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Even the most disciplined among us may have personal experience with how the slightest credit card lapse can lead to debt that rapidly accrues and takes far longer to pay off. Most credit card users are keenly aware of the optimal way to use their cards, yet emergencies and other circumstances sometimes force even the most intelligent cardholders to rack up what quickly becomes unmanageable debt. Though it may seem daunting to pay off this debt, there are several strategies available to those whose debt has accumulated quicker than they realized and are having trouble just keeping pace with the interest.
Shrewd individuals such as Ken Fisher are probably well aware of these strategies for managing and eliminating debt, just as they are quite likely to understand how to utilize their cards to yield all kinds of valuable benefits. For those who are contending with high interest rates and are only paying the minimum balance each month, it is important to recognize that this approach is very unlikely to lead to debt elimination in the near future, particularly if the interest rate is fairly high.
In these situations, taking advantage of a promotional balance transfer can be quite ideal. It is often the case that another card will offer zero interest for 12 or 18 months on any balance transferred from the original card. When using this tactic, it is important to calculate the monthly payment needed to pay the balance in full before the promotional interest rate expires. If the balance is not paid by this time, the interest rate may be applied to the original balance and negate the efficacy of this strategy altogether. Once the card has been paid off in its entirety, the card should be used sparingly and the complete balance paid off in full at the end of each month.
When looking at residential properties, location matters most as it is often the biggest factor in business. Adding transit roads, educational institutions, malls, parks and such, the neighborhood grows and the value climbs. This can also work in reverse and a neighborhood decays.
You can control the value of your home and partake in the growth of a healthy neighborhood by home improvement. This means putting in a new kitchen, upgrading to a garage and remodeling the bathroom are just some of the ways you may try to increase the home value.
Of course, the most obvious and common source of value is freshly developed land. The land outside the city limits grows in value over time because of the potential for it to be bought up by developers or in other words, supply and demand. The developers then build homes and businesses that raise that value further.
Money is something that successful business oriented people don’t have to worry about, but thinking about their success often leaves us wondering how did they get to where they are? In a recent interview with Karl Jobst, he is asked what drives him to create such success and in return, he explains a secret to his success by saying,
“Commitment to what I do. Putting the time and effort in. Success is not given but earned. Taking my failures learning from them not becoming discouraged but using them as tool to improve and not make that mistake again.”
This is obviously a man who has worked very hard for what he has. He has shoveled his own path and kept digging until he hit gold.
It is not always easy to commit to a plan to save money and build wealth, but it is a commitment that is absolutely necessary to establishing long-term financial security. According to Kion Kashefi, far too many people focus on the here and now when they should be planning for their financial future. When it comes time for you to develop and implement a plan to save money and build wealth, Mr. Kashefi believes there are five methods that can be quite helpful.
Focus First on Reducing Debt
In order to save money and build wealth, Mr.Kashefi says, you have to first eliminate any debt that you currently hold. Debt obligations that are allowed to linger only cost more and more in the long run, so it is absolutely imperative to develop a strategy to pay down and eliminate those outstanding debt obligations so that you can begin saving money for the future.
Analyze Current Expenses
You should always be in a constant state of analysis when it comes to your current expenses, and it is especially necessary if you are currently in debt. If you have significant debt obligations, it important to carefully consider whether you can actually afford some of the luxuries that you may be spending money on. Mr. Kashefi suggests looking for and eliminating any redundancies and believes that any unnecessary luxuries should be eliminated as quickly as possible.
Develop a Savings Plan
Once a plan for reducing debt is in place and you have cut down on your luxury costs you can begin to develop a plan for savings. According to Mr. Kashefi, it is wise to set aside an automatic deduction each month that goes directly to a savings account. This will require an analysis of how much you can afford to put aside each month, but it is a worthwhile endeavor now that automatic transfers are made so simple.
Mr. Kashefi believes that meeting with a financial planner is quite helpful when designing an investment plan. When meeting with the planner, make sure that you outline all of your short- and long-term goals and make sure that you discuss the amount of risk you are comfortable with when it comes to your investment. You and your financial planner can then design a plan that is best suited to your individual financial goals.
Increase Contributions Toward Retirement
If you work for a company that has a retirement contribution program, Mr. Kashefi believes that you should maximize the contribution to this program as soon as possible. Most companies that offer these programs set a limit, and it is often best to contribute as much as the company will allow so that you can benefit well into the future from a robust retirement account.
Is the goal to die with the most money owed cause if it is I’ve got that prize. If you are debt free well I don’t understand it. How do you have anything without a fat mortgage to pay for it. Us working stiffs are destined to die poor and in debt. The real goal is to have more toys. Well go buy some toys on the credit card and soon you will be drowning in debt. The best plan is to pay your bills and hope for the best. Joe Olujic is deep in debt and will be giving me a run for the prize.
With the current low interest rates the time is now to refinance. You have to consider the loan fees so it is not always in your favor to refinance. In most cases there will need to be some calculation before going forward. In some cases you can shorten the length of your current loan while keeping the current payment. That would be a win in my opinion. I can remember the nine percent home loans of the eighties. I wish there was a three percent option. In the April 2015 interview I demonstrated how easy a refinance can be. Go and see if you too can save money by refinancing.
If you have poor credit ratings you can only expect to get a bad loan if any. You will have to accept terms that a good credit rated person would refuse. The interest rate will be ridiculous. A car loan will kill you. The payments will be double what they should be. This will put you on the path to fail. The best idea is to save up money and buy a used car. If you need transportation to get to work then you will have to consider public transportation as a stop gap until you save enough for a car. https://www.youtube.com/user/defendingdemocracy is a place to look at improving your credit rating.
Is it possible to get a loan with bad credit. We it depends. If you dont have any credit then a government loan may be possible but if you have a ding on you credit it will be a problem. If you do get a loan the terms will be punitive and dufficult to pay off. I got a loan after bankruptcy but I paid double the interest rate of a normal loan. That was th price of doing business. If you have a bad credit score and are suffering from the lack of currency the only thing would be to look for an investor. Ken Fisher will be a good man to ask for a loan.
I think we give away our destiny when we invest money in the stock market. I think we should take control and invest in wealth creation. A rental is an example of investing in yourself. An income property can be an investment for the future. At age 50 I had to move back into a rental home I invested in years age. Thank God had that option. Would I had been homeless? It is not impossible. Anyone can find themselves out of luck and broke at any point of their life. A rental unit that brings in even a small revenue is good thinking. Firoz Patel can attest to the wisdom of a rental income.
You search and search for that amazing deal only to have it fail miserably. Live and learn…right? Well if you fail big enough it may be your last deal. Real estate investing is not for the weak. If you havent done yur home work it will do you in. The objective is simple, buy low, sell high. If you buy high you will not survive financially. If you buy low and dont improve the property you lose. If you spend over the value on the renovation you lose. Looks like ther are more ways to lose than win. Buyer beware! you are about to enter the danger zone. Joe Olujic lives in this zone.