The Bogo Times

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This article was originally published by Uncapped Mortgage

Generally, people think of debt as something to avoid. Debt usually means “bad” and no debt means you are better off financially. So the idea of using debt to build wealth can seem a bit dubious. Can you really build wealth using debt?

In order to answer this question, we first need to know that there are two kinds of debt. There is good debt and bad debt. And though the thought of debt being “good” seems counter-intuitive, the fact remains that some debt is actually good.

Good debt is a debt that will increase your finances over time. So something like a small business loan is good debt because you use the money you borrowed to build up your business, thus, bulking up your finances in the long run. Good debt also has a smaller interest. So while you are expanding your business with your small business loan, you aren’t paying an exorbitant amount in interests. This type of debt also allows you ample time to pay back your debt.

Bad debt is the exact opposite. This kind of debt has astonishingly high-interest rates and usually involves some form of collateral. There is also a very short turnaround time for you to pay your debt, plus interest, back. Some examples of bad debt are credit card debts, car title loans, and payday loans. A loan of $100 will have you paying back nearly the same amount in interests alone. Bad debt will sink you financially faster than a boat riddled with holes.

So now that you know the two types of debt, you can probably guess which one can be used to build wealth. The question now is “how”.

A good way is the example stated above. Use debt to expand your business. If you do not have a business, use debt to invest. It could be in property or in various investment funds. Whatever you decide to invest in, it is important to know your risk tolerance and how much you are willing to invest.

The principle of leverage can help you out as well. Say for example you are investing 100 dollars of your own with an expected return rate of 10%. This will earn you a return of $10. If you borrowed money with an interest rate of less than 10%, you can add to your initial $100 investment and still earn from it despite having to pay off the debt you used to invest. You can diversify your financial portfolio using this strategy as well; borrow to invest in different institutions and different kinds of investments.

There are a few to consider when using debt to invest. Think of your tolerance for debt. Can you realistically pay off your monthly payments? Can you pay off that debt within the time frame or do you need more time? Consider your cash flow as well. You need to make sure that you have enough income to pay off your debt.

So the answer to the question can debt be used to build wealth is yes, you can. You just need to choose the right kind of debt, invest in the right things, and keep in mind your debt tolerance.

5/17/2019 04:05:00 PM No comments

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According to the New York Times, the average wedding guest spends nearly $900 to partake in the festivities. That price tag can make your wallet want to say, “I don’t!” — especially if your wedding season dance card is full.

But don’t worry. Charlie knows a bunch of money-saving hacks so you can catch the bouquet without breaking the bank!

Photo by Blake Newman from Pexels

Set a Budget and Prioritize

Take a peek at your finances and determine exactly how much you can spend on the occasion without wreaking havoc on your budget. Once you have a figure in mind, it’s time to create a spending plan.

You can stay near the venue in style, rival the bride for beauty, or be the best gift giver ever — but you may not be able to afford to do it all. If that’s the case, you’ll need to make some trade-offs to stay within your set limits. For example, if you want to give a lavish gift, that could mean forgoing the expensive salon visit the morning of the ceremony.

Tip: Charlie can help you plan ahead by starting a new savings goal called “wedding.”

Pool Resources

Try going in on wedding attendance expenses with family and friends. You can split the cost of lodging, transportation, and even the gift. That way, everyone saves some cash and can still fully take part in the experience.

Beautify Yourself (or Find a Deal)

If you’ve got the skills, skip the pricey salon and do your own hair, makeup, and mani-pedi. DIY’ing your beauty regimen will save you some serious cash. (You may even already have the supplies on hand!) Afraid of looking like Elizabeth Holmes? Ask a friend to help paint your face and braid their hair in trade.

If you really want to be pampered, check Groupon to score a deal on the service. You can also reach out to local beauty schools. Often, their students will gussy you up for much less dough than a pro.

Re-wear or Rent Attire

There is zero shame in wearing a killer dress (or suit) twice. So save your wallet and rock that outfit again! You can also raid a friend’s closet to wear something that’s new to you. But — if you must wear something brand new, consider renting your ensemble for a fraction of the price of buying it off the rack.

Make Your Gift

If you’ve got the talent, why not use it to make something heartfelt and budget friendly? Your newlyweds will appreciate the gesture and will likely cherish it over another set of wine glasses.

Here are some ideas to spark your creativity:

Sing a song at the reception
Make the centerpieces on the dinner tables
Offer to photograph the event
Create a scrapbook about their relationship
Knit a blanket for their couch or bed
Paint their new family portrait

Still feeling uninspired? Pinterest has got you covered!

Just Say No

Although it hurts to check “will not attend” on the RSVP card, remember: an invitation to a wedding is a request, not a requirement. Sometimes your wallet just can’t swing it and that’s OK. If that happens, confidently decline with your regrets and send a little (perhaps homemade) gift in your place.

Final Thoughts

Being a wedding guest can be crazy expensive — but it doesn’t have to be. Every element of the experience can be optimized to fit your budget. So go ahead and feel the love while enjoying your fatter bank account.

Tell Charlie: What’s the most you’ve ever spent as a wedding guest? Was it worth it?

Please note: We don’t have an affiliation with or personally endorse any of the services linked to in this post. We’re just trying to give you some ideas.

This article was originally published at HiCharlie.com.

by Laura Gariepy | Apr 3, 2019

5/06/2019 10:02:00 AM No comments

The game of love can cost a pretty penny. Take the popular reality TV series The Bachelor. Female contestants are expected to bring their own wardrobe for the entire show. (That’s seven whole weeks!) This includes the entire kit and caboodle, from stiletto heels and evening gowns to hair products, accessories, and makeup to city cruising and hiking outfits. The cost for these single ladies? Anywhere from $1,800 to a whopping $8,000. Looking good on the prowl ain’t cheap!

Getting the bachelor to ask you, “Will you accept this rose?” could add up quickly.

Male contestants on The Bachelorette, however, spend a lot less on appearances. How much do they spend to be on the show? Anywhere from $500 to $3,500 in an attempt to woo the bachelorette.

When it comes to the real world, the costs of courtship are lower, but there’s still a discrepancy in how much men and women spend in their journeys for love.

Photo by rawpixel.com from Pexels

The Costs of Dating

According to Match.com’s 7th annual Singles in America survey, men spent an average of $1,855 per year on dating, whereas women spent $1,423, per Mental Floss. This includes throwing down dough on eating out, entertainment, clothes and personal grooming, and on dating apps. Singles are spending roughly $80 per date and going on about 20 dates each year.

As you might’ve guessed, it costs more to date in major cities: $2,069 in the Big Apple, $1,816 in Chicago, and $1,788 in Washington, D.C. Despite the major costs related with courting, talking about cash in a relationship is tricky. Here are our tips for approaching the subject:

Don’t Assume

Whether it’s what we observe from our parents, or what’s been culturally instilled in us from an early age, we might bear assumptions that no longer ring true in our modern age.

For example, who takes the bill at the end of a date? Per the Singles in America Survey, nearly half of men believe in footing the bill, while only 36 percent of women think that men still should. What’s more, when it comes to going splitsies, 71 percent of males enjoyed it when a woman offered to pay, and 78 percent of women said they had offered. When my partner and I first started dating, we went Dutch from the get-go. It wasn’t about gender roles, it was just what felt right for our dynamic.

You also don’t want to assume you know what the true costs of courtship entail. A good friend of mine was getting annoyed that his girlfriend wasn’t paying her fair share. He was paying for most of the meals and movie tickets. Plus, he had to fork over gas money to drive out to see her. When he brought this up to her, she pointed out that she had made up for it by buying pricey lingerie. This was a “hidden” cost that my friend hadn’t even considered. If you’re not sure what your date is thinking, don’t be afraid to ask. That can help prevent conflict and bouts of resentment.

Start Simple

You probably don’t want to talk about credit scores, debt loads, and tax brackets on the first date — unless you want to scare them off. As the tried-and-true adage goes: Keep It Simple, Stupid (KISS). In the early days of courtship, start with the easy stuff. There’s no need to pry when all that’s required is deciding who will be paying for dinner.

In the early days of the relationship, it might be best to observe instead of outright asking. You can learn a lot about someone’s approach to money in the spending decisions they make and their lifestyle choices. Are they are a saver or a spender? Do they generally seem optimistic about their finances, or can you sense glimmers of pessimism? Piecing together these hints can help you figure out whether they have a healthy relationship with money.

Handle With Care

Chatting about finances in a romantic partnership is no easy feat. As it can be a heavy and sensitive topic, you’ll want to approach it with finesse. I like to bring up light topics when it comes to money, such as finding a bargain at my favorite online store. If I feel like talking about my finances, I’ll do so in a way that could lead to a deeper discussion. If they’re not feeling it, don’t pressure them to share.

And whatever you do, don’t judge. People might feel shame about not earning enough, or about their debt situation. (Yes, debt shame is a very real thing.) If you’re going to approach a tricky subject, come from a place of empathy and understanding.

Time the Ask

Getting financially naked is essential to a healthy relationship. Once you get more serious, you’ll need to pull back the hood and reveal the state of your finances. This includes your credit card debt, net worth, how much you earn, as well as your hopes, fears, and concerns about money.

Yes, it’s a lot. But the last thing you want in your relationship is financial infidelity, or keeping a money secret from your S.O. If you don’t know where your partner stands, you won’t be able to build a life together based on shared values. Talking about money is oftentimes difficult and scary. But doing so will help you build trust.

Know There Will Be Differences

We come in with our own mindsets, behaviors, and habits around money. If you and your partner have different ways of handling money, you’ll need to communicate boundaries, expectations, and work on shared goals.

My partner and I have pretty different ways on how we treat our money. I am super cautious, and need a lot tucked away for emergencies to feel safe. My partner feels comfortable having a smaller cushion for his rainy day fund. My threshold for what makes me feel safe isn’t the same for him. He doesn’t own a credit card, and pays for everything upfront. While I pay off my credit card balance in full each month, I love racking up those credit card points!

Pencil in Money Dates

Most of my coupled money nerd pals carve out time to go on money dates with their significant others. It’s a perfect time to discuss progress on shared money goals, share wins, and hash out any issues. You can make it fun. Get out of the house, and chat over coffee or ice cream. As you most likely each lead busy lives, you can squeeze in a time to chat while driving to dinner once a week.

Dating is expensive, and talking about money is hard. But unless you swear to a life of singlehood, these are costs and challenges you’ll need to take into account. With a bit of know-how, planning and tact, you can incorporate finances into dating and relationships like a pro.

This article was originally published at HiCharlie.com.

by Jackie Lam | Mar 13, 2019

4/15/2019 08:08:00 PM No comments

Talent Night: May 19, 2019 | 8:00 PM | @Bogo City Amphitheatre

Pageant Night: May 27, 2019 | 8:00 PM @Don Celestino Martinez Cultural & Sports Complex

Photographer: iClickPhotography

Set a Budget and Prioritize

Pool Resources

Beautify Yourself (or Find a Deal)

Re-wear or Rent Attire

Make Your Gift

Just Say No

Final Thoughts

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