What a Bad Credit Rating Can Do To You

A bad credit rating happens to people who often neglect to pay their credit card debt on time, or for those who don’t pay their credit card debt at all.

This results to a bad credit rating. This bad rating has tremendous effects on people. a lot of businesses today asses people based on their credit rating.

The Risks of Filing for Credit Card Debt Bankruptcy

One of the many mistakes of people today owns multiple credit cards. Some people are simply drowned in debt because of credit cards. Have you seen movies about women (mostly) dodging collectors because they can’t handle their debts anymore? Those movies are not hyperboles. Those really happen.

The question is: is it happening to you, too? You don’t have to answer that question out loud. You’re here reading this. That can possibly answer the question. If you’re not in debt, though, and you still want to use credit cards excessively because you’ve found out that you can actually file for credit card bankruptcy, you should continue reading this.

Saying “NO” to Impulsive Spending

I was once that person: the kind who comes home with a lot of bags from boutiques and stores. Those bags are a result of both planned and impulsive buying. Of course, when I fall in line for that new shirt (the love at first sight kind), I get too excited; I can’t wait to wear it. But of course, when I got home and placed all the bags on my bed, reality comes to sink in, and I start regretting why I let my impulses dictate me. That, however, is not the tragic part of the story. Basically, the regret felt instantly dies and withers as I walk into the mall the next day. All the hallelujah choruses come alive again when I see new gadgets, my favourite restaurant, or a piece of clothing.

SAVINGS START HERE. We all know that when you want to save, you better start learning how to say NO to impulsive buying. I know. It hurts to hear the truth, but you’ve been hurting your pocket for the past years. It’s time to pay attention.

The million dollar question now is: how do you say NO to that sweater displayed on that shop you like? Or that new gadget you just can’t wait to buy? If you cannot control your urges to buy, you better start saying goodbye to a lot of things, like long and short term goals, a happy retirement, a convenient future, etc.

The Importance of Property Planning

Sometimes we tend to be neglectful of a few things, like planning. We don’t really think ahead or even try to prepare for the future. We all know that death is inevitable, and we may not want to prepare for it, but we should think of those whom we leave behind. Is everything set for them?

When you pass away, obviously, you won’t be able to pack up and bring all your possessions with you. What’s funnier is that you cannot leave them to anyone, too, should you fail to plan things way ahead of time. That is why it is advisable to have property planning because this makes things easier for the ones who are left behind.

It can be a little brutal to discuss about death, especially your own. Maybe that’s why you haven’t thought about it yet. But life can be a little brutal most especially if we talk about practicality. And practicality includes planning our own deaths. Have you heard of memorial plans? They’re more brutal than property planning. So if you wish for your family to inherit your properties if you pass away earlier than expected, you should start planning now!

Annuities: An Overview

What is annuity?

In case you don’t know what an annuity is, it is used as a means of providing an individual a steady cash flow during his or her retirement years. This is a kind of financial product sold by financial institutions that could have you all set in the future- financially. You can have a quarterly payment, monthly, or even annual. The amount is dependent on the premiums you’re paying and the duration of your payment.

The growth of the investor’s money remains tax-deferred. This means that the earned growth of the money is only taxed when the investor decides to withdraw the money and take possession of it. If, however, the investor wishes to have an early withdrawal, he or she will have to pay the insurance company penalty charges, including tax penalties.

In annuities, there’s no such thing as contribution limits. Compared to a Roth IRA or even the 401k, annuity can make you contribute any amount into your account. Aside from the earnings you get from the amount you put in, you also get interest from the earnings.

A Few Good Ways to Enhance Financial Intelligence

Financial Intelligence Defined

Financial intelligence assesses our capability to resolve our own financial problems. In other words, it measures our ability on cash management. Luckily, we can improve and increase our financial intelligence. Many people today are having difficulties managing their own money, and you don’t want to be part of that crowd. It is important that we get ourselves educated when it comes to money handling.

Anyone at all can choose to have his or her financial intelligence increased. And no; you don’t have to go back to college simply for that. Nobody has the time to do that; for sure, you don’t. You just need your will and perseverance. You might have a high-paying job right now, and you think that you really don’t need to strictly manage your money. That is where you’re wrong. The aim here is to take control over your own finances instead of it taking control of you.

A good grasp of managing your own finances is imperative. To have capability to avoid financial difficulties, you simply need to learn the elements and important factors about managing our own finances.
Here are a few good tips on how to improve your financial intelligence:

Be a Smarter Borrower

Debt has been part of the total human breathing system in one form or another. Except for rare exceptions, almost all of us have financial debt from someone and most often than not it is usually in the form of credit card debt.

Credit cards are heaven's sent.  It is the easiest way to shop and to buy something without bringing cash with you and credit card companies also offer various payment scheme that you do not have to pay how much you owe in one drop. 

Looking at credit cards as some blessings, it has both advantage and disadvantages. As long as you pay it regularly and more than the minimum amount required, you can lower down interests and other fees. But oftentimes, you only pay the minimum and that's how these institutions make money.