Money Trouble? Here a Few Things You Thought You Would Never Consider, but Should

No one expects to have money trouble when they start out in life. Upon graduation, the only thing you feel is elation over the accomplishment. You might also be thinking about moving on to college and having your first taste of independence.

Once you enter college, you start to get some sense of money, and the fact that you don’t have enough of it. Scholarships don’t pay for everything. Those pizzas aren’t free like they appear to be in all those movies. Someone has to pay for them. You need a job. Even so, that early awareness of finances does nothing to prepare you for the full-on horror of being unemployed with a mortgage payment that is two months behind.

Somewhere along the way, you pick up some definite ideas about finances. You start to think you have it all figured out. You know what the finances of the average upper-middle-class person looks like. You know how much money you are supposed to have and what kind of mortgage you should be able to carry. You also have some strong ideas about what people of your class should never stoop to doing. All of it makes perfect sense until the bottom falls out. Here are some of those discarded ideas it might be time to reconsider:

Refinancing

If you made a good deal in the first place and were financially stable, you shouldn’t need to refinance later, right? Wrong! A lot of people who are smarter than you and who make more money than you need to refinance their mortgage. Don’t hesitate to refinance your mortgage if that is what makes the most sense at the time.

It is not a matter of having made a bad deal up front, or not making enough money. Sometimes, unexpected things happen. And the unexpected is usually expensive. If you should have reasonably expected the emergency to happen, then it wouldn’t be called the unexpected. Refinancing is a chance for you to improve your cash flow at a time when you need it the most. Once you take the pride out of the equation, you can take a closer look at one of the best options available.

Unload That Timeshare

One of the dark shames of many men (because it seems to always be men) is that they fell for a timeshare pitch and are now on the hook for a boatload of money for a product they will never use. It’s embarrassing. Don’t feel too bad. You are not alone.

There are many guides on how to get rid of a timeshare. The first thing they want you to know is that it’s not easy, and you will never get back what you paid for it. You only realize just how bad of an investment it was until you try to get out from under it.

You tell yourself that you really are going to start taking the family on luxurious vacations. You just want to stick to it and make it work. But you can’t. Don’t be embarrassed. A lot of people accept those free trips in exchange for 2 hours of their time in an extremely high-pressure sales environment.

You are not the first to fall for it and you won’t be the last. What you have to do is not compound the problem by doing nothing. Do your homework. Consult with a lawyer you trust. And stop wasting your money and time on timeshares you can’t use.

Sell Your Family Home

There is a lot of emotion tied up in a family or ancestral home. Selling a family home can create a lot of hard feelings within a family. It is a thing many have vowed never to do. And for the sake of the family, perhaps they shouldn’t.

But people are more important than houses. Parents often have good reasons for selling the family home. Those reasons may include money, health, and putting an end to sibling rivalries and legal battles. An old house is never worth the destruction of a family. Don’t allow yourself to suffer undue hardship out of an emotional attachment to four walls and a roof.

We all develop some bad ideas about finances when we are young. As we get older, we hopefully get wiser as well. Regardless of what you thought you would never do, reconsider refinancing, backing out of a bad timeshare, and selling off the family home. Don’t let your past and pride keep you from enjoying a better financial future.

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