Debts Mounting? Can you pay them back?
February 28, 2007 | Posted by InvestorBlogger | Comments Off
There are times in your life when you will find that your finances just get on top of you and you start to despair about whether or not you will ever escape from the debt, right?
Perhaps you have unsecured debt on several credit cards (or more?), perhaps you have little cash in the back (or none), perhaps there is a bill due (or several?)… It’s at these moments that you really need to get an action plan together! It’s the one way to get out of the situation.
There are two temptations at this point, though, that will not help. The first is to give up altogether and just let the situation roll on. The second is to look for a temporary fix: another credit card loan, a consolidation loan, a personal loan, … But without having a concrete plan of action in place and determination, neither of these solutions will work.
There are a number of companies that specialize in helping people deal with debt management and can help you devise a plan of action to get yourself out of debt. In addition, they will teach you strategies that can help you manage your cash, negotiate to lower your debt repayments, and create a breathing room for you to put your finances back on track.
A company like OneCareCredit will help you to do this, but you still need to become more educated about your finances as well. Naturally this doesn’t mean you become an expert in financial management. But you will need to learn the tricks and strategies associated with personal money management. For starters, you will find lots of good debt help resources in their knowledge base.
When you first recognize there is a problem with your finances, it’s important to take stock of the situation, seek advice, draw up a plan of action, and make your best attempts to carry it through. Naturally, you will have problems, but you must resolve to keep working at it!
Sponsored by OneCareCredit.
BizIdeas #1: Start your own Education Agency!
February 28, 2007 | Posted by InvestorBlogger | Read these 2 comments
If you have any involvement in education or TESOL or a similar field, you may like to consider this business idea: Starting your own Education Agency
Steve Sutherland has been an education agent in Taiwan for four years and manages a ‘Study Abroad’ forum called AgentsChat for International Students, Education Agents and Schools. He has written about this industry in an article called ‘Start your own Education Agency‘ that you can find on his discussion boards.
You’ll also find him posting about this on Forumosa about this industry.
Ideas2earn.com: An idea to make money - Every Day!
February 28, 2007 | Posted by InvestorBlogger | Comments Off
Many visitors to this blog are interested in ways to make money as well as how to manage it. So today’s suggestion isn’t so much of a moneyspinner, but a website about moneyspinners. Ideas2earn.com has a challenging promise for its visitors: they will provide you with an idea to earn money each and every day for a year. And it’s free!
Naturally, you need to do full research on each and every opportunity you are interested in. Only this way can you be sure that you are not investing in a dud. Do remember also: it’s much better to choose an opportunity or investment that you would enjoy doing, not just one that would generate a lot of cash. Investing should be fun. It should be something you have a passion for, as well.
But if you have been looking for ideas, Ideas2earn.com should be able to provide you lots of them. You’ll need to add a dash of ‘je-ne-sais-quoi’ (Lit: ‘I don’t know what’) yourself to make it your idea!
Personal Loans: Do you have an action plan?
February 28, 2007 | Posted by InvestorBlogger | Read this comment
You’ve all seen the ads: just call this number for low-interest personal loans or easy payment plans or “loan now/pay later”.
They sound attractive, and can entice people to borrow to purchase whatever they want. So, for many people, taking out these personal loans is a convenient way to purchase what they want, when they want it, without committing cash upfront to the purchase. Such loans go for all sorts of purchases: cars, hi-fi, skis, holidays, renovation, … But …
Yet, too often they give precious little thought to the structure of the deal, to looking around for the best interest rates or, worse still, reading the actual loan agreement, in their rush to secure financing for whatever they are about to purchase. In fact, it is quite likely that they spend more time researching the product reviews or service manual for their intended purchase than looking for a good value loan.
Now, as an investor+blogger, you will know that loans are not ‘evil’ per se. In fact, a loan at a good time can be a very good way to invest, e.g. it can allow early purchase of a service or product that can increase your personal productivity greatly (a car loan), increase the value of a house significantly (a loan for renovation), or even allow you to start a new business (an equipment loan).
But. as responsible people, we really need to spend the time to understand the nature of the loans, the latest interest rates and finance news, the terms of the loan as well as the term of the loan, and whatever penalties may apply. It helps us to manage our risk and provide planning options, both of which greatly benefit our wealth management.
So here is my action plan, for responsible borrowing:
When you have identified a product or service that you would like to borrow money for, create a time line of at least one month prior to the purchase of the item to secure a loan. Do NOT commit to purchasing just yet. And certainly, avoid using any affiliated loan that comes with the service/product (e.g. car loans are often sold along with the car), until you have completed your research.
The first week: Look for all the specific loan information you can find. Go to the bank and inquire. Search the internet. Read the ads on the newspaper. Make phone calls, if you need to. Collate your information.
The second week: Now, begin to analyze the information that you have at hand. Be prepared to read all the literature you collected. Create your list of loan priorities: rates, availability, terms, penalties, etc.. Prioritize that list. Then create your shortlist of appropriate lenders.
The third week: Begin the process of contacting the lenders. Check the rates they are offering, the requirements they have for loans (e.g. payment protection), etc.. Do not commit just yet. You may have several candidates that are at the top of the shortlist.
The Fourth week: Do not be afraid to walk away from a lender, at this stage. Do not sign any agreement if you are not happy. You still have other lenders that are on your shortlist. If you have the benefit of dealing with people face-to-face or on the telephone, information about these other lenders may be very useful when you need to negotiate the terms.
But be prepared to walk away if the terms are unfavorable to you, or change late in the process. Some lenders do this, in the hope that borrowers will not notice, or find it too late to change.
A final note: if you can delay purchasing and lending, this will stand you in much better stead. You no longer have a deadline to purchase within, BUT it’s likely that the lenders will have targets to meet to qualify for bonuses from their company. Therefore, if the lender starts saying things like ‘offer good for 24 hours’, s’ign now and we’ll throw in xxx’, or similar type offers, you need to be aware: they are trying to create a sense of urgency, and usually it’s for their benefit, NOT yours.
Sponsored by Select Loans.
Getting Started: Why is Web 2.0 different?
February 27, 2007 | Posted by InvestorBlogger | Comments Off
For those of you who are using a CMS/Blog for the first time, there are three significant differences from web 1.0 style websites (with static content) that you will notice:
1. a blog/CMS is a kind of evolving website, not static.
Content is added, commented on, edited and categorized. There are endless ways that a blog can be easily customized through themes, plugins, features, categories, and tweaks.
2. a blog/CMS has a hugely social dimension.
The commenting, pings, trackbacks, etc. are features that are central to the social sphere. The discussion is ongoing and can take place onsite, and offsite in Digg.com, Technorati or another of dozens of social websites.
3. separation of content and design.
The last and critical aspect that makes a blog/CMS owner happy is that the content and the design are largely separated, so you can work on one without worrying too much about the other: they take care of themselves.
These features and ease of use separate a blog/CMS from a traditional static website in a number of ways, but with the tools available, you’ll find it easy to create a much more unique environment for your readers, and you can drive a lot more traffic to your site. In other words, you get visitors!
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