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Money makeover brings strong reaction


Readers certainly do have strong feelings about Rochelle Strauss, the single parent of two teenage girls that I wrote about on Sunday. Working with Certified Financial Planner Thomas Balcom, we tried to give her some direction for living on a budget of $54,600. She pays out nearly one-quarter of her after-tax income for tuition to a private religious school for her daughters. She values education and her religion very highly and is willing to live with the stress this puts on her finances.
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"I can really identify with the mother," said one caller. "But she should talk to the school about cutting the tuition." Answer: She already has. The more than $10,000 that she pays is a discounted rate.

"It was sickening to see that she can't save on $54,000," said another. "She should call me for advice on how to do that."

"I am a 26 year old single mother, making an income of $34,000 with no child support or help, responsible for rent, bills, food, child care, and a car payment," wrote Denise Brown. "I work a full-time and part-time job, seven days a week, just to make ends meet. I could only dream of putting my child in a private school!"

And there was this, from Michael Saba, who offered to provide Strauss with complimentary dry cleaning at his small chain of stores. "As a businessman I am always reading about the economical crisis the world is in, and very often think to myself, if all the American businesses would all do one small thing for someone else we would all get through these tough times and still be standing with an even stronger business at the end."

Here's the story:
http://www.sun-sentinel.com/business/sfl-makeover-harriet-072009,0,477324.story

Here's her budget:
http://www.sun-sentinel.com/business/sfl-makeover-boxthree-071209,0,6584855.story

Here's how to get your own Money Makeover:
http://www.sun-sentinel.com/business/sfl-makeover-boxtwo-071209,0,7987518.story
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Comments

After reading this it made me want to go shopping and take a vacation I can't afford instead of looking for a job and being fiscally responsible...It is our American right to live beyond our means - j/k.


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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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