financial

5 Money Saving Tips for Buying a Car

Written by adminApril 24, 2018

Buying a car is a huge step for most people. Whether it’s your first adult car or you regularly seek out new leases every few years, it can be a frustrating (and quite expensive) experience. It’s especially troublesome if you go in not knowing how to find the best deal for you.

If you’re in the market for a new car or truck, this blog with share with you some money-saving tips that will keep you from making a huge mistake, while hopefully saving you a bundle.

1) Wait Until the End of the Month/Year

I know, I know. The thrill of buying a new vehicle is incredible! We want nothing more than to walk into a dealership today and walk out driving something with that new car smell. But if you wait until the end of the month, you can potentially get a bigger bang for your buck.

Most car companies pay their employees through commissions. The successful sellers often get perks and bonuses for selling the most cars. As the month goes on, a salesperson will get increasingly hungry to keep up with their quota, so they offer huge discounts, perks, and incentives to get you to walk away happy.

If you can be patient, end of the year deals can be really awesome as well.

Do your due diligence and visit several dealerships at the end of the month and compared which ones seem the most desperate to make a sale. You can also look for quarterly bonuses and special holiday events. The savings can total in the thousands.

2) Do Your Research Online

If you wait until you’re at the dealership to look around and do research, you run the risk of being strong armed or being swarmed with salespeople pushing you into a vehicle that’s not the best fit for you. Sometimes dealers have a vehicle they want to get rid of. They’ll try their hardest to convince you to buy something other than what you want.

Before you go to the dealer, you can do all the same research online. Look at the various models, sizes, colors, and prices you want to pay. There are a ton of resources online to help you, like Kelley Blue Book, Auto Trader, Carfax, and so much more.

A lot of dealerships even have a way for you to check out prices on their website and get a quote all without walking in the door. So, when you are ready to buy, you’re well-armed with tons of great research, ultimately saving you time and money later.

3) Shop Around for Trade-Ins

There’s no rule (written or unwritten) that says you absolutely have to trade in or sell your old vehicle at the same place you buy your new one. It may be more convenient to do it at the same dealership, but it can cost you money.

The trick is to take your car around to different places and write down the quotes you get. Once you’re at the dealership of your choice ready to buy, you have a nice tool in your pocket to start the negotiations.

The best way to go about it is to negotiate the price for the new car first, then mention you have a trade in and see what kind of deal you get. If it’s not as good as the deal another dealership offered, you have a great negotiation weapon. They’ll be eager to get your sale after already agreeing on a quote, so they might be more inclined to increase their offer.

4) The Best (and Worst) Time of Year to Buy

Spring is the worst time to buy a car. A lot of people get excited after getting tax returns and are ready to buy. Dealerships are prepared for that and prices will be inflated. They can afford to charge more as their buildings are often full during this time of year.

The best time to buy is in the fall. This is usually when the new model years come in, so they have a lot of the ‘older’ models taking up room on the lot. They’re more likely to give you a great deal to free a spot for the newer car, which can save you thousands for virtually the same vehicle.

5) Don’t Be Afraid to Negotiate Down Fees

You can bet your bottom dollar, when you receive your itemized bill, there will be a lot of additions to it you didn’t think you’d have to pay. Fees for this, taxes for that. Some dealers will charge you simply for doing paperwork. Yes, that’s a real fee that can hit as high as $800! Some states do cap the fee to keep it as low as possible.

In this case, if you get hit with a huge fee, try to negotiate them. Be willing to walk away, because it might take you threatening to leave if they don’t remove it. Some of the fees can get so ridiculous it’s not even worth entertaining doing business with them.

In the end, the best thing to do if you’re in the market for a new car is to wait. Experts say to start research at least 6 months ahead of time so you can be aware of all the great deals, sales, holidays, and times of the year when they’re a lot less expensive.

Written by adminApril 20, 2018

Student Loan Consolidation

Ever since President Trump was elected and sworn in, he’s made it his mission to hack and slash federal spending. We’ve seen attempts to make critical cuts to important programs, like public television and Meals on Wheels.

Sadly, the proposed cuts don’t end there, and it’s bad news for millions of students trapped under a mountain of debt. The programs he really wants to cut into are the student aid programs passed through during the Obama administration.

Last year, Trump set out to cut as much as $4 billion from those programs, but in a compromise move by the president, those cuts have been put on hold. For now.

The 2019 budget has the same proposals they wanted pass in 2018.

The 2019 proposal includes:
-Cutting loan forgiveness programs for public servants.
-Move the current five income-driven repayment programs into one where the monthly payments are higher, but takes much less time to pay back.
-Graduate students would take longer to repay their loans under this plan.
-Stops paying the interest on loans taken out by low-income students.
-No more debt forgiveness for social workers and teachers after 10 years of repayment.

“At a time when millions of students are struggling under the crushing burden of student debt, it speaks volumes that President Trump and Secretary DeVos are proposing $200 billion in cuts to financial aid,” said Democratic Senator Patty Murray this week. “This is a complete 180 from the agreement Republicans and Democrats made last week.”

2018 Budget Keeps Funding in Place

As President Trump begrudgingly signed the spending bill into law to keep the government from shutting down, it protected a lot of the existing programs he wants to cut. Rather than cutting the work-study program, the White House proposed using $300 million of the extra bill money to go towards it.

They’ve also decided not to cut programs like Gear UP that is designed to help poor students starting in middle school get prepared for college. Instead, it combines Gear UP with TRIO into a $500 million grant given to the states to dole out to kids in need.

Also, Pell Grants are safe for the time being. Part of the 2018 proposals looked to take $1.6 billion from the program, but the current budget leaves it alone. Instead, the budget aims to prevent more money from being pumped into Pell Grants by keeping the numbers right where they are. That means no adjustment will take place to account for later inflation of tuition.

That’s not a good deal, according to Jessica Thompson. She’s the Policy and Research Director at the Institute for College Access and Success. She says the Pell Grant right now barely does a good enough job at keeping needy students afloat.

“They aren’t making any of the critical investments in Pell grants, which is a huge missed opportunity. The current max grant is covering the lowest share of college costs in over four decades,” she said.

While President Trump wants to make cuts to Pell Grants, he also desires to expand the program to cover different trades and short-term certificates/degrees. He hopes this will spur on employment growth in skilled labor markets, such as manufacturers and construction workers.

The overall goal of Trump and Education Secretary Betsy DeVos is to bring back the Higher Education Act, which includes a lot of these cuts to student aid. At least for the next year, students have an opportunity to take advantage of the current laws to get assistance in paying their debts down.

To learn more about reducing your debt and how we can help, please call (844) 899 7540 today. We’d love to hear from you before the laws change for good.

Written by adminApril 19, 2018

Saving

Spring often feels like the beginning of a whole new year. After a cold, long winter of being stuck inside with nothing to do, we begin to emerge like bears waking from a several-month hibernation.

Spring is also the start of the active season. From now until Christmas, busyness will consume you. Life will be full of activities, repairs, vacations, weekend trips, decorating, and so much more.

Are you prepared?

Most people go into the summer season unready for the expenses sure to come. It’s not just the summer busy season that can be expensive. A lot of hidden costs can be lurking that will cost you more in the long run because you weren’t ready for them.

Let’s take a look at several ways you can Spring Clean your budget today to keep it looking healthy for the rest of the year.

1) Check Annual Expenses and Create a Plan

Memory can be a fickle thing. You might have some vague idea in the back of your mind of stuff you want to do or fixes you need to make, but by not planning for it and putting it down on paper, it can turn into an unexpected problem later.

Sit down and carefully write a list. If you want to repaint the deck, add it to the list. Planning a vacation to Fiji? Great! Add it to the list.

Walk around the house and do a little inspection. Better yet, hire someone to come out and see how your home/property is holding up. If there’s a problem that needs addressing, like the roof needs to be replaced, add it to the list.

Once you can see all the different things you need to do, spend time thoroughly researching every point. Take a lot of notes if necessary. For example, that trip to Fiji. What are the costs? Hidden costs? Will you have to put down a deposit ahead of time? What time should you buy the tickets for the best deal?

When you see it, all laid out for you, you will get a bigger picture of what you can afford and what you should probably save until next year.

2) Don’t Forget to Keep an Eye on Your Debt

If you made the resolution at the beginning of the year to pay off your debts and improve your credit score, then you need to take that into consideration before spending tons of money on vacations or other big purchases.

If you’ve been steadily paying down what you owe, then your credit score is improving. Instead of taking that family trip to Fiji, maybe decide to take it easy this year and put the extra money into your debts. Then, if you’re out of debt next summer, you can afford to do a lot more without jeopardizing your credit score and/or adding to your debt.

Also, maybe it’s time to check out other options you might have at conquering your debt once and for all. We can help! Give us a call today at We’d love to hear from you!

3) Remove the Clutter

It’s a good idea to periodically look over your books. The best idea is to be a stickler for keeping the books clean, but it can be time consuming and a lot of people just wing it.

By looking over your financial statements, bank accounts, and other bills, you can check for added payments, extra fees, or even subscriptions you just don’t need or use anymore.

Maybe you only watch HBO for Game of Thrones. Well, as of this writing, it’s going to be at least another year before the final season hits, so stop paying for it until then.

It’s so easy to get caught up paying for services we barely use, simply because we think we need them. If you want to save good money throughout the year, this is a great way to do it.

Written by adminApril 17, 2018

Taxes

Today is the day. Tax Day. The bane of every American’s existence.

Every year, 80% of the population manages to get their returns in on time to receive their refund. It’s such a complicated and frustrating experience that most Americans wait until the deadline to get it done.

According to Ted Kurlowicz, tax professor at The American College of Financial Services, the best plan of action is to pay your taxes right away. People often miss the deadline because they didn’t have the money to pay by the deadline or they just ran out of time, an error that can get quite expensive.

“You should do the least harm and file as soon as possible and pay the tax as soon as possible,” said Kurlowicz during an interview with Fox Business. “The late-filing penalty could actually be higher than the late-tax-payment penalty so you should file as soon as possible to do the least harm to your personal finances.”

The amount you can pay if you’re late is 5% of what you owe each month, up to about 25% of the total. Moral of the story: if you don’t want to pay more than what you owe, don’t procrastinate!

What about the 20% of people who don’t file on time? Will the IRS come pounding on your door and threaten to haul you off to tax prison?

The simple answer is no. It’s okay to miss the deadline, but there are a few things you must do to stay compliant.

1) File an Extension.

If you need more time to get your taxes in, the government understands. Not everything works perfectly, even if you were 100% prepared to have your taxes prepared by the 17th. Maybe there was a problem with filing and they’re waiting for assistance. Sometimes it takes a little longer to get all your sources of income identified so you can complete your taxes on time.

Either way, the IRS has graciously offered an extension, giving you until October 15th. To take advantage of this, you must submit Form 4868 the moment you realize you might miss the due date.

While you have until October to send in your proofs, that doesn’t mean you have that long to pay what you owe. The due date to pay is still April 17th and they will expect you to pay at least 90% in order qualify for the extension or you will probably get hit with nasty interest and late fee charges.

2) Take the Situation Seriously

If you know you’re going to be late, the best thing you can do is be proactive. You know the tax man is going to come. They will not just forget you owe them money and leave you alone. They WILL come for you, but if you want to lessen the penalties/burden of paying late, then do everything you can to show you’re trying your hardest to remedy the problem.

Again, the IRS understands the things happen. Hardships come and go. As long as your open and honest about what’s going on, pay as much as you can, file an extension as early as possible, you can usually negotiate a settlement.

3) Get Help

Tax time is stressful for everyone, but it’s especially true if you’re unsure about whether you can pay on time. You might even have April 17th with skull and crossbones marked on your calendar drawn with a black Sharpie. If there’s any question or stress over filing (especially if you’re working a new job or started your own business and just aren’t sure), get help!

Yes, it will cost you a little bit, but not paying on time will cost you a lot more in the long run. There are thousands of amazing tax advisors out there, along with new software that makes filing easier than ever.

Happy Deadline!

Written by adminApril 11, 2018

Credit & Debt Settlement

When Americans with more than $20,000 of credit card debt call (833) 693 4090 and speak with a debt counselor, they may be surprised to learn they qualify for a large Debt Relief Program.

U.S. debt has exploded to over $12.73 trillion¹, ruining peoples’ lives with high fees and endless collection calls. A little known program is currently happening right now allowing U.S. citizens to potentially reduce thousands of dollars of credit card debt.

“I was so embarrassed. They called my boss at work demanding I pay $10,700! I felt like I was in a black hole, drowning and they were calling my job and now I’m worried they’re going to fire me because of my collection calls. I just can’t take the stress of knowing that if I lose this job I don’t have a back-up plan for my family.”² – Hannah Daley, Milwaukee, WI

QUICK VERSION: Smart Americans are seeing if they qualify to settle their $20,000+ credit card debt. There is absolutely no cost or credit check to see if you qualify for a phone consultation. Call this toll free number to speak with a qualified debt negotiator (833) 693 4090.

Our Mission and Who We’re Fighting Against

This is unknown to many, but if you or a loved one have $20,000 + of unsecured debt (credit cards, medical bills, and utility bills), then you may qualify for debt relief. This is a huge problem for large banks and creditors.

You see, banks don’t want you to know debt is negotiable. It’s in their best interest to keep you trapped making minimum payments so they can line their pockets with your hard earned cash.

Think about all the Americans stuck in massive debt because of medical bills or a relative taking advantage of their kindness. Don’t they deserve a chance to start over?

This is why it’s really a no-brainer to jump on this now. Collection calls and arguments over money could be a thing of the past.

But I Don’t Want to Take Out Another Loan or Ruin My Credit Forever!

Many people falsely assume they have to take out additional loans or ruin their credit forever using debt settlement. This is not only untrue, in fact it’s the opposite.

Debt settlement counselors use their negotiating expertise to get collection companies off your back. All of your outstanding bills are lumped into one small monthly payment that you control.

This often overlooked secret to solving your debt could have a massive impact on your family’s future. Imagine being able to finally provide your family with everything they’ve always deserved.

Thousands of Americans with more than $20,000 of credit card debt could take advantage of a free debt relief consultation, but sadly most of them think it’s too good to be true. Remember, if you or a loved one have outstanding debt and/or receiving collection calls you may qualify for life-changing debt settlement. Instantly see if you qualify today.

Act Now Before Your Window of Opportunity Closes

It’s 100% free to see if you qualify for a phone consultation.

Here’s How:

Step 1: Simply call (833) 693 4090.
Step 2: After you we ask a few questions about your case, a debt specialist will find the program that fits your debt situation. It’s very important to call right away to reserve your spot for this program before it’s too late! Many Americans report being shocked discovering how much debt they could settle.

Written by adminFebruary 27, 2018

Saving

Real estate mogul. Billionaire. Reality TV star. President of the United States. Donald Trump goes by a lot of titles, and whichever side of the political arena you’re on, I’m sure there’s a lot more you can say about this man. Currently, Mr. Trump is America’s most polarizing character and no one knows what he’ll say or do next.

But, if it’s one thing Trump seems good at doing, it’s slapping the TRUMP name on things to sell his brand. If you were to visit Trump Tower in New York City, you’ll see gift shops stuffed full of items and souvenirs with his name stamped on there somewhere. While Trump loves to promote his brand, he’s not always successful at doing so.

Here are 10 of Donald Trump’s worst business failures:

1) Trump University

Let’s get the most well-known failure out of the way. Trump, a knowledgeable businessman, thought he could add to his fortune by teaching others the art of the deal. In 2005, Trump University was born. Because the college was never accredited, many students (who, in some cases, paid as much as $35,000 to take the course), felt the whole thing was a fraud.

Eric Schneiderman, New York Attorney General, sued Trump in 2013 on the basis of fraud. The case was eventually settled in 2016 after then President-Elect Donald Trump agreed to pay $25 million in settlement fees.

2) Trump Vodka

So, what happens when a man, who claims he doesn’t drink, tries to get into the alcohol business? Well, it goes belly up. Trump vodka, released in 2007, was supposed to become “the most popular drink in America”, but didn’t even survive two years on the market. It disappeared, never to be heard from again.

3) Trump Airlines

Everyone has seen Trump’s famous plane on TV with his name covering the fuselage, but his plane wasn’t intended to be the only one. After Eastern Air Lines went belly-up, Trump bought the airline for $365 million to provide first class accommodations to businessmen and women traveling between New York, Boston, and Washington D.C.

The idea didn’t get too far. Trump ended up selling the company to USAir after it defaulted on its debts.

4) Trump Steaks

Another popular talking point during the 2016 election was Trump Steaks. In 2007, Trump decided to hop into the beef game with business partners QVC and Sharper Image. They claimed to sell “a taste of Donald Trump’s luxurious lifestyle”. The partnership lasted a while until 2014 before dying out completely.

5) Trump Mortgage

What does a real estate mogul know about real estate? Well, you’d think a lot, but Mr. Trump made a bad mistake. One year, the future president decided to start his own mortgage company, claiming that the real estate market would be strong for a ‘very, very long time’. The problem? It was 2006. Two years later, the housing market collapsed, killing Trump Mortgage.

6) Trump Magazine

Do the super-rich and famous have time to sit down and read magazines? That’s the audience Trump was going for when he launched Trump Magazine back in 2007. What many people considered “wealth porn”, the magazine was full of things the average reader wouldn’t associate with, such as reviews for mega yachts, expensive watches covered in jewels, how to make over your private jet, and so much more.

The magazine’s number one model? Donald Trump himself. He featured in a lot of the images and ads himself, making it an Ode to Trump. The magazine was done just two years later in 2009.

7) Trump: The Game

If you were tired of just being moderately rich playing Monopoly, you could try your hand at Trump: The Game. This was a game just like Monopoly where the various players attempt to one-up each other by buying/selling real estate and becoming the Trump of the game. Partnering with Milton Bradley, the game didn’t meet expectations and later disappeared.

8) Trump Casinos

Everyone knows that Donald Trump owns casinos all over the country, except when they start to go downhill. After Trump Casinos filed for its 3rd Chapter 11 bankruptcy, Trump claimed that he has nothing to do with that business, and that all he’s done is slap his name on the building. He later resigned as head of the Trump Entertainment wing of his empire.

9) GoTrump.com

Not even online booking giant Travelocity could keep GoTrump.com from going under. This site was meant to serve as a search engine for luxury flights, but it didn’t even last a year.

10) Trump Beverages

Trump has made a few attempts at selling beverages. We talked about Trump vodka earlier, but he also tried his hand at Trump Ice (bottled water) and other types of beverages. He filed for a trademark of the name “Trump Fire”, but never did anything with it. Same with Trump Power. They were non-alcoholic drinks, but the whole plan was later scrapped.

Love him or hate him, Donald Trump has had his share of both success and failure. Most entrepreneurs fail many times over before finally making it to the big time. Either way, we can’t blame the man for trying!

Written by adminFebruary 23, 2018

Saving

Anyone who has watched the news in the past few years can tell that Americans have a deep love-hate relationship with guns. Since our founding, guns have been a symbol of nationalistic pride and self-defense.

According to the constitution, our right to bear arms will not be infringed. The Founding Fathers believed there may come a time when every man will have to defend what’s his, even from his own government.

But, if you were to ask an anti-gun activist, those rules no longer apply while living in a modern, civilized society. After every mass shooting incident or tragedy that rocks our country, the calls for stricter gun reform and even a full ban of certain weapons grows stronger.

Yet, despite the cries from the anti-gun lobbies, there’s always one thing a national tragedy never fails to do: spike gun sales.

There’s a major gulf between both sides politically. As they appear to play tug of war with each other, there’s a real fear that the U.S. will go the way of Australia and other countries that gave up their weapons years ago after mass shootings.

The problem is, those other countries aren’t the United States. They don’t have a historical culture that revolves around guns. They don’t have a constitution that personally guarantees them the right to carry. And so, the debate continues.

Guns by the Numbers

Statistics show that there are 114 guns per 100 people in the U.S. It’s difficult to give an exact number on how many guns are out there, but it definitely outnumbers the current population. There are certain events we can look at to see what drove gun sales, and it goes back to fear.

For example, we saw a surge in gun ownership after Barack Obama was elected president in 2008. This event is what pushed gun sales far above the population at the time. Fear that his anti-gun agenda would eventually be fulfilled drove gun sales by the millions.

After Sandy Hook, gun sales broke historic trends and rose by about 3 million after the months that followed the tragedy. These same types of numbers can be seen after every tragedy that hits the country.

It’s not just the purchase of guns that skyrocket, but also the number of permits to carry and the stocks of gun manufacturers.

After the Las Vegas and Pulse nightclub shootings, stocks rose significantly for most of the top gun companies out there. NRA memberships soar.

Whether you consider it patriotic duty, defending your rights to freedom, or pure lunacy, there’s no doubt that Americans love their guns. And when fear drives them, they decide to weapon up to protect themselves and their families at any cost.

No one has all the answers to solving the mass murder crisis that seems to be plaguing our schools, churches, nightclubs, and streets, but the solution at present seems non-existent. This deeply divisive issue threatens only to continue to divide us further.

Written by adminFebruary 12, 2018

Uncategorized

Saving money is hard. It’s a reality most Americans have to contend with. In a perfect world, we’d all love to have a nice nest egg in case we need it. The problem is, the cost of living is way too high! It’s so high, that more than half of us don’t even have $1,000 in savings.

When asked, 36% of Americans claim their biggest regret in 2017 was not saving money, and they blame the high cost of living as the number one reason why. 20% blame their low salary as the reason why they don’t save. 15% don’t even budget, essentially throwing their financials together with duct tape and sawdust.

Everything Changes Except Salaries

The biggest culprit behind people not being able to save is how much things change from year to year. With every turn of the calendar year, it would seem as if prices continue to rise. The cost of rent goes up. The cost of food goes up. Gas prices fluctuate, but most often, go up. Insurance rates go up. Interest rates go up. Taxes go up.

While all these aspects of everyday living continue to grow more expensive, our salaries stay the same. If you’re lucky, you might get a $.50 raise, but that doesn’t go far compared to the other bills that keep stacking on top of each other. It’s no wonder more Americans are finding themselves struggling with debt.

Despite the Struggle, Saving is Key

No matter what our circumstances might be, we cannot afford NOT to save money. It’s crucial, essential, and may even be lifesaving! How would you be able to afford a major crisis happening? Most of us go through life as if nothing bad can touch us, so we don’t even worry about it.

Maybe we can get through until our golden years relatively untouched, but what happens then? We lived at or above our means for so long, did you have time to plan and save for retirement? This is one part of life that just has a way of creeping up on us. Americans are now working longer than they ever used to before due to the lack of financial planning.

You Must Become Debt Free

As difficult as it might sound, the only salvation for rising costs is to get out of debt, especially if you don’t anticipate your salary rising. Americans get caught in the trap of turning to credit cards and getting loans when they want something they can’t afford. But that’s the thing! They try to pay for things they can’t afford and it costs them in the long run.

Just assuming you’ll get things on track before retirement isn’t going to cut it. You need real change and to get ahead of the snowball running downhill. It will only grow larger and larger until you can no longer manage it. Having an emergency nest egg, saving for retirement, and ensuring you can live comfortably below your means is MUCH more important than buying that brand-new car or doing anything that incurs new debt.

If you’re burdened with lots of debt, the best course of action might be to consider debt consolidation. That will allow you to put all your loans and debts into one neat package to make the repayment process simpler, saving you money verses not getting a consolidation.

You can also try to do a debt settlement, which may even lower the amount you owe and can save you thousands of dollars. Whichever you choose, getting out of debt (and not adding on more) is the best way to improve your financial situation.

The best rule of thumb is to not pay for anything you can’t afford. If you’re in a dead-end job and you don’t see your salary going up anytime soon, there’s no reason to make your circumstances more difficult than you need to.

Make new goals and be smart with your finances. Then, you can celebrate being one of the few Americans who are debt-free and without the worry of having nothing to fall back on in case the worst were to happen.

Written by adminJanuary 16, 2018

Credit & Debt Settlement , Personal Loans , Saving

It happens in a blink of an eye. We spend our childhood getting just about everything we could ask for. Our parents worked very hard to give us a good life and to make us smile. If you were like me, you had a room packed full of toys, most of which you didn’t even play with. No matter what toy I had, my mind was always on the next thing. Then one day, it all changes.

Kids have virtually no concept of money. If they want or need something, it’s often provided for us. As we get older, we start to pick up a little more responsibility. Whether it’s your job to clean up after dinner, take out the trash, or vacuum the floors, we start to learn about work for the very first time.

A lot of parents will teach their kids that if they want that new toy, then they must earn it. But often, the biggest lessons of all are rarely taught. We all know as we get older that we must work for our money, but the concept of saving is seemingly lost on younger generations. Whatever they get in, they must spend immediately.

Spending Less than You Earn

According to Forbes, most 20-year-olds aren’t saving their money. They live right at where they can afford, opting for the more expensive car or apartment rather than living under their means and saving that money for later. Forbes also suggests, in their article 20 Things 20-Year-Olds Don’t Get, that young adults should learn how to spend 25% less than they make.

This is especially important when you consider that teens and young adults hop from job to job. They don’t have a steady work or credit history, yet they are at risk of making their financial life much more difficult if they don’t get spending under control earlier in life.

Here are several ways to help your child prepare for adult by teaching them financial responsibility.

1) When they’re younger, buy them a piggy bank.

A lot of kids already do have a piggy bank, but not a lot of parents use it as a method of teaching about savings. Once they start being able to help out with chores around the house, having them earn an allowance. When it’s time to get paid, it would be beneficial for you to sit down with your kid and go over their ‘budget’.

Yes, give your kids a budget! Do they want that new toy? Find out how much it costs and create a goal for them to save at least half of its value. When it’s ‘payday’, show them the money they earned. Discuss with them about how much they want to use right now (let’s say, for the ice cream truck? To get a dessert after dinner?), and how much to put in the piggy bank for the toy.

2) Offer a bonus for extra work.

The idea isn’t just to teach them how to save money, but how to have a good work ethic. Reward them for doing extra work around the house. If their only job is taking out the trash and keeping their room clean, but they start helping do the dishes and taking initiative, don’t be afraid to give extra.

In the real world, they’re going to have to hit the ground running. There will be no laziness on the job or slacking off. Once they know the value of hard work, they will be prepared to go to the extra mile for what they want in the future.

3) Show them how to budget for expenses,

A lot of kids love to go shopping with their parents. You can use this to your advantage by getting them involved in the shopping process. Disclose to them what the budget will be for that particular shopping trip. Sit down and go over what you need to buy. Show them how to clip coupons and find the better deal on items.

4) Teach them how to balance a checkbook.

This is one lesson that rarely gets taught to children. It can be a good way help them understand the importance of having good math skills. When they decide what they want to do with their allowance money, teach them how to keep track of the amount of money they have in their piggy bank and how much they’ve spent on junk.

It can be quite eye-opening for them to see how much money they wasted on things that could’ve gone to better uses. Not to mention learning a basic skill everyone will need to know.

5) Don’t forget about credit.

At every college around the country, credit card companies line up ready to get your kid to sign up. In fact, one of my closest friends told me about how he got into major credit card debt. It started the same way it does for a lot of students. His first year in college, they had tables everywhere for students to sign up.

Of course, he didn’t know a thing about credit cards, minimum payments, interest rates, or building credit. He was young and all he knew was he had a card with a certain limit on it. Before he knew it, he was thousands of dollars in debt and now in his 40s still trying to pay that off. It’s a warning to every parent who sends their kid off without knowing how credit works.

Written by adminJanuary 12, 2018

Credit & Debt Settlement , Refinance , Saving

The American dream. Financial freedom. Being able to do whatever we want, whenever we want. That’s the life so many people chase after, but often don’t know how to achieve.

We often get into the grind, thinking we’re making the right choices. The sad truth is, we’re running around and around in a giant hamster wheel, working our tails off to keep it moving, but going nowhere at all.

If you can have enough money in your bank account that you never have to worry about living month-to-month or paycheck-to-paycheck, that IS freedom.

So, how do you take your life to the next level?

Step #1: Look at your earnings and make bold calls if you need a change.

The difference between where you are now in life verses when you first got out of college or graduated high school is you’re a bit more experienced in life. Whatever you’re currently doing, you’ve most likely been working on it for nearly a decade.

You’ve learned, studied, grown, made mistakes, gave up, went after again, and so on. If you take all of this into account, what stage would you say you’re at?

And most importantly, where do you see yourself in another 10 years? On your way to becoming a millionaire? Then great! Don’t change a single thing. Keep plugging away doing exactly what you’re doing.

But be perfectly honest with yourself. Do you need to make a change? Maybe you’re in over your head? You might need to make a slight or a drastic change to stay ahead. As they say, “Insanity is doing the same thing and expecting different results”.

Step #2: Make sure you focus on your top client.

Here’s the thing, you need to remember one person. And that person is yourself. We often forget about our own well-being and seek to please others first. If you work at an office while attempting to start your own business, will working those extra hours really net you anything?

This might sound selfish, but you have to ask what’s in it for you. What will you get out of it?

As long as you’re working for your boss, you’re helping them fulfill their own dreams and reality. They get to go on longer breaks and vacations while you plug away extra hours to make them more money.

And it’s a waste of your time! Instead, make sure you’re getting something out of it. If you’re not, consider it time wasted away from what you should be doing: setting up your business!

Step #3: Other Money

This might seem counterintuitive, but If you need some money, borrow it. Don’t be afraid of borrowing money and using that to get things going. It’s used most commonly perhaps in real estate, where someone takes out a mortgage, buys and fixes up a house, and then uses rent payments he collects on the interest.

As with anytime you borrow, it does come with risks. There can be a downturn in the economy, but I’m willing to bet that most successful businesses started out with an idea, drive, and a loan.

They often say that you need money to make money, so you can try borrowing if it’s worth the risk. It may be the only way you get to take that step.

When Americans with more than $20,000 of credit card debt call (833) 693 4090 and speak with a debt counselor, they may be surprised to learn they qualify for a large Debt Relief Program.

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