Asian Journal- The Filipino-American Community Newspaper

A CLIENT of mine said he never saw it coming. Everything he ever wanted in life, he always purchased on credit. The "pre-approved" credit cards just kept coming in the mail and he never said NO to any of them. Buy now and pay later, why not? As long as they allow you to pay in installments, just charge it. When the time came he was able to save a little bit of money for a down payment on a house, he purchased the biggest house he could buy because the bank gave him an "interest only" loan for 5 years. Of course, he also had to buy a nice car to go with the house- it looked great in his driveway. He thought he was living the "American Dream".

Everything seemed OK until one day, my client lost his job of 15 years. He thought he "owned" everything he had until he found himself scrambling just to keep from losing it all. That’s when reality hit him like a ton of bricks- He realized that he actually owned nothing and that the banks actually owned everything. The moment he could no longer pay, they took everything away.

Have you become a prisoner of debt? See, as long as you owe people money, they actually own you- until you pay your debt. A lot of people who come to me for help tell me that they just want to live a better life and build wealth so they can be financially free one day. But see, it is impossible to save any money when you have excessive debt hanging over your head.

A government study shows that 95 percent of the population will actually never achieve financial independence. That’s almost everybody! Yes, 95 percent of all the people in this country, at the age of 65, will end up depending on the government, charity or their families or they just need to keep working until the day they die!!! Can you believe that? Is this the kind of life you want to live? I was completely bothered when I read that. I thought to myself: "Then what is the point of it all? What is the point of working so hard when only 5 percent of the population will ever see to live the "good life" that we all desire?" How you answer this question is so important because this could pretty much determine where you will end up. See, if you go with the crowd and do what everyone else is doing, you will end up exactly where everyone ends up- broke at the end of their life. But by developing a different mindset, you can be a part of the rare breed made up by the 5 percent who can one day retire financially independent. But it takes courage to go against the flow and be different.

I know how stressful life can be when you are in debt. For the last 10 years, I have counseled thousands and thousands of people whose lives have been wrecked by debt problems. If you are currently in debt and have been honest with yourself, don’t be afraid of taking a reality check and seeing exactly where you are at the current moment. Face the cold hard facts now and figure out a way to get out of debt- the sooner, the better. Some people may find that they have no other way out but to file bankruptcy and start over. Some may find that bankruptcy is not necessary and other options are available. Before you can build up personal wealth, you must eliminate all the debts that are hindering you from planning for the future. If you do the opposite of what everyone else is doing, there’s a good chance you will be right. Someone said that the opposite of courage is not cowardice; it’s conformity- the fear of standing apart, of being different. It takes courage to be different, especially when it comes to the financial decisions we make.

For a free consultation, call Toll-Free 1-866-477-7772. Let us evaluate your situation and recommend possible options. We have offices in Glendale, Cerritos and West Covina.

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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped over 4,000 clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1-866-477-7772.

( www.asianjournal.com )

( Published on July 15, 2009 in Asian Journal Los Angeles p. B2 )