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General Personal Finance Tips For Life
Crafting yourself into a person that does well with their money is a labor of love. You have to be devoted to creating better habits, and you have to be dedicated to a lifelong path.
It’s better to learn the hard lessons in financial management early on in life, so you have plenty of time to recover from any mistakes. Start now, and read a little information about some general personal finance tips that will help make your life more stable along the way.
Spend less money than you earn
It seems like everyone should already know and apply this piece of advice, but they don’t. Three quarters of Americans effectively live their lives paycheck to paycheck.
Learn this lesson, and don’t make yourself learn it over and over again. Spend less money than you are earning, and you’ll always come out on top. If you’re not making enough money to cover the minimum living expenses of your life, then you need to make some adjustments.
Learn to master the art of budgeting
Budgeting your money may seem like a simple matter of writing a few things down each month, but there’s more to it than that. A good budget flows alongside your cash flow.
For instance, your rent and car payment probably shouldn’t be hitting at the same time every month. Instead of being broke that week, try negotiating a different due date with your car loan company.
Understand legal processes regarding money
Clearly you don’t necessarily need to pick up a law book and go to town, but it’s a good idea to learn a little about some common legal processes regarding money. The more you know, the less likely you are to get the short end of the stick in these situations.
For instance, it’s helpful to understand the specifics of money in probate. Someone in your family may leave you something to help make your life a little easier, and you want to know how to effectively move that money through the legal system.
Always have running financial goals
Never allow yourself to have a passive attitude about your money, or you may find yourself lacking. Stay active in terms of building your financial stability throughout life, and make sure you always have running goals. You need something to drive you forward, so you never grow stagnant.
Be mindful of the debt you create
The real goal is to operate throughout life without debt, but that is not a very feasible course of action for most people. Instead, make sure you take debt very seriously. Be super mindful of the debt that you do choose to create in your life, and always work hard to pay it off quickly.
What Are Car Title Loans and Can They Help You?
If you need money fast to pay bills, or a home emergency has struck, a car title loan is designed for people like you. To qualify for a car title loan, you must own your own vehicle or owe very little on it. Should you not keep up with repayments, you will risk your car being possessed. To give you more clarity, here is a guide on what car title loans are and how they can help you.
What Is a Car Title Loan?
Title loans are very similar to payday loans and they work in much the same way. Like payday loans, car title loans are short-term and the lender doesn’t perform a credit check on the applicant. Unlike a payday loan, however, a car title loan is secured on an asset, which in this case is your vehicle. The amount you can borrow is determined by the value of your vehicle and where you live. So, if you own a BMW in mint condition and you live in Beverly Hills, you can borrow a lot more than someone trying to borrow against a wreck whilst living in a trailer park in Detroit.
Applicants can borrow as little as $100 and as much as $10,000.
How they Work
Car title loan applications are usually done online. You can normally borrow between 25% and 50% of the car’s value, and you must own the car’s title. Cars covered by an existing finance agreement through another lender are not eligible for a car title loan.
To complete your application, the lender will want to see the vehicle, a clear title, proof of insurance and photo identification. If you can’t repay the loan on time, the lender has the ability to repossess your vehicle and sell it to get their money back.
The Effect on Your Credit Score
Car title loans are a great way to get instant cash. However, if you don’t repay the loan, it could push you into more debt. Car title loans charge higher than usual rates of interest, although not as high as bad credit payday loans. The earlier you pay off your loan, the less it will cost you, so don’t borrow more than you can afford.
In most instances, a car title loan Bloomington il won’t have any impact on your credit score. While this may sound great, there are some cons too. Not only do most car title lenders not run a credit check, but they don’t report your payments to the credit bureaus, meaning this kind of loan won’t benefit your credit score if you’re trying to improve it.
Reasons to Take Out a Car Title Loan
If you have a home emergency that needs sorting immediately, a car title loan can be a good way to cover the cost and bring you peace of mind. They can also be useful for managing debt, paying unexpected bills and covering the cost of an upcoming family vacation.
If you need quick cash and you have bad or no credit, a car title loan may be the best option to take. To avoid paying additional fees or losing your car, make sure that you read the terms and conditions and stick to the repayment schedule.
5 Ways to Reduce Your Spending & Save Money
Saving money and reducing spending is a wise move for anyone, even if you have a healthy salary. Many of us spend without devising a long-term budgeting strategy, which can affect our financial health in the long run. While there are hundreds of ways of saving money, below are a few important ones that may help you put the brakes on your spending and add more dollars to your bank account.
- Move Bank Accounts
If you’ve been with the same bank for years, you may want to look into alternatives. Many banks offer sign-up bonuses with attractive interest rates that could boost your savings and slash any fees you might be paying with your current bank. Do some research and find out whether you qualify to sign up at another bank with better savings account rates.
- Don’t Rely on Credit (Or Use It Wisely)
It can be tempting to put purchases onto your trusty credit card. After all, you can pay for it later, right? Inevitably though, things come up and that purchase you intended to pay for will keep getting put off. The ‘pay later’ mentality is what often gets people into trouble if they’re not careful. Before you know it, you could be nearing your credit limit while your savings and cash flow are dwindling. Try to save your credit card for emergencies or very special occasions. In other words, use it wisely. Your bank account will thank you for it.
- Eliminate Unnecessary Subscriptions
Ask yourself whether you really need your Spotify, Netflix, and Amazon Prime subscriptions. While these seem like small-dollar amounts per month, when you add them up over a year, it can amount to quite a lot. Decide what’s important to you in life and then eliminate anything extraneous. After all, wouldn’t you rather be able to afford a down payment on a house rather than be caught up with the boxset of Breaking Bad?
- Find Alternative Ways to Socialize
Socializing can be an enormous drain on our finances. Depending on how you do it, going out is a luxury that unfortunately costs a lot of money. Consider how much you spend when you go out for dancing and drinks with friends or if you spend several weekends attending theater shows. While it’s important to unwind and have fun, try to find alternative ways to socialize. Summertime affords the perfect opportunity to spend time outside in parks or hang out in nature somewhere.
- Look for Deals and Discounts
This can take extra time and research but looking for deals and discounts is another great way to save. For example, utilizing eBay Coupons can get you access to free shipping, daily deals, and cashback if you know where to look. Comparison shopping is also a good way to find the same products at lower prices. Many retailers also offer online deals, so it’s a great idea to see what’s on offer before heading out to the stores.
Saving money can be both easy and difficult. With the right mindset and proper planning, you can curb your spending habits and begin to nurture your financial nest egg.
3 Things You Should Know About Title Loans
No one likes to be in a position where they need to take out a loan to afford to make certain payments. That being said, should the occasion arise where you require a loan, you have several options available to you. One of those options is that of the title loan.
Typically, a title loan is a type of loan where the title of one’s car is used as collateral. These loans can provide funds when those situations arise that send your financial situation spinning a bit. There are a few points that many people don’t understand about these loans, though. Here are three things you should know about title loans if you are looking to explore your loan options.
1. You Keep Your Car While You Repay the Loan
When you take out a title loan, you don’t have to surrender your vehicle to the lender. Rather, only the title of your car is handed over as collateral. You will continue to drive your car as usual throughout your loan repayment process.
Lenders like title loans Albuquerque will factor the value of your vehicle into the loan and assess your ability to repay using your credit history. Once you have completed all of your payments, then your car title will be returned to you.
2. You Can Use the Title of Any Vehicle that You Own
You don’t necessarily need to use the title of your car to take out a title loan. Rather, the title of any vehicle that is in your name will suffice as collateral for your loan. If you need a smaller loan and the value of your motorcycle is sufficient enough to get you the amount that you need, then that will work just fine. Again, you only need to hand over the title of your vehicle as opposed to the vehicle itself.
Oftentimes, something like the title of an RV or motorhome is preferable as these vehicles can be worth much more than a car. In this way, you might be able to secure a more significant amount for your loan.
3. The Process Is Quick
One of the aspects of title loans that makes them so appealing to borrowers is the fact that you can get the money you need fast. Similar to a payday loan, title loans are processed quite quickly so that you can have your cash within the same day that you apply. The repayment timeline is also generally shorter than other loan options with many lenders looking to have the loan repaid within a month or two.
Bear in mind that because this is the case, title loans tend to be expensive. This is because of higher interest rates that, over time, can add up quickly. The interest for your loan might be simple or compound depending on the lender you use. Make sure to stick to your repayment schedule or even pay the loan off early if your lender will allow it without penalties.
How to Buy Bitcoin Online with Credit Card
In order to buy Bitcoin online with credit card, you’re going to need a Bitcoin wallet. As Bitcoin is a digitalized, decentralized currency, this means that no government or financial institutions rules them. Hence, you don’t need a lot of information to start a bitcoin wallet, which is essentially the same as a bank account.
How to Create a Bitcoin Wallet
You can get a Bitcoin wallet through any of the good Bitcoin brokers. Make sure they are fully certified, however. Once you open your wallet, you will be provided with an address, expressed in letters and numbers. You will also receive a private key, which will be your password.
Using Bitcoin to Process Payments Anonymously
Bitcoins can be used for three things:
- To buy things.
- To send money to someone else anonymously.
- To use as an investment.
Bitcoin is becoming a commonly accepted form of payment. When you use it, you buy anonymously, because the recipient can only see the number of your Bitcoin wallet. This means you can also send money to others anonymously.
Using Bitcoin as an Investment
While Bitcoins are decentralized, their price does fluctuate. For instance, at the start of 2013, a bitcoin was worth around $400. By the end that year, the price was around $1,000. This means that, on a single bitcoin, someone could have made $600. However, the prices do go up and down, although that is true for any type of investment.
Gambling with Bitcoin
Because Bitcoin is anonymous, the gambling industry quite likes it as a form of payment. Hence, there are now numerous online casinos and poker websites where Bitcoins are accepted. Here, players are encouraged to deposit their Bitcoin and use it to play various games. Because these games are online, the player allows the casino to link directly to their Bitcoin wallet. This means that there is very little, if any, government control or taxes.
How to Send Bitcoin
If you want to pay for anything using Bitcoin, or send some Bitcoins to a friend, you need three specific things:
- The address of your bitcoin wallet. (Input)
- The address of the bitcoin wallet of the person you are sending it to. (Output)
- Your private key.
Besides input and output, balance is also very important, which is the amount that has to be transferred through your wallet to that of someone else.
It is very important that you gain a greater understanding of what Bitcoins are, how they work, and what the pros and cons of different wallets are. While the money is digital and decentralized, as well as being anonymous, it is still real money.
Seven Tips To Save Money In 2020
Your finances are an area of life you can’t ignore and the more informed you are the easier it is to make important decisions. However, even with good planning money can be limited and in 2020 everyone is looking for ways to save money and cut expenses. Luckily, saving money is not reliant on one solution and there are several different ways to bring down costs and improve your finances.
Saving money can involve a lot of different approaches, techniques, and changes to your lifestyle. With so many options and a high degree of flexibility, it can be hard knowing where to start. Here are some tips for saving money this year that should take some of the mystery out of improving your finances.
Seven Tips For Saving Money In 2020
- Budgeting: a well thought out though budget is the first step to getting your finances organized and saving money. It’s hard to save money without knowing what your expenses even are and where your money is going. A budget not only gives you a very useful overview it also allows you to see areas where spending can be cut.
- Plan Your Meals: a lot of needless spending comes from a lack of planning and related impulse buying as it relates to food. By planning your meals in advance you can take advantage of money-saving strategies such as bulk buying, sales, and coupons.
- Eat Out Less: related to meal planning is cutting back on fast food as it quickly adds up. While you certainly don’t have to give up takeout entirely random trips to the drive-through can be cut down. This is especially true for coffee as a lot of money can be saved by making your own coffee at home as opposed to buying it at a large chain or local coffee shop.
- Memberships And Subscriptions: while subscription services can greatly improve the quality of your life they can also be a source of wasted money. They are very easy to set and forget and you may be paying for services you never use. Review your monthly subscription costs and cancel the ones that you don’t use or don’t use enough to justify the cost.
- Cable: one of the most cited areas where people save money is with their cable bill. If you’ve looked at your cable bill recently you know it can be an expensive service. Like with a subscription you should make sure your investment is worth it based on how you use it. You don’t have to get rid of cable entirely, downgrading is certainly an option and many cable companies offer deals if you call them and talk it over.
- Your Cell Phone: much like with cable your cell phone plan is another area where you can easily overpay. A key area of cell phone expense is the data plan and while it’s certainly convenient unlimited data is expensive and sometimes unnecessary. Depending on how much cellular data you use (and how often you’re on WiFi) downgrading to a lower data amount can be a way to save money. Many cellular phones and apps allow you to track your data usage so you can get an idea of how much you really need.
- Organizing Your Home: taking stock of your possessions can help you save money in two ways. First, any items you no longer need can be sold at a yard sale or one of many online marketplaces for a small profit. Two, possessions that you no longer use often do have a related cost of ownership expense, this can be the space it takes up, upkeep expenses, storage fees, and related moving costs when you get a new home or apartment.
Final Thoughts
As the above list shows there are many different areas of your life where you can cut costs. Also, the above is only a few of the many different ways you can save money. In 2020 there are numerous lists and entire books devoted to the subject, many of which you can apply right now in your own life. So don’t be afraid to sit down, start looking at where your money truly goes, and see how you can cut down on those unneeded expenses.
Emergency Fund – 5 Strategies To Apply If Your Emergency Fund Has Run Dry
While it’s true that fools and their money are soon parted, unforeseen circumstances can leave even the best of us with empty piggy banks. Coronavirus is prompting lockdowns around the world, and many people have found themselves with nothing to fall back on.
With countless salaries unpaid and retrenchments galore, bringing home the bacon has never been harder. Luckily, it isn’t the end of the world. You can still get back on your feet by applying these five simple strategies.
- On the House
Though low-interest loans have better terms, they’re not easy to sign up for, especially when the repayment of that loan is guaranteed by the roof over your head. The interest rate may be reasonable, but you should know there are fees for putting them in place. So, weigh your options and ensure you’ve gone through all the fine print before signing anything.
- Hedge Against Hunger
Have you considered the hedge fund at your place of work? Surely your employer has a retirement plan set up for you? At the end of the day, that money is yours – you’re just collecting it sooner than expected.
Accessing it is relatively straightforward. There are no background checks, and you won’t be charged any interest because it’s not a loan. Just know that pulling this money out is the same as opting out of an investment – you’ll be missing out on financial growth.
- Cash in Your Chips
Do you have any investments you can dip your fingers into? Maybe you’ve got some Bitcoin stashed away somewhere. Perhaps there’s an asset you can sell or rent? Such things increase and decrease in value all the time, and remember – you can always invest again when the dust of the global pandemic has settled.
- Cutting your Losses
Whenever you’re in financial doubt, you can almost always rely on credit cards. Though you don’t want to land yourself in long-term debt, if you make it a point to settle the bill in full every month, you can actually improve your financial situation by getting a credit card. Be mindful of interest rates, balance the books, and make sure you can handle taking on the debt.
- Banking on Mercy
Has it crossed your mind to talk to your creditors? Your bank should be able to pump the breaks on your loan until you can start making payments again. Banks are not monsters – you can come to an agreement if you take the time to explain your situation. As long as you don’t show signs of criminal intent, they should be willing to assist you.
Being unable to make a payment is not a crime – if you’ve been making payments every month without fail, chances are you can be trusted with a repayment pause.
If you don’t have a loan with the bank, why not take one now? You could always op for a personal loan, but the high-interest rates are something you should chew on before making a commitment. You don’t want to put yourself in a situation that’s worse than the one you’re in. After all, emergencies can often stretch out longer than anticipated.
Emergencies can bring out the worst or the best in you. How you react to the situation will determine your financial situation for years to come. What you do now can leave you up to your eyeballs in debt or it can leave you riding the gravy train. Choose wisely, see the other side of the coin, and don’t live beyond your means.
Farm Land for Sale – Tips on Investing in Real Estate
When I was looking at some farm land for sale some time ago (I had the idea of retiring to the country when the time comes), I was so surprised at how low the prices were for some of the ranches available that I decided to buy two, to see if I would be able to make any money back on my investment. My history of investment centered largely around stocks and shares so this was an altogether new venture for me. It didn’t take long for me to decide that this was indeed where my investments should have been going, and here is why I believe that you too can profit greatly from investing in real estate.
Stability
In comparison to the stock market the stability of the real estate market is absolutely incredible and very rarely volatile. This means that you can invest with a great deal more confidence in real estate than you would do in stocks and shares. Equally you can feel safe in the knowledge that even if the prices of properties were to dip, it is a very resilient market and one which is likely to bounce back in no time at all.
An Actual Asset
The property that you buy is the investment, it is not money on a screen nor is it a fictional investment, but rather a set of bricks, mortar and land that is yours, and nobody can take that away from you. The worst thing that could ever happen here would be that the property is destroyed by fire or the elements but smart home owners insurance will cover you for the full value of the property. The fact that you have a tangible asset makes it a far more worthwhile investment than stocks, shares or anything else.
Constant Increase
History has shown that eventually, every property price will increase and as long as you have patience with the market, so will yours. The appreciation on real estate is something which you can always count on and if you are flexible and make smart moves, you can really make the most out of this appreciation.
Diversify
Any accountant worth their salt will tell you that you must diversify your portfolio in order to minimize your risks and your exposure, and real estate can make up a very important part of a diverse portfolio. This investment can serve as a safe part of your portfolio and allow you to take calculated risks elsewhere.
Options
When you own a property you have multiple options which you can use to make money, you could focus solely on renting out the properties for regular cash flow and to reduce the debt on the property, you could also look for short term rental until the price of the property increases. Finally you could even look to flip the property which means getting a place for bargain basement prices, giving the property a makeover, and then selling it quickly for a small profit.
How to be better at buying online
The world is rapidly moving to a place where you can get virtually everything you need online. The implication is that in the next few years, over 90 per cent of sales might be done online or could start online before local relationships come in. the implication is that you would want to learn how to be better at buying online because we might start to have more companies that only cater to people online without local stores. When you are great at buying online, you would hardly ever make a mistake and you could enjoy shopping online even more than shopping offline. Here are some of the ways you could get better at buying online.
Read reviews
The easiest way to become better at buying online is by reading reviews. When you read reviews about a company, you get an unbiased report about the company and what to expect when you patronize them. This is as opposed to when you watch their advert. Their advert will tell you what they feel you want to hear to patronize them and only their good side. The reviews will tell you about their good sides and their bad sides, providing you with a balanced report about the company. This is why reading review is important if you want to be better at buying online. You would be able to learn from the mistakes of others who have patronized the wrong companies or from the diligent of others who have patronized the right company and you would know what to do.
Keep track records of the companies you have patronized
Another way to be better at buying online is to keep a track record of the companies you have patronized. Any company you patronize, you could note them down somewhere and give them a mark and conclusion. Any company that provides a satisfactory service or product, you write down their name, what you bought from them and the conclusion should read if you would patronize them again or not. With this note, whenever you want to buy any product or service, you can easily go through your note to find out if there is any company that you have marked satisfactory that you want to patronize again. You could continue to patronize them for that particular product or service until they disappoint. If, on the other hand, you don’t have maybe all the ones you have patronized for that product have disappointed or you have never bought the product online, then you would have to go and read reviews, research and then try out the company. If it goes well, you keep your records; if it doesn’t you keep your record accordingly.
Pay attention to the information on the website of the online shop
After reading reviews and you find a company worthy of patronage based on reviews, it is important to still confirm from what is on their website. If you place an order and things did not go as you thought, they would only relate with you based on the information on their site as opposed to the information you find on a reviews platform. So ensure that the information on their website is in line with the reviews in terms of price, means of delivery and other relevant information before patronizing them.
What are the Pros and Cons of Payday Loans?
Payday loans have been both demonized and idealized in the news. They’ve been blamed for keeping people in poverty, and they’re credited as lenders of last resort for those who have no other options. The reality is somewhere between these extremes. We’re here to provide an unbiased analysis of the payday loan. What are the pros and cons of payday loans? And what value does this financial product bring to the marketplace?
The Pros of Payday Loans
One of the best things about payday loans is that they do not depend on your credit score. Instead, they will depend principally on your income. This is why payday loans with bad credit are not only a real financial product but one of the few available to those in these situations. Plenty of loan companies offer payday loans with bad credit, and you can shop for these financial services online with referral services like LoanPigUSA to keep fees to a minimum.
Another benefit of payday loans is that you can usually get access to money very quickly. A bank loan or new credit card application may take several days to be approved. They generally set up the loan so that the money is in your bank account the next day, while payment will be collected the day you’re paid. You don’t have to worry about arranging payment, though it is your responsibility to ensure there is enough money in your bank account to pay the loan back. When you pay off the loan, you’re done. This is far easier than trying to manage credit card or bank loan payments over several months.
Payday loans also don’t limit how you can use the money. The funds can be used to pay for car repairs, a plumber, rent or doctor’s office. The process is also much easier than having to go before a loan officer.
The Cons of Payday Loans
Payday loans have relatively high interest rates. The interest rate is usually higher than the interest rate you’d pay if you had used credit cards, and it becomes worse when your loan rolls over several times.
Another thing about payday loans is that amounts are limited by your disposable income. For example, you can’t borrow more than a set percent of your weekly or monthly income. Furthermore, the loan amount may be limited by state or local law. This makes payday loans a good choice for paying for unexpected but modest car or home repairs, but it cannot cover major expenses like a new roof or all of your living expenses in an emergency.
Observations About Payday Loans
Payday loans have moderately high interest and fees. However, the costs skyrocket if you can’t pay the loan back at the due date. If you have to roll over the loan more than once, the associated penalties and compound interest are immense. In this case, it would actually be better to pay your bills with a credit card at 20 or 30 percent interest. This is why payday loans should only be used in an emergency, not for luxuries.
Payday loans can be a godsend depending on your financial situation, but they have to be used responsibly. Make sure that you understand the terms of your contract, and commit to paying on time if you don’t want to end up in a vicious circle.