Ohh the "B" word. When people think about the idea of bankruptcy they think about having their credit ruined for the next seven years.
Well I have news for you. If you have defaulted on payments to your creditors, those defaults will remain on your credit report for the same length of time as a bankruptcy would.
A bankruptcy will remain on your credit report for 6 years from the date that the bankruptcy is discharged.
Defaulted payments will remain your credit report for 6 years from the date that you settle defaulted debts or pay off defaulted debts in full.
Once discharged from bankruptcy you can qualify for a low interest mortgage to buy a home with two years of strong, positive re-established credit and a strong overall financial profile.
If you are becoming discharged from bankruptcy here is what you can do to start rebuilding your credit and finances.
1. Open a bank account with a bank that was not included in your bankruptcy. Make an appointment to discuss:
a. A savings plan
b. RRSP loan options. RRSP loans report to your Trans Union and Equifax credit bureaus and are a great way to re-establish credit, reduce income taxes and build retirement savings
2. Get A Financial Report Card. This will tell you how a bank would grade the current state of your financial profile, reveal strengths and weaknesses and give you strong direction to work towards your financial goals.
3. Obtain a secured credit card and only use what you can afford to repay in full each and every month. Never have a balance on any credit card that exceeds 50% of your credit limit.
4. Prepare a budget and follow it.
Following these steps will start you on a path to excellent credit and strong borrowing power!
Article by Courtney Jewell-McElroy
CEO, Assure Assess Corp.
http://www.assureassess.com
http://www.trueassess.com
Article Source: http://EzineArticles.com/?expert=Courtney_Jewell-McElroy
Sabtu, 04 Desember 2010
Investors and Speculators - 5 Key Differences By Aaron Leow Platinum Quality Author
What constitutes towards an investor and what does it mean to be a speculator? In this article, I delve into 5 key differences between the investor and speculator.
1. Long term versus Short term
There are many differences in how each and every individual sees what is defined as "long term" or "short term". Some define 1 month as short, while others, long. As a general rule of thumb, investors generally invest in the long term while speculators focus on the short term.
Investors love things that provide them logical and sensible investments that bring in reliable and stable profits. Speculators on the other hand, love anything that is new and on the hype as of the moment.
2. Differences in emotions
A logical investor is not swayed by his emotions in terms of investing. He understands that emotions are what generally move the market, but it does not mean that it has any LASTING value in the long run.
Speculators on the other hand, event he logical ones, predict and through understanding of human emotions, use their emotions to trade in the market. They buy based on their gut feelings to "follow the crowd or trend". They are sure that by following the trend, there is no way they can lose as in both up, down or stable markets, they are able to make money. Either way, human emotions are the main driving force in the decision of speculators, even if the emotion does not come from them.
3. Technical versus Fundamental Analysis
Speculators are guided by charts, Japanese candle sticks, brand new news bulletins, newspapers and shocking headlines by corporations to decide when to buy and sell. They rarely if ever, delve into the history of the business itself. They do rarely, if ever, understand the underlying concept of the economic conditions and how it will affect the business as a whole. As their goals are merely usually confined towards a year, things like these do not generally rouse interest towards them.
Investors, on the other hand, browse through and understand the business that they are buying into. They understand that in order for them to go for a long term, the company itself must be able to sustain for the long term. For that to happen, the company must possess a stable and predictable future based on excellent economics in their favor. In order to do that, they are guided by the company's annual reports and they look and talk towards the company's management directly to learn and understand the business.
4. Voting machine versus Weighing Machine
The investor views the market as a weighing machine rather than a voting machine. They understand that the market, in the long run, will experience high and low cycles. However, the core value of the business itself, given the underlying economics of proper management, will in due time, revert and show its value based on the price of the business. They understand that if a company is consistently selling below its true worth, something is already generally wrong within the management or the economics of the business. The price in the long run is reflected as a weighing machine rather than a voting machine.
The speculator on the other hand, views the market as a voting machine. The more people vote against or with a certain hyped up issue, the more opportunities and emotions will sway to. They target and run towards the crowds and the most popular issues. Driven by emotions and greed, they love issues which provide the wild excitement in the price. The price is reflected on how popular the issue is at the given time, rather than how the business is actually worth.
5. The Doctor versus the Pianist
If you were to study real hard and put in dedicated effort and considerable amount of time into becoming a doctor, you would generally be able to become one through enough effort. You would be able to live of well enough to depend on your income generated from being a doctor with proper spending habits.
Pianists, on the other hand, are what you would call performing artists. In order to become and excel in one, you need more than what one would call just pure dedication and effort. You would need to have a very special set of characteristics in you that people will be able to take notice and make yourself stand out. You would only be able to succeed if you have this special quality.
It is the same for both speculators and investors. Investors are generally doctors. With enough effort, dedication and practice, you would be able to pass out generally well. You will be able to get rich quick, but with proper discipline, you would be able to get rich slowly. Unexciting, but steadily.
Being a speculator however, you are trying to win against many people who aspire to win money from you. People who have dedicated 20-30 years of their lives trying to perfect their "art". In order to stand out and win over them, you would need a special quality that stands out way beyond the over speculative market. You are a pianist.
Summary
All in all, be it a speculator or investor, in most cases, one must understand that they need both mindsets and frames to succeed in both long and short terms. Opportunities are always there in both passageways. It is only up to you to spot and use them
| To Your Success, Aaron Leow Article Source: http://EzineArticles.com/?expert=Aaron_Leow | |
Act Now or Forget Your Pension By Dan G Chamberlain
Forgive my skepticism, I can only talk from past experience, you see I've got a share portfolio which I'm looking to for a pension, I've had this for 7 years and rather than make me any money, it's actually fallen 3% in value.
The news is full of programmes investigating the current financial crisis; no avenue of investment seems to be safe.
Panorama recently investigated the vast fees and commissions some pension companies take from their clients, in one case a lady's net return over 21 years was just 3%...it would have been 4% if she had not been paying various charges!
Now I'm sure that there are other pensions that would return her a larger sum but as she pointed out, how do you know which are any good?
Well the answer is, you really don't...
Why Property?
For years I have tried to educate clients as to the benefits of using property investment as a pension. Not only do you benefit from any rental returns after mortgage payments but you will also over a number of years, benefit from capital growth.
It has been widely documented that property prices have taken a tumble in many locations, however if you buy smart and at a good price you massively reduce your risk.
The average pension pot in the UK is around £33,000; now for many of you it may not be too late to do something about this.
Below I will show you a simple way to make your money work for you using property investment.
Let's take a 35 year old male that wants to retire at 55.
- Purchase a 1 bed apartment for £150,000. (Multiple locations across the south coast)
- Deposit needed £30,000 (20%)
- Repayment Mortgage over 20 years = £735 pcm (4% interest rate)
- Rent PCM = £750 pcm (average for this price and location)
- Management Cost £75 pcm (10%)
- Additional payments = £60 pcm.
*Remember this is a repayment mortgage, not interest only, the long term goal is to pay this mortgage off over 20 years.
If you look at the £60 as your pension payments, in 20 years time you will have a pension pot worth £150,000, not taking into account any growth; giving you a return of £750 pcm.
Now the chances are that there will be capital growth during this period, if we take it at just 5% per year, your property will be worth £397,995 in 20 years time.
Rental also historically increases over time, if we take 5% here as well, your £750 would be worth £1,990 pcm in 20 years.
In Conclusion:
When investing in stocks and shares, it is extremely hard to get an idea of what they will be worth come retirement time. Brokers and IFA's will bombard you with figures, but for the most part it's a shot in the dark.
One thing that not is historical data on property and rental growth, this can be proved, as can the UK's desperate need for more property and the demand for rental property in certain areas.
Many of you probably own a house and have done for a number of years, cast your mind back 20 years and recall the re-sale and rental values then. See what I mean?
In short:
- £30,000 investment now
- £60 pcm top up
Should provide you with...
- An asset worth £397,995 in 20 years time
- Income of £1,990 per month
The Alternative:
Keep ploughing money into a product you're not in control of and you probably don't understand.
| Dan Chamberlain is a director of http://www.freshinvest.co.uk, Fresh Invest brings a new approach to investing. Article Source: http://EzineArticles.com/?expert=Dan_G_Chamberlain |  |
Jumat, 26 November 2010
A Few Things to Remember to Get Good Insurance Deals By Gretchen Canedo Platinum Quality Author
Do you find it hard to get a good insurance deal in Las Vegas? If so, the first thing that you need to do is learn where to look for reliable insurance agencies who can give you a personalized quote at a very affordable rate. Expensive insurance deals and high interests are often caused by abrupt decisions and lack of preparations. If you don't want to end up paying much on your insurance then you should make preparations which include looking for alternative agents rather than focusing on a single provider.
Remember not to ever grab the first insurance plan that might come your way, always consider other options because they might be much better deals and less costly ones. By doing such, the chance of ending up with the best insurance deal is just next to you. By looking at the offers of the different agents, you will be able to evaluate and study thoroughly which among them can provide the coverage that you need with a much lower insurance premiums and interest rates.
One easy way that you can try is by searching the Internet, where you can find almost all resources that you need to know the different Las Vegas insurance policies. By going online, you can immediately get insurance quotes and avail of the discounts which you might qualify for. One advantage of getting quotes earlier than when you exactly need it, is that, you will have enough time to prepare for the expense and settle your credit history.
Many factors influence insurance quotes. The level of benefits that you are getting from your auto insurance, small business insurance or homeowners insurance in Las Vegas influences the amount you are paying. Hence, you should be keen enough to evaluate the coverage of the insurance policy that you got to make sure that you can get your claims when the unexpected occurs.
Getting a very good insurance policy is as easy as one-two-three when you know what to do and where to look for good insurance deals in Las Vegas. It will not just guarantee you with quality insurance products but also get rid of the pain of paying very high insurance premiums.
| Want to get the best insurance deals today? Visit http://www.advancenv.com and get an online quote now! Article Source: http://EzineArticles.com/?expert=Gretchen_Canedo |  |
Insurance - Career Satisfaction for a Lifetime By Jerry Bateman
WANTED, smart, self motivated, and enthusiastic individuals to serve the public in making wise decisions regarding their insurance needs. Very few individuals actually seek out the business of insurance as a career, it just seems to happen. It happens, because the insurance profession is such a broad field that many of the activities that individuals are looking for in their careers are part of the business of insurance. It is not uncommon to meet high school graduates, college graduates, engineers, doctors, accountants and other educational backgrounds. The profession has room for everyone. The following paragraphs will detail some of the business activities of the insurance profession.
The business of insurance is a very important part of our economic system. Many individuals are looking for careers that will have a valuable impact on our society in the years to come. The insurance profession meets this desire. The most common definition of "insurance" involves the spreading or transferring of risk to an entity that has a much greater ability to pay for the loss. When a family buys a home, chances are they will finance the home with a lender or mortgage holder. They do this because they do not have the money in the bank to pay for the house outright. Insurance is purchased to transfer the risk to the insurance company, so that if the house is destroyed by fire or some other covered peril, the home can be replaced with the insurance proceeds. The importance of insurance can be shown in all walks of life. All kinds of insurance is purchased by families and business owners. Some insurance types include auto, home, marine, liability, life insurance, health insurance, disability income, and long term care insurance, just to name a few.
The business of insurance involves working with families and/or business owners to identify their insurance needs and then develop insurance solutions that best meet the situation of the client. The insurance business can be and often-times will be complex. The insurance professional must learn to systematically assess the situation and determine the correct course of action in identifying the coverage needed. Then the solution is writing the correct policies.
The business of insurance requires smart, self motivated, and enthusiastic individuals. These individuals, whether working for a company or self-employed, will need to plan their work process and then work their plan. If they decide to be self-employed that will still require planning and doing. Also, individuals in insurance will have an unlimited income potential. Additionally, these individuals must be honest, possess integrity, and have the sincere desire to help their prospects and clients achieve their goals. The insurance business is hard work and to be successful the individual must be focused and have the ability to follow through. The person that wants to do something different virtually every day that they work, that must continue to study and learn as issues and concepts change, the insurance field might just be the right profession.
| Jerry Bateman is the owner of Financial Coaching, Inc. and co-owner of Bateman Learning, Inc. Jerry has worked in the insurance and financial services industry since 1976. His experience spans several insurance disciplines such as personal and business life insurance planning, long term care insurance, financial planning and ten years as a company representative involved in employee benefits. All of these experiences have lead him to public speaking, seminars, workshops and teaching continuing education to insurance and financial advisors for the last fourteen years. Additionally, he works with business owners and individuals in need of personal and business insurance advice. His websites include http://www.batemanlearning.com and http://www.BecomeAnInsuranceAgent.net and Article Source: http://EzineArticles.com/?expert=Jerry_Bateman |  |
Important Things You Need to Know Before Buying Mortgage Protection Insurance By Don Tyler Platinum Quality Author
Mortgage protection insurance is required if the lender is unable to pay a certain required amount of down payment on lending a property. Having it will protect both the bank and the lender in case the lender is unable to pay the mortgage with reasons such as disability caused by illness or accident, death and involuntary unemployment. It is also a noble way to protect the family of the lender from acquiring debts in the event that he won't be able to pay his debt, especially if the borower has many dependents.
But having a mortgage insurance plan can be an additional expense especially when you have many obligations and on a tight budget. The importance of having an insurance plan greatly depends on the ability of the lender on how he can pay his mortgage in case of his disability. Does he have enough savings that will pay the debt or is there a member of the family will pay for him in case of disability? Examine closely if you really need to have an insurance plan.
There are some important things you need to know and consider before buying an insurance plan. Make sure that the plan is suited to your budget or is affordable yet cover the mortgage protection insurance you need. It is important to look for banks or insurance brokers that offer the best price and insurance cover.
Insurance agents or firms sometimes won't tell you the full details of some of their insurance policies. That is why, it is important to fully read and understand the insurance policy before deciding to sign up. Insurance policies that are low in price are often not good enough and other plans will only pay you off if your disability or death is caused by accident. They wouldn't cover insurance when the disability is caused by health issues such as diabetes or cancer.
Another thing that you need to know and is if the insurance plan is transferable. Which means you can transfer the plan from one mortgage to another. When you decide to refinance or sell your property, the insurance plan will still carry over. Unfortunately, most bank plans are non transferable but some independent insurance brokers offer a transferable plan.
There are many things you need to know and consider before buying an insurance plan. It is vital that you are able to determine if you need to have one and are able to choose a plan that suits your budget and needs. Having an insurance or financial adviser will greatly help to guide you in choosing an insurance plan that is best to protect you, your property and your family.
Don writes many articles about refinancing and maintains a website where you can get relevant information about investment property financing.
Article Source: http://EzineArticles.com/?expert=Don_Tyler
Selasa, 16 November 2010
House Insurance Quotes - Learning The Different Types Of Coverages By Bo A Miller Platinum Quality Author
You might have read somewhere about the different types of insurance policies available. You will certainly notice this when you are reviewing your house insurance quotes. Is it enough information for you to determine that you are getting the right home insurance policy for you? Have you considered reviewing the coverage of your house insurance quotes? Do you even know what is the standard coverage that you should look at? Perhaps, this article can share with you some helpful information and insights on property and additional coverage.
Basically the property and additional coverage are standard for all types of policies. For the property coverage, there are 4 kinds, namely: Dwelling, Other Structures, Personal Property, and Loss of Use or Additional Living Expenses. So when you receive your house insurance quotes, check carefully if they are included.
The first coverage that you will find is Coverage A - Dwelling. This typically covers the value of the house itself excluding the land. Normally, there is a co insurance clause
attached to this coverage. This clause indicates that any loss will be adjusted to replacement cost which is of course defined up to the policy limits and this condition is tied up for as long as the house is insured to 80% of actual value. The reason for this is to have a buffer for any inflation. Except for the Tenant form or HO4, all other forms have this coverage. Although there is an additional coverage for improvement cost of the house being rented for those owning a HO4 type of policy.
The second coverage is Coverage B - Other Structures. This covers the structure that surrounds or is within your property but it should be for residential purposes otherwise it would not be covered if it is used for business. This coverage usually has a limit of 10% to 20% of the value of the insured house but you can avail of endorsements so you can have additional amounts.
The third coverage is Coverage C - Personal Property. This covers all personal properties or contents of your house. However, losses of specific kinds of items have limits for theft. If you have a coin, medal or bullion collection, this is excluded from coverage C. Other items include banknotes or cash money. This coverage comprises 50% to 70% of coverage A. With this, some policy owners opt to insure a higher coverage so that they can also increase the coverage of their personal properties.
The fourth coverage is Coverage D - Loss of Use or Additional Living Expenses. This coverage is related to additional expenses incurred if the owner has to rent a space while the damaged house is being replaced or repaired.
Apart from the property coverage there is an Additional Coverage which should not be confused with additional living expenses. The additional coverage is for expenses that are related to repairs that are not included in the property coverage. This may include damage to trees and shrubs (for limited and specific named perils), debris removal, credit card theft charges, loss assessment, and more.
While there is coverage, you may want to also know those that are excluded, specifically those that are stated in the policy. For HO3 or the Special form which has an open perils policy, there is a stated specific exclusion which will most likely include water damage, neglect, war, earth movement or earthquake, intentional loss, concurrent causation, and nuclear hazard. These exclusions are stated in order to protect the insurance company otherwise policy owners may be neglectful or intentionally damage the insured house in exchange for money. For the other perils that are nature's wrath, these are circumstances that are unavoidable and so insurance companies exclude these kinds of perils.
| Get your House Insurance Quotes today, just visit http://www.wiseinsurancequotes.com/homequote.php and save up to 70% on your home insurance costs. Its fast, free & easy! Article Source: http://EzineArticles.com/?expert=Bo_A_Miller |  |
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