By: Wesley Watkis
When it comes to financial independence, it often seems that there are certain members of society who just have a better chance of succeeding than everyone else. In fact, there is a anecdote that I would like to share with you that says if you take a group of millionaires; remove all of their knowledge, wealth, and experience; and stick them in the middle of a desert with nothing but a gallon of water, almost every single one of them will be back to millionaire status within 10 years. While it is hardly ethical or scientific to actually put this theory to a test, the basic premise is pretty reasonable: the wealthy are wealthy because finances, investments, and making money are what they're good at doing.
Financial Independence: Your Goals, Your Life
While it may not be your life goal to become a millionaire, it would be difficult to convince anyone that being financially independent or comfortably wealthy wouldn't be a nice break from the routine of everyday life. Yet few people really take advantage of what they currently have to try and amass the kind of wealth that will allow them an early retirement or that beach house in the Grand Caymans.
The primary culprit? Not having solid, attainable fiscal goals.
This may seem oversimplified at first, but the fact is, most people view financial investments or long-term financial planning as something that can wait or that can be set aside when everyday life gets in the way.
The best financial advisors and investment firms, however, will tell you that the first thing you can do to start making the kinds of decisions that will create a solid portfolio of wealth for the future is to sit down and really outline what it is you want and what steps you can take to get there.
For example, imagine a family whose three children are only a year apart in age. They're young right now, but the parents one day hope to see all of them in the college of their dreams. There are a number of steps that need be taken to make that goal a reality, and not all of them have to do with stepping up the piano lessons or moving to a neighborhood with the best public schools. In order to reasonably put three kids through college, it is best to create a plan with actual, measurable results at the end. Saving whatever is left at the end of the month is a good first step, but unless you sit down and look at what kinds of investments that money needs to go into to get the necessary percentage increase in 15 years, you aren't following a financial plan - you're just saving money.
The Bottom Line
Understanding that difference - the difference between saving money and following a financial plan - is what really separates the millionaires from the rest of the population.
The good news is, in today's world, you have serveral resources that can help you move from saving to creating an investment plan. Thanks to financial advisors and other professional firms dedicated to turning fiscal dreams into realities, everyone can tap into the knowledge it takes to move - if not quite to millionaire status - as close as necessary to live the life you deserve.
Article Source: http://www.articlesbase.com/finance-articles/achieving-financial-independence-1063261.html
Friday, July 24, 2009
10 Easy Ways to Organize Your Business Finances
by Abdul Tunio
Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters.
1. Keep Your Bills in One Place
When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Whether it's a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use an area that won't get filled up too quickly.
2. Pay Your Bills on Schedule
Bill paying can be simplified if it's done at scheduled times during the month. Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. If you're paying bills as you receive them, chances are you're spending too much time in front of the checkbook. Although bills may state "Payable Upon Receipt", there's always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late.
3. Read Your Credit Card Statements
Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can oftentimes be beneficial in resolving the matter. If not, try to switch your money to a more favorable rate.
4. Take Advantage of Automatic Payments
Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time. Consider it as one fewer check to write, envelope to lick and stamp to buy. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks.
5. Computerize Your Checkbook
Using a software program is a handy way to organize your finances. Whether it's Quicken(r), Microsoft Money(r) or another package, these easy-to-use programs make bill paying and bank reconciliation a cinch. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And, when it comes time to do taxes, it couldn't be easier.
6. Get Overdraft Protection
Most banks have a service where, if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to either a savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Call or visit your bank to learn about this convenient feature.
7. Cancel Unused Accounts
Whether it's a credit card or bank account, write a letter requesting that the account is formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don't let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. It's easy for credit to get out of hand by taking advantage of every credit offer that comes your way.
8. Consolidate Your Accounts
If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping your money in fewer places eliminates all of the guesswork involved and reduces errors.
9. Establish Automatic Savings
Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.
10. Clean up Your Files
Make sure your paid bills are organized in a filing cabinet. Keep individual files for paid bills. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records-keeping procedures for your state or region.
http://thousandarticles.freehostia.com/finance/
Article Source: http://EzineArticles.com/?expert=Abdul_Tunio
Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters.
1. Keep Your Bills in One Place
When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Whether it's a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use an area that won't get filled up too quickly.
2. Pay Your Bills on Schedule
Bill paying can be simplified if it's done at scheduled times during the month. Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. If you're paying bills as you receive them, chances are you're spending too much time in front of the checkbook. Although bills may state "Payable Upon Receipt", there's always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late.
3. Read Your Credit Card Statements
Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can oftentimes be beneficial in resolving the matter. If not, try to switch your money to a more favorable rate.
4. Take Advantage of Automatic Payments
Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time. Consider it as one fewer check to write, envelope to lick and stamp to buy. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks.
5. Computerize Your Checkbook
Using a software program is a handy way to organize your finances. Whether it's Quicken(r), Microsoft Money(r) or another package, these easy-to-use programs make bill paying and bank reconciliation a cinch. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And, when it comes time to do taxes, it couldn't be easier.
6. Get Overdraft Protection
Most banks have a service where, if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to either a savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Call or visit your bank to learn about this convenient feature.
7. Cancel Unused Accounts
Whether it's a credit card or bank account, write a letter requesting that the account is formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don't let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. It's easy for credit to get out of hand by taking advantage of every credit offer that comes your way.
8. Consolidate Your Accounts
If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping your money in fewer places eliminates all of the guesswork involved and reduces errors.
9. Establish Automatic Savings
Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.
10. Clean up Your Files
Make sure your paid bills are organized in a filing cabinet. Keep individual files for paid bills. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records-keeping procedures for your state or region.
http://thousandarticles.freehostia.com/finance/
Article Source: http://EzineArticles.com/?expert=Abdul_Tunio
How to Achieve Financial Freedom
by Willie Horton
Over the many years that I've been working with clients who want to better their lives I've come across the goal of "financial freedom" - people looking for an end to financial worry (over 905 of males claim that it is their greatest source of worry), people looking for "passive income" or people wanting to have "more than enough". But, what is "more than enough"? In a comment once attributed to Rockefeller (I've really no idea whether he said it or not) he is reputed to have said that "Enough is just one more!" Enough, perhaps, is never enough.
It strikes me as, at the very least, odd that, as supposedly the most advanced species on the planet, the vast majority of humans in the so-called developed world are obsessed with money (people in less "developed" regions often have more pressing matters on their mind). How is it that, even when we have more than what we need to lead the lives that we are currently living, we always want that "extra security" or "safety net" (both quotes from clients)?
In the greater scheme of things, is money the be all and end all? Were the last cell 'phone messages from passengers on the hijacked 'planes on 9/11 about money? I wonder if those who lost their lives on the Air France flight from Brazil to Paris wondering if they'd enough passive income in the moments that it dawned on them that their time was up? And, in just the same way that no one on their deathbed ever wishes that they'd spent more time in the office, I suspect no one in that position grieves for a bigger bank balance or greater investment returns when it's time to "check out" (as my father called it).
"Financial freedom" a lot like beauty (or fear for that matter) - it is in the eye of the beholder. It is a state of mind that plagues modern society, a concept of the modern rush for more. In the process, we lose track of what is really important, we lose track of the simple things in life, we lose all perspective on what it is to be fully alive in the here and now.
If you have been or are, at any stage, caught in the trap of worrying about your finances, you have lost sight of reality - you are being tricked by your "personality" which, generally speaking, conceives success in comparative and competitive terms. People who have said to me "I've lost all my money" or "We're running out of money" simply do not realise that, in the here and now, generally speaking, not only do that want for nothing but, in fact, they have more than enough to live a wonderful life - right here, right now.
More importantly, they've missed the point in terms of achieving greater financial well being. If you're worried about money, money worries is what you'll get. Remember how the universe works? Energy in : energy out. If you're obsessed with achieving financial freedom, it's a bit like trying to give up cigarettes - you'll be so focused on your finances you'll forget to do the important things that need to be whole-heartedly done to achieve that freedom.
See the point I'm making? You need to stop focusing on money and start focusing exclusively on what you're supposed to be doing - on what really needs doing - in the present moment - whatever that task is. If you make more than 1% sure (remember, normal people only put 1% energy into what they're doing) that the really important things get done to the very best of your ability, then money actually flows. It's that simple. I've seen it happen - my clients have seen it happen - there are loads of examples that graphically illustrate how easy it is on my website.
But, unfortunately, almost everybody has put the "financial cart" before the "quality of life horse". As a result, they end up wondering why it is so difficult to push that cart up the hill! Stop worrying about money and it will flow. Start doing all the important things that you have to do without looking through the lens of "I need more money" or "I want more money" or "I want my financial freedom". Put all of your energy into what you're doing - the important things that you need to do each day - and you will get your reward.
How do you put more than 1% of your energy into what you have to do? Well, imagine that you're going on two weeks' vacation tomorrow and you have to get all the important - only important - things done today. A flight at 06h30 tomorrow morning concentrates the mind! And concentration is the key to being more all here in the present moment than the pathetic 1% that normal people are. Your clear and present focus will get all the important things done and you will have your financial freedom - whatever that means to you.
Article Source: http://EzineArticles.com/?expert=Willie_Horton
Over the many years that I've been working with clients who want to better their lives I've come across the goal of "financial freedom" - people looking for an end to financial worry (over 905 of males claim that it is their greatest source of worry), people looking for "passive income" or people wanting to have "more than enough". But, what is "more than enough"? In a comment once attributed to Rockefeller (I've really no idea whether he said it or not) he is reputed to have said that "Enough is just one more!" Enough, perhaps, is never enough.
It strikes me as, at the very least, odd that, as supposedly the most advanced species on the planet, the vast majority of humans in the so-called developed world are obsessed with money (people in less "developed" regions often have more pressing matters on their mind). How is it that, even when we have more than what we need to lead the lives that we are currently living, we always want that "extra security" or "safety net" (both quotes from clients)?
In the greater scheme of things, is money the be all and end all? Were the last cell 'phone messages from passengers on the hijacked 'planes on 9/11 about money? I wonder if those who lost their lives on the Air France flight from Brazil to Paris wondering if they'd enough passive income in the moments that it dawned on them that their time was up? And, in just the same way that no one on their deathbed ever wishes that they'd spent more time in the office, I suspect no one in that position grieves for a bigger bank balance or greater investment returns when it's time to "check out" (as my father called it).
"Financial freedom" a lot like beauty (or fear for that matter) - it is in the eye of the beholder. It is a state of mind that plagues modern society, a concept of the modern rush for more. In the process, we lose track of what is really important, we lose track of the simple things in life, we lose all perspective on what it is to be fully alive in the here and now.
If you have been or are, at any stage, caught in the trap of worrying about your finances, you have lost sight of reality - you are being tricked by your "personality" which, generally speaking, conceives success in comparative and competitive terms. People who have said to me "I've lost all my money" or "We're running out of money" simply do not realise that, in the here and now, generally speaking, not only do that want for nothing but, in fact, they have more than enough to live a wonderful life - right here, right now.
More importantly, they've missed the point in terms of achieving greater financial well being. If you're worried about money, money worries is what you'll get. Remember how the universe works? Energy in : energy out. If you're obsessed with achieving financial freedom, it's a bit like trying to give up cigarettes - you'll be so focused on your finances you'll forget to do the important things that need to be whole-heartedly done to achieve that freedom.
See the point I'm making? You need to stop focusing on money and start focusing exclusively on what you're supposed to be doing - on what really needs doing - in the present moment - whatever that task is. If you make more than 1% sure (remember, normal people only put 1% energy into what they're doing) that the really important things get done to the very best of your ability, then money actually flows. It's that simple. I've seen it happen - my clients have seen it happen - there are loads of examples that graphically illustrate how easy it is on my website.
But, unfortunately, almost everybody has put the "financial cart" before the "quality of life horse". As a result, they end up wondering why it is so difficult to push that cart up the hill! Stop worrying about money and it will flow. Start doing all the important things that you have to do without looking through the lens of "I need more money" or "I want more money" or "I want my financial freedom". Put all of your energy into what you're doing - the important things that you need to do each day - and you will get your reward.
How do you put more than 1% of your energy into what you have to do? Well, imagine that you're going on two weeks' vacation tomorrow and you have to get all the important - only important - things done today. A flight at 06h30 tomorrow morning concentrates the mind! And concentration is the key to being more all here in the present moment than the pathetic 1% that normal people are. Your clear and present focus will get all the important things done and you will have your financial freedom - whatever that means to you.
Article Source: http://EzineArticles.com/?expert=Willie_Horton
Struggling to Find Financial Freedom - Having a Relationship With Money
by Brenda Blindenbach
When it comes to financial freedom, does it ever feel as though you are taking one step forward and moving two step backwards? Do you feel as though you have run straight into a wall? Have you noticed that while you never have enough time, other people seem to do it all without ever breaking a sweat? How would you like to have that golden touch?
There is an energy exchange between you and everything else, and this includes the people around you, your business and even money. Whether or not you are aware of it, you have a relationship with money.
Let's take a moment and consider what kind of relationship you have with your money. Write down what beliefs you have about money. How do you interact with it? Consider some of the following:
Do you always struggle to earn money?
There is never enough time or money?
I don't deserve to have money.
Does my money leave as soon as I look at it?
Is my money here today and gone tomorrow?
Can I earn more money whenever I want it?
These questions and thoughts that come up within you are an indication there may be a belief system that you need to be looking at and releasing. You can release these beliefs and emotions (if you don't know how, find out and learn a release technique or tool to do this) and then think about what kind of relationship you want to have with money.
Imagine that your money is your best friend and look at what kind of relationship you have with your best friend. Do your love hanging out together? Do you support, care and want the best for each other? Would you like to feel the same way about money, safe, cared for and supported, as though you were both good friends?
Just a year ago, my granddaughter started using a toy walker to learn to walk. As she wheels around the house, I follow along behind her. She turns her little head to see where I am and when she sees me, she smiles and giggles and knows that she is safe. She knows she can count on me to make sure that she is okay.
Now when I walk around, I can see my money following me. I talk to it, call it by name and when I think about it, I don't get scared that it will leave me or be taken away. Instead, I feel safe, secure and blessed that it has chosen to be with me.
Just like air is available and is needed to sustain life, imagine money is here for the same purpose - to make life easy, to have fun and to sustain life.
Here's an action step that you can take consistently. As you walk through the park notice the trillions of leaves and blossoms on the trees; feel the stillness, or the breeze flowing through them, smell the fragrance. Is your heart expanded at this beauty and abundance? Allow yourself to be aware of the abundance around you. It's yours for the asking. Open your heart and feel the gratitude that arises within you and give thanks.
And now claim your free bi-weekly newsletter & instant audio access to "Why & How To Shift Your Limiting Beliefs" & "Do You Understand The Laws Of The Universe?"
Brenda Blindenbach-The Possibilities DNA Expert & Coach enabling people to identify & shift their limiting conscious and subconscious beliefs.
http://PeacefulInterlude.com
Article Source: http://EzineArticles.com/?expert=Brenda_Blindenbach
When it comes to financial freedom, does it ever feel as though you are taking one step forward and moving two step backwards? Do you feel as though you have run straight into a wall? Have you noticed that while you never have enough time, other people seem to do it all without ever breaking a sweat? How would you like to have that golden touch?
There is an energy exchange between you and everything else, and this includes the people around you, your business and even money. Whether or not you are aware of it, you have a relationship with money.
Let's take a moment and consider what kind of relationship you have with your money. Write down what beliefs you have about money. How do you interact with it? Consider some of the following:
Do you always struggle to earn money?
There is never enough time or money?
I don't deserve to have money.
Does my money leave as soon as I look at it?
Is my money here today and gone tomorrow?
Can I earn more money whenever I want it?
These questions and thoughts that come up within you are an indication there may be a belief system that you need to be looking at and releasing. You can release these beliefs and emotions (if you don't know how, find out and learn a release technique or tool to do this) and then think about what kind of relationship you want to have with money.
Imagine that your money is your best friend and look at what kind of relationship you have with your best friend. Do your love hanging out together? Do you support, care and want the best for each other? Would you like to feel the same way about money, safe, cared for and supported, as though you were both good friends?
Just a year ago, my granddaughter started using a toy walker to learn to walk. As she wheels around the house, I follow along behind her. She turns her little head to see where I am and when she sees me, she smiles and giggles and knows that she is safe. She knows she can count on me to make sure that she is okay.
Now when I walk around, I can see my money following me. I talk to it, call it by name and when I think about it, I don't get scared that it will leave me or be taken away. Instead, I feel safe, secure and blessed that it has chosen to be with me.
Just like air is available and is needed to sustain life, imagine money is here for the same purpose - to make life easy, to have fun and to sustain life.
Here's an action step that you can take consistently. As you walk through the park notice the trillions of leaves and blossoms on the trees; feel the stillness, or the breeze flowing through them, smell the fragrance. Is your heart expanded at this beauty and abundance? Allow yourself to be aware of the abundance around you. It's yours for the asking. Open your heart and feel the gratitude that arises within you and give thanks.
And now claim your free bi-weekly newsletter & instant audio access to "Why & How To Shift Your Limiting Beliefs" & "Do You Understand The Laws Of The Universe?"
Brenda Blindenbach-The Possibilities DNA Expert & Coach enabling people to identify & shift their limiting conscious and subconscious beliefs.
http://PeacefulInterlude.com
Article Source: http://EzineArticles.com/?expert=Brenda_Blindenbach
The Basics of Financial Spread Betting
by Stuart S Smith
Ever fancied trying your hand at financial spread betting but haven't really known what it's about, or where to get started? In this article we take a very basic look at financial spread betting and ask what it's all about.
Financial spread betting is a commonly used retail derivative employ to speculate which direction the share price of a stock/commodity/index will take without actually owning or purchasing any of the shares. It is now one of the United Kingdom's most popular methods of trading, and this is not surprising given that any profits are 100% free from stamp duty and Capital Gains and Income Tax. A spread bet is a contract between the client and spread betting company where the bet is based on an underlying financial instrument. Actual ownership of that financial instrument never takes place.
One of the principle reasons for using this tool is to profit from markets such as stocks and shares, bonds, foreign exchange, and commodities such as crude oil and gold, be they on the UK or international markets. Financial spread betting is a great way for smaller investors to trade without committing to a large financial investment.
Unlike bets in bookmakers, there are no fixed odds in spread betting, but instead a stake is betted (pound s per point) on the direction of the market. If the trader bets that the price will rise, this is called 'going long', and if the better predicts the price will fall, this is called 'going short'. So rather than direct ownership of equities in a company, the trader is betting on which direction he thinks the price will go. Any profit or loss made is determined by the difference in buy and sell (bid and offer) prices.
Another advantage of financial spread betting is that it is also possible to make money if the price falls, unlike the more traditional methods of trading. And making profits here is as simple as making profits in a rising market, it simply depends on how far (how many points) the price has fallen against the price the time the bet is executed.
There are principally two types of spread bets at present. The first is a bet which closes once the markets close, and the second is a bet which will close at the end of a quarterly cycle. Daily spread bets do have expire at the end of each day but for a small 'interest' charge you can roll over these bets into the next trading day or trading cycle.
Benefits of financial spread betting include access to most markets 24 hours a day, all markets traded through just one account, and the use of smaller bets. This is attractive for traders who are looking to get in and out of a trade quickly. Another benefit is that there is no commission or fees involved and all of the costs are included in the bid-offer agreement. With financial spread betting your financial products are all in the same place and under the currency of your choice, pound sterling, US dollar, or euro. This saves you the inconvenience and costs involved in exchanging currencies.
As with all trading and investment, there is an element of risk involved and if the market moves in the opposite direction to your bet, you may lose your money. Research your market and only bet what you can realistically afford. Stop-loss facilities are offered by most financial spread betting companies to help you monitor your funds. These facilities are set up to suit your individual financial requirements but they may not be guaranteed and money can still be lost.
Stuart Smith writes extensively on Financial Spread Betting subjects and is the owner of leading website http://www.spreadbettingftse.co.uk
Article Source: http://EzineArticles.com/?expert=Stuart_S_Smith
Ever fancied trying your hand at financial spread betting but haven't really known what it's about, or where to get started? In this article we take a very basic look at financial spread betting and ask what it's all about.
Financial spread betting is a commonly used retail derivative employ to speculate which direction the share price of a stock/commodity/index will take without actually owning or purchasing any of the shares. It is now one of the United Kingdom's most popular methods of trading, and this is not surprising given that any profits are 100% free from stamp duty and Capital Gains and Income Tax. A spread bet is a contract between the client and spread betting company where the bet is based on an underlying financial instrument. Actual ownership of that financial instrument never takes place.
One of the principle reasons for using this tool is to profit from markets such as stocks and shares, bonds, foreign exchange, and commodities such as crude oil and gold, be they on the UK or international markets. Financial spread betting is a great way for smaller investors to trade without committing to a large financial investment.
Unlike bets in bookmakers, there are no fixed odds in spread betting, but instead a stake is betted (pound s per point) on the direction of the market. If the trader bets that the price will rise, this is called 'going long', and if the better predicts the price will fall, this is called 'going short'. So rather than direct ownership of equities in a company, the trader is betting on which direction he thinks the price will go. Any profit or loss made is determined by the difference in buy and sell (bid and offer) prices.
Another advantage of financial spread betting is that it is also possible to make money if the price falls, unlike the more traditional methods of trading. And making profits here is as simple as making profits in a rising market, it simply depends on how far (how many points) the price has fallen against the price the time the bet is executed.
There are principally two types of spread bets at present. The first is a bet which closes once the markets close, and the second is a bet which will close at the end of a quarterly cycle. Daily spread bets do have expire at the end of each day but for a small 'interest' charge you can roll over these bets into the next trading day or trading cycle.
Benefits of financial spread betting include access to most markets 24 hours a day, all markets traded through just one account, and the use of smaller bets. This is attractive for traders who are looking to get in and out of a trade quickly. Another benefit is that there is no commission or fees involved and all of the costs are included in the bid-offer agreement. With financial spread betting your financial products are all in the same place and under the currency of your choice, pound sterling, US dollar, or euro. This saves you the inconvenience and costs involved in exchanging currencies.
As with all trading and investment, there is an element of risk involved and if the market moves in the opposite direction to your bet, you may lose your money. Research your market and only bet what you can realistically afford. Stop-loss facilities are offered by most financial spread betting companies to help you monitor your funds. These facilities are set up to suit your individual financial requirements but they may not be guaranteed and money can still be lost.
Stuart Smith writes extensively on Financial Spread Betting subjects and is the owner of leading website http://www.spreadbettingftse.co.uk
Article Source: http://EzineArticles.com/?expert=Stuart_S_Smith
General Financial Planning For the Future in Turbulent Times
by Lance Winslow
Far too many investors get freaked out during a recession, or an down turn in the business cycle and sell all their stocks right after the stock market collapses. And then they promise they will never buy another stock of any company as long as they live.
Of course, as the business cycle starts going back up again they see everyone else making money on their investments and they decide it is time for them to investigate and buy back in. But by this time the market has reached its next top and as they buy in at the top of the market, it collapses all over again, and they lose all their money, because they once again get out at the bottom.
This is why investors should hire a financial planner who can watch the peaks and valleys of the business cycle, and prevent investors from investing in the wrong types of companies at the wrong times, as well as help them diversify their portfolios. This way they are not too invested in one type of investment-vehicle that will burn them.
Now, some investors believe that they can do all the investing themselves and they are smart enough to time the market and make money without a financial planner. Whereas, this might be true if they spent a whole lot of years studying things, and spend all day watching the stock market, but alas investors really don't do that. Many of them have other jobs and they are busy all day doing something else.
This kind of thinking can be a mind trap for someone who is somewhat arrogant, and believes they can do everything by themselves. The reality is that even general financial planning takes into consideration the future turbulent times that are ahead. And it takes advantage of the up cycle during expansion periods. Please consider all this. Thank you very much.
Lance Winslow is a retired franchisor - Lance Winslow's Bio. Lance Winslow is formerly the CEO of WashGuys family of franchises which Lance; http://www.windowwashguys.com/links.shtml.
Article Source: http://EzineArticles.com/?expert=Lance_Winslow
Far too many investors get freaked out during a recession, or an down turn in the business cycle and sell all their stocks right after the stock market collapses. And then they promise they will never buy another stock of any company as long as they live.
Of course, as the business cycle starts going back up again they see everyone else making money on their investments and they decide it is time for them to investigate and buy back in. But by this time the market has reached its next top and as they buy in at the top of the market, it collapses all over again, and they lose all their money, because they once again get out at the bottom.
This is why investors should hire a financial planner who can watch the peaks and valleys of the business cycle, and prevent investors from investing in the wrong types of companies at the wrong times, as well as help them diversify their portfolios. This way they are not too invested in one type of investment-vehicle that will burn them.
Now, some investors believe that they can do all the investing themselves and they are smart enough to time the market and make money without a financial planner. Whereas, this might be true if they spent a whole lot of years studying things, and spend all day watching the stock market, but alas investors really don't do that. Many of them have other jobs and they are busy all day doing something else.
This kind of thinking can be a mind trap for someone who is somewhat arrogant, and believes they can do everything by themselves. The reality is that even general financial planning takes into consideration the future turbulent times that are ahead. And it takes advantage of the up cycle during expansion periods. Please consider all this. Thank you very much.
Lance Winslow is a retired franchisor - Lance Winslow's Bio. Lance Winslow is formerly the CEO of WashGuys family of franchises which Lance; http://www.windowwashguys.com/links.shtml.
Article Source: http://EzineArticles.com/?expert=Lance_Winslow
Government Financial Assistance Grants
by Jack Cardell
Government financial assistance grants are merely finances that are offered by the government without any interest and which does not need to be re paid. These grants are a very good way of getting financial assistance irrespective of the type of credit rating that you currently have.
In order to be eligible to receive a grant you have to fulfill certain criteria. There is a specific principle for receiving financial assistance that has been fixed by the government itself. According to this principle, if you are seeking a grant then you have to have complete knowledge about that grant and need to struggle with other people vying for the grant too. Even after this, there is no guarantee that you will receive the government grant. The amount of money you receive as a part of a grant is always preset and is never altered later. Therefore, it is wise to apply for a government grant as quickly as you can as they are usually given out on a first come first serve basis.
There are various different types of government grants that are made available to the all the citizens by the government of the United States of America. The types available are:
1. Adoption tax credit
2. Housing rental grants
3. Grants for retirees
4. Legal help grant
5. College student grants and loans
6. Health insurance for children grants
7. Financial assistance for small business
8. Health care grants
9. Training and employment grants
10. Expatriate settlement grant
One of the main reasons for the government to offer these grants is so that it can provide assistance to persons who were not given loans to by banks or financial agencies. In the United States, there are approximately 3,500 different government grants and close to 20,000 educational programs.
Minority small business grants are the pinnacle of financing ordinary peoples' business dreams. The United States is built from that very same dream of prosperity and the government wants ordinary people like us to build our own future and take charge of our own lives. Barack Obama is a great supporter of the people that make up our nation, and he's laid out tens of billions every year in funding from personal government grants to business and education grants for all to benefit. You can visit the links in this article to learn exactly how to obtain government grants for your needs.
Article Source: http://EzineArticles.com/?expert=Jack_Cardell
Government financial assistance grants are merely finances that are offered by the government without any interest and which does not need to be re paid. These grants are a very good way of getting financial assistance irrespective of the type of credit rating that you currently have.
In order to be eligible to receive a grant you have to fulfill certain criteria. There is a specific principle for receiving financial assistance that has been fixed by the government itself. According to this principle, if you are seeking a grant then you have to have complete knowledge about that grant and need to struggle with other people vying for the grant too. Even after this, there is no guarantee that you will receive the government grant. The amount of money you receive as a part of a grant is always preset and is never altered later. Therefore, it is wise to apply for a government grant as quickly as you can as they are usually given out on a first come first serve basis.
There are various different types of government grants that are made available to the all the citizens by the government of the United States of America. The types available are:
1. Adoption tax credit
2. Housing rental grants
3. Grants for retirees
4. Legal help grant
5. College student grants and loans
6. Health insurance for children grants
7. Financial assistance for small business
8. Health care grants
9. Training and employment grants
10. Expatriate settlement grant
One of the main reasons for the government to offer these grants is so that it can provide assistance to persons who were not given loans to by banks or financial agencies. In the United States, there are approximately 3,500 different government grants and close to 20,000 educational programs.
Minority small business grants are the pinnacle of financing ordinary peoples' business dreams. The United States is built from that very same dream of prosperity and the government wants ordinary people like us to build our own future and take charge of our own lives. Barack Obama is a great supporter of the people that make up our nation, and he's laid out tens of billions every year in funding from personal government grants to business and education grants for all to benefit. You can visit the links in this article to learn exactly how to obtain government grants for your needs.
Article Source: http://EzineArticles.com/?expert=Jack_Cardell
Financial Help For People With Cerebral Palsy
by Mike Selvon
Children with cerebral palsy are eligible for a number of federal and state benefit programs -- from Social Security and Medicaid to reduced rent and low-interest loans for technology devices to assist them. Dealing with cerebral palsy can be challenging for families, especially since the child will need so many services, such as doctors, surgeons, physical therapists, occupational therapists, speech pathologists, dental hygienists and mental health counselors. Luckily, help is just around the corner.
Your first stop for financial aid for your cerebral palsy child should be to apply for Social Security benefits. If you or your child has become disabled before the age of 22, then you are eligible for Adult Child Social Security benefits. If your child is under 18, you can apply for Supplemental Security Income benefits through your local Social Security office.
Children with cerebral palsy are admitted easily to this government aid program, which is designed for people with life-long disabilities or who are too old to work any longer. Sometimes Medicaid health insurance coverage automatically comes with SSI, but other times you must apply separately for these benefits. Be sure to ask your SSI representative what your state's rules are.
There are other resources for those with cerebral palsy. For instance, the United Cerebral Palsy Community Resource Funds offer emergency money for living expenses and technological needs. The USA TechGuide website offers low-interest, technology loans and state grants to help kids with spastic cerebral palsy get the necessary medical devices they need.
New mothers who need to take time off from work to care for their child are eligible for supplemental income (50-60% of their standard salary) from Temporary Disability Insurance for up to 12 months. Once your child reaches school age, the Individual Education Plan (through the Individuals with Disabilities Act) can provide your child with a team of therapists and educators, as well as the proper devices to ensure your child learns all he/she can.
Later in life, as the child with this disability grows into an adult, he or she may decide to live on his/her own. Through Section 8 HUD, patients with this disability can get housing assistance vouchers and reduced rent based on their income and demonstrated need. Through the Krysti Bingham Cerebral Palsy Foundation, eligible residents will only pay 30% of their living expenses, with the rest funded through a government grant.
According to the Foundation, "Too often, people in the prime of life have been forced to live in nursing homes, rehabilitation centers and hospitals, or at home with aging parents. The KBCPF 'Hope Houses' transforms the lifestyle of those with this disability from one of social isolation and dependency to one of dignity, shared experiences and community involvement."
Educate yourself further about the disability form from Mike Selvon articles portal and download your free audio gift on the disability application.
Article Source: http://EzineArticles.com/?expert=Mike_Selvon
Children with cerebral palsy are eligible for a number of federal and state benefit programs -- from Social Security and Medicaid to reduced rent and low-interest loans for technology devices to assist them. Dealing with cerebral palsy can be challenging for families, especially since the child will need so many services, such as doctors, surgeons, physical therapists, occupational therapists, speech pathologists, dental hygienists and mental health counselors. Luckily, help is just around the corner.
Your first stop for financial aid for your cerebral palsy child should be to apply for Social Security benefits. If you or your child has become disabled before the age of 22, then you are eligible for Adult Child Social Security benefits. If your child is under 18, you can apply for Supplemental Security Income benefits through your local Social Security office.
Children with cerebral palsy are admitted easily to this government aid program, which is designed for people with life-long disabilities or who are too old to work any longer. Sometimes Medicaid health insurance coverage automatically comes with SSI, but other times you must apply separately for these benefits. Be sure to ask your SSI representative what your state's rules are.
There are other resources for those with cerebral palsy. For instance, the United Cerebral Palsy Community Resource Funds offer emergency money for living expenses and technological needs. The USA TechGuide website offers low-interest, technology loans and state grants to help kids with spastic cerebral palsy get the necessary medical devices they need.
New mothers who need to take time off from work to care for their child are eligible for supplemental income (50-60% of their standard salary) from Temporary Disability Insurance for up to 12 months. Once your child reaches school age, the Individual Education Plan (through the Individuals with Disabilities Act) can provide your child with a team of therapists and educators, as well as the proper devices to ensure your child learns all he/she can.
Later in life, as the child with this disability grows into an adult, he or she may decide to live on his/her own. Through Section 8 HUD, patients with this disability can get housing assistance vouchers and reduced rent based on their income and demonstrated need. Through the Krysti Bingham Cerebral Palsy Foundation, eligible residents will only pay 30% of their living expenses, with the rest funded through a government grant.
According to the Foundation, "Too often, people in the prime of life have been forced to live in nursing homes, rehabilitation centers and hospitals, or at home with aging parents. The KBCPF 'Hope Houses' transforms the lifestyle of those with this disability from one of social isolation and dependency to one of dignity, shared experiences and community involvement."
Educate yourself further about the disability form from Mike Selvon articles portal and download your free audio gift on the disability application.
Article Source: http://EzineArticles.com/?expert=Mike_Selvon
Best Financial Advisor
by Jon McQueen
When it comes to handling financial matters, you should think twice about fully relying on personal knowledge. Do not disregard the benefits of seeking personal financial advice. Financial issues are not just contained in present issues, but also finances of the future. With financial advice, people are able to strengthen whatever they have at present in preparation for possible outcomes.
In whichever country you belong to, be it from the third of first world, it does not change the fact that economy is money. It plays a vital role in our day to day lives such as with bills, savings, and most especially with debts. Aside from managing these accountable, the target of personal finance should also be being able to keep maximum money in hands. In this case, tapping on some financial advice is a great move.
The Unspoken Practical Rule- Income Should Exceed Expenses
Financial management is not limited to managing your income and expenditures, but it also should be able to map out budgets and future expense as well as income. All of these factors should be balanced. You will not only know what to do, but you will also understand the how's and why's of these with the help of financial advice. These pieces of advice come from consultants who not only have had experience with the ins and outs of money, but have also studied how it can be managed best.
Baby Steps in Interests
Another financial advice that will benefit you in the purpose of saving money is to identify where you will get the best interest rate for your savings. It is a sound advice that will allow your money to grow in the long run for possible future capitals. In this method, there is no sudden increase in savings, but in the long run, is a good way of seeing your money grow without extra efforts.
To maximize the use of personal financial advice, you should be ready to set-up a retirement goal. This allows you to set aside money for a comfortable retirement life without breaking the bank, nor cost your present living.
Well, I suggest that you visit Best Financial Advisor to learn more about handling and consulting your savings,accounts and deposits if needed.
Article Source: http://EzineArticles.com/?expert=Jon_McQueen
When it comes to handling financial matters, you should think twice about fully relying on personal knowledge. Do not disregard the benefits of seeking personal financial advice. Financial issues are not just contained in present issues, but also finances of the future. With financial advice, people are able to strengthen whatever they have at present in preparation for possible outcomes.
In whichever country you belong to, be it from the third of first world, it does not change the fact that economy is money. It plays a vital role in our day to day lives such as with bills, savings, and most especially with debts. Aside from managing these accountable, the target of personal finance should also be being able to keep maximum money in hands. In this case, tapping on some financial advice is a great move.
The Unspoken Practical Rule- Income Should Exceed Expenses
Financial management is not limited to managing your income and expenditures, but it also should be able to map out budgets and future expense as well as income. All of these factors should be balanced. You will not only know what to do, but you will also understand the how's and why's of these with the help of financial advice. These pieces of advice come from consultants who not only have had experience with the ins and outs of money, but have also studied how it can be managed best.
Baby Steps in Interests
Another financial advice that will benefit you in the purpose of saving money is to identify where you will get the best interest rate for your savings. It is a sound advice that will allow your money to grow in the long run for possible future capitals. In this method, there is no sudden increase in savings, but in the long run, is a good way of seeing your money grow without extra efforts.
To maximize the use of personal financial advice, you should be ready to set-up a retirement goal. This allows you to set aside money for a comfortable retirement life without breaking the bank, nor cost your present living.
Well, I suggest that you visit Best Financial Advisor to learn more about handling and consulting your savings,accounts and deposits if needed.
Article Source: http://EzineArticles.com/?expert=Jon_McQueen
Monday, July 20, 2009
Student Financial Aid Direct Loans and Getting Money For College
By: Anamika Gupta
Need money for college? Who doesn't need a loan to go to school these days? Tuition is ridiculous! It is common for a student to accumulate a lot of student debt on his or her way to a diploma.Visit Now http://gov-debt-grantbenefit.blogspot.com
Where do you start on your way to a student loan or grant? Start with the school you are enrolled in or intend to go to.
There are people working at colleges whose job it is to understand student loans and be up to date with the information on all the different types of student loans. Even if you have no money, they are there to help you get you your tuition.
Private Student Loans
Private student loan debt consolidation programs are one way to get money for your college education. Some of these loans are made to the parents. Other Student Loans are designed to be made to the student and give a deferment period that gives the student time to graduate and get a job before he/she has to make monthly payments.
There are many ins and outs to student loan debt consolidation programs. For these types of programs, it is best to start by asking the bank you or your family does business with for information.
Stafford Loans
One such student loan you should find out about is the Federal Stafford Loan. The Federal Stafford Loan is one of the loans made to the student. This loan is based on need and no credit check is necessary. The government guarantees the Stafford Loan to the actual lender.
The Stafford Loan has a deferment period. Its payments do not start until the student graduates. To be eligible for a Stafford Student Loan, you must be attending school on at least, a half-time basis.
Get all the info
The trick is to get as much information on as many Student Loan Programs as you can. There are a whole lot of lenders willing to give you free information, so take it. There are new programs coming out and current ones changing all the time so don't be afraid to ask.
Some schools offer Stafford Loans directly through the federal government. These are commonly known as Direct Stafford Loans. The schools offering student loans this way are called Direct Stafford Schools.
Some schools offer Stafford Loans through banks or other lenders. These schools are known as FFEL schools (Federal Family Education Loan schools). With this type of student loan you find the lender yourself and then go to the school so they can complete the paperwork.
Think big
Have you ever thought of going to an expensive private university but you feel you'll never get enough money to attend one? Well, you won't know until you try. Many middle-income families end up getting no aid when their college bound offspring apply to their local college because, they are told, and their income is too high.
Ironically, if they apply to a university that is financially way out of their league, they may end up with enough aid to swing it. The moral to this story is shoot for the stars. You never know!
The money is there
Your further education is available to you if you want it. Financial need cannot stop you, but you must plan ahead, be serious, and find out everything you can. When is a good time to start? About half way through sophomore year in high school, you should start your search for your college funding!Visit Now http://gov-debt-grantbenefit.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/student-financial-aid-direct-loans-and-getting-money-for-college-1050189.html
Need money for college? Who doesn't need a loan to go to school these days? Tuition is ridiculous! It is common for a student to accumulate a lot of student debt on his or her way to a diploma.Visit Now http://gov-debt-grantbenefit.blogspot.com
Where do you start on your way to a student loan or grant? Start with the school you are enrolled in or intend to go to.
There are people working at colleges whose job it is to understand student loans and be up to date with the information on all the different types of student loans. Even if you have no money, they are there to help you get you your tuition.
Private Student Loans
Private student loan debt consolidation programs are one way to get money for your college education. Some of these loans are made to the parents. Other Student Loans are designed to be made to the student and give a deferment period that gives the student time to graduate and get a job before he/she has to make monthly payments.
There are many ins and outs to student loan debt consolidation programs. For these types of programs, it is best to start by asking the bank you or your family does business with for information.
Stafford Loans
One such student loan you should find out about is the Federal Stafford Loan. The Federal Stafford Loan is one of the loans made to the student. This loan is based on need and no credit check is necessary. The government guarantees the Stafford Loan to the actual lender.
The Stafford Loan has a deferment period. Its payments do not start until the student graduates. To be eligible for a Stafford Student Loan, you must be attending school on at least, a half-time basis.
Get all the info
The trick is to get as much information on as many Student Loan Programs as you can. There are a whole lot of lenders willing to give you free information, so take it. There are new programs coming out and current ones changing all the time so don't be afraid to ask.
Some schools offer Stafford Loans directly through the federal government. These are commonly known as Direct Stafford Loans. The schools offering student loans this way are called Direct Stafford Schools.
Some schools offer Stafford Loans through banks or other lenders. These schools are known as FFEL schools (Federal Family Education Loan schools). With this type of student loan you find the lender yourself and then go to the school so they can complete the paperwork.
Think big
Have you ever thought of going to an expensive private university but you feel you'll never get enough money to attend one? Well, you won't know until you try. Many middle-income families end up getting no aid when their college bound offspring apply to their local college because, they are told, and their income is too high.
Ironically, if they apply to a university that is financially way out of their league, they may end up with enough aid to swing it. The moral to this story is shoot for the stars. You never know!
The money is there
Your further education is available to you if you want it. Financial need cannot stop you, but you must plan ahead, be serious, and find out everything you can. When is a good time to start? About half way through sophomore year in high school, you should start your search for your college funding!Visit Now http://gov-debt-grantbenefit.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/student-financial-aid-direct-loans-and-getting-money-for-college-1050189.html
Getting Financial Assistance-Six Tips to Keep Grant Seekers On Track
By: Anamika Gupta
Do you have a great idea for a project or program that could improve your community? You may be able to get financial assistance to pay for some or all of your program from government agencies, charitable foundations and even businesses.Visit at http://themotley-fool.blogspot.com
You may have many opportunities to access grants to help your program, but there are many chances to slip. Consider these six tips to keep you on track as you seek suitable grants and request financial assistance.
1. Have Clear Purposes and Objectives
Grantmakers have specific purposes such as environmental compliance, community development, providing essential services to the poor, improving health care accessibility, supporting promising artists or supplying safe and affordable housing. When they provide funding, they want to see results. Your clearly stated purposes and objectives will bring focus to your program and to your search for financial assistance.
2. Find Compatible Grantmakers
Seek assistance from organizations that have purposes and goals similar to your own. In addition to being most likely to fund your project, they will have a stake in your success. Because of your common interests and their work with other assistance seekers, they may be able to bring more to the table than just money.
3. Consider Duration and Sustainability
Define the timetable for your project. Grantmakers generally do not intend to provide ongoing funding for a program. They look for projects, i.e. something with a defined duration, cost and desired outcome. This may be start-up activities, studies, construction projects, exhibits, curriculum development or any of a host of other projects.
If you have an ongoing program, consider how you will sustain it after the grant. Some financial assistance providers fund phases of ongoing programs, especially start-up and expansion. However, most provide temporary assistance to start and improve programs, not to fund them long-term. Before apply for a grant, explore whether local contributions, fees, participation in umbrella organizations or other revenues can sustain the program.
4. Follow Directions
Get a copy of the funding agency’s rules, guidelines or procedures and follow them carefully and completely. This goes double if you are seeking assistance from a government agency. These rules are in place to keep a funding program on track, consistently managed and fair.
Those who review proposals and applications may have a lot to go through in little time. If your submission is incomplete in any way, they may put it aside without further review. Do not let a technicality derail your proposal.
5. Follow Up
Be responsive to the funding agency. If they request additional information or clarification, provide it right away. Remember that it is your project and you need to manage it. Call to make sure the agency received your complete application. If there is a public planning or review process, keep track of it.
6. Ask For Feedback (Whether or Not Get Funded)
Private foundations vary widely on the amount and type of feedback they will give (sometimes none), but government agencies will usually give some. Find out what was good or bad about your proposal. Do they think you have a good project, or does it need to be improved? Was your proposal persuasive? Did the agency have higher priorities? Did they think your proposal was great, but they did not have enough money? Use feedback to make your next pitch better.Visit at http://themotley-fool.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/getting-financial-assistancesix-tips-to-keep-grant-seekers-on-track-1050210.html
Do you have a great idea for a project or program that could improve your community? You may be able to get financial assistance to pay for some or all of your program from government agencies, charitable foundations and even businesses.Visit at http://themotley-fool.blogspot.com
You may have many opportunities to access grants to help your program, but there are many chances to slip. Consider these six tips to keep you on track as you seek suitable grants and request financial assistance.
1. Have Clear Purposes and Objectives
Grantmakers have specific purposes such as environmental compliance, community development, providing essential services to the poor, improving health care accessibility, supporting promising artists or supplying safe and affordable housing. When they provide funding, they want to see results. Your clearly stated purposes and objectives will bring focus to your program and to your search for financial assistance.
2. Find Compatible Grantmakers
Seek assistance from organizations that have purposes and goals similar to your own. In addition to being most likely to fund your project, they will have a stake in your success. Because of your common interests and their work with other assistance seekers, they may be able to bring more to the table than just money.
3. Consider Duration and Sustainability
Define the timetable for your project. Grantmakers generally do not intend to provide ongoing funding for a program. They look for projects, i.e. something with a defined duration, cost and desired outcome. This may be start-up activities, studies, construction projects, exhibits, curriculum development or any of a host of other projects.
If you have an ongoing program, consider how you will sustain it after the grant. Some financial assistance providers fund phases of ongoing programs, especially start-up and expansion. However, most provide temporary assistance to start and improve programs, not to fund them long-term. Before apply for a grant, explore whether local contributions, fees, participation in umbrella organizations or other revenues can sustain the program.
4. Follow Directions
Get a copy of the funding agency’s rules, guidelines or procedures and follow them carefully and completely. This goes double if you are seeking assistance from a government agency. These rules are in place to keep a funding program on track, consistently managed and fair.
Those who review proposals and applications may have a lot to go through in little time. If your submission is incomplete in any way, they may put it aside without further review. Do not let a technicality derail your proposal.
5. Follow Up
Be responsive to the funding agency. If they request additional information or clarification, provide it right away. Remember that it is your project and you need to manage it. Call to make sure the agency received your complete application. If there is a public planning or review process, keep track of it.
6. Ask For Feedback (Whether or Not Get Funded)
Private foundations vary widely on the amount and type of feedback they will give (sometimes none), but government agencies will usually give some. Find out what was good or bad about your proposal. Do they think you have a good project, or does it need to be improved? Was your proposal persuasive? Did the agency have higher priorities? Did they think your proposal was great, but they did not have enough money? Use feedback to make your next pitch better.Visit at http://themotley-fool.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/getting-financial-assistancesix-tips-to-keep-grant-seekers-on-track-1050210.html
Student Financial Aid Direct Loans and Getting Money For College
By: Anamika Gupta
Need money for college? Who doesn't need a loan to go to school these days? Tuition is ridiculous! It is common for a student to accumulate a lot of student debt on his or her way to a diploma.Visit Now http://gov-debt-grantbenefit.blogspot.com
Where do you start on your way to a student loan or grant? Start with the school you are enrolled in or intend to go to.
There are people working at colleges whose job it is to understand student loans and be up to date with the information on all the different types of student loans. Even if you have no money, they are there to help you get you your tuition.
Private Student Loans
Private student loan debt consolidation programs are one way to get money for your college education. Some of these loans are made to the parents. Other Student Loans are designed to be made to the student and give a deferment period that gives the student time to graduate and get a job before he/she has to make monthly payments.
There are many ins and outs to student loan debt consolidation programs. For these types of programs, it is best to start by asking the bank you or your family does business with for information.
Stafford Loans
One such student loan you should find out about is the Federal Stafford Loan. The Federal Stafford Loan is one of the loans made to the student. This loan is based on need and no credit check is necessary. The government guarantees the Stafford Loan to the actual lender.
The Stafford Loan has a deferment period. Its payments do not start until the student graduates. To be eligible for a Stafford Student Loan, you must be attending school on at least, a half-time basis.
Get all the info
The trick is to get as much information on as many Student Loan Programs as you can. There are a whole lot of lenders willing to give you free information, so take it. There are new programs coming out and current ones changing all the time so don't be afraid to ask.
Some schools offer Stafford Loans directly through the federal government. These are commonly known as Direct Stafford Loans. The schools offering student loans this way are called Direct Stafford Schools.
Some schools offer Stafford Loans through banks or other lenders. These schools are known as FFEL schools (Federal Family Education Loan schools). With this type of student loan you find the lender yourself and then go to the school so they can complete the paperwork.
Think big
Have you ever thought of going to an expensive private university but you feel you'll never get enough money to attend one? Well, you won't know until you try. Many middle-income families end up getting no aid when their college bound offspring apply to their local college because, they are told, and their income is too high.
Ironically, if they apply to a university that is financially way out of their league, they may end up with enough aid to swing it. The moral to this story is shoot for the stars. You never know!
The money is there
Your further education is available to you if you want it. Financial need cannot stop you, but you must plan ahead, be serious, and find out everything you can. When is a good time to start? About half way through sophomore year in high school, you should start your search for your college funding!Visit Now http://gov-debt-grantbenefit.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/student-financial-aid-direct-loans-and-getting-money-for-college-1050189.html
Need money for college? Who doesn't need a loan to go to school these days? Tuition is ridiculous! It is common for a student to accumulate a lot of student debt on his or her way to a diploma.Visit Now http://gov-debt-grantbenefit.blogspot.com
Where do you start on your way to a student loan or grant? Start with the school you are enrolled in or intend to go to.
There are people working at colleges whose job it is to understand student loans and be up to date with the information on all the different types of student loans. Even if you have no money, they are there to help you get you your tuition.
Private Student Loans
Private student loan debt consolidation programs are one way to get money for your college education. Some of these loans are made to the parents. Other Student Loans are designed to be made to the student and give a deferment period that gives the student time to graduate and get a job before he/she has to make monthly payments.
There are many ins and outs to student loan debt consolidation programs. For these types of programs, it is best to start by asking the bank you or your family does business with for information.
Stafford Loans
One such student loan you should find out about is the Federal Stafford Loan. The Federal Stafford Loan is one of the loans made to the student. This loan is based on need and no credit check is necessary. The government guarantees the Stafford Loan to the actual lender.
The Stafford Loan has a deferment period. Its payments do not start until the student graduates. To be eligible for a Stafford Student Loan, you must be attending school on at least, a half-time basis.
Get all the info
The trick is to get as much information on as many Student Loan Programs as you can. There are a whole lot of lenders willing to give you free information, so take it. There are new programs coming out and current ones changing all the time so don't be afraid to ask.
Some schools offer Stafford Loans directly through the federal government. These are commonly known as Direct Stafford Loans. The schools offering student loans this way are called Direct Stafford Schools.
Some schools offer Stafford Loans through banks or other lenders. These schools are known as FFEL schools (Federal Family Education Loan schools). With this type of student loan you find the lender yourself and then go to the school so they can complete the paperwork.
Think big
Have you ever thought of going to an expensive private university but you feel you'll never get enough money to attend one? Well, you won't know until you try. Many middle-income families end up getting no aid when their college bound offspring apply to their local college because, they are told, and their income is too high.
Ironically, if they apply to a university that is financially way out of their league, they may end up with enough aid to swing it. The moral to this story is shoot for the stars. You never know!
The money is there
Your further education is available to you if you want it. Financial need cannot stop you, but you must plan ahead, be serious, and find out everything you can. When is a good time to start? About half way through sophomore year in high school, you should start your search for your college funding!Visit Now http://gov-debt-grantbenefit.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/student-financial-aid-direct-loans-and-getting-money-for-college-1050189.html
Loan Modification Financial Hardship Letters - How To Make Your Case Convincing
By: Joe Emery
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There is an old saying, "When the going gets tough, the tough get going" and this is true in tough economic times as well. Faced with debts that cannot be paid and loans that are difficult to pay off, a person's true colors are shown. You might be in the worse possible circumstances but you can't let this break you, face the situation head on. Approach your lender and let him know the difficulty you are having. On our site you will find many examples of loan modification letters that will help you write your own to explain your circumstances. This will motivate your lender to work with you.
It is very difficult if write a hardship letter, since it makes you sound like your situation is horrible. When you put everything in on paper, you are writing down everything that led up to where you are today and requesting help to pay your debts. We will help you do this. Even though it would be wonderful if no one ever had to write this letter, if no one was ever in this situation, when it happens, we will be here for you.
Be honest, concise and personable in writing your letter. Don't be emotional. Just explain what happened to cause you to have trouble paying your bills since you initially agreed to the loan. For example, maybe your business collapsed and you no longer have an income or a family member became very ill and you had to spend a lot of money on healthcare treatment.
The point of the letter is to get your lender to be empathic to your situation; understand what brought you to this point, and agree to help you find a way out. This might mean finding a way to pay up to what you owe or working out a different way to pay. Take advantage of the letters posted on our site or others that you can find on the internet, or contact us and we will be happy to help you.
Using examples of Loan Modification Financial Hardship Letters, you will be ready to face your unfortunate circumstances with the right information. Learning to write a hardship letter is very important as it will help your lender understand your situation and decide to help you modify your loan in the best possible way for you.
Article Source: http://www.articlesbase.com/finance-articles/loan-modification-financial-hardship-letters-how-to-make-your-case-convincing-1053146.html
Syndicate this Article Copy to clipboard
Loan Modification Financial Hardship Letters - How To Make Your Case Convincing
Author: Joe EmeryThere is an old saying, "When the going gets tough, the tough get going" and this is true in tough economic times as well. Faced with debts that cannot be paid and loans that are difficult to pay off, a person's true colors are shown. You might be in the worse possible circumstances but you can't let this break you, face the situation head on. Approach your lender and let him know the difficulty you are having. On our site you will find many examples of loan modification letters that will help you write your own to explain your circumstances. This will motivate your lender to work with you.
For tips and facts about how to get approved for a Mortgage Modification, Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net/
Article Source: ArticlesBase.com - Loan Modification Financial Hardship Letters - How To Make Your Case Convincing
There is an old saying, "When the going gets tough, the tough get going" and this is true in tough economic times as well. Faced with debts that cannot be paid and loans that are difficult to pay off, a person's true colors are shown. You might be in the worse possible circumstances but you can't let this break you, face the situation head on. Approach your lender and let him know the difficulty you are having. On our site you will find many examples of loan modification letters that will help you write your own to explain your circumstances. This will motivate your lender to work with you.It is very difficult if write a hardship letter, since it makes you sound like your situation is horrible. When you put everything in on paper, you are writing down everything that led up to where you are today and requesting help to pay your debts. We will help you do this. Even though it would be wonderful if no one ever had to write this letter, if no one was ever in this situation, when it happens, we will be here for you.
Be honest, concise and personable in writing your letter. Don't be emotional. Just explain what happened to cause you to have trouble paying your bills since you initially agreed to the loan. For example, maybe your business collapsed and you no longer have an income or a family member became very ill and you had to spend a lot of money on healthcare treatment.
The point of the letter is to get your lender to be empathic to your situation; understand what brought you to this point, and agree to help you find a way out. This might mean finding a way to pay up to what you owe or working out a different way to pay. Take advantage of the letters posted on our site or others that you can find on the internet, or contact us and we will be happy to help you.
Using examples of Loan Modification Financial Hardship Letters, you will be ready to face your unfortunate circumstances with the right information. Learning to write a hardship letter is very important as it will help your lender understand your situation and decide to help you modify your loan in the best possible way for you.
Article Source: http://www.articlesbase.com/finance-articles/loan-modification-financial-hardship-letters-how-to-make-your-case-convincing-1053146.html
Government College Financial Aid Comes in Many Forms - Scholarships, Fellowships & Student Loans
By: Anamika Gupta
Government College Financial Aid Comes in Many Forms - Scholarships, Fellowships & Student Loans
When it comes to finding funding for college the answer may be as close as your back yard. Visit at http://themotley-fool.blogspot.com
Everyone considers federal government sources of aid to make their college dreams come true but overlook what their state has to offer. State financial aid sources exist to help students who are reaching for a higher level of education. Here is some information to point you in this possibly lucrative direction.
Start with your high school guidance counselor. Any information about grants, scholarships, loans, and other programs offered by the state will be funneled through their office. Make an appointment to talk with them and gather as much information as you can on the options available.
Contact your state educational office. Every state has one. If they have a website, visit and see what they can tell you. States are ready to help students, especially if they plan on attending a state school.
Ask the state educational office for a financial aid handbook. Any scholarships, loans, and grants that are provided by the state can be found in the pages of that book. Study it carefully. Apply for all of the programs that even remotely apply to you, your situation, and your skills.
Scholarship monies are available for attending a state school. A state college or university may not be your first choice, but don't count them out. One distinct advantage of a state-supported school is the cost. The average cost per year could be half that of a private college or university in another state.
States set aside money for students pursuing certain fields of study at college. The funds encourage students to stay within state to receive their education. This doesn't mean that you have to attend the same college for all four years. If you truly want to study elsewhere, you can transfer after the first year or two, but understand that these funds more than likely will not follow you to your new school.
Counties issue grants based on their need for graduates to pursue a specific discipline. Teachers and nurses are in high demand. Areas where there is a significant shortage offer students the chance to go to college for little or nothing in return for a certain number of years of service in the needy area.
States provide grant money for minority students. These grants give money to qualified students based on race, religion, and sex. If you fall into one of these categories, apply for the grant and get the money you need for college.
The best thing about grant money is that it does not have to be paid back. It is important to check with the grant foundation on the renewal particulars of the grant. You don't want to miss out on money in subsequent years because of a failure to renew the grant.
Local businesses and civic organizations offer scholarships for students planning on attending college. For some of these scholarships, students are chosen based on their academic record in high school. Other ones require an application to be filled out for consideration.
Banks in your state may offer college loans for parents and/or students. The loans supplement any costs that are not covered from other financial aid sources. Loans should always be a last resort when considering all forms of aid, but they are available if you need them.
Another avenue of inquiry is the financial aid office of a state college. After deciding to attend a state school visit or call their financial aid office to learn about any state grants or scholarships that are available on their campus. The state government or corporations may partner with state-funded schools or private colleges to offer money to students in need.
With all of the state sources that you find, be mindful of application deadlines. Many of the deadlines will be around the same time so staying organized is a must to get all of the information in on time. Late applications will not be considered.
State financial aid sources do exist. Check with state educational offices and your high school guidance counselor for more information.Visit at http://themotley-fool.blogspot.com
Article source: http://www.articlesbase.com/finance-articles/government-college-financial-aid-comes-in-many-forms-scholarships-fellowships-student-loans-1050253.html
Government College Financial Aid Comes in Many Forms - Scholarships, Fellowships & Student Loans
When it comes to finding funding for college the answer may be as close as your back yard. Visit at http://themotley-fool.blogspot.com
Everyone considers federal government sources of aid to make their college dreams come true but overlook what their state has to offer. State financial aid sources exist to help students who are reaching for a higher level of education. Here is some information to point you in this possibly lucrative direction.
Start with your high school guidance counselor. Any information about grants, scholarships, loans, and other programs offered by the state will be funneled through their office. Make an appointment to talk with them and gather as much information as you can on the options available.
Contact your state educational office. Every state has one. If they have a website, visit and see what they can tell you. States are ready to help students, especially if they plan on attending a state school.
Ask the state educational office for a financial aid handbook. Any scholarships, loans, and grants that are provided by the state can be found in the pages of that book. Study it carefully. Apply for all of the programs that even remotely apply to you, your situation, and your skills.
Scholarship monies are available for attending a state school. A state college or university may not be your first choice, but don't count them out. One distinct advantage of a state-supported school is the cost. The average cost per year could be half that of a private college or university in another state.
States set aside money for students pursuing certain fields of study at college. The funds encourage students to stay within state to receive their education. This doesn't mean that you have to attend the same college for all four years. If you truly want to study elsewhere, you can transfer after the first year or two, but understand that these funds more than likely will not follow you to your new school.
Counties issue grants based on their need for graduates to pursue a specific discipline. Teachers and nurses are in high demand. Areas where there is a significant shortage offer students the chance to go to college for little or nothing in return for a certain number of years of service in the needy area.
States provide grant money for minority students. These grants give money to qualified students based on race, religion, and sex. If you fall into one of these categories, apply for the grant and get the money you need for college.
The best thing about grant money is that it does not have to be paid back. It is important to check with the grant foundation on the renewal particulars of the grant. You don't want to miss out on money in subsequent years because of a failure to renew the grant.
Local businesses and civic organizations offer scholarships for students planning on attending college. For some of these scholarships, students are chosen based on their academic record in high school. Other ones require an application to be filled out for consideration.
Banks in your state may offer college loans for parents and/or students. The loans supplement any costs that are not covered from other financial aid sources. Loans should always be a last resort when considering all forms of aid, but they are available if you need them.
Another avenue of inquiry is the financial aid office of a state college. After deciding to attend a state school visit or call their financial aid office to learn about any state grants or scholarships that are available on their campus. The state government or corporations may partner with state-funded schools or private colleges to offer money to students in need.
With all of the state sources that you find, be mindful of application deadlines. Many of the deadlines will be around the same time so staying organized is a must to get all of the information in on time. Late applications will not be considered.
State financial aid sources do exist. Check with state educational offices and your high school guidance counselor for more information.Visit at http://themotley-fool.blogspot.com
Article source: http://www.articlesbase.com/finance-articles/government-college-financial-aid-comes-in-many-forms-scholarships-fellowships-student-loans-1050253.html
Money Mastery - Three Easy Steps to Mastering Your Financial Destiny
By: Anamika Gupta
When I was a kid I was constantly told, "We can't afford that; we can ONLY get this; ask your dad if you can have that; you must save your money for a rainy day; start saving now for retirement."Visit at http://themotley-fool.blogspot.com
Don't get me wrong, I understand the intention of some of these messages and that they may even hold value for some folks but I also have learned that these statements can lead to potential financial paralysis.
By hearing those statements over and over again, I developed what could have been my Money Destiny. That Money Destiny led me to believe I would never have enough money, that I must always save and never spend, and that I was not financially safe. These messages repeated themselves in my mind every time I needed to make a money decision or anytime I thought about money. Soon thereafter I found myself resenting the "mean green" and at times wanting to rebel against it. Thank goodness I realized one day that should I continue down this same Money Destiny road, I was destined to have just enough (not plenty) or none at all for that matter or worry about money constantly, and stay in the middleclass.
When I noticed how I was making decisions that would keep me in the same place and never propel me forward financially, I knew it was time to bust my old patterns, break debilitating money-habits, and create a new money system, a new Money Destiny. Doing this was going to take some mental, emotional, spiritual, and physical work, oh yeah, and finacial work as well! It meant I was going to have to stop listening to what I had been told all my years growing up as a child as well as stop playing the "tape recording" of these messages over in my mind. It also meant I was going to have to buck this old system every time it flashed before my eyes! My intention in sharing this article with you is to help you break down your conditioned mindset and build it up with a new one that actually works with you and not against you. This is a mindset that YOU are going to create, nobody else will be creating it for you. Isn't that exciting?
So what does mastering money look like? Mastering your money literally boils down to one thing: your mindset. Have you ever noticed that when your bills are paid off for the month and you have some extra "bread" in savings, you are just bouncing around the planet like you are rich (even if you aren't)? However, on the contrary, have you noticed that when you don't have enough to make ends meet and you're struggling to figure out where the next dollar will come from to pay your rent or mortgage, you never seem to see the light? And, have you ever noticed that you actually decided, either consciously or subconsciously, which of those scenarios would play out in your life?
What I would like for you to do is sit for a moment and put yourself into both situations. First, visualize yourself in the moment when you have no money, nothing in the bank, in fact you may be in the negative. You're not going to be paid for another week and all of your bills are due yesterday. What is the first feeling that you notice? Desperation, anger, frustration, helplessness? Take a quick note of that. Now, go to the visual of having money in the bank, all bills paid off and in essence you feel free. You have extra money to do what you would like and everything seems to be going right in the world. Again, take note of the first feeling that pops up for you when sitting in this visualization.
Let's take an even further step. Picture that you are in control of both scenarios. You actually designate or choose which will happen in your life. And, you actually choose the same scene over and over again. Which do you choose? Do you choose the visualization with lots of money and financial freedom or do you choose the daunting visual? I venture to guess you wish to choose the one of Money Mastery.
The concept of Money Mastery has to do with having a destiny when it comes to money. Some folks actually are destined to be rich, middle class or poor. For most of us, we witnessed how our parents behaved with money, listened to things they said and then modeled after them. If our parents were rich, we figured as adults that we, too, had the right to be rich. If our parents were poor, we grew up thinking we did not deserve to have more money so we followed in the footsteps of our poor parents.
I am here to tell you that you don't have to follow in anybody's footsteps when it comes to mastering money except your own. Today, you get to decide your new Money Destiny in just three steps.Visit at http://themotley-fool.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/money-mastery-three-easy-steps-to-mastering-your-financial-destiny-1050294.html
When I was a kid I was constantly told, "We can't afford that; we can ONLY get this; ask your dad if you can have that; you must save your money for a rainy day; start saving now for retirement."Visit at http://themotley-fool.blogspot.com
Don't get me wrong, I understand the intention of some of these messages and that they may even hold value for some folks but I also have learned that these statements can lead to potential financial paralysis.
By hearing those statements over and over again, I developed what could have been my Money Destiny. That Money Destiny led me to believe I would never have enough money, that I must always save and never spend, and that I was not financially safe. These messages repeated themselves in my mind every time I needed to make a money decision or anytime I thought about money. Soon thereafter I found myself resenting the "mean green" and at times wanting to rebel against it. Thank goodness I realized one day that should I continue down this same Money Destiny road, I was destined to have just enough (not plenty) or none at all for that matter or worry about money constantly, and stay in the middleclass.
When I noticed how I was making decisions that would keep me in the same place and never propel me forward financially, I knew it was time to bust my old patterns, break debilitating money-habits, and create a new money system, a new Money Destiny. Doing this was going to take some mental, emotional, spiritual, and physical work, oh yeah, and finacial work as well! It meant I was going to have to stop listening to what I had been told all my years growing up as a child as well as stop playing the "tape recording" of these messages over in my mind. It also meant I was going to have to buck this old system every time it flashed before my eyes! My intention in sharing this article with you is to help you break down your conditioned mindset and build it up with a new one that actually works with you and not against you. This is a mindset that YOU are going to create, nobody else will be creating it for you. Isn't that exciting?
So what does mastering money look like? Mastering your money literally boils down to one thing: your mindset. Have you ever noticed that when your bills are paid off for the month and you have some extra "bread" in savings, you are just bouncing around the planet like you are rich (even if you aren't)? However, on the contrary, have you noticed that when you don't have enough to make ends meet and you're struggling to figure out where the next dollar will come from to pay your rent or mortgage, you never seem to see the light? And, have you ever noticed that you actually decided, either consciously or subconsciously, which of those scenarios would play out in your life?
What I would like for you to do is sit for a moment and put yourself into both situations. First, visualize yourself in the moment when you have no money, nothing in the bank, in fact you may be in the negative. You're not going to be paid for another week and all of your bills are due yesterday. What is the first feeling that you notice? Desperation, anger, frustration, helplessness? Take a quick note of that. Now, go to the visual of having money in the bank, all bills paid off and in essence you feel free. You have extra money to do what you would like and everything seems to be going right in the world. Again, take note of the first feeling that pops up for you when sitting in this visualization.
Let's take an even further step. Picture that you are in control of both scenarios. You actually designate or choose which will happen in your life. And, you actually choose the same scene over and over again. Which do you choose? Do you choose the visualization with lots of money and financial freedom or do you choose the daunting visual? I venture to guess you wish to choose the one of Money Mastery.
The concept of Money Mastery has to do with having a destiny when it comes to money. Some folks actually are destined to be rich, middle class or poor. For most of us, we witnessed how our parents behaved with money, listened to things they said and then modeled after them. If our parents were rich, we figured as adults that we, too, had the right to be rich. If our parents were poor, we grew up thinking we did not deserve to have more money so we followed in the footsteps of our poor parents.
I am here to tell you that you don't have to follow in anybody's footsteps when it comes to mastering money except your own. Today, you get to decide your new Money Destiny in just three steps.Visit at http://themotley-fool.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/money-mastery-three-easy-steps-to-mastering-your-financial-destiny-1050294.html
How Are You Managing Money If Financial Distress is Overwhelming You?
By: Anamika Gupta
How Are You Managing Money If Financial Distress is Overwhelming You?
The stock market is down, foreclosures are up, unemployment is up and bankruptcies are up. Many Americans are having a very difficult time managing their money in this environment.Visit at http://themotley-fool.blogspot.com
There are many small business owners that are facing the prospect of losing their business. I faced this exact situation in the past year and this is how I dealt with it.
My home improvement business was very profitable by 2005 and I was looking at a very prosperous future for my family. In 2006, however, sales began to decline as more of my customers were finding it difficult to get home improvement loans to pay for my company's services. I realized that the future success of my business was in doubt and began to plan for alternatives.
I tried to sell my business, but there were no takers. I worked extremely hard to keep it profitable, but by June of 2007 I realized it was a losing battle. I looked at all of my debt, and understood that a bankruptcy was probably inevitable.
I knew that filing for bankruptcy was an extreme measure, and that the consequences of that decision would be far reaching, but I had poured every cent that I had into my business, including a huge mortgage on my house. I could not see spending the next 30 years trying to pay back all of that money when my formerly prosperous business was a victim of a bad economy.
I knew that before I took a step as drastic as bankruptcy, I had to have a plan for how I would provide for my family after I got rid of the business that had become an anchor around my neck. I spent hundreds of hours studying various online and home businesses and eventually found one that I thought I could do.
I started that business in December 2007 and was able to make over $10,000 the first week in January. This gave me the confidence that I needed to move forward, but it still was not easy. I was not able to consistently make that much every week, so I had to take some very drastic actions to keep food on the table.
My advice in managing money if financial distress is overwhelming you is born from my own experience. I was a victim of many creditors that threatened me and got me to cough up money that I could not afford to pay. Many times I found myself without enough money to pay for the basic essentials for my family. Health coverage was an almost instant victim of my financial struggle and food and gas costs became a great concern.
If you are going through a situation that is this difficult, I recommend making sure that you are able to take care of the basics before you succumb to the threats of your creditors. Having health coverage and food on the table is far more important than your credit score. There are far worse things than realizing that you need to pay cash for everything.
If there is any way that you can avoid a foreclosure or bankruptcy, by all means do so. You can drive a cheaper car and cut costs across the board to try to avoid losing your house or going bankrupt. If you realize that a bankruptcy is inevitable, then make the decision and protect yourself. Do not cough up money when you do not have it and begin working on a plan on how you can prosper in the future. This is perhaps the very best time to go through a bankruptcy or foreclosure because there are many people doing so. The social stigma associated with those financial events is not what it was 20 years ago and you will be in good company. Some notable people that have gone through bankruptcies are Abraham Lincoln, P.T. Barnum, John Barrymore, Kim Basinger, Bjorn Borg, Francis Ford Coppola, Walt Disney, Charles Goodyear, Ulysses S. Grant (his face is on the $50 dollar bill), myself and many others. Do not be afraid of taking the opportunity for a fresh start.
This may also be a very good time for you to start a home business. Your financial distress should help provide motivation for you to put in the effort to make a home business succeed. Most home businesses fail for lack of effort. The reason that mine succeeded is that I knew I had to be successful. Failure was not an option because the security of my family depended on that success.
If you are in financial distress you should also make sure to nurture the relationships that are important to you. Money, or the lack of it, can bring out the worst in people and you do not want to let your relationships to be a victim of your hard financial times. Any type of difficulty can either bring people together or drive them apart. The former is better than the latter and you will be able to handle your financial trials better with the support of family and friends than without them.
If you decide to start a home business, make sure that you have the financial ability or time to properly market it. Do not spend more money than you should to get your home business off the ground, but you do need to realize that it takes an investment to make money. If you invest your time to learn how to market for free, you will save your dollars for essentials and be way ahead in the long run.
I had very little money to put into a home business when I started, but I was able to take my effort and determination and build a very successful and profitable business. You may be able to do the same if you are willing to invest the time and take the risk to do so.Visit at http://themotley-fool.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/how-are-you-managing-money-if-financial-distress-is-overwhelming-you-1050317.html
How Are You Managing Money If Financial Distress is Overwhelming You?
The stock market is down, foreclosures are up, unemployment is up and bankruptcies are up. Many Americans are having a very difficult time managing their money in this environment.Visit at http://themotley-fool.blogspot.com
There are many small business owners that are facing the prospect of losing their business. I faced this exact situation in the past year and this is how I dealt with it.
My home improvement business was very profitable by 2005 and I was looking at a very prosperous future for my family. In 2006, however, sales began to decline as more of my customers were finding it difficult to get home improvement loans to pay for my company's services. I realized that the future success of my business was in doubt and began to plan for alternatives.
I tried to sell my business, but there were no takers. I worked extremely hard to keep it profitable, but by June of 2007 I realized it was a losing battle. I looked at all of my debt, and understood that a bankruptcy was probably inevitable.
I knew that filing for bankruptcy was an extreme measure, and that the consequences of that decision would be far reaching, but I had poured every cent that I had into my business, including a huge mortgage on my house. I could not see spending the next 30 years trying to pay back all of that money when my formerly prosperous business was a victim of a bad economy.
I knew that before I took a step as drastic as bankruptcy, I had to have a plan for how I would provide for my family after I got rid of the business that had become an anchor around my neck. I spent hundreds of hours studying various online and home businesses and eventually found one that I thought I could do.
I started that business in December 2007 and was able to make over $10,000 the first week in January. This gave me the confidence that I needed to move forward, but it still was not easy. I was not able to consistently make that much every week, so I had to take some very drastic actions to keep food on the table.
My advice in managing money if financial distress is overwhelming you is born from my own experience. I was a victim of many creditors that threatened me and got me to cough up money that I could not afford to pay. Many times I found myself without enough money to pay for the basic essentials for my family. Health coverage was an almost instant victim of my financial struggle and food and gas costs became a great concern.
If you are going through a situation that is this difficult, I recommend making sure that you are able to take care of the basics before you succumb to the threats of your creditors. Having health coverage and food on the table is far more important than your credit score. There are far worse things than realizing that you need to pay cash for everything.
If there is any way that you can avoid a foreclosure or bankruptcy, by all means do so. You can drive a cheaper car and cut costs across the board to try to avoid losing your house or going bankrupt. If you realize that a bankruptcy is inevitable, then make the decision and protect yourself. Do not cough up money when you do not have it and begin working on a plan on how you can prosper in the future. This is perhaps the very best time to go through a bankruptcy or foreclosure because there are many people doing so. The social stigma associated with those financial events is not what it was 20 years ago and you will be in good company. Some notable people that have gone through bankruptcies are Abraham Lincoln, P.T. Barnum, John Barrymore, Kim Basinger, Bjorn Borg, Francis Ford Coppola, Walt Disney, Charles Goodyear, Ulysses S. Grant (his face is on the $50 dollar bill), myself and many others. Do not be afraid of taking the opportunity for a fresh start.
This may also be a very good time for you to start a home business. Your financial distress should help provide motivation for you to put in the effort to make a home business succeed. Most home businesses fail for lack of effort. The reason that mine succeeded is that I knew I had to be successful. Failure was not an option because the security of my family depended on that success.
If you are in financial distress you should also make sure to nurture the relationships that are important to you. Money, or the lack of it, can bring out the worst in people and you do not want to let your relationships to be a victim of your hard financial times. Any type of difficulty can either bring people together or drive them apart. The former is better than the latter and you will be able to handle your financial trials better with the support of family and friends than without them.
If you decide to start a home business, make sure that you have the financial ability or time to properly market it. Do not spend more money than you should to get your home business off the ground, but you do need to realize that it takes an investment to make money. If you invest your time to learn how to market for free, you will save your dollars for essentials and be way ahead in the long run.
I had very little money to put into a home business when I started, but I was able to take my effort and determination and build a very successful and profitable business. You may be able to do the same if you are willing to invest the time and take the risk to do so.Visit at http://themotley-fool.blogspot.com
Article Source: http://www.articlesbase.com/finance-articles/how-are-you-managing-money-if-financial-distress-is-overwhelming-you-1050317.html
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