For this time period, I am working through Julia Cameron and Mark Bryan’s book Money Drunk, Money Sober before I work through the Prosperous Heart. The following blog entries are in response to prompts and experiences from the book. I see this as an extension of my Artist’s Way work. Some of my entries are jarring and highly personal – any program of sobriety and self-improvement demands admitting dysfunction both personally and in family, and it also calls to admit some painful truths. While not everything I work on appears here, a number of realities do. I have a genuine body of work thanks to my work on the Artist’s Way program, and I can’t ignore the changes the continual commitment has brought about. Because of that, I also can’t ignore what going further into the harder aspects of the program – like facing money issues – has the potential to improve.
As an exercise, it recommends you look up the meaning of five financial terms from a list of them. As a bonus, here’s a Google-fu trip: just type define (word) into Google search, and it brings up a definition if it’s in the Google dictionary. I LOVE the Internet age for the good dictionaries – it’s why I pay for the my Dictionary.com app on my Droid.
I’m choosing ones I’ve had a hard time with:
Equity: The value of a mortgaged property after deduction of charges against it
So it’s how much your place is worth after you subtract any money you owe on it.
Revolving Charge: A credit agreement that lets you continue to buy items or take loans as long as it does not exceed a specific amount of money.
Basically, a credit card.
Amortization/Amortized loan – a loan where you are making payments on BOTH the principle and the interest.
Stock – a stock is a fraction of ownership in a given company. Stock options are inviting you to participate in the ownership of where you work.
Home Equity Loan – a second mortgage, based on the owners borrowing against what they’ve already paid off for their home. It sounds to me like something to avoid if possible.
Filed under: Money Drunk Money Sober