MAP Financial Solutions Podcast

I came across this article online on Forbes by Alden Wicker, while researching the topic of student loans and wanted to share it with you this week.

The trouble with student loans is that they take advantage of untrained minds and vulnerability among college students. While I know that not all college students are un-savvy in regards to the debt that they are assuming, I feel safe to say that 80%+ are really not trained in this area.

I have met young people who got credit cards and knew they had to pay them back, but the debt and paying it back seemed to be a distant reality in their mind – almost like they didn’t have to. The same goes for student loans. It seems that debt of student loans are not a concrete reality for most kids going off to school. A student loan is a BIG DEAL. It will involve a bill and a liability to a company – an experience that most college students have never faced. I strongly feel that this is what contributes to their lack luster approach to this responsibility.

Thank you to Ashley from Colorado for this week’s question – Ashley’s question is:

Organic food is generally considered much better for us however it is a lofty financial investment, is it worth it in your opinion?

I am passionate about financial freedom for everyone, but I am also just as passionate about health for everyone! A large part of health in my opinion is how we’re eating and we have the ability to make choices about what we put into our mouth! A large concern of mine is the amount of chemicals that are being sprayed on our produce these days and if we’re eating produce that has been sprayed, we are ingesting the chemicals that are harmful to our bodies. Remember that these chemicals are designed to kill these insects…and we’re ingesting them!

So, Ashley, BRAVO for such a great question!

First of all, organic shopping may cost you a little bit more money, but YES, it is WORTH it!

The Danger Of Credit Card Debt

Kiona’s Question:“Is it smarter to pay off your debt (college, credit card) before buying a house? I feel that if I wait until I can pay off these debts - college loan is as much as a car loan - that we will be renting well into our 50's. What do you think?”

This is a great question and I get asked this question frequently…

Roll up your sleeves and get out a paper and pen if you can, because I have to run you all through a number of scenarios in an effort to get you to your answer.

I need to ask you some very important questions about your current debt and savings, can I do that? Great! Let’s start with your current debt - Are you in a position now where you are struggling to pay off your current debt? Struggling is a deceptive word, what I mean by that is – are you paying only the MINIMUM payments on these loans at this time?

May I confess something to you today? May I confess that I am just as guilty of impulse buying as you are? Just because I teach you how to save money, juggle a budget and pay off your debt does not make me immune to impulse buying…let me tell you a little story…

In today’s housing market there seems to be several opportunities, but we have to remember one thing. Nothing is ever a good opportunity unless we fully understand what we are getting ourselves into, therefore, I want you to do some research before jumping into this viable opportunity. You ask, OK, where do I start?!

You start with understanding what your PASSION is and what your spouse’s PASSION Is. Is this your idea, or your husbands?

Are you asking this because it’s his idea and you’re scared?

No matter the circumstances, you want to make sure this is #1