The 1 question to ask about $1,300 in overdraft fees
May 16th, 2008 - 69 Comments
I was having breakfast with someone today who told me the most interesting story. He had been dating his girlfriend for two years before they talked about finances. “It took me that long to get her trust,” he said. She was a public school teacher, so she didn’t make that much money. When he looked at her finances, he noticed that she had a lot of overdraft fees. He asked her to guess how much she had spent in overdraft fees. “About $100 or $200?” she guessed.
It turns out that her overdraft fees totaled $1,300 in the last year.
Here’s where it gets really interesting. He didn’t freak out or start yelling about how to negotiate out of bank fees. He simply pointed out something very gently: “What if you could focus on your overdrafts? If you eliminated just that fee, you’d be so much better off.”
Now the question is…what’s your one big problem?
(Mine is eating out too much.)
Alright, today is the beginning of an entirely new chapter of IWT. I just got back from a last-minute weekend ...Read More