The SPEC’s just reviewed the movie I.O.U.S.A. featuring former Comptroller General of the United States, David Walker.
In a nutshell, Mr Walker outlines the debt levels of the government and how it will continue to grow with the current spending patterns of the federal government. The debt level of the Fed (You and I) is in the trillions, growing daily, where we pay around $500,000,000 daily in interest only.
We will not further analyze the picture, but you definitely need to rent and more importantly analyze this movie.
However, as we move into mid ‘09, we have a plan to get you out of debt, stay out of debt, and rely on Capital Reserves. Disclaimer: All members of StreetSpeculators are following these principles.
2009 SPEC’s Fiscal Plan
1. Pay off credit cards– close the accounts
2. Put into a savings account the $amounts of the previous credit card limits, save, save, save
3. Once you have saved the $amount of your previous credit card limits, continue this saving pattern
4. Mobile and Landline Phone Service (Choose One, cancel the other)
5. Pay off “Non-Returnable” debt (Car Notes, Student Loans)
6. Stock Market Investing (Buy what YOU know), give your money to “NO” Money Managers. (Remember: Bernard Madoff)
7. Do not lease cars. Buy, Pay-off, & Maintain
8. Pay off any debt encumbering your home (Mortgage, Deed of Trust, etc…)
9. Don’t go into debt for TAX Write-Offs (The absolute dumbest piece of financial advice I had ever heard)
10. FIRE YOUR ACCOUNTANT if their goal is for you to get a Tax Refund. You want your money now, not once a year.
11. Make sure everyone in your home is being productive (or Working)
12. Don’t be manipulated into giving money by Religious figures!!
Hope this helps. If you have anything additional to add, please inform us.
SPECS’s