Category: Financial Stories

Good Debt & Bad Debt

Posted on by Jordan Rumanek

Good Debt & Bad Debtdebt

Good Debt: any money borrowed to buy an appreciating asset where the cost of servicing the loan does not affect your ability to save to the appropriate level & where the principal will be fully repaid before your retirement

Bad Debt: Everything Else

In sum, divide bad debt by your annual income and if that percentage is over 25%, it is time to make larger payments to reduce this number and make sure you also keep good debt at a minimum.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Words to Live By… I Can’t Afford It!

Posted on by Jordan Rumanek

PaymentWords to Live By… I Can’t Afford It!

Understandably, it can feel embarrassing sometimes to tell acquaintances, friends and family that you just can’t afford it but once you say it a few times, you may find yourself feeling honest, financially responsible and relieved.

Most people have experienced the feeling of impulsive “quicksand spending” others may call it “shopping therapy” but all in all there is nothing therapeutic about it. Perhaps it could be compared to fast food binging: a momentary feeling of “satisfaction” followed by days of gut rot and oily skin.

Your body can not afford the effort it takes to digest unhealthy food and you can not afford the impulsive purchase to please other people or falsely please yourself. Start to tell people in your life that you can no longer afford so many dinners/lunches out or that extra weekend away or that golf membership or the spa day. You will be surprised how many people understand and you will ultimately feel relieved to be able to prioritize your spending according to your financial goals.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Do Not Take Debt Into Retirement

Posted on by Jordan Rumanek

DebtDo Not Take Debt Into Retirement

If you research retirement and debt topics, almost all articles, advice and financial help and planning books say something similar to these three points:

1. Carrying debt on a fixed income is very stressful

2. Carrying debt and spending a fixed income drains cash flow

3. Retirees with outstanding loans are less happy

It is difficult sometimes to think about retirement when you are just figuring out your mortgage or paying into your children’s tuition account every month. However, retirement is around the corner and you not only deserve to be stress free and happy now but you also deserve to feel secure and happy in the future. This may sound easier than it seems but small steps in this direction every year may reap financial benefits in the future and towards retirement.  Start by selling items you no longer need or decide to do something you love to make a little bit of extra money every month to decrease your debt. Downsizing your living environment may feel scary but can be most invigorating and beneficial. You just need to do what makes you feel most comfortable but most importantly, do not carry debt into retirement.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Tax Season: Deducting Self-Employment Expenses

Posted on by Jordan Rumanek

Tax Season: Deducting Self-Employment ExpensesBankruptcy Taxes

When you are self-employed you need to research all deductions possible and keep note of what you can deduct from year to year. It has been suggested that many self-employed individuals do not take all the deductions they are eligible for because they simply do not know about them and they do not get or research the proper information. It is important to stress here that researching and knowing your options will benefit you financially in the long run and it is worth it. There are several tips to help the self-employed with tax season.

First, it is imperative to research on your own and hire help for the first two years to do your taxes. Second, do not fail to document expenses. If need be, download an app, take notes and save all receipts for the future because organization is key. Third, you should be saving money toward retirement (18% of your net income). Finally, consider paying family for work they do for you and reduce your family’s tax liability.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form, to learn more please visit our YouTube. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

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