Monthly Archives: November 2017

Smart Ways to Live Like You’re Rich

We’d all like to learn brilliant ways to live rich and feel richer, right? It feels difficult, and there might be times where it truly is, but you can work through any financial struggle when you think smart. There are numerous ways to live like your rich even when you’re not. Keeping up with the Jones’s doesn’t have to break the bank–there are smart ways to get ahead. For instance, you might not have thought about using your credit card reward points to score those fabulous trips you wouldn’t ordinarily be able to afford–but you can.

You can live a life free from financial stress. You do need to be accepting of your limits though, and be more aware of what the priorities are. For instance, you certainly need to be well rested to be able to work hard for a higher income, so investing in a great mattress should be a priority. This is just one example of where to start in smart spending decisions. Now, when you do earn more money that doesn’t mean you should start spending more either.

The following tips we will share below should give you an idea on how you can live like your rich and be happier, wiser and more comfortable in your every day life.

Living the Rich Life Wisely

You have to invest and save to get rich. So, what the experts say is to determine exactly how much money you need a year to enjoy your life. Once you have that figure all the rest of your earnings should be saved every time you get paid. When you want to take a trip, take advantage of those frequent flyer miles, or cash rewards on your bank or credit card. When you want that big item at the department store, put it on layaway or save for it every week and then go pay cash. The idea is to try and pay outright for everything you acquire then you’ll avoid debt and be able to live with less stress and financial worry!

These tips can help, but everyone is different so take your time, plan a strategy and stick to it! We can all enjoy the better things in life when we think smarter and not act on unwise impulses. It’s time to put a plan into motion to live rich! Follow these additional tips to live the life you deserve today:

  • Never spend more than 25% of your income toward housing costs
  • Stick to a grocery budget and shop for sales
  • Set financial goals and stick to them
  • Wait for an item to go on sale and purchase it off season
  • Listen intently and read financial newsworthy material 
  • Stay on top of your bank finances and know what you have in the bank

 

 

Personal Loans Improve Credit and Might Pay Off Debt

Why take out a personal loan when you’re not sure if it will benefit you? The answer is simple–there are programs that just might and it doesn’t hurt to try ones that have no impact on your credit score. There are bad personal loans for those with damaged credit. If you use these wisely (and choose the right ones) you can repair your credit and begin paying off debt. This can help you get back on the right financial path, but you must be willing to make sacrifices. We never recommend taking out a personal loan just to have extra funds available. But, we do recommend going this route when you need to pay off debt and begin shining up your credit report. Installment loans work best and often have the lower fees and most flexible repayment options.

For consumers who have maxed out credit cards–this can be an excellent option. But remember–not just to increase cash flow. It should be vice versa. Also, if you want to consolidate debt this is a viable choice. This works well if you hope to do away with credit cards and other loans that have unreal interest rates. You do want to weigh all the pros and cons before you sign on to a short term loan like one we are describing here.

The Pros and Cons of a Short-Term Personal Loan

What you might not know is that short term loans can help you repay debt and pay off other loans that might have higher interest rates. Now, when it comes to the repayment of the loan, depending on what type you took out determines the duration of repayment. However, short-term loans almost always have feasible options that work for anyone. You can choose an option that will be the easiest for you when it comes to repayment ability and/or any personal circumstances you have. A loan officer will work with you on these circumstances.

So a short term loan approval offers easier approval for most, and gives you a short period of time to pay back without higher interest costs.  Some variations of short term loan repayments are normally 6 months to 1 year.  Now, long-term is quite different, and offers other options that might provide more flexibility too.  We do want to point out that there is a difference between a payday loan and a short term loan.  Remember, it offers more flexibility.

Just remember, simply because you need funding fast doesn’t mean it is wise to jump on just any short term loan or payday loan.  You need to weigh your options and understand them clearly.  Talking to the right people makes all the difference and can save on repayment penalties and other service charges.