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There may be several reasons why adults have money-management
problems. The lack of knowledge on how to deal with these problems
can be one of the biggest causes of why so many families, generation
after generation, continue to suffer financially. But, with
regard to your lack of knowledge in dealing with money-management
issues, it may not be totally your fault.
Remember back in high school when you were learning calculus,
art and science? There wasn’t a class in money management.
Unless you are in the calculus, art or science field, how
many times do you need those subjects to make it from day
to day? Probably none. So, it really isn’t your fault
that you were never formally taught how to manage your money
effectively. So how did you learn to effectively manage money?
You either had to teach yourself, or you inadvertently learned
from your parents (whether their ways of managing money were
good or bad), or you just never really learned.
What if schools had a money-management requirement? These
courses wouldn’t necessarily have to teach students
how to be frugal, but simply how to manage their money effectively.
Perhaps the courses could include a semester-long project
with the curriculum entailing detailed money-management scenarios
and problem-solving techniques. How well the student does
in the course wuld depend on how effective he became at handling
his finances. This type of course could prove to be the lesson
of a lifetime.
Getting back to real life - if you have children, then understand
that they are less likely to take these types of courses in
financial responsibility within the school environment we
have today because most schools don’t offer them. But,
you can make sure your children learn this information, in
addition to other subjects, at home. There is only one catch
- you have to develop a solid grasp on effective lifelong,
money-management techniques yourself and put them into practice
before you can effectively teach your children - or others.
Do you regret any past mistakes you make financially? Your
not alone. We all have some regrets about how we made use
of money in the past. If you have never had regrets regarding
any of your past decisions handling money, then you are a
rarity. Not too many people can say that. Just because some
of us have made mistakes in the past, doesn’t mean we
have to continue making them.
Here are some suggestions on how to minimize the number of
money-management mistakes you make in the future:
First, learn from your own, as well as others’ mistakes.
Second, don’t repeat a mistake - yours or someone else’s.
Third, learn not only from your errors, but from past successes
you and others have had with money.
Finally, when you’ve made a good decision regarding
money, cherish it and share it with someone else.
Timing
Is Important When Negotiating a Settlement with the Bank
Timing is essential in negotiating a good settlement agreement.
A bank is a highly departmentalized institution. When your
loan is still in the current-loan servicing department, the
bank has no incentive to settle with you or change your credit
rating. It expects you to pay what you owe as agreed. Successful
negotiating can start when the loan is in the collection department,
charge-off department, or legal department. At this point,
the bank has given up hope on you and should be glad to settle
the account.
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