The Biggest Lie Ever Told About Wealth
September 30, 2009
Why is it that 90% of the population find it so difficult to become rich? It is because all of us have been told the greatest lie of all, the lie that has been keeping us from becoming rich. Before you can ever become wealthy, you must first discover the truth about wealth and remove the wool that has been pulled over your eyes for way too long.
Let me start off by asking you to do a simple exercise. I would like you to close your eyes and picture a millionaire in your mind. Picture the clothes the person is wearing, the car he drives, how he spends his money, how he spends his day and how he dines. Go ahead and do this NOW before you go onto the next paragraph.
Well, what picture came into your mind?
If you are like most people, you would have pictured a millionaire as someone who wears the latest, branded clothes, who drives the newest luxury car model, who spends lavishly, who dines in fine restaurants and spends on the priciest, choicest dishes and most superb wines.
You may have imagined someone who is relaxing in a cushy leather upholstered armchair in his mansion or yacht, puffing on his Havana cigar. Why is this so?
It’s because of the way we have been brainwashed by television and movies to think this is the way millionaires live and spend their money. It is precisely these beliefs and habits that actually keep us from becoming wealthy!
The truth is that very few self-made millionaires live this way. In fact, the only ones who do live this indolent, self-indulgent lifestyle are the minority of millionaires who either inherited all their wealth or who made their money through sports or entertainment.
And all of them usually have one thing in common. They inevitably end up losing everything within ten years. Their wealth is only temporary. Look at Mike Tyson, Michael Jackson, Bobby Brown and a whole list of other celebrities who made hundreds of millions within their careers. They are either all broke or heavily in debt today.
In the New York Times Best-Selling book ‘The Millionaire Next Door’, Thomas J. Stanley interviewed 300 self-made American millionaires to find out how they think, how they earn their money and how they spend their wealth. What he discovered was a shocking revelation that made his book an instant best-seller.
It was discovered that many people who had high paying jobs, drove the latest luxury cars and wore the latest designer clothes and who appeared to be have millions to spend, were usually broke with a low personal net worth. Most of these professionals and senior executives of multi-national companies were what he termed ‘Under Accumulators of Wealth (UAW)’.
In contrast, those who were actual millionaires (that is those with a net worth of over US$1 million) lived very frugally and well below their means. Eighty-percent of them were born poor or from middle class families.
They wore inexpensive suits and never bought a watch that cost more than S$500. Most of them drove secondhand cars, never bought the latest models of vehicles and they usually invested a minimum of 20% of their income in the stock market or private businesses. He termed these people ‘Prodigious Accumulators of Wealth (PAW)’.
So if creating a million dollar fortune is what you’re aiming for, do what the actual millionaires do and you will accumulate wealth faster than the big spenders ever do.
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE audio CD program ‘7 Steps To Financial Freedom’ here.
Choosing a Credit Card When You Have Poor Credit
September 30, 2009
Poor credit is something that can happen to just about anyone, and it’s not always due to circumstances we could have controlled. Sometimes life events just go beyond what even the most budget conscious could have paid for.
Once you have things back under control, it’s time to start rebuilding your credit. Even if you hope to never have debt in your life again, building a good credit history can help you.
Your credit history can impact your ability to get a job, a car, a home. It can even impact the rates you pay on insurance. Places you wouldn’t necessarily think of may run a credit check on you.
This makes selecting a credit card to help you build up that score very important. You want it to be something that will help you rather than make things worse.
Many credit cards for poor credit have annual fees. These may not sound too bad, and in many cases really aren’t that bad, until you add them on top of all the other fees that may be charged. Some companies have a fee to join and a monthly fee on top of that, to where the fees are costing you more than you may have planned on spending on the card.
Right off the top, make sure you understand the fee schedule before you even apply for the card. There’s no point in paying for a card you’re going to loathe. Take a little time and you can find much more reasonably priced credit cards.
And don’t pay a fee until you actually get the card. This is one of the best ways to avoid being scammed. You may be having a hard time building up your credit, but that’s no reason to skip your due diligence. It’s for your own protection.
The interest rate offered to you matters, even if you aren’t particularly planning on carrying a balance. You might need to at some point, so do take this into consideration.
A big consideration is whether you want to go with a secured or unsecured credit card. You can find these available to you, pretty much no matter what your credit looks like. Which you prefer is pretty much up to you.
However, if you prefer a secured credit card, make sure that it is a true secured card and reported to the credit bureaus. You do not want to be wasting your efforts with a prepaid debit card when you’re trying to rebuild your credit score. The two can sound very similar, so be sure to ask the company when in doubt.
The grace period can be another major sticking point. You want to have enough time that you actually have a chance of getting your payments in on time. You may be capable of taking that bill the day you get it and sending your payment straight in, but what if you don’t? You need a sufficient grace period to allow yourself to comfortably make that payment.
Beyond all these factors, you want to look at what you really want from the card. If you’re going to carry a balance, a rewards card honestly is probably not the best choice, since the interest will probably eat up your benefits.
Going from a poor credit score to a good one takes time, but it’s a necessity of modern life for most people. If you work at it you should be able to improve your credit score steadily and make the move to a regular credit card over time.
Stephanie Foster blogs at http://credit-blog.findcreditonline.com/ on credit related issues. If you need to find a credit card for poor credit, she suggests looking over the unsecured credit cards at her site.
Airline Credit Card Who Needs Them
September 29, 2009
An airline credit card is one which rewards purchases with air travel miles or points which can be redeemed for them. Airline credit cards ideally fit a certain user profile. Typically users of airline cards are financially well off and travel frequently. But who else needs them?
Ideal Airline Credit Card User Checklist
Before deciding to go for an airline credit card you should check your credit history. If it is perfect or almost perfect, you can check off one of the requirements of the ideal airline credit card user checklist. If you pay your credit card debt on time, you fulfill the second requirement of the checklist. It is also important that your debts on other credit cards and other bills are paid one time. You are a big spender, and spend it through your airline card. Most importantly, the travel miles are useful or important to you.
Reasons for the Airline Card Checklist
Airline cards usually charge higher interest than ordinary cards. If you are not timely in your credit payments, you incur a lot of interest. Also if you do not have excellent credit ratings, you fall into a higher interest bracket and do not qualify for the lower APR credit cards. This makes airline cards very expensive to own. It is also important to pay other debts regularly, since the rules link you credit ratings across debts. What this means is, if you have a bad credit rating in relation to another credit card you own, it affects your credit rating in the airline credit card and you may have to pay a higher rate of interest.
If you are not a big spender and do not spend much through your airline card you will not earn enough miles to travel by air for a long time. If travel isn’t interesting to you or is not incidental to your line of work, you may be better off looking for a low APR credit card.
If you do purchase an airline credit card, make the most of it, by using it whenever you shop. Also use your airline miles at the first chance you get. It is better to use your airline miles for long flights to make the most of them. Airline cards are used best when they are redeemed for airline miles. It is generally not worth it to redeem your airline card on other products.
Airline cards vary greatly in terms of their bundle of offerings. There are different APR’s and differing credit requirements (but you must have good credit). Also some airline credit cards offer bonus air miles. Different annual fees are charged. Bank sponsored airline cards allow you to redeem your air miles through a number of airlines. With airline sponsored cards you have to patronize the issuing airline. An informed purchase of your airline credit card can lead to smart savings for some, and free holidays for others. Remember to combine the informed purchase with smart usage of your airline card. If you can choose and use your airline credit card wisely, the only negative effect you can expect is jet lag.
For more information on airline credit card offers, Robert Alan recommends that you visit CreditCardAssist.com
Getting A Wedding Loan
September 29, 2009
Weddings are becoming more and more expensive, with the average UK wedding costing well over 15,000. Each year the cost is rising, and people are spending more and more on their weddings. In order to pay for this very special occasion, you might want to consider taking out a wedding loan. A wedding loan can help you to fund all or part of your wedding, and means you can have the ceremony you really want. If you want to know more about wedding loans, here are some things to consider before applying.
Wedding loans are unsecured
Although it might be possible to get a secured wedding loan, most wedding loans are personal unsecured loans. This type of loan does not require you to put up something of value as collateral, meaning you do not need to put your home at risk. Also, a lot of people who are just getting married do not own property, and if they do will have a mortgage already and will not want to take out more money against their home. As long as you have reasonably good credit, you will be able to get some sort of unsecured wedding loan. Unsecured loans are also quicker to get hold of, because you do not have to go through the house valuation process.
How much debt do you want?
One thing you need to consider before taking out a wedding loan is the amount of debt that you are your partner are willing to carry into marriage. You will need to decide whether or not you apply for the loan separately or jointly, and take into consideration other debts you might have such as credit cards or mortgage payments. Only borrow what you can really afford to pay back. Although your wedding day is important, it is not worth getting into serious financial trouble over.
Greater ability to budget
Once you have worked out how much you want to borrow and applied to see what the amount you are eligible for, you can budget your wedding. If you have an amount already secured, then it is much easier to work out a budget for your wedding. You know how much money you have to work with, and so can plan the details within this budget.
Save yourself money
Wedding loans can also help to save you money on your wedding. Even if you have money set aside for your wedding, some of the costs might end up being paid for on a credit card, which carries a much higher interest rate than a loan. Also, if you are pre-approved for a wedding loan, you have the finance in place and can negotiate with suppliers for your wedding. If you can pay people like caterers and entertainers up-front, then they may be willing to give you a discount. This will help you to save money on your wedding and also ensure that everything runs smoothly.
Shop around and read the contract
As with any loan, it is important to shop around for the best rate. Also, make sure that you read the contract in detail before signing it. Your wedding is important, but so is the loan you use to pay for it. Long after your wedding day has finished you will be paying back the loan, so you need to make sure that it is right for you.
Peter Kenny is a writer for creditcards-gb.co.uk Please visit us at Unsecured Loans and Secured Loans
Which Charity Credit Cards Are Worthy Of Your Support
September 29, 2009
Donating to good causes is a great way to help people who are less fortunate. People have always been able to help good causes by giving up their time or handing over cash. Now the process is even easier.
Many charities now have branded credit cards that enable consumers to donate to the charity every time they spend. These charity credit cards are backed by major UK banks. The Royal Bank of Scotland, Halifax and the Cooperative Bank all support several charity credit cards.
Learning About Charity Credit Cards
When consumers first sign up for a charity credit card, the issuing bank makes a donation to the relevant charity. This sum ranges from 5 to more than 40. The actual sum donated will depend on the terms of the particular credit card deal. If consumers keep and use the card, then card issuers usually make a second donation at the end of six months or a year.
Charity credit cards also give ongoing support to charities by paying a percentage of any spending on the card to the nominated charity. For example, most cards contribute 0.25% of spending to the charity. This means that 25 pence is donated to charity for every pound spent on the card. Some charity credit cards offer a donation of as much as 1%, so the amount given to charity increases to match. This is worth thinking about when deciding which charity credit card to go for.
What Causes Can I Support With Charity Credit Cards?
There are cards for almost every good cause. These include:
- Cancer charities such as Cancer Research UK and Breakthrough Breast Cancer Trust
- Children’s charities such as the NSPCC, Great Ormond Street Hospital and Barnardos
- Animal charities such as the RSPCA and PDSA
- Aid agencies such as Christian Aid and Oxfam
- And many more.
To find out if the charity you want to support has a credit card, telephone them or visit their websites. There are also several credit card comparison sites to help consumers decided among the different credit card offers.
What Incentives Are There For Using Charity Credit Cards?
Charity credit cards offer the same incentives to new cardholders as other cards. This means that, depending on the offer, cardholders can benefit from:
- Low annual interest rates
- 0% balance transfer rates for a fixed period
- 0% interest on purchases for a fixed period
- other rewards and incentives.
Some credit card issuers may charge a one-off balance transfer fee. This should be considered when deciding on the right card.
As with all credit cards it is essential to make payments regularly and on time to avoid attracting any penalty fees.
Once people have selected the right charity card, making a donation is as simple as doing what they would do anyway. All they have to do is spend money in the usual places and their favourite charities will get the benefit.
Joe Kenny writes for the Credit Card Guide, offering views on credit cards in the UK, visit them today for some great 0% balance transfer offers and start clearing credit card debt today.
Rewards Credit Cards How To Get A Good One
September 28, 2009
Getting those rewards is the fun side of credit cards. Everybody likes to get things they can use. A good rewards credit card can do just that for you if you get a good one and use it right. Here are some tips for you to know how to select the one that is “just right.”
Choose The One That Will Benefit You The Most
In order to get the most rewards, you need to get them in a way that will reduce some of your highest monthly costs. If you drive a lot for work, then you need a driver’s credit card. The rewards on this type of card come in the form of points which can often be used for maintenance, hotels, and towards buying your next car. Sometimes a rewards credit card will give you a lot of points from the start which can be used after your first purchase.
Other purchases can also give you rewards on some rewards credit cards. This makes it good all the way around. Many cards do not give you points for all your purchases, or if they do, it is only for a limited time. Look around carefully, to find one that keeps on paying you rewards. Also, be sure to find out whether or not the points are useful to you by allowing you to get merchandise at stores where you might normally shop. You do not want to get a rewards credit card just because it gives a lot of points and then find out there is nothing to buy because they do not have anything that interests you.
Get One With Balance Transfers
Balance transfers can be a great source of another reward - with 0% APR interest for up to 15 months on some of them. This would be a good way to get caught up on some bills. Keep on paying the same amount after you make the transfer, and it will help you reduce your overall indebtedness. Watch out for fees attached to those transfers though - most cards do not have them.
Look At The Interest Rate
The interest rate can be a way to take away some of your rewards if it is very high. Look for a low one, but you will need a good credit rating to actually get that rate. A 7.9% interest rate is about as low as a credit card will go. By paying the balance in full each month, though, you will not need to be concerned about it. If you ever pay late, though, on most credit cards, you could find out that your low rate credit card has now become a high interest credit card.
Scrutinize The Fees
Fees can be high on some low interest credit cards. Some will have annual fees, too. There may be other fees, as well. Just compare the various credit cards you are interested in, and choose the best.
Joe Kenny writes for the Credit Card Guide, offering views on credit cards in the UK, visit them today or Nations Finance for some great credit card offers and grab a great deal today.
Visit today: http://www.cardguide.co.uk/
Q and A About Credit And Credit Bureaus
September 28, 2009
Consumers cannot repair credit score by themselves. This is actually not true. All the information that you need to erase bad credit from your bad credit file like the pros is easily accessible at online. You can also receive a free online credit report and find out your bad credit so that you can perform do it yourself credit repair.And you do not have to pay thousands to achieve a good credit score.
If you get a bad item removed from your credit report, it can easily be put back on. The truth about this misconception is that if you follow the rules of the Fair Credit Reporting Act and dispute erroneous items on your credit report, it cannot be put back on your credit.Once you receive your free online credit report you can eliminate the bad credit and perform a credit dispute.
Paying off old debt or charge offs according to credit bureaus removes it from your credit. Paying off old debt settles the creditor but does not clear your credit report of the bad credit. But it is possible with a little information, to wipe any charge-off from your credit.This is all part of do it yourself credit repair which shows how you can erase bad credit using credit repair secrets.
Credit Bureaus are a government agency. Many people have the perception that this is the case, but actually all three credit bureaus are private companies. This makes them liable for damages therefore if you follow them with the law, rather than risk a law suit they will most likely settle and clean your credit.
Credit Bureaus are required to remove any erroneous items from your credit after 7 years. This is true but what people dont realize that the 7 years begins from your last delinquency which therefore can extend this time even past 10 years. And that is a long time to be without good credit.
Information on your credit cannot be changed by disputing. The opposite is actually true. Any dispute presented to the credit bureau has to be verified and confirmed by the bureau within 30 days which after they have to remove the item from your report by law. This is quoted under the Fair Credit Reporting Act.
Inquiries into your credit can damage your credit. This is unfortunately true, if you have a couple of inquiries then it is not too bad, but anything more and creditors will see you as desperately seeking credit from anyone who is giving it.
These days consumers can obtain a free online credit report is made to assist general people as it helps in protecting consumers from Credit Repair Services and also helps in maintaining credit repair secrets. Free online credit report also provides consumer with credit repair guidelines that can help in reducing Credit repair Errors and so the consumers having bad or compromised credit rating can easily repair credit rating.
Free online credit report not only helps in keeping consumers secrets to credit repair but also offers consumers with credit repair guidelines by which the consumer can repair your bad credit reports faster.
From Free online credit report the consumers can repair credit score within days and so free online credit report proves to be the best ways to repair bad credit and also a good credit repair kit. Increase Profits with credit repair and now it is easy and simple maintaining an individual’s creditworthiness by getting the information that an individual wants.
Credit repair kit available online provides you with such excellent information like credit repair business that will be surely useful to every one and thus will help everybody in achieving the better results. Remember that repairing and building credit is a marathon not a sprint.
The Asani Wells financial group consists of ex-Bureau employees and agency solicitors who have combined years of knowledge of the credit score system into this easy to read downloadable EBOOK. Please visit http://www.1800aaacredit.com for more details.
Foreclosed HomeDiscover The Truth About Foreclosed Homes
September 27, 2009
Foreclosed houses are houses that have been closed by an individual or a group of individuals before another person owns them. Such situations arise when mortgagers either dont bother to take their house back or are unable to release it because of financial adversities. As a result mortgaging companies takes over the charge of the house and offers to resale it.
You might have come across property news and newspaper advertisements, local magazines or even the Internet having information about foreclosed homes. Even the real estate agents have foreclosed homes offers in plenty. To know more about foreclosed homes you can talk to the real estate agents or even the assessors. Plan a visit to the local courthouse would give you a rough idea about the various deals and how their dealing process. Similarly, you can also attend the foreclosure home auctions to know more about the auction options and the risks involved.
Planning to buy a foreclosed home is one of the most significant financial decisions an individual has to take. Purchasing foreclosed homes includes bargaining the foreclosed sale, acquiring mortgage, getting the title insurance and finishing the home purchase.
Before buying a foreclosed house you should be well informed about the various options available. This applies especially to the first time foreclosed homebuyers who are new to the foreclosed property transactions. As mentioned before, consult a reputable title agent or attorney before buying a home.
Many people harbor wrong notions that foreclosed homes are basically shabby homes in rundown neighborhoods. However, its only people who are actually investing in foreclosed properties that know that this notion is incorrect. Foreclosed homes come in a variety of size and shapes, consisting of large, beautiful new homes in the most sought after neighborhoods.
You are in for a terrific amount of savings, if you are buying a foreclosed house. Strange as it sounds, this is true. By buying homes at 10% to 60% below the original market value simplifies making monthly payments and generates huge savings on the whole. In some circumstances, individuals can buy homes with very less or no deposits, even if they have a bad credit history. Foreclosure pricing is also known for building equity instantly.
Today, you might find more opportunities for buying foreclosures than ever before. To some extent this is because of the high debt rates getting more people into financial trouble, and partially because lenders are giving mortgages to higher-risk borrowers. However, the good news is that together these factors are increasing loan default rates. People who plan to buy foreclosed homes can pick and choose the home they want at a great price. Many of these homes are not advertised, as they are not profitable for the real estate agents.
Foreclosed homes can prove to be of good value for the right person who is willing to consider all the options available. If you are a buyer of foreclosed homes, keep in mind that these houses are not necessarily vacant. Till mortgage companies hand over the house to the buyer, the original residents still own it. Basically, it depends on the buyer decision to keep the original owners as tenants or ask them to vacate the house. Furthermore, furnishing or renovation of the house is not the responsibility of the original buyers.
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Debt Consolidation Explained
September 27, 2009
The aim of debt consolidation is to allow you to pay off your debts and have lower monthly payments. Therefore, detailed research is necessary to ensure the lowest interest rate is obtained. This is because lowering the rate means the loan costs less. This saves money and allows the loan to be paid off sooner.
If you own your own home you have an advantage over those who do not. This is because you can apply for a debt consolidation loan and use the equity in your home as security. If you refinance in this way you are more likely to get approval and get a lower rate of interest. You must be disciplined though. For this method to work you must pay off your other debts with the money from the new loan. You should only use your home as collateral if you intend to make the payments on your new loan.
If you are paying a number of loans at once such as credit cards and unsecured personal loans then a debt consolidation loan may be the answer for you. The debt consolidation process combines all the loans into one loan. This means you only have one monthly statement meaning only one monthly payment. It can be hard keeping track of all your loan payments each month. With debt consolidation, this means you will only have one payment. The process is normally a good option but the downside is the debt consolidation loan is normally over a longer period of time and so the overall cost is often higher.
It may seem a bit odd to be talking about refinancing as a way of debt negation but to be honest taking out a debt consolidation loan is one way where you can renegotiate the terms of your loans. It is not the only way though. Most lenders are often open to the possibility of renegotiating your loan as a way of reducing the risk of default. A debt consolidation loan is not the only way forward.
You can refinance your mortgage or get a second mortgage as a means of debt consolidation. Whether or not you can get a second mortgage for debt consolidation depends on how much equity you have. You are not likely to get a second mortgage if you do not have any equity. A debt consolidation loan does not have to be secured on your home but you are normally able to get a lower inter rate if the debt consolidation loan is secured.
Shelley Green is the owner of http://www.mortgages-click.com, a site that specializes in Mortgages. Shelley Green is also the owner of Loans Click and Refinance Click.
Get A Fresh Start After Filing For Bankruptcy
September 26, 2009
Because of a number of problems that can arise, many people find themselves in a financial situation where their debt load is so heavy, there seems to be no way for them to repay all that they owe. Filing for bankruptcy may be their only hope for rectifying their financial condition and gaining a fresh start.
Certainly, filing a claim form when being broke is a step that is considered to be the last resort and one that is never taken lightly. When people are in a deep mire of debt and they do not have sufficient income to be able to make even the minimum payments, there are other steps that they can take before taking the drastic step. There is credit counseling available when people are overwhelmed with debt and sometimes they even take on an additional job to help make the payments.
Unfortunately, there are many instances in which these approaches are simply not enough and people are left with the last alternative and find themselves in need of legal bankruptcy relief. Even though there are significant negative ramifications when people file bankrupt, at the same time it is a legal step that does indeed provide relief from creditors and provides them with an opportunity to wipe their financial slate clean and new start anew.
One should never decide about filing for bankruptcy until they have had an opportunity to consult with a bankruptcy lawyer, or a credit counseling service at the very least. Many people try to save on the lawyer expense by attempting to do a self bankruptcy, but if anything is overlooked, they can find themselves in a bigger mess than before, since it can be thrown out of court if not properly handled. This is why it is so strongly urged that people should pay for the proper help with being broke, so they can rest assured it will be done correctly.
Filing for legal relief is a matter of Federal law, which governs the entire process and it is the Federal courts where the claim form and all paperwork is filed. Under United States Federal bankruptcy law, there are three types of it that can be filed.
You can file a Chapter 7, a Chapter 11 or a Chapter 13 bankruptcy. Each type of filing has different requirements and this is where it is very helpful to secure professional help with being broke, so that you will be sure you are filing for the right type.
After filing, your creditors must stop making any attempts at collecting on debts that are included in the bankruptcy filing. Also, they cannot pursue any type of legal action or lawsuits against you once they have been notified that you have filed a claim form. When the bankruptcy in complete and has been discharged, the debts have essentially be rendered null and void and your creditors have no power to make collection demands on you.
Filing for bankruptcy will definitely leave telltale negative marks on your credit report for many years to come. Due to this fact, it is advisable to avoid hunting for a job or renting new living quarters once the process has started. Therefore, it is best to have secure employment and housing first, if at all possible.
Once the bankruptcy has been completed and is discharged, then you can start the process of restoring your credit record. Eventually, even though it will remain on your credit report for ten years, you will be able to have a good credit score once again. In many instances, people have better credit scores within a couple years after the bankruptcy than they ever did before, because they became better money managers.
Educate yourself further about filing for bankruptcy from Mike Selvon articles portal. Your feedback is valued and appreciated at our bankruptcy information blog where a free audio gift awaits you.
