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A Few Benefits of Teaching Your Children about Finance at an Early Age

September 28th, 2018 Posted in kids and money, Parent Advice, the financial fairy tales
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A Few Benefits of Teaching Your Children about Finance at an Early Age - money tree image

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Teaching their kids about financial management and financial concepts isn’t really a priority for many parents. In fact, it often doesn’t figure in any meaningful way at all, beyond perhaps issuing an allowance and giving the child a piggy bank to proudly store their savings in.

Of course, The Financial Fairy Tales are based around the premise that there is real value in introducing your children to the world of finance at a young age, while also acknowledging that the best way to teach children is frequently through metaphor and story, such as by weaving financial messages into a fairytale structure that everyone can understand on an intuitive level.

Unfortunately, however, some people believe that teaching their children about finances will have a detrimental on them in some way or another. Perhaps by making them more cynical, greedy, or less imaginative.

Here are a just a few benefits of teaching your children about finance at a young age, to offset any such potential concerns.

It can open their eyes to financial opportunities down the line

There are a lot of ways in which someone can make their fortune through interacting with the world of finance, but the vast majority of these avenues remain closed to those who haven’t been trained to spot them, and who aren’t armed with the confidence and basic know-how required to get involved.

Forex trading is one of the most potentially lucrative and rewarding financial fields to get involved in, but it requires a good degree of confidence and financial understanding to participate in fruitfully.

Getting your child comfortable with financial thinking, and getting them to consider the financial dimensions of things from an early age, can increase the odds that they will be able to successfully navigate realms such as Forex one day, with the help of tools such as those found at FX-List.

It can help them to avoid developing a fear or dislike of financial thinking

Many people have a somewhat pathological fear, or dislike, of financial thinking or financial management, well into adulthood. This often stems both from a sense of insecurity and also from a sense that there is something inherently uncouth or threatening about dealing with financial topics.

Yet whatever we do in life, financial considerations must be given their due. By getting your child comfortable with financial thinking at an early age, you help to ensure that they practice better money-management down the line, and are more responsible in their financial dealings.

It can help them to develop an entrepreneurial mindset from an early age

Children tend to be naturally enthusiastic about the world, and if something is presented to them as a game or a challenge, they will typically be keen to get involved.

When your child is introduced to financial concepts at an early age, it is more likely that they will seek to apply those concepts. In the short term, this may start as “investing” pocket money. Over time, however, it can develop into a genuine entrepreneurial streak, of the sort that can transform their destinies for the better. http://credit-n.ru/offers-zaim/greenmoney-online-zaymi-za-20-minut.html

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3 Types Of Financial Crises (And How To Deal With Them)

September 26th, 2018 Posted in Credit and Debt
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None of us are immune to financial crises. Life often throws a spanner in the works, and it can throw us into a state of disarray, especially where money is concerned. It’s tough, but there are always solutions to the problem.

In this article, we will look at three types of financial crises. Some of the same rules apply for each, so follow the linked article for general coping advice in a financial crisis. However, there are extra steps you can take to alleviate the damage in the crises presented here.  While we hope you never have to endure any of the following, we hope the advice we give proves useful to you if you do.

3 types of financial crises - financial crisis wordcloud

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Crisis #1: Divorce

Not all marriages work, and this can be costly on both an emotional and financial level. You will be forced to live on a lower income when you find yourself on your own, and you may find yourself in a heated battle over possessions.

Tip: While still married, it’s always worth taking out a prenuptial agreement. This will protect your assets should divorce take place, and will afford you some level of financial security. This will ease the stress of the divorce, as you won’t have to pay court costs to regain possession of your goods should your former partner claim ownership. After the divorce, you may also want to downsize into a new property, unless this has already been forced upon you at the breakup stage. This will help you financially, as you should have less to pay on bills, and on an emotional level, moving somewhere new may also help you escape any bad memories that your current home holds.

Crisis #2: Unemployment

Suddenly finding yourself without a job can be traumatic. It doesn’t matter why you are unemployed, be it through your own fault or as the result of a redundancy, because either way, you are going to find yourself with a reduced income in the months to come.

Tip: Ensure you get the benefits you are entitled to. While being unemployed sucks, you are entitled to housing and unemployment benefit, both of which will alleviate the burden. There may be other benefits open to you, so check with your local government office for advice. The next thing to do is get back on the job ladder. Get your cv in order, and start browsing the job ads again. There is some excellent advice here to get you back into employment.

Crisis #3: An illness or an accident

Being unwell is bad enough, but there are the financial repercussions to deal with. UK readers have the advantage of free health care, so there shouldn’t be medical bills to consider, although readers in other provinces may have this burden. Being away from work can also lead to a lack of income. You might lose your job as a result of your health crisis, or you may have to live on a lower income for a while if your job doesn’t offer sick pay. Therefore in the event of an accident, it is important to speak to a car, truck or motorcycle accident lawyer on a way forward.

Tip: Again, speak to your local government office for any benefits you are entitled to. Especially when off work on a long-term basis, you will be entitled to statutory sick pay (when in the UK), and possibly other benefits as well. If you are housebound, there are ways you can generate some income too, so you may want to consider some of the money-making opportunities here to tide you over.

Finally

To prepare for a crisis, ensure you put money into an emergency fund. This will be useful if and when disaster strikes. And if you are going through a financial crisis now, follow our tips if they were applicable, and get any help you need, such as through a debt charity or your local citizen advice centre. You are going to have to budget what you have, and you will have to curb unwise spending, but there are steps you can take in any circumstance to get yourself back on your feet. http://credit-n.ru/offers-zaim/joymoney-srochnye-online-zaymi.html

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How To Be In Control Of Your Own Money

September 24th, 2018 Posted in Money Tips
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Being in control of your own money is very important if you want to make sure that you avoid any sort of unmanageable debt. You should always know where your money is going and how much you have to live on each month. In this article, we are going to help you with understanding how you can be in control of your own money. Make sure to keep reading if you’d like to find out more.

How To Be In Control Of Your Own Money - managing money image

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Know What You Have

First of all, you need to make sure that you know exactly what you have each month to spend. This is very important as you won’t be able to be in control if you don’t know what you have to work with. Make sure to take a look at your bank statements and if you have a joint account, discuss with your partner how much you both spend each month. This can help you figure out what you need to control and how to control it.

Use Online Banking

One of the best ways to stay in control of your own money is to use online banking. Opening a bank account online is really easy and when you do, you’ll be able to view up to date information about the money that is in your account. If you have an online bank account, you should make sure to check it at different intervals throughout the month to ensure that you know how much you are spending. You would be surprised at how much the little amounts can add up to.

Make Cutbacks

When you start to see how much money you are spending every month, you will know what you are spending money on unnecessarily. This is a good way to figure out what you can make cutbacks on. Write a list of things that you spend too much money on and set yourself some goals to spend less money on that every month. For example, if you find that your daily coffee is amounting to a high figure, you should try and have one or two less a week. Once you make these cutbacks you will feel in control of your money and you will be happier with your bank account in the end.

Give Yourself An Allowance

Our final tip for those who want to be in control of their own money is to do something which a lot of parents do to teach kids the value of money – giving an allowance. You should allocate yourself a certain amount of money to spend each week and if you do this successfully, you will feel more in control of your money. A great way to do this is to take out cash each week and only spend that cash on your day-to-day purchases. Give yourself an allowance and feel more in control of your money.

Follow our tips if you want to stay in control of your money.

 

 

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Hitting the Financial Bottom: 3 Options for You to Consider to Prevent Debt from Ruining Your Life

September 21st, 2018 Posted in Money Tips
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If you are unable to pay your debts, it’s always advisable to seek professional assistance as soon as possible. Taking prompt actions against such cases helps remedy your financial situation. Unfortunately, finding solutions to one’s debts is not as easy as it sounds. If you find yourself hitting the financial bottom as a result of your debts, here are a few strategies to consider.

Hitting the Financial Bottom: 3 Options for You to Consider to Prevent Debt from Ruining Your Life - debt worries image

Debt Management Plans

These kinds of plans make it possible for you to settle your unsecured debts in full, but often with fees waived or with reduced rates of interest. A debt management plan allows you to make a single payment to the credit counseling agency every month. The payment made is then distributed among your creditors. With this approach, however, you will have to live without your credit cards because they will be closed until the plan is completed. Although the debt management plans cannot affect your credit scores, closing the accounts will most definitely do. Therefore, make sure you apply for credit cards again once you have completed the plan.

Bankruptcy

There is little or no point of entering a debt management plan if you cannot pay as agreed. You can always talk to a bankruptcy attorney before you can decide to pursue any relief plan. Most attorneys will not charge for the initial consultation, so do not fear approaching one.

The most common type of bankruptcy is Chapter 7 liquidation and this can be used to erase the unsecured personal loans, credit card debts, or even medical debts. If you qualify for this process, debt relief can be done in a period of 3 to 4 months.

You should note that not every individual with an overwhelming amount of debt qualifies for debt relief through bankruptcy. For your family size and state, if your income surpasses the median, you may be required to file Chapter 13.

There are numerous law firms that can offer the professional help you need. Make sure you search around to ensure you are working with the best bankruptcy attorney in your area. You may also consider visiting www.steinbergerlaw.com/ to learn more about Chapter 7 bankruptcy.

Debt Settlement

This approach should always be the last resort when it comes to seeking debt relief. Debt settlement organizations often ask debtors to stop paying their debt and place their money in their controlled accounts instead. As the money accumulates, the company approaches every creditor, and you as the debtor continue to fall further behind payments. This approach may work since the fear of not getting anything may prompt the creditors to accept any form of settle even when it means getting a smaller lump-sum, as long as they agree not to pursue the debt any longer.

However, with this approach, you subject yourself to collection calls, potential legal action, or even penalty fees. Debt settlement cannot stop any of these from happening while the negotiations are still ongoing.

Last Words

When you are about to hit the financial bottom, make sure you consider the three options above. Best of all, make some time to talk to a bankruptcy attorney to get all the help you need when seeking debt relief.

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The top 5 advantages of hard money loans

September 18th, 2018 Posted in Property Investment
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Hard money loans are offered by private firms and real estate investors. They are usually borrowed against property assets. There are many advantages of these loans, but you should always be careful not to get into the sea of debt. Here are the top five advantages of hard money loans:

hard money loans image

 

  1. Hard Money Loans Are Approved Faster

Many realtors do not realize that as long as they have their property, they can quickly acquire loans for their urgent projects. These loans are usually approved within 3 to 5 business days. The alternative that most borrowers use is bank funding, and this can take close to a month to be approved. Hard money lenders therefore come in handy to save borrowers from long waiting periods. In some cases, the borrower requires funds as an emergency.

  1. Flexible Payments

Hard money lenders offer flexible repayment plans for their clients. The repayment plan can easily be tailored to suit your circumstances. In situations where you have difficulties repaying loans, you can easily explain your reasons for defaulting and agree on a new deal. When it comes to repayment, companies in Los Angeles try to treat you like a partner and not a client.

  1. Fewer Requirements

Normally, before mainstream loans are approved, a lot of due diligence is conducted. The banks check the client’s credit history thoroughly, and collateral is often needed. The rigidity of banks makes the process complicated, and this means only a few individuals can qualify for their products. However, with hard money lenders, the borrower is only required to have an asset that he can borrow funds against. Well, the fewer requirements for approval come as a savior for most borrowers.

  1. Zero Prepayment Penalty

It is possible to pay a hard money loan before the due date and face zero prepayment penalties. Banks, on the other hand, often subject their borrowers to penalties if they pay off the loan before it matures.

  1. Credit History Is Not a Big Issue

Not everyone has a history with mainstream credit bureaus. This is one reason why hard money lenders only require one to have a property that can be valued against the loan required. An equity stake can also be used to obtain loans from these institutions. Banks, on the other hand, will require you to have a high credit score. Otherwise, your loans will be very expensive. Most people who need loans are denied loans from banks because of their weak credit score.

Conclusion

Hard money loans are very easy to obtain. There are many advantages of these loans, and one of the biggest is the flexible repayment plan. You can even choose to pay the loan before the maturation date and still face zero consequences. Also, these loans are typically approved in very short periods.

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