When in life you are attempting to permanently solve a problem, you look at the root cause.   By just fixing the symptoms of the problem, you may never truly fix the problem because you haven’t uncovered the underlying issue.  Money is no different.   You can make tons of money, but you may still be broke and have no money.  I have been there and done it before, so trust me your not alone.

Despite how you found yourself broke, in debt with no money, you must confront these reasons and come up with a plan to get yourself out of this rut.

Here are 10 reasons why you are broke with no money

You have cable and you can’t afford it

Each and every month that $120 bill comes to the house that gives us the privilege of watching another months worth of cable shows, sports games and the food channel.   NPD Group made note that the average cable bill is around $120 ($1440 a year!).  Our bill is $191 a month because that includes phone, cable and internet.   That’s a whopping $2,292 a year!!  That’s a nice vacation every year that we can’t have because we have cable.

We don’t use the phone portion of it and we have tried to have it removed, but our cable provider told us because we have a package if we remove the phone, our bill will actually be more!  How ridiculous is that?   If you have no money, perhaps this is a good place to start looking.   If you have internet on top of cable, then perhaps you just resort yourself to watching YouTube.   You can also acquire a digital antenna to get some of your broadcast digital channels.   If you can’t afford it, then it’s not a requirement.[Read More…]

I admit it, I have done some silly things in our attempt to get out of debt.  Things that sound so logical at the time, but with further studying and common sense you can escape these ideas that are not only silly, they can be forever damaging to your financial future.   They sound on the surface to be great ideas, perhaps even a short term fix that brings down the stress level that debt seems to cause.

Here are my 5 money myths that I am about to debunk

Myth #1 – Pay off your mortgage ASAP

You are determined to pay off your home.  I mean you are paying thousands of dollars in interest per year and that can’t possibly be good right.   I mean it’s impressive to see someone paying extra money each month on their mortgage or perhaps paying an additional principal payment each year.   That’s great, but here are some things to consider before you go all in on paying extra on your mortgage.[Read More…]