Tips of the week:
1. Destroying debt and building wealth isn't easy, but it's worth it.
Debts can indeed be very deadly. If you are burdened with huge amount of debts, it not only impoverishes you but it drains you emotionally too. So, you should put in serious efforts to contain your debts. If you are already in debts, you have to ensure that you pay off your debts on time. By containing your debts and by following best financial practices, you can gradually increase your wealth. But, it has to be noted that, imbibing such self-control is not very easy also.
2. There are plenty of ways to have fun with your family on very little money. All you need is little bit of planning and budgeting!
Having fun is not only about spending huge amount of money. You can have a lot of fun with your family with very little amount of money. For doing that, you should however have proper planning and budgeting.
3. Remember that the aim of the debt collectors is to scare you or get you angry and force you to make irrational decisions. Make sure that you don't fall into the trap!
In order to retrieve the unpaid money, debt collectors try to scare you. Don't be afraid or agitated and make wrong decisions. Instead, keep your cool and try to pay off your dues by following best financial practices.
4. If you wish to get out of debt, then remember that there is no magic formula. It will all depend upon your willingness to sacrifice!
There is no easy way or short cut formula to get out of debts. By adopting a disciplined and smart approach, you can gradually eliminate your debt level. Don't think that your debt will evaporate overnight.
Queries of the week:
1. What steps can you take in order to earn wealth in this year?
This year, I will try to contain the unnecessary expenses. This will help me save more on a regular basis. Then I will invest that savings in equities. I will also take the help of a professional financial expert for doing that.
2. While buying something online, what queries should your ask yourself?
First of all, I have to ensure that the transaction is completely safe. I will also check whether I am paying the right price or not.
3. What should you do to deal with multiple collection agencies for one debt?
I will talk directly with the lender. I will try to pay off the debts.
4. What are the money mistakes that you should avoid in 2014?
I should control my temptations while shopping. I should not also commit the mistakes of spending on unnecessary items.
Active rain posts of the week:
1. 4 Main mortgage market trends in 2014
Housing market staged a sort of come back in 2013. Home values increased substantially in 2013. Experts are of the opinion that in 2014, home values will continue to increase but at moderate rates. It is also anticipated that this rising tendency will continue in case of mortgage rates also. Many experts are under the view that in 2014, construction activities will move up to some extent. Rise in the construction activities will also open up job opportunities in 2014.
2. Purchasing a car: Auto loan vs. home equity loan
For buying a car, you can take out a car loan or a home equity loan (HEL). The rate of interest associated with a car loan is much higher than the rate of interest associated with a HEL. However, to get approved for a HEL, you should own a home and must have adequate equity in your home.