Posts tagged: financial advisor

Are You Really Getting The Best Loan You Can?

Loans are there for us in some of the biggest financial moments of our lives. Starting a business. Consolidating debt. Buying a car. Buying a home. They are not to be taken lightly and the loans you choose can have a huge long-term effect on your financial situation. So, how do you make sure that you’re really getting the best one for you?

Know the risks

As policygenius.com will tell you, there are inherently risky debts to be concerned about. Payday loans and auto collateral loans are mostly aimed at those who have no credit history or a poor credit history, often targeting the already vulnerable with much more unfavorable payment terms that can see interest as high as the triple figures. There are loans like Buy Here Pay Here car dealership loans that can be used as a last resort to help you get access to what you need, but you have to be fully aware of the risks before you take them. Often, when possible, it’s better to wait for your credit situation to improve.

Improve your standing

The improvement of your credit situation is exactly what we’re going to talk about now. If you have no credit history, you shouldn’t try and start off with a bigger loan. Instead, building that history with credit cards and more manageable, even trivial borrowing can help give you a foot to stand on. Eliminating debt and being responsible with credit is the best way to build your score. However, erroneous negatives on your report are a common occurrence, and sometimes you might need the services highlighted by sites like creditrepair.xyz to make sure that you’re able to fix those marks and return your score to where it should rightfully be. At any rate, you should never attempt to apply for credit without first checking your score and report. Getting rejected from a loan can damage your credit health even further.

Look at the options

Better credit history allows for a broader range of loan options. Not taking the responsibility to look at those options, however, is practically shooting yourself in the foot. There are comparison sites offering calculators to help you easily see the real terms of repayment in cash for a lot of different loan types. Do some research on hidden fees, poor communication complaints, and deferred payment options before choosing a loan provider, too.

Have repayment in mind

The most important point is being saved for last. When it comes to buying a home or a car, you might be tempted to take the biggest loan out you can. Many lenders, nowadays, are better about not giving out bad loans, but that doesn’t mean that borrowers don’t take on loans they can’t handle. Have your repayment strategy thought out in advance before you sign any dotted lines. If you can’t see how you can easily and reliably pay it off with your current earnings and stay on top of your finances, it’s worth taking out something smaller.

Be a more cautious borrower, a more reliable debtor, and a savvier consumer. If you skim over the risks, the prep-work, and the need for planned repayments that go into loans, you’re much more likely to end up in debt.

Share to Explore !!Share on FacebookShare on Google+Digg thisPin on PinterestTweet about this on TwitterShare on RedditShare on LinkedInShare on StumbleUponShare on TumblrPrint this pageEmail this to someoneShare on YummlyBuffer this page

4 Different Strategies For Managing Debt

manage your money burdenDebt management is more personal than you might think.

Put simply: there is no “tried and true” method of fixing a debt problem you might have. Everyone is different; different ways of coping work for different people. What helps one person to clear their debts in a short amount of time can leave another flailing and confused. Understanding that you have to find your way to debt management is key to understanding how to unpick the tangle of your personal finances.

Below, we’ll discuss four different ways you can tackle your debt problems. Read through them and see which might work well for you.

1. Redirecting Your Income

If you feel you are able to cut back on luxuries — such as entertainment costs — in your monthly budget and redirect your income to debt repayment, then you should be able to make a significant dent into your debt. When you have paid all essential bills and allowed yourself a small amount to live on, all your other finances should be directed toward debt repayment. It’s tough, but if you can embrace the necessary frugality, then it will work. You can find some tips about living more frugally on morningchores.com to help you along the way.

2. Debt Consolidation

Debt consolidation as discussed on consolidatingdebt.co is a rather simple process, which may be worth undertaking if you are struggling with managing various different credit accounts. The process tends to involve taking out a loan, with which you then pay off all your existing debts — leaving you with one, manageable monthly payment instead. This can also save you money spent on interest repayments, too. If you struggle to keep a handle on all the different payments you have to make, this might be the best choice for you.

3. Negotiating With Creditors

If you want to stave off bankruptcy, then negotiating with creditors is an absolute must. This means making phone calls or writing letters, explaining your situation and asking for their assistance in putting together a management plan that can help you pay off your debts quicker. There’s no doubt that talking to creditors is nerve-wracking, but you will likely find they are more understanding than you might otherwise expect.

4. Making Minimum Payments

Making minimum payments to your debts and nothing more might not sound like a debt management strategy, but it can be if you do it right. If you just make minimum payments and spend the rest of your income on whatever you please, then no, that’s not the best idea in the world. However, if you use the money you save to build an emergency fund — and thus reduce your reliance on credit in the future — then this could be a sound financial move. Just ensure that when you have got a decent emergency fund built up, you then begin paying back more than minimum payments on your debts.

When you find the strategy that works for you, then your way to a clearer financial future should become much more obvious.

Share to Explore !!Share on FacebookShare on Google+Digg thisPin on PinterestTweet about this on TwitterShare on RedditShare on LinkedInShare on StumbleUponShare on TumblrPrint this pageEmail this to someoneShare on YummlyBuffer this page

Keeping Score: How To Get Your Credit Rating Back In The Black

score your creditIn the modern era, just about the entire economy is built around credit. While many people think of credit and debt as inherently scary things, the truth is that most people find them to be incredibly useful. Whether you’re applying for a mortgage, buying a car, or paying for something on your credit card, your credit score is both affected by everything that you do and impacts what you’re able to do. However, a lot of people struggle with how they can go about improving their credit score. For something so important, it’s shocking just how many people don’t actually know how to go about improving it. With that in mind, here are some things that you can do to get your credit rating out of the red and into the black.

Consolidate your debts

Debt isn’t necessarily a bad thing when it comes to your credit rating. After all, being able to borrow money and show that you can pay it back in full and on time is one of the very best ways to building up a decent credit score. However, having a lot of debt from different creditors can have a pretty negative impact on your credit score and can make lenders much less likely to trust you with their money. Sites like consolidated.credit can help you to consolidate your debts and combine them into a single monthly payment. Not only can this improve your credit score but it can potentially help to reduce your monthly outgoings significantly.

Reduce your spending

One of the biggest issues for a lot of people is simply that they fail to pay close enough attention to how much they’re spending. Sure, you might not spend large amounts all at once, but it’s the little purchases here and there that actually make all the difference. It’s incredibly easy for those purchases to add up and before you know it you’re spending far more than you can actually afford. Ending up in your overdraft every month is a surefire way to wreak havoc with your credit rating and leave lenders highly reluctant to do any dealings with you at all.

Speak to the experts

Sometimes your financial situation can be so bad that it feels like you can’t deal with it on your own. If that’s the case, then don’t panic. There are plenty of organisations and debt based charities that can help you to manage your finances better and help to provide you with plans to pull yourself out of debt and improve your credit rating. Remember, no matter how bad things get, there are always ways to pull yourself back out and take back control of your finances.

Improving your credit rating isn’t necessarily going to be something that you can achieve right away. There’s a good chance that it’s going to require a good deal of discipline and patience from you. However, it’s important that you hold onto it because it’s simply too important to ignore. There are so many things in life that you cannot do without decent credit.

Share to Explore !!Share on FacebookShare on Google+Digg thisPin on PinterestTweet about this on TwitterShare on RedditShare on LinkedInShare on StumbleUponShare on TumblrPrint this pageEmail this to someoneShare on YummlyBuffer this page

Tempted To Invest In Property? Read These Tips First

invesment plans in propertyWhen you think about your monthly budget, some non-negotiables take priority: mortgage, food, utility bills, insurances and your kids education. However, once you have accounted for these necessities, you may find yourself in the fortunate position of having some spare cash. If you are financially astute, you may park this money in a savings account to accrue over time. This is the safest option and requires minimal risk on your part. However, as your cash begins to stack up, you may find yourself wondering whether your increasing stacks of cash are working in the most effective way for you.

One major alternative to a regular savings account with a bank is to test your resolve on the property market. Investing in bricks and mortar has paid dividends for many over the past few decades. Lucrative returns can be had in the short term if you are quickly flipping a house, and also in the long term, if you are building up a rental portfolio. Take a look at these tips to help you decide the sort of property investment that you may be tempted to make.

Research Like You Have Never Researched Before

Although you may be impatient to see some of your hard earned money invested in the realm of property, it’s vital that you understand the styles of property that are in demand. If you are thinking of purchasing an inner city dwelling, the chances are that apartments and penthouses will cater for the needs of young professionals, with their lack of gardens and low maintenance requirements. If you are opting for the land of suburbia, you may want to consider larger townhouses and condos that will accommodate wealthy families, that are spacious and located within highly regarded zip codes.

If you are tempted to try your hand at purchasing a property to renovate and sell on quickly, ensure that you purchase the worst house on the best street and not the other way around. You can always alter a property by bringing in a team of tradespeople and renovating it, but you can never upgrade where it is.

The Rental Option

If you are going to dabble in the property market for the long haul, you may wish to let your investment. You’ll need to do your homework and make sure that the rent you receive each month covers the mtal-ortgage that you have taken out to purchase the property. Try and buy somewhere close to other rental properties. You may want to look at a location close to a university to attract students or a hospital that may appeal to doctors or nurses working nearby. If your property is close to good transport links and is easily accessible, it will appeal to more potential tenants.

You may be worried that you could end up leasing your freshly painted and coiffed property to nightmare tenants who refuse to pay their rent resulting in you getting into financial difficulties. Don’t worry. Use a credit referencing agency if vetting your tenants yourself or pass this responsibility over to a specialist letting agent who’ll take care of it all. For a small percentage of the rent each month they will manage your property, take care of maintenance issues and deal with any problems as and when they arise.

Investing In Property For Your Family

You may disregard the idea of flipping or letting a property altogether. Instead, you may be keen to upgrade your current home and take a few extra leaps up the property ladder. You might even be keen to build your very own dream home totally bespoke to your family. You could opt for an eco-home, a waterfront property or one of the many mansions designed by Playoust Churcher. The architect you choose will create your dream home designed and built specifically for you. By investing in property this way, you are enjoying the fruits of your money, as well as ensuring that you have a humble abode that will increase in value if you come to sell it at any point in the future.

If you have extra money each month, you can, of course, build up your savings for a rainy day. However, if you want to see greater returns on your investment, it pays to consider either purchasing a second property to rent or to flip and sell on quickly. You could also think about building your own dream dwelling. You never know, if you clue yourself up on potential locations, housing types and property market forecasts, you could be at the embryonic stages of forming your very own property empire.

Share to Explore !!Share on FacebookShare on Google+Digg thisPin on PinterestTweet about this on TwitterShare on RedditShare on LinkedInShare on StumbleUponShare on TumblrPrint this pageEmail this to someoneShare on YummlyBuffer this page

Practical And Financial Advice For Building Your Own Home

home building money adviceMany people consider self-building a home, rather than buying a property on the market. If they haven’t been able to find their dream home elsewhere, it makes sense to build something from scratch, with all the features they have been looking for. However, you need to consider the costs. On average, it costs around $300,000 to build a home, so weigh this against the cost of buying pre-existing property on the market before you make a decision.

If building a home is something you have set your heart on, these are the steps you should take, and how they affect your finances.

1: Set a budget

You need to set a realistic figure before you begin, factoring in the cost of the land, building costs, loan repayments, and a contingency to deal with those unexpected costs. Use a construction cost calculator to give you an idea of the costs involved, as you don’t want to run out of money midway through the project.

2: Find the right location

You don’t want to build in an area that is inadequate for your needs, so think ahead. It is often cheaper to buy land on the fringes of a town or city, rather than the middle, so factor that into your choice. Wherever you choose, pay for the services of environmental consultants to make sure the land is safe, and free from hazardous materials and pollutants.

3: Speak to your lender

You need funding in place before the project can begin, so once you have chosen a plot to build your property, speak to your bank or another lender about arranging a construction loan. Funds will be released in stages, so you will only be paying interest on the amounts you have already drawn.

4. Know what you want

You need to have a clear idea of what you want your home to look like before you call in the builders. Your budget will dictate some of this, so speak to the experts, including architects and home designers who will help turn your dream into a reality.

5. Get planning permission

Before you start to build, you need to know that you are legally allowed to do so. Speak to your local authority for advice, and they will let you know the regulations attached to building property on the land you have chosen.

6. Factor in the hidden costs

Have a look at this article that will give you an idea of what to expect. There are costs you will expect to pay for, but it is good to be prepared for hidden and extra costs before building work commences.

7. Begin building

Should you choose a building firm, be sure to find somebody reputable. Be wary of those offering lower prices, as you don’t want anybody cutting corners on your project. There is some helpful advice here on keeping costs down in the construction process, whether you hire contractors or take on the building work yourself.

8. Enjoy your home

Finally, you will be able to enjoy your home, and spend whatever you think is necessary on the finishing touches. You could create the perfect home for you, or add value to sell later on. Enjoy.

Share to Explore !!Share on FacebookShare on Google+Digg thisPin on PinterestTweet about this on TwitterShare on RedditShare on LinkedInShare on StumbleUponShare on TumblrPrint this pageEmail this to someoneShare on YummlyBuffer this page