Finance 101: Building A Solid Financial Foundation

[knightdream]

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allow me to start.....

lets discuss about debt elimination....

1. Owners of credit cards with huge bills, go and ask the credit company to reduce your interest. believe me there is no harm in asking and besides these lending firms would be happy to reduce their bad debts

2. debt consolidation. this will require you to do some math. look for credit firms that require lower interest rates and take a loan to pay the rest of your loans. what happens is instead of having a 3 percent per month debt..you will now have a 2% per month debt. ey , your loan is not yet eliminated but at least it is reduced.

3. go and get an extra job to help pay off your debts. try become a real estate agent in your extra time, buy and sell things that you are fond of, etc. go and sell insurance....lots of things you can do...

4. reduce your expenses. example, i used to have Php 2500 monthly telephone bills, thanks to unlimited calls..hehe it was drastically reduced. be creative...do you know that having the right air pressure in your car tires saves gas?? lots of things can be done.

5. Give. I believe that when you give and it shall come back to you. give off your time, talent treasure, out of love and see miracles happen.

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10...more suggestions coming ..mgs istoryans..go go go

Great post. keep it up!!!

Get it going guys... i firmly believe that with this thread, we can help a lot of people understand the importance of the financial industry and at the same time change their lives for a better future to their families and themselves.

If you are reading this post, start contributing your part in this endeavor NOW!!!

[knightdream]

To all people out their who are seeking financial security and independence, want to discover the wonderful world of the financial industry and change their lives for a better tomorrow, start posting your questions and inquiries NOW!!!

Remember this quote from the Bible:

"Ask and you shall receive, seek and you shall find, knock and the door will be open for you."


Go guys!!!

[noliverh]

Thanks to this bro... now i know what should i do with my credit card debts... hehehe....

allow me to start.....

lets discuss about debt elimination....

1. Owners of credit cards with huge bills, go and ask the credit company to reduce your interest. believe me there is no harm in asking and besides these lending firms would be happy to reduce their bad debts

2. debt consolidation. this will require you to do some math. look for credit firms that require lower interest rates and take a loan to pay the rest of your loans. what happens is instead of having a 3 percent per month debt..you will now have a 2% per month debt. ey , your loan is not yet eliminated but at least it is reduced.

3. go and get an extra job to help pay off your debts. try become a real estate agent in your extra time, buy and sell things that you are fond of, etc. go and sell insurance....lots of things you can do...

[moz_k2]

Since bata pako kay gianad nami nga dli magpataka ug gasto instead magtigum.

I started having savings account as early elementary grade 2, and I handle that account.
Me and my bro would usually be the youngest clients in the bank, brushing elbows with
other clients.
My father even come up with a reward system for my bro just to make better grades,
5 pesos every perfect score.
My bro won't spend it, instead save it for his savings account.

In that way, me and my bro learn how to managed our own money.

I just have 3 simple rules in financial aspects.
1. Don't buy unnecessary item.
2. Don't spend more than what you earn.
3. Don't forget rule 1 and 2.

My GF used to be a spender, ig sweldo kay wla na nahibilin sa last nga sweldo.
Naglibog cya kay halos parehas ra mi ug sweldo pero naa pako matigum.
And I told her about my rules, so she started to cut expenses on unnecessary stuff.

[jabez_rmc]

thanks Noliverh no probz bro..anytime...

debt consolidation really works wonders..not many people don't avail this set-up but its quite effective

[cirext]

To have real financial freedom, we need to be freed from any form of debt.
I believe credit cards should be part of those things to be eliminated.

[bint0i]

nindot ni na thread dah.. daghan ta ma learn.
thanks guys!!

[lorenzoleo]

Yes very nice topics


"Financial security is not a dream, it's a priority"

[knightdream]

thanks Noliverh no probz bro..anytime...

debt consolidation really works wonders..not many people don't avail this set-up but its quite effective

you got it right bro. thanks for ur contribution to this thread. pls feel free to share more of your knowledge. keep it up!!!

[knightdream]

just wanted to share something that i have read from a book entitled "how to become debt-free"

here it is (this is a summary in addition to a recent post about debts). I believe that if u jst follow this simple rules, u will soon become achieve financial security.

the 10 simple secrets to becoming debt-free:

1.) make the commitment: no new consumer debt.
2.) reduce your card collection to "one card only".
3.) remove temptation from your wallet, which means avoid placing your credit card in ur wallets.
4.) in place of a credit card, use a debit card.
5.) make a "hit list" of all your creditors.
6.) prioritize your hit list for paydown.
7.) sell something this weekend.
8.) assign a monthly payment to each creditor.
9.) make each payment faithfully and on time.
10.) as each debt is eliminated, shift your total monthly payment from the "eliminated" creditor to the next creditor on your hit list.


that's all guys... hope that helps.

keep this thread up. happy posting!!!