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Welcome to our new subscribers this month!
You
are now a part of a growing group of people receiving tailored
solutions
to common money and budgeting issues. Feel free to share this
newsletter with anyone you wish. Your email address will not be
used
for any other purposes.
To
Your Success!
Ericka Young
Enabling or
Empowering?
Myth: If I loan money to a friend or relative I will be
helping them
out.
Truth: The relationship will be strained and changed
forever if
you either loan money or are the recipient of such a
transaction.
We love our family don’t we? And of course our family loves
us. But to what extent do
we
take that love when it comes to money matters? There can be a lot of temptation
to
ask relatives for money or loan it when an emergency arises. Typically these loans are
interest
free and can be accessed without a run of your credit. But what are you truly doing
when
money is exchanged between you and someone you love?
Here are some reasons why it is never a good
idea
to loan money to or from relatives and
friends:
1.
You
are creating a slave/master relationship between the parties
involved. A slave is owned
by
the master until his/her debt is paid.
We want to call our father “Dad” not
“Master”.
2.
Each
time you see the person who lent you money you will think about
the
debt owed and that causes anxiety amongst everyone. Thanksgiving dinner doesn’t
taste
the same when money matters are on your
mind.
3.
It
is easier to miss payments because you believe that your relatives
or
friends won’t hound you like credit card companies. At least you will make it a
priority
to pay the credit card companies back.
Typically when money is loaned to relatives it is not
considered
as important.
4.
The
benefactors of the loan will think they now have a right to ask
questions about your spending habits.
They believe the right to that information has been bought
with
your loaned money. And… if
you
have nosey relatives and friends your financial business could
spread
throughout the family tree.
5.
When
you loan someone money you enable the overspending. If the behaviors that got them
into
this situation are not dealt with then more debt will still be
incurred. This does not
help the
borrower, but it can hurt them
tremendously.
The best way to handle difficult financial
situations is to handle them yourself.
This breeds responsibility, self-confidence, strength and
character. When you’ve
successfully gone through a tough time, but managed to do it all
on
your own you feel like you can take on the world. When my husband and I climbed
out of
the mountain of debt we had, we did it without the financial help
of
anyone. As a result, we
knew
that we could tackle any financial setback that came our way
including
job loss, career changes, family emergencies, etc without leaning
on
anyone. Our relationship
grew
stronger and we felt empowered!
Don’t you want the same feeling?
Let’s not enable our loved ones or allow ourselves to be
enabled. If you truly want
to
help someone financially just give them the money with no strings
attached. A gift is better than debt any
day. Let’s tackled the
real
problem systematically and change the behaviors that caused us to
need
extra money in the first place.
That is true empowerment!
Bridgforth
Financial
There are times in our life when God gives
us
opportunities to meet people who will impact our lives
forever. Dave Ramsey has been one of
these
people for me. He is a man
with
vision and determination to get the word out about managing your
money
God’s way. The sincerity
and
integrity in his approach has proven itself out as his business
grows. Check him out at www.daveramsey.com.
I have had the incredible opportunity to be
graced with another individual whom I greatly respect and
admire. Mrs. Glinda
Bridgforth is an accomplished writer,
speaker, and financial coach with more than 17 years of
experience
working with people from all over the country. Her holistic approach has helped
many
people get to their next level financially and gain freedom from
debt. She deals not only with the
numbers
in each person’s situation, but the history behind what got them
to
this point. It is my
esteemed
pleasure to now be one of her associates and I will soon also be
helping people all over the country gain financial
independence. Check out Glinda
at www.bridgforthfinancial.com.
FREE
FOOD!
I’m sure we’ve all experienced what I
consider
the most consistent budget buster of all time… dining out!! Raise your hand if you have
spent an
entire grocery bill on dining out.
Believe me, it can be done.
We can have the best of intentions to come home and cook a
decent meal for ourselves and our family, but when we’re tired
take-out
or dine-in is so much more appealing.
When you are trying to get out of debt any extra funds you
have
should be used to stay on top of that goal. Of course, it is easier said
than
done. Eating at home takes
preparation, planning, shopping, and clean
up. How can we save money,
but
also spend less time in the kitchen?
One solution might be the newest concept on the block for
dining
in: meal preparation.
Dream
Dinners invented the meal preparation craze that has allowed many
families to enjoy quick, home cooked meals at affordable
prices. On Wednesday
October
17, 2007 at 6:30pm Tailor-Made Budgets will host a
Sneak Peak locally at Dream Dinners on Val Vista and
Ray. You will be able to
hear a
talk about what Dream Dinners has to offer, assemble your own
FREE meal that feeds 4 people and have some
fun! It doesn’t get any better than
that! What have you got to
loose? Nothing! Try it once for free and see if
this
could be a possible way for you to stay on budget with your dining
out
category. If you are
interested,
simply send me an email so I can get you an official invitation
and
more details.
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