Personal Finance Lessons We Should Learn From This Stock Market Crash

With most of the failing financial institutions gone or acquired by others and a bailout trying to take shape, we should take a moment to reflect on our personal financial situation. In the last several months, people have lost their jobs and homes, lost money in the stock market and endured an emotional roller coaster that no one wants to ride. It’s been tough, to put it mildly. But, it also offers an opportunity of hindsight. Here are a few takeaway lessons we can personally learn from, so we never have to feel trapped like we did for the last few months.

Learning to be flexible and creative

Learn to invest smarter the rest: Easier said the done, right? Actually, it doesn’t have to be complicated as we think. We just have to take a more proactive role in learning to invest rather than just say “we are in it for the long term.” We don’t have to be in the stock market 100% of the time to be in it for the long term. We just need to know what to invest in, when to invest, when to stay out, what to look for, have a stop program to protest us and learn to the correct way to diversify. These posts and my guide give great insight in how to get started. There is no excuse for you not to do better!

Build an emergency savings account: Yeah, yeah, I heard that one before. I know it’s hard and takes discipline, but we realize how important that becomes when things get rough. Having an emergency savings account offers several advantages:

  • You don’t have to tap your 401(k)
  • You have to time to rearrange your finances to make things work
  • You have a financial and, more importantly, an emotional cushion that you can rely on
  • Developing the discipline to save is a handy, transferable skill that can be used to pay off other things, like credit cards

Pay off credit card debt: Now may not be the best time to pay off your credit card, but you should start to develop a plan of action to eventually pay off credit card debt. That extra $200 or more a month you pay in debt could’ve gone into your pocket or help pays bills. From now on, consider the savings from not having your monthly payment as a raise without asking your boss or as an extra savings advantage when times get tough in the future. Or, you could be putting it towards your retirement plan.

Frugal Living: Tightening your belt during tough times puts you into survival mode. Imagine if you are able to extend that through good times as well. Being able to live cheaply throughout your life provides you not only the economic cushion of savings for you to invest what you have, but cheap living also gives you the resourcefulness of being able to change your life in an instant. If you know how to cut back because it is a part of your normal routine, you can start to build that psychological freedom to reach your life goals. You will now have more economic freedom to move your life in the direction you want it to go. Start by living below your means.

Be willing to change your job or careers: I know it sounds obvious, but when it comes down to it, many don’t want to change. They already know how to do their jobs. Tell that to all the mortgage brokers, real estate agents, construction workers and Wall Street investment bankers who lost their jobs in the last few years. It’s in our best interest to be on the lookout for trends in our own industry, and to be flexible to move to another industry if need be. Focus your attention on the transferable skills you already have. If you need more education, approach your boss, or look to more cost effective educational solutions at the community college to provide alternative career paths.

Value what’s important: Investing right and saving is not the only thing in life that matters. They are just tools so you can live the life your want to live. While they help provide the ability to make choices, it is up to you to examine what you want to do with you life, where you want to go and what you want to experience.

Tough times are a measuring stick for how we handle and adapt to difficult situations. But it also demonstrates how flexible and creative we can be as life changes. We can’t always have an ascending line of wealth presented to us. It’s is up to us to make the changes necessary to give us room during the more difficult times so we can get back on that path when times get better.

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How to Legally Negotiate and Eliminate 60% of Your Unsecured Debt – Personal Finance Tips

Credit card debt help and relief programs are the best way to get out of unsecured debt. Thanks to the stimulus money acting as catalyst; for providing you a platform to negotiate with your credit card company. You can now follow any debt relief program and eliminate most part of your debt by smart negotiation with the help of Settlement Company. If the debt management company have a good reputation and track record, they can even fetch you a deal to wipe out to the tune of more than 60 % of the total outstanding amount.

To make the best of this process, here are some tips that can help you:

  1. Find the top performing debt settlement company to help you with it. Make sure that the settlement company is legitimate and has earned good reviews from its old customers on this ground.
  2. Remember that the credit card providers consider your payment record and it might turn in your favour. If you have failed to repay the bills on time for lost few months, it might help strengthen your case.
  3. You should now plan out your expenses and reduce your expenditures so that you stay accountable for each penny spent.
  4. Once you end up with a handsome bargain, try your best to eliminate the remaining amount in one big shot. This is possible if you take the help of personal finance tips. It is often associated with the settlement companies and you can stop the bankers calling you every day.
  5. To legally eliminate your debt, it is fairly important that you take each and every step after consulting with the advisors for personal finance tips. Make sure that your steps are being guided regularly so that you don’t end up with big loss.
  6. Apart from all these, the personal finance concept allows you to end your loans era and start fresh with a new agreement so that you keep paying the amount with very low rate of interest. Always make sure that you calculate the profit and loss with each negotiation so that you don’t end up in losing side.

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Personal Finance Tools That Can Help You Find A Loan Company With Bad Credit File Loans

When money gets tight this makes managing your personal finances a real challenge. Most of us have been in this position at one point in our lives. Often a life changing event happens and your can’t pay things like your credit card payments on time. Sometimes this can go on for several months. Your credit card companies then jack up your interest rates to a default rate for at least a year. This figure can often times be 30% or higher. This makes it almost impossible for you to pay any money on your principle balances.

We have personal finance tools that you can use to fix these kinds of personal finance problems. Debt settlement is one product we recommend to people for example. This is a process you can use when a credit card company jacks your interest rates up to default rate. You first try to get the credit card company to lower your interest rate back down to where it was at least. Demand that they lower it or you will stop paying your bill. If they don’t lower your rate back down which most of the time they will not. Then you stop paying your bill. Most of the time this is what is necessary to get the credit card companies to negotiate with you. Now this could take up to 3 years to settle a credit account. But once you are done you will only have to pay about 40% of what you owed. This process can have you completely debt free within 3 years paying the same amount per month as you pay now if not less for all your unsecured debt. When you use debt settlement you should always use a professional service of some kind. This is because they tell you what the creditors can and can not do to you. This also helps guide you through the whole process with some peace of mind that everything is being handled right.

Our personal finance website also has credit cards of all kinds that you can learn about and get approved for. Use our personal finance tools in the fix your credit section of our website. It allows you to get all 3 of your credit reports and scores from the 3 major credit agencies: Experian, Equifax, and Trans Union for free. This will then help you when you go to apply for financing of any kind within our site. You will know what is on your credit report and know how to fix everything bad on it with the tools you find there. Most of the time your credit isn’t as bad as you think it is. Most things that you think are your problem might not be on your credit report at all. However on the flip side of that. You could find information that is not correct. It all depends you don’t know until you look and see what is on your credit report.

Having bad credit because of personal finance problems like these is hard to deal with. That is why we offer easy credit repair as an essential personal finance tool you need to even be able to begin to fix your personal finances. But for people who need to borrow money soon to fix other personal finance problems. We have bad credit file loans for them too. These bad credit file loans are from banks that are used to help people that have credit problems. They don’t have as strict of guidelines to get approved for their finance products. This is in comparison to a lot of other banks that are not so forgiving.

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