Jason Butler, Author at Dinks Finance

About Jason Butler

Jason Butler is an Atlanta native, as well as businessman, blogger and teacher. Not only is Jason a prolific flipper, marketer, writer and side hustler his number of years in higher education and student support have given him expert knowledge in understanding the economics of the student loan industry.

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Getting An Item Removed From Your Credit Report

Posted on August 3, 2016 - 6:30 am by Jason Butler 1

credit report tips, credit advice, tips on your credit report

Hello, Dinks. I’ve discussed credit on this site a few times. A good credit score is something that we should all strive for. In previous articles, I’ve discussed the average credit scores and ways to boost it. Ever since I raised my credit score by 168 points in an eight-month timeframe, I’ve been focused on trying to get it even higher.

I looked over my credit report ad realized that I had late payments on three accounts. They were from 2010 – 2013. I didn’t want to wait the full seven years for them to fall off my credit report, so I decided to do some research and see what I could find to help with that. I stumbled across something called a goodwill letter. At the time I had never heard of it before, but I was intrigued.

What is a goodwill letter?

A goodwill letter or goodwill credit adjustment is a way to repair your credit report. According to twocents.com, the purpose of the goodwill letter is to restore your credit to good standing by having a lender or servicer erase a lateness on your credit report.

When I read that information, I figured that it was worth a shot. I realized that if I could get those late payments removed my credit score would increase even more. I did some more research and found out that goodwill letters had a 50/50 chance of working. It seems that some people were flat out lucky because their letter got into the right hands. I saw that people went into detail about what their circumstances were and what they are now. They usually discuss how they’ve grown from their past mistakes and are better and more responsible people.

I drafted three separate letters for my three accounts. Then, I went into detail about what was going on in my life at the time and why my payments were late. I then expressed regret and showed them that I’ve been making years of on-time payments.

I also read online that a lot of people have been having success by e-mailing the letters to the CEO’s or presidents of the lender companies. Since many people were doing that, I figured that I’d try it as well. If that didn’t work, I’d send a physical letter. I emailed the three companies on a Sunday afternoon. By Monday morning, one of them had contacted me. They called my phone and left a message. I thought that was a good sign. After a day or two of playing phone tag, I was finally able to get in contact with a representative. She stated they reviewed my inquiry, but that they were not able to give me a goodwill credit adjustment at this time.

I wasn’t worried. I knew there was a 50/50 chance so I will try again in 6 months. As for the other two companies, I haven’t heard anything back from them yet. I plan on sending actual letters to them this time. Hopefully, that works. If it doesn’t, I’ll try again. Some of the people that get those goodwill adjustments have been persistent. They’ve contacted their lenders multiple times each year until they found the representative that would approve their adjustment. I’m about to join that club. Once that happens, I will be sure to share my results with y’all.

Have you ever written a goodwill letter? Was it successful or not?

Keeping Cool During the Summer

Posted on August 1, 2016 - 6:30 am by Jason Butler

summer cooling tips, summer tips, keeping cool in the summer tips

I can’t believe that it’s already August. Summer has passed its midpoint. In a lot of areas in the country, August is the hottest month of the year. Because of that heat, your power bill can be very high. Today, I would like to go over a few budget friendly ways that will help keep you cool during the summer.

Drink more water

A lot of people are slightly dehydrated and don’t know it. People sweat a lot more during that summer, so they have to make sure that their water intake is up to par. I know from first-hand experience that people should drink more water. I had a dehydration scare last year while working at my part-time job. I was a ticket event rep with a baseball team. It was an 80-degree evening, and I had just finished selling some raffle tickets to a family. As I was walking towards the break area, I began to get dizzy. It felt everything around me was spinning. I immediately sat down for a minute and drunk a couple of cups of water. The dizziness subsided enough for me to finish my job. I felt good enough to drive so I went home. The next day I talked with a former health care worker and told her my symptoms. She stated that I was dehydrated and needed to drink more water and get more electrolytes in my system. I’ve been trying to drink enough water ever since then. While I haven’t experienced any more dizziness, I must admit that it has been hard for me to drink the recommended ounces of water each day. Sometimes I forget. I have to do better.

Cold showers

Taking a cold shower is something else that will keep you cool during the summer. Some people have no problem with taking cold showers. I am not a fan of them. I hate them. I have to be honest with you; I won’t be doing this to keep cool at all. Cold showers will save you money since your hot water tank isn’t being used. Keep that in mind if you are on the fence about taking cold showers.

Use a fan

Growing up, we didn’t have air conditioning. We had to use the good ole fans. They did a good job of keeping us cool during the day and night. I currently live in an apartment that has air conditioning, but I still use my fan. At nights I have my AC on 78 degrees and keep the fan on. It circulates the air and allows the room to stay cool. I’ve been doing this for the last two summers. I’ve seen a drop in my power bill because of that.

Turn off the lights

Lights give off heat. The less heat that is in your home, the cooler that it will be. The great thing about summer is that the daylight is longer. You can go until 8:30 or 9 PM without using your lights. Your light bill will also shrink because you are using the lights less.

How do you keep cool during the summer?

Bad Financial Decisions Couples Make

Posted on July 29, 2016 - 6:30 am by Jason Butler 2

couples advice, couples tips, financial advice for couples

What is something that couples argue about a lot? If you said the in-laws, you’d be right if this was another site. In all seriousness, I’ve seen that bad financial decisions are something that couples argue about. There are hundreds of bad financial decisions that you or your significant other shouldn’t make. Today, I want to go over three of those potential bad decisions.

Debt

The first bad financial decision that couples make is not being completely honest about their debt. For whatever the reason is people don’t always tell their significant other about the amount of debt that they have. Sometimes they are ashamed. Other times they are afraid of what the other person may think or say. They have to change that way of thinking. If you want your union to last, you have to be upfront with the amount of debt that you owe. Once you let them know how much you have, you and your spouse can work together to eliminate it. Once you’re married it’s no longer just your debt; it’s both of yours.

Secrets

Keeping any kind of secret from your wife or husband is bad, but keeping a money secret from them can be very damaging. Trust is one of the top factors in a relationship. You don’t want to do anything to mess that up. For example, say a husband loves to bet on sports. Imagine he uses money from a joint account to supply his habit. If he loses hundreds of dollars due to bad bets, he will have to come clean sooner than later. His wife will want to know where the funds went. If he lies about the situation, it will make things worse than what they already are. For a lot of people, this type of secret is grounds for a divorce. To save your relationship you should always tell the truth and not keep any secrets from your spouse.

Emergency Funds

Not having any emergency funds is another bad financial decision. If you have two incomes, you may think that you’re fine and that you will be alright. Things can change very quickly. One of you could lose your job; your wife could get pregnant, or you could have a family emergency. You just never know what can happen. Having an emergency fund will help you prepare for the unexpected. Since both of you are working, it should be easier for you to save for it. The emergency plan can help reduce stress and tension. Take the time to discuss it and make it happen.

Bad financial decisions can come a dime a dozen. They can ruin your relationship if you continuously make them. When it comes to finances, you must not forget to communicate with each other. Make sure that you discuss all of your debt, don’t keep any secrets and work together to save an emergency fund. Paying attention to those and other financial decisions will keep you two trusting each other.

Have you made any of these bad decisions in your relationship?

3 Things You Can Sell to Make Extra Money

Posted on July 27, 2016 - 6:30 am by Jason Butler

side hustle, extra income, part time job

What’s going on Dinks? Today’s post is geared toward all the hustlers out there. If you have any extra time on your hands, you can make extra money. I will go over three things that you can sell today to make that extra money. You don’t have to be a rocket scientist. You just have to have a little smarts and some decent ideas.

T-shirts

T-shirts are one of the oldest ways that some people make extra money. There is a reason why you always see t-shirt vendors at events. People love them and will shop with you if they like your shirts. T-shirt designs can be hard to figure out. What you may think is a good concept may be a horrible design to consumers.

In college, I worked at the Paula Deen restaurant and later her store which is located in Savannah, GA. She sold lots of interesting merchandise in the store. Something that always sold out was her t-shirts. There were all types of designs with crazy sayings. She figured out her target market and capitalized on it. After seeing her success, I thought to myself if she can do it, so can I. In 2009, I designed a shirt to sell during Savannah’s St Patrick’s Day celebration. If you don’t know, Savannah has one of the biggest St. Patty’s Day parades in the country. People come from all over to participate in the festivities.

I was able to sell all of the t-shirts that I had printed that year. That showed me that there is a market for them. During the years after, I’ve continued to sell shirts having some minor success.

If you’re interested in selling shirts, there are websites like Teespring where you can create a design, upload it and sell it on their website. You don’t have to worry about paying for shirts or anything. You make your money when you get a certain amount of sales (typically 3).

Services

The next thing you can sell to make money are services. There are a lot of services that people do to make money. Lawn care, tutoring, writing and website design are just a few. Selling services have helped people pay off debt, start emergency funds, and become more comfortable financially. The better that your service is, the more money that you will be able to make. You can create your own rates, and you also work when you want to.

Old Shoes

Believe it or not, people will buy your old shoes. There are a lot of collectors out there. You may be surprised what you can get out of your closet and sell. Dress shoes and tennis shoes sell particularly well. I specialize in selling old Nike Jordan’s. I’ve been able to re-sell old beat up shoes for $80 – $150. If you don’t know what to sell, check eBay. There is a feature that shows you what shoes recently sold and how much they’ve sold for.

Many people need extra money from time to time. Anyone can sell the three things that I discussed earlier.

What do you do to make extra money?

Spending Less on Food

Posted on July 25, 2016 - 6:30 am by Jason Butler 1

Hello, Dinks. The amount of money that people spend on food can be quite high. Some folks don’t even have a food budget. They just go to the store and buy what they want. They worry about the cost later. As Dinks, I know that you are focused on doing the right thing with your money. I’m sure you don’t blindly spend when you are shopping for food. If you or your wife or husband do struggle with spending on food, I have a few tips that should help you cut back on this major household expense.

Eat at fewer restaurants

If you’re one that likes to wine and dine your partner by going to restaurants often, you might want to change that habit up a little bit. Cutting back on the times you eat out will save you more in the long run. Think about it like this. Imagine that you spend $40 for a dinner for two at least once a week each month. That’s $160 that you are paying for restaurants each month. I’m not a shopping pro, but I know that if you take that $160 to the grocery store, you can buy enough food for way more than one meal.

Don’t go when hungry

Another way to spend less on food is not to go to the store when you’re hungry. You are setting yourself up for failure when you do that. I know that I’m not alone, but I’ve made the mistake of shopping while hungry before. I had the intention of grabbing a few small items. Twenty minutes later I’m at the register with a full cart. I ended up spending way too much money and purchased things that I would not have bought if I wasn’t hungry. My suggestion is not to go to the store when hungry. If possible eat a snack before you go.

Use coupons

It’s no secret that coupons can save you money when shopping. Couponing takes time, though. Some people including myself don’t take the time to do it each time they shop. Savings are left on the table when you don’t use coupons. Using coupons is something that I’ve been trying to do more of this year. It’s tough trying to find the extra time to do it. There are many coupon websites and phone apps out there to help consumers. You just have to take a little bit of time to find the ones that work best for you.

Stick to list

The last way to spend less money on food is to stick to your shopping list. How many times have you gone shopping and purchased items that weren’t on your list? We’re human. I’m sure that we all have done that once or twice. I know I have. When shopping, we have to be disciplined enough only to purchase things on the list. When you start randomly just putting items in your shopping cart, you run the risk of spending a whole lot more than you bargained for.

How do you save money on food?

Why Some Need to File for Personal Bankruptcy

Posted on July 22, 2016 - 6:30 am by Jason Butler

personal bankruptcy, filing for bankruptcy, types of bankruptcy

Bankruptcy is something that I haven’t dealt with, and I hope never will. Even though I’m in a lot of debt, I’m able to handle it. Because I can make payments on it, I see my debt getting lower. Unfortunately, everyone isn’t in that position. Some are dealing with an overwhelming financial situation. Bankruptcy may be the only option. If you tried different methods to eliminate your debt and failed or if your wages are about to be garnished you might need to file bankruptcy. If you’re going to file bankruptcy, you should do it as soon as possible. The longer you wait to file, the more debt you will incur. If you believe that your options are slim, file for bankruptcy as soon as possible.

When you are filing for bankruptcy, be sure you have all of your financial information at hand. That includes bills, vehicle information, and income from full and part-time jobs. If you plan on hiring a lawyer, don’t be afraid to speak up. They are representing you in the bankruptcy court. So ask questions if you don’t understand anything.

You should learn as much as you can before you file for bankruptcy. It will make the process easier. You should also stop making any payments towards debts that will be discharged during the bankruptcy process. The thing is since you won’t be liable for those debts in the future; there is no reason to keep making payments toward them. It’s best to save that cash for other things.

You should find a bankruptcy attorney that is a part of the NACBA (The National Association of Consumer Bankruptcy Attorneys). Lawyers that are a part of the organization are well respected in the industry. They will take care of you. They will make sure that you will get the nest legal advice out there.

Another thing that you should do is keep your debts to a minimum. If you are planning on filing for bankruptcy, don’t run up your debts. Judges and creditors will check your recent history. If they see that you are trying to cheat the system, you might not be able to wipe those debts away.

There are two kinds of bankruptcy that an individual can file. Chapter 7 can keep the filer from paying debts entirely. That option is generally for those that have debts so high or income so small that they cannot afford a payment plan. Chapter 13 lets the filer get a repayment plan so that they can repay all of their debt between three and five years.

With personal bankruptcy, make sure that you know that your credit may not be messed up for ten years. There are lenders out there who understand that there are some good people with poor credit out there. They look to help them renew it.

If you are contemplating bankruptcy think long and hard before you do. Be honest with the courts and work on getting back on financial track.

Have you filed bankruptcy before?

How to Have Fun on A Budget

Posted on July 20, 2016 - 6:30 am by Jason Butler 4

having fun while on a budget, frugal entertainment, budget-friendly entertainment

Many people are looking to save money in all aspects of their lives. That includes the entertainment category. In the past, I’ve written about frugal date ideas. Today, I want to go over a few ways that you can have fun even if you are on a budget.

Local Activities

The first way to have fun on a budget is to check out your local events. Check out your local newspaper, radio station, and city website so you can figure out what is going on in your community. You might be surprised to find out that a lot of events are going on in your town. During different times of the year, there are festivals, fairs, community yard sales, and other interesting things going on. If you don’t find anything, you can consider organizing a community event for other couples who are in similar situations.

Movies at Home

Instead of going to the movie theaters all the time you can watch movies at home. In the past, it used to take movies months before they were released on DVD. That may still be the case for some titles, but for most of them, you can find them online within days of their theatrical release. You also have options such as Netflix and the Amazon Firestick. Neither of those options is too expensive. Since you’re watching the movies at home, you don’t have to worry about paying for movie snacks. That right there could save you between $10-$15. You can get some popcorn or snacks from the store beforehand.

Televised Sports

If you are a sports fan, you can save money by watching the games at home instead of going to them. This can save you a couple of hundred dollars depending on who’s playing. For example, tickets to watch teams like the Cleveland Cavaliers and the Denver Broncos are more expensive because they are the current champions in their prospective sports. You can invite other couples and friends over to watch games like The Super Bowl or the National Championship. You could ask them to bring an item such as chips or drinks. My friends and I have done this before in the past. It has always been a fun and entertaining time. You do have to make sure that you have enough space and that your TV is big enough for everyone to see the game.

As you can see, there are several ways for you to have fun on a budget. Participating in local activities, watching movies at home and watching sporting events at home with friends are just a few of the ways that you can have fun. I know a lot of people that have done these before to save money. They can be a lot of fun especially having people over to watch the games. If you want to have fun, but don’t want to go broke doing it, I’d suggest doing one of these.

What are some ways that you have fun on a budget? Have you done any of the ideas on this list?

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Money Habits to Change

Posted on July 18, 2016 - 6:30 am by Jason Butler 1

changing money habits, bad money habits. money habits

Many people have a hard time with their money for some reason. They struggle for numerous reasons. Maybe they weren’t educated correctly about it when they were kids, or they might have the yolo mentality. Whatever the case is, that needs to stop. If you or your significant other has bad money habits today is the day that they need to change. Below are a few bad habits that you have to change to become better with money.

Not tracking your spending

One of the worst money habits you can have is not to track your spending. How could you expect to know when your money is going if you’re not tracking it? There are several easy ways for you to track your money. Some of them include saving your receipts, using a program like Personal Capital or Mint, or doing it the old-fashioned way and use a balance register. I like Mint because it allows me to see what I’m spending. That way if I’m spending too much in one category, I can try to change some things and spend less.

Randomly Investing

The next bad money habit is randomly investing. By saying invest randomly, I mean investing your money into something without really knowing what you’re doing. That is a very quick way to go broke. If you take some time to learn about individual investments such as the stock market, it can become a good long-term investment strategy. If you are still you and the market does go south, you’ll have plenty of years to make it up.

Using your credit card too much

A lot of people use their credit cards irresponsibly. At one point I was in that club. I can remember using it to get numerous shots at the bar for my friends and I. I did that several times. There is nothing wrong with using your card for things like that. The problem occurs when you don’t have the money to pay those purchases off each month. That was me. I was only paying the minimum on the credit card for years. I now pay more than that, but I know that a lot of people still struggle out there. I suggest that people only use their credit cards on things that they can truly afford. It may take some discipline in the beginning, but it has to happen.

Not saving anything

The last habit that I want to discuss is not saving any money. In my opinion, this is the worst bad money habit out there. Too many people don’t save any money. If there is an emergency, they are forced to use their credit cards. This cycle has to be broken. Everyone needs to save some money from each paycheck. Saving at least $100 would be ideal, but everyone isn’t fortunate to do that. You may have to start with $20. The goal is to get in the habit of saving. The more you practice, the better you will get at it.

What bad money habits have you changed?

Auto Insurance Tips That Can Pay Off

Posted on July 15, 2016 - 6:30 am by Jason Butler

auto insurance tips, auto insurance advice, looking for the right auto insurance

Searching for dependable auto insurance can be tough. It could be confusing in the beginning. Some people just sign up for the first insurance company that they see. That’s not the smartest thing to do because you could be overpaying for it. Keep reading to find out tips that can help you choose the right auto insurer for you.

Review your coverage

When you are thinking about which policy to buy, make sure you carefully consider how much coverage you really need. You might find out that you only need the minimum. You should consider if you want both collision and comprehensive coverage or just one of them. Also, consider a higher deductible. The higher your deductible is, the lower your premium will be. Make sure you do your research. Speaking of research, that leads us to the next tip which is to compare prices.

Compare prices

For some reason, people are too loyal to brands. Circumstances change all the time. I’d compare auto insurance companies at least once a year to review the prices. Some people suggest twice a year. By comparing companies, you can save hundreds of dollars per year. Everyone doesn’t always take the time to compare prices. They are comfortable with a particular company that at the time was right for them. Over time the company slowly raised its rates. In the beginning, the customer didn’t mind because of the so-called comfort. Fast forward to a couple of years and they are now paying $200 – $300 more than they should be.

Discounts

Discounts are one of my favorites when it comes to auto insurance. My car insurance provider offers a lot of them. They have allowed me to save$100 each month. One discount that I hope a lot of Dink readers check for is the marriage discount. Insurance companies like that because it shows them that they will drive like responsible adults. A few more attractive discounts are:

Safe Driver – A person is usually eligible if they haven’t had any tickets or accidents in the last 3-5 years.

Good Student – if you are a student making good grades, you may be eligible for this discount.

Security Features – If your vehicle has features such as steering wheel locks, auto tracking devices and car alarms you may qualify for this one.

Affiliation Discounts – If you are a member of a fraternity, sorority or other professional groups you may be eligible for this discount. Contact your insurer to find out.

Take defensive driving class

The final tip is to take a defensive driving course. The course is offered for any driver. If you take it, it shows that you are serious about being a conscientious and safe driver. It can reduce your chances of having a car accident, and it will save you money in the long run. I need to sign up for the class in my area. I think it will lower my premium by at least $60 – $80. I could use that discount.

Do you feel like you pay too much for insurance?

Getting Started With Penny Stocks

Posted on July 11, 2016 - 6:30 am by Jason Butler 1

penny stocks, penny stock investment, stock investments

Hello, Dinks. Becoming a good investor in stocks takes some time. The jargon may not be easy for everyone, but if you can grasp it, the reward can be worth it. There are different types of stocks that you can trade. Today, I want to discuss penny stocks.

Penny stocks are low-priced stocks. They are traded in the over the counter market. As per the Securities and Exchange Commission of the United States (SEC), the maximum price of the penny stocks is fixed at $5.00 per share. The actual price of these stocks is well below that and are sometimes one cent. Although the penny stocks are commonly traded in the OTC market, they can be traded on the NYSE or NASDAQ.

As with all investing there is some risk associated. Penny stocks are a good option for investment if you have some disposable income. Since they are penny stocks, the risks won’t be too much. There are rules and guidelines on the penny stocks. If you plan on investing in them, please keep the rules in mind before you buy or trade any of them.

Getting Started

It is common belief that the penny stocks are risky. They are a little risky, but at the same time, the share prices are generally low. The risks associated with the penny stocks are also pretty small. A lot of folks see investing in penny stocks as an opportunity to learn share trading techniques. Since they are lower than other stocks, people can afford to lose some money here and there. Investing in penny stocks may not substantially improve your financial condition, you may earn some profit.

If you have made your mind up to invest in penny stocks, you will have to approach a trader or dealer to get started. According to SEC guidelines you have to give a written request to the broker and after approval you may buy the stock from the broker. Make sure you consult the trader and invest carefully. Your broker will let you know the rate of the stock and brokerage.

Once you have dreaded to deal with a broker, get all the information regarding the penny stocks, brokerage and other terms and conditions in writing from the broker. You should also keep the records of all the written documents provided to you by your broker. You should ask your broker to provide you the written documents mentioning the recommendation for the buying or selling of any penny stocks. You should also take an independent opinion about the penny stocks from another broker and decide before making any investment. Your broker should also provide you a monthly statement mentioning the penny stocks held by you in your account and the rates of the penny stocks.

Brokerage firms dealing in penny stocks will generally have SIPC (Securities Investor Protection Corporation) coverage. If the brokerage firm is unable to pay you your dues due to bankruptcy, the SIPC insures the entire customer owned penny stocks held by the brokerage firms are paid. SIPC protects the entire customer owned securities held by the brokerage firm, however in the case of fraud; the insurer is not liable to pay the amount. Penny stocks are not a get rich type of investment, but they will give you an opportunity to learn to trade.