Posted in Credit, Finance on Feb 28th, 2007 5 Comments »
For many people the ability to borrow $500 to fix the car or $200 to cover an emergency can be useful and is often highly appreciated. If your credit is bad (and even if its not) banks can be difficult and time consuming to deal with. The easiest and quickest solution is to get a pay-day loan.
And now you no longer need to go to one in person. Just do a search online and you’ll see thousands of online pay-day loan sites. However, you need to be aware of the draw-backs to using these online sites.
Often, since they’re outside your state, they won’t follow your state regulations. In case of a dispute, this can be a problem.
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Posted in Finance on Feb 28th, 2007 No Comments »
Saving money and earning interest on it is the cornerstone to financial success. Unfortunately, if you save too much and earn a lot of interest the IRS will want to take its cut. Making sure you take advantage of the tax-advantaged saving strategies will make sure you achieve your financial goals quicker.
A tax-deferred annuity is one such strategy. In such an annuity, premiums can be made in one lump sum or over several years and can provide a regular stream of income. The income grows tax-free until the withdrawals start, thus allowing a long period of tax-free growth.
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Posted in Finance on Feb 28th, 2007 2 Comments »
Refinancing an existing mortgage costs money. In act, it costs a lot of money. There really shouldn’t be any reason to refinance unless the new rate is 2% lower than the old rate, or you’re switching out of an adjusted rate mortgage (also called an ARM) into a fixed rate product at the same rate.
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Posted in Finance on Feb 28th, 2007 No Comments »
Everyone wants to be rich and financially independent. Unfortunately, for most of us life is one big cycle of working and spending and not being able to get off the treadmill of debt. The famous rate race! So what are the roadblocks that prevent hard-working people from achieving their financial goals?
1. Financial Illiteracy
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Posted in Finance on Feb 28th, 2007 1 Comment »
Most of us rejoice when we receive our paycheck. The first thing you probably do is go to the shopping mall to buy that latest gadget or pick out those nice pair of shoes you eyed in last week’s issue of Vogue. Then after paying your rent/mortgage, utilities, cell phone, groceries, car and other miscellaneous expenses, there just doesn’t seem to be much left over. If there’s anything remaining, you’re probably thinking about that other toy you have on your list. In the remote chance there’s still anything left over, the idea of investing is amusing at best. Sounds familiar?
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Posted in Finance on Feb 28th, 2007 1 Comment »
It’s always a good idea to keep at least 6 months worth of living expenses in reserve for unexpected events. If you lose your job, or become temporarily incapacitated and can’t work, these reserves will carry you through the tough times and keep you afloat.
The first step is to figure out how much money you spend every month. Rent (or mortgage), utilities, credit card payments, car loan payments, insurance, food and entertainment should be included. Build up an emergency fund for at least 6 months. If you don’t have any emergency cash on hand, that should be your first priority. Get a second part-time job if you have to. You may have to cut down on expenditures such as entertainment, retirement savings and even debt repayment until this vital step is accomplished.
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