Top 8 Reasons Why You’re Broke and Fat Like Me 

Why are you broke?

I was the fat kid in my house growing up, and later on into elementary and middle school. The picture that other people had of me didn’t match the picture I had of myself.

I think we do the world a disservice when we teach women and girls

  • that they will always be valued, first and foremost, by their bodies,
  • that it’s appropriate and socially acceptable to evaluate others’ bodies at all,
  • that being fat is worthy of chastisement and ridicule,
  • that weight and size actually reveal insights into a person’s true character.

For these reasons (and a host of others), I hate the word fat.

It’s triggering.

I’m appreciative and in awe of the growing body positivity movement. But for the sake of this post, I’m using the word intentionally to think through the ways that gaining unwanted weight and gaining unwanted debt are  the same. 

Continue reading “Top 8 Reasons Why You’re Broke and Fat Like Me ”

What does the future hold for student loan debt?

We need to have a conversation about student loan debt.

What does the future hold for student loan debt?

In October my niece will turn 8 years old.

In February my nephew will turn 4.

Like most great aunts, I’ve been researching pros and cons of custodial accounts, investment accounts, and 529 college savings plans for them.

In 2028 when my niece is 18, it will cost $31,747 per year to attend a 4-year public (in-state) university. In four years, this will total $134,812 dollars.

In 2033 when my nephew is 18, it will cost $38,625 per year to attend a 4-year public (in-state) university. In four years, this will total $164,019 dollars.

According to Debt.org the cost of tuition at public universities has risen more than 344% since 1980. Tuition at private colleges has increased by 241% since that time.

For comparison, the costs of food and electricity have risen about 150% and gas prices have increased by 200% in the same time period.

On average, 70% of students graduating in 2017 finish college with approximately $38,000 in student loan debt.  

Continue reading “What does the future hold for student loan debt?”

5 Reasons Not to Cosign on a Loan

Know all the risks, first.

I only see my brother twice a year if I’m lucky, but he’s one of the most important people in my life.

I taught him how to read.

He introduced me to Agatha Christie and anime.

When I turned 30, he flew more than 1,200 miles to celebrate with me.

When it took him longer than expected, I encouraged him to finish college.

We’ve traveled to more than 5 different cities together.

A few years ago, he even changed his hairstyle to match mine!

I’m just kidding.

That would be weird.  Continue reading “5 Reasons Not to Cosign on a Loan”

Should You Use Personal Loans To Pay Off Credit Card Debt?

It depends, but do you have a better option?

What’s the best way to eliminate credit card debt?

I recently used Lending Club to secure a small personal loan to pay off some debt. I purposely made this decision because the interest rate I received (10.99%) was significantly less than the interest rate of my original debt (24.74%).

Although the decision was intentional, I admit I could have done more research upfront to compare rates, review lenders, and confirm there was no other, more viable, option.

No regretsContinue reading “Should You Use Personal Loans To Pay Off Credit Card Debt?”

7 Questions You Must Answer Before You Can Eliminate Credit Card Debt

Let’s hold each other accountable!

Yesterday I read a post from NerdWallet’s 2017 American Household Credit Card Debt Study stating that the average American household with credit card debt has a balance of approximately $15,432.

Indebted households pay hundreds in interest each year, and many Americans use credit cards to cover medical expenses.

I am sensitive about my credit card debt because not all of it belongs to me; but as the cardholder, I understand that I am responsible for it.

Since this January 2018, I’ve paid off about $10,000!

If I continue to be successful, this December 2018 I hope to report that I’m completely credit card debt free. Hold me accountable!

I’m learning as much as I can about personal finance, money management, and investing.

If you’re finally able to pay down unwanted debt, please answer these questions first.  Continue reading “7 Questions You Must Answer Before You Can Eliminate Credit Card Debt”

5 Things To Consider Once You Commit To Eliminating Debt

What do you have? What do you need?

I used to sell life insurance in one of those thinly veiled pyramid schemes.

To be fair, I didn’t know what a pyramid scheme was at the time.

To be completely transparent, I never actually sold any insurance.

Way back then, I was too young and too green to be embarrassed about it.

I kept hope alive that that opportunity would work out for me in the end.

It didn’t.

I’d wanted another job on the side, but I hadn’t completely committed to getting rid of my debt.

To date, I have (1) credit card debt + (2) a car note + (3) and student loans.
Since I’ll be paying student loans off forever, I’m pretending that I’ll be “debt free” once #1 and #2 are done.

Don’t judge me.  Continue reading “5 Things To Consider Once You Commit To Eliminating Debt”