personal financial
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As 2007 comes to an end, it’s time to regroup, leave your financial past behind and start anew. I don’t know about you, but I’m definitely ready for the New Year. And this year it’s time to kick it up a notch and play BIG! Millionaire BIG, that is.
It also doesn’t matter that the housing market is still in a slump and gas prices are crazy. Starting today, your focus needs to be on how to make more money and how to manage what you have coming in. Stop reading or listening to all the negative economic news; it does absolutely nothing for your spirit, or your bank account, and will keep you far away from becoming a millionaire.
Before I get into the 9 secrets, I want you to first take a self- assessment test. Ask yourself the following questions:
* Do I have the true DESIRE to become wealthy?
* Am I willing to do whatever it TAKES -legally-to become wealthy?
* Is it more important for me to have a flat screen television with all the latest technology or would I rather be wealthy? ยท
* Is it more important for me to spend $5,000 on a vacation or would I rather be wealthy?
There’s no secret to becoming wealthy. It’s simply a matter of the day-to-day choices you make that determine whether you will become a millionaire. Eventually, you can have the flat screen television and spend $5,000 on a vacation. But, if you have to use your credit cards to get these things, then it means you can’t have them right now. Your focus needs to be on investing in assets that create enough cash flow to allow you to buy the luxuries for cash, not on credit. That’s what millionaires do. (more…)
Written by morello on December 14th, 2007 with no comments.
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The majority of us are sticklers for finances at work, but often disregard our personal finance at home. For those who are not accountants, the process of keeping financial records and ensuring all financial items are squared away can be quite boring and often confusing. Instead of ignoring your personal finance until a problem arises, take the initiative today!
The most important aspect of your personal finance is undoubtedly your credit. Your credit score, often a mystical number of much confusion, is critical to your success in the financial realm. Without a respectable credit score, you will be unable to borrow money or obtain a home or vehicle loan. This number can literally hold you back from completing your goals and can severely limit your future.
The credit in your name has a direct bearing on the credit number. Thus people who do not use their credit cards properly and have huge bills running in their names lend a bad streak to their credit. A point to be noted is that it is not the amount you charge but it is the amount that is kept on credit that poses the threat of being harmful. It is important to keep a check on the monthly statement and you should endeavor to pay it in full each month. (more…)
Written by morello on December 11th, 2007 with no comments.
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Lots of folks are confused as to how debt reduction and freedom from debt really works. It is not rocket science. There is a proven, simple system that works every time - if followed. These steps are listed below in order and can be actioned easily by anyone interested and keen enough to succeed. Is that you? Great! Let’s start.
Step #1. Acknowledge there is a problem.
What are the symptoms? Not enough cash to meet all your monthly commitments? Cash not being spent wisely? Can’t put any cash aside for emergencies and large bills? Don’t know who is owed money and how much?
It is important to answer these questions honestly and openly, so that the correct actions can be decided upon.
Step #2. Set up a plan and make it work. Don’t give up.
Before you go any further do the following:
a) find all those credit card statements, bank statements, other debt balances, add all the outstanding balances.
b) make a commitment to reduce the debt to a certain figure with in a certain period of time.
c) once you have made this commitment you then can start thinking of ways to make it happen.
d) imagine your life and the freedom you’ll feel, once the debt burden is lifted and you can be your own person again. (more…)
Written by morello on December 10th, 2007 with no comments.
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In today’s day and age, it is all too easy to get into debt. Particularly for the young. And the average young person would not consider an Independent Financial Adviser. Many turn to their parents for advice but according to a study conducted by NatWest bank, these youngsters are unhappy with the advice given.
This is because the older generation did not have to deal with such things at such a young age. Further education was only for the well off but these days, if you want to get anywhere, then further education is a must for everyone. Competition for good jobs is strong and anything that can be done to better your chances, the better.
In the news just this week was the case of a young woman who had tragically lost both her parents within a short space of time. Working part time to try and fund her further education, she had to move in with her half sister and was unable to pay any rent. Thus already starting out on that downward spiral of debt.
Easy to say after the event, but independent financial advice is a must for people of all ages. For those with young children, it is a security measure for their future as well as our own. It also imparts parents with the knowledge that they can pass on when their own offspring are taking on their own financial obligations. (more…)
Written by morello on December 6th, 2007 with no comments.
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There are no magic rules that will solve everyone’s financial troubles. But these suggestions should help you stay out of financial hot water. If you have a family, everyone will have to participate — no one person can do all the work alone. So make sure your spouse or partner, and the kids, understand that the family is having financial difficulties and agree together to take the steps that will lead to recovery.
1. Create a realistic budget and stick to it. This means periodically checking it and readjusting your figures and spending habits.
2. Don’t impulse buy. When you see something you hadn’t planned to buy, don’t purchase it on the spot. Go home and think it over. It’s unlikely you’ll return to the store and buy it.
3. Avoid sales. Buying a $500 item on sale for $400 isn’t a $100 savings if you didn’t need the item to begin with. It’s spending $400 unnecessarily. (more…)
Written by morello on December 4th, 2007 with no comments.
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