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Myths of a family budget

By Bob Atkinson

Real Estate Broker/Owner with ATKINSON PROPERTIES GROUP

December 06, 2009 02:51 AM

Today a lot of people are under water on their financial obligations and their credit will be ruined for a long time.

I run into many people in this situation who ask for my advice.

I ask them about their personal or family budget and they look at me like I had spoken in a foreign language they had never heard.

Even those who know ,either don't do it or do not have the self discipline or just don't care.

Regardless of whether a person is a CPA or other financial expert , they generally do not realize the most important item in a budget. The most important item goes to the top of the list and it is called SAVINGS-you pay yourself first even if you can't pay others.

Not paying others ie. unsecured ( out of control credit cards ) will ruin your credit but so what -that is the best thing that could ever happen .

Taking Chapter 7 does the same thing but it will force you to get on the cash system which will be the best system henceforth and forever more.

The financial shows on TV ARE GOOD and explain how to get debt free but even they admit that this only the start to building real wealth called CASH and Land.

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Jeff Craig

Hang Me Up Photos - Jamestown, NC

Greensboro Area Real Estate Photography

I think people are still caught up in the "I have to have it now" mentality, even though they may be on the verge of a financial meltdown.

Dec 06, 2009 02:54 AM

Chip Jefferson

Gibbs Realty and Auction Company - Columbia, SC

I have been able to save every year since we put our heads into it. I didnt let my credit card debt go to do it I payed them off. Save and retain your credit is a better plan.

Chris Ann Cleland

Long and Foster Real Estate - Gainesville, VA

Associate Broker, Bristow, VA

Bob: My husband and I had to buckle down with rising interest rates on credit cards, and balances not really going down. Last year we put money aside for when things get lean in real estate, stopped frivolous spending, and in the process, paid off two credit cards, for a total of $15,000 in debt now gone. Seeing that budget, knowing what your obligations are BEFORE the bills come, and setting aside reserves are all criticial.

Dec 06, 2009 02:55 AM

Daryl Datus

John l scott - Port Orchard, WA

Real estate broker

Hi Bob,

Great info, Have a great day

Dec 06, 2009 03:02 AM

Bob Atkinson

ATKINSON PROPERTIES GROUP - Apex, NC

Land Expert

Hope everyone had a great Turkey day celebration with your families and Christmas will be joyful as well.

I made a lot of financial plans in 2008 for 2011 and they did not materialize as projected.This downturn has been different from the previous three I have endured in my career.

Hopefully 2012 being a big election year will kick start the growth engine. I still encourage people with lots of liquid assets to buy land as surely 2013 will be a great year.

Nov 25, 2011 12:46 PM

Myths of a family budget

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