bookmark_borderFinancial Regrets to Avoid

  • Don’t just wing it; set a savings goal – It’s hard to know how much to save when you don’t know how much you’ll need down the road. Unfortunately, too many wait until retirement to figure it out and find themselves with too little savings, too late. A professional financial advisor can help you identify your long-term financial needs and lifestyle goals, and project how much money you’ll need at retirement to achieve them. Inflation and average market returns over time are part of the calculation. Knowing your retirement number also may help you make smarter financial decisions in your early years because you’re working toward a definitive goal.
  • Don’t forget to prioritize an emergency fund – Doing so can help alleviate the stress and aggravation that comes from unexpected expenses, such as a car or appliance repair. It can also serve as a resource for larger purchases if the
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bookmark_borderBasics of a Home Loan

The actual amount of the loan you are eligible for, or can get, varies, and depends upon many factors such as your capacity to repay it, your age, your family income, the number of dependents you are responsible for, and so on. The amount of the loan will also depend upon the tenure of the loan and the current interest rate. Tenure is the total amount of time that you are given for the repayment of the loan. Most institutions and banks will extend home loans for the purpose of buying a house or even a flat, for renovation of an existing property, or for extensions or repairs to be made to your existing home. However, in the case of buying a second property, when you already have one house or flat, most banks will have a different policy and set of rules, so be sure to ask some relevant … Read the rest

bookmark_borderStages of a Market Mania

The Idea Stage

The first stage of a mania starts out with a great idea. The idea is not known to many people yet, but the potential for profits are huge. This is usually translated as unlimited profit, since “something like this has never been done before”. The internet was one such case. People using the paper systems of the time were skeptical as “how can the internet replace such a familiar and entrenched system?” The backbone of the idea begins to get built. This translated into the modems, servers, software and web sites needed to get the idea into something tangible. Investments in the idea stage start off lackluster and made by people “in the know”. In the case, it may be the visionaries and people working on the project.

In the cryptocurrency world, the same question is being asked: How can a piece of crypto code replace our … Read the rest

bookmark_borderCommon Small Loan Mistakes to Avoid

Limiting to Local Options

It’s natural to think of some of the local payday loan shop up the street when considering immediate options for loans. While people are initially attracted to the idea of a business’ proximity to their home, they should keep in mind that they are not in fact limited to these options. While it there may be a comfort or convenience factor considering the business location, the idea is avoid paying a premium price solely for that convenience.

Not Reading the Fine Print

A lot of times, lender promotions and terms seem too good to be true. Unfortunately, in most cases that’s because there’s a catch. Users should pay close attention to fine print, particularly if there are “special terms” or promotions. For example, a lender may offer a low or no interest period as a customer incentive, urging quick decisions. But the same lender may charge … Read the rest

bookmark_borderImportance of a Credit Report

The simplest way to find out about your credit history is to order a copy online. You want a website that provides you with information from the three major credit bureaus;Experian, TransUnion and Equifax. These bureaus analyze your financial decision making; both past and present, and put that information into a report. A good website to use that provides this information is creditchecktotal.com. It only costs $1 to check and can provide you with invaluable information compiled into a credit report. Your report will not only provide your current credit score, but also your entire credit history.

A credit report acts as your credit references. A positive credit history tells potential lenders that you manage your finances well, i.e. borrow money and pay it back in a timely manner. A negative credit history tells lenders you have a difficult time managing your finances and instead are in debt, often not … Read the rest

bookmark_borderAdvantages IFSC Bank Codes

Saves Time & Money

Online banking’s biggest advantage over conventional banking is that it saves time. You can skip the traffic, the queues and the formalities of conventional banking and just outright complete your banking transaction within a span of minutes at your comfort and convenience. IFSC facilitates such online transactions and saves your time. Also, online banking enabled through IFSC helps make banking paperless and hence saves money. Such electronic banking is environmentally-friendly too apart from being simpler and quicker.

Shorter Transfer Time

Online banking enabled by IFSC also saves the time, effort and money, conventional services such as demand draft and bank cheques take for the fund transfer to be successful. Also the transaction is reflected in both the sender’s and the beneficiary’s accounts’ immediately as IFSC details are already confirmed. Moreover, other than the bank’s service charges (if applicable), there is no additional money spent to carry … Read the rest

bookmark_borderDecoding Credit Score

It’s frustrating, but the real answer to, “What’s a good credit score?” is “It depends.” There are over 1,000 scoring models used, which means it all depends on what type of score you’re considering. FICO is generally considered the most important score, and it can range from 300 to 850. The median score is somewhere between 700 and 760, so if you’re in that range you’re considered normal.

Even if you have an upper-700s credit score, or you’ve made it into the elite 800s, there will always be room for improvement. Good credit is dependent upon the “right” amount of the “right” loans paid at the “right” time. FICO scores also reflect how long your credit history is, and the longer the better-in other words, it’s a lot easier for someone in their 50s to have good credit compared to someone in their 20s just by virtue of their age.… Read the rest

bookmark_borderCash Collateral Loans

Generally, the phrase cash collateral is used to refer to any kind of asset that the lender can easily dispose off to get cash, should the borrower declare bankruptcy. In fact, collateral can be described as any asset, which the lender is willing to accept as security for providing cash loans. Basically, investment securities and assets including cash, financial instruments and documents of title can all be utilized for offering security against cash collateral loans. However, the kind of securities acceptable by different lenders often varies. For instance, a particular kind of asset may be accepted by one lender, while another lender may refuse to accept that as collateral.

Though there are different kinds of assets available for securing cash collateral loan, one option that is frequently used is to deposit cash with the bank or the lender in an interest-offering account. The deposit has to be retained till the … Read the rest

bookmark_borderControl Your Finances

MAKE A LIST OF YOUR MONTHLY BILLS

Monthly bills consist of things such as rent, electric, water, council tax and gas. These are bills that are usually the same amount every month. Make a list of all the bills you pay every month along with how much you are paying for each one. Now add up the figures so you know how much you are paying each month in total. If a bill ranges between two amounts then write down the higher amount. For example if you pay between £50 and £70 for electricity then write down £70. You can find the amounts by reading through your bills or bank statements.

Some Electric and Gas companies give you the option of paying a single monthly payment. This way they can monitor how much gas or electricity you are using and adjust your monthly payment accordingly. It is good if you … Read the rest

bookmark_borderFirst National Legacy Card

First National Legacy credit cards offer purchase protection that covers theft, loss or damages to contents. Fraudulent purchases are covered by a zero liability if the card is reported missing or stolen prior to use. Cash advances are included as part of the credit limit, and can be withdrawn at any ATM that accepts Visa cards, just as with all other credit cards. Of course, you will incur a cash advance fee, but this option comes in quite handy in emergencies.

A deposit is not required to access a line of credit with these cards and a timely repayment history results in an increased credit limit and reduced annual percentage rate. This allows even those with a bad credit history to use non-cash payments, according to First National Bank, and has been tailored to cater to those who would like to get their credit history back on track.

Account activity … Read the rest