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.
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Are Your Personal Finances in the Toilet? How to Take Back Your Financial Life in Nine Easy Steps Step One: TAKE ACTION!! Reading about how to improve your personal finances is a start. Going to financial seminars is a start. Buying tapes on financial independence is a start, but you have wasted a lot of time, energy....and money if you don't take ACTION from what you have learned. Before you can get anywhere with your personal finances you need to take steps right NOW. Don't procrastinate any longer. Maybe all you need is to make some minor changes in your spending habits. Do you really need those new pair of shoes? How many times do you stop at Starbucks to get your pick me up? Think about it..if you would go to Starbucks one time a day (I personally know people who go many times a day) you probably spend at least $20.00 a week; that's at least $80.00 a month on coffee. Since you are reading..or at least skimming this article you know that you probably should be taking at least a few appropriate steps to get your personal finances in order. What I suggest for you is to print out this entire list and keep it in a place that is highly visible to you. You need to remind yourself each and every day that action needs to be taken in the area of your finances to improve your situation. It is known that habits take at least 30 days of consistent and persistent attention and action to change. You can change your financial situation...if you change your habits. Step Two: Stop Charging everything on your credit cards. Cut them up, shred them, do whatever is necessary to get them out of your wallets and then take steps to start to pay them off. Depending upon your credit score you are more than likely paying anywhere from 15% (if you are lucky) to 23%..sometimes more of interest on your balances per month. Ouch!! Here are the facts about credit cards and our debt: We, as a nation, are putting a -1% (that's NEGATIVE) of our money into savings. We are spending more and saving less, and much of our spending is done through credit cards. Just one generation ago, our grandparents were saving on average of 20% of their income. Quite a change.. Step Three: Start to really understand the difference between your Needs and your Wants. What you might want to do for a month or so is literally write down everything you spend your money on. Kind of like you were on the newest diet that I just heard about. I mean everything from your daily stops at Starbucks to the newest Wii attachment you had to have. At the end of the month go through everything that you spent. Make two lists: one list for your Needs and then one list for your Wants. Let's define Needs and Wants. Needs are those items that are necessary for your existence. Your rent or mortgage, the water, the electric, paying off your credit card debt, food. Wants are the items that you normally have cash for and at the end of the week you are saying to yourself, "hum, I wonder where all of my cash went?" The bottles of designer water, the Starbucks, your manicure and pedicure, going out to dinner many nights out of the week, etc. These are the items that you can easily live without. Tally both your Wants and your Needs, then take a long look at your Wants and see what you can do without that month. I would venture to say that you will save quite a bit of money at the end of the month. I know that I did!! Take Action. Transfer what you save from your Wants column and put it into a savings account or to an investment account. Start to make Your money work for you..not against. Step Four: Live On Less Than You Earn. It is truly that plain and that simple: Live On Less Than You Earn. What this means to you is either purchase items that are less than what you make, or find a way to increase the income that you bring home on a monthly basis. Again, track your spending for a month and find out where your money is really going each month. I was talking to a friend today and she said that she spent over $400.00 on gas for just one car. Since she charged the gas all of the time she really had no idea that was how much she was now spending. Believe it or not, most people can balance their budget without making drastic changes to their current lifestyle. Step Five: Pay Yourself First. In Robert Kiyosaki's best seller; Rich Dad Poor Dad, he devotes a portion of his book to go into detail of this practice. You should really pay yourself a minimum of 10% of your take-home pay. This money should not be part of your monthly spending budget. If you can, go to your bank and set up a direct deposit account for your paychecks. After you do that you can then set up an automatic payment..to yourself of no less than 10% of your paycheck. I know this might be hard for you, but the beauty is after a few paychecks, you will get used to not having that money for expenses. It is the old adage of if you don't see it; you don't really know it is there. You will be amazed at how quickly those funds can start to build up. The account that you set up should be one that is interest bearing and of course the higher the interest, the better. Step Six: Set your financial goals. Where do you want to be at the end of the year, in 5 years, 10 years and for retirement? "A goal without a plan is just a wish." Do you know what you will need for retirement? The statistics are a bit scary out there. The average age of living continues to go up, but our retirement resources are either staying the same or diminishing. This is why so many people after the age of 65 either cannot retire or are going back into the work place. Wouldn't you rather be financially set when you are 65 and not have to worry about how you are going to be able to afford to live? The only way to do that is start to plan today. Trust me, it is never too early to start to plan for your future and for your retirement, nor is it ever too late. I know of people that started their plan in their 50's and 60's and are still able to retire in relative comfort. Of course they sought out the proper help, but the key is that they got the help and answers that they needed. If you are in your 20's and reading this article..don't delay!! If you plan properly, you might even be able to retire by the time you are in your 50's...or sooner, if you choose to do so. Nobody can determine your goals except for you. You need to take the time and if needed, find the resources to figure out exactly what your financial goals need to be so you can take the steps to reach everything that you want. Step Seven: Save and Invest on a regular basis. Take your 10% that you are paying yourself and either put it in a savings account, or better yet, invest it to make your money grow for you and work for you and your future. If you happen to be carrying credit card debt, invest in that high interest account first. Pay your credit cards off as quickly as possible. If your company matches 401(k) contributions, contribute up to the match. You might also consider maximizing your Roth IRA contribution. Most people do not have an emergency fund started and built up. Start one..NOW. What would you do if you needed a new hot water heater that cost around $800.00, or your car broke down and you needed a new engine or transmission? What most people do is they put it on their credit card..creating more debt for themselves with very high rates of interest. Start an emergency fund that you contribute to on a monthly basis. It needs to be liquid, so you can get to your money quickly, and you only use the money for true emergencies. Not your groceries or a new outfit, but for unexpected medical bills, car repairs, etc. Once these emergencies pop up, you won't have to use your credit card, saving you hundreds in interest if you are not able to pay it off immediately. Step Eight: Protect your Finances. Take the necessary steps, usually through insurance, to make sure that your assets are protected in case of a disaster. Make sure that your insurance is enough to cover your house and all of your belongings. You may want to take your camera and photograph you furniture, jewelry, your electronic equipment; anything with value. If you can, attach the purchase price for your item, if not, estimate what the purchase price was and keep this information in a fireproof filing cabinet along with your other valuable documents such as your will and birth certificates. This is good evidence for your insurance company if a disaster does occur. Fireproof cabinets are very inexpensive and save you a world of heartache if a disaster such as a fire or flood would occur. They help to make those extremely important documents be preserved. Once you have the appropriate amount of insurance on your home and your belongings secured, make sure that you re-evaluate your situation every few years or whenever a major life change occurs, such as marriage, divorce or a new addition to the family. You might also want to compare insurance rates on a regular basis, since this is a very competitive business. Step Nine: Give back...donate to worthy causes and those less fortunate. When you give, you will get tenfold in return. When you tithe, the universe takes care of you. No matter how desperate your finances may appear to you, there are always people that are far worse off and less fortunate than you in the world. It is important to nurture a sense of giving and be thankful for the small things that you do have in your life. If you feel that you cannot give monetarily, then give of your time. Volunteer at soup kitchens, shelters or youth centers. Do you have a talent in knitting or crocheting? Make afghans, shawls and hats and donate them to homeless shelters, pregnancy clinics or to churches that send these types of items oversees. If you don't really have a favorite charity that you would like to donate your time or money to you can go to Charity Watch and there you can find many different charities with different needs. You should be able to find one or two that resonate with you. Have a terrific and profitable day, Jen Gilbert Disclaimer: You shouldn't make any investment decision based solely on what you read here. This is not an offer to buy or sell a security. Should you choose to invest in the markets, it should be only after exhaustive due diligence and possibly in consultation with a licensed investment advisor. Jennifer Gilbert is the author and editor of JBSCommunications, an e- newsletter for serious entrepreneurs who know without any hesitation that they are on their way to earning six figures and multiple six figures a year from their home and want a directional in Wealth, Health and Wisdom....the essence of any 6-figure income.




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