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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11 Ways to Take Control of Your Finances 1. Spend Less No matter how much you are currently earning, create the habit of spending less. As is often encouraged by Financial Planning experts - spend less than your income. To stay within your means you must discipline yourself NEVER to create debt. Stay away from credit cards and bank loans. The compound interest on such credit is astounding and will enslave you for years to come. (I will discuss the inner workings of compound interest in a future article). The same applies to credit at clothing and retail stores. If you cannot pay for it with cash, do without it! Keeping up with the Joneses will bankrupt you and bring on years of torment. As Dave Ramsey says, "The Joneses are Broke." 2. Financial Goals If we do not have a plan for the future, we will fail financially and as a result in every other area of life, including relationships. You simply cannot live in the moment, no matter how averse you are to goal setting philosophy. A dream of long-term financial security or greater income is not possible without planning. Set goals and action steps for Investments, providing for your family, saving for a large purchase item, planning for your retirement or even a holiday. Take control of your financial future. Create worthy goals which prioritize and direct your spending and investment decisions to achieve a successful outcome. 3. Create a budget After you have set your financial goals, develop a budget. Few people work with a budget; it will require decision and commitment for the purpose of your long-term goals. When you take control of your finances through goal setting, planning, and budgeting, the results far outweigh the stresses and disappointments which result from overspending and not being able to meet your financial commitments. Create your budget, work with it and stick to it! "If you do not name your money, it will leave you!" In other words, if you do not allocate where your money must go, it will simply disappear from your life and bear no fruit. 4. Get Rid of Debt You are wealthy when you have no debt! Your home loan should ideally be your only current debt, however, home loans can be paid off in as little as 7 years when you understand how compound interest works and you get rid of all other debts. Pay off all debt; include this in your financial goals. A simple process - though not easy - is to begin paying off your smallest debts first. As each of the smaller debts are eliminated, do not spend the newly freed up money which results from fewer debts, add this new extra amount to the next debt, in so doing eliminate each debt until you become debt free. The sense of freedom in not having any debt will change your life, health and how you face each new day. 5. Build an Emergency Fund There are many views on how this should be achieved. Some planners believe the emergency fund is step one in your financial planning, even before paying off debts. A recommended amount of savings in this fund is to begin with R10, 000. If you are already in debt then this is a difficult amount to achieve however you do need to build an emergency fund even if it is a smaller amount starting out. Keep building the fund and DO NOT tap into it under any circumstances except for an emergency. The idea behind an Emergency Fund is to not bankrupt yourself if an emergency arises which cannot be accommodated within your budget. One also needs to understand what constitutes an emergency. Emergencies are incidents such as being retrenched from your job. You need to be able to sustain yourself and your family whilst finding a new job. The following are NOT emergencies: New Appliances The latest Album from your favorite performer Dining Out, Take outs New Clothes (included in your budget) A new book from your favorite author Groceries (included in your budget) Holidays, weekends away Sporting events Movies Christmas Presents Car repairs (included in your budget) Items on sale 6. Income Replacement Insurance If you were to sustain an injury which rendered you unable to work and earn a living, the financial consequences to your family could be catastrophic. Income would cease, and expenses could rise due to the costs of treatment, or even long-term care. Whether you are self- employed, or an employee of a company it is more than wise to purchase disability cover. Employee group disability cover is seldom sufficient and frequently has loopholes in favour of the employer. Carefully consider supplementing or including disability cover with an independent Registered Financial Planner. 7. Life Insurance Most people consider Life Insurance a grudge purchase. Few people would ever drive their cars without vehicle insurance or not insure their home and contents, yet so many consider Life Insurance a waste of money. I have often encountered a client who would rather purchase an investment, wrongly believing that this is a better purchase than Life Cover. An investment would take years to grow, but as an example, Life Insurance of say, R2, 000.000 would be paid out to spouse and family immediately on death. An investment may only have grown to a few thousand Rand over a period of time and your family would lose your income and even their home. As was once said, "Wives might not believe in Life Insurance, but widows do!" 8. Medical Aid It is a great risk to live without Medical Aid Cover. In the case of illness or an accident, you could either not afford treatment or even die without the correct treatment. Surgery and medical costs are very high. Medical Aid ensures that you and your family are well taken care of. Without Medical Aid your income could be exhausted and lead to consequences such as needing to sell your home to cover medical costs. 9. Severe Illness/Dread Disease Cover 40% of all South Africans are diagnosed with a Dread Illness. These include cancer, heart attacks, multiple sclerosis, strokes and so many more. The cost of treatment will usually not be completely covered by medical aid. You could also exhaust your medical aid benefits if the illness is too severe or prolonged. Besides the cost of treatment, you may not be able to perform your job due to the illness and lose your income. Severe Illness Cover therefore will enable you to carry the medical expenses and perhaps even help prolong your life. A serious Illness could have a serious impact on your income and leave your family unable to pay the medical bills. No one can be without Dread Disease cover; the expenses could cause you to lose everything, leaving your family destitute. 10. Investing Saving is good for creating an emergency fund in the short term, but saving is not the most effective plan for future income. On fixed deposit banking accounts, after costs you may only earn a return of approximately 2.9% An investment such as a good Unit Trust or even an Endowment linked to a good fund such as the Allan Gray Balanced fund or Coronation Top 20 fund is sure to bring you higher returns. 11. An Up-to-Date Will 70% of people die without a will. This is an astounding statistic. If you die without a Will, the state will decide how your assets are distributed. Estate planning is critical for your family. All assets, including life insurance, your investments, your home and everything of value must be included in your will. Your Will determines the future of your spouse and your children. Estate planning is for everyone, not just the wealthy. Don't leave it too late, do it now! Your Financial Planner is able to assist you with a will or direct you to the right lawyer. In Conclusion The above points, I believe are essential, they are however certainly not the final word on Financial Planning. Effective Financial Planning is partnering with a good Financial Planner, together you analyze your financial situation, on a long term basis you create a Life Plan which holistically encompasses and plans for the financial success of your entire life. Beginning now, to retirement and for your spouse and children after you have gone. If you require medical attention, you seek out a doctor, legal advice requires a good lawyer, yet so many people never seek out professional financial advice with the attention of a Financial Planner. A Registered Financial Planner will address your concerns and help you create a Life Plan for both you and your family's financial well being. Some of the areas a Financial Planner will assist you in: Minimizing the Risk for you and your family Debt Elimination How much you will need for retirement Planning for your children's education, and the best ways to fund it Investment Advice - for Short, Medium and Long Term investments Wills and Estate Planning Deon Silva is a Financial Planning Expert in Johannesburg, South Africa. Do you have a Life Plan? Do you have anyone in your life to assist you with your Life Plan? An holistic view of financial planning includes the areas of Wealth Protection, Wealth Planning and creating your very own unique Road Map for your secure financial future. To find out more about Life Planning visit here Financial Planning.




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