Personal Finance Archives - Page 3 of 4 - Rubin & Associates

5 Steps to a Financially Steady 2016

Now that 2015 is coming to a close (can you believe it?), it’s time to look forward to 2016. No one plans to let their debt get out of control – most of our clients have been good people who simply had unforseen events occur. By planning ahead and making good financial decisions, you can avoid those credit-busting bumps in the road.

The best way to avoid bankruptcy is to set a solid financial foundation and stick to your game plan. The following tips will help you plan ahead and form the right habits so that 2016 will be the year you can finally feel secure.

1. Talk about money

If you can’t dedicate the time to sit down and talk about your finances, then nothing else matters – the rest of the steps will be pointless. It’s important to talk openly about your money, so you know what’s coming in and what’s being spent. If you wait for a financial crisis, it’s probably already too late. If you sit down with your spouse and set goals together, you’re much more likely to stick to the plan you create.

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By Mark Rubin|2015-11-14T13:21:04-06:00November 14th, 2015|Bankruptcy, Personal Finance|

Rapper 50 Cent Files For Bankruptcy

In case you hadn’t heard yet, rapper 50 Cent has filed for bankruptcy in a Connecticut court. While the Internet has been making punchlines for the last few days since the news broke, most people don’t seem to know the details of the case.

50 Cent, whose real name is Curtis Jackson III, filed for Chapter 11 protection immediately after losing an invasion of privacy case last Friday. He had posted a sex tape on his site with his own audio commentary, and was ordered to pay $5 million in damages.

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By Mark Rubin|2015-07-20T16:42:57-05:00July 20th, 2015|Bankruptcy, Debt, Personal Finance|

5 Tips for Saving Money on Summer Vacation

School’s out for summer, and that means most American families will be hitting the road for a summer vacation. Whether you’re heading across the country or hitting a local resort, a summer vacation can become an extremely expensive trip. Many Americans decide to charge the entire trip to their credit cards, and any big additions to debt can lead to a downward spiral.
Avoiding overwhelming debt is the most important step in preventing bankruptcy. Follow these simple tips to help reduce the financial strain of your summer vacation this year, and your bank account will thank you for it.

1. Opt for a staycation

If you go the staycation route, you’ll save tons of money on travel and lodging. You’ll sleep in your own comfortable bed, and you can use all the money you saved on travel on more extravagant activities. Be a tourist in your own city – try out the amazing restaurants and go see the sights.

2. Do lots of pre-vacation activity research

If you’re visiting a destination that you’ve never seen before, spend some time online checking things out before you get there. Check out travel blogs, area websites, and review sites to see what other vacationers have done in the area. See what others have enjoyed, and find those hidden gems you would never have found on your own. Since you’ll have your trip planned out in advance, it’s easier to stick to a budget.

3. Do lots of pre-vacation lodging research

Sites like VRBO.com let you rent a vacation home directly from the owner, cutting out any extra amount that would be included if a middleman were part of the process. Again, check out review sites and travel blogs. There are always amazing options that might be a bit off the beaten path. You’ll save money and stay at a nicer hotel.

4. Find lodging early and get a discount

If you’re just now planning a trip, it might be harder to find cheap accommodations. Your best bet is to check Airbnb. Most of the time, you’ll find a great place to stay that’s significantly cheaper than area hotels. Many times, if you’re booking multiple nights, you can get a discount on the standard rate. Make sure you ask your host if a multi-night discount is a possibility.

5. Make sure you pack everything

Remember to pack all of your toiletries and appropriate clothing for the climate you’re visiting. If you get to the beach resort and realize you left your swimsuit and sun block at home, your wallet isn’t going to like the exorbitant prices that you’ll pay at the hotel.

By Mark Rubin|2015-06-25T16:02:26-05:00June 25th, 2015|Money Management, Personal Finance|

5 Money Tips for Newlyweds

Establishing responsible spending habits early in life is one of the key factors in avoiding debt and bankruptcy later in life. The earlier you start forming these habits, the better off you’ll be. One of the most difficult financial periods for most Americans happens early on in marriage.

Combining two bank accounts, spending habits, and lifestyles can often lead to disagreements and fights about money for many newlywed couples. In many cases, newlyweds tend to overspend and build up a significant amount of debt – many times, simply because they haven’t taken the time for financial planning.

If you’ve recently tied the knot, or if your wedding is fast approaching, these 5 tips will help you and your significant other create a solid financial plan and form responsible spending habits.

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By Mark Rubin|2015-05-16T14:38:53-05:00May 16th, 2015|Money Management, Personal Finance|

The Top 4 Loans To Avoid
The Top 4 Loans To Avoid

Bankruptcy, Personal Finance

The Top 4 Loans To Avoid

We help hundreds of Dallas area residents file bankruptcy every year, and while each client’s story is unique, we tend to see common financial mistakes. No one plans to end up buried in debt, but with certain decisions, you’re more likely to end up in financial trouble.

Once your financial picture starts to look dim, it’s easy to accept the fast cash offers that companies offer. You’re late on bills, your mortgage, your car payment – so quick easy money seems like a great solution. Unfortunately, these quick loans end up sending you further down the road of no return.

So, we wanted to share the four types of quick cash loans that you should avoid:

1. Cash Advances

Almost every credit card offers a cash advance – where you can just walk up to an ATM and pull out cash. Yes, it’s immediate money, but you’re actually just adding to your accumulating debt. Even worse, the cash advance usually includes extra cost. You’ll be charged the standard interest rate on your credit card, and you’ll also have an added cash advance fee of 3% to 5% of the amount you withdraw.

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By Mark Rubin|2022-06-01T11:01:53-05:00July 30th, 2014|Bankruptcy, Personal Finance|

The 2 Income Trap
The 2 Income Trap

Bankruptcy Statistics, Personal Finance

The 2 Income Trap

Two children, two incomes, a home with a white picket fence; it’s the quintessential American Dream. However, this American Dream has morphed into a survival regimen that many families simply cannot endure.

Parents are in worse economic shape than ever before. Married couples with children are twice as likely as childless couples to file bankruptcy. According to the authors of the book, “The Two Income Trap,” having a child is the best indicator of whether someone will end up in financial collapse. The book was written by Elizabeth Warren and Amelia Tyagi, a mother and daughter team (Harvard law professor and MBA) who did an extensive study on the nature of bankruptcy in America.

The authors maintain that the introduction of mothers into the workforce, rather than easing the financial strain of raising a family, sets their families up for financial disaster as the cost of raising children spirals out of control. More children will go through their parents’ bankruptcy than their parents’ divorce. One in seven middle-class families will file bankruptcy this year. These figures are staggering for middle class families.

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By Mark Rubin|2013-07-15T14:16:30-05:00July 15th, 2013|Bankruptcy Statistics, Personal Finance|

5 Reasons To File Chapter 13 Bankruptcy
5 Reasons To File Chapter 13 Bankruptcy

Bankruptcy, Debt, Personal Finance, Repossession

5 Reasons To File Chapter 13 Bankruptcy

Last week we discussed the benefits of filing Chapter 7 bankruptcy. While it has some pros, it’s not always the right fit for everybody. That’s when you look at Chapter 13 bankruptcy.

Today we’re going to explore five main reasons why people choose to file Chapter 13 bankruptcy.

1. Stop Foreclosures, Repossessions and Garnishments

The second you file Chapter 13 bankruptcy, banks and other creditors have to cease their collection efforts. That means that they can no longer foreclose on your house or repossess your vehicle.

This halt in collections can be stopped for the entire duration of the case, which can last as long as five years, whereas with a Chapter 7 bankruptcy, the creditors must only stop for a few months.

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By Mark Rubin|2013-05-16T08:19:24-05:00May 16th, 2013|Bankruptcy, Debt, Personal Finance, Repossession|

How To Get Your Free Credit Report and What To Look For
How To Get Your Free Credit Report and What To Look For

Personal Finance

How To Get Your Free Credit Report and What To Look For

In 2003 the Fair and Accurate Credit Transactions Act was passed, giving you the right to get one free credit report a year from each of the three reporting agencies – Equifax, Experian and TransUnion.

How To Get Your Free Credit Report

To order your free credit report, you can call 1-877-322-8228 or visit AnnualCreditReport.com, which was set up by the three agencies in coordination with the Federal Trade Commission.

Don’t try to get a report from any other website, as many are scams that offer “free” reports, scores and other services that really have fine print. These “free” services have trial periods that automatically switch to paid services without alerting you. Other sites only want to collect your personal information. Please be careful and type in the address correctly. AnnualCreditReport.com is the only official site.

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By Mark Rubin|2012-05-31T10:31:45-05:00May 31st, 2012|Personal Finance|

Busting Two Myths About Repossession
Busting Two Myths About Repossession

Bankruptcy, Debt, Personal Finance, Repossession

Busting Two Myths About Repossession

Repossession is not a fun thing. Losing your car, truck, motorcycle or boat can be embarrassing and inconvenient.

But just like anything in life that people hope to avoid, there are a few misconceptions that the general pubic has about the process of repossession.

If you find one of your vehicles in danger of being repossessed, the best weapon is knowledge. With that, you will be able to make informed decisions.

Repossession Myth #1: My vehicle can’t be repossessed until I’m at least 2 months behind on payments.

This is absolutely untrue. While bill collectors generally wait until at two or three months worth of missed payments, they can take your vehicle away if one payment is one day late.

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By Mark Rubin|2012-04-25T08:00:38-05:00April 25th, 2012|Bankruptcy, Debt, Personal Finance, Repossession|

Have Money Management Habits You Can Be Proud Of
Have Money Management Habits You Can Be Proud Of

Money Management, Personal Finance, Saving Money

Have Money Management Habits You Can Be Proud Of

Bad habits aren’t things that we’re proud of. The good thing about bad habits, though, is that we can break them. It takes discipline, motivation and commitment, but we can break bad habits.

Changing Money Management Habits

If you have some questionable money management habits, then the first thing you need to do is identify them.

Next, you must write them down. Committing these to paper does a few things. It creates a record of where you started, shows that you’re serious about altering your behavior, and adds accountability to your project to change.

Here’s an example list of poor habits that need to be changed:

My Poor Money Management Habits

I rarely save money.
I splurge and spend money on things that I don’t necessarily need.
I often pay bills after the due date.

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By Mark Rubin|2012-04-18T10:29:35-05:00April 18th, 2012|Money Management, Personal Finance, Saving Money|