All Forum Posts by: Ali Samana

I agree with the post above. What did they tell you as to why they don't have it? They need it for employment also, no SSN and no legal employment. I would be very careful.

0 Votes

Rich,

I have thorougly enjoyed the retirement series and am looking forward to reading the rest.

My dad has followed the rules that you shared with us and has been a living example for us. He pays in cash, if he ever acquires debt (rarely) it is at a very low interest rate (typically 0) and only to buy assets.

2 things that I have learned from my dad that he holds near and dear are:

1. Invest in your business because no other investment can yield you a higher return.

2. Don't trust anyone else (stock brokers, real estate agents, money managers, relatives, friends etc.) to make money for you. No one has your interest at heart as much as you do. I thought he was dead wrong on this one until Bernie Madoff hit the news, then his wisdom seemed pricesless.

3 Votes

Steve,

Most of the consolidation places will hurt you more than they help you. They renegotiate everything with the cc company, put you on a payment plan and take a bite out of every payment you make. The fact that the cc company is taking a loss can be shown as a negative on your credit report.

The only "non-profit" company out there is Consumet Credit Counseling Service
http://www.creditcounseling.org/.

If there is a way for you to pay off your credit cards without consolidating, please try that first. You can visit websites like http://www.whatsthecost.com/ and put yourself on a plan for free. The only consolidation service that I would recommend (as a last resort) would be CCCS.

Hope it works out.

1 Vote

Originally posted by J Scott:

Originally posted by Ali Samana:

Most schools are not preparing young adults for much now days.

American schools teach kids how to be good employees. Kids sit at desks for 8 hours a day, learn basic information by rote, are taught not to question authority, go home to do more work, and then start over the next day.

If you want a country full of unmotivated, unquestioning robots who can churn out widgets and french fries, our system is great.

But, if you want a country full of inquisitive, questioning and motivated entrepreneurs and innovators, things are going to need to change.

Is there any wonder why GDP is dropping in this country? And it will continue to do so until we completely revamp the educational system and it's focus...

In my opinion, of course... :)

J Scott,

that is a very good point. Kiyosaki has a new book out called "Conspiracy of the Rich", in there he talks about all of the points that you made. He also goes back in history to show how and where that all started.

0 Votes

Originally posted by Ingrid Nagy:

Perhaps I'm a little confused. I believe I have the "scarcity" mentality. My dad was and still is a tightwad, buying only necessities and savings for a rainy day...never taking risks...well he's 77 now. I was completely opposite taking many risks financially, losing my shirt more than once...until I became a parent. I am now more like my father but to a lesser degree. I don't carry debt any longer other than mortgages and I live within my means and I always save a piece of the pie each month. I do teach my kids that money is scarce, we work very hard to earn it, and it should be used wisely.
I have read a couple of motivational books, investment books etc. over the years but nothing that actually made me change my way of thinking in any drastic way. Perhaps if you could define the scarcity mentality vs. the abundance mentality I would better understand this. Thank you!

Ingrid,

The abundance mentality could make a world of difference in any business. One of the main reasons why some investors don't talk to their competition is because of the scarcity mentality. They believe that if they help the other investor, that investor will end up taking all of their good deals. In reality, there are plenty of good deals, and plenty of money to be made by every investor. Also, majority of the time, no 2 investors want the same type of a deal anyway. Talking with them helps you expand your horizon so you can help more sellers.

If you have not seen "The Secret", I would highly recommend it. Though it gets a bit crazy at times, it is still a good video to watch. You can rent it from netflix or just google it.

Rich, that article is disturbing. Most schools are not preparing young adults for much now days.

0 Votes

Adrian,

Anything reports to the bureaus every month will help your credit. Secured credit card, as long as they report, would be good.

If they don't, then you can get a secured loan from a bank. You would put money in a CD or savings, and then ask for a non-purpose secured loan backed by your CD/savings. As you pay the loan, they release more and more of the money to you.

I would repeat that process a couple of times and then ask for a non-secured loan from the same bank.

2 Votes

Rich,

looking forward to that article.

As for books, one of my favorite is "think and Grow Rich" By Napolean Hill. That book took over 20 years to write and interviewed over 500 of the wealthiest people. After that, it boiled down their habbits to just a handful of things. And I am surprised that people graduate HS (and even college) without understanding the 13 things that made 500 men extremely successful.

0 Votes

Rich,

Not sure where Obama said that we earn too much? Could you post a link please?

0 Votes

Originally posted by Charles Perkins:

Ali couple that with the fact the average American spends more than thy make. It gets real scary.

http://moneycentral.msn.com/content/savinganddebt/p70581.asp

We have been a nation of borrowers for some time. The banking industry has been there to help support that desire for the good life now. Now we want to blame the banking industry because it difficult to buy more without there help.

Charles,

I read the article, those numbers are even worse than I had thought. These numbers scare me more than the national debt itself.

0 Votes

Originally posted by Ingrid Nagy:

I believe a start to making it end is teaching our kids proper financial/fiscal responsibility. A few years ago my friend was at the beach watching credit card solicitors walking up to the students offering credit cards and simply saying "sign here".

I remember my parents teaching me to save a little and spend a little. Kids don't seem to know what that means today and they are the future of our country. My kids are 15, 16 and 17 and not one of them has an economics, personal finance or personal banking course. I am shocked. Their schools no longer offer home economics or sewing. Fortunately I have forced my methods on my children by example through the years.

I typed up a course outline for them with the following criteria and a specific attendance date:
1. Read the book Rich Dad Poor Dad.
2. Bring a calculator and #2 pencil to class.
3. What you will learn:
A How to balance a checkbook
B How to calculate the cost of a car/insurance
C The effects of interest rates on both savings and credit
cards
D How to set up a budget
E How to use your "head" in decision making.
etc.

I invited a couple of kids from the neighborhood as well and I'm going to see how it goes. What I've found really funny is that my kids have been forced to walk the walk so its just another day at the park with mom....the neighbors' kids, the ones with the Juicy sweatpants and Tiffany & Co. jewelry are very excited to come over. I don't think their parents have ever discussed "money" like this.

Ingrid,

You hit the nail on the head. Most of the young folks don't understand money at all. The teachers themselves are stuck in the "rat race" so who is going to teach the kids? That is the number 1 solution to today's situation.

Once I hit my financial goal (3.5 years left), I plan to volunteer at the local high school at teach finances (if they let me :lol: )

0 Votes

All Forum Posts by: Ali Samana

Ali Samana has started 38 posts and replied 334 times.

Post: Driver's license check

Post: RE goals- early retirement. Part 3

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Post: Do secure credit cards improve credit that much??

Post: When do we learn??

Post: obama says we shouldn't earn too much. Huh??

Post: When do we learn??

Post: When do we learn??