September 10, 2020 - mediadealer - Growing Money - 1,612 views
Are you ready to change your financial situation and make it better? Anyone can change their spending habits and manage their personal finances, it just takes some knowledge. Luckily, there will be some advice here for you to follow so you know which way to go.
The key to total happiness and success is money management. Investing capital wisely and guarding profits sensibly will increase your wealth. Carefully asses the risk of reinvesting profit to grow your net worth and see if it makes sense in terms of the return you want from your investment. Choose how much of your profit will become capital and stick to the portion or amount.
Make sure you always have a small envelope handy. Use the envelope to stash receipts, business cards, and other small pieces of paper you want to save. Keeping up with these items can help you to maintain more accurate financial records. If you are ever double charged by your credit card company, you will had the prove needed to get the duplicate charge removed.
Be very skeptical about any guarantee that your credit history can be improved. Companies will make a statement and say that they can fix your credit. This is not at all accurate since what is affecting your credit is not the same as another individual with credit issues. It is fraudulent to say that success is guaranteed.
A lot of products will come with a warranty, and chances are, if the product is going to malfunction, it will do it in this time period. Extended warranties can end up costing you more money in the long run.
One best practice for maintaining healthy credit is to only use two to four different credit cards. Building a credit history with a single card takes a long time, but having more than four open cards is a sign that you cannot control your finances. Start off with just two different credit accounts and add new ones if and when necessary.
The biggest purchase in the budget for your household is the purchase of a home or a new car. Your monthly payments on these items, including interest, usually makes up the biggest chunk of your budget. You can pay them off faster if you add an extra payment or put any of your tax refund toward it.
A good health insurance policy can save you from financial strife. Everyone is bound to get sick at one point or another. The right health care coverage is important. Medical bills can quickly skyrocket to five figures without health coverage. Bills of this nature can ruin you financially without health insurance.
If some of your debts are in collection, you should know that there is a statute of limitations for collecting on debts. If you think that a debt has expired, consult an expert. You may not need to pay the collection agency for the expired debt.
Do you feel different about the way you think of personal finances? With this new information you have just learned, you have the tools necessary to properly care for your financial future. Now it is up to you and your mentality, are you ready to make your life better by managing your finances?
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