Comments on: The Financial Recovery Toolkit: Ten Tools I Used In My Financial Turnaround http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 23:44:30 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Sarah http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-203774 Sarah Wed, 12 Mar 2008 16:19:43 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-203774 In response to why keeping credit cards in a drawer and not cutting them up is a good idea, if you destroy them and close the accounts, it impacts your credit scores because of the way they figure your FICO. It's better to show you have open accounts that you occasionally use, but always pay off in terms of making your credit look better, which will save you money later when you need to finance a home or car because you'll get a better interest rate. I love the ideas shared on this website. I am currently digging out from being "young and stupid" with my credit and now understand what my parents have been harping about for years. It's strange how smart they've gotten in the last few years... In response to why keeping credit cards in a drawer and not cutting them up is a good idea, if you destroy them and close the accounts, it impacts your credit scores because of the way they figure your FICO. It’s better to show you have open accounts that you occasionally use, but always pay off in terms of making your credit look better, which will save you money later when you need to finance a home or car because you’ll get a better interest rate.

I love the ideas shared on this website. I am currently digging out from being “young and stupid” with my credit and now understand what my parents have been harping about for years. It’s strange how smart they’ve gotten in the last few years…

]]> By: Kerry http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-203322 Kerry Wed, 12 Mar 2008 00:13:11 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-203322 You mentioned that you put your credit cards in your top dresser drawer and then over time were able to put them back in your wallet. Why not destroy them completely and close the accounts? If you cannot pay cash for something, then you do not need it. You mentioned that you put your credit cards in your top dresser drawer and then over time were able to put them back in your wallet. Why not destroy them completely and close the accounts?

If you cannot pay cash for something, then you do not need it.

]]> By: Norman MIller http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201945 Norman MIller Mon, 10 Mar 2008 16:03:09 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201945 Again, adding On Writing was great. I've read several author's "On Writing" including The Spooky Art: Thoughts on Writing by Norman Mailer, Ernest Hemingway on Writing by Ernest Hemingway, The Art of Fiction by Ayn Rand and Marguerite Gavin. For the same reasons Trent lists for reading King's On Writing, I'd recommend these. I am currently recovering from a tremendous financial calamity and I've toyed with writing all my life. I'd like to take writing more seriously and I think once I'm free and clear, later this week, I'll set my plan in motion. Again, adding On Writing was great. I’ve read several author’s “On Writing” including The Spooky Art: Thoughts on Writing by Norman Mailer, Ernest Hemingway on Writing by Ernest Hemingway, The Art of Fiction by Ayn Rand and Marguerite Gavin.

For the same reasons Trent lists for reading King’s On Writing, I’d recommend these.

I am currently recovering from a tremendous financial calamity and I’ve toyed with writing all my life. I’d like to take writing more seriously and I think once I’m free and clear, later this week, I’ll set my plan in motion.

]]> By: Writer's Coin http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201778 Writer's Coin Mon, 10 Mar 2008 11:21:13 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201778 Great list Trent! I especially love that <i>On Writing</i> is in there: it's one of the few books I've read more than once and it motivates me to write like no other. I started my stack of rejection slips thanks to King. Great list Trent! I especially love that On Writing is in there: it’s one of the few books I’ve read more than once and it motivates me to write like no other. I started my stack of rejection slips thanks to King.

]]> By: moonimus http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201764 moonimus Mon, 10 Mar 2008 10:49:54 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201764 I must agree that a supportive spouse has to be tops on the list of any financial turnaround. Without their support, our finance would be similar to picking up sand. Also 100% agree on your two book choices. Your or Your Life and Total Money Makeover are excellent primers to not only think differently about money but also feel differently about them. I must agree that a supportive spouse has to be tops on the list of any financial turnaround. Without their support, our finance would be similar to picking up sand.

Also 100% agree on your two book choices. Your or Your Life and Total Money Makeover are excellent primers to not only think differently about money but also feel differently about them.

]]> By: Adam Lehman http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201481 Adam Lehman Sun, 09 Mar 2008 23:12:48 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201481 Trent, Great post! thanks for the resources. keep on equiping us. Adam Trent,

Great post!
thanks for the resources.
keep on equiping us.

Adam

]]> By: NotSophie http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201469 NotSophie Sun, 09 Mar 2008 22:44:52 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201469 Your wife is a tool? j/k Your wife is a tool?

j/k

]]> By: CB http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201458 CB Sun, 09 Mar 2008 22:15:45 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201458 I had an e-trade account but kept getting dinged by monthly charges when I went under a certain amount. This is not the case with ING direct. I had an e-trade account but kept getting dinged by monthly charges when I went under a certain amount. This is not the case with ING direct.

]]> By: Kathryn http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201440 Kathryn Sun, 09 Mar 2008 21:25:43 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201440 Great tips! I wouldn't have thought to include some of these - like On Writing which is a terrific book that I love as a writer - so it's really great to see them compiled like this. It just points to the fact that there are many different tools that we can use to protect and improve ourselves financially and that we shouldn't limit ourselves to just the basic resources that are listed everywhere else. Thanks! Great tips! I wouldn’t have thought to include some of these – like On Writing which is a terrific book that I love as a writer – so it’s really great to see them compiled like this. It just points to the fact that there are many different tools that we can use to protect and improve ourselves financially and that we shouldn’t limit ourselves to just the basic resources that are listed everywhere else. Thanks!

]]> By: DNA http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201437 DNA Sun, 09 Mar 2008 21:20:40 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201437 Just a comment that I think you give the impression that "being a writer" means having to strike out on your own as a freelancer. To the contrary, I and most of my colleagues at work write everyday and publish regularly on ideas, analysis or findings that are significant in our field. To the point that I would have no trouble referring to myself as a writer even though I've not written any NY Times bestsellers. True, an entry level job say, ringing groceries (my first job), won't allow much opportunity to write; but volunteering at work to write the bulk of a report might help you climb the career ladder and still satisfy the desire to write. Just a comment that I think you give the impression that “being a writer” means having to strike out on your own as a freelancer. To the contrary, I and most of my colleagues at work write everyday and publish regularly on ideas, analysis or findings that are significant in our field. To the point that I would have no trouble referring to myself as a writer even though I’ve not written any NY Times bestsellers.

True, an entry level job say, ringing groceries (my first job), won’t allow much opportunity to write; but volunteering at work to write the bulk of a report might help you climb the career ladder and still satisfy the desire to write.

]]> By: Chris http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201436 Chris Sun, 09 Mar 2008 21:18:40 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201436 Could you please describe how you used Excel to make decision on mortgage, buying car and for any other things? I see a lot of tools are available online. Thanks. Could you please describe how you used Excel to make decision on mortgage, buying car and for any other things? I see a lot of tools are available online. Thanks.

]]> By: Minimum Wage http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201412 Minimum Wage Sun, 09 Mar 2008 19:50:38 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201412 I have a storage unit full of stuff to sell. About $10K worth of stuff. (I got a very good deal on an estate liquidation.) My landlord decided I had to move it to a storage unit. I cannot sell the stuff when it is in a stoage unit I can't get to. I am a very unhappy camper. I have a storage unit full of stuff to sell. About $10K worth of stuff. (I got a very good deal on an estate liquidation.) My landlord decided I had to move it to a storage unit. I cannot sell the stuff when it is in a stoage unit I can’t get to. I am a very unhappy camper.

]]> By: jay http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201389 jay Sun, 09 Mar 2008 18:57:00 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201389 FWIW, I just opened an online checking AND Savings acct at Washington Mutual. If you do both, the savings acct will pay 4% (at the moment) and no fees for either account. They have GREAT, GREAT customer service, too. Love ING, but you need a landbased acct to link to it, and there are limits on how often you can w/draw from the Savings accounts. Great customer service at ING, too. We had a complicated situation with accts for all family members and they worked it out over the phone in a few minutes. FWIW, I just opened an online checking AND Savings acct at Washington Mutual. If you do both, the savings acct will pay 4% (at the moment) and no fees for either account. They have GREAT, GREAT customer service, too.
Love ING, but you need a landbased acct to link to it, and there are limits on how often you can w/draw from the Savings accounts. Great customer service at ING, too. We had a complicated situation with accts for all family members and they worked it out over the phone in a few minutes.

]]> By: Ryan http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201388 Ryan Sun, 09 Mar 2008 18:55:11 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201388 I was pretty bold when I made my turnaround. Probably did some things that I shouldn't have such as went through a credit counseling service that charged me a fee and tarnished my credit report. But one thing that I did do that worked was I posted my budget on my refrigerator and whenever I spent something, I'd immediately write it on this list on the refrigerator under the budget category. I was pretty bold when I made my turnaround. Probably did some things that I shouldn’t have such as went through a credit counseling service that charged me a fee and tarnished my credit report. But one thing that I did do that worked was I posted my budget on my refrigerator and whenever I spent something, I’d immediately write it on this list on the refrigerator under the budget category.

]]> By: Trent http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201386 Trent Sun, 09 Mar 2008 18:45:43 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201386 Andy2, the only checks I've ever put into ING Direct were done at an ATM. Andy2, the only checks I’ve ever put into ING Direct were done at an ATM.

]]> By: Brett @ Common Cents for Everyon http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201344 Brett @ Common Cents for Everyon Sun, 09 Mar 2008 15:55:34 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201344 Andy2, Because ING, or Emigrant, HSBC, etc., are primarily Internet banks for us in the US, they need to be funded from an external account. The easiest way to do this is to open an account with a local credit union or local bank that has branches convenient to home and work, but they can be a a MEGA bank (Bank of America, Fifth/Third, Wachovia, and the like) if you travel a lot, specifically for this purpose. You can deposit your grass-cutting money, an expense check from work, or rent from a tenant at the local branch. Once the deposit has "cleared," you can electronically transfer it to your online bank to earn the better interest rate. The key with this set-up is to ensure that you aren't getting ripped off by the bank you choose as your "transfer account." NO FEES WHATSOEVER. No direct deposit, no monthly maintenance, zip. Then you have created a road to transfer your money freely to the better interest-rated banks with a slight detour for the all-important side income. Check out some of my banking posts at <a href="http://commoncentsforeveryone.wordpress.com" title="FFL" rel="nofollow">Common Cents for Everyone</a>. Andy2,

Because ING, or Emigrant, HSBC, etc., are primarily Internet banks for us in the US, they need to be funded from an external account. The easiest way to do this is to open an account with a local credit union or local bank that has branches convenient to home and work, but they can be a a MEGA bank (Bank of America, Fifth/Third, Wachovia, and the like) if you travel a lot, specifically for this purpose. You can deposit your grass-cutting money, an expense check from work, or rent from a tenant at the local branch. Once the deposit has “cleared,” you can electronically transfer it to your online bank to earn the better interest rate. The key with this set-up is to ensure that you aren’t getting ripped off by the bank you choose as your “transfer account.” NO FEES WHATSOEVER. No direct deposit, no monthly maintenance, zip. Then you have created a road to transfer your money freely to the better interest-rated banks with a slight detour for the all-important side income. Check out some of my banking posts at Common Cents for Everyone.

]]> By: Ben http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201343 Ben Sun, 09 Mar 2008 15:55:19 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201343 Andy2, For paper checks you need to deposit at ING, you mail them in. I was a longtime customer of NetBank before they went under, and have mailed checks in for years now. I've never had a problem with it. You always can look for a local free checking bank and link it up to ING if that makes you feel more comfortable. Andy2,
For paper checks you need to deposit at ING, you mail them in. I was a longtime customer of NetBank before they went under, and have mailed checks in for years now. I’ve never had a problem with it. You always can look for a local free checking bank and link it up to ING if that makes you feel more comfortable.

]]> By: Ron@TheWisdomJournal http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201339 Ron@TheWisdomJournal Sun, 09 Mar 2008 15:43:23 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201339 Very interesting take, seeing things like these as tools. Motivations, really, but it's interesting how the people in our lives can be used to help us make better decisions. A tool is something that helps you accomplish more work, and the people, books, websites, software, and things you listed certainly DID help you accomplish a great deal more. Very nice post, Trent. Very interesting take, seeing things like these as tools. Motivations, really, but it’s interesting how the people in our lives can be used to help us make better decisions.

A tool is something that helps you accomplish more work, and the people, books, websites, software, and things you listed certainly DID help you accomplish a great deal more.

Very nice post, Trent.

]]> By: Mark http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201337 Mark Sun, 09 Mar 2008 15:40:39 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201337 Also, I should mention that E*Trade has very competitive accounts to ING. I only mention that because I have an E*Trade account through my company. If you don't have a similar account to one of the two, look into them. Also, I should mention that E*Trade has very competitive accounts to ING. I only mention that because I have an E*Trade account through my company. If you don’t have a similar account to one of the two, look into them.

]]> By: Mark http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/comment-page-1/#comment-201336 Mark Sun, 09 Mar 2008 15:39:15 +0000 http://www.thesimpledollar.com/2008/03/09/the-financial-recovery-toolkit-ten-tools-i-used-in-my-financial-turnaround/#comment-201336 I had never heard of Ramsey before last fall when we took his FPU class at our church. He takes some getting used to - mostly because he goes against the grain so much. However, I finally understood his approach. He tries to get a person to act on several levels: intellectual by giving you information, emotional by getting you fired up about getting out of debt, and even spiritual for those so inclined. The second is the hardest since it sometimes is at odds with the first. Paying off the smallest debt regardless of interest rate goes against what the financial planners all say. Dave's response, though, is to ignore them. You escape debt the same way you got in - by being emotional about it. The reason many people go into severe debt is a lack of self-control/planning for many purchases. They get emotional about that HD TV and go into debt. Only by getting mad and emotional about getting out will you change your habits. I don't agree 100% with Dave, but his approach is well-rounded and gives you a lot to pick from. He's a very good resource. BTW, I *highly* recommend his 13-week class to anyone. At $90 a pop at your local church, you will easily get enough information to make it back throughout the class. It's the biggest bang for your buck you can get on financial planning. It's much broader than TMM. If you are looking for a place to get started - that's it. I had never heard of Ramsey before last fall when we took his FPU class at our church. He takes some getting used to – mostly because he goes against the grain so much. However, I finally understood his approach. He tries to get a person to act on several levels: intellectual by giving you information, emotional by getting you fired up about getting out of debt, and even spiritual for those so inclined. The second is the hardest since it sometimes is at odds with the first. Paying off the smallest debt regardless of interest rate goes against what the financial planners all say. Dave’s response, though, is to ignore them. You escape debt the same way you got in – by being emotional about it. The reason many people go into severe debt is a lack of self-control/planning for many purchases. They get emotional about that HD TV and go into debt. Only by getting mad and emotional about getting out will you change your habits. I don’t agree 100% with Dave, but his approach is well-rounded and gives you a lot to pick from. He’s a very good resource.

BTW, I *highly* recommend his 13-week class to anyone. At $90 a pop at your local church, you will easily get enough information to make it back throughout the class. It’s the biggest bang for your buck you can get on financial planning. It’s much broader than TMM. If you are looking for a place to get started – that’s it.

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