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Topic : 01/27 Money Disasters

Number of Replies: 281
New Messages This Week: 0
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Created on : Friday, January 20, 2006, 03:14:14 pm
Author : DrPhilBoard1

Dr. Phil's guests are drowning in debt. It's tearing one marriage apart and causing a single mom to think about filing for bankruptcy. First, Deborah says she was raised with wealth and privilege, and she didn't expect to be flat broke and living in a trailer when she married Chris. Chris works 12 hours a day, but they can't even pay their monthly bills. Is Chris not demanding enough from himself, or is Deborah too demanding? Also, find out the secret Deborah's been keeping from her family back in England. Then, Kristine is a school teacher and single mom who  treats her friends to dinner and goes on expensive vacations even though she is over her head in debt -- to the tune of $137,000! Her sister, Stefanie, says she's tired of bailing Kristine out when she can't pay the bills, and thinks it's time for  an intervention. Plus, a financial expert shares her advice for avoiding bankruptcy. Talk about the show here.

 

Find out what happened on the show.

 

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January 27, 2006, 10:09 am CST

Free Budget Planner

my wife and I have been trying to get the free cd but to no avail.  Why cant we get to the site? Are they all out?  

  

Frustrated in Ohio 

 
January 27, 2006, 10:10 am CST

Education is Key...to FINANCIAL SUCCESS

  

I am 54 years old, once married, then divorced, and left to struggle financially, so being a single mom, at the age of twenty-four, was financially taxing.  My parents 'struggled finacially', so the 'penny' was always 'pinched' in our household', so my knowledge of finance was based on personal experience.  Obviously, my children have grown, learned a bit of financial planning from 'living with mom'..., however, they too 'struggle financially'!   

While I have FINALLY reached a level where I am financially stable, and can SLEEP AT NIGHT, THIS 'FINANCIAL PEACE OF MIND' was achieved after many years of enduring 'financial hardshipts'!   My POINT:   ALL or MOST of the FINANCIAL HARDSHIPS could have and SHOULD HAVE been avoided had our EDUCATIONAL SYSTEM been 'REQUIRED' to teach 'FINANCIAL PLANNING' in schools. Our society throws our children into the world with 'little' or 'no' Financial Planing,  regarding 'REAL WORLD FINANCE'... and I am NOT speaking of the 'Stock Market'!  Dr. Phil might consider a television program based on what WE as a NATION might do, to get Our Legislation to UPDATE the EDUCATIONAL REQUIREMENTS to include REAL WORLD FINANCIAL PLANNING... KNOWLEDGE is ESSENCIAL for our children to have a 'head start on LIFE'... FINANCIAL STABILITY IS ONE OF THE KEYS TO SUCCESSFUL RELATIONSHIPS... 

 
January 27, 2006, 10:21 am CST

Got through to bugetkit!

Quote From: DrPhilBoard4

Go to the drphil.com homepage.  Click Money Disasters, under days of week.  On the side of the page, find Related Sources.  Click where it says "Clcik here". That will take you to http://www.freebudgetkit.com/. Click where it says "Order now", that takes you to the Shopping Cart.  I'm told some of the pages load slowly, and this has been reported to the team.  Thank you.
I am on EST time zone and just orderd my kit. It took a few times but now it's on the way ...thanks.
 
January 27, 2006, 10:36 am CST

Got through too.

Quote From: zircon

I am on EST time zone and just orderd my kit. It took a few times but now it's on the way ...thanks.
I think that got the glitch cleared up. I was able to get it too. For those still searching go to the Dr. Phill Home page click on Full story under todays show. On the right side of that page is a link for the Budget planner. Good luck to all!
 
January 27, 2006, 10:37 am CST

about the free cd

Quote From: zircon

I am on EST time zone and just orderd my kit. It took a few times but now it's on the way ...thanks.
I guess I am to new to the site... I don't see a days of the week on the homepage.
 
January 27, 2006, 10:40 am CST

oppsss

Quote From: zircon

I am on EST time zone and just orderd my kit. It took a few times but now it's on the way ...thanks.
I found the days of the week... I just needed to download the flash player.. sorry for the mix up...
 
January 27, 2006, 10:41 am CST

many parents not doing their kids any favors!!

Many supposedly "well-meaning" parents are not doing their kids any favors.  I'm talking about those parents who buy everything their children ask for.    Parents need to teach their children when they are young how to save and budget money.  The mothers that run out to by their daughters Coach bags when they are 11 years old are teaching them to value expensive material things that they did not earn themselves.  Kids like this are likely to do out-of-control spending once they are older because they get hooked on the designer items, but haven't been taught to earn them.  Kids need to learn to do without, and to earn and save money to buy the things they want.  It is important to learn "delayed gratification".Perhaps there would be less young people in debt if these basic lessons are taught when they are young.
 
January 27, 2006, 10:43 am CST

The problem I think is....

That people *want* things right away and are not willing to wait until they have the money for it, so they charge it.   

  

New couples living in 200K plus homes when a starter home would be sufficient....driving around brand new Lexus, Beamers, SUV's instead of a used practical vehicle.... 

  

I know there are people out there who do *have* to use their credit cards for necessities, and that's not who I'm referring too.  To the poster who listed his 80K debt, what did you spend 80K on?  People who buy luxury items like big screen TV's, other electronic gadgets, take elaborate vacations and so on..... 

  

I for one am glad the bankruptcy laws have been recently changed.  It was far to easy for people to run up their credit card debt, and then "woopsie, we can't afford to pay the bill yet we get to keep all our stuff" so we'll file bankruptcy and let the rest of the people pay for our debt.   

  

Are the credit card companies totally blameless?  No, the "free" offers and the "free" credit cards (without applying) have contributed....but the bottom line is, if you don't have don't spend it.  Yes there are emergencies, but is it really an "emergency" to buy that computer or big screen? You get the point..... 

  

My credit card debt right now is about $3K...and I am panicked over it.  I'm not blaming anyone else, had some major car repair and a new roof on my house that needed to be done, and because I had a credit card I was able to do it.  There is no one to *blame* for my debt but myself.  And for the record I drive a 1991 Plymouth with 185K and  I also have a 95 Chevy Truck with 101K miles.   

  

Its a "me" society we live in, where people (not all people I don't mean to lump everyone in together) want others to take responsibility for one's actions, instead of taking responsibility for one's own actions.  Blame the credit card companies, blame XYZ or whoever, instead of taking responsibility for yourselves.   

  

Again, for those whose debt was incurred because of medical, job layoffs, the above comments were directed at those posters.  I just personally *know* to many people who "buy" now because they *have* to have it, and then can't afford it and in their words "I'll just file for bankruptcy...." 

 
January 27, 2006, 10:44 am CST

Start Early

Too often the problem with debt starts when one hits the college years. I never owned a credit card in college because even though I am responsible with money, I didn't want ANY risk of extra debt outside my loans and whatnot. Also, I didn't have a steady job at the time. I saw so many students sign up like crazy for the offers that came in the mail, bought new sound systems, parts for their computers, ect and the list goes on. Later, many are in credit card debt, and they can range from $3000-$10,000. One girl would beg her parents for money then go on a spending spree for clothes she didnt need, new cell phone (whats wrong with the old one?), shoes.....ect.

Honestly, life is hard, but it will make me a better person. In my opinon unless you earn the money yourself, it doesn't have that same sense of value.

For college grads, if you think you are entitled to the lifestyle your parents have right away, GET OVER IT. They worked to get to where they are and you need to do the same. BF and I are struggling to make each of our indivdual ends meet. We hold Bachelors degrees but right now we are building our work portfolios up. So we are taking what may seem as less than good paying hourly jobs. We have an understanding that we can't have everything right now but we will eventually. We each keep Excel lists of each of our expenses (he has a credit card, we share a phone plan) and our pay. All pay stubs are kept as well as bank statements and credit card statements. No vacations, no fancy meals out that often..ect. We still go out and have fun, but watch your expenses too. We are at the age where credit card companies target us (early 20's) but each one goes directly in the shredder. No you will not die if you don't have cable internet, a new car, new i-pod, new clothes, large home, jewelry, mp3 player, shopping sprees, ect and all the other things that we are told we HAVE to have. We are still alive and quite happy eating sandwiches and soup and fruit for dinner.
 
January 27, 2006, 11:08 am CST

A Move is not always a Good Move

He worked for a local cable company for over a year which was an accomplishment to everybody but hmself. So, when the "great money maker" came round the bend it was time to sign up. The "Bend", if you will, took over a year to materialize but when it did, overnight, without notice, he left the security and benefits (which we seriously need) of the job and headed off to the "money maker", selling roofing to folks who have "blue roofs". It's a good concept but you MUST know the employer. The employer's rules changed about as often as he changed his underwear and the commissions did as well.  Then "the change" to the new state that promised a new territory turned into tons of cash we didn't have poured into hotel costs, food, fuel, you name it. In that "phase" of the operation, the "employer" even had the company name and phone number removed from the vehicle.  

  

Yet, "he" hung in there.  To date, about a months wages at the cable company (maybe a bit more) was made over a 3 month period at the "new company". 

  

Too good to be true?  Even after a year of "successes"? Absolutely!  Check it out.  Call the IRS, call the Better Business Bureau, check public records. Check local vendors where these individuals would purchase supplies. Talk to their crews, if possible. DO YOUR HOMEWORK. 

  

This past wednesday we were 10 hours from eviction, I was horrified. It won't happen to me again. Whether HE has or not, I have learned my lesson.  Anybody who travels state to state offering prepare work after storms STILL should have references and LICENSES.  Check 'em out. 

  

If they hire employees from outside the United States, check it out, these particular crews were being exploited.  Fortunately they have gone home, as well, knowing to ask questions. 

  

IF you have storm damage, check out your contractors for Licenses, insurability, bonding, experience, references and get at least 3 bids.  A word from the wise. 

  

 
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