A long time friend sent me an email yesterday with a compilation of questions and answers pertaining to recent economic events. Because these questions are of such high importance, I thought I should interrupt my normal flow of personal finance opinions, commentary, and information so that you could read them yourself.
Please note that I am not able to identify the source of the answers (or even the original questions). Therefore, Mr. ToughMoneyLove cannot vouch for them in any way. That being said, please enjoy: Read more
If you have read my blog for any length of time, you know that I lack confidence in the ability of the federal government to competently manage our economy. Both Congress and the Executive Branch are now painfully reminding us why economics is known as the “dismal science.”
Nevertheless, on this Thanksgiving Eve, Mrs. ToughMoneyLove and I are thankful for many things in our lives, including the realization that our government has not yet succeeded in beating us into submission. We have three wonderful sons, two gainfully employed in secure jobs and the third doing well in college. They continue to live debt-free lives. Read more
Mr. ToughMoneyLove went to the Titans vs. Colts game last night. I enjoyed it immensely, as my family members have been fans since the team moved to Tennessee. Even though I have been to many games, I still come away in wonderment at the money folks spend at the stadium. Some (including me) would call many of those expenditures pure money waste. Read more
I have previously written about the perils of lending money to friends as well as tough love options in responding to loan requests from family. Celebrities of course are not immune to being asked for money by family members. If a family member of a celebrity is a financial disaster, I doubt that a celebrity will show “tough love” in response. (If the request for a loan or gift is going to be declined, that job would probably fall to the celebrity’s manager or accountant.) I suspect that most celebrities simply respond to the loan request with a gift of money, if the family member has a true need for the money. Read more
Lots of Americans are burdened by substantial credit card debt and poor cash flow. This combination causes these debtors to make only minimum payments on the card balances. On top of this, the cardholders struggle with the willpower needed to stop using the cards. Most understand that they should stop using their credit cards but find it difficult moving from knowledge to action. Accordingly, other techniques must be used to prevent the continued escalation of the card balances because simple force of will is not going to work. In other words, the cardholder must apply a “tough love” technique to himself or herself to break the card use cycle. What are some of these self-administerd tough love techniques? Read more
In my search for stories of tough love applied to money problems and financial disasters, I received this response from a Oasis657, a message board reader: Read more
Most adults with dependent children have a basic appreciation of the need for life insurance to protect their dependents. (Of course, many of these same adults purchase too much, too little, or the wrong kind of life insurance but that will be a topic for another day.) What disturbs me is that all too often the need for disability insurance is completely ignored. This is dysfunctional money behavior by folks who should know better.
Keep reading -there’s more…
There are hundreds if not thousands of websites covering personal finance issues. Most are hosted by vendors trying to sell you something. Others dish out conventional advice that can be found in any personal finance book or regurgitated by financial planners. Still others offer a steady stream of fluffy affirmations, feel good pep talks, and cheerleading for folks with serious and chronic money/behavior problems. (If you need affirmations for bad money behavior, I recommend that you visit the Women in Red Forum on MSN Money or watch the Oprah show.)