Your Financing Strategy
Ask questions from your bankers which of one these will benefits you most and which one could be costly to you. You can also get free checks when you open your account, you do not need to pay for checks. All checks are processed the same way that is up to you and how you manage your money.
-Savings Accounts: Custom Savings, Money Market Account Checking Accounts: Economy Checking, Express Checking, -Regular Checking, Senior Checking, Student checking
-Your Debit/Visa Card to use for shopping could be free when you open your account, make sure you ask for it, at times they will ask you if you want one or not. Where you use your Debit/Visa Card to withdraw money matters to your bank, it could cost you for using it at the wrong places, ask your banker for information where you could use your card without paying extra charges...
Some banks charges between $1.00 up to $3.00 if you use their card to withdraw money from another bank that they do not do business with. It is your money...
Each one of the above has advantages and dis-advantages, be careful when you are opening your accounts; you could loose money to the bank right away. You also need to know if your monthly statements are going to be free or not, when you make inquiries, the bank could be charging you for too many inquiries. Some things are free from the big banks and something's are cheaper from the community banks.
Basic Requirements for lending you money:
· Savings and Checking Account
· (2) Good Credit or No Credit it depends where you are getting the money.
· (3) Collateral such as your House, Car, Boat, Gold/diamond or any valuable assets they can hold on
· Driver's License,
· Social Security numbers
· Good Employment, at least for six months.
Lenders Information:
Big Bank requirements-
Can be very tough to meet because they have to abide by the 'Federal Reserve Bank or Federal Deposit Insurance Corporation (FDIC)' regulations. They got their money from the Federal Reserve Bank at a lower rate, however, they could turn around and loan it to the smaller banks at a higher rate, and the smaller banks loan it at higher quote rate to the public.
Community Bank requirements/Credit Union:
Well, the community bank is no different either, they turn to the big banks to borrow money at a lower rate so that they can loan it to their customers/clients at a higher rate to make some profit to stay in business.
Private Capital market requirement:
This is where the business gets tougher. The Capital Market enterprise is a big boy on the Wall Street, where they can finance just about anything they like, because they are not being regulated by the government, it is an individual rich businessmen that have money to loan out at a higher rate. They are not required to follow financing rule rigidly as the bank does, but they still have follow the consumer law that protect all of us from being taken advantage of.
Family friends requirement:
This one is your best source of financing, if you could find a rich friend or family friends that can loan you money without any attachment or collateral. They may ask you to pay them some small interest, or none it all depends what you are using the money for, at they would like to get a piece of the apple when they know you are going to make a lot profit.
Collateralization:
There some companies out there that would loan you money to meet your emergency needs, but becareful, they may ask you to give them your house, car, motor cycle or any of your valuables for collateral just in case you were unable to pay them back, but, they are very quick to take your valuables and you may not have any re-course to take them to court for doing so. I would stay away from such financing unless you have to...
There is going to be a time when we are going to need finance or re-finance our mortgages, car, motorcycle, big boat, air-planes etc., that we cannot come up with up-front lump sum money to pay for it This force us to turn to our bank, family friends, private capital market, small loan companies to loan us that money. This is where we are being taken advantage of by offering us some sort of un-affordable rates. At first you would think this a great opportunity that it will not be problem, you could afford that payment being offered to you by your lender, you better think again before you sign that dotted line. They could be collecting interest from you money for long time without any of it going to your principle.
Pay attention to dotted Line and Small print in the loan documents:
The loan documents can be very tricky to read when you are not an attorney, the small fine prints areas are very important areas to pay attention to, because this is where they hid rates, timeline, and warrante, but if you don't pay attention to the rates they quote or offer to you in the loan document that you are going to sign you could be losing a lot of money. You probably better off to take to your attorney before you sign the dotted line.
In the fine print of the loan documents is where they hid most important information that your lender did not want you to know about, especially mortgage and credit card documents. It sounds strange, but it is true, If you don't believe what I said here in this document, go to your loan documents and read the small prints in there you may find out something that you would not like to see or hear about, or if don't believe what I said here, ask yourself a question of why didn't they just print the whole loan documents in a readable format with nice fonts that an average third grader can read and understand it without having to scratch their head or look up words in the webster dictionary for interpretation of words, after all you are the consumer paying them for this services and they will be collecting interest from your financing for such a long time. 95% of mortgage homeowner never gets to the point of paying principle or their mortgage finance off before being taken away from them, but the bank or private investor already started to benefit. Yes, I understand they took the risk to finance us.
I think what is fair is fair, they should make the loan documents more readable for us, and there should be no small prints that is had to read on any loan documents. They should be in a readable format that average Joe can understand; my question all the years was why are they making it so complicated to read if they do not have anything to hide? I also think the loan documents should not have so many pages when we are talking about saving the threes... Not too many consumers read all these pages, it has no value to have so many pages when no one really reads it, of course the attorney will not be making money if they these document could be reduced to minimum.
My solution to this big fat loan documents should be to reduce them to minimum, all it should it be contain is, who own the house, the rate, how long is going to be paid, warranty, borrower's and co-borrower, and all other very valuable information it should not be more than 10 pages long.
Jangan Pandang Remeh, Ini 7 Bahaya Bila Anak Terlalu Montel
Sports &Finance Are The Same, But Different
The sports section is very popular among young adult males and it's these very same young adult males who need to get a handle on their finances. I'm amazed at how many statistics some people can quote about a team, the individual players, their seasons, their chances, the odds of winning a game, and even who the players are dating. If you are going to spend a specific amount of time each day, reading the sports pages you had better be getting something out of it. Sport is a great form of exercise and it's invigorating. Watching a team that you align with win the big game is spirit lifting, but does it fatten your wallet? If you like the sports page, you should discover the business section of the paper. Why? The sports section and the business section are the same, only different. In Bangkok, where I live, there are t-shirts that read; "Same Same, but Different." Spotting one of those shirts over the weekend gave me the idea for this article and put my brain in motion. Since I've spent a large portion of my life in the financial world, I knew I could draw some comparisons between the sports section and the business section of a newspaper. I'll be upfront with you; I have never been a sports section junkie. My father read it religiously everyday of his life. I had an interest in sports and played baseball in the summers and basketball in the school years, with some hockey, tennis, and football thrown in, but never cared about who hit the most home runs or how many year contract a player was signing. If you're not making the amount of money that you would like to be making, I suggest shifting from the sports section to the business section. If you think the business section is too technical or too difficult to understand, think about how long it took you to figure out a players E.R.A., handicap, or referee's signals. If you have the brains to understand the rules of the sports, the scoring, player positions, and competitive advantages, you have what it takes to rip through the business section and find an idea, strategy, or opportunity to make money. Attention getting photos are common in both sections, along with headlines that make you take a second look. Opinions are a dime a dozen and there's a sprinkling in both sports and business, everyone wants to know what will happen next. Predictions, odds, forecasts, and analysis go into both the world of sports and the world of business. There are always standouts. Tiger Woods will get coverage because he's the best at golf and Warren Buffet will get lots of print because he' (at the time of this writing) the richest man in the world. He changes places with Bill Gates and Carlos Slim occasionally. The big game is lost because a key player makes mistake and a company goes down the drain, because a key member makes the wrong commitment or passes on the opportunity of a lifetime. Of course, there are disputes with officials, lawsuits, and lots of stress to perform. Members of both the sports section and the business section occasionally weed out the week players and those that have skirted the law for any number of reasons. Some players from both "leagues" do jail time and some do hard time. The standings are important, because there's something special about being number one. Being acknowledged as the best in your field is highly rewarded. The Detroit Pistons are usually in contention for the top spot and Toyota is in a tussle with General Motors for the top rung. Celebrity is all part of both "games." Knowing who Tom Brady is dating is right up there with wanting to know who the "Oracle of Omaha" wants to do a deal with. Like a Hollywood hot sheet, scandal, tragedy, and criminal charges are front page items in both sections. International competition makes the camaraderie even more intense. As the World Cup gathers momentum and fans; China strives to be a dominant global manufacturer. The standings show how a team is doing for the season, but on Wall Street, they have their own seasons, either calendar or fiscal year and just like football, the game is divided into quarters for a better indication of what has to be adjusted in order to come out on top. Rumors abound in both "worlds." Is one of the main ingredients of a team or company jumping ship to a competitor? Information leaks out from the base camps and the frenzy begins and the predictions, forecasts, and commentary are given fresh fuel to fill another column on another day. Power struggles are always worth reading about and discussions about who has the most experience and stamina to do the job, but in both sections there are stories of upsets. Day after day we are subject to facts, figures, and forecasts that we really don't care about. Useless information is plentiful. Staggering statistics and numbers that very few readers understand are given ink in both "worlds." Both are guilty of giving time and attention to items that no one really cares about, but they do it all the time. It's the scenarios, the "what if" factor that I like. Everybody thinks they know what's going to happen next and will lay their money down to prove it. When the gurus are wrong, they're quick to come up with some double-talk excuse as to why it didn't follow the predicted logic. "What if" they trade their quarterback? "What if" they can't get their raw materials cost down? Sports betting is popular and buying stock on news of a breakthrough is sort of a bet, but I'll bet that you never really stopped to think that the sports section of the newspaper and the business section of the newspaper are more similar than they are different. If you're investing some of your time everyday to reading the sports section of the newspaper, shift to the business section with the same passion and you'll discover all the things that keep you tuned into sports will keep you tuned into business. The sports page will give you things to think about, talk about, and follow, while the business section will give you things to learn about, think about, investigate, follow, and fatten your wallet with. "Same Same, but Different." Lazz Laszlo is a former Investment Executive and Radio & Television Financial Reporter with many entrepreneurial endeavors to his credit. He spends his time as an emcee, public speaker, enjoying life and writing about business, travel, retirement, strategy, and pleasure.
