Payday Loans; Good or Bad

Payday Loans; Good or Bad

By Keith Bunn Jr.

July 29, 2013

Payday lenders are everywhere. You see them on the way to the store, & you surely see them outside the front gates of most military bases. I even took out a couple of them when I was stationed down in Georgia back in the late 90's. But are payday loans good or bad?

Yes, they are everywhere except in 12 states. Why all but 12 states? That's because payday loans SUCK! Yes, I know I just said that I had taken out 2 of them before, that just shows how stupid I was about the subject back then. I was one of the lucky ones though. I didn't fall all the way into the trap. I was able to climb out of that mess pretty much unscathed. Unfortunately, that's not the story for thousands of other Americans across the country.

Predators

There is one other place I didn't mention above where you won't find payday lending facilities and that's on the wealthier ends of town. Not because the people there are wealthy, but because they are not the target market they are going after. Payday lenders go after the lower middle and lower class citizens. They prey on those who don't have a good credit score and think they need a loan, the ones who have fallen on hard times, and the ones who are scared and don't know where to turn. But when these lenders charge anywhere between 90% to 1,000% interest per loan, they are doing nothing but harming the very people they are saying they are helping, and what happens is the borrower gets into a deeper mess.

There is even online payday lending now, where they will even try to loan money to people in the states where they know it's illegal to do so. 

Collecting on the Debt

Normally what happens between the lenders and borrowers is eventually the borrower can't pay back the loan(s) and the lenders send them to collections, sells the debt to a debt buyer, or in more horrible methods, go to the borrower's home and try to collect. In all cases, the methods used to try to collect on these debts are unbelievably bad and break just about every federal law when it come to collecting on debts. I even know one woman who they came to her home at night to collect the debt and when she told them that she couldn't pay and tried to shut her door, they put their foot in the doorway so she couldn't shut it.

Are these the kind of people you really want to deal with? I think NOT! It is far better to get 2 or 3 part time jobs than to get 1 payday loan. To me, payday lending is nothing more than legalized loan sharking and should be banned in all 50 states. 

If you are a victim of payday lending, there is hope! There are tons of financial coaches, such as myself, out there that are willing to guild you through these hard times and get rid of your payday loans once and for all.

The reason I do this is to give people hope and to try to inspire others. To make them think about their finances, whether they are young or old, so they can win financially.

If you have any questions for me about my posts or about your finances, you can call me at (616) 454-2046 or e-mail me at cavuscoaching@gmail.com. You can also find more money news, facts and ideas, on my Facebook and/or Twitter pages. I'd be grateful if you followed me. Thank you!

What do you Tithe on, the Gross or Net?

What do you Tithe on, the Gross or Net?

By Keith Bunn Jr.

July 22, 2013

Whether or not someone should give a tithe, a tenth of their increase or income, has been a huge debate for years and years. If you follow the Christian or Jewish faith, you know the bible tells us to "Bring you all the tithes into the storehouse" Malachi 3:10. But there have been some people who have said to me that giving to the church (in general) is a waste of money. I disagree, and here's why.

Why does God want us to Give?

God doesn't want us to give because He needs our money. Give me a break, He's God! He wants us to give because it makes us more like Him, "So God created mankind in his own image." Genesis 1:27 and I think we could all agree that He is an unbelievable giver! "For God so loved the world that He gave His one and only Son." John 3:16

He also wants us to give because it takes the focus off us and on to others who maybe in need. In fact, God Himself has told us to test Him on this fact in the rest of Malachi 3:10. "Test me in this," says the LORD Almighty, "and see if I will not throw open the floodgates of heaven and pour out so much blessing that there will not be room enough to store it."

I'm telling you, I have heard more people tell me that when they tithed when they didn't think they could afford it, something happened with there income and all of a sudden their income increased in some way. I've actually heard a pastor say when that happens, it is because we started using Spiritual Mathematics.

What do we Tithe on, the Gross or the Net?

Sadly, only around 3% of Evangelical Christians give a tithe of any amount, either from the gross or the net incomes, so what does it matter? Just give. 

Now I need to make something very clear... This is NOT a salvation issue. You are not going to heaven if you do give and you're not going to hell if you don't. God loves us whether we tithe or not. As long as you give from the heart, that's all that matters to God, "for God loves a cheerful giver." 2 Corinthians 9:7.

The reason I do this is to give people hope and to try to inspire others. To make them think about their finances, whether they are young or old, so they can win financially.

If you have any questions for me about my posts or about your finances, you can call me at (616) 454-2046 or e-mail me at cavuscoaching@gmail.com. You can also find more money news, facts and ideas, on my Facebook and/or Twitter pages. I'd be grateful if you followed me. Thank you!

Stop the Junk Mail and Telemarketing Calls!

Stop the Junk Mail and Telemarketing Calls!

By Keith Bunn Jr.

July 15, 2013

Do you get sick of all the junk mail you get? What about telemarketing calls? Do you wonder how they get your information to send you all this crap in the first place? Some of it is because of companies you and I deal with at least on a monthly bases, if not daily. They sell your information to other companies as a way to make money. It can be a vicious cycle. You give your info to one company, they turn around and sell it to another and so on.

 Another way they can get your information is by checking out your credit report. Yup, you read this right. Companies are allowed to pre-screen or look into your credit report to see if they want to send you or call you with some marketing material.

But I have good news! Listed below, I have a bunch of phone numbers, addresses, and websites that you can go to that will stop all this crap from getting into you mailboxes and/or ringing your phones off the hook. And I would do every bit of it to make sure those buttheads leave you alone. 

Now, when you write your letter to have you taken off their direct marketing databases, that is only good for 5 years. Make sure on your letters you have your name, home and/or cell number, address, and signature. Now if you move before the 5 years are up, you'll have to do all this all over again. And this is just me, but I'd send the letters return receipt requested just to have proof that they got it. Here is the information I told you about.

PRE-SCREENING OPT OUT

Phone: (888) 567-8688

Website: www.optoutprescreen.com

NATIONAL DO NOT CALL REGISTRY

Phone: (888) 382-1222

Website: www.donotcall.gov

FOR DIRECT MAILING

Address: Mail Preference Services

               Direct Marketing Association

               P.O. Box 282

               Carmel, NY 10512

Website: www.damconsumers.org/cgi/offmailinglist

FOR TELEMARKETING

 Address: Telephone Preference Services

                  Direct Marketing Association

                  P.O. Box 1559

                  Carmel, NY 10512

Website: www.damconsumers.org/cgi/offtelephone

I hope this information helps cut down a lot or all of the junk mail and annoying calls!

The reason I do this is to give people hope and to try to inspire others. To make them think about their finances, whether they are young or old, so they can win financially.

If you have any questions for me about my posts or about your finances, you can call me at (616) 454-2046 or e-mail me at cavuscoaching@gmail.com. You can also find more money news, facts and ideas, on my Facebook and/or Twitter pages. I'd be grateful if you followed me. Thank you!

Trying to Inspire

Trying to Inspire

By Keith Bunn Jr.

July 8, 2013

At the end of almost every blog I've posted, I've put "The reason I do this is to give people hope and to try to inspire others." But sometimes that's not always the case. I could say that maybe I just haven't perfected my technic yet of teaching others on the wise ways to handle their money, which is partly true  but then again, sometimes it not my fault at all. Sometimes its the person I'm talking too.

Businesses that their very job is to loan out money to others have done such an excellent job of marketing debt to just about everyone in this country, it is almost impossible to get the old fashion message out there of living on less than you make, buy things you need or want with cash, save for retirement yourself and not rely on the government to do it for you, and become a generous giver.

Robbing your Future

I'm not sure how many times I've said it, but I truly believe that debt robs people of their future. Some people just don't understand that having car payments, credit card payments, mortgages, payday loans, rent to own payments, etc... do nothing but stealing money from them and destroying their future, just so they can have things now instead of waiting, being patient and saving up for whatever they want.

To give you an example; a young man, 20 years old asked me about getting a loan to buy a used truck for around $8,000. Of course I told him that I thought that wasn't a good idea and I gave him reasons why I thought that way, as well as gave him some ideas on how he could eventually be able to get a truck like the truck he was wanting to get, but I could sense that he had a little car fever going on and I felt that there was also a little pressure from his family to go through with getting the loan to buy the truck. I told him that he could do whatever he wanted to do and we'd still be friends, but I wouldn't get the loan. Needless to say, he did get the loan and we are still friends and if he wants more advise about what he should do down the road about money, I'll give him the best advise I can, but here is what I mean by debts steal and destroy your future. 

That young man's truck payment is $214 per month. If he were to take that same amount and invest it every month from 20 to 65 years old in a good mutual fund, he would have $4.7 million at retirement. 

That's what gets me the most! People don't look at the numbers that way, they only ask how much down and how much a month. That's what poor people do. Don't do what poor people do! The bible says, "The borrower is slave to the lender." and that's the truth! Debt robs you of you money, of your opportunities  and your future. Don't fall for the lies that you need to have a FICO score to make it in our culture today. It's just not true!

The reason I do this is to give people hope and to try to inspire others. To make them think about their finances, whether they are young or old, so they can win financially.

If you have any questions for me about my posts or about your finances, you can call me at (616) 454-2046 or e-mail me at cavuscoaching@gmail.com. You can also find more money news, facts and ideas, on my Facebook and/or Twitter pages. I'd be grateful if you followed me. Thank you!

What are you, a Nerd or Free Spirit?

What are you, a Nerd or Free Spirit?

By Keith Bunn Jr.

June 30, 2013

Nerd and Free Spirit

In most families, when it comes to finances, the husband and wife can be categorized as either a Nerd or a Free Spirit. The Nerd is someone who likes doing the budget because they feel like they are taking care of their family. It also satisfies their need to be somewhat controlling. The Free Spirit doesn't feel cared for, they feel controlled. They also seem to be irresponsible to the Nerds. 

This relational dynamic can be really stressful in you relationships, but it is something that is needed also, meaning, the Nerds need a Free Spirit in their lives so the have a life. The Free Spirits need a Nerd in their life so they are not broke and eating Alpo in their so called Golden years. It is these differences that can either break a marriage or make it awesome!

How Do You Overcome These Differences

Financially, the best way I know of to overcome these differences is to do a budget together. WHAT!? That's right, do a budget! By doing a budget together, you are opening the lines of communication between the two of you. You are also sharing your dreams, passions, and ideas of what your family's future may look like. If you've never done a budget before, this will probably not be an easy trip, but I guarantee it is well worth it. Because once you get that area of your life situated, once the doors of communication about money are opened, other doors will open too.

But Who Does the Budget?

The answer to that question is, Both of you do it. I suggest that the person who likes to write out the budget to do that part, but Both of you need to sit down and go over it together. Only then does it become "OUR" budget. You Both have a say on where the money goes.

Once the Nerd is done writing out the budget, slide it over to the Free Spirit so they can read it. Once that is done, you Nerds need to be quiet. Your opinions are on the paper, give the Free Spirits a chance to read it. After the Free Spirit is done reading, this is the point where the Both of you start talking about and possibly make changes to the budget. Oh, I forgot to mention. There is a phrase the Free Spirits can never say to the Nerds, and that is... "Whatever you want to do.", "Whatever you say." That is copping out on your responsibility to claim ownership to the budget.

Who's the Nerd? Who's the Free Spirit?

OK, here is a fun quiz to find out who's the Nerd and who's the Free Spirit in your relationship. Place a check mark on which best describes you.

1) You actually like balancing the check book. ___ or ___ You'd rather balance a spoon on your nose than balance the check book.

2) Rules are important and should be followed. ___ or ___ Rules are more like suggestions to be considered.

3) You are always on time. ALWAYS. ___ or ___ You show up "on time." Give or take 15 minutes.

4) You spend more time planning the vacation than the vacation itself. ___ or ___ Vacation are more fun when the calendar's blank and you just "go."

5) Recipes should be precisely followed. Like rules. ___ or ___ Recipes are suggestions. Just do a dash here and a dash there.

6) You read the introductions of books. They're in there for a reason! ___ or ___ You skip introductions. Then it's like you read more.

7) You organize your shirts by color, or you will when you get home. ___ or ___ You're doing good just to get your shirts hung up.

8) You can't wait for Dave Ramsey to teach about budgeting. ___ or ___ You're considering faking an illness the night of the budget lesson.

9) "Living for the moment" sounds irresponsible to you. ___ or ___  "Living for the moment" sounds like the soundtrack to your life.

10) Clutter is annoying and frustrates you. ___ or ___ It's not clutter, it's character!

This quiz is from Dave Ramsey's Financial Peace lesson: Relating with Money.

The reason I do this is to give people hope and to try to inspire others. To make them think about their finances, whether they are young or old, so they can win financially.

If you have any questions for me about my posts or about your finances, you can call me at (616) 454-2046 or e-mail me at cavuscoaching@gmail.com. You can also find more money news, facts and ideas, on my Facebook and/or Twitter pages. I'd be grateful if you followed me. Thank you!

Special Note: This will be the last blog posted on Sundays. Starting on July 8th, my blogs will be posted on Mondays. This move is mainly because people are always out and about on the weekends, especially during the summer months and I feel that this move will allow my message to be heard better. Oh, by the way! Checkout my Facebook page (link above) Monday, July 1st. I'll be posting the answers to the Nerd and Free Spirit quiz so you can see how big of a Nerd and Free Spirit you really are, lol.

What students can do to pay for college.

What students can do to pay for college.

By Keith Bunn Jr.

June 29, 2013

I know this isn't the normal blog posting day but, I just read this article from the Wall Street Journal about student loans and how much of an issue it is in this country, and it got me thinking about what students can do to pay for college. Here’s what I came up with.

What students can do to pay for college.

1) Figure out what you want to do. How does that annual income compare to how much the degree will cost you? If the degree costs you 80 K, but only pays 40 K a year, you might want to think of doing something else.

2) Figure out where you want to go to school at and Why. If you want to go to a certain school because your friends are going there, that’s not a good enough reason. Figure out what school will give you the most bang for your buck? Remember, it’s the degree that you get is what is important, not where you got it.

3) Figure out if you can afford that school. If not, you can’t go there. Student Loans are off the table!

4) Is mom and dad able to help out? If so, how much and for how long? If not, what’s next?

5) Figure out what grants you can apply for.

6) Apply for Thousands and Thousands scholarships! I know that can be tedious and hard work, but so is paying off student loans for decades. Billions of dollars of scholarships go uncollected because no one simply applies for them.

7) Work to pay for college!!! Working just 20 hours a week while going to school full time WILL pay for in-state tuition. On the off times, bump your hours up to 40 hours or more. You’re going to school to get an education, not to play beer pong.

8) Don’t do anything extra like going out to eat, going on expensive trips, like “spring break”, etc… or go further into other forms of debt like using credit cards. I know you are use to the lifestyle your parents provided for you when you were growing up, but that’s their lifestyle, not yours. And by the way, it took them 40 years to get to where they are now. You’re just starting.

Remember, almost 50% of college students that go to college Don’t graduate! They don’t graduate because of other forms of debt, like credit cards, it’s not what they expected, etc… but they still get to bring home their student loans, without the degrees to help pay for them. Also, the majority of the college grads today are Not working in their fields of study. Not because they couldn't find jobs in those fields, but because they have chosen a different path to follow. 

I know these examples sound, and probably are harder to do than me just typing them on the computer. I know it is much easier to just go out and get a student loan, but like the article says, when you have student loans still over your head in your 30's, 40's, and 50's, it doesn't allow you to do certain things you want to do just because you can't. So think outside the box. Don't be like the flock of sheep that jumped off the cliff just because the lead sheep did. Be your own person and do this college thing right!

The reason I do this is to give people hope and to try to inspire others. To make them think about their finances, whether they are young or old, so they can win financially.

If you have any questions for me about my posts or about your finances, you can call me at (616) 454-2046 or e-mail me at cavuscoaching@gmail.com. You can also find more money news, facts and ideas, on my Facebook and/or Twitter pages. I'd be grateful if you followed me. Thank you!

"Why Should I Save my Money? You Can't Take it with You?"

"Why Should I Save my Money? You Can't Take it with You?"

By Keith Bunn Jr.

June 23, 2013

Too many times I've heard people say, "Why Should I save my Money? You Can't Take it with You when you die?" And those people would be right, at least part of it anyways. You can't take it with you. The Pharaohs of old have proven that with tombs filled with treasures. But is your money only for the here and now? Is it only to be used for our enjoyment because we CAN'T take it with us? I say, no. I think if you're thinking that way, you should also be preparing for your funeral just because you never know. I mean, why not? You could die tomorrow!
In my opinion, the people who say things like that are just looking for an excuse to do whatever they want to do with their money, regardless of what its doing to their financial well being, or the financial well being of their family, and that's just sad, irresponsible, and selfish. The bible says, "But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and is worse than an unbeliever." -1 Timothy 5:8 -

Why We Should Save Our Money

There are only 3 things we can do with money. We can have fun with it, we can save/invest it, and we can give it away. So you see, having fun and enjoying our money is part of what we can do with our money, but its only 1/3 of it. What if we did all 3 parts? 

The simple fact is, we should all get our financial acts together so we do have some wealth built up. Not so we can just have fun with it, but so we can help others who are in need, live comfortable lives in our golden years, and so our families can be taken care of when we do pass away, because we don't know when we'll pass. We could die tomorrow at 19 years old or at 91. 

This path isn't easy at first but it is a better path for us all, and as time goes by it will get easier and easier.

The reason I do this is to give people hope and to try to inspire others. To make them think about their finances, whether they are young or old, so they can win financially.

If you have any questions for me about my posts or about your finances, you can call me at (616) 454-2046 or e-mail me at cavuscoaching@gmail.com. You can also find more money news, facts and ideas, on my Facebook and/or Twitter pages. I'd be grateful if you followed me. Thank you!