Good News on the 401k Front

It looks like more businesses and more employees are turning to 401(k) for retirement planning. I'm glad to hear it. If your business offers such a plan, you should talk to your HR dept. about enrolling right away. It's good planning, it's good business and in most cases it's pre tax meaning the money you invest is not a part of your taxable income (plans vary, so please take the time to consult your HR person as previously recommended.)

Read the article HERE.

I Love Spreading the Message

Yes, I believe in Life After Debt! And I love to talk about it. Brittan and I are proof that anyone can do it, so we enjoy helping others. Yesterday we went to the Men's Warehouse to buy me a new suit. Considering the last one I bought was 5 years ago, and it's the only one I own, this purchase is long overdue. As an aside, suits are a whole lot more expensive than they were 5 years ago. Jeepers, it's almost like buying a car! Suits were "on sale" for roughly $250 each. Holy Cow, that's a lot of money. But I digress.

While I was being fitted by the tailor, I overheard Brittan giving our phone number and email address to the salesman. Obviously, they want to bombard me with sales offers for all eternity. But when she gave the email address sam@iounomore.com, the guy asked about it. By the time I got over to the desk, another salesman had arrived and they were both asking me questions. It almost made spending the money worthwhile. I said, Almost!

New Slogan, New Products

We're toying with the idea of launching a line of logo wear for the Revolution. It was sparked by an accidental turn of phrase from a recent entry in this blog. We're looking at T-Shirts, buttons, mugs etc. that say something like, "Get off Debt Row." "I escaped Debt Row". That kind of thing. I know it's corny, but I love that kind of stuff. I'm such a dope sometimes. But we're looking for ways for people to take pride in their financial freedom and share it with the world. The revolution continues.

Just When I Was Starting To Feel Better About Things

For a few weeks now, I've been excited because so many people appear to be joining the "IOU NO MORE" Revolution. But today's headlines are a sober reminder that far too many are on Debt Row. You can read all about it HERE.

Yep, it's that time again

Very soon, the early morning air will be filled with the sounds of happy young voices as they head back to school after another summer vacation. That means that the air is currently filled with the weeping a wailing of their parents as they try to do the "Back to School" shopping. Here's a link to some tips I found on msnbc.com. Happy shopping, everyone. Now....... let's all sing........ "School Days, School Days. Dear old golden rule days.........."

Trickle Down Economics Works in Reverse, Too

I read an article today that illustrates in a small way, what will happen if a certain presidential candidate is elected and fulfills his promise to raise taxes. Read the article HERE.
Already, the small and mid sized business owner is feeling the pinch of higher operating costs and a higher minimum wage. Once higher taxes are added to the equation we will see many businesses forced to close and many more scale back by laying off employees or not hiring in the first place. Many people don't understand that it is not the mega rich or the large businesses who hire the most employees in this country. The biggest load is carried by the small business owner.

The "R" Word

Recession. Are we in one already? Is one looming? What is a "Recession" anyway? All good questions and the answers depend on who you ask.

By definition, the economy would need at least 3 consecutive quarters of negative growth to officially be recessed. We haven't had even one such quarter. We haven't even had a quarter of zero growth. In fact, the last quarter was up to 1.99%. While that is not flying, it is also not recession.

But we do have an economic slow down and we have some segments of the market that are in recession, namely the housing and automobile industries. Both are in the tank.

The combination of a weak dollar and high oil prices, have created an inflationary cyclone that are sucking in parts of the economy and millions of individuals and families. And don't forget that the weak housing and automobile sectors have affected unemployment. While not at overly high rates, the unemployment rate has risen over the last year.

Higher oil prices have raised the prices many things, not just gasoline. That makes it tougher on people to spend outside basic necessities. In our case, our gasoline budget has doubled in the last year. And we now only have one person working. Families with two people working, plus children in sports, school and church activities must be paying small fortunes in gasoline. They are also hit hard at the grocery store. It's hitting hard.

What it has really created is a credit crisis and a priority crisis. People can't borrow like they did just a couple of years ago. Industries that rely on credit are hit hardest when that happens. Who can buy a big new house when all their money is going into fueling their cars and kids? Who can afford a new car payment much less the gasoline for a big SUV or Pickup?

There's concern and there's confusion. But don't despair. Let not your hearts be troubled. There is hope. It's called "cash". When we learn to manage our money, live on less than we earn develop a lifestyle of "delayed gratification", we can prosper even in the worst of economic times.

People are starting to get it. I keep saying that, but it's true. We're receiving more requests than ever for our free Basic Spending Plan. IOU NO MORE is selling well. My email is hopping. Yes, the heart wrenching stories hurt to ready. But the hope that is growing from the grassroots makes me very happy.