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Savings Account – Emergency Fund

I Wrote You When You Were the Debt Coach on the TV Show Starting Over. – Sari

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“Dear Steve, I am not sure if you are the same Steve Rhode I wrote to about 7 years ago. I heard about you on the TV show Starting Over, with Rhonda Britten. I wrote to you asking advice on how to get out of the large debt we had from attempting to start our own business, while also experiencing ... Read More »

We Don’t Have Much Left Over Each Month. Should We Save It? – Cathy

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“Dear Steve, We are $23,000 in debt not including our house. We are able to make all payments but nothing is left over to save. $11,000 of this debt is an old school loan that we pay $114/mo on. $5000 is an auto loan. The rest is old credit debt. We have paid down about $10,000 in the last two ... Read More »

Your Primary Language Impacts Your Ability to Save for the Future

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In a paper by M. Keith Chen of Yale University School of Management and Cowles Foundation, a conclusion was drawn that the language you speak has an impact on your ability to save for the future. Languages differ widely in the ways they partition time. In this paper I test the hypothesis that languages which grammatically distinguish between present and ... Read More »

I’ve Never Missed a Payment But I Have No Savings and Not Really Getting Out of Debt. – Brian

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“Dear Andy, I am 31 years old and I own my own house. I have never missed a payment, yet can’t get refinanced due to my lowered house value. (Currently I owe about 149,000 and I just had it appraised at 140,000). My mortgage rate is 6.2%. That is part of the story…the other part is: I have about 18,000 ... Read More »

My Active Duty Military Husband Says We Should Not Start Investing Till He Returns From Being Deployed. – Barbara

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“Dear Paul, We are an active duty military couple (14 years in) with one child and gross income of about $120,000 (with pay and allowances) per year. I’m 40, he’s 34. I have a Bachelors in Business and have almost completed a Masters in Finance. We’ve had money issues in the past, but dug ourselves out back to having a ... Read More »

I Didn’t Realize How Far In Debt I Was? – Dana

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“Dear Steve, I just realized how far in debt I am and it is all credit card debt…..$21000.00. I do not have a home mortgage. I feel like I am just spinning my wheels. I have been able to make my payments, but if I have any type of emergency, I am going to find myself in trouble. I would ... Read More »

Should I Payoff Part of My Debt With My Mutual Fund. – JJ

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“Dear Steve, I owe $30,000 in credit card debt on two cards. One card there is 9.99% rate, the other is interest free until Dec. ’10 (after that the rate states 9.99% but is subject to change) I can make the minimum payments but not much else right now until my balances decrease. I have been using the snowball approach ... Read More »

How Can I Pay Off My Debt and Increase My Savings. – Aimee

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“Dear Steve, I have approximately $8,700.00 in credit card debt, and very little (approximately $300.00) in savings. I take home just about $1,500.00 per month. My usual monthly bills total about $520.00 per month (I don’t have rent currently.) I budget approximately $400.00 per month for basic variable expenses – like food and gas. That leaves $580.00 per month to ... Read More »

I’m a Female in My Late 20s and My Credit is Horrible. – Tayumika

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“Dear Steve, Hello, I am a female in my late 20′s and my credit is horrible. However, I have been focusing on cancelling my credit card debts and paying down my school loans. My goal is to purchase my first home in about 3 to 5 years. I’m also interested in investing but don’t know much about it. My question ... Read More »

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