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Society Makes It OK To Be Broke

society says it's OK to be broke

We all know that millions of Americans live paycheck to paycheck and often turn to credit cards to get by until the end of the month. I don’t believe anyone sets out to bury themselves in debt, but there certainly isn’t a stigma attached like back in the old days when you didn’t buy it if you didn’t have the cash. I think our society makes it OK, even revered, to be broke. I had a patient recently who could be the poster child for paycheck to paycheck. He had no idea what his insurance coverage was other than “it was through his wife.” His wife had never been to our office. He was told he’d need to go ahead and pay for the exam and we could reimburse him after we had the correct insurance information. Him:“But I don’t have any money and I don’t get paid until Friday.” Office: “We can reschedule your appointment.” Him: “But I’m playing softball tonight and need a pair of contacts. My last one tore yesterday.” Office: “Do you know what your wife’s insurance plan is?” Him: “She works at the post office.” Office: “Well, we can check some of the more common ...

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Would Your Life Change If You Became a Millionaire Overnight?

winning a million dollars

I know that I’ve talked about having a million dollars and wondered if that made someone rich or not. I’m not sure it does in every case, but becoming a millionaire is still something most of us dream of, especially if it were to happen instantly. We’ve all heard stories of people winning the lottery, striking oil, or having a rich uncle who left them a fortune. Heck, how many TV shows have been made about that very topic? Well, I had the unique opportunity to meet an overnight millionaire recently, and one of my big questions was if and how her life had changed. It was really interesting  to hear what she had to say. I’ve Won Some Money One of the best things about my job is the vast assortment of people who walk in the door. Just when I think I’ve seen it all, I get surprised again. Last week, I saw a patient who has been one of my regulars for many years. She is one of the sweetest ladies you’ll ever meet but has a whole host of health problems, mostly due to heavy smoking. She is only 66, but easily looks and moves like ...

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Advice To My 20 Year Old Self

I really try to live life with no regrets. After reading Stephanie’s post about turning 28, it made me think back to my 20’s. It doesn’t help much to beat yourself up over the past and what might have been, but sometimes I do look back and wish I’d done some things differently, so here is a bit of the advice I’d give to my 20 year old self. Start Investing Early My friend DC wrote a great post at Young Adult Money last week about millennials and how they need to start saving early for retirement. I would have to say that’s the biggest thing I’d tell my former self. If I’d maxed out my retirement account from day one, I’d have so much money now. It seemed like a huge monthly chunk at the time, but if that’s what I’d learned to live on, it would have been fine. Going from nothing in college to even half my salary would have been an improvement. If you don’t make lots, you can still save if you keep expenses low. Think Really Hard About Student Loans I would have loved to travel before I started my career. I was probably ...

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Should You Give Money To Family?

helping parents financially

I am a big believer in not supporting adult children to the point of discouraging their independence and ability to provide for themselves. I think it’s fine to help your children, but not put yourself  or them in a bad financial place because of it. However, looking at the other end of the spectrum, when is it an adult child’s responsibility to help their parents or family financially? I think with any money decision, it’s good to make a list of pros and cons. I’m not sure where I stand on the issue of whether or not to give money to family. Reasons To Give Money To Parents or Family You’re Grateful Maybe your family spent all their money helping you get established by paying for college or helping with expenses while you were starting out. Maybe they never made much money but supported you in other ways that helped you become successful. I think helping family in a time of need or with regular expenses they can’t afford would be a nice way to return the favor. You Can Afford It If you’ve lived within your means, have adequate savings, and don’t have debt,  helping family financially might be ...

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Life Updates

Glenwood Springs tourist attractions

Hopefully today, I’m hiking up to Hanging Lake or biking along the Colorado River. Jim had a work trip this week and we are joining him for a little mini-vacation. Sometimes the best vacations are in your own backyard! I thought this would be a good chance to share some life updates. I know you’ve been on the edge of your seat. Foster Dog Update Foster dog Blake got adopted right before Memorial Day. We usually give adoptions a few weeks to make sure they stick, and it looks like this one is a done deal. His new family loves him and have renamed him Dobby after the house elf in Harry Potter. I would be lying if I said I didn’t almost have a mini panic attack turning him over to strangers. They had a big dog with a history of aggression toward other alpha dogs. This dog was not a alpha, so we were hopeful. I still had dreams about Blake getting ripped to shreds. It seems they get along fine and my fears were for nothing. It’s so good not to be a foster failure! Saver Express Probably is a Scam If you remember, Jim and I ...

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