Owning a designer handbag or a large TV won’t make you poor. You also shouldn’t believe the classiest statement that the difference between a rich person and a poor person is the number of books they have in their home. Seriously?  Ever heard of a Library where the books are free and returnable? This type of thinking is toxic, and it alienates and discourages people who are sincerely interested in learning how to change their financial outlook. Guess what! It’s possible to live your life and meet your financial goals. Let’s Discuss. “Poor” isn’t a word I typically like to…

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From the desk of Mr. Broke on Purpose Closing out the month of July may have people recovering from a 4th of July blowout or a much-needed vacation with the family. For me, the month of July marks one full revolution around the sun. That’s right my birthday is in July, not to mention our wedding anniversary. Unlike most people, I’ve never been a “birthday turn-up” kind of guy. Compared to the people who celebrate their birthday for a full three weeks, I’m lame. You know the people that are like “my birthday is next week turn up; my birthday…

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Diligently paying off debt is no easy feat. It takes perseverance and dedication to hand over your hard earned money like clockwork each and every month. The bonus is seeing all that hard work paying off each time your balance gets lower and lower until finally you’ve gotten that debt completely paid off. This is why the Debt Snowball Method is one of the more widely used methods of debt repayment. When you pay off your debts in order of smallest to largest you feel a sense of accomplishment each time you pay one off and can move on to…

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One of the ways that credit cards and financing companies trick us into giving away more money than we intend is by using a tactic called “The Minimum Payment”. Simply put, the minimum payment is the lowest amount of money we can pay to keep our names in good standing with those who loaned us the money in the first place. The amount of money you pay towards a minimum payment will range based on the interest and the amount of money borrowed or financed with most payments starting as low as $15. Not surprisingly these minimum payments could be…

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