Learning to think more often about our financial future helps keep us free of consumer debt. So by spending a little time each month figuring our assets, debts, cash flow, and more, we have a means for staying ahead of financial problems.
First and foremost, if you can in any way live without credit, do so. If you cannot live without credit, live with as little as possible. Frugal living leads to peace of mind. Developing our human rationality allows earns a virtuous living and contentment.
Welcome your Bankruptcy Reform Act of 2005 information. This service parallels Orange County Consumer Fraud for a good reason. You may have met our coroner or administration employees following the death of a loved one. You may have suffered a harsh, financial invasion of your family finances by county government corruption at employee hands; hence, you may find a need for thinking through this page. Or, perhaps you tried starting your own Orange County biohazard cleanup company. If so, you know now that somewhere “out there,” a force works against all of your efforts to provide a reasonably priced, somewhat socially necessary blood cleanup service. Bankruptcy more than likely has followed you closely. So here’s a way to begin thinking as you try to find another line of work. Our Orange County Government could care less about your business hardships over-against our county’s monopoly over crime scene cleanup.
Understand that a part of your bankruptcy process leads to reading through a budget analysis and credit information web page, a page not so unlike this one.
Ask yourself questions about your finances, and know that now more than ever, level with yourself because no one else will. By asking questions and answering these questions, your answers will have meaning as you work through them. Some of these answer will fit your actual financial circumstance. So of these answers will fit your wish fulfillment. Try for honesty.
As a result your increased financial knowledge will lead to a more secure financial future based on your own skills, abilities, and knowledge.
Have you ever looked at a financial summary of your assets and deficits? If you needed a budget overview in an hour, could you come up with one? Do you have financial options open to you at different times of the month or year?
What about your GROSS income? This means, how much money did you make in one year before taxes get subtracted.
Your NET income becomes what remains of your GROSS income once everyone takes what they want from your income, like taxes.
My crime scene cleanup company grosses $1,000.00 per month; Nets 800.00; Deducts $100 for income taxes; Deducts $100 for miscellaneous like gas, insurance, and more.
Before filing for income taxes, we must consider essentials: Example
Expenses include
Housing, Transportation, and Personal Maintenance.
How much goes to housing costs?
Property tax; insurance; upkeep.
What about utilities?
Electricity: $ (per month)
Gas: $ (per month)
Water: $ (per month)
Trash/Sewage: $ (per month)
Telephone: $ (per month)
Other: $ (per month)
Expenses : Transportation
Car loan? Monthly Payment? Upkeep? Insurance?
Total:
What about Medical Insurance? If you are self-employed or otherwise in the competitive sector of our United States economy, then you probably have expensive health insurance or no health insurance. Republicans believe that our way of life does not include looking out for one another, at least no in terms of medical care. So now you pay for being a follow of Ann Ryan's philosophy actualized in reactionary politics.
If you work in the state or government sector of our economy, you probably get a break on your medical insurance, if not a fully paid-for health insurance play. If you do, you have been admitted into a very exclusive groups of people.
Assuming that you're like Eddie Evans (writer), then you pay for your medical health insurance. So figure this way:
How much do you spend per month on medical insurance? How much do you spend on prescription drugs per month?
If you have an Orange County crime scene cleanup company, then you know you've been had by your Orange County Coroner Employees and administrator employees. They get medical care at a reduced cost because our corrupt county government pays for their care. Meanwhile, they cheat families victimized by homicide and suicide, families that probably have medical bills to pay.
Self Employment
Self Employment Tax: $ (per month)
Court Ordered Payments
Alimony: $ (per month)
Spousal Maintenance: $ (per month)
Child Support: $ (per month)
Dependant Care
Child Care: $ (per month)
Taxes Not Deducted From Paycheck: $ (per month)
Accounting Fees: $ (per month)
Legal Fees: $ (per month)
Security System: $ (per month)
Self-Defense Class: $ (per month)
Membership/Subscription: $ (per month)
Cable TV Service: $ (per month)
Phone/Cell Phone/Paging Service: $ (per month)
Internet Service: $ (per month)
What about cash flow?
Here's important information to keep at hand, cash flow Know your cash flow, then know your budget; it's that simple. If you have $100 per week coming in, then you need less than $100 going out to get by. Credit cards will eventually overwhelm you cash flow if you're not prepared to deal with increasingly increasing interest rates.
Then what about your assets?
Assets come in the form of vehicles, income producing property, and more. A lien against your property does not stop your property from being an asset.
# Asset Type Value # of Liens
1 Real Estate
2 Real Estate
3 Autos, Trucks, Ground Vehicles
4 Autos, Trucks, Ground Vehicles
What about debts?
You know already about debts; otherwise, you would not have read this far. We have two types of debt: One, secured debt. Secured debt comes in the form of loans that use homes for securing a loan. Vehicles bought on time usually become the security for an automobile loan. Unsecured debts come without security for the loan company. In return, they receive huge interest rates.
Unsecured debts are debts that do not involve any collateral. These include credit cards, past due bills for discontinued services, student loans, and child support obligations. There is no collateral on these types of debts so they may be considered to be low priority.
Debt-to-Income Ratio and How it Works
Calculating your debt-to-income ratio is another way to assess the state of your finances. The ratio compares the amount of your monthly debt to your total (gross) monthly income. A debt-to-income ratio that is under 36% is considered to be a good number. A ratio that is higher than 36% means that you have too much debt relative to your income and creditors may be unwilling to offer you attractive terms on any credit you may apply for. As a result, it will cost you more to use credit and big ticket items like a home or a car may be beyond your financial reach. If your ratio is 36% or more, paying down your debt will lower the ratio and make you more attractive to creditors.
Calculating your debt-to-income ratio is not difficult.
Try this::
1. From all your income, including spouse's income and whatever else, a Total Monthly Income figure arises.
2. Now, using your budget, add up all of your monthly payments for debt. This figure equals your minimum payments.
3. Divide your Total Monthly Debt by your Total Monthly Income. This becomes your debt-to-income ratio.
A high Debt-to-Income Ratio means there's little money going to your savings.
Savings becomes your nest egg. Without a large nest egg, your future remains in doubt, at least in terms of housing and medical care.
Eddie Evans
Crime Scene Cleanup
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