Summary of “5 Money Rules That Will Increase Your Net Worth”

We must stop thinking that the solution to all our problems is more money.
We’re better off by creating a strategy that helps us to manage money better-that alone will help us break away from the average earners.
Desire Less Here’s some common sense: It takes more time to make money than to spend it.
One thing is sure: Never borrow money to buy a car, electronics, or anything else that goes down in value.
Your money strategy depends on your age, personality, place you live, education, experience, etc.
We invest for the long-term-not to make money today or even in a year.
My personal short-term money strategy is based on improving my skills and creating multiple income streams.
Start Now You see, these rules are not all about making more money.

The orginal article.

Summary of “This North Carolina Church Is Doing Something Radical: Paying Off People’s Debts”

On Wednesday night at Jubilee Baptist Church in Chapel Hill, North Carolina, a group sits around the same sort of rickety conference table you’d find in churches all over the town, the state, the country.
As Thornton put it to me, “They ask the question ‘Why don’t people go to church?’ Or ‘Why don’t people come to our church?’ But very few of them are asking ‘Why would someone come to church?’ Or thinking of how to offer an answer that actually matches what people want and need.”
Getting to Jubilee Baptist, located in what’s known as the North Carolina “Triangle” of Raleigh, Durham, and Chapel Hill, involves a winding trip on Ephesus Church Road. Today, that road is flanked by Italianate pop-up mansions tucked into tiny lots.
Fugate started attending services at Ephesus in the months before it was reborn as Jubilee, and Thornton approached him with a proposal to be one of the first people to have their debts paid off by the church.
When the pastors talk with people outside of the church about their plans for debt relief, the first question is often a pessimistic one: “Aren’t you scared that people will come just to get their debt paid off, then leave?” But Thornton had to encourage, coach, and reassure every single person who’s had or will have their debt forgiven to even apply for the church’s help.
People who’d heard about the church online, people who’d been going for months.
People who weren’t there because they felt obliged, guilty, or like it was another thing on the endless to-do list – but because Jubilee, in the space of the church and its message outside, actually had something to offer them.
We can’t allow these people to get married, because what will happen to “Real” marriage? We can’t interrogate racial hierarchies in the church, because what if white people feel bad? We can’t talk about the root of our despair, because real talk of work and money has no place in the church, and we need the people with money to keep the church running.

The orginal article.

Summary of “12 People Talk Honestly About How They Paid Off Their Debt”

None of those things would make a dent in my insurmountable pile of student debt – or the debt of most people I know.
The budgeting aspect was interesting to me, but even more interesting were the larger questions of assistance and how paying down debt made people feel.
The sacrifices people made to pay off their debt might not surprise you.
Time to pay off debt: 12 years, but paid off in two.
Paying off the debt felt athletic, militaristic – like lopping off great gobs of obstacle every time I mailed a check and got back a receipt with a greatly diminished balance.
For me, *every* *single* *answer* to the question “What should I do with the rest of my life?” was constrained by “Oh, but I can’t, because of my student loan payments.” The loan payments were gatekeeping MY LIFE. I also know that this is, structurally, by design: People who are effectively indentured by debt and live in fear will not be making radical choices about how to live or how to change the world!
Student loan debt forgiveness has gained momentum now because we as a society continued to sacrifice young people on the altar of debt until there were too many to be ignored.
All of my thoughts about debt are, at this point, thoughts about systemic income inequality and the many, many intersectional factors that not only make it easy to get into debt and hard to get out of, but also make debt very, very difficult to talk about.

The orginal article.

Summary of “One-Click Spending and the Money Misery Hangover”

What happens when the party winds down? The aftermath of holiday spending can feel a lot like the morning after a New Year’s Eve gala-except a money misery hangover doesn’t go away with two ibuprofen tablets.
If you happen to have a kind of Pavlovian response to holiday bells and carols, subconsciously hearing the words “Spend, spend, spend,” you should know that your response is the result of a learned attitude about money-what I call your money mindset.
Your situation might be different,and extravagant spending might just not be possible or prudent.
You can avoid uncontrolled spending by getting a grip on your money mindset and aligning it with your values and financial resources.
Draw up a spending plan that you can sustain on your income.
Decide on your spending allotment for holiday gift giving before you shop.
There are enough online resources to help you make wise spending choices.
Commit yourself to making incremental improvements in your spending habits, and celebrate each success without spending more money.

The orginal article.

Summary of “Americans Are Going Bankrupt From Getting Sick”

According to a Consumer Financial Protection Bureau study from 2014, medical bills are the most common cause of unpaid bills sent to collection agencies.
About a fifth of Americans have a medical claim on their credit report, and the same proportion currently has a medical bill overdue.
Often, a hospital might be covered by a person’s insurance network, but the individual doctors who work there and the ambulance company that services it aren’t, a situation that can lead to something called balance billing.
In some states, hospitals are required to provide charity care to certain low-income and uninsured patients, but several advocacy groups told me that these patients sometimes get regular bills instead. “We were seeing hospitals sending debtors to debt collections without saying anything to the debt collectors” about charity care, says Emilia Morris, the legal director of Central California Legal Services.
A separate bill, for two doctors’ consultations during Lockett’s hospital stay, came on April 28, for $1,301.
Another bill, in May, came from Grady EMS, an ambulance service, for $1,807, for picking her up “From the scene,” as well as “Mileage.” This bill encouraged her to leave her feedback in an online survey for the chance to win a $50 Kroger card.
Since Chamberlin Edmonds was offering only to help her find government insurance, for which Lockett did not qualify, the company wasn’t able to reduce her hospital bill or work out a payment plan.
Emory Healthcare told me it could not comment on individual patients, but added, “Patients will sometimes receive two bills for the same date of service: one bill for services rendered by the physician; the other for a hospital stay, supplies, services, and equipment provided. Emory Healthcare’s customer-service department works with patients to establish a mutually acceptable agreement for paying inpatient or outpatient bills.”

The orginal article.

Summary of “How Student Loan Debt Is Destroying Marriages”

The third scenario is the least discussed of the group – partners who take on student loan debt accrued during the marriage or relationship by cosigning on it.
John was still left with the student loan debt for a career his ex-wife never even pursued.
That’s likely why many of the online discussions about student loan debt are about what to do when going into a marriage with college debt.
In one post last year, for example, someone queried r/StudentLoans for advice on how to pay off a fiancĂ©’s whopping $390,000 in student debt with a roughly 6 percent interest rate with a current income of only $48,432.
Such advice-seeking and awareness puts these folks ahead of the game, because the only real solution to handling the student loan debt your marriage inherits is to treat it as a couple and annihilate it together like a case of bedbugs.
“Communicate together to make a plan for paying off the student loan debt, and then stick to it,” Ashley Dixon, associate planner at Gen Y Planning, tells me.
“You might have student loan debt,” Dixon says.
“But are you also earning the most income in the relationship? Are you a parent carrying student loan debt, but have decided to take a few years off because daycare costs are more expensive than what you could earn and be paying toward your student loans? If it still bothers you – and is a thorn in your relationship – maybe pick up a side hustle for additional income to allocate directly to your student loan debt.”

The orginal article.

Summary of “Student Debt Is Transforming the American Family”

Her story gave Zaloom insight into the evolving role of college debt in contemporary American life.
In “Indebted: How Families Make College Work at Any Cost”, Zaloom considers how the challenge of paying for college has become one of the organizing forces of middle-class family life.
One mother wanted to shield her daughter from reckoning with the family’s tenuous financial health as they put her through college: “It’s not really part of a conversation that needs to be in.” That conversation can’t always be avoided, though.
Still more Americans were able to go to college in the sixties, thanks to the National Defense Education Act of 1958, which offered financial assistance to students pursuing studies that could benefit the national interest, and the Higher Education Act of 1965, which provided federal support to poor and working-class students, regardless of what they wanted to study.
Zaloom’s families illustrate how difficult it is to negotiate the snares set out by lenders and colleges.
In 2016, the federal government spent ninety-one billion dollars subsidizing college attendance; for as little as seventy-nine billion dollars, tuition could be eliminated at all public colleges.
The economist Bryan Caplan has provocatively argued that we would be better off if college were “Less affordable.” In his 2018 book, “The Case Against Education,” he argues that a college education is largely useful as a means of “Signalling,” of advertising one’s potential to a future employer: “It is precisely because education is so affordable”-thanks to loans and government subsidies-“That the labor market expects us to possess so much.” There are cheaper ways to do this, and, in Caplan’s cynically droll view, they don’t require us to spend years studying subjects we will never use.
This May, the billionaire Robert F. Smith announced, in a commencement address at Morehouse College, a historically black institution, that he was going to take care of the entire graduating class’s student debts.

The orginal article.

Summary of “Here’s How One Woman Beat The Gender Pay Gap And Asked For A Raise”

BuzzFeed News spoke to Boston about how she ended up with six-figure student debt, how she managed not to miss a payment, and what led her to start asking people around her – especially men – how much money they made.
I wish they’d sat me down before any of us signed any papers to just be like, “This is how much money you’ll have to make to pay this off” – at a minimum.
When I wasn’t working, I was spending the better part of those first six months after graduating just trying to understand how much money I owed, where that money was, who I owed it to, and how to set up payment plans.
The total amount that I was expected to pay on that first bill was just over $1,400 – and I was working a paid internship for about minimum wage in Washington, DC. I was completely beside myself looking at this number.
Almost two years into the job, I was making pretty high five figures, so not a small amount of money, but with that level of debt, it’s still not enough to really be making a ton of headway on what I still owed.
I went out to dinner that night with three of my coworkers: a South Asian and Middle Eastern woman who had seven years of just banging job experience, a black woman with a PhD in cognitive psych and more than a decade of job experience, and a white woman who was 24 and had been working for like two years.
She’s a wonderful, incredibly hardworking, and deserving person, but this is not about who she is; it’s about how three other women of color at that table with more experience, the same work ethic, and ability to deliver at work were all being paid the same thing.
It perpetuates this idea that it’s all up to you to figure out how much you should be making, when really you are working for a series of employers who have pay bands, or salary caps, or freelance amounts set by what people are willing to work for.

The orginal article.

Summary of “As Student Debt Rises, Teens Are Rethinking the College Experience”

Jake’s top priority isn’t student athletics, a high college rank or a vibrant party scene – it’s to graduate debt-free.
For the past few years, college debt – now the highest it’s ever been – has risen from a taboo dinner topic to one of our most pressing political issues.
Democratic presidential candidates Elizabeth Warren and Bernie Sanders are leading the conversations with legislative proposals for free public college tuition and student-loan debt forgiveness.
He says these progressive proposals “Sound great,” but he believes he’d be “Well out of college before anything happens.” Debt anxiety influenced Andrew’s decision to spend two years at Haywood Community College in Clyde, North Carolina.
All these college kids talkin bout student loans n stuff like that making me scared shitless for my life.
Zach, a first-generation college student from Fulton, Mississippi, “Didn’t have a clue” what he was doing while applying for colleges.
Even for more fortunate students who plan to pay off their tuition costs in real time, there’s still worry about the trauma of college debt looming large over the entire country.
The only way he can make sense of it is to turn the fear of debt into college motivation.

The orginal article.