Sunday

7 Life Hacks About Borrowing Money


In your life and in your business you will need to borrow money at some point


1. Smart borrowers know what their debt is costing them. 
Often, people pay their monthly bills without taking a close look at the role that interest plays in what they owe. “It's important to look at interest rates and how many years it will take you to pay off a balance, and what is that going to cost you over the lifetime of the debt,” says David Bach, vice chairman of Edelman Financial and founder of FinishRich.com. Once you know, you're in a position to make better borrowing decisions, and find the most favorable rates and terms for your needs.



2. Smart borrowers read the fine print. 
It's very easy to end up in a borrowing situation that you didn't realize you signed up for, says Kathleen Burns Kingsbury, wealth psychology expert and author of “How to Give Financial Advice to Couples.”
“Be careful of the psychological games that creditors play in order to entice you to take a loan or do a payment plan that is more beneficial to them than it is to you,” Kingsbury says. For instance, a seven-year car loan might have smaller payments than a five-year loan, but you'll pay more in interest in the long run.
There's no “right” way to borrow, adds Kingsbury, as long as you understand what you're getting into. And if you don't? Ask for clarification. “There are no stupid questions, and you have every right to ask the lender to explain [the terms] in such a way that it makes sense to you,” she says. Otherwise, it's a signal that you should choose a different lender.



3. Smart borrowers know where they stand. 
You've probably heard stories of people applying for credit, only to find out that they are rejected because of a low credit score they didn't know they had. That doesn't happen to a savvy borrower, because he's done his homework first, says Bach. “Smart borrowers pull their credit report and try to correct any errors in advance of loan shopping so they can work to get in the best possible position for better rates,” he says. They also know roughly what their credit scores are so they don't apply for credit products that they won't be approved for.



4. Smart borrowers are not impulsive. 
Many consumers today do not know what it's like to delay gratification, says Kingsbury. She recommends taking a page out of the 1950s, when folks would save up for months in order to buy a home appliance. “It sounds antiquated nowadays, but it's a good practice,” she says. Being smart about borrowing sometimes requires you to walk away even after a line of credit or loan is approved. If something in your gut tells you that you're in over your head, it's probably not the right time to borrow.



5. Smart borrowers seek advice. 
Kingsbury says you can start by having a conversation with your partner or family before you sign on the dotted line. Beyond that, for bigger borrowing decisions (such as a home equity loan or refinancing), consider speaking to an accountant, a financial adviser or a trusted person who is knowledgeable about the lending product you're pursuing.



6. Smart borrowers shop around. 
Banks are competitive on mortgages, and credit cards are offering zero percent introductory rates. “We're back to a competitive environment in which consumers are able to shop around and find the best lender,” Bach says. He recommends going online to research your options, but also let your current lender compete for your business. Whether it's asking a card issuer to consider lowering your interest rate or getting a second opinion through a mortgage broker about a home loan, Bach says that being aggressive can pay off. “The person who negotiates is going to get a better deal,” he says.



7. Smart borrowers take less than they need. 
“We tend to be extremely optimistic about our ability to pay our bills,” says Bach. That's why many people take “a little extra” when borrowing, or add bells and whistles onto a car even though it pushes an auto loan bill higher. That optimism is partially responsible for the real estate market collapse, in which borrowers were encouraged to go for larger loans than they could really afford.


Credit: http://www.creditcardguide.com/creditcards/credit-tips/7-traits-smart-borrowers-possess-1365/




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Money, 17 Fun Facts About Money, What is Money, How to make money, Money Gift, Money pictures, Money in Business, Business, Easy Money 

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 7 Life Hacks About Borrowing Money... See N Grow Your Riches

Thursday

17 Fun Facts About Money


Money is a resource you need at all times for every little thing in the modern world. And the only way to get away from this great and universal resource is to move to the deep unknown and unexplored jungles in the Americas, and once there you can live off the land and build a small shack near a water source. But then you would die by the hands of the unknown cannibal tribes who already live there. And not to mention that your body, your mind and lifestyle would not permit you to get used to that lifestyle. And so you must realize that you need money and have to do just about anything to get your hands on money, short of selling or losing your soul. And then, you will have enough money to take care of your needs, then your wants, and then have some left over to give away if you choose to, just like the top 1% of the richest of the world. And so this is why today I am sharing with You 17 Fun Facts About Money:


  1. 1. The word “bankrupt” is from the Italian banca rotta, literally “broken bench.” In the years of early banking, people who exchanged, stored, and lent money did their business in the public marketplace at a bench. If the man at the bench, or the “banker,” ran out of money or was unfair, his bench would be broken.


  1. 2. There are more than 1.6 million ATMs in the world. There is even one in Antarctica. Friday is the most popular day at the ATM. The average amount withdrawn from an ATM is $80.


  1. 3. Icelanders use credit cards and debit cards more than any other country in the world. Seventy percent of all consumer business in Iceland is done with plastic, compared to 39% in North America.


  1. 4. The ancient Chinese cut out the hearts of anyone caught faking the emperor’s paper currency. England holds the record for executing counterfeiters. In 1817, the British hanged 313 people for making or passing phony bank notes.


  1. 5. The earliest recorded forgery was in 540 B.C. when Polycrates of Samos used fake gold coins to a pay debt he owed to Sparta.


  1. 6. Governments can get money in three ways: 1) print it, 2) borrow it, or 3) collect taxes from their citizens.


  1. 7. The worst market crash in the United States lasted two years (1930-1932) and helped spawn the Great Depression. A thousand dollars invested in September 1929 was worth just $108.14 in July 1932. Governments will sometimes infuse counterfeit money into an enemy’s currency to wreck their financial system. Germany did it to England inWWII and the Americans did it to the Japanese.


  1. 8. The government of Hungary printed the highest denomination ever created in 1946. It printed a bank note worth 100 quintillion pengoes. A hundred quintillion looks like this: 100,000,000,000,000,000,000.







  1. 9. Before early forms of money were developed, people used to barter, which is a simple form of exchanging goods.


  1. 10. It wasn’t until 1963 that the motto “In God We Trust” appear on U.S. paper currency.


  1. 11. The two facilities of the Bureau of Engraving and Printing (one in Fort Worth, Texas, and one in Washington, D.C) together use about 9.7 tons of ink?per day.



  1. 12. A $1 bill lasts 18 months; $5 bill, two years; $10 bill, three years; $20 bill, four years; and $50 and $100 bills, nine years. Coins can usually survive in circulation for about 30 years.



  1. 13. One million $1 bills would weigh 2,040.8 pounds. One million dollars in $100 bills would weigh only 20.4 pounds. 


  1. 14. In Old English pygg was a type of clay that was used to make jars and dishes that held money. The word eventually morphed into “piggy bank"


  1. 15. There have been many unusual forms of money throughout history, such as the cowry, which is the shell of a sea snail. They were colorful and durable, which made them popular money with civilizations around the world. The cowry was the longest and most widely used currency in history.


  1. 16. Early Romans used salt as a form of money. In fact, the word “salary” comes fromsal, which means “salt” in Latin.


  1. 17. The first coins with their value printed on them were minted around 600 B.C. in ancient Lydia (modern-day Turkey). The coins were made of electrum, which is an alloy of gold and silver.


SHARE THIS WITH ALL YOUR FRIENDS... DON'T BE SELFISH 






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STAY FOCUS AND KEEP MAKING MORE MONEY With These Books:


How to start a business, 10 Docs. You need to start a Business, Best way to start a business, Where to find money 
 10 Docs. You Need To Start A Successful Business



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 Where is my money --- I need right now... SEE


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Small Business, 16 Facts about Small Businesses You Must Know, Small Businesses in America, How to start a Small Business, How to create Jobs, Business Start Up 
 16 Facts about Small Business You must know... SEE


Business Cards, 16 Business Cards that will set you apart, 16 Business Card Ideas, How to create Business Cards, What is a Business Card, Beautiful Business Cards, Business Card Pictures 
 16 Business Card ideas that will set you apart... SEE


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 17 Fun Facts About Money.. SEE What You Need To Know

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