Well: you can have BOTH. You can be both rich and happy. It is great to have a huge bank account and at the same time, enjoy life with your …
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The Key To Protecting Your Money
Have you ever experienced a major paradigm shift? You know, the kind where you think you already know something about something…
But suddenly, you learn something new about that ‘something’ that changes your whole perspective and outlook on the topic. If so, then you know exactly what I’m talking about.
Now, you know that something this powerful doesn’t happen everyday. But somehow you kind of wished it did. Right?
So, what if there was an almost-magical, top-secret way you could rest totally secure in the fact that your money was totally safe…and were absolutely sure that nothing bad would ever happen to you.
What if your money constantly increased exponentially without you having to work a minute longer or a calorie harder? Wouldn’t that be really, really cool?
And on top of that…every time you faced a difficult situation you knew exactly what to do to get that breakthrough solution you happen to be need?
Did you know that there is a rock-solid, scriptural principle that you can accept by faith and watch unfold before your very eyes!
Here it is:
“…Bring the whole tithe into the storehouse, that there may be food in my house and test me now in this, “says the LORD of Hosts, “if I will not open the windows of heaven, and pour you out a blessing, that there shall not be room enough for it. I will rebuke the devourer for you sakes, and he shall not destroy the fruits of your ground; neither shall your vine cast its fruit before its time in the field,” says the LORD of Hosts.
Malachi 3:10,11
How powerful is that? All you have to do is tithe what you get and you will be blessed. All of your assets will be protected. This is way better than any kind of insurance you could purchase anywhere!
And on top of that, not only will you be protected, but the Living God (Creator of the entireuniverse) will open up the windows of heaven upon you, and pour out so many blessings upon you that you won’t have room enough to receive it all!
How cool is that? What are you waiting for? Go pay your tithes!
Look at this way. If the Living God were to say to you right now, “Stand on your head for 15 minutes every day at 6:00 a.m. and you will exponentially increase the amount of money you make each week.” Would you do it? I tell you what…I sure would.
So, why do time-tested, proven concepts seem so difficult to comprehend? It’s like they’re hidden right in front of our eyes. All we have to do to see them is open up our eyes.
Open your eyes, and take a look around. You might be surprised at what you start to see.
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The Secret To Never Ending Financial Success
Well: you can have BOTH.
You can be both rich and happy. It is great to have a huge bank account and at the same time, enjoy life with your loved ones. Money alone will never buy you happiness; but money can help you enjoy life more, which enhances your happiness.
Many people are saying that it is getting harder and harder to earn and make money these days. That may be true to some extent, but it all depends on the person and how he maximizes the use of resources available to him.
Mergers, downsizing of companies, and massive lay-offs occur more often now. Affected employees take this chance to engage in their true passions and open small businesses, do consulting work, join network marketing, and try their hand in internet businesses.
Indeed, these challenging times provide opportunities to build a business, which is arguably one of the best ways to become rich. These global circumstances ushered in the age of entrepreneurship where many young people are getting rich and strutting their way to the bank!
So, how were they able to do it? How were they able to overcome adversities and bounce back to lead happy and prosperous lives? What is the secret to their happiness and never-ending financial success?
The secret is in their perspective. These people live in a state of abundance. When you live in such a world, you will not be bothered by limitations. Do you want a successful career and a close relationship with your family? You can have both! Do you want to focus on business and still have enough time for fun and play? You can have both! Do you want to earn a fortune and do the work you love? Yes, you can have both!
These people have transcended the world of limitations. They keep in mind that there is limitless supply for everybody. They abhor penny pinching and aspire for the best. They believe that there will be always plenty of money to go around. They also think, ìIsnít it a shame to live cheaply in an abundant world?î
But this is not to say that you should rush out, shop, max out your credit card, and become financially irresponsible. This is not the way to minimize your money worries. What it means is that you must find your true passion and live your lifeís purpose.
People who live with true abundance never worry about having enough. Worry keeps you from feeling free and joyful. Worry leads to a life full of fears. Fear gets in the way of creativity, change, and growth. It makes you seek stability and status quo. If you keep on worrying, it is difficult, if not impossible, to think of great abundance or believe that you can have all the things you aspire for.
Wealth or happiness? You can have both.
Expand your way of thinking and adopt an abundant mindset. Add a dose of creativity and think out of the box. Figure out a way to have the best of both worlds.
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The Human Side: Debt Stress
In all the technical discussion you hear about credit card debt, the best ways to manage it and pay it off and all the rest, one thing goes largely ignored. Credit card debt is extremely stressful, and can have a very negative effect on your life, if you let it. Itís as bad as an addiction, always hanging over you, bringing you down, making it hard to life your life the way you want to. In this article, weíll take a look at how you can recognise debt stress, and what you can do about it.
The Symptoms of Debt Stress.
There are an awful lot of symptoms that can be caused by stress. Some of the most common ones are: headaches, not being able to sleep, feeling depressed and irritable, and being forgetful and unable to concentrate on what youíre doing. If youíre not sure whether your symptoms are related to stress or something else, you should go and see a doctor.
Who Gets It?
Almost everyone who has debts is stressed about them. Debt is blamed for millions of days off work every year, and is one of the leading causes of suicide ñ it seems like most times you read about someone who has committed suicide, their name is followed by ìwho owed [a very large amount] in debtsî. Students and graduates are especially vulnerable, as debt is growing amongst them faster than in any other group.
The average adult owes many thousands in debts ñ and since thatís the average, it means that many people must owe much more. Never forget that youíre not alone, and thereís always someone worse off than you.
How to Deal With It.
Stress caused by debts is often considered to be embarrassing, or shameful. People with lots of debts donít want to talk about it, even with their family, for fear of upsetting people or looking like a failure. It is very important, though, that you do talk about your problems, as keeping it all inside yourself will make you much, much more stressed. It is especially important that you talk to your partner ñ they are the number one person who can support you.
The best thing to do then is to find two people: one who can advise you, and one who can be a counsellor. That means a professional who knows what theyíre doing in financial matters, as well as a psychologist or psychiatrist, or some other kind of counsellor. Donít let stigmas put you off ñ this is about your health.
The next thing to do is to have a good think about how you got that debt to begin with. See if you can find old credit card statements. What did you spend the money on? You need to sit down, work out a budget, cut unnecessary expenses and try to free up as much money as you can to pay back debts. Even if itíll be a long time before you get everything paid off, knowing that your debt is gradually going downwards can be an excellent cure for debt stress.
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3 Strategies For Using Credit Wisely
Using credit wisely can save you hundreds of thousands of dollars through the course of your life. It can help you to get and have more and it can act as a way of securing your financial future. If you have poor credit, you are not left out because you can improve your credit and begin using credit wisely to gain the same rewards. To help you, here are some strategies that you can follow to accomplish these goals.
* Using Credit: When you are using credit, it is important for you to not make purchases that are not necessary or that are not worth the cost. Remember, it is not only the cost that the sticker says, but the finance charges that go with you that you will pay. A great way to do this is to make a rule with yourself and your spouse called the 24 hour rule. If you want to make a single purchase over the cost of, say, $200, you need to wait a full 24 hours before making that purchase. This gives you time to really determine if it is a wise choice.
* Taking On Credit: Part of managing credit is not taking on more than you can handle safely. You should not have more credit than you make in a year. And, you should not keep opening new credit lines. It does make sense to open credit cards that have lower interest rates, but make sure to close other cards as well. Some mistakenly believe that having lots of credit is good, but the fact is that too much is a bad thing too.
* Stay On Top Of It All: When you begin to fall behind in your credit, make sure that you take your credit cards, stick them in the freezer or in the back of a drawer some place so that you canít use them. Make payments on time and pay them off each month. Never get stuck with late charges and fees.
While you should have some credit, only taking on what you can handle is a way of using credit wisely. And, in this world, you do need credit to purchase a home, to purchase a vehicle and to even get certain jobs. While you need it, you need to make sure you can handle credit.
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6 Proven Wealth Building Strategies
Building wealth is as simple as saving a little bit here and a little bit there. You need not have great riches in order to accumulate wealth, but you need to have the drive, determination, and discipline to successfully increase your wealth. Letís look at 6 proven wealth building strategies you can put to use today.
1. Pay Yourself First. If you do not set aside money before you start paying your bills, chances are you will never save any many after you pay these same bills. If your employer has a 401(k) or 403(b) plan, enroll in it and set up a reasonable percentage to invest. The money will come out before you see your paycheck, therefore the ìlossî of discretionary income will be less noticeable to you. Maximize your contribution if you are able, especially if your employer matches your contribution.
2. Save Now. The earlier you start to save in your life, the more you will have later in life. Of course, if you arenít able to save much until after your children are grown, you can step up your savings until you retire and still have a decent nest egg.
3. Get Rid of Debt. Even before you build up your savings it is best to get rid of your debt first before starting a wealth building campaign. If your credit card rate is 14% you will find it difficult to find any investment that gives you a return that exceeds that rate. It would be better for you to pay down your debt first and then implement an investment strategy.
4. Pick The Right Mortgage. If you plan on holding onto your home for a short period of time, select an adjustable rate mortgage as your rate will be lower than a fixed rate mortgage. Use the amount saved to pay down your mortgage quicker; refinance your home if rates begin to climb.
5. Build An Emergency Fund. Nothing wrecks the best laid plan more than an emergency, particularly one that costs you money. Set aside up to six months of your income to live on in case catastrophe hits. Without an emergency fund you will be tempted to take on debt, cash in your retirement accounts, and sell valuable investments. Try recovering quickly from this sort of hit to your wealth without an effective back up plan!
6. Protect Your Assets. You can have a healthy portfolio and see it disappear quickly if you are not properly insured. Make sure that your health/dental, homeowner, life, and disability insurance coverage is adequate to meet your needs. All it takes is one legal judgment against you to wipe out your assets.
Instance riches come to a few, but most riches are realized after careful planning and effective management of your resources. You can properly prepare for the days ahead by implementing these six proven wealth building strategies today.
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Do’s And Don’s Of Building Wealth
Don’t fall behind
Finance charges, interest payments, getting discouraged about your finances all problems that can occur if you let yourself fall behind. Whether itís bills, credit cards, or student loan payments, falling behind can be a very difficult problem to come back from. The more you have to pay out in charges, the less you will have to invest in your future.
Set goals
If you donít know where you are headed, how do you get there? In order to accumulate wealth you need a plan. Write out your goals, a way to achieve them, and youíll be on your way to an early retirement.
Invest early
The greatest thing you can do to build wealth is start early. Even if you canít invest much, start with what you can and let your money grow over time. As Albert Einstein said, ìcompound interest is the greatest mathematical discovery of all time.î
Invest in what you know
Whether you are looking to invest in real estate, stocks, or anything else, make sure you know how the investment works. The great Warren Buffett was often criticized for not investing in technology during the dot-com boom. His answer was simple. If you donít know the business model, what the company does on a day to day basis, or how it generates revenue now, and in the future, then stay away from it. This principle can be applied to all types of investing.
Donít do what the crowd is doing
When everyone is starting to get into an investment, that is generally when the smart investors are getting out. If everybody knows a stock is hot, or that their real estate market is booming, it generally indicates a bubble and that itís time to cash out. Investors make money buying low and selling high. If an investment is hot and lots of money is flowing into it, you canít buy low.
Donít try get rich quick schemes
Donít get greedy. This is easier said then done, but donít try to gain too much too fast. Building wealth takes time and hard work there is no easy way to get rich.
Save more
This is another one that sounds pretty basic, but can be difficult to achieve. Often times people want the instant gratification and go out and treat themselves. If you have some money burning a hole in your pocket at the end of the month, save it. Think about how nice it will be when that money is working for you rather than heading out shopping.
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A Must Read Before Acquiring A Secured Credit Card
Banks and other lending entities and companies exist for business. And since business is their priority, profit must never come out their way. All businesses regardless of its capital’s size have goals to expand and earn. The system is so simple, product as equivalent to the capital, added with a percentage for profit equals business. Businesspersons always make sure that their capital is not being compromised and they are determined to gain out from the capital.
This idea holds true to credit banking and loans. The lifeblood of this business is the interest. It is where the gain that the company gets come from. However, in loans and credit banking, an amount as part of the companies’ capital is being given in the form of cash or notes. This capital needs to be returned in due time to keep the capital growing and rolling. When a debtor or a credit card holder doe not pay and intentionally runs away from his dues, the interest or the gain of the company is accumulated but the capital is lost.
This is why there are secured and unsecured credits. In a secured credit, the company will ask for a collateral equivalent to the actual amount owed. In the case of a house loan, the house is the collateral for the mortgage. The collateral will later be acquired by the company and sell it to bring back the capital that was lost from the debtor.
Secured credit cards use the same system. While on house loans the house is the collateral, and in car loans the car secured credit cards use the bank account that contains the amount equivalent to the credit. By doing so, the company will not have any reason to doubt whether a creditor will pay the dues.
Secured credit cards may have lower interest rates since the capital used by the company is being secured by the amount they considered as collateral. In unsecured credit cards however, interest rates may be higher than the secure credit cards since they do not have a hold to any collateral except for the promise of the debtor to pay his dues.
Secured credit cards can be acquired in any bank near you that offers such service. In general, all banks use secured credit cards rather to facilitate more the credit procedure. The higher the deposited amount, the broader the credit limit that a bank may award. In so many cases, banks give rewards to good payer creditors. These rewards maybe in kind or in cash. Cash are sometimes added to the deposit of the creditor and need not to ask the latter of a further deposit to the said account but adding up to the credit limit.
Most of the time, the bank asks for a deposit more than or equal to the credit limit. This means that banks would actually charge a client $ 300.00 to $500.00 as deposit or as guarantee for the credit card.
Secured and unsecured credit cards have their individual disadvantages and advantages. However, the performance of the credit card, secured or unsecured will now be on the shoulders of the company responsible for it. The policies of the lending companies and or the banks are what makes the credit card ugly. Interest rates are part of it, it is the life blood of the company, however, too much interest and climbing rates are no longer just for the clients.
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Financial Mistakes To Learn From
In this day and age, there really shouldn’t be any reason to make certain financial mistakes. Do a search of the internet and you will find that there are thousands of articles out there that warn you of the pitfalls of certain choices. Advice for living a financially stable life is everywhere. What are you waiting for?
Here are the most common mistakes that I’ve seen people make. I’ve even made a few of them myself. These are the financial mistakes that you can learn from. You’ve probably made a few of them yourself, they are very common.
Mistake #1: Using that little plastic card to get what you want.
We’ll just start off with the number one mistake out there. This is probably the most common mistake in the country. Almost every person in the US today has a credit card. It is almost like a right of passage when you turn eighteen. There are even people out there that aren’t eighteen yet that have them.
Credit card debt is the fastest way to ruin your finances. It is easy to acquire and difficult to pay off. The minimum balance doesn’t pay off enough of your outstanding balance to help you very much. You will be paying on your balances for decades. Even a $500 balance can take you over a decade to pay off if you simply make the minimum payment.
Add in the interest rate, which rarely goes down. If you miss a payment, you will really be paying the bank. Thirty percent interest is common on a credit card once a payment has been missed. And you only have to miss that payment by a day — which can happen in the mail or processing if you don’t plan ahead well enough.
Mistake #2: Buying more home than you can afford.
With the real estate market in the state it is today, many people are regretting their housing decisions. Adjustable rate mortgages are acceptable loan products for some people. But only if they can afford the maximum rate that the loan can hit if interest rates go up. Too many people only consider that introductory rate. They stretch and purchase as much as they can afford. Then, when rates go up and their rate adjusts, they can’t afford the payment. Add that to a slowing housing market, and you may have a foreclosure on your hands.
If you are going to buy a home, make sure that you purchase what you can afford. Take out a fixed-rate mortgage so that you know what your payments will be. If rates go drastically down in the next couple of years, you can always refinance. If rates go up, you are protected. Try to aim for a 15-year mortgage over a 30-year. It will save you hundreds of thousands in interest. But if you can’t do it, a 30-year fixed-rate mortgage is an acceptable loan choice for the purchase of a home.
Mistake #3: Not controlling your money.
Too many people live paycheck to paycheck. They have no savings. They have no retirement plan. They have nothing to back them up in the case of an emergency. They have no control over their money.
You have to take control of your finances if you want to retire someday. You have to learn how to budget, save, invest and spend. All it takes is a little time. And once you get in the habit, you will notice that your life has more control. You should say where your money goes, not lenders or creditors or anyone else.
Mistake #4: Not saving for retirement.
There are more seniors in the work place now than there were twenty years ago. And even more than there were fifty years ago. If you want to retire with enough money to live comfortably, you have to start putting something back today. Start an IRA. Contribute to your employer’s 401(k) plan. Figure out how much you need to invest and find a way to do it. This is your future. You don’t want to reach sixty and realize that you can’t afford to stop working. There is no guarantee that you will be able to draw social security or other forms of assistance then. What if you become ill and have to retire? What if you get hurt? Prepare for the future. Start saving for retirement today.
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Understanding Mortgage Basics
Being able to buy that house you have always wanted probably means that you will need to get a mortgage. Another word for a mortgage is loan – which you usually get from a bank or other lending agency. Since most people are not able to buy their house with cash, a loan is the most common practice. Here are some things to help you understand mortgage basics.
Length Of The Mortgage
The size of a mortgage makes the length necessarily longer. Common lengths of mortgages can fall anywhere between ten and thirty years. This means, that if you pay according to the terms of the mortgage, that you will have it entirely paid off at the end of that time. Generally, the lower amount of payment you can afford, the longer the time you will need to pay off the mortgage.
Interest On A Mortgage
The interest rates on buying a house or property change every day – sometimes even more than once a day. It depends on the economy, and the area you live in. You need to shop around and get the lowest amount of interest that you can because even one percent over 30 years means a difference of over tens of thousands of dollars.
Two Types Of Mortgages
All mortgages will fall into one of two types. It will be either a fixed rate mortgage, or an adjustable rate mortgage. The fixed rate mortgage is one where the interest and payment amounts are “fixed.” That means it is always the same until the mortgage is paid in full. The other, an adjustable rate mortgage, is, like the name implies – adjustable. That means that the amount of your payments changes in an unpredictable way – according to the economy. If the economy is doing well, then your interest rates on the mortgage are lower – and so are your payments. But remember, it may cover a thirty-year period. No one can see that far ahead. A bad economy also means that your payments can become very high – maybe even too high. These are excellent when the economy is doing well, but you may need to get another mortgage if the economy goes bad.
Paying Off The Mortgage
The best type of mortgage will enable you to increase your payments, or make additional payments in order to reduce the amount you owe. This means that you will be able to pay off the mortgage early, and save a lot of money. Most mortgages, however, have clauses in them that will limit how much you can pay extra each year, or may not allow it at all. You may need to negotiate with the lender in order to get this put in the agreement.
When going for your mortgage, the best thing you can do to help yourself is to understand as much as possible about mortgages. Then, with that knowledge, shop around and get online quotes so you can compare various offers in order to get the best deal.
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Family Finance
One of the hardest things that young couples report during their first year of marriage is getting to grips with joint finances. While most are willing to share what they have with their partner, they are not sure on the best way to bring this sharing into effect so that they can share with their new partner, but at the same time maintain financial security and a degree of independence. Some couples resolve this by resorting to separate finances and others find a way to keep things together, but it is generally reported as one of the biggest strains on newly married couples.
As well as this, there is also the problem that many people find it difficult to budget and control their finances. It is one thing to fail to keep track of expenditures when you are single, but when you are married you have more to answer to than just yourself. This is especially true once you have children. If one partner fails to keep control of their spending while the other is forced to worry about finances, it can create an enormous strain on the relationship.
Family Budget
One of the best answers to this dilemma is to create a family budget. This should outline what is allowed for the various expenses, which is to be responsible for what expenses and how much each partner can spend on discretionary expenses. While this may seem like a drastic response that takes away all the responsibility and financial independence from both partners, all it is really doing is getting both parties to sit down together beforehand and work out how much they can afford to spend on what, and then sticking to this. It is about being in control of your expenses rather than letting them have control over you.
Other ways of taking care of difficulties between married couples is to divide out the family expenses depending on how much each partner earns. This way both will feel responsible for the security of the family and will feel like they are an important contributor to the family finances.
Financial Matters
While each partner should have a degree of financial freedom, and also privacy, finances should be discussed openly and with without shame. Past debts or mistakes that one party has made should be put in the past and should be forgotten. At the same time, if one partner shows that they are unable stick to the budgets they have agreed, their financial freedom will have to be taken from them and they should be given a tight leash in financial matters.