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Best Financial Advice

Where do you find the best financial advice for you and your situation? Valuable information is out there to help you manage your finances and keep your head above water in these troubled times. Too many people got in over their heads, especially in the housing department. They were allowed to buy houses they could not afford. Then those same houses depreciated in value and the people who owned them could not sell them and could no longer afford their payments. Lots of people went into foreclosure because of this.

Good information is always of value and comes in many different varieties, you may have some difficulty getting started. Start in the most logical place, the library. You can check out books and read magazines to help you gain the knowledge you need to help yourself, or you can start with the telephone book and call all the brokers and financial planners listed to have them help you out with your investments.

There are outstanding circumstances for sure (medical emergencies, tragedy, job layoffs, etc.). But generally speaking, if you have a hard time living within your income, check your spending on your home, your car, or your entertainment (dining, tickets, trips). I have tried to keep all three modest ever since.

I think there was a whole generation that was mislead about money and how to handle it. I could be wrong but how is it possible that so many people could get into such trouble? One reason may be that we were not taught to prioritize our obligations and once again we were enticed to start spending money we did not have. I believe this is the same thing that happened when the big stock market crashed in 1929. People were living on credit and that type of lifestyle is unsustainable.

Did we learn from our mistakes? I really do not think so and history is destined to repeat itself. Which it has, a couple of times in recent past. How do things get fixed? People go back to the basics and stop spending money they do not have. There is no more false sense of security. Security is found within one’s own family and within the means of that family.

The biggest answer to managing your finances is to learn to prioritize and learn to budget. Set goals and start with the smallest bills and work up to the biggest bills. Do not eat out as much and try to drive a little less by consolidating your shopping trips. Do not be running all over creation everyday. Plan to visit several stores all at once in one day to save gas. Map out your route to minimize the gas you use, also.

The best financial advice is to create a budget you can live with, stick to it and avoid using credit for those things you could pay cash for. Letting credit get out of control can cause a great big headache and completely ruin your credit score for things you may need in the future like a house or car. Use it wisely, or better yet, not at all.

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