We Tell SmartMoney Readers Our Debt Secrets
Posted on January 12, 2007 by Him and tagged welcome
A few weeks ago, Lisa Scherzer, an editor of SmartMoney magazine, emailed us (and JLP and Tricia, too):
I'm interested in talking to people who are, or have ever been, in a situation where they've been at odds with their spouse or significant other about money -- attitudes toward money, and specifically, debt, and ways of managing money and debt. For example, shopaholic Wife tries to hide her expensive shoe purchases from thrifty Husband. Or a man lies to his fiancee about how much debt (credit-card debt, student-loan debt, etc.) he has -- or at least fails to mention it for some time. You get the idea.
Oh yes, we got the idea. And then we told Lisa our story.
Here for the first time and need more backstory? Try my financial history, and then more of Her's. I think that it's important to note that I wasn't the only person she was hiding the true amount of debt she had - she also hid it from herself. Hindsight is 20/20, so next time we'll both be on the lookout for signs of trouble.
In the two years that have passed since the initial..."reveal," we've done much to improve our finances, but we're far from perfect. In fact, we've been known to make mistakes. But that's okay, since the point of all of this is to learn from them. If you'd like to hear about our experiences with money, you can cruise the archives, or pick one of the tags over there on the right for more relevant topics. More specifics?
For example, when our savings eclipsed our credit card debt, we thought that was a little ridiculous. So this month, we've committed to paying off all of our non-0% credit card debt, about $6,600. We're also on on track put half of the max into our Roth IRAs this year. We've made a nice foundation for achieving our 2007 goals. This is a far cry from where we were even one year ago.
On our site we like to discuss the intersection between relationships and finances, and we do this in a number of ways. Sometimes, readers ask a question that we answer. Other times they contribute content to our site. And, of course, we talk about how we deal with it.
Much to the chagrin of many, we tend to also take a lighthearted look at finances. See how we spent $26 so that I could get a more masculine license plate. Or my plans for what I'd do if I had all of the money in the world. Or just see how the personal finance blog community likes to kick our asses.
So again, welcome. Stay for some pie.
Comments/Trackbacks
Trackback URL: http://www.makelovenotdebt.com/MT/mlnd-trackbacks.cgi/1059
I actually saw the article on SmartMoney.com where your blog is mentioned. I thought it was great and the site looks excellent by the way. As a personal finance blogger myself, of a sort, I am not going to throw punches at you. It is your money -- plus, my husband and I are probably twice your age and it took us until now to start to tackle our own debts. I like reading your site and keep up the good work.
Hi guys,
Congrats on getting the exposure. I am a freqent reader of your blog, and am glad to see that you're experiences will be able to help others!
Best,
James
Bill | Feb 18, 2007
Just stopped by becasue of the story. I had to decide 35 years ago to stay out of debt. Net worth north of $500,000. At 66, not much chance to change things now. Keep working at it, but I think you can do better at reduction if you want to. The "want" is what gets us in trouble.
Alejandro | Feb 24, 2007
Love your blog, it's true now that in my 30s, pursuing financial goals and being disciplined and watching my investments is a great high.
danny bee | Mar 5, 2007
I wonder if any news magazines or newspapers have reported on another trend, older people who have no retirement funds, no big income coming in after they retire, because they worked all their lives at odd jobs and occasional jobs, and lived okay, but now at age 60 or so, like me, they have no retirement fund, no pension, no company benefits, nothing, nada. I am debt free, never been in debt, but i am basically in big doodoo for the future, if i live that long, from 60 to 80, i will have no income to speak of. what to do? are others in this situation in USA? email me and tell me what to do. I led a charmed life by the way, no regrets. danbloom AT gmail DOT com
Unfortunately Danbloom is not alone. I'm currently working at White Castle's (a fast-food restaurant ) and I'm 42 years old without any retirement savings. Additionally, I have three other co-workers in their 50's in the same situation.
Interesting comments, above. Actually, I don't own anything, no car, no house, no condo, nada. No retirement funds, no pension, but some Social Security will come my way 10 years down the road or so, but like just US$100 a month, since my working ages were sporadic over a long period of time, freelance work, etc.
I wonder now, after reading comment here, if there might be an important media story for some enterprising reporter for New York Times, say, to write about people like me, and I am sure there are LOTS, and how the future might unfold. if at all. All is not lost, i still have my wits about me, working still, saving a bit of money in the bank, but no longterm retirement funds at all. What do people like us do?
The New York Times recently did a story about people trying to get out of debt, and keeping blogs about it to help others, and now I think there might be a good story for the New York Times or some other newspaper or magazine, about people without any parachute or retirement funds coming LATE IN LIFE. AHHHHHHHHH!
I think i will contact a reporter at the Times and see if they are interested in interviewing 9-10 people in this kind of situation, and getting some experts to give their advice on what to do........ good idea? DO you know any reporters who might be interested in this story idea?
Judy Walters | Mar 23, 2007
I was just dismissed from my job which included all kinds of benefits including employee stock purchase. I was told that I would be eligible for rehire in 6 months. I do have some money saved up but not enough to last for 6 months. How can I find an employment attorney who doesn't mind pro bono cases? I appreciate any advice I can get on this matter! Thanks
Judy,
I'm no expert on attorneys, and I'm not even sure why you want one (are you planning to argue your dismissal?). But I can suggest some ways to cope with your layoff.
First, make sure you are covered for health insurance. Ask your old employer about COBRA coverage, which can cover you for 18 months. Also check if you can be covered under a spouse's insurance plan.
Second, consider whether you really want to return to your old job. They have already proved to be an unstable source of income for you, and it may be hard to feel as secure or loyal there when you return. Plus, they said you'd be "eligible for rehire" but they never guaranteed you would be re-hired. You may be waiting for a job that never appears. Your six months may be better served by looking for a new job.
Third, you stated that you do not have enough saved to last six months. Sit down and work out a budget. Cover the essentials (housing, food, insurance) first. Then look for ways to bring in new income and reduce spending. Can you sell household items at a yard sale or on eBay? Can you cancel subscriptions to cable/magazines/gym/etc? Even if you look for a new job, finding it may take six months or longer. You will need to find a way to support yourself during this time. Can you take a part-time job at a retail store, perhaps a clothing shop where you can get an employee discount on a new interview suit?
Fourth, use your time wisely. Prepare an updated resume. Consider taking a class or training program that will make you a more competitive job candidate. Use your current job connections to network NOW, while your connections are still current. If you're serious about getting your old job back, stop by the office a few times to keep current on the office projects, maintain your network of industry friends, and remind HR that you want the job as soon as it becomes available.
Remember, as one door closes, another opens. Keep your attitude positive, be responsible with your finances, and you'll do fine. Best of luck to you!
I'd like to enroll my new Visa check card and be able to keep the points I've already earned from my previous Visa check card.
Great Blog!!
As im now in my thirtys it's about time I stopped being so irresponsible with my money and thought about the future.
Your site has given me a new outlook. Thank you.
Also. I belive that there is lots of information available on the web to help us. It only takes a little time and dedication to beat debt....
Commentator | Jan 12, 2007
What's a decret?
Reply to this comment