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Topic : 09/15 Money Matters: Surviving the Crisis

Number of Replies: 184
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Created on : Friday, September 12, 2008, 01:15:18 pm
Author : DrPhilBoard1
Are you in debt? During these tough economic times with foreclosures on the rise and gas prices through the roof, more and more families are panicking about their financial stability, and some are only one paycheck away from being on the street. Would you and your family know what to do to survive? Just two years ago, Brandy and Greg say they were living the American Dream: a big house, a fast boat, plenty of spending money and four beautiful children. That all changed when their six-figure income was reduced to nothing. On the brink of losing everything, how did this family end up nearly a quarter of a million dollars in debt, and could it happen to you? Money expert Loral Langemeier shares a 90-day plan to help get their finances back on track. Then, Milton and Patricia were awarded the largest home ever given away on Extreme Makeover Home Edition. The headlines now report that the mini mansion is near foreclosure because of the couple's frivolous spending. They come to Dr. Phil to set the record straight and clean up their financial mess. And, Dr. Phil reveals the five biggest money mistakes people make. Could you be making them right now? You don't want to miss these tips! Join the discussion.

Find out what happened on the show.

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September 15, 2008, 2:20 pm CDT

Thanks Dr. Phil & Show Suggestion

Thank you for laying out the 5 Biggest Money Mistakes ... And boy am I impressed that you included "Believing in the Myth of Fixed Expenses" ... Glad to know that I am not the only one who gets irked when people talk about 2 cars, vacations, etc. as if they were a "need."

 

May I make a suggestion about a nice way to wrap up this series?  It would be nice if you could show how a financially responsible lifestyle does not have to mean living in a cave, having no fun.  There are those of us out there who are able to balance living in a financially responsible way with a very happy life. We are financially secure and we enjoy life to the fullest.  We have learned to put our financial security ahead of buying the latest gadget.  We have learned to be content enjoying life's simple pleasures:  taking a walk with the dog, enjoying home brewed coffe with our spouse while reading the Sunday paper and discussing the news of the world, reading library books, etc.  Thank you.

 
September 15, 2008, 2:28 pm CDT

Get out of debt instead!

I can't believe the financial advisor on Dr. Phil today.  This Laura person is completely wrong!

This couple needs to get out of their house and stay out of debt in every way.  Dr. Phil should have Dave Ramsey as his financial expert.  Dave Ramsey would tell them to NEVER let anyone co-sign on a loan for this couple and to stop worrying about building a credit score.  If you are out of debt, you don't need a credit score.  You pay off your house, live within your means and don't use credit cards at all!  Get back to basics, Dr. Phi.  Where did you get this new financial "expert"?  She is WAY off base.

 

 

 
September 15, 2008, 2:30 pm CDT

09/15 Money Matters: Surviving the Crisis

. . . and this woman who apparently doesn't have two dimes to rub together goes on TV with Dr. Phil wearing a $925 sterling silver necklace from Tiffany.  She probably was wearing the matching bracelet, but it wasn't readily visible.  That takes nerve. 

 
September 15, 2008, 2:32 pm CDT

common sense and math have lost to media?

As I grew up, I was taught to earn some money for what I wanted.  Laugh as you will, but "Kool-Aid stands" werre pretty popular of all us kids (never made a cent on them but we learned for it all)

 

People making $250k a year you would expect to be a little more saavy than a housekeeper or whatnot - yet they act like victims.  Do they not know math?

 

I don't know why Dr. Phil even gave these folks air time. 

 
September 15, 2008, 2:42 pm CDT

"The Job Search Solution" by Tony Beshara

Quote From: sassydg_

What was the name of the head hunter in Dallas Dr. Phil said was the best. I have a son there thought that might help his money plan....
The headhunter in Dallas, Texas, that Dr. Phil recommended was Tony Beshara, who wrote "The Job Search Solution -- The Ultimate System for Finding a Great Job Now!"
 
September 15, 2008, 2:45 pm CDT

re: Extreme Home Makeover

When I saw the first episode of Extreme Home Makeover, my immediate thought was, if they can't afford to fix the house-how will they afford the taxes and utilities??  I'm not surprised at the stress and financial problems caused by this makeover.  Why does anyone need a home this big.  Those of us who live in smaller homes have less financial stress and  less housecleaning to do.  Bigger is not always better.
 
September 15, 2008, 2:45 pm CDT

what a bad show

As a single woman, I have never had a back up income - so I learned to be prudent in what I spend. 

 

Worst case happened and an illness put me out of work and I lost my job of 17 years.  No income.  No help dealing with day to day issues or the maze of doctors or the huge expense of doctors.

 

These guests on today's show have NO IDEA what touble is.  I was at least smart enough to make sure my home was paid off (from my 401k) so that whatever happened I had someplace to live.

 

These folks don't even think having the 2nd partner go to work is an option.  My food budget for a whole month would probably only last them 2 days. 

 
September 15, 2008, 2:51 pm CDT

Tiered Mortgages

Anyone know of a lender who offers these? Are they available for anyone in the U.S. or is it a state offer.
 
September 15, 2008, 2:59 pm CDT

real problems vs. greed

Some people have real day to day worries about how to keep a roof over the head or buy groceries or pay the electric company.

 

The people on this show were horrible examples of the real problems that everyday people face. 

 

Dr. Phil - you always joke about that $750 car.  My first car was $380 - I paid for it myself when I was 17 and I don't regret for a minute that I learned about finances back then. 

 

Are you saying that a 17 year old can figure this out but the guests on your show that earn $250k/year cannot figure that out?

 
September 15, 2008, 3:05 pm CDT

09/15 Money Matters: Surviving the Crisis

Quote From: happywife02

I was thinking the exact same thing!!!  Enough is enough.

Love the bit about the hair--I was thinking the same thing----she doesn't even need to be retouched!--I feel for this family and the situation they are in--but truly--what about the people who live a simpler life and are losing their homes--because of medical bills--because of employment cutbacks--to me these people made their beds--they saw it coming--but truly--truly--there are people who could really use some help finding another job after being downsized for whatever reason--a job with health insurance and being able to put decent food on-their tables--and clothes on their kids back----I used to babysit--afterschool--for parent that were working--homework got done and kids were able to just run and play and blow off steam after sitting all day------OK OK--i won' go on--but save 100 bucks a month find out what your real hair color is
 
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