Financial Freedom: 3 Options for Finally Getting out of Debt

Many people carry high debt balances. After all, it is easy to rack up huge outstanding balances on credit cards, and you may also have other types of loans that require regular payments. 

While you may have been able to manage making timely minimum payments for a while, this may have gotten increasingly more challenging in recent months. 

You understandably want to eliminate financial stress from your life, and reducing debt balances is necessary to achieve this goal. These are some top ways to deal with a serious debt situation.

Consider a Drastic Reduction in Your Lifestyle

Your current debt situation may be the culmination of many long years of accruing debt. In many cases, debt develops when you make purchases that you otherwise could not afford to make. 



For example, you may have charged the purchase of a big screen TV to your credit card several years ago, and you may have never paid that balance off. If you want to achieve financial freedom, you need to make large regular payments on your accounts with outstanding balances. 

Drastically scaling back your lifestyle is necessary if you want to free up more cash to use for debt repayment. For example, you can move into a more affordable home, trade in your expensive car for a budget-minded car and make other similar efforts. The alternative is to get a second job and to use this extra income for debt reduction.

Take out a Debt Consolidation Loan

There are two primary types of debt, and these are revolving term and fixed term debts. 

A revolving term debt, such as a credit card, can take a very long time to pay off when you only make the minimum monthly payment. 

A fixed term debt will be entirely paid off at the end of the term. Consolidating all outstanding debts into a lower interest rate loan with a fixed term is a smart idea in many situations. 

This could reduce your monthly debt payments and establish a firm debt elimination schedule. You can use this strategy with the previous strategy for even more substantial results.

Seek More Substantial Debt Relief

These ideas work well for some people, but others are so swamped with debt that they cannot get their heads above water. Substantial debt relief may be available through debt negotiations or settlements. 

You may even consider filing for bankruptcy through a service like McElrath Law. While these are more drastic steps, they can provide the relief that you need when other options are not feasible. 

It’s better to get professional help in a bleak situation than to try to continue navigating it on your own.

Debt is a problem that often will not go away on its own. If you want to eliminate debt, you need to have a focused plan. 

You also need to follow that plan regularly. Spend time analyzing your situation to determine how these strategies may be applicable to your situation.

Planning for Retirement? 5 Tips to Help You Retire in Comfort

The time to start planning for retirement is now. The only people who are exempt are those who have 25 times their annual expenses saved, as they would already be ready to retire based upon their current savings as long as they do not inflate their lifestyles. Those who do not fall into this category should plan ahead. Here are five tips to help you get started if you’re in that boat.

Start Now

If you want to have a good and comfortable retirement, living the lifestyle you want to live, then you need to start planning for retirement sooner rather than later. There’s an old Chinese proverb that says that the best time to plant a tree is ten years ago and that the second best time is today. 

If you’ve not yet started by getting a financial checkup with a group like Trajan Wealth or another financial planning firm, the time is now. It’s a good idea to just see where you stand in regard to your overall financial health.

Plan for Taxes

There are quite a few ways that those who hope to retire can cut their tax bill. Using a tax-deferred retirement account is one way to cut your tax bill in the present and ensure more of your dollars actually go toward your financial goals. 



If you expect to have a higher income in retirement, a Roth account might be a better option to cut down on your tax bill in the future.

Take Social Security into Account

Some people have fear that Social Security will not be around much longer. This is not likely. It is, however, likely that there will have to be benefit cuts in the future if other adjustments are not made. 

Figuring out when the best time to take benefits for your particular situation is imperative to make sure that you’re able to retire as comfortably as possible. With all of this said, you do not want to rely on solely collecting social security in your retirement.

Consider Insurance and Annuities

Some whole life insurance policies can provide income in retirement. They are essentially long-term savings accounts that allow the insurance company to make investments on their policyholders’ behalf. 

Over time, this can add up to a nice sum that can be drawn upon during retirement. Annuities provide annual income for those who purchase them. A wealth management expert can help you navigate which of these options will work best.
Stay Invested

The longer your money stays invested, the longer it has time to compound. Compound interest has been called the eighth wonder of the world, and it can really add up. Even relatively small investments can grow to large sums over time, but the investments have to stay invested for the long haul. 

You also want to make sure that you have a few different investments as well. Keep in mind that investments can be very risky, but they should be calculated risks. If you have made a few smart investments, you will likely be better off than just making one big investment.

Starting retirement planning is imperative. It is never too early to start planning for retirement. The longer you wait, the harder it will be to have the money you need to retire in comfort and for the lifestyle you want to have. 

Those who follow these recommendations are more likely to enjoy a great retirement. While you might not be able to hit all of these mileposts, hitting some of them will be better than none. They can help you retire more comfortably.

Fixing Mistakes: 4 Tips for Recovering Financially from a DUI

A driving under the influence (DUI) charge is a serious offense that could wreak havoc on your financial situation. The conventional wisdom is that when all is said and done, a DUI can end up costing you $10,000. While financial penalties will be unavoidable if you’re found guilty, there are a few ways you can at least reduce the damage.

Go to Classes

While DUI punishments vary from state to state, one thing all states have in common is that there are classes available for DUI offenders. 

The court may sentence you to complete a certain number of classes, but whether it does or doesn’t, you should take classes regardless, as they could help you get a better deal on your insurance.

Shop around for Insurance

There’s no way around it—insurance gets very expensive when you’ve gotten a DUI. But it’s still worthwhile to shop around and see what kind of rates you can get from different carriers. 



Keep in mind that you may need to get barebones insurance coverage, at least for the time being, if money is tight. Another option would be going carless and sticking to public transportation.

Work with a DUI Attorney

You definitely don’t want a public defender representing you for a DUI. A DUI attorney like Steve W. Sumner, Attorney At Law or someone similar can make a significant difference in the result of your case. 

If the arresting officer did something wrong, there’s the possibility that your attorney helps you get the charges dismissed. Otherwise, they can at least work out a favorable plea deal for you.

Steer Clear of Any Future Mistakes

You can’t erase your DUI, but you can at least avoid compounding the issue. Follow the terms of your sentencing to the letter, because violating them in any way will make your situation much worse. 

Keep your nose clean and stay out of potentially risky situations that could result in an arrest. Most importantly, don’t drive if you’ve even had a sip of alcohol, as even a low blood alcohol content (BAC) could now get you into trouble. Dui penalties get far stricter when you’re a repeat offender. 

Dealing with the aftermath of a DUI is stressful, but if you handle it correctly, you’ll get back on your feet much quicker. Follow the tips above to fulfill the terms of your sentencing, get insured again, and stay on the straight and narrow.

6 Suggestions When Choosing a Law Firm to Work For

Some law students are happy to be snatched up by any firm at all. If you have multiple offers, however, or if you're just picky about where you want to spend the next few years, it's worth the effort of carefully considering which firm is right for you. Here are just a few tips for making that decision.

1. Compare and Contrast Benefits

Salaries are always a big selling point when law firms are trying to recruit, but they aren't usually the only things on the table. Don't be afraid to ask if there are additional perks that come with the position.

You might be able to secure a good deal, especially if the firm is keenly interested in you.

2. Evaluate Their Reputation

Some firms are known for being vicious, cutthroat places. Others are more moderate or more obscure. A good way to gauge a firm's reputation is to check out its online reviews.

Places like Tully Ricnkey Law have lots of feedback from former employees, who can tell you what it's like to work in that building. This applies to other law firms besides Tully Rinckey, too.

3. Look At Their Practice Areas

If you have a specialization, you'll want to work for a law firm that allows you to grow your skills in that particular field. For example, if you're aiming for a career in personal injury law, try to find a firm that's settled million-dollar car accident lawsuits. They're the firm that will have something to teach you about your practice area.

4. Figure Out Their Hierarchy

Some law firms promote and compensate their workers based on their seniority. This is called a "lockstep" hierarchy. Other firms will promote based on things like billable hours and the number of referrals, which they might track with legal software applications.

There's no right or wrong answer regarding which type of firm is more appealing to you; just be aware of the difference when considering all of your options.

5. Ask About Advancement Opportunities

Becoming a partner is the dream, of course, but there are other ways that law firms can help your career while you're working your way up to the big leagues.

For example, they might allow you to network with important people in the field through annual conferences and events, or they might give you the chance to assist on big cases with other high-performing associates.

6. Don't Forget the Practicalities

It's easy to get so wrapped up in the big questions of employment that you forget about the little details of choosing a new job. What will the commute look like? If you'll have to relocate, what's the average rent in the firm's home city?

Are you getting a good impression from the person who will be your immediate supervisor? Think about these things before you actually sign on the dotted line.

These are just a few things to remember as you consider different venues to start your legal career.

The experiences that you have at your first job can really shape the rest of your life as a lawyer, so don't rush your decision! Take your time, look at your options and choose a firm where you know that you'll go far.