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Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012

Financial Literacy

Guys - what I've finally come to submit to, is that I'm a "Money Drunk".  Despite repariing 99% of my credit, and going from a $270 credit limit to having prime cards and over 80k in CL in less than 2 years, is I'm still not happy.

 

I've found that even though I finally cleaned-up my credit and brought my Util% down to 0%, I blew through 15k cash in just a couple of months AND 6k in NEW credit debt - AGAIN...

 

I'm back to 0% UTIL as of this week, but this time I've vowed to get a grip on WTH is the matter with my mindset.  I'm a money drunk a "Maintainence Money Drunk" by what I've read in my first of what I hope to be MANY good books on how to increase my "Financial Literacy" - Money Drunk, Money Sober.

 

What I would like to get going here, is some open dialogue on what you guys are doing/ (hopefully reading), and sharing both.  We are working on getting our credit cleaned-up, and debt paid-down, but what doesn't happen here is getting to the root of WHY/HOW we got to where we are.

 

This week I've read Rich Dad; Poor Dad (get past his detachement from reality, and he has solid points, while bringing up a few key ways to protect money)

 

...and Money Drunk; Money Sober: 90-days to financial sobriety.

 

What are you doing and/or reading to get to the root of your money problem?

 

admitting is the first step to a much healthier life for you, for everyone around you.

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Contributor
Posts: 180
Registered: ‎08-18-2012

Re: Financial Literacy

Since I don't know your history, your post is a bit confusing as to what you're trying to accomplish.  Just a cursory read begs the simplest of questions, and potentially, the simplest of answers:  What is your primary goal?

 

It sounds like you have accomplished a great deal in fixing your credit and aquiring new/solid credit.  Were those not goals you set for yourself and have indeed reached?  When you set out to accomplish those goals, what was the reward/benefit you had in mind?  (i.e., home, investments, comfortable nest egg for retirement, travel, etc). 

 

Do you have a spouse and children?  If so, what is their input?

 

Sorry if none of this applies as I'm not quite understanding what answers you're looking for, just trying to help.  What do you feel is the "root of your money problem"?

 

Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012

Re: Financial Literacy

Lack of Financial intelligence.

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Contributor
Posts: 180
Registered: ‎08-18-2012

Re: Financial Literacy

Such as?  I.e., money management, managing credit cards, saving vs overspending, etc?

Valued Member
Posts: 51
Registered: ‎08-20-2013

Re: Financial Literacy

IMO, you don't necessarily have a financial illiteracy problem per se (but continued education is always great); it seems that perhaps you have a problem understand how your emotions affect your finances. It's one thing to understand compound interest; it's something else to understand why you make impulse buys and learning how to stop.

 

Recommendation: there is a forum online run by Dr. Margaret Paul. She normally is a relationship and addiction therapist, but she actually works through getting people to increase their emotional intelligence, and I think she has a great program called "Inner Bonding." Her site is at www.innerbonding.com. Pay for it for a month or two, and read the articles there and participate in the forum; some of the books are great as well. I am not endorsing this as yet one more of the plethora of self-help guru garbage out there- she really does have a totally effective and straight-to-the-point approach to increasing emotional literacy. I am willing to bet that if you give it a good, honest try, that you may find a cross-over someone that probably connects to your financial issues.

 

Maybe this rings a bell, maybe it doesn't. i am not trying to be presumptuous, and I apologize if this message is completely off the mark.

 

http://www.youtube.com/watch?v=BPhzSr73nZA

Valued Member
Posts: 51
Registered: ‎08-20-2013

Re: Financial Literacy

*somewhere

Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012

Re: Financial Literacy


Sock wrote:

IMO, you don't necessarily have a financial illiteracy problem per se (but continued education is always great); it seems that perhaps you have a problem understand how your emotions affect your finances. It's one thing to understand compound interest; it's something else to understand why you make impulse buys and learning how to stop.

 

Recommendation: there is a forum online run by Dr. Margaret Paul. She normally is a relationship and addiction therapist, but she actually works through getting people to increase their emotional intelligence, and I think she has a great program called "Inner Bonding." Her site is at www.innerbonding.com. Pay for it for a month or two, and read the articles there and participate in the forum; some of the books are great as well. I am not endorsing this as yet one more of the plethora of self-help guru garbage out there- she really does have a totally effective and straight-to-the-point approach to increasing emotional literacy. I am willing to bet that if you give it a good, honest try, that you may find a cross-over someone that probably connects to your financial issues.

 

Maybe this rings a bell, maybe it doesn't. i am not trying to be presumptuous, and I apologize if this message is completely off the mark.

 

http://www.youtube.com/watch?v=BPhzSr73nZA


Exactly the type of dialogue I was hoping to have in this thread.

 

Thank you for reading and understanding my OP!

 

Very much appreicated.

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Highlighted
Valued Member
Posts: 51
Registered: ‎08-20-2013

Re: Financial Literacy


Repo-ed wrote:

Sock wrote:

IMO, you don't necessarily have a financial illiteracy problem per se (but continued education is always great); it seems that perhaps you have a problem understand how your emotions affect your finances. It's one thing to understand compound interest; it's something else to understand why you make impulse buys and learning how to stop.

 

Recommendation: there is a forum online run by Dr. Margaret Paul. She normally is a relationship and addiction therapist, but she actually works through getting people to increase their emotional intelligence, and I think she has a great program called "Inner Bonding." Her site is at www.innerbonding.com. Pay for it for a month or two, and read the articles there and participate in the forum; some of the books are great as well. I am not endorsing this as yet one more of the plethora of self-help guru garbage out there- she really does have a totally effective and straight-to-the-point approach to increasing emotional literacy. I am willing to bet that if you give it a good, honest try, that you may find a cross-over someone that probably connects to your financial issues.

 

Maybe this rings a bell, maybe it doesn't. i am not trying to be presumptuous, and I apologize if this message is completely off the mark.

 

http://www.youtube.com/watch?v=BPhzSr73nZA


Exactly the type of dialogue I was hoping to have in this thread.

 

Thank you for reading and understanding my OP!

 

Very much appreicated.



No problemo! It's an awesome program, I think it helps a lot of people. Smiley Happy

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