4 Reasons Why People Can’t Get Out of Debt and How UDC May Be Able to Help

Having debt can limit your life so much, and feel like such an incredible burden. On top of all that, the more debt you have, the more debt you seem to accrue over time. Here are just a few reasons why so many Americans find themselves too deep in debt to ever get out. If any of the following applies to you, contact UDC for a consultation today, and work to stop debt in its tracks. Paying the Minimum on Credit Cards Credit cards can be a great tool for spending money while allowing your savings to accrue interest. However, if you rack up more charges than you can actually afford by the end of the month, it’s easy to fall into a spiral of paying off the minimum on your statement and letting the debt pile up. UDC’s debt settlement program is intended to get clients back on track and have them establish budgets as part of the program process. Saving Money is Impossible If the idea of setting money aside from each paycheck seems not only improbable, but impossible, you’re in good company. Many Americans are struggling from month to month and unable to contribute even a small … Read more

Is Bitcoin An Investing Option?

Several years ago, we wrote about whether or not forex was an option as a means of investment. For those who may be unfamiliar with the idea, forex is essentially the trading of one national currency against another, meant to capitalize on the shifts in value between them. On a very basic level, it involves buying currency itself and hoping that that currency’s worth inflates. Forex remains as much of an option as it ever was for investors, but recent years have also brought a different sort of currency investment to light. Specifically, Bitcoin—the pioneering digital currency that some predicted would ultimately supplant ordinary money—has become a popular consideration for a lot of traders. There’s ongoing debate about Bitcoin’s status in that some view it as a currency, some as a commodity, and others even as a type of property. Nevertheless, the fact is that it’s an entirely digital concept that can be used to purchase goods and services, to exchange money with friends, or to be stashed away as an investment. How Does It Work? There is a way to obtain Bitcoins without actually spending money, but it’s not one that’s considered accessible to most people. There’s a complex … Read more

Our Life Insurance Plan

Chris Huntley just launched a huge life insurance movement called the Whole Life Insurance Rebellion.  Whole Life is generally pushed as an investment, but it is not a really good one… As I have mentioned before, Mr. BFS and I purchased a 10 year term life insurance policy for each of us after we decided to both go self-employed.  The reasoning was that we’d save enough in 10 years to be self-insured by the end of the policies.  Or in the unlikely event that we decided to have a child, we would want to revisit the policies anyway. The Whole Life Option We did look into a whole life insurance plan, but the premiums were 7 times higher.  It seemed to be like investing in a single company with A LOT of money with the hope of around 4% returns over 40+ years.  In 40+ years, I would hope any children we had would be taking care of themselves and I could make better returns with our Roth IRA’s or our SEP IRA.  Higher premiums, no diversification, and worse investments returns than I was already getting with retirement accounts – NOPE. Our Current Plan Our current term life insurance policies cost us $32 total … Read more

Heading Out Soon for Our Pre-Christmas Cruise

Mr. BFS and I are getting loose ends wrapped up this week since we’re heading out for a week right before Christmas on another cruise. We seem to be addicted and this one will be costing us right around $1000 for the whole she-bang for 2 people for 7 days. It was an easy decision to make. Here are what we look forward to most on cruises. Disconnection I’m a professional pet sitter as well as a blogger. That means that I’m generally working 60-100 hour work weeks regularly. And I’m connected at the hip with my phone and laptop to get everything done online and get everything scheduled with the pet sitting. But on cruises, I stay 100% disconnected for the entire time we’re at sea. It’s amazing and I always feel a million times more refreshed after we get off the ship. Food and Fun Aboard Our favorite activity on a cruise is the nice dinners. Who wouldn’t like amazing meals in a kind environment? Another fun thing we do is gamble with a pre-set fun money budget. On land, we are limited to online gambling like www.fruityking.co.uk or driving to Louisiana. Gambling at sea is usually more … Read more

Using Fun Money for FUN!

This site is about debt, life, and trying to improve yourself. I’m also a huge proponent of having fun along the way so that you never have gigantic regrets. That said, you don’t have to fall further into debt to have fun! Traveling Traveling just sounds expensive, right? It can be but that isn’t a requirement. If you are setting aside 5% of your budget for fun, you can travel, whether that is less than $100 or thousands.   Here are some ideas: If you live near a port city like Galveston, off season cruises can be as little as $300 total per person for 5 days out and about! If you live near state parks or any sort of wilderness trail, you could have a fantastic day of hiking, fishing, camping, etc. for the cost of gas and maybe the entry fee for a maintained park. If you are close to a Megabus terminal, you can make it to other cities and couch surf to have a fun weekend for less than $40 plus food! Find a bed and breakfast nearby and have a great time for the cost of gas and the B&B! Road trips for just 3-4 hours … Read more

Fiction Is Found in Real Life Situations

There was a long running comedy TV series starring Ed O’Neill ‘Married with Children’ that ran through the 80s and 90s whose theme was the problems of family life; finance was just part of the situation, growing children were central. Al Bundy sold women’s shoes, a job that he detested and which did not pay very well either. He had money worries which is often a fact of life for families where there are growing children and just a single pay check coming in each month. The fact that the series ran successfully for ten years suggests that the audience related to the story on both sides of the Atlantic because it was equally popular in the UK as it was in the USA. Recession At every stage of life there can be financial pressure on individuals, couples and families. When times are good that pressure seems to ease but it can lead to complacency. The recession certainly brought an abrupt halt to complacency and easy credit. Real estate prices dropped so many found their assets dwindling. Those who lost their jobs often found their assets wiped away as they suffered foreclosure because they could not pay their mortgages. While … Read more

Should You Hire An Accountant?

The question probably comes up in your household every year when April rolls around. Should you hire an accountant to help with your taxes? This is a good question and the options are worth exploring. The first thing to understand is that there’s a difference between a CPA (Certified Public Accountant), an accountant and a tax preparer. CPAs are repeatedly tested and regulated by the federal government, which may provide you with more peace of mind, but may also cost you more to hire. An accountant will have similar skills and knowledge, but not every accountant is a CPA, and you’ll want to research that person before putting your important financial needs in their hands. Likewise, a tax preparer is not necessarily a CPA either. They specialize primarily in personal tax preparation, which can be helpful come tax season, but won’t provide you with other financial services. All are worth considering when it comes to doing your taxes every year because their knowledge and experience can be to your benefit. They know what can be written off and what can’t, as well as other things that you probably wouldn’t know on your own or find in tax preparation software. Now, … Read more