Archives For Financial Disaster

Managing finances is a very sensitive area in marriage. Statistics show that 90% of marriages fail because of failure to manage finances responsibly. Many words have been said, lots of advice have been extended, and various ways were suggested in order to manage money. Yet, the question remains, how should we manage it? And, when one manages it, how can the other one trust the other partner?

Family Finance

Before answering that question, you have to embrace the fact that when you tied the knot, two of you become one. What are yours become your spouse’s possessions too. You cannot divide your properties and limit each other to specific properties that you want to share then keep what you don’t want to share inside your locker.

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The following is a guest story, long time back I wrote about safeguarding your money from disasters. The story reminds me of the hurricane damage we faced in 2005, here in south Florida. Here’s what happened in Ireland, there are lessons in the story, enjoy reading!

The Quigley family was enjoying a pleasant November evening when disaster struck. It began when they were distracted by the barking of a stray dog in the backyard. As the family returned to their living room, they realized that a fire in the fireplace had gotten out of control. A loud roaring sound confirmed the presence of a chimney fire.

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The following is a guest post from Henessy Cervano

For some people, bankruptcy is for certain. If you are one of them, those overly secure of the thought that they have a regular source of handsome income, so they just keep on spending without keeping track of their expenses.

You’re sure to keep falling off the financial ladder… if you continue spending more than you earn, mindlessly making purchases more than you can actually afford. You absolutely don’t have a shot at getting rich… if you keep making  saving a chore for tomorrow, always thinking that you’d always have money to expect anyway.

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Once I heard someone saying “credit score are for people who aren’t a home owner yet”. Buy home and stop worrying about credit score. Well imagine what happened if you lose job before paying off debt and you are out of your sweet home.

Be careful, financial disaster can strike anytime, credit history and credit score are your ingredients to weather this storm. Even when you are going through financial trouble, you can build better score, just don’t lose heart and have faith in you.

Improving credit while you are financially sound is easier but ,during hardship its really hard to improve your credit score.

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While surfing blog comments at other personal finance blogs, I came across a story of a reader. Which reads like below.

A couple of years ago, I was doing well when it comes to finances. I knew I was doing better than a lot of my friends and family. I was having a good job. Everything was actually really, really great.

Then recession came—and my world, as well as the others’, came tumbling down. The start-up company wasn’t able to pick itself up and it had to close down, leaving me with no job at all. My wife was also laid off from her job. No matter how much we searched for work, no one would like to take us! For seven months, we weren’t able to do anything, and before we knew it, our savings dwindled. We could hardly pay our utilities, much more our credit card bills.

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