October 22nd, 2012
There is nothing more frustrating than feeling like you are drowning in a pile of debt. Credit card debt is incredibly hard to handle when it gets to a certain amount. Even if you just have a couple of credit cards maxed out, it can take a serious toll on you and you wallet. Usually there comes a time when you have to make a choice to get the debt paid off once and for all before you start to make any headway. There are a few different ways that have proven most effective when paying off credit card debt. This is how you can pay off your credit card debt with the snowball method.
1) The first thing that you need to do is to sit down and list out all of your current credit card balances with the interest rates, minimum payments, and due date. This will help you find out which card you will payoff first.
2) Determine how much you can pay towards your credit card bills each month based on your income.
3) You will payoff the card with the lowest balance due first. Basically you will pay all of your card’s minimum balance (or a bit over) except for the lowest balance. On that card you will pay the remainder of your available money to it. For example:
- You have three credit cards: Visa, Mastercard, and Discover. You owe $200 to Visa, $300 to Mastercard, and $400 to Discover. Minimum payments are $25 for each card.
- You can spend $150 each month toward credit card debt.
- You will pay $25 to both Mastercard and Discover. You will pay $100 to Visa.
- Continue this method until Visa is paid off. Keep in mind this does not take into account the interest, but it will take approximately two payments to pay off the Visa balance.
4) After you pay off the card with the lowest balance, you move onto the next and so on and so on.
The snowball method is a proven way to pay off credit card debt and feel free from the overwhelming effects that having too much credit card debt can have.
October 2nd, 2012
My uncle, who is an owner of a very successful meat wholesaler in Brooklyn is basically self-taught with everything that is related to business and finance. As an immigrant, he basically embodies the American dream of making it in a new land. I always wondered what his secret was when it came to getting to the point where he was, and whenever we would visit one another, we would often discuss making opportunity happen.
One of the big parts of the discussion was money; how difficult it can be to manage, and especially, how it hard it can be to save. However, there was one day that he made everything much more simpler for me when I started getting concerned about saving money. I was young then, but knew that the time would come where personal management was going to be more and more prevalent.
He told me that one of the most important things that anyone could do was to pretend that you didn’t have any money at all, even when you did. If there is a time that expenses aren’t that bad, and you have the opportunity to put some away, then this is the golden moment. Take that money that you made, and simply pretend that you don’t have it. Forget about what is sitting in your name and just keep it like that.
It may be tempting to dive in to the funds. You move into an apartment (important), and are pressured to get something like a direct satellite TV, but sometimes it necessary to control yourself.
Of course, this sounds like a difficult thing to maintain, but it’s just a matter of free will. The thing with money is that it’s just an object, an idea. You can’t let it take control of you.
I have the learned the lesson from my uncle, and taken it extremely seriously. I got through all of college with a good amount always saved up. I can’t say the same thing about my other friends, who often struggled.
September 4th, 2012
Student loans are a fact of life for thousands of college students each year who enter the halls of higher education, knowing the costs are great yet confident that they will pay off in a few years, probably after they settle into a good paying job with great benefits and a bright future ahead. Never mind that many of today’s students take on in excess of 100,000 dollars in debt by the time they graduate.
September 4th, 2012
The days of keeping track of accounting in musty old paper ledgers came to an end years ago. Now, many businesses use accounting software like Intuit’s QuickBooks to manage their business finance. This makes sense, since it is much easier to have accurate record keeping on a computer than on long sheets of paper than can be lost, damaged, or misplaced.
August 29th, 2012
Wholesale herbal incense is sometimes called herbal smoke, or legal smoke. This popular substance first appeared in Europe in 2004. Sold originally as Spice Gold, then later as K2, it was quickly followed by other brand names. The products are currently advertised as legal alternatives to marijuana, and users many users find the experience to be similar.