Archive for June, 2009

Carnival of Everything About Personal Finance – 3rd Edition


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What is blog carnival? It is a collection of articles from other blogs on the related topic. It’s divided to smaller topics where you can zoom in to the ones that interest you. The articles are fresh, so it’s always useful to come back for more.

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Welcome to the 3rd Edition of Carnival of Everything About Personal Finance! We’ve collected many good posts and articles regarding personal finance.

Credit Card / Debt Management

The Dough Roller presents What is a Credit Card Balance Transfer - The Dough Roller posted at The Dough Roller, saying, “0% balance transfer offers are becoming harder and harder to find. There still is a 12-month offer, however, and this article describes how to get it.”

David presents Shop Online With a Disposable Credit Card posted at Credit Card Offers IQ, saying, “Discover has launched a service to secure your online shopping.”

CreditCardAssist.com presents Responsibilities of a Primary Account Holder posted at Credit Card Assist.

Kathryn presents Major Banks? Debt Relief Hotlines Revealed! posted at Out of Debt Christian, saying, “To help you make your loans more affordable, we tracked down the direct contact information for the loan modification departments at major U.S. banks”

Frugal Living

Ted Reimers presents Saving Money: 50 Tips for College Students posted at CampusGrotto.

Mom Birthday Cards Printable posted at Home Life Weekly, saying, “Make your own Mom Birthday cards its really easy to make all you need to do is download the Mom Birthday Cards printable design then print and fold.”

Investing

Stock Trading Brokers presents OptionsXpress Review | Option Express posted at Stock Trading Brokers, saying, “It’s funny that people still can’t figure out whether it’s OptionsXpress or Option Express!”

Silicon Valley Blogger presents $50 TradeKing Bonus Extended, Zecco Free Stock Trades Update posted at The Digerati Life, saying, “Thanks!”

The Smarter Wallet presents A Stock Trading System For Shorting Stocks: How To Short Estee Lauder posted at The Smarter Wallet, saying, “Thanks!”

 Manshu presents iShares Dow Jones EPAC Select Dividend Index: IDV posted at OneMint, saying, “Summary of an iShares ETF, which invests in dividend stocks of the developed world, excluding US.”

Mark Wolfinger presents Options for Rookies: Trading LEAPS Options: A Good Idea for Option Rookies? posted at Options for Rookies, saying, “Option rookies make many poor trades primarily because they jump right into option trading without enough education. This article objective is to help traders avoid such mistakes.”

Bob Brooks presents What You Might Not Know About Investment Advice posted at Bob Brooks - Prudent Money Blog.

Lifestyles presents The Path of Least Resistance posted at Lifestyles Unlimited Real Estate Investing and Mentoring, saying, “An article about choosing the path of least resistance when finding a vehicle to financial freedom.”

Praveen presents Two Recommended Stocks: ATVI and WOOF posted at My Simple Trading System.

Investing School presents Passive Investing Convert posted at Investing School, saying, “Passive investing is really wearing on me!”

Savings Toolbox presents How to Save Some Money On Your Commute posted at Savings Toolbox.

Others

John Crickett presents How To Start A New Business posted at Business Opportunities And Ideas, saying, “Ones of the best ways to become the master of your personal finances is to start a business. This article explains how to do so successfully.”

SpendOnLife.com presents Identity Theft Impacts Women More Than Men posted at SpendOnLife, saying, “Women are hit harder by ID Theft than men. They lose higher dollar amounts and take longer to recover.”

MatthewPaulson presents Is OnStar a Good Use of Your Money? posted at Fine-Tuned Finances.

Madeleine Begun Kane presents Yet Another Tax Humor Piece: Interactive Taxes posted at Mad Kane’s Humor Blog, saying, “income tax humor”

Anne Siomne presents 100 Beer-Budget Tools for Students with Champagne Taste posted at Online College Reviews - College Ratings.

Chris McClelland presents Being lazy is costing you money! and Life settlement scams could lead to another subprime fiasco posted at Lucrative Investing.

Lazy Man and Money presents Murphy-Goode’s Smart Marketing with New Media posted at Lazy Man and Money.

That concludes this edition. Submit your blog article to the next edition of everything about personal finance using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Popularity: 40% [?]

Financial Funnies #1 – New Math Formula

Every midweek I will post something funny so that you can relax and have a good laugh. Tune in for more :)

A funny financial formula, credits to New Math by Craig Damrauer

newmathformula-robot

Got a good laugh? :)

Other funnies for you:

Other posts that you may be interested in:

Collection of Articles on Personal Finance (Carnivals):

Thanks for visiting nil2million.com. If you enjoyed this post, you can get a free regular updates on the RSS Feed, or you can have us delivered future posts directly to your email.

Don’t worry, we don’t like spam as much as anyone does, and we will only deliver posts from nil2million.com to you.

Popularity: 19% [?]

Carnival of Everything About Personal Finance – 2nd Edition


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What is blog carnival? It is a collection of articles from other blogs on the related topic. It’s divided to smaller topics where you can zoom in to the ones that interest you. The articles are fresh, so it’s always useful to come back for more.

To get more of these articles to be emailed to you, please subscribe here.

Welcome to the 2nd Edition of Carnival of Everything About Personal Finance! Just like the previous entry, there was a great response from the authors. I had to remove some articles from this carnival as it is not related to personal finance.

There is a wide and varied topics for you to read on. So, without further delay, scroll down below!

Patrick @ Cash Money Life presents Best Zero Percent Balance Transfer Credit Cards posted at Cash Money Life, saying, "Make or save money with a 0% balance transfer credit card offer."

The Dough Roller presents Best 0% Balance Transfer Credit Card posted at The Dough Roller, saying, "0% balance transfer offers are becoming harder and harder to find. There still is a 12-month offer, however, and this article describes how to get it."

Patricia Turner presents 100 Awesome Grocery Tricks for a Healthy Home and Wallet posted at Becoming A Radiologist.

Bob Brooks presents Banks Ready to Raise Your Fees and Charge You New Ones posted at Bob Brooks - Prudent Money Blog.

MoneyNing presents Multiple Ways to Skin Zero Balance Transfer Credit Cards posted at Money Ning, saying, "0 balance transfer credit cards aren’t just good for free money with online savings accounts! It really does help pay off your debt faster!"

Debt Management

Gregory E. Rouse presents How to Live Under Your Means posted at Frugal-Living-Skills Blog.

Silicon Valley Blogger presents What’s The Best Savings Account? posted at The Digerati Life, saying, "Thanks!"

Nickel presents How to Pay Off Your Mortgage Early posted at fivecentnickel.com.

Tiffany Colter presents Time for Personal Responsibility posted at Hidden Leaks, saying, "Find out how taking responsibility in your personal finances impacts the economy and your life for the better!"

Abigail Perry presents Mixed marriages: When savers and spenders unite posted at i pick up pennies, saying, "Most of us aren’t lucky enough to marry our exact financial twin. So how do you reconcile different views?"

Patrick @ Cash Money Life presents Microsoft to End Microsoft Money posted at Cash Money Life, saying, "Microsoft decided to stop making and supporting Microsoft Money, which means thousands of people will need to decide between switching over to Quicken or another competitor, or to stop tracking their finances."

Insurance

Banquet Manager presents I Don’t Want HIS Health Care Reform posted at So You Want To Be a Banquet Manager….

Kathryn presents Finding Affordable Health Insurance posted at Out of Debt Christian, saying, "Health insurance has been making the news a lot since Obama became President. There is concern for those families (particularly children) that are currently living without health insurance because of the rising costs. The good news is that you can still find affordable health insurance if you take a little time to look around."

CreditCardAssist.com presents What’s the Scoop on Credit Card Insurance? posted at Credit Card Assist.

Investment

Patrick @ Military Money presents Tax Advantages of 529 Plans posted at Military Finance Network, saying, "Tax advantages for the 529 College Savings plan."

Khan Ben presents From Classroom to Corporation posted at Higher Education and Career Blog, saying, "Tips for professors who want to make big time moolah."

Mike Pastore presents Proper Ways to Save and Invest posted at Mikes Millions.com.

MoneyNing presents Turbocharge Your Savings with Certificate of Deposits (CDs) posted at Money Ning, saying, "Certificate of Deposits are boring but it’s a guaranteed way of capital preservation!"

The Smarter Wallet presents Charting Stock Movements With Fibonacci Trading Techniques posted at The Smarter Wallet, saying, "Thanks!"

TheStreet.com 468x60 Best Seller Giveaway

Kristjan presents Gold & Silver Remain Bullish and Another Round for the Bears, Finally posted at Personal Development for Awesome People.

Robert D Flach presents WHAT HAPPENS IN AN IRA STAYS IN THE IRA posted at THE WANDERING TAX PRO.

Susan Saverton presents 9- Efficiency of Personal Investing Strategies posted at Pasadena Financial Planner, saying, "When pursuing optimal financial planning and investing strategies and controlling your costs and capital gains taxes, you also need to establish a time-efficient system to monitor, adjust, and adhere to your financial plan. You need to control and limit the time that you spend on your financial planning, and you need to focus your planning efforts on the most effective activities."

Noload Bonds presents Bond Mutual Fund Fees posted at Bond Market Index Funds, saying, "Simply put, if you pay higher bond mutual fund fees, then these bond management expenses tend just to be a deadweight loss to you. The best bond fund buying strategy is to pick only very low-cost no load bond funds."

Top 10 Index Funds presents Top 10 S and P 500 Index Funds posted at NO LOAD INDEX FUND, saying, "Buy these top 10 very low cost no load S&P 500 index mutual funds directly. You do not have to pay the heavy added expenses of buying through a stock broker, financial adviser, investment adviser, or investment counselor."

BankMan presents Top high yield savings account rates posted at High Yield Savings Accounts, saying, "The top high yield savings accounts offer customers a good way to earn interest on their savings while their money is in the bank."

Bank Savings Review presents Ally Bank CD Rates (Updated June, 2009) posted at Bank Savings Review, saying, "Ally Bank’s CD Rates aren’t half bad. If you are into certificates of deposits, give them a serious look."

Forex Trading System presents FOREX TRAINING COURSE – How to earn extra money from home posted at Money Saving Tips, Consumer Finance, Expert, Advice and Help | Talk Money Blog, saying, "There has been a real buzz generated by my Monday blog about the Forex Training Course which I am attending. It seems that we all want to know how to make an extra income as well as money saving advice and tips. Many people are finding themselves unemployed or they have been made redundant and have some savings and want to take control of their own lives through a new business venture."

Chris McClelland presents Stocks to Retire On and Tighter Credit Permanent? posted at Lucrative Investing.

Make Money Online

Outshined presents The Power of Passive Income and Work Ownership posted at Personal Web Guide, saying, ""The Power of Passive Income and Work Ownership" is an article that explores the ideology of what passive income is, as well as how you can attribute it to your life. More so than that, it goes over in-depth the skills most viable in achieving passive income, and how combining these skills with work ownership can lead you to a life of success."

Patricia Turner presents Finding a Job as a Paralegal: Here’s What You Need to Do posted at Paralegal Schools Online.

David Franklin presents Three Ways to Make Money from Home posted at Make Money From Home, saying, "This article contains three useful tips that anyone can use to make money from home. I believe it would be a nice addition to your upcoming blog carnival."

Nissim Ziv presents Ways to make money on EBay - business ideas posted at eBay Business Guide, saying, "EBay sellers represent many ideas and ways to make money selling on eBay. However, only a small fraction of these ways are good, established and sustained ways to become a successful eBay business."

Others

BankMan presents Ten banks paying back TARP early posted at High Yield Savings Accounts, saying, "Ten banks paying back TARP early - which should free up more money for loans to people and businesses."

Brian Brady presents What If The Real Estate INDUSTRY Didn?t Control The Real Estate Market? posted at BloodhoundBlog.

Relax presents Do we have to worry about inflation? posted at The Wise Curve, saying, "What if a hamburger costs about 20 Euro?"

Lazy Man and Money presents Why I’ll Try to Buy a Palm Pre Tomorrow posted at Lazy Man and Money.

Aniruddha Gore presents Journey From On-Campus Job to Full-Time Job posted at Let’s be curious, saying, "This articles analyzes how recent college grads can carry their existing student-life style with them after they get a job and start living a better financial life then. Today’s GenY decide tomorrow’s financial picture, time to have the current students inspired enough."

Wenchypoo presents Just When You Thought You Ran Out of Hope posted at Wisdom From Wenchypoo’s Mental Wastebasket.

Relax presents How to become rich posted at The Wise Curve, saying, "Fortunately, the door to become rich elite is open to us"

Jeff Rose presents 107 Things That Make Good Financial Cents posted at Jeff Rose, saying, "A healthy list of everything personal finance- from frugality to investing and everything in between."

Brian Young presents How Retail Security Should Keep Your Business Safe posted at Retail Security Products.

Ray presents FDIC Insurance Limits For Banks and Credit Unions posted at Money Blue Book.

Dorian Wales presents The Personal Financier: Personal Finance Management: Budget vs. Net Worth posted at The Personal Financier, saying, "While it may be recommended to manage both a budget and net-worth sometimes focus leads to better results."

Patrick @ Military Money presents Disabled Veterans to Receive $250 Stimulus Checks posted at Military Finance Network, saying, "Information about who receives the $250 economic recovery check (or stimulus check), including retirees, social security recipients, railroad retirees, and disabled veterans."

Andrew Peel presents APeel Solutions’s Blog posted at APeel Solutions Blog, saying, "This post covers the fifth of Robert Kiyosaki’s new Rules of Money - The Need For Speed. To be truly wealthy you have to work at the same speed that banks make money that means going digital."

Jack Schmidt presents Making Money? "Trust Me: I’m In Real Estate" posted at SectorMatic Money Journal, saying, "SectorMatic Money Site - Everything for the Big Spender on a Budget! Now you can live like a fat cat, even if you’re on a money diet. Laugh all the way to the bank with Jack Schmidt and SectorMatic. It’s for you!"

That concludes this edition. For the readers, I hope the articles above are varied and interesting and it’s been helpful for you.

For the authors and bloggers, thank you for participating in this Carnival.  Pease link back this post to your blog so that your readers can benefit from it too.

It would be great if you would participate in the next edition.. Please submit your blog article to the next edition of everything about personal finance using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Other posts that you may be interested in:
Thanks for visiting nil2million.com. If you enjoyed this post, you can get a free regular updates on the RSS Feed, or you can have us delivered future posts directly to your email.

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Popularity: 27% [?]

Sun, 14th June, 2009 - Posted by Nash - 42 Comment

Carnival of everything about personal finance – 1st Edition



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What is blog carnival? It is a collection of articles from other blogs on the related topic. It’s divided to smaller topics where you can zoom in to the ones that interest you. The articles are fresh, so it’s always useful to come back for more.

To get more of these articles to be emailed to you, please subscribe here.

Welcome to the June 15, 2009 edition of carnival of everything about personal finance. I’ve received many entries to this carnival, a lot are very good ones. There were a lot of entries from the credit card topic and investment topic. I guess with the recession hovering on us and the stock market is looking like it’s making a recovery, it’s good to have a balance of debt management and interest on investing.

Credit Card

PFCreditCards presents Zero Balance Transfer Credit Card Offers posted at PF Credit Cards, saying, “0% balance transfer credit cards are a great way to free interest and excel your way back to become debt free. Here are two options you should consider.”

Apply4-credit presents Moving to a New Card - Here’s What to Do With The Old One posted at Apply4-Credit.

Mr Credit Card presents Credit Cards to Rebuild Credit - Credit Score of 640-680- What Cards Can I Get? posted at Ask Mr Credit Card.

Stingy Student presents More Cashback with ShopDiscover posted at Stingy Students.

The Dough Roller presents Balance Transfer Credit Cards posted at The Dough Roller, saying, “An updated list of 0% balance transfer credit cards”

SpendOnLife.com presents Credit Card Issuers vs. Credit Card Associations: What’s the Difference? posted at SpendOnLife, saying, “A description of where money is made when consumers use credit cards and analysis on how that will change as the industry changes and new laws take effect.”

Bob Brooks presents They Raised My Rate ? Should I Close The Account? posted at Deceptive Money.

Tushar Mathur presents When It Pays To Use Cash For Purchases posted at Everything Finance saying, “For years there have been many consumers who have charged through life (pun intended) putting any and all expenses on their trusty credit card. Roughly half of those consumers managed their accounts responsibly and benefited from the many perks associated with using their credit card and paying the balance in full each month. The other half….well many of those people are dealing with the fall out from the economy and struggling with high levels of debt.”

Patrick @ Cash Money Life presents Best 0% Balance Transfer Credit Cards posted at Cash Money Life

DR presents Best 0% Balance Transfer Credit Card posted at The Dough Roller.

Debt Management

Freefrombroke presents Interview With Personal Finance Columnist Liz Pulliam Weston posted at Free From Broke, saying, “Interview with personal finance columnist Liz Weston!”

Jim DeSantis presents Don’t Be A Sucker! Avoid These Debt Consolidation Scams! posted at Emotions and Credit at On Line Tribune, saying, “The web communications revolution has provided many unprecedented opportunities for commerce and, unfortunately, quite a few opportunities for swindlers to prey on the gullible. This is just as true for debt consolidation and scams to fix your credit score as for anything else. Here are some debt consolidation scams to stay away from.”

Nickel presents How to Pay Off Your Mortgage Early posted at fivecentnickel.com.

Gregory E. Rouse presents How to Live Under Your Means posted at Frugal-Living-Skills Blog.

Insurance

Brian McKay presents Choosing the Best Health Insurance posted at MonitorBankRates.com, saying, “Health care costs have been increasing by leaps and bounds over the past 20 years because of the increased medical advances and care.”

Home Life Weekly presents Best Auto Insurance Companies in the United States Top 10 posted at Home Life Weekly, saying, “As we all know auto insurance is something that we really all need, however the cheapest quote is not always the best auto insurance quote in the long term. Especially when you have to make a claim. Only when you have paid you insurance do these problems come to light. So here is a top 10 auto insurance companies which perform best overall”

Jim DeSantis presents Blog Carnival - Submit an Article to a Carnival posted at Free Family Budgeting eBook from On Line Tribune, saying, “Have you thought about providing financial security for your children in case they are seriously injured in an accident of any kind? The possibility of an accident putting your child in a wheelchair for life, is not one that anyone likes to think about. But, not thinking about the possibility does not take that chance away.”

CreditCardAssist.com presents What’s the Scoop on Credit Card Insurance posted at CreditCardAssist.com.

Investment

Investing School presents A Great Inflation Indicator posted at Investing School, saying, “Here’s a seldom talked about but great inflation indicator. Check out the video.”

Stock Trading Brokers presents Zecco Zirens | Educational Trading Videos posted at Stock Trading Brokers, saying, “Zecco Zirens consists of attractive ladies teaching investing basics. Check them out here.”

Kristjan presents Long Term Investing Is NOT Dead posted at Personal Development for Awesome People.

Gerald Connor presents Investing Wisely on Capitola Beach Homes; Capitola California posted at Capitola Beach Homes.

Ben presents Stock Dividends 101 posted at Money Smart Life.

BankMan presents Ten banks paying back TARP early posted at High Yield Savings Accounts

Patrick @ Military Money presents Tax Advantages of 529 Plans posted at Military Finance Network.

Khan presents From Classroom to Corporation posted at Higher Education and Career Blog. saying “Tips for professors who want to make big time moolah. ”

Mike Pastore presents Proper Ways to Save and Invest posted at www.mikesmillions.com.

The Smarter Wallet presents Charting Stock Movements With Fibonacci Trading Techniques posted at The Smarter Wallet.

Silicon Valley Blogger presents What’s The Best Savings Account? posted at The Digerati Life.

TheStreet.com 468x60 Best Seller Giveaway

Make Money Online

Nissim Ziv presents Starting eBay business plan from scratch posted at eBay Business Guide, saying, “how to start a business on eBay? As any commerce, you should study and follow basic steps like – getting to know the market’s environment, important factors of international trading and commerce procedure of starting an eBay business plan.”

Travis presents The Power of Passive Income and Work Ownership posted at Personal Web Guide

Others

Livingalmostlarge presents The cost of being “Green” posted at LivingAlmostLarge, saying, “Does it cost you more to be green?”

Madeleine Begun Kane presents Yet Another Tax Humor Piece: Interactive Taxes posted at Mad Kane’s Humor Blog, saying, “tax humor”

Kaushik Chokshi presents Are you unemployed – Lost your job? – Worried about your job? Laid off? Not finding a job? Do you have anxiety about the financial crisis? posted at Beyond Karma, saying, “Do you have anxiety–about debt, your job, your business, the financial crisis? Want to know how to instantly and permanently release the anxiety?”

Flea presents What Exactly Is A Cheapskate posted at Be A Survivor.

DebtLite presents 64 Thought Provoking Quotes on the Meaning of Money posted at School Loans.

Brian Brady presents What If The Real Estate INDUSTRY Didn’t Control The Real Estate Market? posted at BloodhoundBlog.

Relax presents Do we have to worry about inflation? posted at The Wise Curve. saying ” What if a hamburger costs about 20 Euro? ”

That concludes this edition of Everything on Personal Finance. I hope it has been useful for you.

For publishers, please submit your blog article to the next edition of carnival of everything about personal finance using the carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Technorati tags: carnival of everything about personal finance, .

Other posts that you may be interested in:
Thanks for visiting nil2million.com. If you enjoyed this post, you can get a free regular updates on the RSS Feed, or you can have us delivered future posts directly to your email.Don’t worry, we don’t like spam as much as anyone does, and we will only deliver posts from nil2million.com to you.

Popularity: 32% [?]

Tue, 9th June, 2009 - Posted by Nash - 1 Comment

Make money scam - if it walks like a duck and it talks like a duck …

This is one of the frequently used phrase in my office.

“if it walks like a duck and it talks like a duck, then it’s a duck!”

How can this relate to anything?

Well, for example, if you found a program in the internet looks too good to be true (which probably makes it a scam) and you search the internet and people are saying that it’s a scam, then there’s a big chance that it’s a scam!

That makes perfect sense right? But sometimes, people still got fooled.

I submitted a post on online paid survey scam earlier – Paid Survey scam – 10 time-tested tips on how you can avoid it.

So, next time, when you see something that looks like a scam or it’s too good to be true, then say “if it walks like a duck, and it talks like a duck… “

Popularity: 11% [?]

Sun, 7th June, 2009 - Posted by Nash - 1 Comment

Personal Finance Interesting Posts on June 7th, 2009


Here are some of the interesting posts that I’ve read this past week from my blogroll friends and other blogs.

Hope you’ll enjoy reading it as much as I have!

Popularity: 6% [?]

Thu, 4th June, 2009 - Posted by Nash - 15 Comment

Investment-Linked Insurance – the best of both financial worlds

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Do you buy life insurance or do you invest? That’s normally the dilemma faced by people, especially the young or start-up  families. This is very similar to propane space heaters.

As the money that you have every month minus all your debts and expense is small, so you got to choose either to invest or to buy insurance.

Now, I got to stress that insurance is important. Every family should have one – or at least the breadwinner (the person who works and have most income). As you’re building your wealth, your family should be protected if anything happens to you.

The main reason why people sometimes don’t want to buy insurance is that the returns or gains from insurance is normally low. Well, rightly so, as insurance is for protection, not for investment.

The insurance companies realize this, so there came out with investment-linked insurance.

The concept is simple. The premium (what you pay for your insurance) is treated as an investment. You have a choice to put your premium in any of the investment funds that an insurance company can offer. The investment funds are normally based on low risk (such as bonds or fixed income) or middle to high risk (such as shares or combination of shares, bonds and fixed income).

Every month, insurance charge will be taken out from the investment fund to pay for your protection.

While the advantage of an investment linked insurance is that you may have higher returns in the future, it also works as a disadvantage to you. Why? Because you take all the investment risk. The insurance company will not provide any guarantee on your investment returns if you buy an investment-linked insurance.

So, if you’re lucky, your investment is good and you can be very happy. If the stock market crash or the country goes into recession, then your investment can go down the drain really fast. And nobody can help you there, coz the returns are never guaranteed.

But why do people still buy investment-linked insurance? The stock market and the recession always doesn’t last, and if you keep your investment linked for the long term, then history shows that your returns is always better than putting your money in the bank or fixed deposit. The keyword here is investing over long term.

If insurance concept is new to you, please ask in the comments section. I’ll be happy to help out.

Collection of Articles (Blog Carnival) on Personal Finance

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Don’t worry, we don’t like spam as much as anyone does, and we will only deliver posts from nil2million.com to you.

Popularity: 28% [?]

Wed, 3rd June, 2009 - Posted by Nash - 6 Comment

More powerful methods to get you out of your credit card debts

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I wrote a post earlier on Powerful methods to get you out of your credit card debt.

In that post, I suggested on the following methods:

  1. Snowball effect - pay off your credit card with the highest interest charge first and then move on to the credit card with the 2nd highest interest rate and so on. And your monthly credit card payment should never be less than the previous month’s.
  2. Get a personal loan to pay off your credit card - combine all your credit card debts and settle it with one personal loan.
  3. Talk to the bank - Discuss and negotiate with the bank on how you can pay off your credit card debts. Banks can sometimes give some good options.
  4. Get professional help - Get professional and qualified advice from a Financial Advisor. They can help you out to prepare a plan and budget to pay off your debts

From what I’ve read and discussions with other people, I can further expand the list.

Powerful Method No 5: Balance Transfers

Almost all credit card programs from banks have balance transfers. What is balance transfers? It allows you to move your credit card debt from your existing bank to a new bank. This move is called balance transfer.

The new bank will give a much lower interest charge on the balance transfer. Depending on the program, the lower interest charge can only be for a fixed period (say 6 months), or, it can be for all times.

What’s the advantage of balance transfer? Lower interest charge = lower interest to pay for your debt. So you can end up paying less and you can settle off your debt faster.

One important thing to do - when you do a balance transfer - you should terminate your card with the existing bank. If not, you’ll end up having two credit cards which can lead to more debts later.

Powerful Method No 6: Refinance your property to free up some cash

Now, this is very tricky. It can also be dangerous because if you don’t do it properly, you can end up losing your home.

What is it about? If you already have a home, or you have been paying off your home loan for quite a while, you may have an equity from your home.

Equity here means that the current market value of your home is higher than your outstanding loan.

For example, if the current market value of your home is 200 thousand and your outstanding loan is 100 thousand, then you have an equity of 100 thousand from your home.

How do you use this equity? Well, you can sell your house to get it. (But you won’t have a house anymore!) Or, you can refinance your house (meaning take an additional loan) and you can cash-out the equity. Depending on banks, you can refinance up to 90% of your equity.

Remember, it is still a loan, so you still need to pay it out in the future.

But why go through all this hassle? Well, the interest charge on a refinance loan from your home is lower than your credit card interest charges and is also lower than any personal loan interest charge.

So in terms of settling your credit card debts, this approach is the most efficient as the interest charge is the lowest.

But, you must be very careful and very discipline at paying back the loan. As if you don’t pay, you can lose your home.

So, although this method is the most efficient, I don’t recommend this to everyone. Only suitable for the savvy ones.

To summarize. two more methods to reduce your credit card debts - through balance transfer and through home equity.

All in all, there’s 6 methods for you to set on. All good and time-tested. So it’s not a guinea pig test here. But I have to stress again, the most important things are planning, discipline and patience.

But you’ve read through this far. So I guess you have all those three things to get you out of your credit card debts. Please read the disclaimer too.

What would you add?

I know many readers have also experienced this in one form or another. Which method works for you? Any other methods you want to suggest?

All the best!

Popularity: 6% [?]