RADIO SHOW/AUDIO PODCAST
Solutions...with Courtney Anderson! (SwCA)
Episode 240 -
Originally aired 12/22/2014 9:00 AM -
FINANCIAL FIERCENESS! series -
“Behind On Bills? What to Pay First…”
"Right Click" Link Above and "Save-As" to Download to Your Computer!
YOU DID IT!
Solutions...with Courtney Anderson! (SwCA) has tens of thousands of downloads in over 40 countries and is growing! This is one of the fastest-growing global business podcasts! I am host Courtney E. Anderson and I have been featured as a business and legal expert for numerous media outlets including BusinessWeek, CNN - HLN, Cosmopolitan, MSNBC, USA Today, FOX News, CNN International, The Wall Street Journal and many more...
This show is a dream come true for me as I am able to share my lifetime of experience with dedicated and passionate community members around the world. Thank you!
To subscribe to the podcast, please use the links below:
Subscribe via iTunes
Subscribe via RSS (non-iTunes feed)
I DO NEED YOUR HELP:
- Please leave your rating and review on iTunes by clicking here. It will help the show and its ranking in iTunes!
- Leave your rating and review on Stitcher by clicking here .
- PLEASE SUPPORT THE SHOW BY COMPLETING OUR DEMOGRAPHIC SURVEY AT LIBSYN!
TALK SHOW EPISODE NOTES
Our FINANCIAL FIERCENESS!™ series integrates our financial goals into our development plan for surpassing our goals. We deal with the specific issues we need to explore in order to achieve (and surpass) our financial goals.
This episode is, “Do Not Invest In Anything That You Do Not Fully Understand.”
In this show we discuss A Stone* of Solutions™ including:
1. Just because you are broke does not mean that you don't need a plan (or a strategy)...
2. in fact you need one more when you are broke!
3. Mentally prepare. This is not time for self pity or embarrassment. You have nothing to be embarrassed about as long as you learn from this experience and don't repeat it).
4. Think of this as a short term situation that you have to get through. Focus on your tasks and strategy. You have no time for wallowing, get to work!
5. Preserve any income.
6. Prioritize shelter.
7. Fight to retain credit rating.
8. “Always pay your most important bills first.
If you cannot pay all of your bills, you have to decide which bills to pay first. The most important bills are the bills with the worst consequences if they are not paid.”
9. Slash all of your costs as much as possible.
10. "When you don’t have enough money to pay your bills and other expenses, your spending habits must change. The sooner you change, the more likely your financial problems can be lessened. Your family should be part of the decision-making process, since their cooperation is essential in carrying out your plans."
11. This is time to focus on you. Do not 'try to help' someone else out if you are unable to take care of yourself at this time (so, no loans to anyone right now).
12. Think basic needs:" The original hierarchy of needs five-stage model includes:
i. Biological and Physiological needs - air, food, drink, shelter, warmth, sex, sleep.
ii. Safety needs - protection from elements, security, order, law, stability, freedom from fear.
iii. Love and belongingness needs - friendship, intimacy, affection and love, - from work group, family, friends, romantic relationships.
iv. Esteem needs - achievement, mastery, independence, status, dominance, prestige, self-respect, respect from others.
v. Self-Actualization needs - realizing personal potential, self-fulfillment, seeking personal growth and peak experiences."
13. Think in terms of worst case long term scenario (e.g., poor credit score lasts for years, etc.).
14. Clear your head and don't be intimidated by collection agencies, bill collectors or anyone else. Have a plan and strategy before you enter into any discussion with anyone you own money (e.g., I am able to pay $12 today and nothing else). Don't get into discussions with bill collectors and get angry. Take action, do what you can and move to the next issue. There is no time to waste.
BONUS: From Bankrate: "" Rules for prioritizing bills
1. Pay family necessities first.
2. Pay housing-related bills.
3. Keep utilities on.
4. Pay a car loan or lease.
5. Pay child support.
6. Pay income taxes.
7. An unsecured debt is a low priority.
8. A loan with household goods as collateral is a low priority.
9. Don't move a debt up in priority if a creditor threatens to sue.
10. Don't pay when you have a good, legal defense.
11. A court judgment boosts a debt's priority.
12. A student loan is a medium priority debt.
13. Debt collection efforts should not boost a debt's priority.
14. Threats to ruin your credit should not boost a debt's priority.
15. Treat co-signed debts as your own.
16. Refinancing is rarely the answer."
It is not awesome to be in dire financial straits (aka "broke"), yet with a plan you will overcome this challenge and emerge in the strongest position possible!
*A stone is unit of measure equaling 14 pounds (so we have 14 elements in our one stone of solutions!).
RELATED TELEVISION TALK SHOWS/