About Money Crashers
Welcome to Money Crashers! The mission of Money Crashers is to develop a community of people who are trying make financially sound decisions. This website will strive to educate individuals in making wise decisions about credit and debt, investing, education, real estate, insurance, spending, and more. The eleven indispensible principles of a Money Crasher will guide these individuals in making these financial decisions. People, young and old, will no longer be targets for financial predators. They will take control of their money and their future by demonstrating common sense and self-control. Money Crashers is here to help you in your journey to becoming financially independent, sound, and secure.
The 11 Indispensible Principles of a Money Crasher are:
- Always spend less than you make.
- Do not believe in money myths.
- Get out of debt and stay out of debt.
- Save money for the unexpected.
- Student loans are not the only answer. Be resourceful and open-minded.
- Find creative ways to boost your income.
- Invest for the long-term and keep it simple.
- Educate yourself about real estate, cars, and financial products.
- Avoid scams and financial predators.
- If you have a spouse or partner, this person is on your team!
- If you achieve financial success, give back. It helps others and feels great.
Meet the Team
Erik Folgate – Blogger
Age: 28
Hometown: West Palm Beach, Florida
Currently Living: Orlando, FL
A Message from Erik…
When I was a senior in high school, I was rejected by my first college choice, the University of Florida. So, it came down to attending Florida State University or Toccoa Falls College (a small, private christian college). I ended up choosing Toccoa Falls College, because I liked the idea of playing college basketball and studying the Bible. I signed up for some new credit cards, and I was off to Northeast Georgia. However, I realized in my second year of college that I was financially drowning. I could not afford to attend the private school. I used credit cards to pay for books and going out, and I paid for tuition solely through student loans. At the end of December 2001, I decided to withdraw from Toccoa Falls College and go back home. I was frustrated to be living at home with $15,000 in debt, no car, and going to community college. But, I knew that I had made the right financial decision.
I ended up transferring to the University of Florida and graduated with a degree in business.. Although the state paid for my tuition while in school, I continued to recklessly use credit cards. If my car broke down, or I needed gas, or went on a date, I was using credit. Do not mistake me, I wasn’t lazy. I worked like crazy while I was in college. I delivered food, sold anything and everything on eBay, and worked at a computer help desk on campus. But, it didn’t matter. I was always short on money at the end of the month, because I was horrible with money management. One night while I was delivering food, I started listening to a personal finance radio show called “The Dave Ramsey Show”. I thought Ramsey was crazy at first. He had this idea that we can survive without ever borrowing money. I thought it was absurd. I kept listening and hearing the stories of young people that were eliminating their debt. I heard the sheer joy in their voices, and it excited me. I read two of his books, and since then I have been on a crusade to help reform the way people think about personal finance.
I created the Money Crashers blog to help college students, recent graduates, and young single/married people understand the information that I have begun to understand about personal finance. I believe there is a huge void in America when it comes to teaching personal financial education in high schools and colleges. Young people ages 18 to 34 are making some of the biggest decisions of their lives during these years including college enrollment, marriage, careers, buying a home, and starting a family. They are forced to turn to banks when it comes to the majority of financial information. This is a horrible thing to think about, because banks have an obvious bias when giving out financial information.
My passion is to help people change the way they think about money, debt, and investing. We are brainwashed to think that debt is a way of life, and it will never go away. We are led to believe that becoming wealthy happens quickly, and it does not require much effort. None of this is true. You can be debt free and stay debt free. Becoming wealthy only comes slowly, and it takes very hard work. My hope is that you will gain lasting knowledge about personal finance and share that knowledge with your loved ones.
