What is your biggest money problem?

14 years ago

Hey Article Excellence,

So it would be handy to go over all the different types of investments and the pros and cons?

BTW I might be looking to outsource our writing in the future. Drop me a PM, I would love to hear more about your service.

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JeffMitchell

14 years ago

The biggest problem for most people is

1. How to start building investments with little income.
2. How to build assets with little income.
3. How to elimate liabilities with little income.

Those three things should really get you going. I am sure that 90% of the country are asking themselves those questions right now.

Jeff Mitchell

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moneyblogger1

14 years ago

Originally Posted by JeffMitchell

The biggest problem for most people is

1. How to start building investments with little income.
2. How to build assets with little income.
3. How to elimate liabilities with little income.

Those three things should really get you going. I am sure that 90% of the country are asking themselves those questions right now.

Jeff Mitchell

Yeah I was thinking that it would be a major problem for most people. Hence why they are here learning how to make it online.

I think one key if you have little income is to learn the power of leverage. Not just leveraging your money but also leveraging other people's time and knowledge.

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Obilex 14 years ago

lol yea, my main money problem right now is not having any. Its hard to build something with very little starting income, so its a slow grind right now till things pick up.
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EvcRo

14 years ago

Biggest problem is to restrain yourself from spending ("investing") in dead end paths (products, etc) , especially spending budgets that are way to big compared to your income.

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moneyblogger1

14 years ago

Originally Posted by EvcRo

Biggest problem is to restrain yourself from spending ("investing") in dead end paths (products, etc) , especially spending budgets that are way to big compared to your income.

Are you talking about mostly about the IM niche? I know a lot of people that overspend on items that provied instant gratification. For example: boats, expensive cars, big screen TV's etc.

If people could just learn to invest in their early years they could have all the fun items later on and actually afford them. It's kind of ironic that way

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Kenster

14 years ago

Not a problem I have but a common problem people have within the personal finance niche is this...

They rationalize why they should buy something, instead of the opposite, rationalizing why they shouldnt. This mindset will always result in them purchasing items they WANT not NEED even if they are in debt. Its better practice in my opinion to look at non-essential goods and services and try and rationalize why you shouldnt purchase it. This will help save you from buying all those WANTS items

best, ken

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CDarklock

14 years ago

Originally Posted by moneyblogger1

I was just wondering what your biggest money problem is. Is it how to get out of debt? Where to invest? Or just basic money concepts?...ect?

Where to start.

I've got a boatload of debt, and I just don't know where or how to start taking care of it. I look at my credit report, and there are just loads of things on it. How do you decide which ones to take care of first?

I mean, if $50k fell out of the sky, I could just pay them all and be done with it. But that's not going to happen. Instead, I'm going to have a couple hundred here, and a couple hundred there, and I need to figure out where and how to put that toward these debts.

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Colin Palfrey

14 years ago

There are a lot of answers here, but to be quite frank, they are mostly wrong except CDarklock above.

If you want to know what most peoples main concern over money is, it goes something like:
"Oh cr*p I have no cash and have to pay (whatever) by (whatever) and if I don't they will etc..."

That is what most people looking on the internet for a money solution are actually looking for.

There are many looking for investment opportunities, but by no means the majority.

Now more than ever people are desperately looking for answers to immediate financial problems, and if you find a way to help those people, or to reach them you could do a lot of good and make a lot of cash.

My 2c
Colin

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Dennis Gaskill

14 years ago

A lot of guys will figure I've got a nice problem to have, but my biggest money problem is to get my wife to quit being so cheap. She grew up poor, but we're not poor now. She still has the mindset that she has to buy the cheapest products, shop at discount stores, only buy clothing on sale, etc.

The only place she'll upgrade her spending habits is on home improvements. That poses another problem. She keeps wanting to pour money into this house, but I want to build when the right property becomes available. The only reason that's a problem is because this house is probably maxxed out in value due to the location. Improving it may help it sell faster, but it's not likely to get us more money for it.

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Mike Shain

14 years ago

Having been on both sides of this issue on multiple occasions I can tell you that even if you increase your income to where money isn't a problem - money will still be a problem.

When you don't have enough you struggle day to day just to eat often time picking something from the dollar menu just to survive. You wonder where you are going to get the next months rent from and how to put food on the table.

You have to decide whether to pay the power bill or the rent. I have been there and done that and can never forget it.

However when you have money you have even more worries. Banks only insure up to 250,000 (FDIC) here in the us which means you need to find multiple locations for accounts.

A bigger house means more to maintain it (pool, house, landscape, cars)
not to mention the "friends that come out of the woodwork).

If you have an accountant are they doing their job?

I don't mean to rain on the op's parade but having been on both sides of the coin I can tell you having more money does not mean fewer problems,

In fact Frank Kern mentioned that once he could afford the nice stuff he started worrying about the stuff he bought. It sounds insane but its true.

My 2 cents is just to consider your own situation and ask yourself whether you can handle everyone and their brother asking you for money.

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CDarklock

14 years ago

Originally Posted by Mike Shain

I don't mean to rain on the op's parade but having been on both sides of the coin I can tell you having more money does not mean fewer problems

So you're saying if I made a product about solving THOSE problems, and sold it to RICH people... I could charge a higher price, right?

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"The Golden Town is the Golden Town no longer. They have sold their pillars for brass and their temples for money, they have made coins out of their golden doors. It is become a dark town full of trouble, there is no ease in its streets, beauty has left it and the old songs are gone." - Lord Dunsany, The Messengers

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Mike Shain

14 years ago

Ha ha CDarklock,

You are correct. Come up with a workable plan and I am sure you will get some attention.

The point being that just because you have money coming in does not mean your journey is over.

My point is that having too much money can be a blessing or a curse depending on which side of the coin you live on.

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moneyblogger1

14 years ago

Originally Posted by Mike Shain

Ha ha CDarklock,

You are correct. Come up with a workable plan and I am sure you will get some attention.

The point being that just because you have money coming in does not mean your journey is over.

My point is that having too much money can be a blessing or a curse depending on which side of the coin you live on.

I look at it this way. Either way you are going to have money problems. I would much rather have the problem of too much then not enough.

It's like thoughts. You can either think negative or positive thoughts. I would much rather choose to think positive thoughts.....it takes just as much energy.

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Mega B

14 years ago

The biggest problem i have is my wife spends it as quick as i can earn it,somethings never change

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Looking4Mentor

14 years ago

Originally Posted by moneyblogger1

Hey warriors,

I was just wondering what your biggest money problem is. Is it how to get out of debt? Where to invest? Or just basic money concepts?...ect?

For me it was the money/mind connection. What I mean by that is learning how to defeat and overcome the negative belief's about money that I had. For example: It takes money to make money......not true. I built my entire first business with loans and credit. My favorite word now is leverage!

I am interested to know because I am in the personal finance niche and I would like to create a product that solves the biggest problem.

Thanks,

Brandon

This biggest money problem in America is obviously Unemployment. It is something I am facing today.

I have been laid-off since May 2009, I used to think it was a crisis or a set-back, but now I look at is as a chance to discover myself and go on a search to find what I am passionate about.

That is what brought me here to Warrior Forum. To really hone in on what I would like to do and ultimately bless my family with financial security once again.

Peace.

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Kirahster

14 years ago

My biggest problem with money is that I do not have enough of it!!

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Istvan Horvath

14 years ago

When I was working in financial services we figured people have only TWO money related problems:

1. They die too early and the family is left without income.

2. They live too long and run out of money.

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JasonCase24 14 years ago

Personally, my formula for money is "MONEY equals PROBLEM".

Why?

If you don't money, you don't know where to get your support for your daily expenses. What about if you have your own family? That's precisely a big problem for you.

If you have money, you are now clueless where to spend your money. What kind of investment will make you successful. Your problem is to lose your money as easy as a blink of an eye.

Now, what's my biggest money problem? I don't really have money problem as of this moment. Modesty aside, I'm good in handling my finances. However, my only problem is how to say no to other people whenever they are in need of money. So basically, their problem is now my problem. That's basically my problem.
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- ozduc 14 years ago
  
  I have a solution for everyone's money problems. Whether your problem is that you have too much or not enough I can solve it. Just give it to me and it will no longer be a problem to you. Your money will then become my problem and I will bare the burden.
  Now some of you may ask why would a guy be willing to take on such a burden. Well the truth is I just want to help people, so I am willing to sacrifice for the greater good of all mankind.:p
  
  Hey that sounds like a great line for an IM guru sales pitch. Hmmm let me get to work on that.
  
  Thanks
  
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GSX Enterprises

14 years ago

Getting out of debt has always been a struggle for me, even with a solid income flow, I seem to squander money and not save properly. I'm trying to defeat this mainly by any income I generate putting 30% aside. But with 30% going aside for taxed and so on makes it tough... =(

-Safe Travels

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money2k

14 years ago

My biggest problem is that I am currently just putting money into my website I am developing and am getting no income in. I am pushing to finish this thing and go live. I need to start monetizing my site.

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tweetzon

14 years ago

i dont have money problem , because i love money . when you love something you tend to attract more of it just like a magnet. so try to love it more and stay gratitude , money will keep on coming . You dont need to know how or when , just have faith.

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Jared Woodruff

14 years ago

My biggest money problem is not having enough of it!

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sainam

14 years ago

I think so Jared Woodruff

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ayu_here

14 years ago

My biggest money problem will be not having a good priority about where I should spend it.

I rarely think twice before I spend my money and buying things that I don't really need. Well, in the end I usually feel disappointed. That's why I always wait about a day or so thinking about how I should spend it. It really calm my nerves and prevent me to buy unnecessary things

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Michael Silvester

14 years ago

My biggest problem right now is trying
to find room for it all.

On a serious note...

You guys that have a heap of debt, by that I mean lots
of different debts. It might pay to get a consolidation loan.

It is where you roll all your different payments into one
easy to manage payment. Instead of trying to manage
a heap of different debts.

The interest will be lower also...and you'll pay
it off quicker.

Hope that helps someone?

Take Care,

Michael Silvester

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lvhardmoney

14 years ago

Buy only what you need and not what you want. Aim for an amount that you want to earn by the end of the year and work on planning and achieving that goal.

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philbowman 14 years ago

Hey Michael, now that's what I call a real "man-cave".
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