Written by Gary Foremen

For many, this is the first time that they’ve faced a tough economy. They find themselves in unfamiliar territory. Fighting an unfamiliar foe.

They’re instincts are right. Some rules are different now. How the game is played has been altered. So it’s important to know what tools are likely to work. And, which ones are likely to fail. So let’s study some of the do’s and don’ts for surviving tough times.

Do plan for the future. In tough times it’s more important than ever to make plans. If you think that you could lose your job in six months, you’ll want to implement a plan that will allow you to have some savings ready six months from now.

Don’t worry about the future. Worry will not change the future. Nor will it give you an advantage in handling it. In fact, by adding to your stress level worrying will probably make you less able to handle any future crisis. Read the rest of this entry

Manage money better. That is what these people wish they did. In the last post I wrote about four people who lost their millions after winning the lottery. Most of them won multiple millions and all were broke a couple of years after winning. This leads me to ask, what is not working? People think winning the lottery will solve their money problems; however, it did not work for these people. In fact, most of the people that win the lottery Read the rest of this entry

For some the lottery is their solution to retirement. Others believe it is the only way they will become a millionaire in their lifetime. Winning the lottery is a dream held by far too many people in my opinion. An article posted on MSN Money shows that the reality of winning the lottery is more like a nightmare.

Here is an example of some of the people who lost it all:

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As I was going about my business on the Internet the other day, I ran into a great quote:

“Save a part of your income and begin now, for a man with a surplus controls his circumstances and the man without a surplus is controlled by circumstances” – Henry H. Buckley 

Isn’t this so true? It is very hard to be in control of you circumstances when you have no surplus. There are two reasons why you want a surplus. Firstly, you want what I would call wiggle room. This is just in case something happens. I had a situation come about 2 months ago, at the end of the day it cost me $3, 000 cash. Because I have wiggle room in my budget I had the cash on hand to solve the problem. Secondly, you will want a surplus so you can invest some of it. Obviously if you don’t have a surplus then it is impossible to save for your retirement. Here are 4 tips to help you get some more wiggle room in your budget which will help you save for your retirement: Read the rest of this entry

         I wanted to take this chance to post about a great website I found with loads of free calculators. This website has a total of 38 calculators ranging from identifying your goals to credit card costs calculator. Financial tools are essential in learning how to manage money. I have spent a lot of time creating some of my own financial calculators and they are not as good as these ones. Here is a list of some of the tools:

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            Most people need personal finance help. One of the ways you can help yourself is to check you credit score regularly for errors and changes. There are a number of different services you can use to check you credit score, I prefer Equifax. I found a great post here that gives detailed information on how to check your credit score using Equifax.

            It has been my experience that most people underestimate the value of a credit score. Conversely, I think most people don’t realize the potential problems you could run into if your report is incorrect. It is very realistic to get denied a mortgage based on information that could be incorrect in your report. Personal finance help begins with you. You should check you credit report about 2 times per year. Then, talk to a credit professional to look at strategies to help improve your score. If you score is good, a credit professional can give you ideas on how you can keep your score high. Read the rest of this entry