Finance

Helpful Financial Tips for Couples Considering Divorce

Many people considering a divorce are finding that they cannot afford to be separated. Anyone can have difficulty paying bills, covering the mortgage, keeping their jobs and running a household. In today’s trying times, spouses who want to divorce are realizing that they may have to stay together just to survive financially.

Helpful Tips

Divorce rates are dropping. A few suggestions for couples considering a divorce:

  • Acquire a current market value of your home from a Realtor, and while you’re at it, discuss other housing options with the Realtor.
  • Limit your use of credit; close credit cards and home-equity lines that you don’t need. Try not to increase your debt any further.
  • Consider putting off a home sale until your divorce is completed.
  • Consider counseling to overcome your marital issues; if that’s not possible, think about using a mediator to resolve your divorce issues. Many divorce attorneys are also licensed mediators.
  • Copy your financial documents and gather all your financial information
  • Order a copy of your credit report early- from all three reporting agencies to have this as a base line to know where you stand at the end of your marriage. This way you’d be able to see whether any new unauthorized debt is being added in your name.
  • Make sure your tax returns are prepared in a way that you will be comfortable with for years to come. If you are preparing to divorce but have not yet started and it’s anytime around tax season, this is an area of great potential hazard and you should proceed with caution.
  • Consult your accountant and have him or her advise you about the possible tax savings that married jointly filing couples enjoy, and also on the potential future liability you could face should the returns be found deficient

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Payday loan

Payday Loan is Costly Cash?

A payday loan is indeed a very expensive loan as claimed by lots of people when compared to other types of loans – no doubt about it! It’s a norm that the annual percentage rate (APR) of a typical payday loan gets up to 300% and even to a staggering 1000%. However, payday loan is costly cash only holds true when a borrower treat payday loan as a long-term loan! Most of the time, we heard unlucky stories of borrowers caught in an unrecoverable bad credit dilemma and payday lenders are all to blame. But wait! Have a look in the details of the story. You’ll find that in fact, they are to be blamed for these unfortunate situations. Most of these unlucky “victims” share a common mistake – they didn’t plan their financial budget properly. They don’t settle the loan as soon as it ought to be and worst when they roll-over the loan times over times! What if a borrower clears up the loan without roll it over? For sure the situation wouldn’t get that bad and disastrous.

Let’s take a look at the true purpose of payday loan – to work out any emergency cash flow problem in short run. Short enough to get you over to the next payday. It’s hardly comparable when ones look at other finance charges such as late payment charge, bounce back charge, NSF charge and etc. If all these charges are converted to APR, they yield to an even higher rate! Well, some may claims that these charges are not a form of credit and hence APR is not applicable! But from a consumer’s point of view, they are the same – the same money consumers pay!

Typical charges found under different cases for example:

  • NSF fee at banks: $28
  • Merchant Returned Check fee: $20
  • Credit Union NSF fee: $18.91
  • Apartment Rental Late Fee: $30.22
  • Mortgage Lender Late Fee: $28.24
  • Auto Lender Late Fee: $20.33
  • Utility Late Fee: $15.25
  • Utility Reconnect Fee: $44.75

In comparison, when annualized as APRs under a two-week term:

  • $100 payday loan with $15 fee= $391% APR;
  • $100 bounced check with $48 NSF/merchant fees = 1,251% APR;
  • $100 credit card balance with $26 late fee = 678% APR;
  • $100 utility bill with $50 late/reconnect fees = 1,304% APR.

The usage of payday loan services under a right way serves as a valuable service to the consumer. Most of the bigger financial institutions close the eyes to this underserved demand. The credit risks and reputation risks are some of the factors that these depository institutions don’t offer payday loan. Payday loan lenders take great risks in doing their business. So, high pricing on the loan is needed to justify that risk which is significant, even when compared to other types of unsecured lending such as credit card. Apart from that, the processing costs for payday loan do not differ much from their higher-principal, longer-term counterparts such as auto loans and mortgages. Therefore, conventional interest rates at these lower dollar amounts and shorter terms would not be profitable. For example, a $100 one-week loan, at a 20% APR (compounded weekly) would only generate 38 cents of interest, which is a no match to the loan processing costs.

Research found that the operating costs of payday lending lie in the range of collected advance fees. After minus off the fixed operating costs and the unusually high rate of default losses payday loans don’t result in extraordinary profits. Higher default rates for payday loan portfolios and these loan losses can average 15% or more of loan revenue. Underwriters of payday loans must also deal with people presenting fraudulent checks as security or making stop payments.

When the payday lending is exploited and abused, the borrower should be the one to blame, not the lender. While there are tons of information out there stating pay day loan as an expensive loan, loan-sharking or etc, however the fact is that payday loan is still a very much preferred option by borrowers compared to other loans.

Payday loan

The Cost of Payday Loans

You need a cash advance immediately, but are too shy to ask relatives or friends, and are scared of the paperwork involved in a bank loan. Shed all your worries, for help is a mouse click away in the form of payday loans. Payday loans are one of the most convenient ways of getting a cash advance today with practically no paperwork or other hassles.

Defining Payday loans

Payday loans are a short-term cash advance, when it is needed the most…usually between paydays! Payday loans are a great way to get some cash to tide you over to your next paycheck. The goal of payday loans is to assist you with finances to meet that unforseen requirement. The money is given as a cash advance and is directly deposited into your personal checking account, after which the cash advance funds, plus a fee, are taken out of your account at the end of the loan which usually is your next payday.

However, a payday loan is no substitute for long-term financial planning. This cash advance should only be taken to meet urgent financial needs until your next payday. It is only in emergencies that payday loans come in handy. Payday loans also bail you out of situations of bounced checks and late payment penalties by making the appropriate cash advance available.

Understanding The Cost Of Payday Loans

Forewarned is forearmed! So it is with payday loans. If you know what this kind of cash advance will cost you, you will be in a better position to weigh the pros and cons of opting for it. This way you will also know exactly what amount you need to pay back to the payday loan companies.

Your first step should be to find out the best rate of payday loan on offer. Whichever payday loan company you may choose you must know what will be the fixed amount that you will owe upon completing your payday loan.

Usually most payday loan companies charge around $20 to $30 per $100 of cash advance. To ensure that there are no ambiguities, insist that your final payday loan amount is spelled out in dollars and cents. This will help you know what you need to pay, when your payday loan is due.

To judge the best deal, go for the payday loans company that is offering a lower APR. Usually, most payday loan companies provide a cost-breakdown per 100-dollar increments that coincide with the rate.

Furthermore, most payday loan fees are based on the duration of the cash advance. The standard APR for most companies falls into the 400 percent range. As an example, suppose you were to borrow $100 at a fee of $20 for a 2 week period and if you did not pay if for a year, your service charge would be $520 for a 520% APR. To which you need to remember to add the original $100 that you borrowed.

There may be a situation where you are unable to repay the full amount of the cash advance to the payday loans company. In such a situation, the payday loans company generally charges the payday loans finance fee and defers the principal payment over a longer period of time, usually another 14 days.

The Other Hidden Costs

There are several hidden costs in a payday loan! Remember, if you are unable to pay this cash advance and you happen to lose your job, the clock does not stop. If you default on the cash advance, which includes the principal plus interest, the payday loan company will reclaim the entire amount plus all the interest accrued on this loan. A payday loan company may exercise a number of options to collect this cash advance:

·Sue you for the funds.

·Use a collection agency.

·Enter your details into a bad credit database which may limit your capacity to cash/write a check for commercial purposes.

·File a legal complaint for bounced-check charges that may leave derogatory information on your credit file.

By now, it should be clear that it is not prudent to go for payday loans without being aware of the repayment structure. To play it safe, make sure that the cash advance is repaid on time to the payday loans company. Read the fine print before you sign the agreement and understand the worst-case scenarios before deciding to take a payday loan. Once you understand the costs involved in obtaining a cash advance, you are a step nearer to fully enjoying the benefits of payday loans!

Money

Your Healing Voyage With Money

Money, money, money. It seems that wherever you go money is there, coloring intentions, facilitating commerce, and populating wishes and fantasies. And it seems that everywhere you go people are having more money troubles.

Beginning in childhood, my life was a constant of money worries… until I learned that money was only energy, not the paper and coins that so many covet.

Money is energy. And since energy cannot be destroyed or created and there is an infinite supply of energy universally (everything is made of energy) then it stands to reason that a lack of money is an illusion. It’s an illusion created by how you see things.

The Matrix

The Matrix is one of my favorite movies of all time. But this is not what I’m referring to in the subtitle of this section.

The matrix I’m referring to is the one Max Plancke spoke of in this quote:

All matter originates and exists only by virtue of a force which brings the particle of an atom to vibration and holds this most minute solar system of an atom together. We must assume behind this force the existence of a conscious and intelligent mind. This mind is the matrix of all matter.

What this tells me is that all things are the expressions of one thing.

And since that one thing is not a material thing but a universal field of consciousness (the matrix), and that the basic building blocks of all things is the atom, and it is the one universal consciousness that upholds the atom, then nothing is as it appears to the eyes nor what we believe in our minds.

And it is our mind that channels the power to create how and what we see, what we experience and what we interpret as true. The same power that upholds all things seen and unseen – all elements, laws, galaxies, and dimensions – is the same power that fuels our learning, growth, and reality and is directed by our choices, which are based on our beliefs.

Our beliefs are the mold in which universal consciousness, teeming with infinite possibilities, finds its unique expression in you, through you, as you.

If your belief is that you can, or can’t, then your performance will follow accordingly. If your belief is in forces of good and forces of evil, then your perceptions and interpretations will follow accordingly. If your belief is that life is dangerous, or joyful and magical, then your experiences will follow accordingly.

This is the matrix. And the matrix does not exist or operate independent of you. You are in the matrix, of the matrix, and the matrix expresses as you.

What Does the Matrix Have to Do With Money?

Everything. Money is an idea, first and foremost. Money is not the paper or coins in your pocket. Money is energy. The paper and coins only symbolize money. They are not money.

I’ll prove this in about 10 seconds.

Money has found expression in many ways. Look at this short list of things that have been used as representations of money:

– barley

– wheat

– salt

– sea shells

– goats

– cows

– spices

– plastic cards

– bitcoins

Do you see a pattern here? There really isn’t any, except for the fact that any thing can be used to represent/symbolize money as long as everyone agrees on its use, and value, as money.

The list shows you that the dollar bills and coins are not money itself. They only represent money. They’re symbols. Powerful symbols. But only symbols.

So the universal consciousness (the matrix) is expressed as money. This is a big deal only because people and nations covet, steal, fight over, and worry about money. Money elicits strong emotions – fear, anxiety, lust, greed, joy, gratitude, love.

Yet, it’s not money so much that elicits these feelings.

These feelings come forth as a result of what we believe about money. And what we believe is a way of shaping, molding, channeling universal consciousness. What we believe shapes our consciousness (individual and collective).

You Don’t Need More Money, You Need More Consciousness

Money is the effect; the cause is consciousness.
Money is not your supply; consciousness is your supply.
Money does not constitute wealth; consciousness constitutes wealth.
Money does not bring happiness; consciousness brings happiness.

Someone wins the lottery every week. Does winning millions of dollars make them wealthy? Of course not, that’s ridiculous.

How is that ridiculous?? I’ve read that 70% of lottery winners are broke again within 5 years. Having lots of money did not make them wealthy, not even for a moment. If they were wealthy (in consciousness) they’d still be wealthy (in money). That’s why it’s ridiculous to think that having lots of money makes you wealthy.

Our life conditions reflect our personal image. Our outer world is an out-picturing of our inner world. As within, so without.

If you want more money, don’t go after the money. Go after the consciousness. Develop a prosperity consciousness.

Developing a prosperity consciousness may or may not mean that you will be financially wealthy. With a prosperity consciousness you don’t need money anyway. You will find opportunities and discover possibilities that others with a poverty consciousness will never see. Even if they saw it they wouldn’t recognize it as an opportunity.

But with a prosperity consciousness you will see possibilities for prosperity all around you. You will see it in such a way that you will not have to take from anyone or anything else. Because you understand that prosperity, like wealth, like money, is only energy, consciousness, and therefore, there is an infinite supply for all.

How do you begin to develop a prosperity consciousness? Discover what is your most joyful expression.

What is the thing you do that makes you feel most alive? What is the thing you would happily do for free if it came to that?

The answer to these questions is a strong clue as to where your prosperity is stored. This is where your door of possibilities will most easily be opened by you. And when you open that door you will discover an ever-widening landscape of other possibilities that you didn’t know existed but were always there.

Welcome to your Healing Voyage with money.

Finance

5 Financial Tips For Young People

First of all, congratulations! You graduated from high school and you are ready to begin a new chapter in your life. Whether you have decided to attend college and work part-time, or work full-time for a year after high school, these financial tips will help you to establish yourself and ensure that you will achieve your goals.

1. Develop a positive relationship with money. That may sound really strange, but you need to realize that money itself is simply neutral. It’s how you handle it that determines whether money is going to serve you or you are going to serve it. The way to develop this positive relationship is to make sure that you are always in control of your money. The key to staying in control is to never spend more than you earn and to get into the habit of saving wisely.

2. Think before you spend. You are now on your own. No one is looking over your shoulder and asking you how you are spending your money. It is up to you to be responsible with your money and only buy the things you really need. Sure, you can treat yourself once in a while, but remember, only spend money you actually have, and never buy things on credit that you can’t afford to pay back.

3. Start saving regularly and automatically. The best way to save is to think about what you want to save for. You will never be motivated to save until you have a definite purpose for saving. Once you have a goal in mind, the next step is to set up a savings account or a Tax Free Savings Account and set up pre-authorized payments into the account. This way you don’t even have to think about saving, it will literally happen automatically.

4. Apply for a credit card to build your credit. In Canada, it is very important that you build your credit. If you don’t have any credit history it is very difficult to be approved for a loan or mortgage down the road. The best way to build a good credit history is to get a credit card with a low limit. Use it once or twice a month for a small purchase, and then pay off the full balance every month. This way it won’t cost you anything in interest but you are showing the Credit Bureau that you can handle credit responsibly. Note: Just simply getting a credit card and not using it will not help you build credit. Note #2: Carrying a balance very close to your limit is not a good idea either.

5. Ask people you trust for advice. Not everyone has a good financial role model. Sometimes parents can teach you bad habits rather than good ones. Seek advice from someone you trust who you know is financially responsible. It’s better to learn from other people’s mistakes instead of having to learn from your own, so don’t be afraid to ask for guidance.

If you can follow these tips, you will be well on your way to becoming a financially responsible adult, and you will be far more likely to achieve your goals, whatever they may be. Good luck!