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MOB #55 – Financial News & Addressing Your Financial Weaknesses

October 13th, 2008 · podcasts

On this episode of Millionaire or Bust, we start off the show by discussing the news of the week, which included:

Finally, we discuss 10 questions that you must ask yourself to discover and address your financial weaknesses. In one of the points, we mention a Budget Calculator that can help you set up an initial budget if you’re not sure where to start or if you want to check if your breakdown of categories seems reasonable.

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4 responses so far ↓

  • 1 Frank Costello // Oct 13, 2008 at 11:17 am

    Another great post and a great dilemma for the American Consumer. Keep spending and it helps the economy but may hurt the consumer in the long run. Pull back and it hurts the economy, helps the individual short term yet helps inflict long term pain. A real mess…….

  • 2 David // Oct 13, 2008 at 12:13 pm

    One thing about the current economy is that it is limiting credit. That means that people won’t be able to run up as much debt as they have in the past. And paying off debts will help the economy as it frees up credit for other uses.

    True, we’ll be buying less and fueling less growth, but it’s time for a more sustainable level of growth that won’t be as prone to busts such as these. We can’t expect Americans to spend until they’re in debtor’s prison in order to have huge growth in the world economy.

  • 3 Shawno // Oct 16, 2008 at 1:57 am

    I heard that story about the lady whose mortgage was forgiven after she shot herself on another podcast. Makes me wonder if more desperate people won’t try this, too. I hope not.

    Informative show. I’m now sub’d.

  • 4 David // Oct 16, 2008 at 2:50 am

    Shawno, I’m hoping that people don’t run the risk of dying to get out of mortgage debt. It’s just not worth it. I also think the fact that she was an elderly widow who had lived in the house for 38 years helped.

    If it had been a 34 year old construction worker who lived in the house for 2 years who had done this, I doubt that the mortgage would have been forgiven so easily.

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