Archive for Money Management

Why do you want more money?

by Leon van der Walt

We all want more money, but have you ever stopped and asked yourself why you want it? Is it to buy the things that give you pleasure or maybe you want to provide better for your family? Whatever it is that you want to buy, whatever it is that you to do with the money, it can often be traced back to some more basic human need or want.

So stop for a moment and answer the question: Why do you want money? (What do you want to do with it?) Even if you already have all the money you desire and are doing what you’ve always wanted with it, this exercise will help to determine whether the means serve the end.

I’ve always wanted to be very rich and have a lot of money, but taking a moment and examining the reasons why is an eye-opener. So take out a pad of paper and make three columns. The first column to note what it is that you want, the second the reason you want it, and the third the basic human need/want that it fulfils.

Below I’ve set out the first two of my own as an example:
What – Why – Need/Want
1. Yacht – Cruise around the world – Want to be able to say ‘been there, done that’.
2. Support parents – Duty – Want them to appreciate what I do for them.

My list is far longer and the reasons (the why) mostly valid. The needs and wants, however, seem almost childish at times. Yet it is these needs and wants that is the real driving force behind some of the things that I do.

It is nothing to be ashamed of and it is valuable to know what drives you. In fact, you might realise that the need or want that you need money to satisfy, can be satisfied by some other means and that money is only one of the paths that will take you there.

Explore your inner self and the reasons that you desire money. Do this, not so that you feel guilty or doubt your own desires, but that you may know yourself more intimately. Know what it is that drives you. And may you realise that money is of itself not an end, but only a means to an end.

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Leon van der Walt is an aspiring netrepreneur in the fields of inspiration and financial freedom. Leon has a masters degree in quantitative risk management and when not working on the Net is a bank employee. He strives to continually improve himself and is focussing on increasing financial literacy. He is the web master at and can be contacted at through the contact form on the website.

Choosing A Credit Union

by Anna Woodward

There are many reasons why many people refuse to do business at banks. Many of them feel that they have been robbed by some of the extravagant fees that they were charged when they were loyal customers in the past. Others feel that the banks are not too fair about how they approve people for their many financial services, even though the applicants may have good credit history. No matter what your particular reason is for not doing your business at a bank, there are many reasons why more and more people choose to do business at a credit union instead.

Credit unions are smaller financial institutions that offer many of the same services as big banks. The main difference is that they often have less stringent membership requirements, and they offer services that are much more accessible to their customers. If you were to ask credit union members what it is that they feel is the advantage of being a member, as opposed to doing business with a big bank, you may be surprised to hear that one of the top answers is that it is less stressful.

Since many a credit union can charge lower fees for some of the same services that are offered at big banks, customers get to have more control over more of their money. For instance, depending on whom you bank with, if you were to overdraw your account, you have a risk of the check not being honored. This also often results in the assessment of an overdraft fee and possible limits being placed on your account. Rather than have to deal with the embarrassment and frustration that such a situation can cause, many people have accounts at local financial unions that offer them a revolving line of credit. It is much easy to be approved for this type of service to prevent overdraft fees and offer protection so that customers won’t have to worry about bouncing any checks.

If you are ready to make a change and are tired of having your hard earned money taken by the bank, it is time for you to make a move and open an account at a different financial institution. Why bother going back to the same type of structure by choosing another bank? If you make the transition to one of these financial unions, you will see why there is such a high level of satisfaction amongst all of their customers.

A credit union will also often have very relaxed membership requirements. This means that as long as you live in a certain area or work at a certain company, then you won’t have any trouble opening an account. Those aren’t the only ways you can gain membership; there are tons of banking alternatives that offer a wide range of options to make joining much easier and less stressful than it is at a bank. If you are finally ready to make that change, then it is time for you to explore your options and find the financial union that works best for you. You will notice an increase in your finances and a smile on your face every time you go in for a financial transaction.
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What Can Money Do For You?

by Boris R

The Real Meaning of Money

If you will take a look around, you will see that the world already has a fair share of problems. Because of the economic crises the people are really determined to do their jobs well so that they can achieve success faster. Everybody wants to build and boost their skills so that they can keep up with the industry. The most excellent way towards success is to know more about the real meaning of money. This is an easy to learn subject. Learning more about the real value of money will teach you how to properly position yourself in today’s world.

What Can Money Do For You

Since having money will be able to free up you time, you can stay focused on your goals. There will be a brighter path towards your objectives and you can reach them right away without many obstacles. A worry free mind is very powerful and if you would only think of positive ways, there is no reason why you will not be able to get exactly what you want out of your life. If you have money and your mind is free, you can reach your ultimate goals more easily. Make sure that everything you do is with good intentions and through the righteous path.

Attitude Towards Money

Success and triumph is in your own hands. You just have to realize the best way how to get to it. Having the right attitude towards money will not show you how to make the most money, but it will lead you to the right path so that there will be nothing impossible. It is not bad to do everything in your power to provide a good life for your family, but it must be done with the right attitude towards money. Even though having money is a necessity, we should never let our lives revolve around money. There is more to this life than just wealth alone.

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Boris has shown hundreds of ordinary people how to build a full-time income online by following a simple step by step system. Please visit to find out how.

Types of Repayment plans with its unique benefits

by Bruce Mesnekoff

You can choose your repayment plan depending on what kind of student loan you have taken.

There are two kinds of loans: private student loans and federal student loans. Rules are different for both the loans.

Private student loans not being a federal fund, has very fewer repayment options.

Further there are two kinds of federal loans:

Federal family education loan (FFEL): These loans are provided by private lenders that are guaranteed by federal government. This means lender gets reimbursement from federal government, if you default.

Federal Direct loans: They are given directly by federal government.

How repayment plans work?

Repayment plans helps you to reduce students monthly payment, by providing them various multiple repayment programs from which they can select the best that suits. You can even change repayment plans at any time, that too for free!

Private student loans have fewer option of repayment as compared to federal student loan.

Some of the options for private student loan repayment plans are:

Refinance private student loans

The best option you can look for is refinancing and consolidating your private loans. You can refinance your private loans with different banks.

However consolidation of federal loans is done automatically, but it’s not the case with consolidating private student loans. You have to apply and get the approval. On the basis of your credit score approval will be decides.


If repaying student loan is problem for you, you can seek your lenders help. Lender can offer you a few forms of limited relief. You should be aware of the fact that forbearance is short term. In fact, forbearance is subject to lenders approval.

Unlike private student loan repayment plans, federal student loan has many repayment plan options. Student can choose wisely the best for them.

Here are the repayment plan options for students with federal loans:

  • Standard Repayment Plan
    This plan is for all federal subsidized, unsubsidized and consolidated loans.

    How It Works: The enrolment in this plan will be done is automatically if you do not opt for another one. You need to pay fixed monthly payments of minimum $50 for up to 10 years. It is best for the one who can afford high monthly payments.

    The Pros: You will save on your money as the loan will be repaid sooner than other plans, as a result ending up paying less interest.

    The Cons: as compare to other plans, you will have to pay high monthly payments.

  • Graduated Repayment Plan
    How It Works: At first your payments will be lower and will gradually increase usually every two years.
    It is best for students who are not able to handle higher monthly payments immediately after graduation but are confident that their income will increase progressively.

    The Pros: It allows you to pay off your loan within 10 years.

    The Cons: as compare to standard plan, for graduate plan -you will end up paying more interest for the loan.

  • Extended Repayment Plan
    How It Works: This plan allows repayment to be made for up to 25 years. The repayment window for this plan is up to 25 years. The borrower can choose you pay fixed monthly payment or graduated repayment option, where the monthly payment increases over time. The borrower who is having a loan of more than $30000 is eligible for this plan.

    It is best for the borrowers, who want to reduce their monthly payments.

    The Pros: You will get relief as the monthly payments amount would be smaller, as the loan repayment period is extended up to 25 years.

    The Cons: there will be constant burden of payment as the plan is for longer period of time as well as you will end up paying more interest.

  • Income-Based Repayment (IBR)
    How It Works: Your monthly payments will be 10 percent of discretionary income. Payments are recalculated each year and are based on your updated income and family size up to 25 years. To take benefits of this plan your debt amount has to be sufficiently high so as to justify repayment period of 25 years.

    The Pros: if you payments are regular then any remaining debt after 25 years will be pardoned. Your debts can be forgiven after 10 years if you work in public service.

    The Cons: if you fail to provide all the income annual documentation to your loan servicer, you will be enrolled automatically in standard repayment plan, which means huge monthly payments, not only this but you will also have to pay income tax on the amount of debt that is forgiven after 25 years.

  • Pay As You Earn Repayment (PAYE)
    How It Works: under this plan, the monthly payment cannot be more than 10 % of your discretionary income. The readjustments in your payment will be done base on your income readjustments.

    The Pros: Regular payment will have you forgiven debt after 20 years and if you work in public service, debt is forgiven after 10 years.

    The Cons: this plan is only available for the students who have received loan disbursement on or after 1st October, and whose loan amount is high.

  • Income-Contingent Payment Plan
    How It Works: under this plan your monthly payments are decided on one of the two factors, either up to 20% of your discretionary income or a fixed amount based on a 12 year repayment plan. People can only apply for this loan if they don’t qualify for IBR or PAYE plans.

    The Pros: the remaining loan amount will be forgiven after regular payments for 25 years.

  • Income-Sensitive Repayment Plan
    How It Works: your monthly payments will be decided on the basis of your annual income. The income-sensitive repayment plan is an alternative to the income-contingent plan. The borrowers who do not qualify for the latter apply for Income Sensitive repayment plan. It is best for the person with low income and who wants flexibility in their repayment terms.

    The Pros: your monthly payment would be from 4 to 25% of your monthly gross income.

    The Cons: the availability of this plan is only up to 5 years, after that you need to switch to another repayment plan, under which you have to repay your debts within 10 years or more. This plan needs reapplication every year and there is no assurance that you will be enrolled in this plan.

    Contact Bruce mesnekoff for any further assistance

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    Student loan management and consolidation expert Bruce Mesnekoff from United States of America. Bruce serves as CEO of The Student Loan Help Center.

  • Car Buying Tips: New Cars, Used Cars – Pros and Cons

    J. D. Rucker

    New car smell can be added to a used car. Rebates and discounts can make a new car priced like used. There are many different opinions on the advantages and disadvantages of buying a new car. There are just as many opinions regarding used cars. The real question is, “Which car is best for you?”

    Some very wealthy people have never bought a new car in their lives. With so many super-low mile used cars out there, what’s the point of paying thousands more for a few less miles?

    Then there are those who refuse to buy used, regardless of their financial situation. They would rather buy a brand new beater than get into a high quality vehicle that has had someone else behind the wheel.

    After all is said and done, it really comes down to personality and goals when deciding between new and used cars. The 20/20 rule applies – 20 percent of people will never buy new, while 20% of people will never buy used. For the other 60%, this article is for you.


    Between huge dealer inventories, the option of dealers trading and bringing in a vehicle from another dealership, and custom ordering becoming more popular, the selection factor goes hands down to new cars.

    For popular vehicles, it is definitely possible to find a used car. The internet makes it simple for someone to search around the corner or across the country for that perfect used car. Still, it’s nothing compared the options available with new.

    Price Matters

    Even in today’s ultra-competitive new vehicle market where MSRP has been replaced by Invoice as the starting mark for price negotiations, a car still loses 10%-20% or more of its value the moment it hits the street.

    Low mile used cars a year or two old can be dramatically less expensive than its brand new counterpart. There are exceptions – Honda, for example, tends to lose less off the top because they rarely have rebates and their reputation is very strong.

    Other than the few exceptions, a used car is normally dramatically cheaper than a new one.

    Interest Rate

    For the 95% of us who borrow money and make car payments, interest rate becomes an issue. New cars are less of a risk for the lender, so their bank rates are lower than on a used car. The manufacturer loan divisions make it even more appealing to buy new with 0% financing available on most vehicles at some point after their release.

    Two or three points against a $30,000 loan can mean big money on a 4-6 year note. For shorter loans, the rate is less important.

    Loan Term

    While the rate is normally lower for new cars, the term is usually longer. A prudent buyer can get the same payments on a used car that they can get on a new car, only for fewer payments.

    There is also the option of extending the term on a used car purchase to the length of a new car. Vehicles last longer. There are loan companies that will extend a note to 6 or more years on a 3 year old vehicle because they expect it to still be running after that amount of time. In those cases, the payments can be much cheaper than on a new car.

    Peace of Mind

    Going back to the new car smell, the new car knowledge is very appealing. A rough driver who doesn’t do car maintenance and likes to drive 90 mph in their Kia Rio can really hurt a vehicle, even with low miles. When you buy a used car, you take the risk of getting that car and not knowing the bad things it went through for months until it starts having problems prematurely.


    Vehicles are not like homes. They depreciate, regardless of what happens to the market. Some depreciate less than others, but no matter what, every day makes it worth less than the day before.

    Used cars have already absorbed the initial depreciation and are closer to leveling out on the depreciation scale. The first 2-4 years of a vehicle’s life result in a loss of up to 75% of its original value. In the first couple of years of a standard 5 year note, it is nearly impossible to trade in a vehicle that was bought new with no money down and not have negative equity.

    With used cars, it is still difficult, but not nearly as hard as it is with new cars.

    Final Thoughts

    How often you trade, how well you negotiate, and the make and model of the vehicle you buy will determine a lot regarding the pros and cons of a new or used vehicle. Prudent buyers will seek out dealerships such as New and Used Cars in Oklahoma City to help determine which is best.

    If there is no local dealership that is trustworthy enough, do the research online. Check out Kelley Blue Book for new car values and Los Angeles Used Cars | Memphis Used Cars to compare used car prices.

    Information is the key to making a good decision, whether you buy new cars or used cars.

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    J.D. is a freelance writer and Search Engine Optimizer specializing in automotive websites and car dealers. His clients include New and Used Cars in Oklahoma City and Los Angeles Used Cars | Memphis Used Cars

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    Legal Forms Can Solidify Your Relationship With Your Contractor

    by James Kahn

    Getting your home repaired can become a big headache if you involve the wrong contractors. Dealing with the contractors who are responsible for doing repairs, can be tough because it is very hard to find contractors who are trustworthy and do great work for a reasonable price.

    There are many reasons why homeowners and landlords fear contractors. Not being fully aware of how much repair is needed keeps you at a disadvantage when negotiating the price. Many times we hire contractors when we are in desperation. If someone gets in an emergency situation and we are very desperate to get it repaired, then contractors are able to charge higher prices because there will not be as much time to find the right person for this work. Unless you have already found someone that you are comfortable with this is a serious drawback.

    These repair people often try to oversell themselves. Sometimes they are so observant with your nature that they can very easily say the work is done, while it may remain half complete. Make a point to create legal forms that state that you will not to pay these people until your work is completed.

    Be very careful when making the choice that the person is qualified enough. Sometimes some people pretend to be experienced and qualified, but they are not. You can judge this by asking various questions. If they are not able to answer them you can make out that they are who they seem.

    Another important problem that can happen to you is, if you hire your friend as contractor. Try not do this, as you will only go through uncomfortable conversations of something were to go wrong with the job. You won’t be able to deal with the expenditures they make. As they are your friends they just pretend to make the best but still the position may remain the same as before.

    If you are simply fixed with a contractor who is qualified and experienced, make sure that you keep the relationship professional. Be very nice with them and treat them as professionals. Make it a key point they are just like any other repair contractor. Similarly, if any such incident takes place where you are not satisfied with the work you paid for, the worst thing you can do to him is repeatedly tell them about it.

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    James is an expert in writing about legal forms and documents that may help you when your in the search of the right legal document. He writes many articles about forms ranging from, power of attorney forms, landlord tenant forms, and most any legal form that your searching for.

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    Money Market Accounts: A Smarter Way to Save

    by Andrew Stratton

    When you think of saving, you probably think of a savings account. While this is a reliable option for a secure place to hold your money, it is not always the smartest. Gone are the days when they offered 10% interest rates. The current average return is 1.4% per year. What that means is you can expect a few dollars in the end, and that is assuming there is not an annual fee associated with it. If you want to put your money to work, then a money market account is the choice for you. With higher returns, they can present both risks and rewards.

    Money market accounts are usually subject to higher interest rates. This means that you get more for doing essentially the same thing as keeping your money in a classic savings account. This is because money market accounts are pooled in a different fund used by investors to produce higher profits. This more aggressive form of investing can potentially open up to loss of funds, but this is highly unlikely and has never actually occurred. With the risk being this low, the higher interest rates are widely accepted as a smart trade off.

    Access to Funds

    Another benefit is that you have more access to the money you deposit into it. Unlike a savings account where you may withdraw a maximum of three times per month, you are allowed to withdraw or transfer out six timers per billing statement. Additionally, most banks will allow you the option to write checks directly from it. Even better, many banks will also allow you to pair a debit card with the account for easier withdrawals and spending. This allows for greater flexibility than a standard savings account.


    As mentioned above, these accounts have never lost any money. This makes them a safer place to leave your money while still receiving a decent return. With the volatile nature of the stock market, this is certainly a better guarantee to maintain and build your funds.


    While a money market account is more appealing than traditional savings in terms of returns, it certainly does not compare to the returns of a mutual fund or other stock options. If your primary interest is to generate greater income, then this safer option might not be for you. To put it into comparison, a stock can return on average 8-10% while these bring closer to 2-4%. At best, you are looking at making half of the amount.

    While they may not be the biggest cash cows, they might be the safest. If you are looking for a secure place to hold your funds, then this is the option for you.

    To learn more about money market accounts, please visit

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    5 Benefits of Personal Financial Planning

    by Dennis Jones

    Personal financial planning involves aspects such as budgeting, planning your savings, investing, getting insured and looking after the smooth functioning of your overall financial health. It is very important for you to know how to effectively handle your finances as the benefits of personal finance planning are many.

    Some of the benefits of personal finance planning are as follows.

    1. Profit from investment plans: With the right financial planning you can identify those investment plans that will prove profitable for you. You will be able to prioritize, where and when you should invest first.

    2. Evaluation of your financial condition: Budgeting is a very important aspect of personal financial planning. You may not like the idea of a budget but it helps you manage your finance. With a proper budget, you can evaluate your financial situation. This helps you assess how much you are spending currently and whether or not you can afford it.

    3. Reduces marital stress: Money problems could lead to divorce. This is because when you are in debt you tend to be much stressed and any minor problem can become very severe. Thus, handling your finances responsibly can not only help save money but also your relationship with your spouse. Debt may also affect your relationship with others, so plan your finances well.

    4. Helps you build a better future: A well planned financial life helps build a better future. Financial planning involves saving for the future. If you plan well, then you will save a part of your income every month, for future use. Also your financial planning should give some importance to your retirement plan. By taking up a retirement plan you insure that in future when you no longer have an income, you will be financially secured.

    5. Reducing impact of financial crisis: In case an emergency arises in your family, you can take care of it without waiting for someone else to help you out. If you have to borrow every time there is a financial need, then you may find yourself suffering from financial crisis in times of family emergencies. A family emergency could be anything from a family member falling ill or unexpected medical bills. However, good financial planning helps you come out of these situations with ease, as you will have savings to help you in your crisis periods.

    About the Author

    Dennis Jones writes financial articles. He has sound knowledge in finance related matters.