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Author Archives: Jason Butler

Avatar photo 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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Fighting Credit Card Debt

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credit card debt tips, fighting credit card debt, debt tips

credit cardMany people in this country have it. You or your partner may have some. Heck, I have some of it. What am I talking about? I’m talking about good ole credit card debt. My credit card debt is currently under $3000. I’m happy because for several years it was over $4000. The amount is getting smaller and smaller each month. I can’t wait until it’s gone for good. People struggle with credit card debt for many reasons. Some have a spending problem while others use their cards as a way to survive. Whatever the reason is, we eventually to break the chains of credit card debt unless it will be with us forever. Today, I want to go over some things that anyone can do to help focus on paying off credit card debt.

Discipline

The first thing that you must have is discipline. You have to stop using them. That in itself can be tough for some people. If you’ve been using your credit cards for years, it won’t be easy, but you have to discipline yourself. If you have a hard time doing that have your girlfriend or boyfriend, keep you accountable. Give them your credit cards if you have to.  The sooner that you get some discipline in your life the sooner your debt will stop getting higher. If you’re serious about fighting credit card debt, you will find a way to make it happen.

As I stated earlier, you have to stop using your credit cards. You have to retrain yourself in the way you think about money and how you spend it. Is what you want to buy a need or a want? If you want it bad enough go to the bank or the ATM and withdraw some cash. Spending physical cash won’t cause you to get into further credit card debt.

Make payments

The final thing that you can do is pay your credit card bill. The minimum amount is fine if you want your credit card debt to last for a few years. Adding extra money to your credit card payment each month will save you money. Your credit card debt will be paid off faster, thus saving you money in interest. One of the minimum payments for my credit card is $30. I apply $100 that card each month. If I make any side hustle money, I apply it to the credit card debt too. I’m serious about fighting and eliminating my credit card debt. I know you are as well. If you’re struggling with making extra payments, get with your partner and come up with some side hustles to help you. If you are dedicated to eliminating this debt, it can happen.

Credit card debt can be a never ending cycle of late charges and over-limit fees that increase every single month. Getting out of credit card debt is the best thing you can do for yourself and your family’s financial future.

Do you have a lot of credit card debt? How are you paying it off?

Disease Called Debt

Getting Back on Track Financially

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financial advice, financial tips, get back on track financially

Getting Backon TrackFinaciallyHello, Dinks. I hope you all are having a great summer so far. Mine is going pretty well, so I can’t complain. My finances are alright, and I ‘m actively paying down my debt. A couple of summers ago that wasn’t the case. I was struggling badly. I had two part-time jobs, and I was behind on several bills. If you or your partner is in a similar situation, I want you to know that it won’t last forever. Today, I want to share with you a few tips that will help you to get back on track financially.

Live below your means

The first item on the list is to live below your means. I know you’ve heard this statement several times over the years, but do you really understand what it means? To live below your means is to create a lifestyle that you can pay for with money left over. It is something that I think everyone should shoot for. A few ways that you can do that is to challenge everything such as your cable bill, your insurance, and your internet. You can also make sure that you budget certain activities into your life instead of randomly just doing them.

Should you use credit or not

This next thought is very important. Every time you think about using your credit card or getting a new loan, I want you to take the time to calculate what you might pay in interest in the long run. Unless you pay that credit card or loan off each month, you will have some sort of interest. Credit card interest rates fluctuate. Some could start off at 6 or 7% while others could be at 19 or 20%. It just depends on your credit score. Loans are the same way. Their interest rates can vary as well. If you have the funds to pay the credit card or loan off each month, I don’t see a problem with you using them. If you struggle with credit cards, don’t get yourself in a hole.

Watch your spending

Watching your spending is the next tip on the list. Improving your personal finances is all about taking a real look at what you’re spending and debating what’s important and what’s not. Below are a few things that you can do to help lower your spending.

  • Bring your lunch to work instead of buying it. You and your partner can meal prep each week. That way you won’t have to buy your lunch at work each day.
  • Skip the expensive cappuccino. Make your own. It’s cheaper.
  • Use baking soda and vinegar as inexpensive cleaning products.

There are a couple of ways that you can track your spending too. You can do it the old-fashioned way and use a check register. You can also use an online program such as Mint or Personal Capital. Tracking your spending may take a little time in the beginning, but it’s worth it.

Diversification

The final tip is to diversify, Do not put all your eggs in one basket. The reason is simple. You may have some investments in your portfolio perform poorly at any time, but diversification should also have you invested in some well-performing assets as well.

Happy Fourth of July

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July 4th, American Independence Day, celebrating July 4th

america-1385422_1920Happy Fourth of July everyone. Hopefully, this Fourth of July weekend has been good for you I’ve enjoyed it very much. I didn’t do anything blog related. Taking a short break is nice. With today being the Fourth of July I wanted to share a few things that you can do if you don’t have any plans.

Be lazy

Since today is the last day of the three-day weekend, you may have enough on Saturday and Sunday. If so, you deserve a day to be lazy and do whatever you want to. A lazy day could mean different things to different people. For some, it could mean lying in bed most of the bed. For others, it could mean watching TV all day. It’s 100% up to you. There is no wrong way to have a lazy day unless you decide to do some work.

Fireworks

Watching fireworks is the next thing that you can do. Several places will have a fireworks show in the Atlanta area. I’m still debating if I feel like going to any of them or not. I love fireworks, but it is hot outside. I will probably just stay inside or watch the highlights on the local news.

Depending on where you live you may also be able to purchase your own fireworks. You can invite family and friends to your house and light them together. Just make sure you are careful. You don’t want to have an accident like Jason Pierre-Paul of the New York Giants did. He blew a finger off last year while lighting fireworks.

Cookout

Having a barbecue is something that many people will be having on the fourth. Cookouts are typically nice. There aren’t many things better than getting you and your partner’s friends together for some food and drinks. I’ve been to a lot of cookouts before. In the past, people would bring an item or two and meet at someone’s house. If you decide to go to a barbecue today, don’t be that person that brings only cutlery and paper plates unless they specifically ask you to. Bring some burgers, hotdogs, chicken or beer. Trust me; they will thank you for doing that.

Visit the park

The park is always a good place to go to during the summer. The Fourth of July is no exception. It should be plenty of people out there having fun and relaxing. If your park has a pool, it will probably be crowded too. You will probably have a real good time out there.

Shopping

The final thing that you can do today is to go shopping. The Fourth of July brings sales to a lot of different stores. The outlet stores and the shopping malls should have deals galore. If you decide to go to one I’d suggest you head out there early. Since the kids are out for the summer and people being off of work, expect crowds.

These are just a few ideas for things to do on the Fourth of July. I know there are some other options out there too.

What do you have planned for the Fourth of July?

Removing Bad Items From Your Credit Report

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credit report tips, credit report advice, cleaning out credit report

Credit reportI want to go over a situation that happens more often than not. Say you and your significant other are tired of living in an apartment. You both decide that you want to move into your first house. From what you know your credit scores are pretty good. Your significant checks their score often and it’s in the high 700s. You haven’t checked yours in over a year, but you figure that everything is fine because it was last time. You begin the home shopping phase.  Everything starts off going well. You find a house that you and your wife/husband are interested in. Now it’s time to run credit. Your partner’s credit comes back fine, but yours has some negative items on there that you know aren’t right. You’re shocked, but it’s not the end of the world. There are some things you can do to remove those bad items from your credit report.

Get all three credit reports

The first thing that you need to do is get a copy of your Experian, Transunion, and Equifax credit reports. Look through each report carefully. If you see something that doesn’t look right, make sure you highlight it. Write down the account numbers and the description of the activity. Some bad items will only show up on one credit report, while others will appear on all of them.

Begin the dispute process

It’s time to start the dispute process. You need to make sure you have the address of the credit agency that you are disputing. You should be able to find that info on their website. You should write a credit dispute letter. The letter is asking the credit agencies to correct any errors. If you see that the errors happen to be accurate, the next thing you should do is write a goodwill letter. You may be asking what the heck a goodwill letter is. It is a letter that you send to your creditors asking them to remove or stop reporting negative information from your credit report as a matter of goodwill. A goodwill letter is easy to write. You should receive a response within 30 days. If not, contact them again. You want to try to get this situation taken care of as soon as possible.

Resolution

One of three things will happen once you’ve sent in your letter.

  1. Your creditors will respond and remove the item. No further action will take place. This is the perfect scenario.
  2.  Your creditors will respond and say that the item isn’t an error. They will also provide you with documentation stating why that is.
  3. They don’t respond. I hope that doesn’t happen. If it does, you do have certain rights. You still may be able to get the items removed. Your best bet would be to contact a lawyer. They will be able to give you the best legal advice in this matter.

Getting the creditors addresses and writing letters will only take a few hours. Those couple of hours could result in being able to buy a house or a car at a much better interest rate.

If you see something on your credit report that you want to dispute, go for it. I plan on sending a goodwill letter to a company that I used to deal with later this week I will share what happens with the situation on my site.

Have you ever had to dispute something on a credit report? How did it go?

Summer Date Ideas

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dating ideas, frugal summer date ideas, cheap date ideas

summerI’m not sure where you live at, but in Atlanta, you can tell that it’s officially summer. At the time, I wrote this article; it was 98 degrees outside. It’s not even July yet. Thankfully, I enjoy the hot weather. I know a lot of you guys, and girls like it too. Today, I want to share with you some summer date ideas.

The Beach

Since it’s nearly 100 degrees outside I figured what better, and affordable summer date idea is there than the beach. There is nothing like enjoying the sun and the waves at the beach. The closest beach to me is a little over 4 hours away. I know that some of you are much closer. I’m jealous. Grab your partner and make your way out there.

Amusement Parks

Most amusement parks open up in the spring, but they don’t get busy until the summer time. An amusement park isn’t the cheapest option, but it makes for a pretty good date. At an amusement, park couples can get on numerous rides, play games and eat. That should be a splendid time for anyone. A few popular theme parks are Walt Disney World, Six Flags, Universal Studios, and SeaWorld. Hopefully, there is an amusement park near you.

Yard Sales

Yard sales are the next summer date idea. They usually start at 8 or 9 in the morning so you can start checking them out before it gets too hot. A good thing about yard sales is that they are free to attend. You can go to 5 or 6 of them and not spend any money.

Screen on the Green

In many cities, parks have begun to show movies on projectors. In my town, the movies are usually shown on a Thursday, Friday, or Saturday evening. Some places charge for entry while others don’t. Most of the movies that are being shown are good family fun flicks. You rarely will see a rated R movie shown at this type of event.

Drive- In

I will stay with movies as I share the next date idea. Taking someone to the drive-in is another cool date option. Once a large part of American culture, there are only 319 drive-ins left in the country according to drive-ins.com. I’ve taken a few dates to the drive-in. It feels as if we went back in time. If you live near one, you should try it. You won’t be disappointed. Drive-Ins are also priced well. At the drive-in here you pay $9 per person, and you can watch two movies.

Sporting Event

The final summer date idea is to attend a sporting event. Baseball is going full throttle right now. If you live near one of the 30 Major League teams, you should check out a game. If not you always have the option to check out a minor league game as well. The WNBA season is also in effect. There are several teams around the country that paly games a few times each week. Their games are also affordable.

What other summer date ideas do you have?

Basic Planning for Retirement

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retirement planning, retirement tips, retirement advice

Basic PlanningFor RetirementDepending on your age retirement may be 30 years away or it could be right around the corner. Have you started thinking about it yet? The cold heart truth is that many people haven’t begun to plan for retirement yet. That doesn’t have to be you, though. Today, I will share with you three tips that will help make retirement a reality.

Consider your income needs

The first thing that you should do is consider your income. Sources say that most people will need between 70 to 80% of their current income level in retirement. Since you’re Dinks, that number may be higher or lower depending on your living situation. If you plan to maintain your standard of living, there are some things that you should think about.

If you have a mortgage, look at when it will be paid off. The sooner that it will be paid off, the better. You won’t need as much money anymore because you won’t have to pay the mortgage anymore.

Is your home old or high maintenance? If the answer to either one of those questions you should take potential repairs into account. Depending on what needs to be fixed, you may be out of a lot of money. You may even need to move to a cheaper house in order to stay within your income. Something else that happens when you retire is that you won’t be putting money towards your retirement savings anymore. You will now have that money freed up to use.

Learn investments

I don’t care where you are in life, but you need to take some time to learn some basic investment principles. It may be foreign language to you in the beginning, but you will thank yourself down the line for learning how to invest. Everyone’s style is different. You and your partner should take the time to figure out what investing strategy works best for y’all.

Where is the money coming from

The final tip is to know where the money will be coming from. If you take heed to my advice above you will eventually have some money coming in from investments. That probably won’t be enough. Retirement income can also come from employer-backed plans, government sources, and personal savings. Make sure you sign up for a 401k if your employer offers one. Contribute as much as you can to it. Your taxes will be lower. Over a period of time, the interest and tax deferrals can make a big difference in the amount that you will have.

When it comes to government sources, social security is the most common form. To figure out how much you will be paid in social security, check with your employer’s plan.

Considering your income needs, learning investments and knowing where the money is coming from are three things that you must do when planning for retirement. For some of us it’s a long time away, but for others, it will be here in less than ten years. Whatever your age is you should have a plan in place.

Have you started to prepare for retirement?

Hidden Credit Card Fees to Look Out For

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credit card fees to watch out for, hidden credit card fees to watch out for, credit card fee advice

credit (1)Many people have credit cards. A lot of people use them to get cash back or travel rewards. Some credit card offers might sound too good to be true. If it looks like its too good, it probably is. Over the years, credit card companies have gone from charging reasonable amounts of money for their services to charging very low amounts on the surface. A lot of credit card companies now make their money on hidden fees and interest rates.

Here are a few hidden fees and interest charges to look out for.

Balance transfer fees

Balance transfer cards can save you hundreds of dollars in interest. I did a balance transfer in March. I’ve been able to save $60 a month in interest. Some credit cards don’t have a balance transfer fee. Others charge a fee of 3% – 5%. I got lucky. My new card didn’t have a fee. You should make sure you read all of the fine print before signing up for a balance transfer card.

Inactivity fees

In my opinion, this is one of the most bogus fees out there. Some card companies charge you inactivity fees. An inactivity fee means that if you don’t use your card for a specified period of time, they can charge you for that. That is messed up to me. They can charge you for just having a card that you don’t use. I wouldn’t want to deal with a company that does something like that. There are a lot of companies that don’t charge that fee.

Late fees

At one point late fees were a common thing for me. For whatever reason I would never pay a certain credit card that I had on time. I had late fee after late fee. I’m glad things have changed. I haven’t seen a late fee credit card charge in over two years. Late fees can range from $15 to $35 depending on the company.

Something else can happen if you are late with your credit card payment. Your interest rate can skyrocket. For example, you might have a low 7% interest rate card. You can miss one payment, and your interest rate could jump to 18.5%. That sucks, but it’s a legal practice.

Foreign transaction fee

Many banks charge a foreign transaction fee. A foreign transaction fee is a charge assessed by a credit card company to a person who used their credit card to make a purchase in a foreign currency. The transaction fee is usually 2-3% of your purchase. That fee is to cover the cost of converting foreign currency to US dollars.

In summary, the hidden fees to look out for are balance transfer fees, inactivity fees, late fees and foreign transaction fees. All those fees can be avoided in my opinion. You just have to take the time and read the entire document when you’re signing up for a credit card. It may take a while, but it may end up saving you a lot of money down the road.

Are there any hidden fees that I missed?

Disease Called Debt

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Tips for First Time Property Investments

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property investment advice, property investment tips, investment talk

Tips For First -timeProperty InvestmentsOne of my goals is to have some type of property investment in a few years once I pay off my student loan debt. I’ve been thinking about getting a quad and renting it out to young urban business professionals, but I have to do some more research first. In today’s post,  I want to share some tips for first-time property investors.

Foreclosures & Bankruptcies

You can get foreclosures at the county clerk’s office. You can also find out about short sales from the bank. Foreclosure investing is not a good investment for first-time property investors. It can be very tricky. The banks will have you filling out a lot of paperwork. Even if you do everything correct, it can still take a long time getting your request approved. Foreclosures and short sales are not a quick way to get into the property investment game. Even though the profits can be enormous from foreclosures and bankruptcies, you should have a few year’s experience with regular real estate investing.

Plan

The next tip is to have a plan. In the beginning, you are probably thinking about the property and the dollars that can be made from it. You should reflect on some other thing as well. A few things that you should think about are as follows. Are you in it for the short term or the long haul? How much do you want to make each month? Do you want to one property or many of them? Those are some things that you should think about. Without a plan, you could make a huge mistake.

Research property

Once you find a property, it’s time to research it thoroughly. You need to get an appraisal and get it inspected. The worse thing that you can do is buy a money pit. A money pit is when you purchase the house at a low price.  At first look, everything seems fine. After further inspection, you realize that it needs lots of work. Depending on what the type of work is you may have to pay thousands of dollars to get it fixed. What started out as an investment opportunity has turned into a nightmare.

At the end of the day, you want to buy property that you can put a minimal amount of money into and fix it up quickly for a good return on your investment.

Fix it up…quickly

The final tip that I have today is to fix up your property quickly. Time is money. The sooner you can get someone in there the better. Getting regular cash flow is the name of the game. A few things that must be done when you fix it up is to make sure the rooms are freshly painted, make sure the grass is trimmed and make sure the lighting is good all around the house.

In summary, the tips for first-time property investors are to ignore foreclosures & bankruptcies, have a plan, research the property and fix it up quickly.

Are there any tips you want to share?

Average Credit Scores

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credit score bracket, average credit score, credit score tips

average credit scoresHello, Dinks. I’m sure everyone knows their credit score. I have a question for you. Do you know what the average US credit score is? The answer is 690. Did you guess right or did you bomb on the answer?

Your credit score can range from 300 to 850. This is based on the FICO model which is used by most banks and credit companies. The score is based on your information from the three national credit bureaus which are Experian, Equifax and Transunion. Here is a brief breakdown of the ranges from bad to excellent credit:

760 – 850: Excellent

720 – 760: Very Good

680 – 720: Average – Good

620 – 680: Fair – Poor

Below 620: Poor

The 690 score means that a lot of American citizens have an average score, but they still have a little work to do to get the score to the excellent range.

Factors that affect your credit score

Payment History – 35%

Your payment history is hands down the most important part of your credit score. Your payment history tells your creditors whether you have paid your bills on time or not. It will also let them know if you’ve ever paid your bills late and if so it will let know by how many days. The later you’ve paid your bills the worse your credit score will be. If you have any foreclosures, collections, or bankruptcies, your score will also take a hit.

Amounts owed – 30%

The amount you owe is the second most important part of your credit score. Too much credit may show potential creditors that you’re spreading yourself too thin. The amount that you owe on particular types of credit such as credit cards and auto loans is also important. The less you owe, the better.

Length of credit history – 15%

At 15% the length of your credit history is the third credit score factor. The credit score takes into account how long you have been using credit. Some of the things it looks at is the average age of your accounts, the years you’ve been using credit and how old your oldest account is. According to one of the credit sites, the average of my accounts is nine years.

New credit – 10%

Your FICO score looks at how many new accounts you have. It looks at when you opened them and how many you opened. If there are too many, you may be considered a credit risk.

Types of credit in use – 10%

The final thing that creditors look at is the type of credit that is in use. Potential creditors like to see a mixture of accounts such as installment loans, credit cards, and mortgages.

You can get one free credit report each year from Experian, Equifax, and Transunion. You can also get your free credit report from sites such as Credit Sesame, Quizzle, and Credit Karma. I’ve used all three of those sites in the past. They all provide valuable tools and information regarding your credit score. They even have recommendations on things that you can do to raise your score.

Are you surprised with the average US credit score? Did you think it would be higher or lower?

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What to Do When Your Credit Card Gets Stolen

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credit card tips, stolen credit card tips, credit card advice

credit (2)Hello, Dinks. Having a credit card stolen from you is very stressful. It sucks that people are so money hungry that they will do whatever they can to try and get more. Luckily, I haven’t had my credit card physically stolen. Someone did hack my number before. In today’s post, I will be going over some things that you need to do if your credit card is stolen.

Call your credit card company

This is one of the most important things you can do. The sooner that you call the credit card company, the quicker the chances are of getting your situation taken care of. When you call to report the card stolen, the credit card company will want to know your social security number, when the card went missing, how it went missing and the date of your last purchase. If you have any unauthorized charges, you may be responsible for up to $50. That all depends on how long it takes you to report it missing. Make sure you follow all the steps that your credit card company asks you to complete.

Watch your credit card statement

After a credit card theft, you want to pay attention carefully to your credit card statement for the next month. You also want to make sure that no unauthorized transactions show up. Sometimes transactions can take some time to process.

Fraud Alert

Fraud can mess up your credit report. You will need to call one of the three national credit reporting companies and let them know that your credit card has been stolen. You then want to ask for a fraud alert to be placed on your credit report. A fraud alert will notify lenders and creditors to take additional steps to verify your identification before they extend a credit line or loan in your name. A fraud alert can help prevent a thief from opening any new accounts in your name.

There are three types of fraud alerts. They are initial fraud alert, extended fraud alert and active duty military alert.

Review your credit report

The next thing that needs to be done is to review your credit. As you are probably aware, the three credit companies are Equifax, Experian, and Transunion. You are entitled to one free report with each company per year. Order your reports and review them carefully. You are looking for charges for purchases that you didn’t make. You’re also looking for accounts that are in your name that you didn’t open. If you see one of those contact the FTC.

Contact the FTC

The FTC is the Federal Trade Commission. One of the things they do is protect people from fraud. When you contact the FTC, you will need to create an Identity Theft Report. The Identity Theft Report will help you prove that you weren’t the person who made those fraudulent purchases using your name. The Identity Theft Report is made up of two parts. The first part is an Identity Theft Affidavit. The second part is a police report.

In summary, you want to call the credit card company, check your credit card statements, put a fraud alert on your credit report, check your credit report and contact the FTC.

Have you ever had your credit card stolen?

 

Disease Called Debt
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