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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

Put Your Expenses on Right Track

Credit card debt management in simple words is how to manage your debts efficiently and effectively. You need to follow certain things for an efficient credit card debt management. These are:

  • To began with go for cash purchases rather than using credit cards as the interest rate is very high on credit cards.
  • Don’t apply for and use too many credit cards.
  • Use a debit card instead if you don’t want to carry cash around.
  • Plan a budget for the month according to your income and spend accordingly.
  • Get the help of debt management consultants and agencies to plan your budget.
  • 24 hours availability of consultants is there, so you can call them for their services at any point of time.

Credit Card Debt Management agencies prepare debt management plans for you. If you are using too many credit cards and finding it difficult to pay for it separately you can take the help of these agencies. You can deposit the entire amount of credit cards bills to them. They themselves will pay different bills from that money. They will teach you ways to control your spending`. These agencies in addition

Bridging the Gap

Bridging loan as the name suggests, is a loan to bridge the gap between the customer’s resources and the customer’s need. So it doesn’t matter what the customer earns, or what price will his house fetch on being sold. He can take a bridging loan to serve his immediate need.

Through a bridging loan he can have cash to pay for his new purchase, till the old home is sold.

Bridging loan is a short term loan having a repayment period of a week to six months. Once the customer sells off his original property he can settle the bridging loan.

The bridging loan is generally secured on the customer’s house / property. The customer can decide to tie either both new and old home to obligation, or any one home can be kept as collateral.

Once through with the property valuation, wherein the lender undertakes measurement of the worth of the house/ property (the value of a property depends on a number of factors. Prominent among them are the location of the house, home furnishings, the condition of the house, and many more), the lender can advance money to the customer within no

Mystery Of Secured Loans

I know there are so many words – secured loans, personal loans, unsecured loans blah! Blah! We are not financial wizards, for us all words denote the same thing – paying money. However, these words are invented for our understanding and help us to choose a loan that serves our need better. The name that stands out is secured loans. Secured loans are the best option available for any homeowner in UK. It is the most simple and efficient way to secure a loan.

Secured loans are a loan which is backed by collateral. Secured loan is offered against the guarantee of anything substantial be it home or any concrete property. It enables us to get loans according to our needs and also get them good deals for easy repayment. Self employed and unemployed also have a chance to get loans for they have collateral to back their needs. The idea of having collateral to back your claims for loan increases your claim as an applicant for loan. When one applies for a secured loan, he signs an agreement which is called a security agreement. This agreement increases the interest of the lender for he has a

Paying Off Student Loans

First off, and possibly most important, is to remember to NEVER miss a payment! Student loans are one of the few types of debt that you can’t escape or get rid of through bankruptcy. Student loan debt is considered a good debt and can help your credit score when you make your payments on time and for the amount required. On the converse, your FICO score can really take a hit if you don’t make your payments. In fact, the IRS can garnish your wages and take your state/federal tax return money in trying to collect on your student loan balances. You can also be charged collection fees along with attorney and court fees should the government need to pursue you in court in trying to collect on what you owe them. The bottom line: make your payments. If you aren’t in the position to make the payment they are asking for or you are unable to make anything at all, don’t just sit there! Call your lender and let them know your situation so they can work with you. Federal loan holders are really good about understanding your situation and working with you accordingly. Private lenders will

Credit Report Disaster

You would not believe the nightmare I’ve seen clients go through, when they realized someone else’s bad credit history was showing up on their report, causing them to be declined for the loan the should have easily qualified for. Little did they know that every time someone on the other side of town made a late payment, or decided not to pay at all, it was being added to their credit report.

Believe it or not, I’ve even seen one specific case where “Mistaken Credit Identity” forced someone into bankruptcy! That’s right, a lady came to me wanting to apply for a new home loan. Unfortunately she had recently lost her job and her bills were starting to pile up, and her reserves were running low. Luckily, or though she thought, she had plenty of equity in her home that she could access through a home equity loan, to pad her bank account and give her plenty of breathing room until she landed a new job.

To her shock and dismay, I pulled her credit report and informed her that she did not qualify for the loan. She was in disbelief. “I’ve never had a late

Loans for Doctors

Loans for doctors offer financial support to all specialist in the healthcare field. Therefore, doctors, dentists, veterinarians, podiatrists, chiropractors, optometrists etc – all are eligible for doctor loans.

Owning a home is not an easy task. The increasing cost of home buying has thwarted the loan plans of many a doctors and resident physicians. But with loans for doctors you can realize the plan to buy or build a house. Loans for doctors are committed to making home buying affordable. Doctor loans solve home buying dreams for resident physicians, practicing physicians, 4th year medical students.

Doctor loans enable you to use your equity for the purpose of debt consolidation. Debt consolidation is the ideal solution if you have prior personal and business debts. Debt consolidation through doctor loans would combine these debts into one single low interest loans. Instead of paying different loan lenders you pay to one lender. The monthly payment is then distributed to repay the various loans. The monthly repayment with doctor loans for debt consolidation is lower. This will leave funds free for your personal use. So, that loan repayment becomes not only manageable but also possible.

Doctor loans also provide

Find Grants to Pay Off College Loans

Working at a place like Children’s Hospital of Philadelphia (CHOP) or facilities like CHOP does not come without a cost. Thomas Jefferson University has an amazing nursing program. Having said that, many of the young college students need a sugar daddy to help pay for their student loans. Every student’s first goal is to advance in life and get a successful education. Many never give thought to all of the costs that are associated with life at the university. This is where having a sugar daddy can help. A sugar daddy is someone who is willing to adopt a student, often called a sugar baby. This whole relationship between a sugar baby and her sugar daddy is a special one. This relationship is beneficial for both the sugar daddy and the sugar baby. As the student furthers their education, there are many costs. Things like tuition, housing, entertainment, food and the cost of books goes up every year. As a college student trying to find all of these funds and repaying student loans becomes stressful. A sugar daddy can provide an allowance that will help to pay the bills and keep food on the table while the student

Business Loans

Obtaining finance is central for starting a new business or making business grow. Financing a business through business loans can be a formidable task. But a good preparation can easily sort out any matter detrimental to getting your business loans approved. Taking a loan for business is an important decision. A business loans borrower must understand that while taking loans can help a business grow, a wrong decision will mean debt and actually damage financial stability of a business. Determine how much loan amount you require as business loans. There are different business loans products to decide from.

A well thought out business plan is the most significant part of getting a business loans approved. The business plan should have projection. Don’t go into details, a concise to the point executive summary which answers all the queries of a business loans, will gain easy acceptance. If you have an established business – financial statement, cash flow for the past three years will be required.

Business Loans application is reviewed, some of the following questions might come up in one version or the other.

  • How much loan do you require?
  • What about business profits, does

Get Quick Cash With a Payday Loan

While this may sound reasonable enough there are some disadvantages. Many of these payday loans are a short two weeks or so. Interest rates usually apply as well so depending on the interest amount, the loan may not be worth it.

The primary people that use payday loans are lower and lower middle class people. This can be a burden to some because of the rates that apply. Many people with bad credit use payday loans because they see that as their only option.

If you get a payday loan, you want to try and keep yourself from becoming trapped. If high interest rates are applied to your loan, you could end up repeating your borrowing of money; being unable to repay in time or even having your check held because you couldn’t pay in time. You want to steer of these risks if possible.

There are many ways to keep from having to use a payday loan. While sometimes you may not have any other options, there are ways to not end up in that situation. A great way to keep this from happening is to build an emergency fund.

Some people may

Personal Bankruptcy

The purpose of a bankruptcy is for the debtor to get relief from their creditor(s). An individual files a voluntary petition to initiate the bankruptcy process. The bankruptcy process includes filing for bankruptcy status and eventual discharge of debts. After filing for bankruptcy, there is typically a waiting period for discharge of debts. During this waiting period the court could order an assessment of the financial abilities of the household or entity. Financial education courses may also be required by the court. This may be required to minimize the risk of a future bankruptcy.

The United States Bankruptcy Code includes 2 types of personal bankruptcies. The following is a brief description of each bankruptcy type:

Chapter 7 is the most common type of bankruptcy in the United States. An individual filing for a Chapter 7 bankruptcy must meet the requirements of the “means test for eligibility”. Eligibility for the chapter 7 bankruptcy allows the creditor to repossess any property used as collateral on debt that will be discharged in the bankruptcy. The bankruptcy trustee may also liquidate any non-exempt property and distribute the proceeds to any unsecured creditors. Exempt property typically includes: (1) clothes, and (2)

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