Scott Alan McDonald is not a lucky man. If he had been, he wouldn’t have lost $181,500 gambling – money that he was given by friends and co-workers – money he was supposed to invest for them.

Despite winning $47,000 on the TV game show Wheel of Fortune, McDonald is still not a lucky man. First, the winnings will only come to about $26,000 after taxes; and second, the Denver, CO DA’s office is looking for a way to seize the winnings to repay his victims. According to his sentence, he has 12 years to repay the debt.

It makes sense here to state that if you want to invest, then dealing with a reputable broker is probably a better way to go than with a co-worker or friend. On the Wheel of Fortune, you could end up at BANKRUPT.

According to an article at Fox News, foreclosures went up by 24% in August. A lot of these foreclosures are being blamed on ARMs or adjustable rate mortgages.

If you have had trouble meeting your mortgage payment or if you are facing foreclosure, read the article for helpful tips. Remember, the bank doesn’t want your house, they would much rather work with you than foreclose.

Also included in the article is information on The Homeowners Preservation Society, a non-profit organization established to help homeowners in trouble. They have a hotline number 1-888-995-HOPE (1-888-995-4673) that is available 24 hours a day, 7 days a week. If you are in trouble, contact them early while you still have options.

Free Advice for Homeowners Facing Foreclosure

Jean Chatzky, who appears regularly on the Today show and writes for magazines like Money and Time, shows consumers how to pay down their debt and become debt free by saving $10 a day in a book everyone who carries a debt burden should own and read.

The book is Pay It Down! : From Debt to Wealth on $10 a Day available at Amazon.

If you’ve already made the budget we referred to in an earlier post, you know that spending habits can leave you short of money needed to stay away from credit card debt and bill collectors. Chatzky’s book is filled with helpful and inventive suggestions on how to find the $10 a day; the book also gives clear instructions on how to pay down your debt and to live the dream of a debt-free life.

Only about 41% of Americans regularly contribute money to a savings account. If you’re like most people, you pay your bills and spend what is left over. If you are carrying a large credit debt, there may not be anything left over and so you are likely to whip out a credit card to pay for small indulgences, putting you further into debt.

Everyone needs to save. No one can predict when a financial catastrophe (such as loss of a job) can strike. If you find you are always planning to save but wait until after you pay your bills to determine what you have available to save, you may never save a dime. This money never materializes because you consider any financial cushion to be your spending money.

If this is you, then the only way to save is to just do it. Have a portion of your pay, at least 5% to 10% automatically deposited in a savings account before you get it. Your spending will also automatically adjust to accomodate your slightly lower take-home and all it will really cost you is a few lattes or some impulse spending for things you didn’t actually need.

Saving for the future is essential. Don’t plan on it, budget for it or think about it. Just do it!