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10 Important Financial Tips For 2008

What steps have you taken to improve your financial picture for this year? When looking to improve your personal financial situation for the year, it is never too late to begin taking action. Saving more money is at the top of everyone’s New Year’s Resolution list each year, yet only a handful of us put our ideas into motion. Whether you have started to take action or are just getting started, these 10 financial tips will enable you to improve your financial situation before the end of the year. Debt Consolidation

1. Don’t spend more than you make. It is better to live below your means than right at or above. If you make $200,000 per year or more and you spend every bit of it, you are not well off financially.

2. Create a savings plan. You need to come up with a system that works for you. Many people don’t believe that they can save hundreds of thousands of dollars – but these are the same individuals who believe that they are going to grab that one in ten million chance of winning the lottery. This usually means that the money they could be saving is spent buying lottery tickets. If you would invest $50 every week for 40 years with 9% interest, you could have yourself over a million dollars. If you still fell you’ll have a hard time saving, it may be a good idea to have money automatically withdrawn from your paycheck and deposited into a savings account.

3. Invest in mutual funds. The annual return on investment can be up to 12%, which is the return that the S&P 500 has averaged. Obviously, that is better than your average passbook savings account.

4. Opening a Roth IRA. This is something you can do if you qualify. You don’t have to pay tax on any gains you receive if you follow the rules correctly. Start a Roth IRA for the kids by hiring them when they’re working age, paying them $5,000 a year, and then investing that money in the IRA.

5. Pay off credit cards. Don’t keep open balances on any of your cards.

6. Set up a trust or a will. Only 50 percent of Americans have wills. Set up a trust account for your family and make a will to properly divide up your assets.

7. Open a life insurance policy. If you love your family and/or you have debt, you will get a life insurance policy. There are many options. Only you can decide the right one for you.

8. Take advantage of all tax breaks. Many individuals do not know what tax breaks are available to them. Because of this, business owners tend to be the individuals who overpay their taxes the most. Be sure to review all existing and new tax breaks that come about each year.

9. If you tend on living in your area for a while – buy a house. Not only do you get to enjoy your home, but you are able to build equity.

10. If something sounds too good to be true, then it probably is. In this case, it pays to trust your instinct. If it is too good to be true, then it is. If something makes perfect business sense, then go for it. Don’t hold back.

How To Develop The Habit Of Saving

Sadly, this is another much violated area. Surprisingly, very few people save a penny of their income, yet this is one of the fundamental laws of wealth creation. You should save 10% of your income - and you should do this every month before you do anything else. As far as you are concerned this should be money that just isn't available - invest it immediately! This should form your Wealth Accumulation Bank.

Now I am going to tell you something, which will probably surprise you - NEVER TOUCH THE MONEY! No, I am not crazy, but this is one of the peculiarities of life - it is no good saving the money for a rainy day or emergencies, because you will find that an emergency will crop up fairly regularly - you'll just never create wealth. Most people consider a birthday, Christmas, new car etc. as an emergency - your funds will never mount. If you have a specific goal towards which you are moving, you should set up a separate account - a new car savings account for example - BUT NEVER TOUCH YOUR WEALTH BANK!

But what if you are already living to the limit, up to your neck in debt with unpaid bills. With no spare cash how are you going to save 10% of your income? If this is the case, and I've been there myself, you have to start saving something maybe 1% of your income, or put your loose change in a jar and invest it in an interest account at the end of each month. Any time you receive a bonus - Christmas, birthday money etc., invest it once again. It doesn't matter how small the amount, once you start saving and it develops into habit, good things WILL begin to be attracted to your life.  Just download and install the eToro platform and you can start practicing your forex skill. If you are ready to start trading with real money, just open a real trading account.

Whether you believe so or not, you can always live on less. If you're up to the limit, save some of your income at least pretend it isn't there - you will learn to get by! People who have followed this law have found that after a while they begin to save 2% of their income, and then 3,4,5,10,15,20 percent. The more one saves, the more money one seems to attract into one's life - try it.

Don't spend expected income: Many people, especially those in business, fall into this trap. They purchase goods on the premise of what they expect to come into the business the following month. Or perhaps, if they are in networking, they'll spend their commission before they've actually received it. DON'T! Wait until the money is in your hands. If you don't, life has a nasty habit of kicking you where it hurts, as a reminder not to act so capriciously.

Keep quiet: Keep your success to yourself. The moment you start boasting about what's going to happen in your life and how well you're doing, you can be sure something will go wrong - don't ask me why - but it happens.

HOW TO AVOID BANKRUPTCY!

Do you know that most individuals and companies go out of business? They start with incredible dreams, but within a year, their dream deflates like a balloon after a party.

Today we can see companies making the same silly mistakes all around us. Business can often be likened to the shape of a horn. Adventure travel Asia. Popular adventure travel. Adventure travel in Russia. Enter through the wide end, splashing out money on: offices, plush furniture, company cars, business dinners and brunches, hotels, excessive marketing material and paying yourself fat wages etc. - can lead only one place, BANKRUPTCY!!

If you enter through the wide end of the business horn, as most do, you will find it extremely painful trying to squeeze out the other end. However, enter through the narrow end of the horn, re-investing your money in your business, focusing on the long-term, exercising stringent financial control and you will grow and expand with your business as the end of the horn widens infinitely - you'll find your journey a pleasure. Leave the luxuries in the early days and the tempted extravagance well and truly alone. Why move into plush offices, when you can do the same work from home for example - grow with your business, it has a life.

 

Debt Consolidation Comparison

Americans have become plagued by debt. Two methods for eliminating your debt are either through consolidation or settlement. This article will look at debt consolidation comparison so you can determine which method is best in your situation.

The first step you are going to need to take whether you are going to do a debt consolidation or debt settlement is to determine how much unsecured debt you have in order to do a debt consolidation comparison. If you are unsure, contact a credit monitoring company like Experian or MyFICO and obtain a copy of your credit history.

The next step in the debt consolidation comparison is to find out if you qualify for a debt consolidation loan. In most cases, you will need to own your home to qualify for a debt consolidation loan. Debt consolidation is a home equity loan and will make your mortgage payments higher. You will also have to show a minimum FICO score, minimum monthly income and steady employment.

Make sure you are going to save money with a debt consolidation loan or if you would save more money paying your credit card’s minimum payments. You will need to also need to decide if you can afford higher monthly mortgage payments. If you can’t afford higher mortgage payments, a debt consolidation loan probably isn’t the best solution for your situation.

A debt consolidation comparison shows that you can lower your monthly payments and reduce the interest rates of your unsecured debt. You only have to make one payment and you can write off the interest payments on your taxes. The negative side is that it will take you longer to pay your bills off and you will spend more money in interest over the life of the loan. You could also lose your home if you can’t make the payments on your debt consolidation loan.

If you are looking at debt settlement to eliminate your debt, most companies offering debt settlement will only work with people who own $7,500 or more. These companies can also have additional requirements, so make sure you meet all the requirements.

In a debt consolidation comparison, you will need to determine if you have the money available for debt settlement. To find out if debt settlement is right for you, add all your monthly expenses including housing, transportation, utilities, food, entertainment and insurance and then subtract that amount from your monthly income. If you have money left over, then debt settlement may be the right option for you.

After doing your debt consolidation comparison you decide that debt settlement is the best option for you, don’t sign up with the first company that you find. Investigate several companies prior to signing up with anyone and also make sure they are approved by the Better Business Bureau.

A debt consolidation comparison shows that using debt settlement to get out of debt can reduce the total amount you owe and could also improve the relationship between you and your creditors. With debt settlement, you can pay your debt quicker as long as you remain faithful to the settlement offer that will be established for your particular situation. You need to be aware that debt settlement can incur potential tax problems and may hurt your credit rating. Unfortunately, debt settlement could encourage your creditors to initiate law suits against you.

To summarize the debt consolidation comparison basics between debt consolidation and debt settlement are:

• Compare the short-term benefits of each debt solution option

• Compare the long-term benefits of each debt solution option

• Decide which option is best for you. Which option do you qualify for and which one offers the best overall benefits? Which one can you afford?

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Fix Your Credit Report Today

Even a minor mistake on your credit report can keep you from getting a good interest rate on a line of credit. It is vital to keep your credit as good as possible. But did you know that up to 70% of credit reports contain mistakes? The three major credit bureaus are in charge of keeping track of your credit history. Since they have millions of reports to keep track of, they can’t be concerned with making sure every report is 100% accurate. That job is up to you. So what steps do you need to take to make sure your credit reports are as good as possible?

Check one report every 4 months to locate any errors. This is an important step. You are entitled by law to one free report from each of the three credit bureaus every year. Take advantage of this. Remember, one bureau can make a mistake while the other two don’t, so be on the lookout. If you do find a mistake on one, then you should order to the other two to make sure the same mistake isn’t on the others.

Write to the bureau when a mistake is found, don’t call first. Why shouldn’t you call first? Because when you call, you don’t have any evidence you contacted the bureau, which is important if you, in a worst case scenario, have to take the mistake to court. Address the letter to a company executive, not to the bureau in general. In the letter, attach a copy of your report and highlight the mistakes. Give them all your contact information including your full name, address, contact information, and social security number. Make it as easy as possible for them to help you out.

Remind the bureaus what they are required to do by law. The Fair Credit Reporting Act requires Equifax, Transunion, and Experian to investigate all discrepancies consumers report, including…

• Purchases made by someone else
• Prices on bills that don’t match your records
• Charges for products or services you never received
• Computational errors

The Fair Credit Reporting Act requires that any transaction that can’t be proven within 30 days be removed.

Keep calm and be professional when you do make a call. Correcting your credit history is likely to be a headache. The one letter probably won’t be the end of your credit trouble. Be prepared to make a series of phone calls to credit bureaus and other financial institutions. These phone calls can be frustrating, but a calm and tactful attitude will get you much farther than screaming and yelling will.

Take notes of everything that happens and get confirmation. Why? In case you have to go to court. This is unlikely, but it does happen. When you get verbal assurance that a bureau will take action, try to get them to send you a written confirmation they have, or will, do what they said.

Call a lawyer only as a last result. Nobody wants to get caught up in a legal battle, but if an uncorrected mistake will be a huge blemish on your report, this step must be taken. A lawyer will help you take the necessary action if the above steps haven’t fixed the mistake.

Making wise financial decisions and paying off all your bills are steps you can take to keep your credit reports spot free. But a bureau can easily make a mistake. Do your part to catch these mistakes as soon as possible.

 

Stocks and Bonds

Stocks and bonds are among the most popular types of investments for individuals at all life stages and economic status-from the young person investing their first $1,000 to millionaires managing their retirement portfolio. Many investment advisors recommend having both stocks and bonds in your investment account. Stocks have more upside potential for returns, but also more risk of loss of principal when the market suddenly turns down. Bonds offer lower overall returns, in the long run, but more safety and also the opportunity to earn interest. A blend of these two investments can provide you with the mix of risk and reward that is just right for your current life situation.

When making decisions about what to invest in, you have to take into account your attitude toward risk. The advantage of investing in mutual funds is that there are funds to fit every investor's needs, from the most aggressive to the most risk averse. There are even funds constructed to make money when the overall market is going down (of course these funds tend to lose value when the market turns back up).

Investing in stocks and bonds has become easier for the individual investor in recent years for a number of reasons. One reason is the advent of online access to accounts. It is possible now to make your own trades online without having to interface with a stock broker or other staff at a brokerage firm. You can place your buy or sell orders at your own convenience. The small investor also has much more investment information available than ever before. Services like Morningstar, morningstar.com, provide detailed analysis and ratings for stocks and mutual funds, making it much easier to choose from the hundreds of mutual funds available. More and more, it is possible for an individual to make his or her own investment decisions, based on reliable research data, rather than having to rely on recommendations made by a brokerage firm. Competition among the many firms that offer brokerage accounts, particularly the online accounts, has substantially reduced transaction fees-the cost of buying and selling shares-which used to be an impediment to being an active trader of stocks or bonds. It wasn't that many years ago investment firms required a relatively high threshold amount to be deposited in order to open an investment account with them, such as $10,000. This was a barrier to the individual just getting started with investing. But these barriers, too, have fallen, as investment firms now actively court the smaller investor, with the goal of building a long-term relationship with them.

Because stocks can be volatile investments in the short-term, it requires a certain amount of patience to be successful. You have to ignore the day to day swings caused by good or bad news on the economic or political fronts, and have a disciplined, long-term strategy. One strategy is to add a specific amount to your investment account at regular intervals, say every month or every quarter, whether the market is currently having a bull (up) or bear (down) phase. Historically, stocks provide greater returns than many other investments-over the long term. Holding stocks over the long term has generally proven to be a sound strategy for the individual investor.

 

How to Choose Stock Trading Software

If you want to invest money on the stock market but don’t know how, there are different options open to you. You can hire a company (or broker) to trade for you or you can use stock trading software to help you make investment decisions.

Investing money in the stock market can be very profitable if you know what you’re doing.

But what if you don’t know what you’re doing? What if you don’t know how to trade on the stock market or where to begin?

If you want to invest money in the stock market, but you don’t know how to go about it you do have options.

Many people think that to make money on the stock market you have to have intricate knowledge of how the system works and how to make wise investment decisions.

But you don’t have to do it all yourself.

You can employ companies, both online and off line to do your trading for you. You just allow them to invest the money for you and set them limits of how much you want to buy stock for and when to sell it.

But a more popular way of trading on the stock market these days, is by using stock trading software.

Stock trading software helps investors to make smarter investment decisions without having to do all the heavy and time consuming analysis of the stock market.

It provides all the data for you so that you can make fast, and easier, decisions and the software is good for short and long term investors as it allows you to make all the decisions on investments yourself.

But there are so many different types of stock trading software and robots available, that it can be hard to choose which one will be right for you. So you need to decide which is the most suitable for you by how comfortable you are using it, because if you feel comfortable with it, you feel more confident.

Some software let you trial them for a month or two first while others contain really good in-depth tutorials to make sure you have a complete understanding of how it works.

Software that has been established longer will have a better understanding of market trends, and if it’s been around for a while then it must be good.

Multifunctional software gives you more options such as real-time stock market quotes whereas more one-dimensional software gives you less options. But there is no get-rich-quick software, so don’t believe any hype you may read.

If you try a piece of stock trading software or robot and find that you don’t like it, then don’t stay with it. Find something that suits you and your needs.

Foreign Money Exchange

One of the ways that people invest their money when they want to avoid the instabilities of the stock market is the foreign money exchange. The foreign exchange, also known as "Forex", is a place where investors bet that certain currencies will gain or lose value, effectively making money by betting on changes in various currency exchange rates. This sort of currency transfer is done largely using brokers and automated software to conduct trades when the currencies in question meet certain levels of value, as determined by the investor. Foreign currencies are then purchased through automated international payments, which buy and sell the foreign moneys accordingly. Foreign exchange markets are subject to fluctuations and require lots of research just like any investment, but many people believe the reliability and the fact that they end up with at least some currency makes it a safer investment than more traditional stocks and bonds.

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12 Steps to Immediate Debt Reduction

If you are in too much debt, you need to get out of it fast. You need some practical solutions you can use immediately to start reducing your debt straight away. And following are 12 simple steps to help lower your debt and take away the worry and hardship it brings.

Having too much debt is a terrible thing. Being in debt lowers your standard of living which is always ironic considering that we always create debt by buying things that we thought would raise our standard of living.

So what you need to know is how to get out of debt now, and the sooner the better.

Most people will tell you to make a plan of how you intend to get rid of your debt quickly. Well no doubt you already know you want to pay off your debts, but if you have no idea how to do this then the advice is worthless.

The following is a list of 12 simple solutions that, if used immediately, will help you to become debt-free.

1. Cut up your credit cards.
You’ve probably heard this advice before. But remember that “credit” is another word for “debt.” So cut those cards up now. No excuses. If you really feel helpless without a plastic card in your wallet then get a debit card instead.

2. Keep financial records.
Don’t wait till your next bank statement comes along and scares you. Keep your own written records of what you spend every day. This will help you to keep in control of your spending.

3. Downshift.
The less you buy the faster you can pay off your debts. Also the less you buy, the less you need to work to earn more to buy the things in the first place.

4. Eat more naturally.
Fresh food is so much cheaper than buying ready-made meals and other processed foods. It’s also healthier and less fattening. If you are not sure what to do with your ingredients, type them into the Google search box with a comma in between each one and Google will find recipes for you.

5. Don’t buy pets.
As delightful as they are, pets can be very expensive. Just having one dog will costs hundreds every year in food and thousands in vet’s bills for tick treatments, worm treatments, annual vaccinations, illness, dental care… and the list goes on and on. And it’s also expensive to kennel a dog when you go on holiday.

6. Use your library.
Books are great. You can learn a lot from them or lose yourself in a riveting novel. But books can also be expensive. So use your library and borrow books for free.

7. Don’t eat out.
Cafés and restaurants can be expensive. Even cheap meals cost a lot if eaten regularly. Spending $50 a week on a restaurant meal once a week is $2,500 a year. Even having a harmless coffee every day can cost over $1,000 a year. So make eating (and drinking) out a treat now and again and not a regular occurrence.

8. Take away the take-aways.
Gather together all your take away menus that you have stashed in a kitchen drawer and throw them away. Home cooking is far healthier and a lot less expensive.

9. Eat seasonally.
Fruit and vegetables are far cheaper to buy when in season. So don’t go buying expensive tropical fruits from another country when your country is in winter. Wait till summer and then buy the cheaper version from closer to home.

10. Buy used.
It’s always much cheaper to buy things second hand rather than new. Electrical items should always be bought new (it’s safer and you get a warranty) but clothes, toys, furniture and everything else can be bought at bargain prices. (But only buy things you REALLY need.)

11. Furniture restoration.
Cleaning up and restoring old furniture can not only save you money, but can also be very rewarding if you can buy an old, cheap piece of furniture and work on it till it looks like new, it gives you a flowing feeling of job satisfaction. Your library will be full of useful books on this subject or your local college may have courses.

12. Learn to sew.
Being able to repair clothing or upholstery can a time saver as well as a money saver. It’s far quicker to repair something than to have to go out and find a new one. So learn a few sewing techniques or see if there is a local upholstery course being run in your neighborhood. A stitch in time really does save.

So there you have it. Follow the above 12 strategies and you are guaranteed to become debt free.

And then the next step is to get on the road to wealth.