Category: Debt

Abraham Lincoln – The Debtor

I love to read biographies of significant people in history. One of my favorite subjects is Abraham Lincoln. In his book about the Great Emancipator, author Thomas Keneally writes how Lincoln was once a great debtor. Most of his indebtedness revolved around purchasing two New Salem (IL) stores with a partner of his, William Berry. …

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What Happens If I Default on My Student Loans?

The following article was written by Brandon Endsley, a Financial Aid Administrator and Purdue Alumni, who administers the MyMoney website at Purdue University. We asked him if he could address some of the issues surrounding student loan defaults – as they are on the rise. Before I discuss the downsides of student loan default, you probably …

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Passive Income Streams: June 2018 Report

Now that the house is paid off we’ve put our savings on autopilot. It is nice to have our multiple income streams go towards something other than the mortgage company! Lately, we’ve been saving up for buying a new car and going on a big family vacation in October. Our car has lasted 9 years, …

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Passive Income Streams: March 2018 Report

This past month has continued to help me progress towards my two primary goals of making $7,500 from the blog and $10,000 from AirBnb! We got a few visitors this past month at our BnB, and we had a ton of bookings for the summer months! With that said, we’ve already started increasing our prices, …

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10 Ways to Save Money on Fixed Expenses

The other day I had an interesting conversation with my eight year old son in the car about debt. He asked me, “Dad, why don’t you and mom have a lot of debt? Why do you think it’s bad?” I responded, “Well, Elijah, your mom and I don’t want to be a slave to the …

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Passive Income Streams: February 2018 Report

After a slow January with Airbnb, our income streams started to pick up steam and are continuing to grow! We continued to stay consistently above $1000 in extra income and our mortgage payoff is only three months away. With blogging and giving accountability to our mortgage payoff and passive income, this has motivated me, even …

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Watching Your Dad Go Through Bankruptcy

On March 6, 2008, I received a call from my mom and dad that no one wants to receive. Charlie: “Hello” Mom and Dad: “Charlie, it’s mom and dad.” (mom’s got the phone, and I can tell something’s wrong) Charlie: “What’s wrong? What happened? Did Grandpa die?” (more silence on the far end). Mom: (mom …

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Passive Income Streams: January 2018 Report

This year has started off quickly and it has been hard to focus on my goals. We had an unexpected event in January, which derailed a lot of my goals and the weather has really been messing with our family schedule. Sometimes it just feels like all you need to focus on is the next …

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Why We’re Broke (And How to Fix It)

According to a new report by the Federal Reserve Bank of New York, total debt reached a new peak of $12.96 trillion in 2017’s third quarter — $280 billion above the previous 2008 high (and we all know what transpired around that time, almost 10 years ago). And with that, credit card debt also went up another …

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