 3 rules of financial survival.

1. Pay Uncle Sam first.

2. Pay your mortgage or rent second.

3. Hang on to the first wife.

I believe your #6 assumes that the reader has their taxes deducted from their checks and or has no arrearage to the IRS. You have a lot more avenues of relief and leverage against a mortgage holder or landlord then you do against the treasury.

By: Pilgrim

Pilgrim — Mon, 19 Jan 2009 14:57:07 +0000

This is good advice. I made some of the mistakes you mentioned and work at not making them again, often failing. Then I start over with good intentions. My parents as far as I know lived debt free, most all their lives. They did not always have THE BEST of every thing, but I do know they laughed often and were very happy.
Thanks for the reminder of how good it is to be debt free.