It’s Ten O’clock. Do You Know Where Your Money Is?

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction” 177-June 26 “The truth will set you free—but first it will piss you off.” –Werner Erhard “Please balance my checkbook for me!” My new client, an attractive blond woman who held a highly responsible job in city government pleaded with me. “No matter what I do, I just never can get my checking account to balance.” I soon discovered why. When I started matching her bank statement with her check register, I discovered that she rarely wrote in the correct amount of the check. The check and the bank statement would show that she wrote a check to the cleaners for $42.30. But she recorded this check on her check … [Read more...]

Home Mortgages

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction” 176-June 25 “The old woman triumphantly announced that she had borrowed enough money to pay all her debts.”—P.L. Lord Anyone who has ever bought a home has been dismayed to find out how interest is amortized over the life of the conventional thirty-year mortgage. During the first fifteen years of the loan, the majority of the loan payment is interest. In fact, for the first five years, it’s almost all interest. It’s not until the twentieth year of the mortgage that the monthly payment is even half interest and half principle. Not to mention the fact that after paying for thirty years, depending on the … [Read more...]

Home Ownership

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction” 175-June 24 “The first payment is what made us think we were prosperous, and the other nineteen is what showed us we were broke.”—Will Rogers Owning your own home is one of the American Dreams. But it seems to me that many people scrimp and save to buy a home and then are “house poor”—they can’t go anywhere or do anything because all their available income is going to pay their mortgage! In Rich Dad, Poor Dad, Robert Kiyosaki states he doesn’t even consider a home an asset. He says it’s because there are so many other attendant expenses that go with home ownership that it is a drain on most people’s income. … [Read more...]

Rewarding Investments

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction” 174-June 23 “Inflation is the crabgrass in your savings.”—Robert Orben Anne Farrelly, a financial planner in Los Angeles and author of Invest Without Stress gave me some figures years ago regarding particular investments: If you had invested $10,000 on December 31, 1979 in the following companies, this is the amount of money you would have earned from that investment by December 31, 1989—just ten years later: Neutrogena $286,000 MCI $294,000 The Gap $355,000 Wal Mart $530,000 The Limited $615,000 Circuit City $810,000 This is very good money to be making while you’re sleeping. Ann went on to … [Read more...]

Market Research

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction” 173-June 22 “We jump off buildings and make our wings on the way down.”—Ray Bradbury It was 1990, and the recession was in full swing in California. I had survived in business one year after losing my biggest customer and most of my clients and friends knew about it. Now they were afraid as business prospects diminished, money got tighter and “lean and mean” became the business order of the day. I started getting a flood of calls that sounded like this: “Chellie, things are getting difficult. When you had your problems last year, what did you do? Somehow you survived a major downturn in your business—maybe I … [Read more...]