Your complete guide to achieve financial freedom. Proven tips, tools and tactics for you to achieve financial freedom. Make money, save money and effectively manage your money.

Ten Ways to Simplify your Life and Lower Debt

Written by Dian Herdiana on 6:56 AM

You should shop for quality insurance. Ask your friends for their recommendations. Do they like their insurance representative? Does the insurance agent seem to be responsive to their needs? Is the agent easy to contact? How long have they had this agent handling their insurance?

Determine your real needs. What types of insurance will you need in retirement? Consider medical, dental, free or low cost coverage. Look at your medical bills and see the types of services you were charged for? Do you anticipate needing surgery or more heath care?

Get several quotes. Even if a company is recommended by a friend or relative, you might want to get at least three quotes so you can make a comparison of the services and fees. Check the Better Business Bureau (BBB) website for any complaint. Also check the rating of the insurance company. Among the commonly-known rating financial agencies are Moody's and Standard & Poor's.

Be prepared to answer a long series of questions as they relate to your health.

Ask about annuities, Medicare, Medicaid, Medigap, prescription drug payment assistance, long-term care insurance, travel insurance, etc.

How stable is your current income flow? Do you currently own financial products? Are you wondering whether you should cash out any of your financial products? Ask your rep if you should refinance your home or not.

There are many reasons to save money. One main reason is retirement. Today you cannot live off of social security alone. Another reason to save is because there are situations ahead. Straight if your kid are quiet in high day-school, college is not far off, and neither are cars and graduation parties. Other acceptable argument to protect is because you understand you are going to want bigger, better things soon. You understand soon you are going to want that bigger house, or that better car, or that boat you have been dreaming of. Save now so all of those are an option. Another reason to save is because of the unexpected things in life coming toward you. For example there is job less, illness, or home repairs. These are all goods you are going to require saved small change for. According to, "Americans at present expend extra than they deserve. Savings are less than nil. But you are able to break out of that mold all on your own and reap the advantages of sensitivity at liberty and free"

Here are some real ways to save, and save aggressively. First of all, pay off all of your credit cards. That credit being open is an amazing opportunity, character uplift, and safety net. Debt is suffocating. Next, make sure you budget your income so your cost of living is as low as possible in contrast to your income. That is, if you calculate your bills, your gas, food, and extra spending, it is much less than what you are bringing in. With that extra money, you save. Put it in a savings account and act like it does not exist. Another great way to aggressively save is to have a roommate. If you are single, this is a great way to literally split your bills in half. Carpooling is also a great way to save money and split a bill in half.

Lastly, when it comes to saving it is very important to remember you are spending and what is necessary and just a want. For example, calculate how much money you are spending on going out to eat and how much that would equate to for groceries. You would be surprised. Remember how much you are buying that you do not need, that you won't even use that often. Is it worth it right now? Saving and not spending when it comes to wants is exactly what makes it aggressive saving.

Avoid These Major Money Missteps and Stay Out of Debt

Written by Dian Herdiana on 9:46 AM

What you can do to avoid getting into debt? Experts say there are certain money missteps that many of us are likely to make. Here are the major money missteps that can easily land you in debt. These are very common missteps that many of us fall into without even knowing it.

Buying a new car

OK, this is not so much a money misstep (unless you really can’t afford a new car, or finance it with a high interest rate) as a preference that can easily get you into debt. Sure, you love that new car smell, the feeling that you are the one adding up the miles, but it is a known fact that new cars depreciate several thousand dollars as within the first year. Save yourself all that money that you’re paying for the privilege of the new car smell and buy a high quality pre-owned vehicle. Many used cars still carry the original warranty—even more incentive for buying a quality used vehicle.

Borrowing from your 401(k) or 403(b)

In most cases, you won’t get a great deal at all. Your 401(k) deals are pre-tax, which means that eventually the money that you put in will get taxed when you withdraw it. Taking out a loan from your 401(k) or 403(b) means that you will be borrowing from pre-tax dollar which will eventually have to be repaid. When you eventually retire and begin your withdrawals, you will be taxed again. If you borrow money from your 401(k) or 403(b), you will effectively be getting taxed twice. Did you know that you are also required to repay the loan in only a few months? If you don’t happen to have the money for repayment, your loan will be treated as a withdrawal. You can expect a whopping 10 percent early withdrawal penalty.

Using your home equity line of credit to pay off your credit card debt

You can lose your home if this doesn’t work out. Credit card debt is often described by unsecured debt, because there’s no real collateral that the credit card company can force you to sell in order to collect on the debt. A home mortgage and home equity loan is known as secured debt because your home is the collateral. But if you fall behind your payments, the lender can easily require you to sell your home in order to collect on the debt.

Avoid buying a variable annuity

When you buy a variable annuity you are making a contract with the insurance company and the money is used to buy mutual funds. Salesmen may try to pitch this kind of investment as a way of buying and selling funds inside the annuity without the tax bills as long as the money is invested. But did you know that you will have to pay income tax on any withdrawals? Plus, if you withdraw any money from your variable annuities before you are approximately 60 years of age, you will also be penalized with a 10 percent fee. So watch out for what may seem like a great deal on that tempting variable annuity. There are often many buried fees that are attached to variable annuities. Make sure to read all the fine print.

Do not finance your new home purchase with a variable interest loan

Avoid those low initial teaser rates for financing your new home. If you can’t afford the home otherwise, you should probably not buy the home. Avoid option adjustable rate mortgages too. This will usually cause your loan balance to become bigger each month as the lender adds the unpaid interest on the balance of your home loan. Watch out for those great introductory rates—they can often turn out to be not-so-great.

Keeping off Payday Loans for Credit Repair

Written by Dian Herdiana on 8:05 AM

If you're seeking to make ends meet and get past due bills, piling up the final resource is taking out a payday loan to pay your dues.

There are a lot of references useable nowadays that propose payday advances. The loans are issued after you read validation of banking account, Social Security, Driver License and Pay stub proofs. This selective information is applied against you, frequently the lenders are going to deduct money from your accounts including interest, and principals that apply to each loan you take out.

If you're using for a payday loan online…Beware…numerous of the sources are not even institutes that particularize in payday loans. When you're trying to repair your credit, the final thing you require to do is expend money that is not essential. When you borrow money from payday loaners, your personal info perhaps not be secret.

Since a lot of of the lenders are away of the U.S.A. and are out of government regulatings, your info just might fall into anyone’s hands. This puts your credit at big danger. Payday loans propose you a loan against your paycheque, but the downside is your is going to be paying high fees for acquiring the loan.

Consequently, you're wasting money and accepting a opportunity on your personal identity. If you're seeking for assistance to repair your credit, it perhaps be knowing seek the market for legitimate resources that are going to assist you restore your credit at little or no more cost to you.

There are Debt Counselors available that help men and women with credit repair, but the most beneficial source is you. You perhap be wise to check out government alternatives that are usable to men and women with bad credit. A lot of services are useable assist you to repair your living.

The finest answer is keeping up to date on your bills if potential or minimising your every month installments by preferring for credit cards that get no fees attached and low interest rates. If you've a credit card, alternatively applying for a credit card prevent charging items to your cards unless it's perfectly essential.

You may would like to use for a different credit card if you card has high rates of interest and quit your old card once you pick up your new card. If you suspect that somebody has access to your card make certain to reach your provider right away to report the card lost or stolen. Make certain to just provide your personal info to those you believe.

Ne'er leave info pertaining to you freely. If you're thinking a loan to payoff your debts check the market first before applying, since the more applications you fill out applies against your credit report. You perhap would like to cut back on your utilities also to save funds that are able to be applied to your bills.

Manage Money Through Banking

Written by Dian Herdiana on 8:48 AM

Perhaps one of the greatest breakthroughs in civilization is the concept of banking. Banking paved the way to the creation of bigger corporations, complex institutions, more secure financial transactions, and global economic interdependence.

People manage money through banking to make sure that the heard earned money that they acquire stays safe, healthily anchored in a national market, and easilyaccessible without having to hold on to the money itself.

Banks have been introduced since approximately 3 B.C. when temples held resources in terms of grains and other produce for commercial trading. Modern banking which standardized banknotes as currency was established during the 1500's and marked a new era of western banking as well.

Since then, banking have been brought to new heights with introduction of technology which allowed virtual banking while still being associated with real world currency.

Faster transactions and larger volumes of money can now be transferred to any point in the globe with a global banking system with just a click of a button.

Managing money has been developed in consistency to provide ease of understandability and utilization for the common citizen as well. This ensures that ahealthy banking and economic environment is maintained.

Personal Accounts

The most common and simplest form of a way to manage money through banking is by opening a personal account. This is then given an option of how the account should act, either as a savings account or a checking account. The former is the most basic form of savings with a fixed interest rate, as well as a minimum maintaining balance to prevent account closure.

The latter is designed to allow individuals who handle a larger amount of money to transact and pay without having to go to the bank and withdraw the large amountof money, thereby exposing himself to danger. Checks are tendered as legal bank notes, holding power to be converted to cash by the recipient.

Time Deposit

Time deposit accounts are fairly simple in nature. It is similar to a savings account, but only that there is a fixed matrix set by the bank for client compliance in terms of the amount of money deposited.

This is of course corresponded with the appropriate interest rate and benefits, should the amount in the matrix be higher.

There is one main catch for this type of managing money which is that when the individual engages on this savings type, the money that was deposited is waited to mature before it can be manipulated.Otherwise, the interest rates and benefits are not honored or curtailed in the process.

Credit Cards And Debit Cards

Credit cards and debit cards are two of the other alternatives to do banking. These are electronically crafted items which can be used to serve as a portable resource.
Establishments supporting these types of ransactions credit the expenses directly to the bank olding that account for any charges that are billed to the owner of that card.

Though this is a convenient and safe way to not bring any cold cash around, the risk of getting victimized by fraudulent activities such as credit card information hacking and the like also exposes the user to a level of threat with his money and resources.

A credit card is a feature given by a bank to its client to be able to buy in advance and be billed later on and deducted with the appropriate charges incurred over a monthly cycle plus taxes and charges.

A debit card is more of a limited credit card that allows the user to transact with an electronic card with establishments, only that the amount of charges that could be incurred is based on the actual money in that account and nothing more.It is a tricky concept to manage money through banking
if not understood correctly. It is therefore encouraged to the clients to read the fine print, and the terms and conditions as well for the different bank policies.

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