Dr Phil, of TV and Oprah fame of course, has allegedly said that ?You can’t solve money problems by throwing money at them?.
Okay. Well, I have to disagree.
Doesn’t it have to do with the type of money problem you have?
If you have a credit card, debt, shopping problem that is a money problem, a money problem that could cause credit problems, low FICO scores and more. I agree with Dr. Phil that throwing money at that type of problem probably won’t help and will likely even hinder. If that is your money problem you need to figure out how to manage your money. More money to manage is not the solution.
However, I dare say that in this current recession there are many people with a different type of money problem, one that actually would be made better by throwing some money at it!!
If you lost your job, or your health, or your business and you lost your income, you have a money problem. Or rather it may be a ?lack of money? problem. If you have had a severe cut in your income and you haven’t been able to pay your bills, your housing or rent, or put food on the table for your family, you can bet an influx of money, consistent money, may be just the ticket. Throwing money at that problem would likely solve it. Sorry, Dr. Phil. Perhaps your advice needs to be more specific.
Do you have a shopping/debt problem or do you have a ?lack of income? problem?
The solution is very different for each.