 Interest
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Intro APR:
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Issuer: Personal-Finance
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A famous speaker and trainer once told me that the first year he made over $1 million it was all gone by the end of the year and he didn't know what happened to it.Why does money consume our attention for so much of our life? It's because we haven't mastered it; money has mastered us! The sad part is that we will never learn to master money if we operate under the illusion that more money will solve the problem. What we don't realize is that if you can't manage a little, you can't manage a lot! No matter how much you get, it flows through your fingers like water until you change your relationship with it.What really governs our relationship with money? Not logic, not understanding, nothing rational. Our relationship with money is emotional, and it's run by our subconscious mind. Our money programming comes from our family history and from the world around us. We learn as little kids that money is scarce - "We can't afford interest it." Rich people are "greedy and snotty." We're told that we "have to work hard for our money" because "money doesn't grow on trees." Most people go to their graves never learning that none of those old sayings have to be true. So be aware that when you set out to master money, you may have some deep pockets of resistance in your mind to reprogram.Most of us create more than enough income to become financially free if we managed what we earned properly. I believe that almost anyone could be financially free by age 50 or earlier if they had a plan to do that when they entered the work force. The secret is to develop a system to manage money, and then FOLLOW IT. Simple, but not easy. It's not easy because it requires us to develop new habits, to exercise discipline, to practice self-restraint and delayed gratification. How popular is that?I like the system described in the classic book, "The Richest Man in Babylon." In it, a simple plan of paying yourself first, living within your means, investing your savings and continuously improving your skills is presented. Anyone who follows that process will master money. This kind of system has been updated and systematized even further by T. Harv Eker, who created a specific money management system to track all income and expenditures, coupled with a plan to build passive income and create financial freedom. It's simple, it's effective and you can start right now at any income level.So why don't we all do something like this? Part of the reason is that we weren't taught to manage money, and no one modeled it for us. What we usually saw modeled for us was some form of struggle with money. So that's all we know. The other reason is that it's just a lot more fun to spend it all! Eventually, of course, the party's over. So why don't you decide to change now? If mastering money is something you need to do, get going on it. Study "The Richest Man in Babylon" and Harv Eker's book, "Secrets of the Millionaire Mind." Start your system of managing money. Simplify your life. Eker puts it this way, "If you do now what other people won't do, eventually you will be able to do what they can't do!" That's what financial freedom means.You'll need to insert some new beliefs into your subconscious mind. Teach it that you do live in an affluent, abundant universe. There's no shortage of ideas, opportunities, resources or money for anyone. Begin to see yourself as an excellent money manager. Create a vision of what financial freedom might look like for you. Burn these ideas into your mind and watch your relationship with money change. Take charge and master money. You'll be very glad you did.
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Once a student graduates from high school and heads off to college they will be tempted with student credit cards. Student credit cards are aimed at college students. They are easier to get and are great for helping a student establish credit, however, they can also get a student into credit problems. Before ever getting a student credit card a student needs to understand how credit cards work and how to avoid getting into debt. Credit cards offer a loan on purchases. A person can buy things with their credit card even if they do not have the money to pay for it. However, eventually the balance charged must be paid back. Most credit card companies allow a person 30 days to pay back the amount charged. If the person fails to pay off the full amount within that time frame the credit card company charges them interest. Interest is charged at a percentage of the overdue balance. So if a student has a $100 balance and the credit card company charges 20% interest the student now owes $120. Over time the interest keeps adding up and eventually if the student is only paying the minimum amount due they are in reality only paying off the interest and their credit card balance is never going to be paid off. This is why it is important for a student to understand how credit works before ever signing up with a student credit card. Once a student decides to get a student credit card they need to look at a few things before making their choice. They need to check out the annual fee. An annual fee is a lump sum the credit card company charges to their credit card once a year. Some cards do not have an annual fee. additionally they need to look at the interest rate and other fees. Most accounts charge fees for going over the issued credit limit. Sometimes interest charges can send a card over the limit. This not only causes extra fees, but also means the student can no longer use the credit card. Paying attention to the different terms and conditions of the card will help the student to choose the card that is best for them. Student credit cards are a great way to establish credit. A student should be careful, though to make sure they are responsible when using their credit card, so they can get the benefits of it, not the problems. |
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Do you feel ensnared by your credit card debt? If so, consider the following credit card reduction methods. It is vital that you do not incur any more debt. The way to do this is to stop or limit the use of your credit cards until you have them at a minimal balance. If you do not have the self-control to limit your spending, then it is time to shred your cards. Yes, every single one of them, so that you do not continue spending and increasing the size of your credit card debt. Of course, when you do this the only option you will have to pay for purchases is cash (if you have forgotten what cash looks like - it is green bills in various denominations). When you are operating with cash only, you see something that you desperately want, and you notice you do not have enough cash to purchase it that is a sign that it stays in the store and not comes home with you. This is where the benefit of shredding your credit cards comes in handy. It may be difficult at first, but soon you will be glad that you are using cash for your purchases because you are moving closer to becoming debt free. If you decide that you want to keep one card for emergencies choose the one that has the lowest interest rate and do not keep it in your wallet. Put the credit card in a safe place and use it for emergencies only. When the bills come in for your credit cards, never pay only the minimum. It is vital that you pay above this amount. If you pay only the minimum, you are making money for the credit card company. If you have several cards, you can choose to pay as much as possible on one card and the minimum on the others. When you have paid off one card, then carry over the amount you were paying to the next card. Continue this process until your credit card reduction is at zero. Do not hesitate to contact your credit card lenders and negotiate for a lower interest rate. Ask if they have any specials that they can apply to your account. Have some figures handy that you have researched from other offers. If they are unwilling to work with you let them know you will move your balance to one of their competitors. If they want to keep you as a customer (remember you are making them money) there may be an offer they can give to you. If they are still unwilling, then apply for a credit card with a lower interest rate and transfer your balance to the credit card and then shred theirs and continue to work to paying off the debt. This way you are saving yourself money with the lower interest rate and by paying above the minimum required monthly amount.
- Raise your credit score with a help of Credit-Rocket! Read the Chase credit card reviews
- Tired of high charges? Find the best database for credit cards! Read the fine print and find the Annual Percentage Rate (APR). This is the interest rate the companies charge you if you carry a balance. You want the lowest rate possible; as each percentage point drop will save you money on the months you have an outstanding balance.
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