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Budgeting tips during economic downturn or recession

Budgeting tips during economic downturn or recession

Finance
Budgeting is a necessity these days. It is becoming more apparent every day. Seventy percent of America is coming up short on bills, rent, and food at the end of the month. The economy has suffered a huge hit. Everyone knows this. This recession has not rebounded like economist have stated. America still has an unemployment rate that is entirely too high. There is a lot of talent that is still out of work. All of this has put America in a huge crunch. I say this because if you do not know exactly how much money you have, and how much debt you have, then there is no starting point. We are going to change that. You have got to get organized. Put all of your bills on the table. This may need to be done every day when you are just starting out. Go through your mail everyday. Know what y...
Home refinancing following bankruptcy: How to refinance mortgage

Home refinancing following bankruptcy: How to refinance mortgage

Finance
Most U.S. citizens are discharged from chapter 7 after just 4 months. Getting a bankruptcy mortgage or home refinancing after bankruptcy is surprisingly easy, provided that you have either a sufficient down payment or equity in your property. Home equity is the difference between the value of your home and any loans that are secured on it. Raising a sufficient house deposit can be difficult, but lenders require this equity to protect their legitimate business interests in the event of the customer defaulting on the loan. How Much Equity is Required for Home Refinancing After Bankruptcy Equity is more than just a sign of commitment on the part of the borrower, it makes it easier for the lender to recover its money in the event of default. In order to improve your chance of getting...
Financial planning: Saving is key to stable income for life

Financial planning: Saving is key to stable income for life

Finance
Smart financial planning revolves around saving money from your income. Fundamental financial wisdom for centuries has been to spend less than what you earn. But many people around the world either do not save at all, or even spend more than what they earn. So they borrow money on interest and accumulate debt. The result is that instead of earning interest on investments, they end up paying interest on borrowings. That creates the opposite of wealth creation, which is wealth erosion. Save a Percentage of Your Income You always have two choices in life. The first and the most tempting choice is that you spend all that you earn and live for today. But tomorrow when you retire, or go through a rough financial patch even before you retire, you will not have a financial cushion to sof...
Is there retirement after self employment

Is there retirement after self employment

Finance
Isn’t everyone aiming toward some form of retirement? For the self-employed, the future might feel a little bit more uncertain. Does having no employer mean having no security? Not necessarily- but independent contractors have to plan (more) for the future. The economy is uncertain right now, and the future always is. Self-employed professionals who independently find their own jobs will not necessarily be provided a retirement plan by any employer or government. Is there retirement after self-employment? Yes- but the professionals, as was the case with their careers, must create this plan for themselves. Self Employment and Social Security The U.S. government provides, at least at present, social security for senior citizens (persons aged sixty-five or older). This is put in ...
How to save money with cookie jar

How to save money with cookie jar

Finance
A lot of people are watching their weight and don't need to eat cookies! So why not take that old cookie jar that's lying around and put it to good use? Take all the spare change that accumulates and drop it in that jar. In fact don't just put spare change in there, gather coins from anywhere and everywhere to go in the stash. Then by the end of the year, count it all out, and invest! The amount that savers will generate can be astounding. How to Save Money with a Cookie Jar First, take all the loose change from wallets, pockets, drawers around the house, and drop in that old cookie jar in the pantry. Then simply watch it grow for the next 12 months. But this is not just a passive activity! Take an active approach to collecting change. At the supermarket, dry cleaner, even the co...
Loan Tips for People with Bad Credit

Loan Tips for People with Bad Credit

Finance
When you are struggling financially, your credit is probably poor. It is tough to get back on top when you have poor credit. You won’t be able to take out any loans and other entities won’t trust you with assets. If you have bad credit, it doesn’t mean that you won’t be able to be financially strong and stable again. Whether you need to take out a loan or are behind on paying your loans back, below are some tips for people who have bad credit. Pay Back What You Owe Immediately It doesn’t matter what kind of loan you have taken out or how much it is for, paying back what you owe immediately is always necessary. Keep your due dates in mind. Never pay the minimum. While it is possible to pay loans back too fast, it will never negatively impact your credit score. Paying the money you bor...