Tag Archives: Money

Become Debt-Free with an Incredible Debt Management Strategy

debt managementMany Americans buckle under the weight of a growing debt that ruins their finances for the rest of their lives. With the debt-snowball method, you can lower the amount you owe and work towards being debt free.

A cash loans expert in Provo explained that as Americans grow older, so does the amount of debts they carry. Americans under the age of 35 years are in $67,400 debt while the amount doubles to $133,100 for those between 35 and 44 years, according to a survey by Federal Reserve. Though increasing costs of living are somewhat responsible for these massive debts, the issue also points to some other underlying problems.

The Federal Reserve survey findings show that most Americans have poor money and debt management skills. Escaping such burdensome debts would take a considerable amount of effort. Luckily, you can overcome this bleak situation with the so-called debt-snowball approach.

List all your debts

Under the debt-snowball method, you need to make a list of all of your debts, and then order them from the smallest to the largest. Write down the required minimum payment on each debt to get a feel of how much money you need.

The key to keeping debt from overrunning your life is to avoid incurring fines and penalties. So, you need to settle at least the minimum payment on each bill as soon as it is due. Otherwise, you’d only be making matters worse by incurring additional fines. Once you’ve established the minimum payable amount on each debt, use any money left to clear the smallest debt.

Grow your income

The main idea here is to clear the smallest debt, then channel the freed money towards the second smallest debt on the list. With a little bit of consistency, you can work your way up until you get to the biggest debts, such as student loans and mortgages. But, if your income is not enough to cover all the minimum payments, then it is time to shore up your income.

At this point, you should be willing to put in an extra shift, get a second job, join the freelancing movement, or anything that can bring extra dollars to your account. Just be sure to commit those extra dollars to your debt management plan.

Carrying too much debt can ruin your finances and your ability to secure your financial future. Fortunately, you can employ the debt-snowball method and work towards a debt-free existence.

Get Your Money’s Worth when Spending for School Fees

Coins with a togaAsk any parent, and he or she will tell that mortgage is the priciest expense in his or her account. Depending on which school you take your kids, that might be true, notes a preschool in Tootgarook. You’re likely to spend a staggering $468,397 in metropolitan Australia or $328,980 in the regional to see a child born in 2016 through college.

If you opt for the public-school route, the figures amount to $55,000. Regardless of where you take your kids, one thing emerges clear—it costs quite a bundle. So you need to ensure that you get your money’s worth when securing your children’s future.

Treat It Like a Business Project

In business, it’s all about return on investment and with a little effort, you can borrow a few rules and apply them to your kids’ education. The report card makes a great point of reference, as it’s issued every few months. Naturally, poor grades mean that your hard-earned dollars are flying out the window.

More importantly, these indicate that your child is having a hard time at school. Identifying the root cause of the problem early on ensures that you take corrective measures.

Pick a Good School

The school atmosphere and its approach to the learning process make or break a child’s interest in learning. A rigidly formal and boring take on learning only serves to dull the inquisitive mind of a child. Look for a school that treats learning as a fun and enjoyable activity while encouraging the young one to remain curious.

Such an environment helps children to identify and pursue their interests from an early age. In such as school, you won’t have to drag your kids to school every morning, as they would be looking forward to each school day.

An In-Depth Look at Capital Bonds

British coin currencyWhat kind of investment are capital bonds? What are the benefits of choosing this type of financial product?

The main benefit is security. While no investment is a 100% secure, capital bonds come pretty close. Investors still need to do their due diligence and find the bond that is right for them. Investment introducers such as Amyma, based in the heart of the financial district in the city of London, can reach out to a selection of funds to help investors find the one that best suits their needs.

Playing the Long Game

So why do capital bonds offer such security? First of all, it’s important to understand that this isn’t a high-risk, high yield investment that buying shares in a booming industry can be. Bonds can take 30 years to mature, and once committed, an investor may not receive any money until this process is complete. Other capital bonds mature in a few weeks, so the timescales involved is something that investors need to be really clear on.

A bond is more like a loan that offers a steady return on investment as it matures. Many governments and public organisations offer bonds, as they can generally be assured of their continued existence over the decades.

How It Works

Investors either receive an interest payment over the course of the bond or a lump sum that is greater than their original investment once the bond matures. Depending on inflation, this may not be a huge return on investment over 30 years — but it is protected from the ups and downs of the market. Whatever is happening with the economy, capital bonds continue to pay out the interest payments or the lump sum, so no actual loss is suffered.

Who Could Benefit?

This high level of security makes it an ideal investment product for older people who don’t want to risk their remaining capital as they enter their autumn years but would like a little extra to boost their retirement fund. It can also be a great investment for parents who want to put something by for their children that will mature as their kids do.

3 Ways to Speed Up Your Mortgage Approval Process

Approved Mortgage Loan AgreementMany mortgage borrowers leave the power of their loan approval to the lender. Granted, the lender plays a significant role in the process. But what many people fail to realize is that the role they should play will determine how fast their loans will be approved.
Here are some of the practical ways to speed up your mortgage approval process.

Be honest from the beginning

According to experts, the mortgage vetting process is a rigorous one. This means a standard procedure is followed in verifying the information you give. Lenders have also improved the way they search for the truth about the borrower. It is, therefore, important that you disclose all the information the lender needs, both good and bad.

Avoid the back and forth or holding your breath hoping that the lender won’t discover a past credit mistake. Past mistakes may come out sooner or later. So, make sure your lender has nothing left to unearth because when they do, it won’t go well with your application.

Work with experienced lenders

When looking for the right lender, don’t just look for the one offering the best mortgage rate in Utah or wherever you live. Instead, Altius Mortgage Group recommends looking for other qualities, such as experience and reliability. Dealing with an experienced lender will ensure that the mortgage approval process goes faster. This is because they have a good relationship with other industry players.

Prepare all the necessary documents

There is a lot of paperwork involved in a mortgage application process. Know which documents your lender needs and prepare them to avoid the back and forth that leads to time wastage. This will go a long way in speeding up the process.

The approval time varies because each loan application is unique. But there are things you can do as the borrower, which can help you gain approval quickly. Follow these tips and you can get the keys to your new home in no time.

Unusual Reasons That May Send You Filing for Bankruptcy

a man with no moneyFor most people, the thought of filing for bankruptcy comes as a crushing blow. It comes off as the ultimate fail in all matters finances, at least in the eyes of the world. In some cases, your current predicament may be due to factors beyond your control.

Here are some life situations that may lead you to need to seek out a bankruptcy attorney in Salt Lake City.

A declining income

Contrary to popular opinion, not all people who are insolvent are also unemployed. An economic downturn can lead to a significant drop in your revenue. In such cases, it is common for people to use credit cards to bridge the income gap. If nothing turns up in good time, your debt utilization level hits the roof.

You are likely to incur a Rob Peter to pay Paul situation. Since your income doesn’t suffice to pay the bills, you must borrow money to keep the lights on or buy grocery. Again, an inability to make the minimum payments on the cards leads to penalties and surcharges.

You got divorced

Annulment of your marriage carries a great risk of insolvency. In some instances, you might be held liable for your spouse’s debts. If your ex-spouse doesn’t pay up the creditors might try to collect for you. On the other hand, you might experience financial pressures of supporting two households on the same income.

Child support, alimony, and other mandatory payment might lead you to increase your credit card utilization ration. Especially when carrying other debts such as student or personal loans, mortgage, and car payments. Unless you come into a windfall, you’re likely to face severe financial hurdles.

Financial insolvencies are a harsh reality that people contend with at some point in their life. Some situations that lead up to bankruptcy might be beyond your control, and as such, you should not view it as a failure.

Three Things About Reverse Mortgage Programs You Might Not Know

A conceptual look at variable mortgage rates.About 49 million US residents turned 65 years and older in 2016, which is about 15% of the total population. Many of these people are baby boomers, about 80% of whom own their own homes. Unfortunately, they do not have much else.

Many retirees struggle to make ends meet on their monthly pensions because of high healthcare costs. Those who own their own homes turn to reverse mortgages to add to their income. It is the perfect fit for some homeowners over 62, but not for all. Here are three things you may not know about a reverse mortgage program, according to Primary Residential Mortgage, Inc.

Age matters

Any homeowner over 62 can qualify for a reverse mortgage. However, what you might not know is that the older you are, the more cash you can get. This is because reverse mortgage calculations include the probable term of the loan. This makes sense because the loan matures when the borrower dies or sells the property, whichever comes first.

Interesting options

Not all reverse mortgage lenders are alike. The interest rate you get for a reverse mortgage program will depend on the lender. Reputable lenders follow strict regulations that protect reverse mortgage borrowers. When choosing a lender, find one with a good reputation in the market. Ask friends, family, and your financial adviser for recommendations.

Net proceeds

The money you receive from the lender will not be the amount of the loan. This is because you have to pay for fees and costs. The first thing that will take a chunk out of the money is any balance left on your mortgage. Even if you have fully paid the mortgage, you still have to pay for mortgage insurance, application fees, lender fees, and closing costs. Your lender is obligated to explain all these costs to you before you commit to an agreement. If this does not happen, find another lender.

A reverse mortgage program is a good way to add to a retiree’s monthly income. However, it is not without costs. You’ll be all right as long as you know everything you need to know about reverse mortgages from your lender. To be on the safe side, find a lender with a good reputation for taking care of their clients.