how-to-become-a-successful-money-manager-in-2019

How to become a successful money manager in 2019

Keeping your money organized is not as much difficult as launching a rocket from your backyard. It doesn’t require professional skills to become a money manager. But it would be a mistake if you spend all  your money from your paycheck as soon as you get one.

So, is there any guaranteed formula to become a successful money manager? I guess not. You need not just to know how to earn money but also how to maintain the flow and how to make it work for you. You should have the full control of all money that enters or leaves your wallet. But there are a few steps that you can follow to get into the process. So, check out these unique  tips that can help you to emerge as a successful money manager in the coming year.

1. Ignore money, focus on goals

Instead of thinking about how to become a successful money manager, you should shift your focus into your life goals. You need to understand that money should be used for fulfilling your goals. So, for that reason, you need to establish your life goals and invest your money to get success.

It’s a wise decision to save for prime life goals like retirement, paying off debts, marriage etc. It also makes sense to earn dollars  for short-term goals like a family tour in Europe or buying a new house.

2. Understand your cash flow

You may need to understand your cash flow if you want to manage your money. You can make a plan to control your finances if you know when you’ll be getting your paycheck. If your income is irregular, make an emergency plan based on worst case scenarios.

Note down your income details such as income sources, or date of your paycheck, and keep the details with you. This way you can plan your spending by considering the date and cash in hand. Once you become aware of your cash flow pattern, you might even prepare a budget plan on your gross income rather than considering your net income.

3. Ask your employer for a raise

One of the best ways to become a successful money manager in 2019 is to increase the amount in your paycheck. Talk to your boss, show him the stats about your performance in the organization and all your achievements at work. Then, ask for a raise.

4. Negotiate your bills

Always negotiate all the bills. Starting from your utility bills to your cable bill, medical bills, and many more can be negotiated. You can negotiate bills for the same service you are getting every month. Wait a few months and call the service provider again to try to get a better deal.

5. Get coupon benefits

Coupons can be useful for millions of consumers to save a lot of money. Taking the benefits of the coupons is the best way to save money on purchases and it doesn’t show you as a broke person. Using the coupons wisely is a sign of a good money manager.

6. Check your credit report and score

Get your free credit report from the 3 major credit bureaus. Many credit card companies may provide you your FICO score each month free. You can also enroll yourself for free credit-monitoring services. It’s important to check your credit score periodically. Your credit score is one of the most important factors that’ll determine your financial success. Don’t forget to check your credit report and dispute errors if you find any.

7. Consolidate your debts

Debt is a bad habit that you must avoid. If you want to become a successful money manager,  you must get out of debt completely as soon as possible. Debt is something that won’t allow you to manage your money properly. When you don’t have debts, it’ll be easier for you to master your income and grow your savings.

If you’re tired by paying down your debts, you can consider debt consolidation option. Instead of paying down multiple debts with high interest, you can even take out a loan and pay them off. Make sure the debt consolidation loan, you are taking out, carries  a low-interest rate.

8. Eliminate wastage

Believe it or not – most people waste a great portion from their income. We like spending money on such things that are unnecessary and should be avoided. Sometimes we pay for the services that we don’t require at all. We like spending money on luxuries, buying unwanted stuff, and paying interest on accounts that we use occasionally. All these wastage of money make us poorer. So, listen carefully, stop yourself wasting money, at once!

9. Set up autopay option for savings & bills

Setting up autopay option for your finances may help you save money and time. It’s much easier to schedule a certain amount from your paycheck and transfer it to your savings account. Also, schedule all your bills so that they automatically deduct from your account every month before the due date.

10. Share your thoughts with your partner about money

If you’re in a serious relationship, you should share your thoughts about money with your partner.  It’s important to carry a similar thinking about finances if both of you want to grow your finances in the coming year. If you really want to become a successful money manager, talk to your spouse, and tell her/him about your financial goals and your future plans. He/she should know and give an opinion about the financial planning you are doing for both of your future.

Most of the time financial infidelity become the sole reason behind a broken relationship. Financial chit chats might turn into intense arguments. However, the more you share your thoughts about money with your spouse, the easier it will get…..

11. Invest time to educate yourself

Are you a bad money manager? Do you want to become a successful money manager now? Most of us might say ‘yes’. But most of us also don’t know that we will not succeed until we overcome the main problem, and that is “financial illiteracy.”

So, what do we do now? We need to educate ourselves on various financial subjects like budgeting, wealth building, money saving, managing debts, investment, real estate, etc. By using our spare time we can learn about those things easily.  Read books or read articles online. You can also attend seminars. You may even ask your parents about it and get suggestions from them. The more financially literate you become, the better you can manage your money.

So, if you follow these steps, there are chances that you’ll emerge as a successful money manager. You can also increase your income by doing part-time job. You can use that money to pay off credit card debt, to save for retirement, or to create a fund for mortgage down payment in 2019. You never know, your additional earning may lead you towards becoming your own boss, and you become a successful entrepreneur till the end of 2019, best of luck for that!

will-you-get-arrested-for-not-paying-the-debt

Will you get arrested for not paying the debt?

Well, many of us in the United States are unaware of the policies which can be used against the people when the debts are not paid on time. In a worse situation, you may be wonder can you go to jail for not paying a debt?

This will not only ruin your career but also stain your reputation. So,? Read this article to know the answers.

Here you will get the answers to your debt riddles and you must also be aware of the states where you can get arrested for not clearing the debts.

  • * Washington
  • * New Jersey
  • * Illinois
  • * Georgia
  • * Ohio
  • * Indiana
  • * Tennessee

So, now you may be wondering if the debt collector asserts the right to sue you. So, have a brief idea about what actions can be taken against the debt collector.

Can a debt collector sue you?

Yes, a debt collector can take legal action against you. If a creditor takes you to the court over an unpaid debt, you should make it a point to respond, either through an attorney or on your own, to the lawsuit.

Sometimes creditors will take this action to obtain a court judgement against the debtor to collect the unpaid amount. If the debtor doesn’t show up in the court, then the judge can issue an arrest warrant for failing to appear.

So, the debtor could be sent to the prison not for failing to pay the debt but for failing to follow the court order.

What is a Statute of Limitations on debt?

Yes, there is Statute of Limitations (SOL) period within which the creditors or debt collectors can file a lawsuit to recover. The SOL can differ state wise and debt wise with most falling between a 3-6 year range, while some may be as long as 10 years. The length is decided by the state and the type of debt.

According to the Consumer Financial Protection Bureau (CFPB), the number of years is determined by:

  • 1. State Laws
  • 2. The kind of debt you owe
  • 3. If the state law applicable is mentioned on your credit agreement

How can you avoid going to jail for not paying your debt?

So how can you make sure that you will never go to the wrong side of a jail cell door especially if you have debt?

  • a. Do not ignore debt collectors or warrants. Act strictly against it if possible.
  • b. Make sure you have gone through all the documents you get from bill collectors or the court.
  • c. If you get a summons and complaint, you are probably being sued. This means your presence is highly required in the court.
  • d. It is your duty to respond quickly and promptly to a summons, either denying or admitting to the debt.
  • e. Appear for all the court hearings.

So, avoid getting into any trouble by checking your debt amount and if you are being sued or given a court date, show up!

If you don’t, you may end up losing by default, and have a warrant against your name.

Can the Statute of Limitations on debt affect your credit score?

Yes, your credit score can be affected even if the SOL on a debt is no longer valid. Any debt you owe will appear on your credit report. If you can’t make payments, those debts can stay on your credit reports for as long as 7 years, impacting your credit score negatively. As a result, it can be quite taxing while obtaining a new credit card, home loan, or to take a car on lease, and if isn’t approved, then the interest rates could be high on your future loans.

What kinds of debts can get you arrested?

Yes, there are 2 types of debt for which the failure to pay could imprison a person.

  1. Failure to pay your taxes
  2. Failure to pay child support

If a person is unsuccessful in paying taxes, it can make him/her land in jail. The same thing implies for neglecting child support payments. Failing to do so can be considered contempt of court and can result in imprisonment for up to 6 months. There can also be fines for each violation in addition to the fees taken by attorneys and court costs.

Can you get arrested for unpaid student loans?

No, you won’t be going to jail or be arrested for not paying your student loans.

Failure to pay a student loan, credit card, or hospital bill is considered “civil debts” and you won’t be arrested for not paying your student loans or civil debts.

The department of education suggests several options for borrowers to get back on track with payment if you are lagging behind on paying your student loans.

Always remember that failure to repay student loans could also result in wage garnishment.

How can you escape from this mess?

You can escape being sued by an aggressive debt collector by considering the following:

Be skeptical: Get your facts checked, including whether or not the debt is yours and the amount is correct, by verifying the debt.

Stay on your toes: Do not feel burdened when dealing with debts. Don’t make hasty decisions. Take your time to find out the best way to handle a debt in collections. Don’t make hasty decisions.

Address your rights: Report harassing debt collectors to the Consumer Financial Protection Bureau.

I would like to mention that people who are in debt generally have this fear that they may be arrested for not paying their debts within the due time. Well, this is not entirely true. Debt collectors are known to warn debtors about going to jail if the debt is not met on time. Not only are these threats banal, but they also wrongdoing by the debt collector.

In fact, debt collectors assert the right to sue your debt collector for not paying the bills under the Federal rule and the potential state law depending on which state you reside in. To conclude, if you aren’t serious then you can go to jail for debt collections. So, take precautions to avoid that scenario.

how to do the best credit card balance transfer to avoid mistakes

How to do the best credit card balance transfer to avoid mistakes!

A balance transfer is no joke! It’s a very serious issue, and I firmly believe it needs proper precision to be successful at it.
There are things you need to pay attention to before doing a balance transfer, and to certain things after the transfer is done.
By now you must have already seen and came across many banks that offer balance transfer opportunities at very attractive terms and conditions. But that doesn’t mean they are welcoming you to do so!!
Remember, they are greeting you to do a balance transfer not only because you are in need of it, but also they see high profit if for once you start defaulting on payments after you have transferred your balance.

So, what is a balance transfer after all?

As per the words of finance, a balance transfer or debt transfer refers to handing over debts from one credit account to another.
However, here we will discuss credit card balance transfer, which is the most widely used debt transfer type among consumers and in the current financial market.
Suppose, you have a maxed out credit card. A maxed out credit card means its balance has crossed its credit limit, or is just about to cross.
Hence, you are pressurized to pay off this balance as soon as possible.
But, you see that no matter how many extra payments you make, until and unless you pay it off in full at one blow, your credit portfolio will remain hurt!
And, that’s exactly when a credit card balance transfer will come of great help. By opting for such an aggressive debt relief option, you can transfer your old card’s existing debt to a new card.
Hence, you search on the net for a balance transfer card, and see search results from every bank offering awesome balance transfer facilities!
Sounds lucky and probably seems like a gift from God right?!
Well, the situation is actually pretty complicated than it looks.
Obviously, you will be taking a very good step, as your old card’s balance gets wiped out with a single stroke.
Also, you are getting a good chance to escape paying high-interest amounts, as your new card is either coming with 0% APR (Annual Percentage Rate) intro period or a rate much lower than your previous card.
But where is the catch? Where is the big deal?

Why do the banks want you to do a balance transfer?

Well, they want you to do so because you start to owe them a good amount of money by doing a balance transfer.
If you have a credit card debt with bank X, then if you pay it off in the traditional way, then only bank X will get the money.
Now, once you transfer it to bank Y, then bank X gets paid, and so does bank Y! Therefore, in the middle of nowhere bank Y gets money from you, that was previously not included in the calculation!
Moreover, many banks charge a balance transfer fee. So, that’s an additional profit they are making.
This is very interesting I must say, how one debt can benefit multiple lenders at the same time, with you transferring the amount from one lender to another.
As an extra note, believe it or not, this is exactly the same way how debt collectors work!
They buy the debt from your original lender at a very low price, and collect from you the original amount (this amount can accrue interests), thereby making a huge profit!
The balance that we carry on our credit cards is pretty high and a big amount for us, but for the banks and the tall financial institutions, they seem like ants.
Not to harm the motivation to pay off debts, but these banks really love to play with our debt amounts.
They will just sit back, make a profit, and see you and me jumping around with our debts, doing a balance transfer, settlement, and what not.
That’s how it works. But, it doesn’t mean you should not execute your credit card balance transfer that you have planned for.
If they can take their share of profit, so can you.

Here’s how to do the best balance transfer to avoid mistakes and utilize the most of it:

a. Choose a balance transfer card that at least offers 6 months of 0% APR introductory period:

This should be your first preference if you plan to transfer your credit card debt.
There are quite a number of credit cards from reputed banks that are specially designed for balance transfer.
If you call your choice of banks and ask them to give you all the details about their available balance transfer credit card products and the specifications they carry, then you will not be dissapointed.
So, it’s your call, and therefore go for a card that offers a minimum of 6 months of 0%APR intro phase. Best, if you can grab those that carry 20 months or 1 and 1/2 years of 0% intro!
The more lengthy is this intro phase, more is the time you have to pay off your debts at no additional interest charges.

b. You may do multiple balance transfers, but make sure you are not holding onto your debt for too long:

I have already said earlier that the banks love to play with us. But, don’t you worry, as so can we play with them.
How, you might ask!
Well, suppose you transfer your old card debt to a new card that has a decent 0% APR time period. We can assume that to be 1 year, for instance.
If you can pay off your credit card debt within this time, then well and good. Else, after 10 or 11 months, you can again take out a new card from a different back and transfer the remaining debt to this card!
But, this can be a dangerous game, if your intentions are not to repay the debt. So, keep your head straight and only do multiple balance transfers, if you can’t pay off the debt at a single ‘go’, ethically!
If you do this for fun, then you will be caught in your own chains and your debt might start to accrue penalty fees, and other balance transfer fees, that many banks charge!

Don’t readily close your old card right after you transfer the balance:

This is a big mistake that many do!
Once they transfer their balance onto a new card, they straightaway close their previous card.
But why?!
Keeping the old card with a zero balance on it is actually very good for your credit portfolio, more so if the card has a pretty old history.
So, there’s absolutely no need in closing the cards if they charge no additional fees to keep them open.

Moreover, before I end, all I will say is, you have many balance transfer credit cards, to choose from, offered by many banks!
You have full freedom to choose the card that you find the best.
But make sure that your main motto always remains to pay off your debts.