Topic of the Week
The topic of the week is good debt vs. bad debt. What are they?
Money Saving Tips
Money Saving Tip of the Week
buy cleaners in bulk or large refill containers and consolidate your cleaners down to a few different ones rather than one for each specific application. It is cheaper to use a few than a separate one for each. Plus the highly specific cleaners tend to be more expensive.
Talli’s Tightwad Tip of the Week
This is the segment for those people that want to go the extra mile to save those extra pennies.
Make your own household cleaners. They’re much cheaper and they can be more healthy for you as well. For more info, you can check our website for a link to a page telling you how to make them yourselves. They’re easy to make, cheap and quite often as effective as the much harsher cleaners that you buy at the store. For more information you can check out Talli’s health podcast, â€œBeing Healthy with Talliâ€. She dedicated Show #15 to the topic.
Question: In the same show, you talk about getting and using credit cards, yet your stat of the week tells of a poor saving rate. I like the premise of your show, but canâ€™t reconcile â€œmillionaire with credit cardsâ€. When is your show on debt?
Answer: Having credit cards doesnâ€™t make one a millionaire or make one broke. Having said that, many people do misuse credit cards. Theyâ€™re primarily good as a means to pay for things that you will pay off at the end of the month, but donâ€™t want to carry enough cash to pay for, such as televisions or plane tickets.
I prefer that people use credit cards with points associated with them rather than ones without, since they actually earn something with them. However, spending extra on your credit card to get points would be counter to what we want to achieve.
Many people misuse credit cards. We touched on credit card debt briefly in show #7, so you can see what we have on it there and mentioned debt it in the course of multiple shows. As for a show dedicated to debt, I agree with you that it needs to be covered and so today we will. This will, by no means be an exhaustive show on the topic but merely the beginning of an important dialogue. Thanks for listening Bryan and we appreciate your post.
Tool of the Week
Cost of living calculator
This calculator is good for someone who is contemplating moving to a different city. It will tell you how far your money will go in that new city. So, you’ll know with that new job whether or not you can live better or worse than you do where you are now with the income you have now.
This is the segment where we examine a mindset or a way of looking at your finances that will set you up well for building wealth…
Why do you eat out? What do you like about it? Can you replicate it for less money? Often people eat out because they think it’s faster. When they do the math though, they find out that it might take the same amount of time or longer than making a simple dish at home and cost more. So, give that a thought when you’re thinking about eating out to save time.