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Definition

Bankruptcy is a legal preceding that involves a person (or business) that is unable to repay their outstanding debts

Why It's Important

Declaring bankruptcy gives the filer a chance at regaining financial traction after a hard fall.  Depending on the type filed, some or all of the...

OK, so I felt like this was a timely post in light of the government shutdown and the possibility of families not receiving food assistance in the coming months.  If you aren't aware of all the changes, you can read about it here.  I want to keep this post focused on how families...

Net worth is calculated by subtracting your liabilities from your assets.  If your liabilities are more than your assets, you have a negative net worth.  If your assets are more than your liabilities, you have a positive net worth.

Why It's Important

We have finally reached the last piece...

Definition

Liabilities are anything that you owe (debt). They can be divided into Current and Non Current Liabilities, depending on how soon you have to return that debt.

Why It's Important

It is important to know what liabilities are on your personal balance sheet because it allows you to make sure...

I am always trying to find ways to pay off my debt faster!  One of my favorite ways is to participate in the gig economy, particularly ride sharing (driving for Uber & Lyft).  Now, I try to drive every other weekend when I don't have my kids.  Last year, I made about $2,500...

Definition

The 5 C's of Credit is a system that lendors use to determine your creditworthiness.  
The 5 C's are:
Character
Capacity
Capital
Collateral
Conditions


Why It's Important

Having all of your "C's" in great shape increase your chances of getting loans and/or better interest rates.  

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Definition

A 401K is a retirement plan offered by most companies to help you save and invest for the future.

Why It's Important

I hope that everyone reading this is contributing to their 401K at work if they have one available (especially if the company matches).  There are two types of 401Ks,...

Wow!  Sitting down with these numbers is both empowering and depressing.  LOL!  I mean the massive amount of debt that I have taken on between school, cars, and business expenses, it's amazing!  I use this blog for motivation and accountability so...

It's the end of the year and if you are subscribed to my newsletter, you know that I send a financial word of the week every Wednesday!  It is a financial term that you should know and will be helpful on your financial journey.  The whole purpose of my blog is to educate and improve...