Money Quotes – Saving Money

Most of the following quotes are not from our generation.  However, the messages are clear and still hold true today.  If you want to get ahead in today’s financial society, or even just stay afloat, read these quotes and think about them.

 

“A penny saved is a penny earned.” – Benjamin Franklin

 

If you have saved it then it is yours.  When you spend it you no longer have it.

 

“If you would be wealthy, think of saving as well as getting.” – Benjamin Franklin

 

What is Ben saying here?  Don’t we need to work very hard to make a lot of money so we can have a chance at becoming wealthy?  The point is, don’t spend everything you earn.  Limit your expenses.  Consider saving.  Do you really need a new car?  Do you really need another pair of shoes?  Do you need to stop at the fashionable coffee shop every morning?

 

If we can change our spending habits we could all have more money saved in the bank!

 

“Annual income twenty pounds, annual expenditure nineteen six, result happiness.  Annual income twenty pounds, annual expenditure twenty pound[s] ought and six, result misery.” – Charles Dickens

 

and

 

“The art of living easily as to money is to pitch your scale of living one degree below your means.” – Sir Henry Taylor

 

I know.  Who talks like that?  The point is to live within your means.  If you make $70,000 in a year and you have some left over, you should be happy; you saved some of what you made.  If, however, your expenses for the year were $75,000, you are in the negative $5,000, not pleasant.

 

Today this problem is compounded enormously because of the availability of credit.  I may only make $5,000 a month, but with three credit cards I could easily amass $15,000 or more in debt in the same month.  Yes, I could do this all by myself.  Now I am $10,000 in the hole for the month and interest will accumulate because I can’t pay this debt off.  Oh woe is me!

 

“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.” – Will Smith

 

Where did that one come from?  Someone in the twenty first century said something that made sense.  Even better, the speaker is an actor.  Who would have thought???

 

Let’s take Mr. Smith’s statement a little further.  Too many people spend money they haven’t earned, to buy things they don’t want [or NEED], to impress people they don’t like [to create an image that is so important].

 

Please offer comments.  I had fun with this and plan to add more Money Quotes in the future.

 

J. Jeff Jackson

Ohio Bankruptcy Attorney

www.ohdebtcounsel.com

Ohio Bankruptcy Attorneys – Jones & Jackson, LLP

On May 1, 2009, Nicholas W. Jones and myself formed the law partnership Jones & Jackson, LLP.  Our office is located in the City of Delaware, Ohio.  We are consumer bankruptcy attorneys.  Our practice is primarily in the United States Bankruptcy Court, Southern District of Ohio.  We are centrally located to serve the counties of Delaware, Franklin, Union, Morrow, Logan, Knox, and Madison.

Our mission is to help our community face the uphill battle against foreclosures, job loss, and unmanageable credit card debt.  We have helped thousands of Ohio consumers file for bankruptcy protection and get a fresh start.  We are here to help our friends and neighbors in Central Ohio.

There are many alternative debt relief options available, such as debt consolidation loans, debt settlement plans, and debt reduction plans.  Unfortunately many of these options are not wise choices because they continue to put the debtor and his/her assets at risk.  When faced with such a debt crisis, it is important to seek as much information as possible before deciding upon the best approach.  A trusted financial advisor and attorney should also be consulted.  We strongly encourage you to contact bankruptcy attorney before you agree to employ an alternative debt relief program.

For more information about our firm and debt relief options, please visit our website at www.ohdebtcounsel.com.  

J. Jeffrey Jackson

Jones & Jackson, LLP

2 West Winter Street, Suite 306

Delaware, Ohio 43015-1965

Toll Free 1-888-431-0921

Phone 740-369-6812
Fax 740-369-1292

E-mail jjackson@ohdebtcounsel.com

 

 

Debt Consolidation Stories

April 2, 2009

While searching the internet on “Bankruptcy v. Debt Reduction Programs”, I found a site called Debt Consolidation Care ww.debtconsolidationcare.com.  There were a number of interesting posts under http://tinyurl.com/ctt7b9.  In reading these stories I am reminded of my client who had already started with a Debt Reduction Program.  Some of the stories echo the issues or problems I mention in my post Bankruptcy v. Debt Reduction Programs http://tinyurl.com/cpxnra.

One of the post has a family who has started a reduction/consolidation plan, has paid money, had some success, yet was left to fight the court battles on their own.  They had not completed the program and were now wondering about bankruptcy.  The problem here is bankruptcy should have been considered more heavily before they agreed to a debt consolidation or reduction plan.  They have expended hard earned money for the opportunity to fight their own legal battles.  There definately is a stigma and much misunderstanding associated with bankruptcy, but I believe it is the best weapon or shield most people have for finding debt relief.

Other posts on the site mention how they have talked to an attorney and Chapter 7 will not work because their income is too great so Chapter 13 is their option.  They don’t like Chapter 13 because they are under the assumption that they will have to pay “all” their debts.  This is not true.  The goal of Chapter 13 is to bring secured creditors current while paying unsecured creditors a percentage.  Yes you may have to give up, liquidate, some of your luxury or excess property in order to help pay some of your creditors.  If you read any of Liz Pulliam Weston’s books, you will see that she promotes this concept.  She mentions many times that one alternative to finding cash to help pay down debt is to “have a garage sale”.  Sell some of the property that you do not need, even boats and additional autos.  We have to take control of our finances.  Either do it yourself if you are not too far in debt, or seek help.  Bankruptcy may be your best option because it will be handled through the court system, your collection actions will cease, you will know how much you need to expend, and you can quickly begin rebuilding your credit. 

Best of Luck.

Jeff Jackson, Bankruptcy Attorney, Central Ohio

I provide Debt Relief. I help people file for relief under the Bankruptcy Code.