Debt Relief

A faithful Wealth Pilgrim reader asked me recently what a good debt to income ratio is. I did a little research and come up with an answer which I will share with you. Then, I want to explain why it doesn’t matter. First things first. What is a debt to income ratio? Your debt to [...]


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What do you do when someone you care about is completely out of control with their finances? Maybe they’ve run up lots of debt and can’t find a way out.  Maybe it’s not the first time this has happened.  Maybe you are tired of bailing them out over and over again but you don’t want [...]


Lending money to your kids is usually a very bad idea for both parties concerned. This is easy to say and hard to execute – I get it.  None-the-less, let’s consider how very destructive this can be by reviewing a real life example. Terry and Nicole were retired and happy. They had plenty of income from [...]


If you feel uneasy about your finances, it might be because you don’t have enough emergency savings. A sudden bout of unemployment or an unexpected major expense could turn anyone’s financial stability into a horrifying nightmare. The good news is you can remedy that problem faster than you think. 1. How Much There are dozens [...]

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If you need to do some short term borrowing, you might be tempted to tap your IRA for that cash. It’s there. It’s yours. Why not use it? As you’ll see below, there are plenty of reasons to think twice or three times before moving forward with this scheme. How to Borrow From Your IRA [...]

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My 14 year-old, like most kids, loves to spend money.  I like having control over that spending and I do this by providing her cash because I can limit the damage.  But sooner or later she’s going to get a credit card like her older siblings.  Here are the tools I used with the older [...]