Friday, February 27, 2009
Let us understand what is it exactly?
In the current situation of worldwide recession, many people find themselves cash strapped and in debt. It would be accurate to say that demand for loans to finance needs and wants and especially debts are rising everyday. It would be much more difficult to borrow from a bank as compared to a private money lending agency. Banks run a very thorough check on the individual's financial background and credit status. This is because banks are known for not being risk takers and they really do want to be able to foresee if the individual is able to return the loan based on his current credit status.
This is where other forms of cash advancements comes in. These people are more willing to lend money even if there was bad credit as they usually have a higher interest rate than the bank and they earn more interest by allowing the lender to pay back the loan over a longer period of time. A no teletrack payday loan is most popular with those who have a poor credit history of bankruptcies and outstanding bills. This is because teletrack payday loans providers do not deal with credit checks and these loans are available to all borrowers.
This form of loan helps you financially by providing you with the required cash to deal with the emergency.It helps boost your morale considerably as you are sure you are in full control of the situation. Thirdly, it also saves you from a lot of disappointment from being rejected of loans. Besides, you avoid suffering from humiliation when asking for money from a friend or relative. As you are generally kept on tight monthly budget due to growing costs of living, managing funds for unforeseen expenses is really a difficult task.
However, putting the services like no teletrack payday loans into operation has reduced the level of stress you may face while finding the way out of such a jumble. A no teletrack payday loan is what you really need if your car needs fixing or a sudden trip is awaiting you or you face any unforeseen emergency.
As such a no teletrack payday loan is the next big alternative taken when in urgent need of cash. All the individual has to do is to make sure he keeps the job and pay his monthly installment of the debt consistently and he should be on the way to getting out of debt.
Author is the well known person from "Investorportal"
Being frugal does not mean being deprived of a better life. It is also not being stingy or cheap as is perceived by most people. It is about being wiser with your money so that you have more money to buy the things that you want without making too much sacrifices. Frugal living means you can afford to live the life you want to and which you dream of without ending up in debt.
Frugality is about being wise with your money and learning how to stretch the dollar so that your spending power can be increased. It is important to know how much money you have in the bank, how much bills you need to pay each month,how much are your daily expenses and if you have any spare cash left to buy something you like and the quantity you can afford. Then only you will be able to know what you can and cannot afford to have and refrain from buying anything on credit as this will increase your credit standing and therefore causing your debts to increase.
Do not allow yourself to be engulfed by the vicious cycle. It is bad enough that you have to pay off your debt, do not commit slow suicide by allowing temptation to overrule your sense of logic and resulting you in a situation of never ending debts that you have to pay off. To live frugally is to take the dollar and stretching it as far and as much as possible. It is learning to get value for money and how to get the best deal for everything you buy. You learn to buy things from wholesale shops instead of retail, where they practically mark up the cost price of goods so that they can earn a bigger profit.
Coupons and discount vouchers are your friends and they help you to save at least a few dollars as compared to buying off the shelf without using these to get discounts. You learn to wait until there is seasonal sales before buying. It is usually cheaper when the clothes are not in trend but yet with knowledge of mixing and matching you can still look trendy and pull an outfit together.
To be frugal is to take charge of your life. To determine that you no longer become a slave to your debts, your bad and uncontrolled spending habits and stressing about how little money you have left bank every month and wondering if you will ever be able to be happy and not get bogged down by money issues or rather the lack of it. This kind of worry is and can be eliminated if you do not allow money to run your life.
Money is a tool to help us achieve a better life, such as getting a nice place to live in, going on holidays, enjoying good food once in a while. We need to learn to make money work for us. It should be helping us achieve the things that we want out of life without us becoming its slave.
To be in full control of your spending is extremely necessary to lead a life of frugality and yet be able to be happy, stress and debt free.
Author is one of my best friends from Benakm
Monday, February 23, 2009
I have always provided my readers with excellent suggestions related to money before marriage, after marriage, but this time I am presenting something very unusual in front of you. Some money tips for couples those are divorced or going to be divorced sooner or later. All the assets and liabilities is divided among the two of you, still you can achieve all your financial goals.
But before I start off with my lectures let me quote Britney Spears on her views on Divorce. She quoted, "divorce is really a great feeling that each and every women on this earth should experience at least once". She is really a true divorcee.
As per the recent survey it has been found out that at least more than one million people file a case against their partners for a divorce. And out of this one million people, 75% of couples fight in court due to extra debt that both have achieved during marriage period. Debt has always been the primary factor for a divorce, as proved by surveys by American Happy Couple Society.
Ok now let me start some amazing money making tips for the divorced couples that I have read in a book called, "Happy Divorced Couples" by Charles Peters.
1.) Divide all the assets and liabilities equally: The foremost thing you should do after a divorce that is to find your credit report records as well as your credit scores. Try to judge how will you allocate your assets and liabilities equally.
2.) Take a proper care of your mortgage payments: If you own a home, then make sure you do a proper planning in terms of your monthly mortgage payments. It is entirely both of you's decision what will you do with the home. Either sell it or divide the shares of the home equally among yourself.
3.) Pay off your debts: Prepare a budget after the divorcing formalities are over, try to pay off all the debts as soon as possible. Pay off all the pending bills as well as secured and unsecured loans. Many debts have huge interest rate. Just pay them off.
4.) Keep a watch on your ex: I don't mean this in the sense he or she is having any affair or not. That is obviously not your business. Your business is to keep a track on whether your ex-spouse is making his or her own payment or not. This will help you to gain a secured financial future.
5.) Take a proper care of Joint Accounts: This is something very risky. It is quite possible that your ex-spouse is still enjoying the benefits of joint accounts. So the best advise is to close all the joint accounts as soon as possible especially the credit cards or any other household cards.
6.) Hire a tax expert: In order to keep a track of your tax related issues and payments hire a tax analyst. He is the best person to advise you on tax planning for divorced couples.
7.) Make a saving account: If any shares or debentures is left after the allocation of assets and liabilities then use them as your saving account. This will help you in times of emergencies.
8.) Be a part of good debt help company: Don't fall into the trap of any dishonest company, choose the company after a careful study of the company profile. They will definitely help in achieving a sound financial future.
As I have always congratulated my readers for their marriage this time I am congratulating all the divorced couples. The reason is in some way or the other at least they are very happy with the divorce.
No one will complain about the nip in the February air at Los Angeles, and why would they after all they were fortunate to see 81st Academy Awards there. People for the time being forgot that the larger part of United States has been recorded in Recession lately. Not a single person cared about the financial crisis this season, they cared only about one thing that is not to miss the golden opportunity to see splendid women entering the red carpet at Academy's.
At the Kodak Theatre, the stars were shining, the lights were glooming, everybody was waiting for the most auspecious ceremony of 2009, the Oscars. Neither Angelina Jolie cared about the recession nor Jessica Parker who was studded with gold armlet. Who says that we are in recession? I am sure after seeing the stars in gold studded ornaments nobody will actually believe this. Wether it is a credit crunch or a financial crisis, Oscars were still the same as it take place every year.
The whole of Kodak Theatre was shining, especially the dining area where it was served gold-coated chocolates for the stars. Can you believe this? Does these acts actually shows that we are passing by one of the most bad times of our lifetimes. "Obama's stimulus plan will work only if we spend more and more for the Oscars", uttered one of the crew members from behind. This is for you dear President. People are really respecting your words.
The makeover for the evening was handled by David Rockwell who charged 6 billion dollars for decorating the entire Kodak Theatre. That is unbelievable. The theme was decided to be kept as blue. But it was not actually something very simple, rather very unimaginary with 92,000 Swarovski Crystals shining the entire evening. Are we really in recession??
Coming to the special gifts for all the nominees of the night. The range of watches starting from $ 8000 going upto $ 14000 per nominated celebrity. The stars would have something better to do rather posing infront of media with those watches. Other gifts included holiday packages worth $ 15,000, diamond facials etc.
Only at one place the cost cutting was seen, and that was at the Oscar parties organised by Chateau Marmont and the Vanity Fair group. It has been reportedly found that each and every advertisers for the evening has paid the organisers a sum of $1.4m for 30 seconds advertisement. Oh my god ! this is like waaaaaoooo. But I was happy that my favourite movie won the Oscars, none other than, The Slumdog Millionaire. :)
Wednesday, February 18, 2009
You must be wondering why have I chosen this word as the ugliest word. The reason is very simple. Everywhere I go, I hear this word whether it is a news channel, or any public debate, and even when I am talking with my friends and relatives. Everybody is talking about Financial Crisis. We all know that we are passing through a bad phrase right now, but what is there to discuss about, I still haven't understood. Discussing these things will not help in overcoming the situation.
In every news channel, we see that the news reader is calling one financial expert to give his views on the "financial crisis", I mean common it is very obvious that those financial experts are the best people to give lectures on the financial crisis. Because they know in some way or the other we are facing this financial crisis only because of these financial experts. I just hate when the news reader call them on the stage, invite them, greet them and what more.
But the common people are not aware of the fact that this financial crisis is because of these financial experts who have only one common purpose, that is, to take out more and more of their saved money which they have saved since years. They never give any guarantee for the loss of the money. And people very easily believe them because they have no other option as they are in "financial crisis".
Because of this financial crisis so many people have lost their job even when they were not at all responsible for any faults. Even my cousin brother, working in California, got sacked from his office because of the "financial crisis". The company couldnt pay him two months salary, as a result of which he was blamed for some fraud and sacked from the company. Check out what "Ron Paul" has to say about Global Financial Crisis in the video below:
Even I could go on and on repeating the same thing whole day, but do you really think this ranting will improve the financial condition of our country?? Not at all. Bring your views on this in the form of comments that is what do you think? Am I right or wrong? What do you think can be done to stop the recession? Come up with your views.
Surveys show that there are less than a forth couples who actually saves any amount of money than expected. Weddings today can cost around $ 20, 000 to $ 35, 000 including all the decoration and reception charges, of course excluding the honeymoon. So, it is very difficult to keep a track of all these expenses on a special day. One of my friend's mom is a wedding planner. So, it just gave me an idea to visit her on the weekends and capture some special tips on planning a wedding. As I have always shared everything with my readers, I would like to share this too.
1st Step: Save more and more. I hope everyone is aware of Certificate of Deposits, which always offers higher returns on investments. The advantage will be in the preceding months of your wedding you will able to accumulate good income with those rate of interests which might be of great help to you during your honeymoon. :)
2nd Step: Always take help of a Financial Advisers. Bank of America offer free services to couples regarding wedding planning. budgeting and savings. Inquire about home loans, credit scores, equity lines of Credit that can always help to overcome your wedding expenses.
3rd Step: Always set a budget that looks realistic and original. Keep in mind of extra costs that you might incur during the wedding season. Don't even try to exceed your expectations once the budget is planned. Stick to it.
4th Step: Never fall in the traps of Bad Debt. With this I mean that if you want you can pay few bills before the wedding date. Any person providing wedding services will expect an advance payment of some amount. In this way the wedding planner will do your work with more interest. And you will easily escape the burden of extra debt.
My personal suggestion: I would like to add to what Mrs. Goldsberg mentioned above. That is the wedding couples should always have a good bonding among each other. They should understand each others income and expenses. Always discuss the financial issues with each other to make a marriage more successful in future. Secondly, don't even think of withdrawing money from your 401k plan as you might have to pay a penalty of 11% for withdrawing that money.
Tuesday, February 17, 2009
Since I really care about you Angelina, I am dedicating this post whole heartedly to you. The reason is below I have mentioned some financial tips and advices which Angelina Jolie might find useful and of course her fans too.
First, start saving at least 12% of the monthly income from $ 632,000 so that in case of emergencies you don't need to lend your hand to your dear hubby Brad Pitt. We all know how generous he is.
Secondly, with normal savings try to create a rainy day fund. As per Consumer Federation of America, it has been surveyed that at least 40% of people have $ 2500 as expected expenses in a year. And for a celebrity like you I am sure that figure is bound to be more than a double. Plus with that there might be expenses on car accidents, legal charges etc.
Thirdly, it is better to invest some of your saved incomes. You can invest those saved amount in the share market because who knows after your retirement the average rate of return for those funds might go up to 4 to 5 %.
Fourthly, Start making retirement plans now only. Don't even think that it is too early to do that. According to the surveys from Federation Government, 10% of women over age of 60 is unemployed or is living in poverty. So, why take a risk? Start planning your future right away (obviously with your sweet charming husband, Brad)
Last but not the least please for god sake shop less. I know it is an addiction to you but where there is a will there is a way. Plan out a budget and shop according to that. I am sure at the end of the day you will definitely save more.
So, these are my advices for you Angelina. I hope that you will start following all of them sooner or later. All the best for your forthcoming movies !
Friday, February 13, 2009
All thanks to him that he taught us everything about currency trading as a part of Accounts Curriculum. I still remember how he taught us to leverage the currency fluctuations and convert them into money for different financial companies. With that money a part of percentage is sent to the trader. Like trading on stocks is risky, in the same way trading on forex is even more riskier.
The business of Online Trading Forex is at the peak these days. It has become an amazing source of income in the market place today. The daily volume of online trading is upto $ 3.5 trillion dollars. According to my friend Martha, who is a forex trader at ItradeForex, it has become one of the largest investment machine today. But an important thing to remember here is that the market these days is in recession, so there is no point in investing huge capitals as it might lead to severe losses.
As per survey in the forex market, it is advisable to join the lucrative forex market now rather investing huge capitals in forex trading. The best part is the forex market is easily accessible to everyone on the finger tips now.
Wednesday, February 11, 2009
Yesterday I visited Wall Mart, and from there I purchased a book called "How I Managed $20,000,000,000.00", written by Wade Slome. I must say each and every investor should read this book. In this book he has shared his views on how to become an Investment Guru. Moreover, he has shared his talks with Eric Schmidt (CEO of Google) in his book.
According to him it has been confirmed that this period is a period of Recession and so each and every investor should apply the innovative and time-tested strategies before investing. I really liked one of his quotes from the book which I would like to share with all my readers. He said in his book,"Don't respond emotionally to the situational noise you hear daily. Don't react to fear. Open up your eyes and pay attention to the facts. The truth will set you free."
My main aim of publishing this post is that I wanted to share with all of you the key points which "Wade Slome" has written in his book to survive the Economic Recession.
1.) Don't make your judgment after hearing the reporter's. Money is made by anticipating what is next, not by thinking what has happened in the past. Always remember you are the best Judge.
2.) Leave your emotions aside while investing. Invest independently with a focus and clear object in mind. Buy your fear and sell your greed. It will definitely help you in taking the right decision.
3.) Keep in mind that the market is very efficient in the long run. Don't be aggressive, be patient while investing in Mutual Fund. Remember today's pain will be tomorrow's gain.
4.) It is very important for the Investors to improve their investment performances for survival of the fittest in the long run. This can be achieved only by Integrating indexed funds as well as exchange traded funds commonly known as ETF's.
5.) Always keep in mind this word " Fees". Brokers might be your friend and partner, but they will always expect a good income from you. More you pay, more will be your financial goals will be achieved.
6.) Whenever investing, keep in mind the GDP of Unites States. To increase the growth rates, it is important to push down the GDP. If you want to really succeed in this field try to get hold more of International Opportunities.
7.) Experience is an important factor not only in investing but any work profile. Always hire an experienced financial adviser for your investment plans.
8.) Remember Einstein's 8th wonder of the world, "the compound interest formula". Always utilize this method to manage your investment portfolios.
9.) Always pay your taxes on time. This will ensure the government that you are not playing any false games in the investment market. Though it is a bit difficult, but something is better than nothing.
10.) You know who is the best investor in the eyes of Slome? the one who makes more mistakes, learn from them and avoid repeating the same mistake in the future.
Slome said that he can only advice to the people, following his words or not entirely depends on you. Any person can be a successful investor only if he is able to achieve a successful investment planning and his/her financial goals.
What are you waiting for? Hurry up and book your copies of "How I Managed $20,000,000,000.00" as soon as possible available at Amazon.com
Monday, February 9, 2009
I was reading wall street journal, when I came across my favorite columnist Jeff Opdyke's article Love and Money. In that article the author has listed Nine financial things that the couples should know about each other. The points I have taken from his articles but the explainations are mine. I really liked that article and thought would share with my to be marrying readers. It goes this way:
1.) How do you manage your assets and liabilities?
If anyone among the couple brings loads of debt with him/her now, it will cause great problems in future. So it will be great if you sort out and talk about these things before marriage so that there is no confusion later on.
2.) How do you manage your extra debts?
Debt is something nobody will like to have it. It is something that comes naturally. It is important to decide earlier which items you will fund as cash and which as debt. Whatever decision has been made follow it for the rest of the life.
3.) Do you have a solid financial History?
This is kind of a touchy question. It is not necessary that both of you are of same financial background. Therefore it is important to be an honest person when it comes to your financial History. Tell him/her very frankly what was your past in terms of money matters.
4.) Should we go for Prenup?
Personally i will never recommend anyone to have a prenup. This is for them who are confident enough that they will do 2-3 marriages in future. Having a prenup or not entirely depends on the couples.
5.) Do you have any financial aspirations?
This basically implies for future planning. In a way it is important to know that what you will do when you get retired. Will u start your own business, or you will go on a world tour. Deciding these things before marriage is important for a successful relationship.
6.) What are your career plans?
Before marriage it is important for both of you to know that how important one feels for other's career. It happens many times that the women wants to study even after marriage, but not acceptable by the guy. So plan out this thing before marriage itself.
7.) How will you divide the financial planning?
To consume the extra time, it is important to divide the duties among each other. Say for example, girl will be responsible for all household finances, whereas guy will be responsible for everything other than household finances.
8.) How many checkbooks will we have?
One is more than enough. It will help you to keep the track of your finances conveniently. It will make your finances less complicated.
9.) Do you understand the real importance of Money?
While asking this question, keep a smile on your face or else the person sitting infront of you will bring out different meaning out of it.
Before starting any relationship, I will advise all of you to visit a financial coach and plan out your finances with him. Last but not the least I would like to wish " all the best " to the married couples. If you really feel that this article is worth following then do not forget to leave your comments. All comments will be accepted with honor.
Tuesday, February 3, 2009
Identifying the error will help you to avoid such mistakes in the future. Below are some points to keep in mind when hunting for a good company to invest. Before coming to these points, I would like to remember you that successful investing is not a rocket science. But this is the game of common sense and little above from average numerical skills.
At the very first, We are moving to the investment strategy of Warren Buffet. As per his winning strategy, someone should prefer a company who has excellent ‘durable competitive advantages’ for their products. In simple words, such company should have monopolistic business advantages and that probably leave no or little room for any competitors to enter. Also, the product from such company should have huge customer base across the nation with a strong feeling among people that they cannot survive without such products. For example, Coca Cola is a product from such category.
Second, investor should invest on a company that have huge marketing base but not spending investors money for extravagance like sponsoring territorial shows or programs. A real cost effective but very effective advertising method can be identified immediately if you give little attention. For example, we can see a mainstream advertisement but the same translated to all the possible languages to build perfect base among customers with cost effective approach.
Third, always get away from a company that has internal managerial competitions for higher designations or any such problems. The well meaning of this will be a company that should have capable management to apply innovative thoughts to maintain the monopolistic positions in the market always and add more value to investors money.
You should consider the financial side of a company as well, prior to invest. From the wordings of Warren Buffet, the company should be having consistent ROE of 20% or more. It should be the one who have less production cost compare with its immediate competitors. Operating cost of the company is an important fact to identify how the company going to survive in the bad time where the price of their product or service forcing to decrease or how they building good cash balance to divert their business to new areas or improve present business. At last, a company should be free from debts or have very less, manageable debt.
It is a truth if you consider all the above mentioned points carefully before select a company to invest, I am sure you required to work hard to identify a worthy company.
As a bonus, once you find a good company that is suitable to invest in the context of all the above mentioned advantages in its maximum, never forget to invest a considerable amount to get maximum possible future benefit.
The reasons were very simple. My best friend my credit card has always helped in my bad times. I can actually give you two instances when my credit card actually turned out to be a super hero for me. First, When i wanted to gift my sister a home at a reasonable mortgage rate after her marriage. I was successful in improving my credit score so that i can go to the bank and ask for a suitable home loan from them. Secondly, at the last year end i sat with my wife and made a budget plan as our expenditures were exceeding our incomes.
I started paying all the bills of the house from my credit card and at the month end i used to pay off the credit card. The only advantage i gained from it that my budget planner looked a bit more cleaner than usual. You will be surprised to know that I have three credit cards at the moment and i haven't paid a single interest money out of them and i will continue it till i owe those cards.
Just as an advice i wanted to add that if you save some amount of money from your income every month the dependency on credit cards will reduce. Another thing which I wanted to share is that Credit Cards are not at all forms of free money. At the month end you have to pay altogether for the things you have purchased with the help of your credit cards.