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Why Does Money Matter So Much?

February 5, 2015 by · Leave a Comment 

By Samuel Phineas Upham

The concept of money, and its effects on people, can be difficult to grasp. Money is important. It is a tool that we can use to create what we want, but the idea of money may not be so simple. Tools are made for a specific purpose. You do not use a screwdriver to hammer a nail into the wall. Money was not necessarily created for any single purpose. You don’t acquire money, for example, in order to buy a fish or a cow. You may use it to get parts from those animals, as well as other produce and alcohol at a bar on Friday night.

Which leads to another important aspect of money, that money influences how others perceive you. Money can buy a flashy car and the latest clothes, which give off a certain persona. It’s telling that there are so many boutique millionaires that live simple lifestyles. Warren Buffet, for example, lives a frugal lifestyle in the same house he’s lived for most of his adult life. This means that the value of money is dependent almost entirely on what others perceive of it.

Which is why the concept of money is paradoxical. Money is dependent on what others perceive, and others clearly perceive money as having both a high and low value. Money matters because it enables us to move beyond our dependence on others and into self-actualization. It’s something that can influence or move entire cultures.

Samuel Phineas Uphamis an investor from NYC and SF. You may contact Phin on his Samual Phineas Upham website or Facebook page.

How collection notices works against you

February 3, 2015 by · Leave a Comment 

If you have debt that you neglected to pay on time or not paid at all, it could result in you getting a collection notice. In order to get one of these, your debt should be long overdue, normally more than 180 days. You may get the notice not from the company you owe the debt because many companies instead of dealing with each individual delinquency, lump several delinquent accounts together and sell to debt collectors.

Having a collection recorded on your credit report could cost you dearly. It will result in reducing your FICO score significantly.

The amount in collection is important in terms of the damage it can do your credit score. For example, a $100 collection notice may not create a significant impact on your credit standing. However, a larger amount in collection may damage your standing.

Also, timing of the collection is important. If the collection is more recent, it may stay in your records for a while impacting any new credit applications. As long as you have unpaid or unresolved collection notices, it will continue to hurt you financially. This is why it is important to resolve disputed collection as well as delinquent debt immediately.