Woodbury Bulletin - 03/26/2008
In the last few months real estate foreclosures in our country have increased at a rapid pace. This foreclosure crisis has made national and local headlines.
The Woodbury Bulletin ran a cover story in its March 12 issue which stated more than 200 homes were in some stage of foreclosure in 2007, the highest number in Washington County.
I know difficult and unexpected events do happen in life that can throw our finances out of balance and leave us in huge debt. Layoffs, divorce, sudden illness and death can happen, things that can be out of our control. In those situations, foreclosures may be unavoidable.
But I also think some foreclosures are preventable if people would take more personal responsibility with their finances and life.
I have seen people who live from paycheck to paycheck every month buy lunch out every day and get sodas and snacks from vending machines regularly. I would bring lunch and snacks from home every day to save money so I don’t have to live from paycheck to paycheck.
It is a personal choice when people buy more than they can afford. If I want something but can’t pay for it, then I shouldn’t and wouldn’t buy it.
Personally, I would rather live below my means to achieve financial security and freedom than living above my means to have a nice appearance, but under a lot of financial pressure and stress.
I would like to offer a few ideas for people who want to take their financial life under control to avoid foreclosure and debt as much as possible.
• Save for a rainy day
No matter how much money you make, set aside a portion of your pay for emergencies and for a few months’ living expenses.
Some people might say, “I make the minimum wage and can’t save anything.” My response to that is, “Yes, you can if you really want to.” Whether you can save or not doesn’t depend solely on how much your income is. It also depends on your own will.
When I grew up, my parents didn’t have much money. They literally had to count every penny. But they still managed to save a little bit of money for an emergency.
One memory from my teenage years that stuck in my mind vividly was that my father often reminded me to stop reading or doing homework in the evening and turn off the light and go to bed early so our expense for electricity won’t go higher. At that time I really resented my father for his comments.
But later as I grew older and started my own family, I began to understand my father and the circumstances better. He was just trying to reduce living expenses and save money.
With a family of four plus grandparents to support on my parents’ low income, they really had no other choice. Now I appreciate my parents for having taught me the lesson of resourceful and frugal living.
From today’s perspective, this is not a good example or a good way for saving money. But whenever I think about this subject, this memory comes back to me.
• Emergency fund
Keep an emergency fund equal to three to six month’s worth of basic living expenses. When unexpected things happen, you can tap into the emergency fund for meeting temporary and urgent needs. An emergency fund is necessary for your financial security and peace of mind.
• Live below your means
Do not buy anything you cannot afford, especially the stuff you want but don’t really need immediately. The big house and the new car may look good to you and feel good to your ego, but if you can’t afford them, then be content with what you have.
• Control spending
Don’t indulge in impulse spending or over spending which will jeopardize your financial future. Learn to recognize your wants from your needs. Don’t use shopping and spending to fulfill your emotional needs. There are better and less expensive ways to do that.
• Reduce expenses
There are many things you can do to reduce expenses. If you need ideas, get some books from the library. You can read Mary Hunt’s books or subscribe to the online newsletter The Dollar Stretcher (www.stretcher.com) Unlimited resources are available in the library and on the Internet.
• Cash only
People tend to overspend with credit cards. So if you have a spending problem, pay cash only. Leave your credit cards at home when you go shopping and use them only for emergency, travel or when necessary.
• Pay off credit cards
Credit cards usually have high interest rates. If you do use credit cards, pay off the balances every month to avoid high interest.
• Be creative
If you want to watch a movie or read a book, check it out from the library. If you want to visit a museum, get a free pass from the library.
If you need a birthday card, make one yourself. There are so many things you can do without having to spend money. Just be creative, mindful and resourceful.
What are the benefits of doing all these things? You gain financial security and freedom.
In 2003, the organization where I was working at had a mass layoff. I was bumped out of my position by someone who had more seniority and I was laid off as a result. While this caused many people anxiety, I didn’t lose sleep over it, because I knew I was OK financially. My life did not depend on my next paycheck.
When relatives or friends need money for emergency, I can loan or give them money if I want to. I have the means and freedom to do so because I have saved for a rainy day, as my parents taught me.
Yes, you can achieve the same financial security and freedom if you choose to, and make the commitment to be financially responsible.
Saturday, March 29, 2008
A letter to my readers
Woodbury Bulletin - 03/19/2008
Dear readers,
First of all, I would like to thank you for taking the time to read my columns.
It’s great to know that you are interested in reading what I write and what’s on my mind. I consider it an honor and a privilege to write this column every week for you and for Woodbury Bulletin.
Since I started writing this column one-and-a-half years ago, I have received some e-mails from readers that have been very encouraging to me. On very few occasions, readers contacted me to let me know that they felt offended by the topics I wrote about or by the words I used.
It is certainly not my intention to write something to offend anyone. My purpose of writing this column is to open my mind and heart to you, to share my ideas, opinions and part of my life with you, to provide some information and inspiration for you.
In order to prevent any misunderstanding, I think it’s necessary for me to clarify a few things here. Please keep the following points in mind when you read my column and make your judgment.
1. I am not employed by Forum Communications Company, which owns Woodbury Bulletin. I don’t work for Woodbury Bulletin. I don’t represent the Company, the paper or the Editor in any way. I am an independent, freelance writer.
2. I am not a journalist. I have never taken any journalism class in college. I don’t report local news for Woodbury Bulletin. And I don’t write as a journalist in a formal, objective and third-person style.
3. “On My Mind” is not an editorial, but a personal column. I write in the first-person, relaxed and natural style. While I do strive to provide factual and accurate information based on my own research, knowledge, observation and experience, all the opinions I express in this column are my own and personal and therefore are subjective.
If I say “X is the best in Woodbury,” it’s perfectly fine for you to think “No, not X — Y is the best in Woodbury.” It is not necessary to feel offended by other people’s different, but reasonable opinion, in my humble mind.
I don’t expect everyone in Woodbury to agree with what I think and say. You are entitled to your own opinion.
4. I am not a professional writer. I don’t have any academic background in writing. I don’t make a living as a columnist. I don’t think about styles and techniques when I write. I write whatever comes to my mind. Most times I write after my kids go to sleep at 10 pm. I do it because I love to.
5. I am not a native-English speaker. When I came to the U.S. in 1991, I had to learn English from reading children’s books. I am sure you will pardon me if my English is not as perfect as your’s and if I use a word inappropriately.
6. I am not a doctor, psychologist, counselor or lawyer. Any advice provided in this column is for your information only. Please use your own mind and judgment and consult with a professional if necessary when considering my recommendations, suggestions and advices on any topics.
7. I don’t claim to know all and know everything or know better than anyone of you. I have lived in Woodbury since 2001. I am sure people who have lived here for 30 or 40 years know much more about Woodbury than I do. If whatever I write is not correct, please let me know and I will be very happy to know about it and apologize if necessary.
8. I don’t personally benefit from any individual, any business and any subject I write about in this column. I don’t get paid by any individual or business to write about them. I write about subjects I am interested in and I think it’s good for others to know about.
Here is an example. When I decided to write about a new Chinese restaurant in Woodbury, I contacted the owner to get some information. When he asked me how much he would have to pay for my writing, I said, “Nothing.” Then I paid for my own and my family’s meal to eat at that restaurant to get a firsthand experience.
9. I don’t feel offended when people don’t read my column or don’t agree with or like what I write. I might feel sorry that we don’t see thing eye to eye. But with almost 60,000 residents in Woodbury, it's a given that people will have different interests and opinions. What I like is not necessarily what you like, and vice versa.
The sports section in Woodbury Bulletin is a good example. Because I have never been into any sport my whole life and don’t know anything about sport, I don’t read the sport section every week.
I know that Tom Carothers, the sports editor for Woodbury Bulletin, is a prolific writer and does an excellent job covering the sport section every week with his many articles and photos. I am sure Tom wouldn’t be offended by my admission that I don’t read the sport section. It has nothing to do with him or his ability as a writer, but everything to do with my own interest.
Please remember I am only one of the 58,000 residents in Woodbury. My single voice is among many in Woodbury. My opinion represents mine alone.
10. I welcome all comments, positive and negative. Please feel free to let me know what you think. I make sure I respond to everyone who contacts me. Actually, the negative comments give me more to think about. And it’s a good thing.
For all your support and encouragement, I promise I will keep writing what’s on my mind and I will do my best to keep this column informative and inspirational.
For you, please keep reading what interests you personally.
Dear readers,
First of all, I would like to thank you for taking the time to read my columns.
It’s great to know that you are interested in reading what I write and what’s on my mind. I consider it an honor and a privilege to write this column every week for you and for Woodbury Bulletin.
Since I started writing this column one-and-a-half years ago, I have received some e-mails from readers that have been very encouraging to me. On very few occasions, readers contacted me to let me know that they felt offended by the topics I wrote about or by the words I used.
It is certainly not my intention to write something to offend anyone. My purpose of writing this column is to open my mind and heart to you, to share my ideas, opinions and part of my life with you, to provide some information and inspiration for you.
In order to prevent any misunderstanding, I think it’s necessary for me to clarify a few things here. Please keep the following points in mind when you read my column and make your judgment.
1. I am not employed by Forum Communications Company, which owns Woodbury Bulletin. I don’t work for Woodbury Bulletin. I don’t represent the Company, the paper or the Editor in any way. I am an independent, freelance writer.
2. I am not a journalist. I have never taken any journalism class in college. I don’t report local news for Woodbury Bulletin. And I don’t write as a journalist in a formal, objective and third-person style.
3. “On My Mind” is not an editorial, but a personal column. I write in the first-person, relaxed and natural style. While I do strive to provide factual and accurate information based on my own research, knowledge, observation and experience, all the opinions I express in this column are my own and personal and therefore are subjective.
If I say “X is the best in Woodbury,” it’s perfectly fine for you to think “No, not X — Y is the best in Woodbury.” It is not necessary to feel offended by other people’s different, but reasonable opinion, in my humble mind.
I don’t expect everyone in Woodbury to agree with what I think and say. You are entitled to your own opinion.
4. I am not a professional writer. I don’t have any academic background in writing. I don’t make a living as a columnist. I don’t think about styles and techniques when I write. I write whatever comes to my mind. Most times I write after my kids go to sleep at 10 pm. I do it because I love to.
5. I am not a native-English speaker. When I came to the U.S. in 1991, I had to learn English from reading children’s books. I am sure you will pardon me if my English is not as perfect as your’s and if I use a word inappropriately.
6. I am not a doctor, psychologist, counselor or lawyer. Any advice provided in this column is for your information only. Please use your own mind and judgment and consult with a professional if necessary when considering my recommendations, suggestions and advices on any topics.
7. I don’t claim to know all and know everything or know better than anyone of you. I have lived in Woodbury since 2001. I am sure people who have lived here for 30 or 40 years know much more about Woodbury than I do. If whatever I write is not correct, please let me know and I will be very happy to know about it and apologize if necessary.
8. I don’t personally benefit from any individual, any business and any subject I write about in this column. I don’t get paid by any individual or business to write about them. I write about subjects I am interested in and I think it’s good for others to know about.
Here is an example. When I decided to write about a new Chinese restaurant in Woodbury, I contacted the owner to get some information. When he asked me how much he would have to pay for my writing, I said, “Nothing.” Then I paid for my own and my family’s meal to eat at that restaurant to get a firsthand experience.
9. I don’t feel offended when people don’t read my column or don’t agree with or like what I write. I might feel sorry that we don’t see thing eye to eye. But with almost 60,000 residents in Woodbury, it's a given that people will have different interests and opinions. What I like is not necessarily what you like, and vice versa.
The sports section in Woodbury Bulletin is a good example. Because I have never been into any sport my whole life and don’t know anything about sport, I don’t read the sport section every week.
I know that Tom Carothers, the sports editor for Woodbury Bulletin, is a prolific writer and does an excellent job covering the sport section every week with his many articles and photos. I am sure Tom wouldn’t be offended by my admission that I don’t read the sport section. It has nothing to do with him or his ability as a writer, but everything to do with my own interest.
Please remember I am only one of the 58,000 residents in Woodbury. My single voice is among many in Woodbury. My opinion represents mine alone.
10. I welcome all comments, positive and negative. Please feel free to let me know what you think. I make sure I respond to everyone who contacts me. Actually, the negative comments give me more to think about. And it’s a good thing.
For all your support and encouragement, I promise I will keep writing what’s on my mind and I will do my best to keep this column informative and inspirational.
For you, please keep reading what interests you personally.
Welcome to My Blog
Thank you for visiting my blog.
I will use this blog to post my newspaper columns, reprinted here with permission of the Woodbury Bulletin.
I will use this blog to post my newspaper columns, reprinted here with permission of the Woodbury Bulletin.
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