All Your Worth: The Ultimate Lifetime Money Plan by Elizabeth Warren & Amelia Warren Tyagi

Author:Elizabeth Warren & Amelia Warren Tyagi [Warren, Elizabeth]
Language: eng
Format: mobi
Publisher: Free Press
Published: 2005-03-07T16:00:00+00:00

Part B of the Self-Test deals with a different sort of debt.

PART B: LEGACY DEBT

If you chose “True” two or more times, you have a problem with an old “legacy” debt. You are generally responsible with your money, but you are still haunted by a crisis or mistake from your past. Maybe you made a bad decision (quitting your steady job to launch a fried-Twinkie shop wasn’t such a good idea after all). Or maybe you were just the victim of plain old bad luck—an accident, a spell of unemployment, an ex who emptied your bank account and left you with nothing but the hamster. In either case, it’s time to dust yourself off and focus on getting that debt paid off, so you can get on with the rest of your life.

Take heart. By now you have already figured out what part of your old life didn’t work financially, and you are ready to write a new chapter. Pretty soon you’ll be ready to start accumulating some real savings, so you’ll be protected from the ups and downs that may come your way. You may have been dealt a bad hand this time around, but as you bring your money into balance, you can get past this and build a strong future.

A word of caution: If you are still in the middle of a crisis, then you aren’t ready to begin paying off yesterday’s debts. If you are out of work, if a family member is still sick, or if the problem that got you into trouble is still ongoing, then wait until this crisis has passed before you begin tackling your debts head-on. You may have to tread water for a while, or you may even need to take on more debt to keep food on the table until your life straightens out. In that case, skip ahead to “Financial CPR” at the end of the book. When the crisis passes, you can come back to this section and create your plan to get rid of your Steal-from-Tomorrow debt once and for all.

The final section of the Self-Test addresses the third type of debt you might have.

PART C: SPLURGE DEBTS

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