Thursday, October 17th, 2019

Increasing Financial I.Q.

August 8, 2010 by  
Filed under Personal Finance

How the Mighty Have Fallen: In 2008 we were flying high. We believed we were on a trajectory toward wealth—-and then the bottom fell out of our plan. The Real Estate market tanked, mortgage lending melted down—imploded really—-bank lending froze solid, state budgets were immediately hit as loan defaults drove bankrupties and foreclosures through the roof, and my wife’s teaching contract was not renewed. She was one of 40 in her school district, hundreds across our state. For us, this was a 5-figure cliff off which we were bound to fall—and fall we did. The immediate impact was that we would no longer be able to subsidize the property in NV that had been our previous home, since the maximum monthly rental was insufficient to pay the debt-service and the expenses. In fact, we had been flying so high that our un-secured credit—now un-payable—was six figures.

There is Hope: Why am I telling you this? I am happy to tell you that there is a way through even the disaster I have described. We looked around for advise—not just any advice—but world class, best-in-class, proven advice. We found it in 2 places: Rich Dad (Robert Kyosaki) and Total Money Makeover (Dave Ramsey). Why did we look to Dave Ramsey after Robert Kyosaki? It’s simple. We had to admit that our financial I.Q. was pretty low—very low–dangerously low. So, we took Robert’s advice and went seeking every way we could to raise our financial I.Q., beginning with learning how to and changing the way we use the money that comes into our hands. We believed that we needed to pay off all our debt—-well we believed that, but some of it we could not satisfy our lenders about, and the NV property had to go to foreclosure (we’ll not go into those details here). The rest we set about using Dave’s Total Money Makeover to clear up—and we are in the midst of that journey. We learned what un-secured debt is, how to deal with debt-collectors and the credit companies—and here I need to also recognize 2 other great books on the subject: Debt Cures (Kevin Trudeau) and The ABCs of Getting Out of Debt (Garrett Sutton, Esq—of the Rich Dad team). Today we’ve knocked six-figure debt down to mid-five-figure debt and are well on our way to having all un-secured debt paid off within the next 15 months. We’ve enlisted our faith through prayer for creativity (to discover new ways to obtain revenue), courage (to continue our plan, even when endurance is hard), vigor (to pursue our plan with intensity and focus), and peace (so that each evening we can celebrate the milestones—or shall I say inch-stones of progress we’ve made toward our goal).

Share Our Journey: We want to share our journey and the lessons we’ve learned with any of you who want to do what we’re doing. We have a story to tell you and skills we can teach you, and mentors we can introduce you to. You do not have to be discouraged! You do not have to be a victim. You can dig your way out and find your way to the mountain-top upon which you will see your future—and it will be bright! We will teach this through our Educational Services business, so contact us at or on our FB page: Personal Best Educational Services LLC. If you are a middle or high school student and wish to be home-schooled to learn the lessons before you fall into the pit, we will be accepting you too.

Call to Action: Sign up today by contacting us via our website
Copyright Personal Best Educational Services, LLC July 2010. All Rights Reserved.


One Response to “Increasing Financial I.Q.”
  1. Love your site man keep up the good work

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