Want To Improve Your Credit Score?
| January 9, 2012 | Posted by derek under General |
Raise your hand if you’re in debt.
You’re not alone. With the state of the economy and unemployment rates wreaking havoc on families all across the country, more and more people are struggling just to make ends meet.
Raise your hand again if you believe that being in debt means that your credit score is not the best.
Again, if your hand is in the air you are certainly not alone. There is a common belief that when you are in debt that your credit score is low, or at least not as good as those that don’t have any debt.
But you know what?
It doesn’t have to be that way!
Find out how one of our own contributors was able to build a good credit score even while he was in debt to the tune of more than $50,000!
Edward Leyson details the five easy steps that he used to secure a good credit score while working to eliminate his debt in his book, Improve Your Credit Score in 5 Easy Steps! No Matter How Much Debt You Have Now. And the best part is that some of these tips can actually help you eliminate your debt sooner.
Pick up a copy of Edward’s bestselling book on Amazon today for just $0.99!
Buy it now!
Knowing that times are tight for many and even $0.99 might not fit into your budget, we will be happy to provide a Kindle copy to the first 5 people that will be willing to share their review on Amazon. Leave a comment below if interested.
Look forward to hearing from you!
5 Easy Spending Cuts To Eliminate Debt
| August 23, 2011 | Debt Reduction, Savings |
Being in debt is no fun for anyone. Depending on how much debt you have, what the interest rates are and your personality type, you could very well be losing sleep at night over your debts. This is not healthy for your physical well-being or financial well being. There are some forms of debt that… continue reading
Nominate Your Favorite Personal Finance Blog for the Media Awards
| July 12, 2011 | General |
Everyone has their favorite blogs and no doubt if you’re reading this post you know of at least one blog deserving an award. Personal finance blogs are only one of many categories of awards to be given out at the World Media Awards to be held in the PayPal building in San Francisco on October… continue reading
How to avoid getting in debt
| May 11, 2011 | Debt Reduction |
Debt is one of those words that strikes fear in just about everyone. It is definitely something that everyone wants to avoid at all cost. Nothing is worse than seeing the debt continually pile up month over month and feeling like it’s impossible to get out. That is why it’s best to avoid getting into… continue reading
8 things you need to consider before signing up for a joint account
| May 9, 2011 | General |
Money can be a source of various conflicts for many people who are in relationships. It’s important, therefore, to come up with a financial strategy that works for both parties involved. Having a joint account may be advisable for those individuals who want or require more than one person authorized to use a bank account,… continue reading
How to get out of credit card debt
| March 23, 2011 | Posted by derek under Debt Reduction |
Many people find themselves with significant amounts of credit card debt at some point in their lives. In order to get out of debt, you need to get motivated and concentrate on doing what you need to do to get yourself out of the situation. The following are a series of tips that will help you out:
Stop Charging
This is perhaps the most obvious but, at the same time, the most difficult to do. Take out some scissors and cut up your credit cards, particular ones with high interest rates. If you are not able to do this, take your cards out of your wallet so you won’t be tempted to charge more.
Transfer Your Balances to a Card with Lower Interest
The lower the interest rate, the more each of your payments will positively affect your debt. Take advantage of balance transfer offers that are available.
Pay off your Debts from the Smallest to the Largest
Make all of your minimum payments except on the debt which is the smallest. Pay off as much as you can on this one. The advantage of doing this is that you will certainly be more encouraged by paying off one or two debts and this will be far easier with those that are the smallest.
Consider Programs that Offer Debt Relief
Because of the recession, there are several ways that you can go about reducing your credit card payment. Do some research and you are sure to find a way through which you can reduce your credit card debt.
Pay Half the Minimum Payment Twice Each Month
The calculated interest is dependent on the average balance on the account for the whole month. Making payments every two weeks will reduce the total balance and thereby reduce the finance charges. Additionally, splitting up the payment will make the paying of the bills less daunting.
Make Small Payments When you Have Extra Money
Any extra money that you receive from family, eBay sales, overtime earnings, part time work, or garage sales should go straight to your card to pay off the debt. Although it might not seem significant, it will soon add up. Additionally, if the money is deposited in your checking account, you will be more likely to spend it on unnecessary items.
Close New Accounts
As you pay off your balances, close out your new accounts and leave your one or two oldest cards open. One of the aspects of your FICO credit score is the length of your credit history, which becomes negatively affected when you open new accounts. Through the closing of these new cards, you are essentially making your credit history appear older. If you are unsure as to how old your current accounts are, you should consider ordering a credit report.
If you are not someone who is able to control your credit card spending, you should perhaps consider cutting up all cards and living solely on cash. However, before you do this, make sure that you have a stash of emergency funds.
This guest article was contributed by Jane Sanders from Debt Management. To get more information, read her articles about credit card debt management.
Prepaid cards for teens :: Teach your children proper budgeting
| March 21, 2011 | Posted by derek under Credit Cards |
We actually live in the epoch of financial issues. In fact, it’s almost impossible to imagine our world with no money in it. Besides, our kids follow the current progress willingly and due to the peculiarities of their age, they need to feel freedom, especially financial.
It’s not so bad as this period of life is the right time for teaching teens budgeting tips and prepaid credit cards can become a great tool to fulfill this purpose.
Another tool for your financial toolbox
Most parents don’t like the idea of giving their children traditional credit cards as they are afraid of overspending. Thus, credit card companies designed particular prepaid cards for teens which are aimed to teach kids dealing with money and credit being responsible.
The way these prepaid cards work is rather simple. Parents can load a particular amount of money that they deem appropriate for a teenager during one month, for instance, and then monitor the child’s spending by calling to the credit card company or with the help of online statements.
Safer than cash?
Actually, some experts consider these prepaid cards safer than cash because most credit issuers guarantee that the parents can be refunded for unauthorized purchases. In addition, the child won’t be able to spend more money than the parents have loaded. Moreover, even relatives can put money on the card for a teen instead of sending a check or just giving cash that can be wasted at once.
As for the teens, they will have more opportunities as having a prepaid credit card will allow making purchases online that are impossible with cash.
The major credit card companies, including Visa and MasterCard, offer prepaid cards for teens. As a rule, there are no overdraft fees, no interest charges or late fees. Thus, this financial option can become a really great tool for teaching budgeting tips.
However, it can become harmful without strict measures set for your teenagers. As an example on how to manage the prepaid card, load the desired amount of money each month in order to teach your kids efficient budgeting. Also, monitor your child’s spending carefully and discuss every purchase explaining whether it’s essential or not. Some parents may find it to be useful to make their children work for the card by means of doing some chores, for instance.
Great tool when used wisely
In fact, prepaid credit cards can be not only a good teaching tool, but also a great gift for teens. If your children will get prepaid cards, they will feel more adult and it’s really important for them to obtain a kind of financial freedom.
Don’t get too concerned if your child won’t manage proper spending right at the beginning. Be patient and try to explain every mistake. No one is perfect, but it’s better to make mistakes now at a young age in order to avoid the same errors as an adult.
Valery Thomson is a financial copywriter being occupied for the website providing payday loans online and she is eager to share her knowledge and experience concerning various financial issues.
5 tips to start getting out of debt
| March 17, 2011 | Posted by derek under Debt Reduction |
Debt.
More of us are in it than we’d like to admit. In fact, debt is one of our country’s leading problems right now: our obsession with accumulation is responsible for putting us into this predicament, and it’s time to stop!
There is no quick way to get out of debt, unless you win the lottery. However, with small steps, we assure you that you can get there. Here are some helpful tips that you can use, if you too are trying to get out of debt.
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Say goodbye to your credit cards
The reason why most of us got into debt in the first place is that we went a little charge happy with our credit cards. Credit cards give you the false illusion that there is money to spend when there isn’t. Stop living that lie, and give up your credit cards. When you have no actual cash to spend for something, it simply means that you cannot afford it, and must save up for it.
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Develop other hobbies and activities besides spending
Most people wander around the mall because they are bored. Then, what happens? You end up buying this and that, items that will relieve boredom for now and give you temporary happiness. However, the cycle builds when you get bored again and you end up again buying something useless, accumulating debt in the process. Stop this cycle by keeping busy. Talk to friends, exercise, bond with your significant other or your kids. Just look for something worthwhile to do that does not involve spending!
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Always plan for expenses
This is the time to say goodbye to impulse buys. If you want to buy something without planning for it, it probably means you do not need it. Before purchasing anything, discuss it over. See if this is a real need or just a passing want.
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Be smart and cut spending habits
We know you’ve grown used to picking up the same brands when you go to the grocery store, but will switching to something cheaper really affect you in an adverse way? The next time you do the groceries, try to pick up the generic brands. Ask yourself if picking up the cheaper brand is really all that bad. Also calculate the savings you’ve made. You may be surprised at how much it is!
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Consider a second income
If only one parent is working, see if it is possible to get a second income. A great option for stay at home parents is to get a job that allows you to work from home, or even an online job. When debt is high, a steady income is one of the best ways to get it go down.
Sam Briones is a freelance writer who covers an array of topics, from finding cheap auto insurance to safety tips.
Bar None: The BEST Money-Making Degrees
| February 28, 2011 | Posted by derek under General |
You want to maximize your time in college, of course, but you also want to make sure that once you finally get out, you’ll be able to find a job in your career area of interest.
In order to find the most lucrative, well-paying job, you need to start by pursuing the best possible degrees while you’re in college. This will ensure that you will not only have a job, but a good one to boot. Here is a list of the best money-making degrees that you can pursue for big money.
Degree in Medicine
- Average Salary: $145,000 – $151,000
- Medical degree holders include doctors, surgeons, nurses and healthcare administrators. The medical field is in high demand of skilled, qualified and well-educated medical personnel. Entry-level physician assistants and healthcare workers with degrees can climb the ranks very quickly.
Degree in Anesthesiology
- Average Salary: $ 290,000 – $393,000
- The anesthesiologist keeps the patient alive during surgery while the surgeon performs the operation. Their main job is to keep the patient alive by making sure that they’re asleep during surgery. They also administer medications to ensure that the patient is pain-free and comfortable after surgery.
Degree in Law
- Average Salary: $102,000 – $125,000
- Law school will prepare you for a career in corporate law, private law, or you may even find yourself in mitigating law where you argue your case to a jury. The salary can command an even higher check in practices where there is an opportunity to become one of the managing partners of a law firm.
Degree in Pharmacy
- Average Salary: $ 94,520 – $148,987
- Pharmacists work for retail drugstores, mental health centers, private physician offices and nursing homes. The degree in this area pursues some of the same subjects as medical students do, including biology, physiology and math subjects.
Degree in Education Administration
- Average Salary: $79,780 – $100,403
- This field is full of teachers and educational administrators, and the average salary is only for those with a four-year basic educational degree. With advanced degrees like a masters or doctorate, academic students can expect to make significantly more, especially if they work in the private school sector.
Degree in Construction Management
- Average Salary: $73,700 – $110,650
- In the construction industry, there is a high demand for management personnel, and your services can either go to the highest bidder, or to manage a bevy of projects for specialty clients. Construction managers are also found working as general contractors, either for larger construction companies or as self-employed business owners.
Degree in Dentistry
- Average Salary: $132,140 – $135,360
- Dentists in private practice make a handsome salary in a stable industry. They can also customize their practices to concentrate in pediatric, geriatric dentistry or in cosmetic dentistry where the income is even more lucrative.
Conclusion
By carefully choosing your degree that promises a healthy salary, you can forget worrying about those questions that plague some people’s minds: How much will I make? Is this enough for me to live on? How will I pay off my loan?
With these degrees, you’ll be able to write your own check, straight to the top and to the bank!
Learning money lessons from celebrities
| January 25, 2011 | Posted by derek under General |
It is quite common for people to look at celebrities with a tinge of envy – thinking how it would be so relaxing to never have to worry about money, earning millions of dollars year after year. Sure, the income that celebrities earn is far more than many people will see in their lifetime but that doesn’t mean they manage their money any better than the next person.
Even the rich and famous are not immune to financial blunders.
The case of MC Hammer is very well-known. He filed for bankruptcy with $13 million in debt after paying monthly wages in the amount of half a million to over 300 people for a term. It is clear that he overplayed his importance as a musician and individual.
What is stranger is that even savvy celebrities can make blunders.
Take Madonna, for example.
Till death do us part…
She has been an international superstar for almost thirty years. She is considered a marketing genius, reinventing herself and setting trends even now at 52. Somehow she missed signing a prenuptial agreement with Guy Ritchie. Her divorce cost her around $75 million. Guess that is not much where she comes from.
Signing a prenup is something many celebrities miss doing and then regret. When Reese Witherspoon and Ryan Phillippe got divorced, they split their incomes, unfortunately for Reese, who was making ten times more than him at the time. Sandra Bullock was wise not to make this mistake. She doesn’t owe her unfaithful ex a dime. And still, prenups are often avoided. This document somehow feels emotionally wrong. It feels like the very act of signing a prenuptial agreement can doom the marriage. Bottom line? If you want to be on the safe side, the prenup is your only option.
Enjoy your vices, but in moderation
Gambling, as with all vices, should be enjoyed in moderation. Being desperate to win can only result in a loss. A gargantuan one, in Michael Jordan’s case. He lost a reported $57,000 while gambling. He also lost over a million dollars in a single golf game, mistakenly believing his amazing basketball skills would translate to the golf course.
Death and taxes
A common blunder is forgetting to update your will. RIP Heath Ledger. In his will, signed in 2003, he left everything to his family. His daughter was born in 2005, but he did not update it. Now his $20 million fortune is the subject of dispute.
Nothing is for sure in this world but death and taxes.
Many celebrities can vouch for the latter.
Among them are Nicholas Cage, Pamela Anderson, Khloe Kardashian, Darryl Strawberry, and Wesley Snipes. Nicholas Cage’s earnest appearance is actually quite deceiving. He concealed upwards of three million dollars via Saturn Productions, his film company, in personal expenses. He should have hired an accountant, whose services are not only useful but also tax deductible. Poor Khloe Kardashian seems to owe $18,490 in back taxes. She had an accountant and actually did pay her taxes through him, but he “forgot” to present the respective documents to the tax officials.
Some people are just not to be trusted. Celebs like Leonardo DiCaprio, Cameron Diaz, and Matt Damon can testify to this. Their “financial manager” Dana Giacchetto stole around $10 million from them. Do not hire an accountant just because you heard he or she was good.
Spend less than you earn
Finally, live within your means. Do not spend more than you earn because you might – God forbid – find yourself in Ed McMahon’s situation. He owes $664,000 in mortgage payments and got foreclosed on. Actor Stephen Baldwin and musician Tom Petty share this problem. Both have filed for bankruptcy at one point in time.
Whether you make millions or thousands, spending less money than you earn is a cure for many financial problems that people encounter.
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Melissa Dean writes for Credit Cards Canada, a blog offering an unbiased perspective on credit cards in Canada.
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