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creekraven13-blog · 4 years ago

Text

$ 50,000 Mortgage For 15 Years Regular Monthly Payments Calculator.

$ 50,000 Home loan For 15 Years Monthly Settlements Calculator.

#toc background: #f9f9f9;border: 1px solid #aaa;display: table;margin-bottom: 1em;padding: 1em;width: 350px; .toctitle font-weight: 700;text-align: center;

Content

Do You Need To Borrow Money?

Choosing Whether You Ought To Be Loaning Money

Do You Really Required To Spend The Cash Whatsoever?

Can You Save Up Or Make Use Of Some Financial Savings Instead Of Loaning Cash?

Excellent Cash Loaning Versus Bad Cash Loaning

Do You Need To Borrow Money?

In total for that reason, there is added personal tax obligation for Jeremy to pay of ₤ 2,325 per annum as a result of obtaining the cash from the company. One more developing industry of the temporary loan market is guarantor finances. Targeted at individuals with bad credit records as well as young people without a credit history, guarantor loans generally provide a way of borrowing approximately ₤ 7,500 over one to five years, with a 2nd customer ensuring the loan.

Making a decision Whether You Ought To Be Borrowing Cash

" Financial fears can lead to sleep loss, tension and also also anxiety," she claimed. "Our study shows that youths in Britain are not coping and are needing to obtain simply to get by. Extra needs to be done to sustain individuals; whether that's offering far better economic education and learning in institutions, dealing with employers to supply their young team monetary education or perhaps providing financial obligation assistance as well as advice. Additionally, in Denmark lots of loan providers provide interest-only car loans and also will fund the acquisition of property outside Denmark. Unfavorable rate of interest have actually brought about the just as odd sensation of banks paying borrowers to take lendings. What isn't made up is settlement to any type of possible brand-new borrowing or credit, meaning that once your financial contribution to the depend on action has been made, there is restricted cash money left over every month.

Do You Truly Required To Spend The Cash In All?

If you're aiming to obtain a larger amount of money-- up to ₤ 8,000 for instance-- after that you 'd most likely wish to consider obtaining a personal loan. This way, you're permitted to borrow all the money and you repay a particular amount every month.

youtube

When you accept a loan from us you'll be needed to make one repayment monthly back to us no matter which lender has really put up the cash for your loan. We disperse funds, supply declarations as well as deal business assistance. Your loan arrangement with us is separate from our arrangement to investors.

How can I make 50000 instantly?

P C Financial Services Pvt Ltd (Cashbean) uses completely unethical means to make you repay, their tele-callers literally give you threats of bringing down your credit score to make you repay. My suggestion, please avoid cashbean !! Cash bean is not a scam. It is legit.

It is very important that you have a look at this first so that you can avoid being penalised for rejection.

Likewise, unlike a standard loan, the passion does not go to the bank or an additional business lender-- it mosts likely to you.

The interest rate on 401( k) fundings tends to be fairly reduced, perhaps 1 or 2 points over the prime price, which is much less than lots of customers would spend for a personal loan.

This suggests that you shouldn't look for bank card or finances unless you are rather certain that you will have the ability to be approved by them.

Most credit-based products have a list of standards that you can look at before you use.

This will after that make it harder for you to obtain other forms of credit in the future and can often turn into a little a vicious circle.

Changes to rates of interest as well as refinancing is normally not provided but discovered no examples of asset seizures. It is kept in mind that an absence of openness around the loan problems "fuel uncertainty concerning Chinese intentions" in the direction of debtor nations. Debt catch diplomacy is utilized to define a kind of diplomacy based on financial obligation carried out in the reciprocal relations between nations with a frequently supposed unfavorable intent. The term is currently most frequently related to the foreign borrowing techniques of the Peoples Republic of China by the nation's doubters. They must likewise offer further support in the kind of lower rates of interest on loaning over the interest-free barrier and also repayment plans for those that would take advantage of them.

By taking properties off the banks' hands, it enables them to increase borrowing. It reduced the price on the "discount rate window", a tool for financial institutions to obtain from the Fed, and also motivated them to utilize it freely. It recommended that banks can dip into their resources barriers, worth $1.9 trn, as well as their liquidity buffers, one more $2.7 trn, to offer to households and firms, which aided relieve their regulative restrictions. Then, on March 18th, the Fed introduced it would begin buying short-dated commercial paper, to provide straight support for huge firms.

Naturally, there are hundreds of different personal loan alternatives, so ensure you examine the APR and rates of interest to ensure that you're getting the absolute best offer. If you're on a reduced income and you require to borrow a percentage momentarily, explore loaning from a credit union. Credit unions are 'mutual' organisations, which exist to help local people borrow and also save at cost effective rates. After taking his ₤ 8,000 income into account, he has the balance of his ₤ 11,000 personal allocation offered to balance out versus the advantage in kind, leaving ₤ 3,000 taxed at 20%, which corresponds to ₤ 600. Nonetheless, this advantage in kind likewise presses total revenue as much as ₤ 49,000 per year, which surpasses the greater rate tax obligation threshold, and also provides him additional returns tax of ₤ 1,725.

How can I get instant cash loan?

You want to get an $100 advance/ overdraft cover/ 'spot me'/ loan. So you want to get up to $100. Firstly, you'll need to sign up for Cleo Plus, our subscription service. It costs $5.99 a month, but that's cheaper than an overdraft charge, right?

It additionally relaunched a facility to offer straight to "key dealerships", a group of monetary companies that do not have straight access to normal Fed borrowing channels. If you get financial aid, you may be supplied loans as component of your institution's financial assistance deal. ] indicates that China usually provides financial debt write-offs for zero-interest financings just whilst interest-bearing lendings are discussed independently on a loan-by-loan basis with just the modifications in the payment duration changing.

It began on March 12th when the New York City Fed, a branch of the central bank, made $1.5 trn (an ocean of money) offered for repo procedures. Along with reducing rates of interest on March 15th the Fed introduced it would certainly get up $500bn-worth of Treasuries as well as $200bn-worth of mortgage-backed safeties.

As kept in mind over, under the Short Term Borrowing Act, this is allowed for the failing of earnings. Fitch had assigned a credit ranking of BBB- with an unfavorable expectation to these notes. The State had related to Moody's Investors Providers for a ranking on the notes, yet had not gotten one as of the day of the aborted issuance. As of this writing, the State has actually needed to postpone the bond sale since Illinois's risky monetary situation will certainly need it to pay high fines to market the debt.

While temporary borrowing rates are less than those for long-term financial debt, they can still be a significant cost for cash money strapped local governments. Unlike high-risk payday or title financings, individual installment finances enable clients to borrow money based on their overall monetary image. Their backstop is the Federal Reserve, America's lender of last resource. It has actually gone out of its way to ease the clogs in the financial system by motivating banks to offer.

The offer will move forward when market problems are much more positive or it may move on under the Reserve bank's MLF, explained below. At the local government degree, some areas have currently acted to remove fines for late real estate tax repayments, effectively prolonging the settlement deadline, hence significantly postponing the invoice of profits. The Chef Region Board approved a strategy to waive the 1.5% rate of interest each month on late real estate tax settlements that typically would be due on August 3rd up until October 1st. On top of that, there likewise can be delays in the receipt of state profits sharing funds and/or declines in the amount of income provided. This could force city governments, consisting of communities as well as institution districts, to obtain funds in expectancy of getting profits at a later date.

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periodsalary39-blog · 4 years ago

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$ 50,000 Mortgage Loans For 15 Years Month-to-month Repayments Calculator.

$ 50,000 Mortgage For 15 Years Monthly Payments Calculator.

#toc background: #f9f9f9;border: 1px solid #aaa;display: table;margin-bottom: 1em;padding: 1em;width: 350px; .toctitle font-weight: 700;text-align: center;

Content

Do You Required To Borrow Money?

Determining Whether You Need To Be Loaning Money

Do You Actually Required To Invest The Cash In Any Way?

Good Cash Loaning Versus Bad Money Borrowing

Do You Need To Borrow Money?

In complete for that reason, there is extra individual tax for Jeremy to pay of ₤ 2,325 per year as a result of borrowing the money from the firm. An additional thriving sector of the short-term loan market is guarantor financings. Targeted at people with poor credit documents as well as young people without a credit history, guarantor car loans normally supply a method of borrowing approximately ₤ 7,500 over one to five years, with a second customer ensuring the loan.

Determining Whether You Ought To Be Borrowing Money

" Financial concerns can bring about insomnia, stress as well as even depression," she said. "Our research demonstrates that youths in Britain are not coping as well as are having to borrow simply to manage. A lot more requires to be done to sustain individuals; whether that's offering much better monetary education in colleges, working with companies to use their young team financial education or perhaps supplying debt support and also assistance. Moreover, in Denmark several lenders supply interest-only fundings and also will fund the purchase of residential or commercial property outside Denmark. Negative rates of interest have actually brought about the similarly unusual phenomenon of banks paying debtors to take lendings. What isn't represented is payment to any possible brand-new borrowing or credit, suggesting that once your financial payment to the count on deed has actually been made, there is limited cash money left over monthly.

youtube

Do You Really Need To Invest The Cash At All?

After that you 'd possibly want to consider taking out an individual loan, if you're looking to borrow a larger amount of cash-- up to ₤ 8,000 for instance--. This way, you're allowed to obtain all the money and you repay a specific amount monthly.

When you approve a loan from us you'll be required to make one settlement each month back to us despite which lender has really placed up the cash for your loan. We distribute funds, supply declarations as well as offer service support. Your loan contract with us is separate from our contract to investors.

How can I make 50000 instantly?

Good Cash Borrowing Versus Bad Cash Borrowing

It is very important that you have a look at this first to make sure that you can prevent being penalised for denial.

This indicates that you shouldn't get bank card or lendings unless you are rather specific that you will certainly have the ability to be approved by them.

Many credit-based products have a listing of criteria that you can consider prior to you apply.

This will then make it harder for you to take out various other kinds of credit in the future and also can frequently develop into a little a vicious circle.

Modifications to interest rates and also refinancing is typically not offered yet located no instances of property seizures. It is kept in mind that a lack of openness around the loan conditions "gas suspicion regarding Chinese objectives" in the direction of debtor countries. Financial obligation trap diplomacy is made use of to explain a type of diplomacy based upon debt carried out in the reciprocal relationships between nations with an often alleged adverse intent. The term is currently most typically associated with the international borrowing methods of the Peoples Republic of China by the nation's movie critics. They ought to likewise provide more support in the kind of lower rates of interest on borrowing over the interest-free barrier and settlement prepare for those that would certainly gain from them.

By taking assets off the financial institutions' hands, it enables them to increase lending. It reduced the price on the "discount rate home window", a tool for banks to borrow from the Fed, and also encouraged them to use it freely. It suggested that banks might dip into their resources barriers, worth $1.9 trn, and also their liquidity buffers, an additional $2.7 trn, to offer to firms and also families, which assisted alleviate their governing restrictions. Then, on March 18th, the Fed revealed it would start buying short-dated business paper, to give straight assistance for huge companies.

Of course, there are thousands of various individual loan choices, so see to it you check the APR and also rates of interest to make sure that you're obtaining the very best bargain. Look into loaning from a credit union if you're on a reduced earnings as well as you need to obtain a small quantity for a short time. Lending institution are 'common' organisations, which exist to aid regional individuals obtain as well as save at inexpensive prices. After taking his ₤ 8,000 salary right into account, he has the balance of his ₤ 11,000 individual allocation available to offset against the advantage in kind, leaving ₤ 3,000 taxed at 20%, which corresponds to ₤ 600. Nonetheless, this advantage in kind likewise presses overall income as much as ₤ 49,000 per year, which goes beyond the greater rate tax obligation limit, and also gives him more reward tax obligation of ₤ 1,725.

How can I get instant cash loan?

It additionally relaunched a facility to offer directly to "main dealerships", a team of economic firms that do not have straight accessibility to normal Fed financing networks. You might be provided car loans as part of your institution's economic aid offer if you apply for monetary aid. ] indicates that China commonly offers financial obligation write-offs for zero-interest financings only whilst interest-bearing financings are worked out individually on a loan-by-loan basis with only the changes in the repayment duration changing.

It began on March 12th when the New York Fed, a branch of the reserve bank, made $1.5 trn (an ocean of cash) available for repo procedures. In addition to cutting rates of interest on March 15th the Fed introduced it would purchase up $500bn-worth of Treasuries and $200bn-worth of mortgage-backed safeties.

As noted over, under the Short Term Loaning Act, this is allowed for the failure of incomes. Fitch had designated a credit ranking of BBB- with an unfavorable expectation to these notes. The State had actually put on Moody's Investors Providers for a score on the notes, yet had actually not obtained one as of the date of the aborted issuance. As of this writing, the State has had to postpone the bond sale due to the fact that Illinois's dangerous monetary circumstance will require it to pay steep fines to sell the financial debt.

While temporary interest rate are lower than those for lasting financial debt, they can still be a significant price for cash money strapped city governments. Unlike dangerous payday or title fundings, individual installment loans permit consumers to borrow money based upon their overall financial image. Their backstop is the Federal Get, America's lending institution of last resource. It has gone out of its method to reduce the blockages in the monetary system by encouraging financial institutions to lend.

The bargain will certainly progress when market problems are a lot more beneficial or it may progress under the Reserve bank's MLF, explained listed below. At the local government level, some regions have actually already acted to get rid of penalties for late property tax payments, basically prolonging the payment deadline, therefore significantly postponing the invoice of profits. The Chef Area Board accepted a plan to forgo the 1.5% interest rate each month on late real estate tax payments that normally would be due on August 3rd until October 1st. On top of that, there additionally could be hold-ups in the receipt of state profits sharing funds and/or declines in the amount of revenue supplied. This might require city governments, including communities and also institution areas, to borrow funds in expectancy of obtaining earnings at a later date.

0 notes

pipepencil02-blog · 4 years ago

Text

$ 50,000 Mortgage Loans For 15 Years Month-to-month Payments Calculator.

$ 50,000 Mortgage Loans For 15 Years Regular Monthly Settlements Calculator.

#toc background: #f9f9f9;border: 1px solid #aaa;display: table;margin-bottom: 1em;padding: 1em;width: 350px; .toctitle font-weight: 700;text-align: center;

Content

Do You Required To Borrow Money?

Making a decision Whether You Need To Be Borrowing Money

Do You Really Required To Spend The Cash In All?

Can You Conserve Up Or Make Use Of Some Financial Savings Instead Of Loaning Money?

Excellent Money Loaning Versus Bad Money Loaning

Do You Need To Borrow Money?

In complete consequently, there is additional personal tax for Jeremy to pay of ₤ 2,325 per annum as an outcome of obtaining the cash from the firm. One more developing sector of the temporary loan market is guarantor lendings. Targeted at individuals with poor credit records as well as youngsters without a credit report, guarantor loans generally provide a means of borrowing up to ₤ 7,500 over one to 5 years, with a second borrower ensuring the loan.

Deciding Whether You Must Be Borrowing Cash

" Financial fears can result in sleep loss, anxiety and also even depression," she said. "Our research study demonstrates that youngsters in Britain are not dealing as well as are needing to obtain simply to manage. More requires to be done to support individuals; whether that's providing much better financial education and learning in schools, working with companies to provide their young team economic education or perhaps offering financial obligation support as well as advice. Additionally, in Denmark several loan providers offer interest-only finances and will finance the purchase of home outside Denmark. Adverse rates of interest have led to the similarly odd phenomenon of financial institutions paying debtors to take financings. What isn't made up is payment to any type of prospective new borrowing or credit, indicating that as soon as your financial payment to the trust deed has been made, there is restricted cash money left over monthly.

Do You Actually Need To Invest The Cash In Any Way?

If you're looking to borrow a larger quantity of money-- as much as ₤ 8,000 for instance-- then you 'd possibly wish to take into consideration getting a personal loan. In this manner, you're allowed to obtain all the money and also you pay back a specific amount every month.

Can You Save Up Or Make Use Of Some Savings Rather Than Loaning Cash?

When you accept a loan from us you'll be required to make one payment each month back to us no matter which loan provider has actually put up the cash for your loan. We disperse funds, supply declarations and also deal business assistance. Your loan contract with us is different from our agreement to investors.

How can I make 50000 instantly?

It is very important that you look at this initial so that you can prevent being punished for being rejected.

Also, unlike a traditional loan, the interest doesn't most likely to the financial institution or an additional business lending institution-- it goes to you.

This implies that you should not look for charge card or loans unless you are relatively particular that you will have the ability to be approved by them.

Many credit-based items have a list of standards that you can take a look at before you use.

This will certainly then make it harder for you to secure other forms of credit in the future and also can typically become a little a vicious circle.

Modifications to rates of interest as well as refinancing is commonly not supplied however located no instances of property seizures. It is kept in mind that a lack of transparency around the loan conditions "gas uncertainty concerning Chinese objectives" towards debtor nations. Financial obligation catch diplomacy is utilized to define a type of diplomacy based upon financial obligation executed in the bilateral relationships between countries with a typically claimed adverse intent. The term is currently most frequently related to the international lending methods of the Peoples Republic of China by the country's doubters. They need to additionally give additional assistance in the form of lower interest rates on borrowing above the interest-free buffer and repayment prepare for those that would gain from them.

By taking assets off the banks' hands, it enables them to increase borrowing. It reduced the rate on the "price cut home window", a tool for financial institutions to obtain from the Fed, as well as encouraged them to use it freely. It suggested that banks could dip right into their funding buffers, worth $1.9 trn, as well as their liquidity buffers, another $2.7 trn, to provide to homes and also companies, which assisted ease their governing restrictions. Then, on March 18th, the Fed announced it would start getting short-dated industrial paper, to provide straight support for big business.

Of course, there are thousands of different individual loan choices, so ensure you examine the APR and also rates of interest to make sure that you're obtaining the greatest deal. Look into borrowing from a credit union if you're on a low earnings and also you require to borrow a little amount for a short time. Lending institution are 'mutual' organisations, which exist to aid regional individuals save and borrow at inexpensive rates. After taking his ₤ 8,000 wage right into account, he has the equilibrium of his ₤ 11,000 personal allowance offered to balance out versus the benefit in kind, leaving ₤ 3,000 taxable at 20%, which corresponds to ₤ 600. Nonetheless, this benefit in kind likewise presses complete income up to ₤ 49,000 per year, which exceeds the greater price tax threshold, and gives him additional dividend tax obligation of ₤ 1,725.

How can I get instant cash loan?

It additionally relaunched a facility to lend directly to "primary suppliers", a group of economic firms that do not have direct access to regular Fed loaning channels. You may be offered lendings as part of your college's economic aid deal if you use for financial help. ] shows that China typically provides financial debt write-offs for zero-interest lendings only whilst interest-bearing loans are discussed individually on a loan-by-loan basis with only the changes in the payment duration transforming.

It began on March 12th when the New York City Fed, a branch of the reserve bank, made $1.5 trn (a sea of money) readily available for repo procedures. Along with cutting interest rates on March 15th the Fed introduced it would buy up $500bn-worth of Treasuries as well as $200bn-worth of mortgage-backed protections.

youtube

As noted above, under the Short-term Loaning Act, this is permitted for the failing of profits. Fitch had actually assigned a credit rating of BBB- with an adverse outlook to these notes. The State had actually applied to Moody's Investors Solutions for a rating on the notes, but had not received one as of the day of the aborted issuance. As of this writing, the State has had to delay the bond sale because Illinois's treacherous financial scenario will require it to pay steep fines to offer the financial obligation.

While short-term interest rate are less than those for long-lasting debt, they can still be a significant expense for cash money strapped local governments. Unlike risky payday or title fundings, personal installation financings enable clients to borrow money based upon their general economic picture. Their backstop is the Federal Book, America's lender of last resource. It has headed out of its way to ease the blockages in the economic system by motivating financial institutions to provide.

The deal will progress when market problems are more desirable or it may progress under the Federal Reserve Bank's MLF, defined below. At the city government degree, some regions have already acted to remove fines for late property tax settlements, effectively prolonging the settlement target date, therefore substantially delaying the invoice of profits. The Chef Area Board approved a strategy to waive the 1.5% rate of interest monthly on late real estate tax settlements that usually would be due on August 3rd up until October 1st. In addition, there also could be hold-ups in the invoice of state revenue sharing funds and/or decreases in the quantity of earnings offered. This might compel city governments, including towns and also institution areas, to borrow funds in anticipation of receiving incomes at a later date.

0 notes

cassh24sg · 3 years ago

Text

The Debt Panel: ‘I haven’t used my credit card for three years but the amount I owe on it is ballooning’

I have a credit card that was on a billing plan for three years in 2018. The monthly payments were set at Dh3 045, which I paid regularly until March last year when the company I worked for closed.

Although I now have a new job with a much lower salary, I have been unemployed for most of the past year. From March to January, I tried to use my savings and family money to pay as much as possible to pay off the debt. In March of this year, I resumed paying the agreed amount.

However, my lower salary means I am unable to pay Dh3,045 each month so I reached out to the bank and asked for a second restructuring that limited the payment to Dh2,000. I paid this amount in April and May.

While the bank agreed to my request, they charged me with an interest rate of 1.79 percent per month, which is more than 60 percent of the outstanding debt, which means the rate will certainly not be Dh2,000.

According to my bank, I currently owe Dh59,000 for the debt.

However, the outstanding balance in March of this year was 49,000 Dh. Despite regular payments and three years of non-use of the card, the amount owed quickly increases.

They have been charging high interest and late fees every month since March last year and not offering a grace period, even though my situation is the result of Covid-19.

I asked the bank to explain what was going on and requested extracts from last March.

I would like to know if it is possible to forego the calculated interest and fees and put the actual outstanding amount on a 48 month plan with a reasonable interest rate.

If this is not possible, can the bank make a 36 month payment plan with a zero percent interest rate, which I have seen with other banks?

Banks receive interest-free funds from the UAE Central Bank under the Targeted Economic Support Scheme, and I don’t understand why this generosity isn’t extended to customers. Can you advise me what to do? WA, Dubai

Debt Panellist 1: Steve Cronin, Founder of DeadSimpleSaving.com

As you can see, credit card debt is dangerous if you don’t pay your balance in full every month. The high interest rate and late fees make it skyrocket until the new balance is well above what you originally owed.

It is not clear what the interest rate was on your previous restructuring.

This is important so you can identify if you still have “card-like” debts with high interest rates or debts that are similar to a personal loan with interest rates dropping below 10 percent each year.

I would say your new restructuring is still in card-like danger, at 1.79 percent a month, well over 20 percent a year, especially if you can’t make the full payment every month.

You are right to ask for statements and understand exactly what is going on. Insist on it.

Ideally, you will need a debt consolidation loan, especially if you have other debts elsewhere that will restructure the loan at a much lower interest rate.

For this you need a minimum salary of 7,000 to 8,000 Dh.

Credit cards are the most expensive form of debt and, as you have seen, debts can multiply very quickly if the balance is not paid in full

Carol Glynn, founder of Conscious Finance Coaching

Try to speak to someone in the credit department who is able to make decisions, ideally in person, and show them what you deserve and how much you can afford. Document all interactions with the bank.

If the bank refuses to provide you with statements or the option to restructure the loan after 30 days, you can contact the Consumer Protection Department of the Central Bank of the United Arab Emirates either online or in person at their Dubai branch.

Before taking such action, you should ask other banks whether they are willing to take on the debt in the form of a personal loan or at least lend you part of the balance so that you can pay off a large part of your debt.

The aim is to lower the interest rate while making sure that your monthly payment is not too high.

In the meantime, whatever you can do to generate extra income, such as: Pay off part of your balance faster, for example by selling assets or taking out loans from your family.

The Tess program gives each bank the flexibility to decide which customers receive relief and how that relates to their outstanding debts.

The Central Bank of the United Arab Emirates gives banks free access to funding for this program, although the amount of funding available to each bank varies.

This results in some banks being more generous to retail customers than others depending on their access to finance and concerns about the number of their loans that are not being paid back, the stability of their overall balance sheet, and their liquidity, and it is that easy to meet sudden cash needs .

If you haven’t applied for a deferred payment from Tess, you should apply for one to ease the pressure.

This different response from banks to the program gives you all the more reason to speak to as many lenders as possible to see whether another bank has a solution that makes sense for you.

Debt Panellist 2: R Sivaram, Executive Vice President and Head of Retail Banking Products at Emirates NBD

These are challenging times and I am delighted that you continue to be conscientious about your finances. As you pointed out, banks in the United Arab Emirates, along with support from the Central Bank of the United Arab Emirates, have put in place various programs to assist clients affected by the pandemic.

For example, most banks have introduced credit moratorium options to give customers instant relief from their monthly loan payments.

Some others also included relief measures for card repayments, balance requirements, and other areas.

In addition, some banks have gone a step further and have offered additional attractive debt rescheduling programs.

I would recommend that you contact your bank to discuss restructuring your debt.

A rescheduling would allow you to convert your credit card debt into a personal loan that can have a term of up to 48 months and a significantly lower interest rate.

This solution would greatly reduce your monthly payments and help you better manage your finances.

Given that you are eager to repay the outstanding amount and are currently employed, I am confident that the bank will help you come up with a suitable plan to take into account your financial position and set a repayment schedule within the framework of your solvency, in particular given the current scenario.

I hope that your financial situation will return to normal soon, so that you can plan to pay off the loan earlier than planned.

Debt Panellist 3: Carol Glynn, founder of Conscious Finance Coaching

Can you arrange a consolidation loan with another bank? This would be a cheaper alternative to having a payment arrangement on your credit card and would provide clarity on your total costs and monthly payments.

You can likely extend the term of the loan to allow for an installment you can afford to pay each month. Credit cards are the most expensive form of debt and, as you have seen, debt can multiply very quickly if the balance is not paid in full.

This is a very common misconception people have when using credit cards. They are only a good financial instrument if the balance can be paid off in full every month. If not, they can cause costly and burdensome financial damage in the long term.

Lenders charge heavy fines if the minimum balance is not paid and the interest is compounded daily so that you pay interest on the card balance plus the fines and interest from the previous day.

You can also try applying for a credit transfer from other banks. As you mentioned, some offer zero percent interest for up to 12 months, but most add an administration fee to make the arrangement easier.

This is only a good option if you can afford to pay off the debt in full within 12 months. If not, you will likely find yourself in the same situation a year from now, as high credit card rates make it difficult to pay off the debt.

Did you officially apply for discharge under Tess? If not, you can do so now. But I warn, most banks only offer this for a limited time after the event that caused the job loss or reduced income.

The Debt Panel is a weekly column designed to help readers manage their debt more effectively. If you have a question for the panel, write to [email protected]

source https://www.cassh24sg.com/2021/06/16/the-debt-panel-i-havent-used-my-credit-card-for-three-years-but-the-amount-i-owe-on-it-is-ballooning/

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meraenthusiast · 5 years ago

Text

Is It Better To Pay Off A Mortgage Or Invest?

Is It Better To Pay Off Mortgage Or Invest?

One of the biggest debates in the financial world has to do with the question….Is it better to pay off mortgage or invest?

As someone who has followed Dave Ramsey’s 7 Baby Steps, let’s take a look at what he’s recently had to say about this to callers on his show.

Is It Better To Pay Off Mortgage Or Invest?

Caller #1

The first caller (35-yr-old) was debt-free except for his mortgage and had managed to save up quite a bit of cash in his savings.

He owed $180,000 on his mortgage with a 3.25% 30-year fix rate and was having a difficult time convincing himself to pay it off with such a low rate.

His home was worth about $520,000 and household income was $140,000.

His savings included:

$90,000 in non-retirement accounts

$150,000 in a 401k retirement savings

$75,000 in 529 plans

Step 4 in Dave’s Baby Steps is to invest 15% into a retirement account which he was doing (roughly $25,000 per year).

He also was funding 529 plans for his 5 and 8 year old kids so now he was up to Step 6, paying off the home early.

Dave’s recommendation:

Take the $90,000 in savings and throw it at the remaining mortgage. Why? Because of lowering risk giving him a better peace of mind.

Dave quoted several studies and books he’s read about millionaires. He claimed they got to their 7-figure net worth status because of their habits and what they did with their money.

And the two primary financial decisions that those habits caused them to be successful was this:

The first million or two in their 401k

A paid for house.

The millionaires that were studied never said anything about borrowing money at 3.25% so that they can invest it and make a better rate of return. In essence, he was saying they paid off their homes aggressively even though their interest rate was low.

Some people will state that because their interest rate is low (i.e. 3.25%) they’ll forgo paying off the house aggressively to invest. Most millionaires, according to Dave, don’t operate in that fashion.

Once they get the house paid off, they then use the increased cash flow of not having a house payment to start heavily investing mainly in index funds that track the stock market.

Dave states, “100% of the foreclosures occur on a house with a mortgage.”

He’s all about setting financial goals of lowering risk and getting out of debt. He’s built his empire on this strategy.

Caller #2

The second caller had a different scenario as he wasn’t yet putting Dave’s recommendation of 15% into retirement yet.

Here’s his personal finance stats:

$105,000 left on the mortgage

$10,000 in savings

$50,000 household income

After paying his monthly bills, he had $1,800 left over.

He asked Dave, “Would it be a good idea to start investing $1,000 a month now or just use that extra money to pay on my mortgage?”

Because he wasn’t yet investing 15% of his income or $7,500/yr, Dave recommended that he started doing that first before paying any extra on the house.

We all know that Dave recommends, no matter what the question a caller has, that the Baby Steps are followed in the EXACT order presented.

Now, I realize that mostly Dave Ramsey is for the average income earner. But for me, I felt like early on when I had student loans and a mortgage, I could do both:

Pay aggressively on all debt (including the house) AND invest.

I didn’t want to miss out on the compounding interest.

Let’s take a look at what another money expert has to say about: Is it better to pay off mortgage or invest….

The Money Guy

Brian Preston over at The Money Guy Show also answers this question frequently from people that either:

are debt-free but not much saved up for retirement

want to know is it better to pay off mortgage or invest with interest rates so low

Here’s how he recently answered it from a caller:

Dear Brian,

Help please. We have a house and plan on paying it off in five years. There’s no other debt, but we have no retirement fund.

My husband isn’t worried about it.

I am.

He has wealthy parents but I want money I can hold, not hope for. We are in our 40’s and the house is worth between $800,000 and $950,000.

My question is, “Can I simply count on the house to act as our retirement fund?”

Brian loves questions like this as he doesn’t see a lot of people talking about in the financial press that the two things you got to unpack is that, “Can you have too much of a good thing with paying off your debt too fast?”

Meaning there’s an opportunity cost that you had, had the debt been paid off instead of letting that money work for you.

And then the second thing is you can go on the other side of the coin where people are worried about, “Why would I ever pay off the debt because interest rates are so low?”

Opportunity Costs

Brian has covered, in detail, financial mistakes people make by age. I’m not going to go into all of the calculations but here’s some of his results….

He discovered the power of a dollar bill, if you start saving when:

you’re 20 years of age, by the time you’re retiring at 65, can be worth $88.

a person starts at 30 years of age, that $1 can be worth $23.

a person who’s 40, it’s $7.

somebody who’s 50, it drops down right below $3.

So you can see that those people who are saving early and often when they’re in their 20’s, it’s a dynamic growth multiplier on your assets, that’s the power of compounding interest.

Brian recommends that we aggressively pay down high-interest debt such as credit card debt and car loans.

But his fear is someone that doesn’t take advantage of the process of compounding interest.

He says that if you’re in your 20’s and 30’s, while you have a multiplier that’s double digits, you need to be investing that money.

He doesn’t recommend that you do too much of a good thing by trying to get completely out of debt because he worries when you’re older (40’s or 50’s), you’ll have a paid for house with no retirement.

He calls this….Too much of a good thing on paying off debt.

When you pay that mortgage off, all you’re essentially doing is just locking down that interest rate savings.

Army of dollar bills

When this interest rate savings is locked down, he states that we furlough our army of dollar bills.

When someone pays their debt off too early, Brian starts to get nervous.

Why?

Think about it.

Essentially every dollar that you prepay on the mortgage, that army is going into your house and they’re all looking at each other going:

“What are we doing here? I could be out there working. I could be bringing more money back to the army, but we’re stuck here. We’re all furloughed, hanging out, wondering why we’re not growing.”

The person that originally asked Brian, “Can I simply count on the house to act as our retirement fund?” wanted liquidity.

Last time I checked, you can’t retire off your house assets until you sell it. If she has a paid for house with no savings, things could go south in a hurry (i.e. another Coronavirus pandemic).

Also, you can’t go to the grocery store and buy food based on the value of a house, right?

Here’s another thing to thing about. If you love where you live and love your house, you’re not going to want to move.

Follow up question

Brian also answered this follow up question:

Is there a time when it does make sense or should you ever prepay your mortgage especially when interest rates are low?

Brian disagrees with those that say we should NEVER pay off the mortgage. His thoughts are that as we near retirement in our 50’s and 60’s, he wants us to reach financial independence.

This means that we have no obligations to anyone and that obligations extends out to debt.

For many people, the emotional benefit of being debt-free can outweigh the analytics of the calculation.

Plus don’t forget on that calculation discussed earlier, by the time you’re in your 50’s, it’s less than a three times multiplier.

So the opportunity cost of what you’re missing out for decreases as you age. If you think about, if you pay off your house completely when you’re in your mid fifties or in your sixties, your opportunity cost is not that bad.

Let the emotional benefit as well as the true financial independence weigh the scale of decision making at that point versus trying to always have money working and having that risk of what’s going on out there in the world of finance. (It seems to be that it’s going to come down to personal preference, especially risk tolerance.)

Further Analysis To Consider

My good friend over at ESI Money also addressed this issue with an article titled, “Pay Down Mortgage Or Invest.”

Many different scenarios were looked at plus other things to consider such as:

1. Inflation. Those who advocate for the pay off mortgage early, rarely consider the effect of inflation. Why pay off the mortgage quickly using today’s dollars when you can pay off the mortgage using your dollars 20 years from now?

If inflation were to rise at a rate of 2.5% for the next 30 years, your $1 today, will only be worth 50 cents or less in 30 years. By delaying extra payments, our future money will go much further than our current money on our current mortgage debt.

Our income will generally rise, with our mortgage repayments staying the same.

Bottom-line: Mortgage payments get EASIER with time.

2. Maybe you don’t like risk. If you’re risk tolerance is low, it’s best to pay down the mortgage, which is a guaranteed return on investment.

If you prefer moderate risk, consider BOTH investing and paying down the mortgage. (This is the route we chose to do with our current home.)

Many people will argue that paying down your mortgage is risk free. I disagree with this. Yes, it is less risky than investing, but definitely not risk free. By putting all your spare cash into paying down the mortgage, you are limiting your exposure to other assets, thus increasing your exposure to risk.

3. You must also consider your personality. Like me, maybe you hate having debt. Student loan debt, mortgage debt, you want it gone. You like the feeling of being free from debt, even if it means missing out on better financial returns.

It would be silly to recommend investing to someone like this. On the flip side, how bad would you feel missing out on high investment returns should the market explode?

4. What is the mortgage interest rate? If the rate is 10% or higher then it may be better to pay down the mortgage with ALL of your spare cash. What about an 8% mortgage rate? Then maybe 80% of your spare cash on the mortgage and 20% on other investments. A 5% interest rate may see you put 50% of your cash on the mortgage and 50% in investments.

You can come up with your own rule of thumb, depending on the current mortgage interest rate. The higher it is, the better off you will be paying down the mortgage.

Investment returns are unknown, but mortgage rates (when fixed), can be guaranteed. This makes it much easier to use this as the benchmark return, instead of using a hypothetical investment return rate.

5. Do you need the cash? It may not be a good idea to use all your spare cash on paying down the mortgage if you don’t carry any in the form of emergency savings.

6. Are you a good saver? Mortgages are great for poor savers because they act as a forced savings plan.

As a poor saver, if you don’t pay down extra on the mortgage you may not end up investing the difference. Which strategy will you be able to implement with the greatest ease?

7. What are your goals? Do you want to retire in a nice house with not a lot of cash invested? Or an average house with more cash invested? There is no right or wrong answer, as you may be able to do both. But if you had to make a choice, which one most closely aligns with your retirement goals.

My Thoughts

When people ask me questions, I usually answer them if I were in there shoes….what would I do.

When we started our financial journey, I was a die-hard Dave Ramsey follower. I was 100% focused on becoming debt-free, including the mortgage.

That was then, and this is now.

Back then, I knew nothing about what keeping hundreds of thousands of dollars tied up in equity of a home could potentially do to wealth building.

Also, I didn’t know anything about investing in passive real estate which could have paid my mortgage off all while building wealth simultaneously.

Again, I believe it all boils down to personal preference. For me, I’d continue to max out our practice’s retirement account, save any extra money and then invest in passive real estate syndications.

That way, as I continue building new streams of passive income, that could be used to pay extra on the mortgage.

What do you think?

Should you pay off the mortgage or invest?

The post Is It Better To Pay Off A Mortgage Or Invest? appeared first on Debt Free Dr..

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bigyack-com · 5 years ago

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How to Cope if You Haven’t Experienced Market Chaos Before

I believe the technical term for what we have been experiencing in the financial markets is: Aargh! (“Bloodsuckingly bad” also works.)I’m not sure how much it helps, but I’ve been through something like this before, during the market meltdown of 2008, when the S&P 500 fell more than 38 percent in just that year.But most millennials, the people born from 1981 to 1996, have not experienced these kind of losses as investors. How should they be thinking about their financial future?To find out, I asked the authors of three of my favorite personal finance books for their most important pieces of long-term advice.I contacted Ramit Sethi, who wrote “I Will Teach You to Be Rich” (Workman, $15.95); Tina Hay, author of “Napkin Finance: Build Your Wealth in 30 Seconds or Less” (Dey Street Books, $25.99); and Jane Bryant Quinn, whose latest book is “How to Make Your Money Last” (Simon and Schuster, $18).They all agreed that millennials should be investing for the long term and so should simply ride out the current market turmoil the best they can. “Historically, markets have always recovered and gone higher,” Ms. Quinn said.

Ramit Sethi, 37

Mr. Sethi said many people are mistakenly obsessed about owning a home.“Don’t feel guilty about not buying a house,” he Sethi said. “You are not throwing your money away on rent.”Mr. Sethi continued: “When I go out to eat at a restaurant and have a great meal, I’m not throwing my money away. It’s the same if I pay rent and I enjoy where I live. I’m paying for value. I have rented for the last 10 years by choice. There are other things in life besides homeownership, and there are many other ways to make substantial amounts of money than counting on your house increasing in value.”He is right about that. U.S. house prices over the last 45 years have appreciated at an annualized rate of 4.6 percent, according to the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac and has data going back to 1975. The S&P 500 over that time, according to Morningstar Direct, a web-based financial research platform, had a total annualized return — appreciation plus dividends — of 11.88 percent.Mr. Sethi recommends focusing on earning, and not just on cutting costs. “There is a limit to how much you can cut, but there is no limit to how much you can earn,” he said. “It’s really easy to tell people to cut back on $3 lattes. But most people are asking $3 questions when they really should be asking $30,000 questions, like how can I find a great job or negotiate a better salary.”His last point is my favorite.“Spend extravagantly on the things you love, and cut costs mercilessly everywhere else,” Mr. Sethi said. “The most common word in all of personal finance is no. No, you can’t buy lattes. No, you can’t buy new clothes. No, you can’t go on vacation. It’s such a turnoff. If you want a huge wedding, yes, use your money for that. If you like to eat out, do it. But cut back dramatically on everything else that really doesn’t move you.”

Tina Hay, 45

For Ms. Hay, it is critical that you understand the power, “both the good and the bad,” of compound interest.“If you are in your 20s and 30s,” she said, “time is your biggest asset. Your money has time to grow thanks to compound interest. You’re earning money from the interest that you’ve already earned. But it is also important to understand the downside. The interest you owe on things like credit card debt and student loans can compound as well. That’s why your loan balance can go up, even if you don’t borrow more. There’s a reason compound interest has been called the most powerful force in the universe.”She places an immense emphasis on monitoring your own credit. “It’s your reputation as a borrower,” she said. “A good credit score gives you financial flexibility, such as getting a lower rate on a mortgage, or taking on more debt.”Finally, especially in difficult times like these, she stresses the importance of building an emergency fund. “It is the cornerstone of financial security, because you can’t necessarily rely on credit cards or retirement savings for emergencies,” she said. “You should have three to six months of living expenses saved up.”What you earn on that emergency money is far less important than the requirement that it must be liquid, she added. So keeping the money in a money-market fund or savings account is fine.

Jane Bryant Quinn, 81

Speaking from her home in Rome, Ms. Quinn’s first bit of advice could not be clearer. “Learn about money,” she said. “Learn about saving, budgeting, insurance and the simple way to invest by buying index funds. It is very sophisticated to be simple in your investing.”For younger people, she said, it is natural to “pay a lot of attention to creating the building blocks of their professional life. They need to do that with their financial life, too, and understand living within your means and not going overboard on credit card debt.”Start putting money away as soon as you can, Ms. Quinn says. She recommends “automatic savings, especially for retirement. Having money taken out of your paycheck and put into your 401(k), or whatever retirement plan you have, is a wonderful idea,” she said. “This is the only magical thing about personal finance and everyone should do it. The money is invested before you see it.”“I hate it when people tell me they can’t afford it,” she added, “because if they took 5 percent of your paycheck and put it in your 401(k) or an I.R.A., you would be able to live on the rest. And once you realize that, you could try to increase it to 6 percent and eventually could get it up to 10 percent.” Ms. Quinn suggests that the money be invested in low-cost index funds.Her last thought is a warning. “A dear friend of mine bought a house in a floodplain that never flooded,” Ms. Quinn said, “and then, of course, she got completely washed out in a flood. You need to pay attention to where you live — or where you plan to move to — if the warming trend continues as I think it will.” Read the full article

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heatherrdavis1 · 5 years ago

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The BIG BAILOUT Is Here! Stop the Collapse? NO! Why?

VIDEO TRANSCRIPT

Ayo what is going on viewers of the tube. My name is Tyler and I’m the host of the crypto channel that feels like the KYC. Some of these crypto exchanges goes a little something like this. You have to be 21 to set the bar pretty of your idea. Anya. Hey look for you you just have to wonder how many 12-year-olds are trading on buying hands. You know our moral compass. It’s time for Chico crypto. Well, friends enemies Army members and those neutral folks who watch my channel the moral compass of greed has never been greater in our world. Global economies including the economy of the world’s reserve currency have been put into inflation overdrive and the bailouts are coming. Like I mentioned last week six days ago with this video titled Big Bailout nears for who citizens or corporate U.S.A. and in that video I said the money isn’t coming to the people for years. It will come to the corporations and we will get the scraps. If there is any and all that news about checks and stimulus directly to Americans let them sneakily do exactly that yesterday before the markets opened. The Fed announced unlimited quantitative easing and one of the most unprecedented moves in its history. So before getting into what the Fed just did let’s understand what they have already done and to begin we’ll begin with repos or the repurchase market and that has been in the Fed’s arsenal beginning in late 2019. It’s been getting more frequent and larger throughout 20 20 and then hitting peak levels by early March. Well last week the Fed announced they would be increasing it even further 1 trillion dollars a day an overnight repo loans throughout the month of March and possibly even into April and even before all these repos the government and the Fed announced they would be slashing the fed funds rate to the zero percent two point five percent range dangerously close to those negative territories we’ve been talking about and they would be doing their first batch of quantitative easing where they would be purchasing 500 billion in Treasury securities and two hundred billion in mortgage backed securities. So last week all the bailouts and QE announcements they were for banks hedge funds pensions and more. They are not for us at all. We have no access to any of these benefits for the cheap capital they are throwing around it directly benefit the elite the 1 percenters. And like trickle down is supposed to work. We get the scraps that trickle down from these greedy mother truckers. Well obviously the markets still like that. As the Dow had a horrible Friday last week and over the weekend there was a bunch of chat about a direct stimulus package coming for the American people. But the Senate couldn’t come to an agreement and the talks broke down. But the government they needed to do something. So yesterday they dropped the news of Q E for ever which includes buying Treasuries and agency mortgage backed securities. And according to their statement in the amounts needed to support smooth market functioning and effective transmission of monetary policy which basically means they can buy as much as needed which means printing as much as needed. But here is this sneaky thing they did a corporate bailout. According to their statement, there will be the establishment of two facilities to support credit to large employers. The primary market corporate credit facility PMC CCF for a new bond and loan issuance and the secondary market corporate credit facility S.M. CCF to provide liquidity for outstanding corporate bonds. The free. This is not how capitalism and free markets work. These corporations who fail who made bad decisions. A large majority of fracking companies should be allowed to fail as we’re not going to win this oil war. Fracking is dead in the water it can’t be profitable now and it wasn’t profitable before here in the USA. And this is just delaying the inevitable creating another bubble that will pop. And who is going to be left with those crappy assets on their balance sheet? The fed they will now own all the corporate debt in America as we can see from this swift explainer on the primary corporate credit facility PMC Yep their Department of Treasury using the Exchange Stabilization Fund will make an initial 10 billion equity investment in the SPV or special purchasing vehicle in connection with the facility and then from eligible assets they need to be rated as BBB minus or above BBB minus means it’s barely above junk status. And guess which companies are a large majority BBB minus barely holding on to their non-junk bond status rating that fracking companies here in the USA. This corporate bailout move is to save a leveraged debt-ridden house of cards from collapsing as if these fracking bonds moved from BBB minus to the junk bond category. Regulated banks would be forced to sell them creating a death spiral that wouldn’t stop until the only most efficient profitable and robust fracking companies in the US survive. That would be how the normal course of things would go. But we are giving them an obvious bailout and this Washington Post article sums it up nicely. Fracking needs a shakeout not a bailout. So I’m telling your friends this all comes down to one thing and one thing only. Or y’all. Last week when oil prices dropped to the thirty-one dollar level the American fracking companies were in trouble. Well as of yesterday it was down another 10 dollars to twenty-one. The American fractures are on their last drop of oil and it’s exactly why Trump sir is looking to pull out his ultimate weapon the no pass bill bomb this specifically refers to the no oil-producing and exporting cartels act no PAC which was last threatened in October of 2018. And why was it threatened last? While the Saudis had enabled the oil price to remain above the key U.S. seventy dollars per barrel level since January of 2018 when it first hit the key mark and any sustained price above us seventy dollars per barrel was and is regarded by the current presidential administration as being in an area where the benefits to U.S. shale producers of higher prices are outweighed by the relative damage done to the US economy. Well back then we won as we can see after we threatened the no pack bond prices came back down to levels the US was most profitable at. But then they kept going down to levels we didn’t like. And then you know the story all of the oil countries made pact OPEC led by the Saudis America and kind of to Russia and they came back to those 60 to 70 dollars favored US levels. But obviously today we have another oil price war but this time isn’t about high prices. It’s about low prices. So well the no peak bomb even works. Well, it is our ultimate power play and this is what it does. No peak would make it illegal to artificially cap oil and gas production or to set prices as OPEC and Saudi Arabia currently do. So it’s a direct blow to the Saudis of which all our recent past presidents have been oh so friendly with bipartisan and it began with Nixon. It would also do something against the other big player Russia Andrew Ladd no pact would prevent them from using OPEC plus in their oil chess game. Traditionally OPEC doesn’t include Russia while OPEC plus expands alliance to 24 member countries including Russia. And it was formed in 2017. And since the formation, Russia has been using this alliance to manipulate dropping in and out talks breaking down and better no pact would prevent them from ever reviving this alliance. And if they did they would face consequences and deep sanctions from the USA. But let’s get back to the Saudis as a bill would be a major breakup with them. It would most importantly remove the sovereign immunity that presently exists in U.S. courts for OPIC as a group and for each and every one of its individual member states. This would leave Saudi Arabia open to being sued under existing U.S. antitrust legislation with its total liability being estimated. U.S. 1 trillion dollars of investments in the US alone. Yeah if you didn’t know the Saudis own a ton of stuff here in the US. Shoot they are even one of the largest shareholders in Uber. So the US would then be legally entitled to freeze all Saudi bank accounts here in the US. Sees all of its assets in the country like the uber shares and then halt all use of US dollars by the Saudis anywhere in the world. And then if it came down to it the US would then go after Aramco and its assets and funds. It’s still a majority state-owned production and trading vehicle Saudi Aramco is the world’s most profitable company. In 2018 it made more profit than Apple Google and Exxon Mobil combined. How has a small nation like the Saudis whose population is only about thirty-three million people have one of the biggest and most valuable companies in the world? It’s because the US has handed them it on a golden platter since the 70s and the no pick bomb might really be what’s needed to shake things up. And here is the thing that Bill was almost passed early last year. It made its way all the way through Congress to Trump but his support for it was in question. Well guess what. Trump vetoed the bill and then in March of 2018 just after the bill was in Congress that Trump administration okayed nuclear energy transfers to Saudi Arabia which got Congress all ruffled up. So this is a sticky situation for Mr President Day. There is a tool that could actually save the US fracking companies without having to perform a full on bailout. But that would mean the eventual collapse of the US petrodollar and a collapse of the petrodollar system means a collapse of the U.S. dollar in its current global form. The current financial system, in my opinion, has overshot and it will collapse leaving a path of fire destruction in its wake. Is crypto and Bitcoin immune. Well, let me try to explain it’s not finance one point zero has its greedy grubby tentacles deep into the markets. We all know what happened with big macs during the flash crash and guess who is CEO and founder who has access to everyone’s positions on the exchange. Kind of like a casino. Who has access and eyes on everyone’s cards in the casino. Even if they are covered. ARTHUR Hey. Where is he from. Where did he work before. Well this 2018 Bloomberg article tells it like it is board with banking. This former City trader went full crypto. Yeah. Arthur was a former equities and derivatives trader for Citibank and before that Deutsche Bank. Now do you think he left finance one point zero and that world behind? No he did not. I guarantee you is using his bit Max profits and funneling them into large positions in the stock market and that means if we have another tumble like a big one in finance one point zero another death spiral will come from bit next as they need to cover their positions in finance one point zero. It’s obvious that happened last time and it’s obvious it could happen again. But what everyone needs to realize is this Arthur Hayes and bit Max they will go down with the finance one point zero ships selling their accumulated BTC for cash to cover their finance one point zero positions to holders like you and me who won’t sell and bet next it could go under without any BTC which will hurt in the short term but in the long term is exactly what needs to happen. Cheers. I’ll see you next time.

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jeffrmayhugh · 5 years ago

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The BIG BAILOUT Is Here! Stop the Collapse? NO! Why?

VIDEO TRANSCRIPT

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scottmapess · 5 years ago

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The BIG BAILOUT Is Here! Stop the Collapse? NO! Why?

VIDEO TRANSCRIPT

The post The BIG BAILOUT Is Here! Stop the Collapse? NO! Why? appeared first on Cryptosharks.net.

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cryptosharks1 · 5 years ago

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The BIG BAILOUT Is Here! Stop the Collapse? NO! Why?

VIDEO TRANSCRIPT

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andrewdburton · 5 years ago

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Selling our home was the best financial decision we have ever made

Hello! My name is Wendy Mays, and I'm super happy to share a bit of my story. In the past couple of years, my husband and I have taken several big steps to change our financial future.

From the outside looking in, it appeared we had it all: a perfect family in a beautiful, Pinterest-worthy home in sunny San Diego, California. We'd reached the pinnacle. We were living the American Dream.

The reality, however, was that we were drowning in debt, burned out, and coming to terms with the fact that if things didn't change, we'd carry our debt to our graves. As we explored changes we could make to improve our financial situation, we realized that the biggest and best move we could make was to sell our dream home.

Turns out that selling our home was the best financial decision we have ever made.

Given the long trail of money mistakes my husband have made in the past, some who know us might be skeptical that this choice was the right one. But if you'll indulge me for a few minutes, I hope to dispel the belief that owning your own home is always best.

The American Dream

Home ownership is part of the American Dream. It’s something most folks look forward to accomplishing. It's a rite of passage. It's how we show the world we've “made it”. We're constantly bombarded by messages that home ownership is something successful people “should” do, the same as going to college, getting married, and having children.

Too, most people have a personal attachment to their homes. We understand this. Emotional investment was a big barrier for us too. My family had put our hearts and souls into our home. On every wall, there was something our hands had touched.

We had planned to make the place into our dream home, to stay there indefinitely. It was the first home we owned in San Diego, the first home we owned after adopting our boys. Our house meant something to us. It was sentimental.

But after attending last year's FI Chautauqua in Greece, my husband and I agreed that becoming financially independent was an important goal for both of us. At age 46, we were late to discover the world of early retirement, but we knew if we implemented a few strategies we could change our lives — and the lives of our children.

We began to envision the legacy we could leave our children, the generational wealth we could begin to build.

The Problem with the American Dream

But there was a problem. We were broke. More than broke. We were in debt, including the house, by almost one million dollars. We didn't discriminate when it came to debt. We had it all! We had a mortgage. We had car loans. We had credit-card debt. We had revolving debt. We had tax bills.

When we crunched the numbers, we decided we had two choices to change our money situation.

Cut expenses, then work our way out of the mess we'd created.

Liquidate the only asset we had access to: our home. (All of our other money was in retirement accounts.) We could use the equity to pay off a good portion of our debt.

While we recognized that we absolutely should work to cut costs and build income, the latter option made the most financial sense. Really, it was a no-brainer. But homeownership isn't a decision we make only with our brains; our hearts have to be considered as well.

It took us about six months to arrive at a decision. For weeks, we wavered back and forth about what to do. We didn’t want to sell our house. We loved the home we had created.

Making the Decision

Ultimately, it was our children that allowed us to align our heads with our hearts. We asked ourselves, “Why do we want to achieve financial independence?” It was for our kids, to change our family tree.

We decided that “home” would be wherever we were. Home was a meal at our dinner table. It was game night. Home was watching the Littles ride their scooters in the front sidewalk and family movie night in the drive-way.

Our home wasn't limited by four walls. It wasn't defined by a specific house.

Once we agreed to sell our house, there was another decision to make. We would capture enough money from the sale to not only pay all of off our consumer debt, but have some left over to put into another home.

We weighed the pros and cons of renting versus purchasing another home. We ran the numbers through several different “buy vs. rent” calculators – and in each one, renting came out ahead. In fact, renting could save us anywhere between $800 and $1200 each month

Not only that, but by not buying another primary residence we'd have a significant amount of money left over that could be used for something else, such as investing in out-of-state rental properties.

We decided to rent.

Soon, we found a nice home in our current neighborhood (which was important for us). We were able to rent the place for $1100 less than our previous mortgage.

Crunching the Numbers

For my family, letting go of the attachment to our home allowed us to do some amazing things.

We paid off all of our consumer debt. Gone are two car payments and several credit-card balances. This is a savings of about $1600 a month. ($900 in car payments and the rest in credit-card payments.)

By renting — and downsizing slightly — we save about $1100 per month in housing payments.

Selling our home provided seed money to begin real-estate investing, which will add $1000 of positive cash flow into our budget per month.

That's a grand total of $3700 per month that we put back into our budget. That equates to about $44,000 each year.

Let that sink in for second. Millions of people live on less than this amount comfortably. (What could you do with an extra $44,000 per year?) It's the equivalent of a modest income in the United States.

In fact, freeing up this money allowed me to quit my career as a lawyer and close my practice. For the first time in our lives, my husband and I can live on one income!

After the Sale

Now, several months after selling our home, we can say without hesitation that it was the best thing we've ever done with our money.

This one move has not only decreased our monthly expenses, but it also allowed us to pay off a lot of debt. Plus, we've start investing in real estate, which has also increased our monthly income.

Last year — 365 days ago — we had almost $1,000,000 in debt. Through this one unconventional move, we've gotten rid of almost $700,000 of that debt.

We still have about $350,000 of student loan debt to go – but we have a plan in place to attack that as well.

Once you allow yourself to think outside the box, give yourself permission to make unconventional moves with money, you can do amazing things. Housing is the biggest expense for most Americans. It almost always makes sense to seek ways to decrease that expense. Doing so can bring about all sorts of opportunities.

I encourage you to do consider the possibilities.

The post Selling our home was the best financial decision we have ever made appeared first on Get Rich Slowly.

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jenniferramona1 · 7 years ago

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Should Filing Bankruptcy Be The Last Resort?

Although we’ve mentioned it time and again on the forum, it bears repeating: filing for bankruptcy is not a decision to be entered into lightly. In fact, it is important to get good information and carefully weigh your options.

Is Bankruptcy Always a Last Resort?

Having said that, delaying too long can cause unnecessary financial strain and serve to compound existing problems. Is bankruptcy always the last option? Some of the common things consumers do before they consider bankruptcy include: • Cash out their retirement funds to pay debt • Pay a debt settlement company to settle their debts • Settle their debt by dealing directly with the creditor or its attorney In some cases, these bankruptcy alternatives can be just what the doctor ordered, however in others they can put you in deeper trouble without meaningful debt relief.

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Depleting Your Retirement To Pay Debt

Selling assets to avoid bankruptcy is often a bad idea and a retirement account is no exception. As Bankruptcy Lawyers in Utah like to point out to everyone who meets with us about bankruptcy…

The fact is that the lingering recession is causing a lot of people to file for bankruptcy who never thought they would. While the recession is is undoubtedly a sad turn of events, I am also seeing an even more disturbing trend. Namely, a lot of them are selling all of their property in an effort to stay current with their bills and avoid filing for bankruptcy. By the time they come to me, they have already gone through everything they own. While these efforts are always well-intentioned, they are catastrophic for their finances. In a lot of cases, people are selling assets that they would otherwise be able to keep if they would have thought about filing for bankruptcy a little sooner.

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Perhaps nowhere is this point better illustrated than in the context of a retirement account. ERISA qualified 401(k) accounts and many IRAs are completely exempt in bankruptcy. This means you can file bankruptcy, shed your debts and keep your retirement. As Jacob describes, it is always difficult to see someone liquidate their retirement only to be forced into bankruptcy a few months later. For more information, see: Retirement Savings and Bankruptcy.

Debt Settlement vs. Bankruptcy

Debt settlement companies promise the world but rarely deliver. They often charge fees that far exceed the cost of bankruptcy and actually require their clients to go deep in default in order to settle their debts. Here is how the process works: you, the debtor, stop paying on your credit card accounts and other bills and instead save some of the money. When you’re deep enough in default, the creditor has written off the debt and may agree to accept a reduced payment in satisfaction of the balance. You fork over the money you’ve saved plus a hefty fee and you’re out of debt. That’s how it works sometimes, but definitely not all the time. While you’re waiting on the debt settlement company, you’re creditors are definitely not waiting on you. They’re reporting delinquencies on your credit. calling and sometimes actually suing to collect. By the time you’ve reached your debt settlement goals, your wages may already be in the process of being garnished or a judgment might have been entered against you. Sure, filing for bankruptcy can help with most of these problems, but why wait?

Negotiating With Creditors instead of Bankruptcy

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While the debt settlement waiting game is expensive and often ineffective, sometimes negotiating directly with creditors can be a nice alternative to filing for bankruptcy if you already have the cash to make a deal. If you stand to have more assets liquidated in bankruptcy than you’d save in debt, dealing with the creditor through an attorney can often result in signifcant savings and a permanent solution to the problem. In these cases, bankruptcy may very well be your best option. For example, let’s say you owe $50,000 on a delinquent business loan but have $150,000 in cash and stocks. Filing for bankruptcy would result in the trustee liquidating your stock portfolio to pay your creditors, in fact, they’d likely get paid in full. In these instances, it makes much more sense to negotiate a reduced payment directly with the creditor.

Fresh Start For You

Although the costs are not insignificant, the purpose of bankruptcy is to provide those struggling with debt a fresh start. Sometimes, the bankruptcy card is only to be played as a last resort, however, in some cases it offers the most thorough relief on the best timeline. Each situation is different, if you’re contemplating bankruptcy, be sure to meet with an experienced attorney.

Free Consultation with a Bankruptcy Lawyer

If you have a bankruptcy question, or need to file a bankruptcy case, call Ascent Law now at (801) 676-5506. Attorneys in our office have filed over a thousand cases. We can help you now. Come in or call in for your free initial consultation.

Ascent Law LLC8833 S. Redwood Road, Suite CWest Jordan, Utah 84088 United StatesTelephone: (801) 676-5506

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