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Credit Card Debt Under $21,000!

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This weekend, I spent a lot of time looking at our finances and figuring out our cash flow for the next few months. Things are still tight, but thanks to some money received for a project my husband is working on, things are looking up.

I paid some more on our credit cards today, and our credit card debt now stands at $20,951.

I am proud of the progress that we have made. I decided to chart it out so I can see graphically how we are doing:

With looking at that graph, I see that we are nearing the halfway point. There’s a few more thousand dollars to go before we hit it.

Sure, things have slowed down a bit around here with paying off our debt, but I am keeping focused and positive. There will be a point where we will see that line hit zero!

Bad Financial Moves Aren’t Necessarily Determined By Your Intelligence

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A reader sent me a link to an article on Yahoo Finance:

Why Smart People Make Bad Financial Moves

Basically, those with a high IQ are more likely to bring home bigger paychecks, but that doesn’t necessarily mean that they have more wealth than the average Joe down the street.

“Those are significant numbers of very intelligent people who don’t have control over their finances,” says Zagorsky. “If you’re not in the top 5 or 10 percent, it’s comforting to know there are really intelligent people making mistakes, too.”

Mensa is an organization comprised of individuals where the only requirement is to have a high IQ score. What they state in their information page is similar to what the Yahoo study article mentioned:

“Mensans range in age from 4 to 94, but most are between 20 and 60. In education they range from preschoolers to high school dropouts to people with multiple doctorates. There are Mensans on welfare and Mensans who are millionaires. As far as occupations, the range is staggering. Mensa has professors and truck drivers, scientists and firefighters, computer programmers and farmers, artists, military people, musicians, laborers, police officers, glassblowers–the diverse list goes on and on. There are famous Mensans and prize-winning Mensans, but there are many whose names you wouldn’t know.”

I think I find the above so interesting because I would think that someone with more intelligence would be better suited for building wealth. But that’s not necessarily the case.

After thinking about it a little bit more, I think that someone’s success for building wealth is based on two things: knowledge and desire. You need to learn about personal finance and then have the desire to put what you learn into action.

Thoughts?