All true below in Svan's post.
I have mentioned my financial counseling for Navy folks but I have also worked with others.
We lived on a really neat little island called Cobb Island before we bought the farm. I was workng in DC and my wife at Pax so it was a good middle commute for us both.
The house next to us was owned by a wealthy couple from DC that rented it to Section 8 folks. We met and got to know three families in the two years we owned the house on the Island.
I enjoyed working on cars in those days and helped with a bunch of Caprices, Monte Carlos, etc. Sounds cliche but trust me.
My favorite was a guy named Moose who I helped get a job driving a tow truck. I knew a guy, who knew a guy...
This was in 1995 and my wife and I together are doing well since we both had a good salary.
Moose is on the tow truck gig doing well and gets ahead financially. He decides about four months in that he needs a vacation and takes the whole Moose family to Disney World, for a week.
He comes back broke, lost the job and started all over again being poor. He did manage to get a job in his hometown in Michigan since he evidentially was a good tow truck driver.
I had my Mom's old 1976/77 320i with 250K on it I was looking to get rid of so I gave it to him. Last I heard, 20 years ago, they were doing ok.
Amazing stuff. F'ing Disney World.
Quote:
Originally Posted by svandamme
I've done budget management for people in debt.
one way they will often work to manage payments is the envelope way
paycheck comes in
A lot of poor people do this, because to some extent it works for them to visualize their finances, and decide priorities.
With money in an account, they'll often loose track of things that suddenly get jacked off the account.
It's all nice if you are computer savy and got an XLS sheet with planned payments, and that way keep track of the forecast. but for a lot of poorer people they either don't have the computer to begin with, or don't have the ability to use it for this purpose.
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