Finance

Saturday, March 20, 2010

Personal Finance Tips - How You Know You Are a Millionaire

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Being a millionaire doesn't mean only hefty bank accounts, big properties and flashy cars. It is just as much about attitude. These are the traits that can show you arrived in the select elite of rich people.

You can not become rich without these traits. And the good habits don't disappear just because your bank account reached a seven-digit figure. You still don't believe in financial shortcuts and you can smell a fishy financial scheme from a distance.

You are still conscious about your spending, and still assign your own value to different goods. And you have the power to say "no" if the price of an object is more than it is worth to you. Your financial goals are still written down.

You continue to work, and don't understand those who say that if they were millionaires, they wouldn't work. You may quit your job if you don't like it, but you do something you really enjoy, because you know that work gives a sense of purpose and accomplishment in life.

You don't try to keep up with anyone anymore. Your know what your values are, and you refuse to follow the crowd just because you want to fit in. You don't see earning money as a competition: you focus on the things you want to do, and you are not interested in what others do.

No matter how much money you have, you still regularly update your goals. You know that growth is the only way to be insured against inflation and the devaluing of your money. You are still able to act on any changes may occur in your personal goals and priorities.

You don't let anyone take care about your financial health. You do listen to advices, but you keep your financial authority only to yourself, because you know that nobody cares about your financial health as much as you do. In the same time you are conscious that it needs thought and energy to competently manage your money.

You have the ability to say "no" when you feel like it: not because you are a bad person, but you can see what is your and your requester's best interest. If you feel that these requests have no guarantee that the investment will pay off, you can say "no" without feeling guilt.

You know that the secret of building wealth is maximizing returns while minimizing risk, so you don't understand people who don't maximize their returns because they are more risk-averse than you are. You know how to manage risk, so it doesn't scare you.

Jono has been writing articles for nearly 4 years. Come visit his latest website about round leather ottoman which helps people find the best black leather ottoman and information they need when looking for a black leather ottoman.

Article Source: http://EzineArticles.com/?expert=Jono_Johnson

Labels: millionaire finance, personal finance, tips millionaire

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Personal Finance Tips - Why You Should Get Rid of Your Credit Card Balances

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There were times when credit card companies who charged annual fees only for the privilege of having a charge card. This means these companies made a profit even from those customers who paid their balance in full each month.

Annual fees disappeared lately, but credit companies still make big money from different kinds of fees, such as late fees, over-limit fees, and transaction fees.

From 2003 to 2007 the industry's profits grew from $27 to $41 billion. Most revenue came from interest, but there is still an impressing 40 percent that comes from the different kinds of fees. Credit card companies profit even more from behavior that triggers a fee: if you make a payment late, the interest rate will grow, which is good news to the company.

There is no other way to avoid the interest and fees than paying off credit balances every month. There will be situations when this will be impossible: then you should pay as much as you can, and be careful with the new purchases until the balance is completely paid off.

You should be aware that some card companies are thinking about reintroducing fees for those customers who are paying off their balances every month. Therefore it is wise to read the fine print of your contract, making sure that the credit card company doesn't penalize those customers who are using their cards in a responsible manner.

Then you should be aware of the fact that credit card companies earn the most from minimum payments. If you have a $2000 credit card balance and you choose to pay it for 141/2 years, you will pay more than $1,500 in interest.

If you own more than one credit card and you decide to pay off all your balances, then it is good idea to start with the card that has the most expensive credit (meaning the highest rates).

After you paid it off you can start paying off the card with the next highest rate, and so on until you are debt-free. You could also consider transferring balances from a higher interest card to a lower- or no-interest offer. However, most of these transactions carry a fee.

There are online calculators that can help you figure out how getting lower interest rate or making more than the minimum payment can affect your credit card debt. These tools enable you to calculate how long it will take you to pay off your credit card at the interest rate you have and minimum monthly payment.

Jono has been writing articles for nearly 4 years. Come visit his latest website about ottomans for sale which helps people find the best red leather ottoman and information they need when looking for a red leather ottoman.

Article Source: http://EzineArticles.com/?expert=Jono_Johnson

Labels: get finance, personal finance, tips finance

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Spend Time on Your Personal Finance Plan

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A financ1al plan or strategy to guarantee your future well being is something every working individual should contemplate early in life, but if that luxury has passed many years ago there is still time for you to start NOW.

A financial plan is not a plan or strategy on how to spend our earnings received from working hard for a boss. Ask your self these questions

1 ) What do I think of when thinking about what to do with the income I spend all of my time earning? (Holidays, cars, shopping and NIGHT LIFE)

2 ) What do I think of when thinking about HOW TO improve on my income? Thus improving my quality of life! (Borrowing)

Below is not the answer you should be coming up with!

Quick ways to get what you want!

* Borrow from Dad

* Take out a loan

* Open an account

* Get a Credit Card

These are all EASY ways to get what we want, thus giving us PLEASURE. BUT the after effects are what cause the PAIN. These are quick ways to financial enslavement. The PAIN mentioned here is the pain of handing out ALL your hard earned money, month after month.

The best thing to do is to say "No thanks!" to the quick ways of getting what you want and find ways to earn your own money.

The best way is to be an Entrepreneur, looking for and taking advantage of gaps in the market for products or services. Once these have been Isolated, proceed to fill the gap with your expertise and experience in your specific field. The good or bad financial rewards received will be a direct result of the VALUE you provide, so adjust your value and input accordingly.

It would be good for your future financially, to have a well thought out plan of action, with good ideas and strategies to ensure Financial Independence instead of financial ruin.

Go on YOU can do it! Another motivation for getting out of debt: Remember that "the borrower is the servant of the lender" - the Bible.

By Alan De Klerk - For more articles check MY BLOG.

Financial Freedom Through Education.

Article Source: http://EzineArticles.com/?expert=Alan_De_Klerk

Labels: finance plan, personal finance, your personal finance

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