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Habits of Financial Health

Financial fitness, like physical fitness, is mostly about good habits. Here are some habits to adopt for better financial health.

  • Know how much you make and how much you spend
    Knowing how much you make every month is where you should start. If you have a fixed salary, it is easy. More difficult if your salary depends on commission. Even harder if it is purely based on them. If you work in a cyclical business, then you will probably have highs and lows throughout the year.
  • Spend less than you earn
    This habit is at the core of all good financial management. It is how rich people get rich. When you spend less than you earn, you save. And what you save becomes wealth. First, you need to know how much you spend. You need to start to register all your expenses. Starbucks, Movie ticket, Milk,… , everything goes into it. The first three months should be taken as “survey months”, I am sure you will be surprised on how much you actually spend on

Find Financial Advisor

Let’s look at 3 things to pay attention to when selecting the right Financial Advisor for you and your family. First how do you know they are legitimate, second how do you know they have your best interest at heart, and third how do you know they will be a good fit for you? Let’s explore all three of these questions in some detail to help you get the help you need.

So how do you do your due diligence and make sure an Advisor you are thinking of working with is actually a legitimate Financial Advisors with verifiable experience and up to date licenses? The first place you might want to check is a web site called Broker Check. You can just search Broker Check to find the official website. This website has a free tool to research the background and experience of financial brokers, advisors and firms. Broker check can tell you instantly whether a person is registered as required by law to sell securities offer investment advice or both. Broker check also gives

Online Loans

Getting the loans is easy. All you need to do is to visit the website of the lender and make your application. To increase your chances of getting the loan carefully read through the requirements required and provide them.

The cool thing is that online loans are one of the easiest to get. In fact, when you apply for them, the lender will give you the loan even if you have bad credit. All the lender wants to know is whether you can afford to pay. To prove that you can repay the loan once it’s given to you, you should provide a bank statement or proof of employment.

As mentioned above, many people are going for these loans due to the comfort that they come with. Some of these advantages include:

Ease of access: This is a no brainer. As mentioned, you don’t need a stellar credit score to get these loans. As long as you prove that you can afford to repay the loans. You are ready to go. This is unlike with the traditional

Function of Credit

Good Credit vs. Bad Credit

How important is it to have clean or good credit? It’s very important because the worse off your credit is the harder it will be for you to secure a loan of any sort. It is important to keep on top of your credit finances and make sure that every payment is made on time and always make sure that you pay at least the minimum amount but always try and pay more if you can.

If you currently have bad credit, you shouldn’t worry too much as there are ways to still secure a loan such as having a cosigner. If you choose to go this route, remember that you are both responsible for the loan as it will be taken out in your names. Also, there are many institutions that work with people with bad credit and they will assist you with the repair of your credit file. Here’s a list of a few companies to assist you:

CreditAxis.com, DebtAdvocates.cc, Lexington Law Firm and more. Simply go to your favourite search engine and type in “Credit Repair” and see how many companies show up in your search.
Warning:

Financial Aid for Students

Great

The great thing about this type of aid is that it is there so as to allow those financially disadvantages students the opportunity to be educated. As long as the student continues to remain eligible on a yearly basis, then the aid is always there for them.

It is also true that any aid you may be granted is only intended to help supplement any other financial support you may have from other sources.

Available

It is available from Government, state, Educational institutions and private companies. The purpose of this aid is to help with the educational expenses which include many things such as fees, school books, accommodation, transportation costs and other expenses the student may incur.

Provide that the student qualifies with the conditions of the loan provider and also as long as the student is capable of meeting the financial needs to service the loan on a monthly basis then financial aid can be obtained.

Many

Monetary aid can be obtained from many different sources and if you are a doctoral student, then you may be eligible for a full scholarship.

As mentioned above this aid can

Get a Low Interest Credit Card

With interest rates on some credit cards rising to over 23%, even low balance credit card debt can be crippling. One of the first research elements a prospective borrower should look at is the interest rate on transferred debt. This interest rate is often lower than the usual interest rate for the credit card, and can be an especially good deal for borrowers who have debt already. Another element to consider is the interest rate on new purchases – this rate will be the main concern in the years to come, as this new credit card will probably become the most heavily used. Borrowers often worry about annual fees, but these are often temporary. Getting a credit card with low interest rates will save a borrower significant sums, usually much more than the annual fee. Plus, once good credit is established, the annual fee may later be waived.

Another interest rate will usually apply, as well – the rate for cash advances. Cash advances are usually limited to a couple hundred dollars, but credit card companies often insist that when paying back the balance, the credit portion must be paid back first, then the portion that the

Pay Back Student Loans

  1. Have a Plan. Work out a strategy that will allow you to pay off your debt well before you graduate.
  2. Have a Savings Plan. It might be an advantage for you to either get a part time job to help you or look at other methods of raising passive income. Some methods to raise extra needed cash include setting up a crowdfunding campaign, start an online business or even write some eBooks about something you are passionate about
  3. Double Think about Consolidation. This is the method of pulling all of your existing loans into just one loan. The advantage of this is that you will only have one payment to worry about and you will also probably get a discount from the finance company
  4. Debt Reduction Through Work. There are several things that you could do to help reduce your level of debt, you might like to try your hand at self-publishing on the Kindle platform, you might like to set up some sort of internet venture or one of the quickest ways to make money online these days is to set up a crowdfunding campaign. This is my favorite because it means that you

Can Avoid Bankruptcy

You didn’t plan to get laid off or the insurance company not to pay your claim. That’s not your way; you have always been self-reliant and independent and paid your way. You have been slammed and knocked down, but you know that you will get back on your feet given some time.

There is the stress of constant phone calls from banks and finance companies and the simple lack of money. There is seems to be no way out but to chuck it all in and declare bankruptcy. At least that will get everyone off your back.

Bankruptcy will stop the creditors in their tracks. It will stop them calling and harassing you. It will allow you to re-group and get things back on track. And sometimes there is no other alternative if you debts are too big and too overwhelming.

BUT Bankruptcy is no walk in the park. Bankruptcy is like financial nakedness. You are stripped of all but the bare essentials and made to parade around wearing that burden in public. Bankruptcy sure isn’t for the modest. Your name is put on a public register and remains there for 7 years, You need

Effects of Bankruptcy on Credit

Debt Resolution Companies and Your Credit.

Many people try to do whatever they can to avoid bankruptcy, for some people this includes entering into agreements with companies that promise a lower payment by consolidating their debt. These companies come in a variety of flavors. That is a topic for another time though. What many of them will do is enter into an arrangement with you where you make a monthly payment to them, then they either hold the money until they have enough to make an offer on any one particular debt, or they make small monthly payments to all of the creditors at once. The problem is, this doesn’t stop those creditors from negatively reporting to the credit bureaus. It also doesn’t necessarily stop the creditors from suing you in state court, obtaining a judgment, and garnishing your wages. Another problem is that if they do settle, it will show up as settled for less than full amount which hurts your score. On top of that, if you settle, you will likely get a 1099 from the company and likely will have to claim the forgiven amount as income on your taxes. That will either mean

Take Control Of Company Insolvency

  1. Get as much information as you can about the process. There are very good insolvency practitioners you can involve in the process to make it easier for you. They can help you with deciding the next best course of action and to know the possible outcomes. Liquidation services can actually go a long way in reducing your stress levels because the experts offer you a better sight of the next path to take.
  2. Remain focused on the future remembering that liquidation and insolvency is not a process that is unique to you. Gone are the days when they carried stigma; the recent recession has made them common. Therefore, the best you can do is to start by putting everything into perspective and work towards a better future.
  3. Take some time out even though liquidation is a process that can be demanding. When you take a little time to breathe, you will find that you are more prepared and positive about the current business situation you are facing. Do some fun activities such as listening to music and dancing, walking the dog or even hitting the gym to take your mind off things for a while. It

Big Fat Greek Deception

The Greek Extend and Pretend Game

Any expert who was looking at the situation from a purely mathematical perspective would have known years ago that the Greek debt is simply not payable. The real mess had been created when loans were being given out to the Greeks. That was the time when debates would have made sense. Around 2009, when the world woke up to the Greek crisis, it was already too late!

Greece,was like a college student who had somehow gained access to multiple credit cards and now had such a huge balance that bankruptcy seemed like the only option. The revenue generated by the Greek government from taxes was not even enough to pay the interest due on the debt! So the Greeks simply did not have the wherewithal to hold on to this debt till eternity even if they wanted to. They were going to default even if they simply made an attempt to pay the interest due on the loans.

Instead of accepting the situation and letting the inevitable happen, the IMF and others came up with an ingenious plan. They would lend the Greeks more money at an outrageous 14%

Stay Out of Bankruptcy

Some billionaires have risen above others by avoiding payment to contractors and others who have supplied them with goods, such as buildings or vehicles. They moved their money into trust accounts or created off-shore accounts where such was drained off over time. Some also use a spouse or partner to gift money to while their business was operational.

The problem is they have left others to face bankruptcy who they then refused to pay. These are usually the contractors and their sub-contractors that usually involve small family businesses that cannot sustain big losses.

Money is an invention for power and some think that the world owes them so they don’t care who they hurt in their rush for the biggest slice of wealth. So how does the little guy avoid going into bankruptcy.

Years ago this was a problem faced by me when a shift in the economic security of Australia saw an inevitable depression hit my business. It was heightened, however, by a break-down of marriage and three teen-age children dependent on me. The situation was extremely dire as I owed money to many that could not be paid back.

Working my way

Create a Budget

How Can You Create A Budget?

You can create a budget simply by using a paper and pencil or using more sophisticated monthly budget planner tools that come pre installed with templates and a variety of options that help you stay in control of your finances. However, here are some basic tips to create a budget for both individuals as well as business owners.

Make a Vow to Follow Your Budget

Most people tend to create a budget but fail to follow it. Even if you miss your targets the first few times, you must ensure that you start keeping on track. As you practice this, you will realize that budgeting is a useful tool that really helps you to save your money and make informed spending decisions.

Determine How Much You Have and Your Income

You must know exactly how much savings you currently have in each of your accounts along with the interest rate that applies to it. This information is important in determining your net worth and how you should use your capital in the future.

If you work in an industry where your income keeps fluctuating, it may

Info of Managing Staff Costs

The importance of staff costs

For many budgetholders people are their biggest cost. Therefore this article sets out to look at some of the issues around people costs.

Issues such as: “What’s the cost per day of my people?” “When should I use agency staff, temps and contractors?” “My workload is seasonal, my staff aren’t. How do I manage?”

How much do my staff cost?

“There are 260 working days in the year, so my team member on a salary of £26,000 costs me £100 a day. Right?”

It’s the obvious answer, but it’s wrong!

A gross salary of £26,000 pa is less than the full cost of employing the team member. The employer also (often) pays employment taxes. In the UK this is Employer’s National Insurance, in 2014 this is 13.8% extra on the gross salary. Then there are the employer’s pension contributions (often 5% to 10% of gross salary in the UK). There are other benefits in kind (company car, private health cover, etc). Not to mention the cost of training, equipment (PC, tools, uniform, desk, etc), and any other employment costs.

All of these can increase the cost

Money Saving for New Parents

  1. Don’t Buy Maternity Clothing
    I’ll elaborate on this one. Of course as a pregnant woman, you’ll need to expand your wardrobe to accommodate the life growing in your tummy. I did purchase a few new items during my pregnancy, but I didn’t buy clothes that were marketed as maternity clothes. They cost a pretty penny, and since pregnancy has stages, you could end up wearing a maternity shirt for 1 or 2 months alone. What I did was purchase clothing from my favourite stores (or thrift shops), but in larger sizes. Aim for sales racks to save extra money. That way, you can still get items at competitive prices, while blending in with the general population. Once baby is out and the weight is down, you can save them for the next baby, donate them, or make adjustments and continue wearing them in your postpartum stage.
  2. Throw a Baby Shower
    There’s no doubt that baby showers are the best way to collect free baby products. If you decide to create a registry, be sure to select items you need, as opposed to what you might like. Don’t be afraid to choose big. A friend of mine surprised

Save Money As A Single Woman

Entertainment

It’s good to have fun, but you need to save; therefore, it’s wise to cut on movies, drinking, and other activities that take up a lot of money. If you need to have fun, you should always consider cheaper alternatives.

For example, instead of renting a movie from the movie store, you should consider other alternatives that will allow you to watch the same movie for free.

Since friends greatly affect the amount of money that you spend for entertainment, it’s wise to avoid those that are flamboyant.

Dining

One of the major things you need to do is to learn how to cook. Cooking at home is not only cheaper, but it’s also healthier. While it’s tempting for a single woman to buy food at a fast food restaurant, you should not do it.

If you don’t know how to cook your favorite food, you should consider joining a cooking class in your area. You can also join an online class and learn how to cook.

If you have to eat out, you should look out for promotions that are common with restaurants. The restaurants often place coupon codes

Pay Your Bills When You Are Broke

  • Cut cable TV / satellite TV- most people could save $100 per month
  • Stop eating out. Make all of your food at home, including lunches that you can take with you. Most people can save hundreds of dollars per month.
  • Stop paying for entertainment. No movies or ballgames for a while until you get your bills under control.
  • Arrange with your bank and credit card companies to “skip a payment” on some of your bills. Many companies will allow you to skip a payment once a year. You can use the payment that you got to skip to pay a different bill to catch up
  • Cancel travel plans. You need to stay home, not spend money traveling away from home. Even driving trips to stay with relatives cost money.
  • Stop using credit cards. Keep cash in your purse or wallet and spend that instead of using credit cards. It is harder to spend “real” money, so you will tend to spend less and notice how much you are spending.
  • Drive less. You will save money on gas plus wear-and-tear on your car. If you are out-and-about less, you’ll encounter less opportunities to

Use Budgeting To Save Business

  1. Creates structure.
    If you haven’t learned by now, creating or starting a business is very similar to a building structure. You have to have a foundation which is your business plan. You have to erect the pillars that will hold up the ceiling. These are your principles and processes you plan to implement in your business. And you have to have the ceiling to help keep you covered. And this is your plan around the inflows and outflows of the money in your business. Your financial goals. A budget helps keep you covered and protected from the uncertain elements of business by preventing you from spending beyond your financial means. It is THE financial tool needed to help you reach your goals. It is the guideline by which your business will be funded and operated.
  2. Makes you aware of your numbers.
    Having a budget forces you to monitor your numbers regularly. It puts you in tune with all of your sales as well as your costs associated with those sales, your marketing, your payroll, inventory, fixed assets and cash flow that is needed to keep the business going. Knowing your numbers allows you to make informed managerial decisions

College Budgeting

  1. Keep it simple.
    Budgeting can be a great tool for managing your financial earnings, but it can become extremely overwhelming if it is over detailed. Sometimes you have to make sacrifices and not buy everything you want, but at the end of the day it is very important to be realistic with yourself. Just like dieting, the hardest part of budgeting is sticking to it. So the easier you make it, the better off you will be.
  2. Set a time.
    You can create your budget for a month, school year, or a whole calendar year. If you are currently enrolled in college or are on your way, you may want to consider creating a monthly budget for your semester classes such as fall, spring, or summer. Be conscious of your income for that it may vary from month to month, and not all of your expenses will be the same each month. Larger expenses (car insurance, books, & tuition) and seasonal expenses (trips to home or any vacation area throughout the year) need to be incorporated into your budget.
  3. Create a Spending Category.
    To estimate your monthly expenses, you’ll want to start recording everything you spend

About Spending Equals Investing

Since I can remember I’ve had an interesting relationship with money and how I choose to use it. I was raised by a single mom, who worked extremely hard to make sure my sister and I had a roof over our heads, food to eat, and clothes on our backs. To say it plainly, I don’t come from a lot. As an observant young kid I noticed that at a relatively early age. As a kid I got $100 from my grandma every birthday. Most kids would hit the mall, toy store, or any store that contained something they wanted because that money would burn a hole in their pocket. I on the other hand always waited. It wasn’t that I didn’t want toys, new clothes, or something shiny to impress the ladies with. I just knew that I felt better with the money in my pocket then spending it on something that I could only use, or wear at certain times. My goal was to save it and use it only for emergencies or until I found something that could help me in the long run.

The issue most consumers have is that many think for

First-Time Homebuyers Can Save Money

  • Create a Household Budget – Write out a list of all your monthly expenses. Go through your checkbook and receipts for the past three months and find out exactly how much you are spending per month. Create a budget that you can live with that limits your expenses. Track your spending, this will help you realize what expenses you may be able to eliminate.
  • Open a Savings Account – After creating your monthly budget, devote a certain amount or percentage of your monthly income to savings. Your savings should be used only for special purchases or holiday spending to avoid using credit cards or creating new debt.
  • Bank Account Fees – Check your bank statements to find out if you are paying a monthly service fee for your checking and/or savings accounts. If you are, it would benefit you to research banking options from other institutions. You may not only eliminate monthly fees, but possibly receive a bonus for opening a new account.
  • Credit Cards – If you carry balances on your credit cards, you’re paying an extraordinary amount of interest. Be prudent, focus on paying your credit cards off or consolidate the debt to

Maximize Your Savings

Money- the means of our livelihood

Over the years, due to several reasons like recession and inflation the value of money has only increased and this trend is likely to continue in the foreseeable future. However, its abundance is unlimited, not everyone is entitled to be a millionaire in their lives. Unless you inherit it from your ancestors, you have to earn every penny.

It’s one thing to earn money and another to keep it

With the right experience and talent, anyone can earn money but the toughest part is to save them. Every individual is subjected to some kind of temptation or the other which they like to indulge in now and then. This is mainly the reason why most people fail to save a substantial amount in their lives. Yes, the basic reason to earn money is to support our standard of living but it’s not the end of it. You are not going to earn forever; there will come a time when you have to retire and this is the period when you will require money the most. It can be frustrating time for you if you do not have any savings

Live Within A Budget And Still Happy

  1. Renegotiate Your Terms: Now and then, it’s good to evaluate all of your recurring bills. Make a call and see if you are getting the best deal possible. Seriously, sometimes all you need to do is ask! It’s also a good idea to check with a competitor. You may find they have a much lower price and it’s worth the switch. Even when you don’t ultimately end up changing providers, checking with a competitor could give you leverage with your current company on lowering your rates. One mistake people often make is not reviewing bills such as insurance premiums after life changes. Who knows, you may have way more coverage than you need. Review these types of bills annually to avoid overpaying.
  2. Stop Paying Money in Fees: Many fees come from financial institutions like Banks, ATMs and credit cards. Avoiding them takes careful planning and sometimes will require you to make a change in your banking institution. If you often get stuck with bank fees or those dreaded, expensive overdraft fees, you may want to change banks or even switch over to a credit union. A lot of credit unions and some banks offer overdraft protection and will transfer