How to Get Out of Debt and Avoid Bankruptcy

How to Get Out of Debt and Avoid Bankruptcy

Indebtedness is rising across America. The good news is that you are not the only one facing crippling debts. Also, there are plenty of things you can do to get out of debt. If debt becomes too much to pay off, you may have to file for personal bankruptcy. Many people prefer to avoid this scenario due to various reasons, including not wanting to hurt credit scores. If you are currently in deep debt, here are several things you can do to alleviate your situation:

Make a Repayment Plan

The best way to get out of debt is to pay back all your loans. So, don’t be scared of the red notices. Repay at least something back so your creditors don’t have a reason to sue you. If you have multiple debts, you will have to start making a plan to pay it all back. You can prioritize certain debts to pay back, such as loans with high interests or loans that could lead to loss of a vital possession, like a house or a car. You don’t have to do this alone. Talk to your local financial consultant or Scottsdale bankruptcy attorney to weigh all your options first.

Negotiate with the Creditors

Don’t avoid the creditors and dread collection calls. If the debt has become too much to pay off, you can always try to renegotiate the terms of payment with the creditor involved. If you default on a loan, the creditor suffers a loss too. So most creditors prefer to extend due dates or lower interest rates rather than have a debtor who defaults. You can try negotiating yourself, or hire a lawyer to do this on your behalf.

Cut Back on All Unnecessary Expenses

In addition to the above, you must make certain decisions with regards to your personal finances to get back on your feet. Expect that you may have to spend the next two or three years in extreme frugality until your debts are paid off. You will have to eliminate all unnecessary expenses for things like clothes, shoes, or vacations. Create a household budget and track all income and expenses. If there is an expense that can be eliminated, it will have to go until you are debt free. This will be quite difficult for many, but compulsive spending habits will have to be reined in.

Get a Second Job

You can largely eliminate debt by increasing your income, so you can use the extra cash to pay off creditors. If you already haven’t done so, get a second job at least on a part-time basis. You may be able to work from home too depending on what you are good at. The point is to make more money than you did before, and use that money to pay down your debt.

Check the Attic for Things to Pawn

Not everyone can just go out and get a second job. If this is the case, there are other means to get your hand on extra cash to pay down debt. Search your house for old vintage items or things you no longer need. Those old vases, toys, or clothes may be valuable enough to sell online. You can use a site like eBay to auction off old items and earn some extra cash in a time of need.

If all else fails, you can file for bankruptcy. It’s not as bad as everyone thinks. Certain forms of bankruptcy, like Chapter 7, allows a court to eliminate unsecured debts like credit card debt. But first, try the above, and talk to a lawyer.

What is online trading and how does it Work?

What is online trading and how does it Work?

Online trading refers to the process of purchasing or offering financial items via an internet driven platform. In most cases, the platforms are provided by web-based representatives, and they are usually accessible to every individual who wishes to make a profit from the market. The online trading platforms such as CMC Markets offer an assortment of different items for trading including shares, indices, commodities, and Forex. Among these services, Forex has been the most recognised form of online trading over the past few years. The invention of the Internet and the affordability of high-speed Internet enabled mobile phones have made online trading something that anyone can try from the comfort of their homes. No need to rush to the bank or walk on the streets trying to convince people to buy your products.

Simple and Convenient

From the comfort of your home, you can trade in Forex which incorporates coinage such as a Dollar for a Euro or an assortment of other commodities such as gold and silver, and to some extent, it also provides some real market files.

It isn’t for the Experts Only

Online trading is not reserved for experts only. Anyone with the knowledge of how to use the internet can venture into it. You simply open a trade by selecting a suitable item, sum and heading and you are free to close it whenever you want to. Many platforms also support the concept of trading twofold choices whereby you simply pick the item you wish to trade in and make a selection of whether you think the item cost will go up or down with time. Online trading in double alternatives represent the basic form of online trading, and on any particular choice you make, chances of you arriving at the correct verdict are as high as 80%.

Learn First then Invest

Online trading involves trading distinctive monetary standards and stocks while making a profit from them. To start off, you need to join an online trading class. Upon joining such a class, you should gain access to numerous volumes of free resources such as eBooks and videos to prepare you for online trading. Some online courses will offer you with a free demo account that you can use to test your abilities without losing any money.

Parts of an Online Trading Account

An online trading account has three segments namely:

  • Bank Account: This is the real investment account which is linked to your online trading account. If you are purchasing anything online, then the cash is deducted from your bank account
  • Demat Account: The purpose of a Demat accountis to mirror the adjust of the various trade items that you hold electronically.
  • Trading Account: This is the platform where you trade. You utilize the account for trading in the essential and auxiliary market.

Basic Instructions to Trading Online 

  • To start online trading, you must open a trading account with one of the broking firms. The online trading account should be accompanied by the Demat account. While opening the online trading account, make sure that the broking firm is confirmed by the SEBI.
  • Consider rehearsing with an online stock simulator: The test systems offer you with an excellent approach to learning online trading. The mistakes you make won’t cost you since it is a test system thus you can learn without the fear of losing your money.
  • Learn all the essential stock market basics: To figure out how to trade effectively, learn everything about the stock exchange and its dynamics. You may learn through news and websites, taking up simple courses on investment or listening to podcasts. Once you understand the stock market, you can be sure to end up as a successful investor.

You are good to go

If you keenly follow everything in this article and work your way up, online trading will be a straightforward and productive undertaking for you. Efficient online trading is only achieved through practice and nothing else.

Example on How to Make Money and Enjoy Life

Example on How to Make Money and Enjoy Life

What are you are pursuing in your life? Is it happiness, money, success, fame, power? For each person this answer will be different but one thing that the large majority of us can definitely agree on is that we are all seeking for a happy life.

We are spending some time on focussing on a wide variety of people who have managed to achieve the happy life which many of us are looking for and the various stories which we hear serve to further inspire us all to achieve our dreams and live that happy lifestyle, whatever it means to you. Today we are going to look at the life of Bennett Kireker New York City salesman who is living out his comfortable life on the Californian coast. Let’s take a look where he came from, how he earns his money and what he does to relax and enjoy himself.

Agribusiness

Having always had a passion for the agriculture industry, Kireker would go on to study agribusiness in college before deciding that this would be the future for him. Starting out in a small way, the young Kireker began growing and selling organic vegetables from a small garden. The produce would be sold to local restaurants and diners and the profits began to come in. Following this first agricultural venture, Bennett saw the demand and potential for profit in the farming equipment industry and began his own business with a friend of his, selling equipment on a local basis. The equipment sales were a roaring success and so Bennett decided to go national with his business.

Pismo Beach

Following the success of the farming equipment business, Kireker moved himself and his company down to Pismo Beach, California, a place which Bennett himself fell in love with. He runs the business for just a few hours per day from his headquarters in California and spends the rest of us time enjoying the California sunshine, safe in the knowledge that he has created a business which has a strong foundation and requires little input from himself. Kirker’s passion for farming can thrive in the agricultural hotbed of California and it is here that he plans on staying.

Taking the Load Off

When we asked how Kireker likes to spend his time, his description of how he relaxes is enough to make anyone inspired. Aside from enjoying the California lifestyle in Pismo Beach with its proximity to San Francisco and L.A. he also enjoys hand gliding on weekends and allows his inner geek to come out on a nightly basis with some VR gaming, the technology of which is improving each and every day. Despite enjoying the beach scene, Bennett also loves nothing more than a trip up to New York, be it for business or pleasure, and always makes sure that he catches at least a game or two at the home of the New York Jets.

Kireker’s career shows just what you can achieve if you work hard on something you love, and what the rewards are at the end of it.

First time investing. Vital questions to ask your financial advisor

First time investing. Vital questions to ask your financial advisor

Looking where to invest your hard-earned money? Want to protect and grow your family’s finances at the same time? Then you’re looking at investing – and for this, you’ll most likely need assistance from experts aka financial advisors.

Of course, you can also do your own research by going online and reading up on mutual fund investment and other investment types available. The questions below will help you know if the financial advisor matches you while at the same time getting a quicker and more in-depth grasp of what you’re looking for.

How do you charge for your service? How much? If this information isn’t available on the website or advertisement of an advisor, ask about it first thing during your initial meeting. Inquire if there’s an applicable planning fee, percentage of assets under management, or if they make money from specific products they sell.

What services do you/does your firm provide? What’s implied in this question are the assistances the advisor cannot give you. Some people are only investment advisors who can give you investment advice. Other people have comprehensive financial planning expertise about insurance, retirement, estate tax, and planning, etc. Ideally, you want to go with someone whose offering will suit your needs.

What are your credentials, licenses and other certifications? If you want someone to help you manage your money, then more than their skills, you better know their credentials. If you’re earning a high income or are a business owner, you’ll want help from a certified public accountant (CPA), who can offer advanced tax planning services. Check to see if they have a personal financial specialist (PSF) certification, which shows you their ability to help clients with financial planning.

What’s your education and field experience? Assess your prospective advisor’s educational background and field knowledge to know why that particular advisor is uniquely positioned to assist you with your financial investment goals. Specifically, find advisors who have proved they can actually apply their knowledge to create the best strategy for you.

What types of clients do you specialise in? Many financial advisors have a niche or field they expertise in, so if you have a specific interest, such as socially responsible investments or charitable giving or if you’re recently divorced or newlywed, you will want to find an advisor whose expertise resides in that field.

Has the consultant worked in any specific industry? Does he know the important industry players? Selecting a consultant who is well-informed of the industry will boost the quality of the result and lessen the amount of time needed to reach the result you want.

End Note

Take note that top mutual fund investment providers online will have their own accredited financial advisor to assist clients. Take your time to do it right. Suitably selecting a consultant isn’t easy and it takes a lot of time. Nevertheless, the payoff from the right use of financial advisors can be huge. On the other hand, the costs of poorly chosen consultants can be distressing to your personal, family, or business finances. Therefore, the time and effort spent choosing a consultant is a good investment.

 

4 Ways to Find Funding For Your Start Up

4 Ways to Find Funding For Your Start Up

Did you know that 56% of new businesses will collapse within their first three years? And, that of the 44% which remain, over half of these will fail within the following 2 years? These are worrying statistics for anyone who is looking to commence their own start-up and as such it is vital that the reasons behind the failures of others are looked at carefully, and more importantly, avoided.

The majority of businesses which fail, do so because of either financial mismanagement or a lack of funding to keep the business going or seek growth when the time is right. In order to avoid these problems it is vital that you have sufficient funding in place for your new business, and here is where to get it.

Bank Loan

Banks have been loaning money to new businesses for a very long time and they are still one of the most tried and trusted methods of funding a new enterprise. Bank loans will have very reasonable terms regarding repayment structure and they will also assist you in your business in any way that they can. It is worth remembering that a bank wants your business to succeed, not only will it mean that they get their money back, but also that you are more likely to keep your business with them in the future.

Investor

Ever since the booming successes of start-ups such as Uber and Facebook, there are more and more investors looking to plough their money into exciting start-ups. These people are referred to as angel investors and you can use their money to propel yourself to success. Often you will need to pitch your idea to them and negotiate the terms of their investment, this could mean giving a small share of your business away for a helpful cash injection.

Grants

Governments love a successful start-up as they can have a positive effect on the economy as a whole, creating new jobs and adding to created revenue. For this reason there are a lot of grants which you could tap into that have been set up by government agencies to support you and your start up. The figures which you can get your hands on are not enough to complete your funding goals but they will boost your financial strength and give you a higher chance of success.

Personal Finance

There is nothing wrong with investing your own cash when it comes to setting up a business although if you do, you will need to consider your personal and business finances as two separate entities. The reason for this is because it can become highly confusing and could land you in hot water. If the business does run into difficulty, you should not have to pay for this out of your own pocket.

So there you have it, four great ways which mean that you can go and get the funding which you need, for that million dollar idea of yours.

How to Teach Your Kids To Save Money

How to Teach Your Kids To Save Money

I have always been a saver thanks to the lessons which my Dad taught me when I was younger and I am currently working on trying to teach my own kids the value of money and how to save.

Saving can help in so many different ways, it can help you to pay for big items, it can help you if you run into difficulties such as losing a job and it can also give you more financial power when negotiating things like a mortgage. The best time to start learning about the value of saving is when you are young and here are a few ways in which you can teach your kids to save their money.

Double Reward

I often encourage my kids to save 30% of their pocket money over the course of the month. The incentive which I offer them is that I will double whatever money they have saved in the month, on the provision that the additional money also goes into the savings pot. I know that in the real world, there will be nobody to double your savings but doing this at an early age really helps my kids to understand how important saving actually is.

Savings Goals

I wanted to teach my kids that saving was not just some endless task which saw a number grow higher whilst they had to make do with the rest. In order to prove my point, I gave each of my kids a figure which they had to save up to, once they reached this figure, they were allowed to buy an item of their choosing, within reason, using 50% of what they had saved. I tried to get the point across which my Grandad tight me which was that you shouldn’t make a large purchase until you could afford it twice. Not only this, I think that through being able to purchase something with your savings means that you are more inclined to be inspired to save more, and purchase the bigger items in life.

Bank Account

My kids have had a bank account since a very young age, savings account included and I have allowed them limited access to their account as well. They cannot pay for anything or move money but they can track how much they are saving and this is something which I believe inspires them to save even more. Thankfully, a little competition has started amongst the kids to see who can save more than the other and I know that this will stand them in good stead in the real world.

Teaching kids the value of money is about handing them the responsibility and the accountability of it. Through doing this you can better educate them and better prepare them for the future. Saving is important and I have no doubt that getting this into the minds of your children from a young age is the best way to help them.