Finance Roll

A specialist masters finance degree could make all the difference between struggling to beat off candidates for a job position and standing head and shoulders above the rest. It is now widely regarded as an essential step towards a career in business and finance.

The biggest priority when choosing and considering your masters degree is to ensure that you enjoy the most dynamic connections with business and financial organisations. Business schools aim to integrate their expert practical instruction with the highest standards of theoretical teaching.

There are masters finance degree courses available touching upon a host of specialist fields, from investment management to banking & international finance. The majority of MSc finance courses are designed with the needs of employers in mind and regularly put theories to the test in practical, real life business situations.

It is possible to apply for a postgraduate course all-year round, with most institutions operating on a rolling admissions basis. Nevertheless, it is vitally important that applications are submitted as soon as possible to avoid the disappointment of courses closing.

Finance degrees attract students on a global scale and as such many postgraduates require student visas to be accepted into the country. Postgraduate studies set students apart, helping to distinguish them from the competition in such a competitive sector as finance.

Masters finance degree scholars have the ability to move into a diverse range of financial sector careers, from investment banking and hedge funds to private banking and credit risk management respectively. London business schools offer connections with major conglomerates for practical work experience as part of a working module

When it comes to improving your finances, easy answers and shortcuts just don't exist. You've
just got to bear down and do it. Advance fee loan: Just as its name implies, personal check to the lender for the amount of money you want to borrow plus the amount of the lender's fee usually a percentage of the loan amount or a set amount for every £50 or £100 you borrow and you agree to repay the loan on your next payday.

To get this kind of loan, you must pay money up front to the lender sometimes as much as several hundred pounds. Some advance fee lenders will take your money and run, but others will give you a very high-interest loan. Traditional lenders do not make advance fee loans.

Payday loan: This is a very short-term high-interest loan made by check-cashing companies, some finance companies, and businesses that do nothing but make payday loans. To get this loan, you write a

On your next payday when you repay the loan, you get the check back. If you can't repay the loan on the next payday, the lender rolls over the loan until the following payday in exchange for your paying the lender another fee, which will probably be higher than the first fee. Over time, if you keep rolling over the loan and paying higher fees, the cost of the loan skyrockets and you have a harder time paying it off.

Finance company loan: Finance companies make relatively small high-interest loans.

Whilst some finance company loans are downright dangerous: The lender may be less than honest about all the fees associated with its loan, or it may mislead you into thinking that you're getting an unsecured loan when the loan actually is secured by one or more of your household goods, such as your furniture, entertainment center, and so on. (This detail is usually buried in the fine print of the loan agreement.) If you default on the loan, you risk losing the asset(s).

Some finance companies encourage consumers to get a bigger loan than the consumers can afford
so they'll end up in default.

Pawnshop loan: This is a short-term loan (no more than three months, in most states) with a very high interest rate. With this kind of loan, you give the pawnshop an item that you own, such as a TV, DVD player, piece of jewelry, or computer. The pawnshop lends you a percentage of the item's value. At the end of the loan period, if you cannot afford to pay the loan plus interest, the pawnshop keeps your item and sells it.

Car loan: If you own your car free and clear, some lenders will make you a loan for a small fraction of what your car is worth. Usually the loan will be for no more than 30 days and will have a very high rate of interest. To get the loan, you must give the lender the title to your vehicle and a set of car keys. The major danger with this kind of loan is that if you miss a loan payment, you risk losing your car. Depending on the loan agreement, one missed payment may be all it takes.

Everyone deserves a second chance, even those with bad credit. If you have been looking for a way to purchase the car, truck, van, or motorcycle that you need but keep getting turned down because of your unattractive credit file, then you may have started to wonder if you will be walking (or riding the bus) forever. Have no fear - there are banks and lending institutions online that will work to put you in the vehicle of your choice, regardless of past credit blunders and indiscretions.

Avoid Buy Here, Pay Here Junk

In years past, the only place where a person with bad credit could turn to get transportation was the buy here, pay here automobile dealer in their hometown. These unscrupulous, predatory dealers take vehicles that are left over from repo auctions, put on a fresh coat of wax, hang an air freshener from the rearview mirror, and sell them to unsuspecting, but desperate, buyers who need a (seemingly) dependable ride; the prices they charge for these rolling wrecks is shocking. These unwitting buyers find out only a month or two down the road that the car they drove home (and owe an arm and a leg on) are nothing but lemons; some of them may have been through floods, or even fires.

Finance Online - Get a Better Deal

Although there are still thousands of these buy here, pay here dealers in operation, you have a better option. An online bad credit automobile loan is literally just a few mouse clicks away. These special online lenders stand ready to finance your vehicle purchase at rates that you can afford, on quality vehicles that you chose from the dealer of your choice.

The online bad credit automobile loan is much like a traditional automobile loan from any bank. The lender will put a lien against the title of the car, truck, van, or motorcycle that you purchase until you have paid for it in full. At that time, they will issue you a clear title. It's that simple.

The online bad credit automobile loan process is even simpler. You will fill out an online application. The online application will ask you for your current employment information, your financial information, and for a few personal references that they may contact to verify your situation. You can sign your loan documents either electronically or by faxing in your signature. You may also need to fax or send an email scan of documents such as your personal picture identification, recent paystubs, current bank statement, and other items that support your application.

Pay Nothing Down

Online bad credit automobile loans generally require no down payment, unlike traditional bank financing options or the sneaky buy here, pay here car lots you may have visited. If you can make a down payment, however, it is good to do so. Making a down payment will reduce the amount of money that you owe which means that you will pay less interest over the life of your bad credit automobile loan.

You have done all the research. You talked to other landlords and investment property owners. Perhaps you have attended some meetings of your local landlords association to get a flavor for managing an investment property by meeting some of your future peers. You looked at the market, identified a target property or two. Now it's time to make your move. Follow these three steps to get started on the right foot.

How much do you offer?

Your first step in determining how much you will offer on a property is the financial metrics. Collect as much operational data as possible on your target properties. Items like an Annual Property Operating Data (APOD) report and a rent-roll are key to help you plan your offer. Calculate and compare Cap Rate and Gross Rent Multiplier with other properties in the area.

Know the overall market. Is it a buyer's market where prices are falling? A seller's market where prices are rising? Or is the market stable? In a rising or falling market you may want to adjust your offer slightly from the market value you have determined from the financial metrics. Be careful that you remember the metrics are the best measure of the property's value. Varying too much from the value dictated by the numbers could bring trouble in the future.

Factor in property condition. If the property will require repairs to bring it up to a standard that will allow for immediate positive cash flow, reduce your offer accordingly or present an offer conditional on repairs being made.

Financing the deal.

As with any non-cash purchase, knowing you have financing in place before you put together an offer is key. This is particularly important in competitive environments where you will likely be competing against other pre-approved and cash buyers. A seller will quickly move past an offer that they feel has a chance of falling through due to lack of funding. Remember that financing an investment property requires a more rigorous approval process than a traditional mortgage loan. Working with a real estate pro experienced in the sale of income producing property will help you quickly find lenders that specializing in financing investment property.

Making the offer.

Now that you have the financing in place, you know what you want to offer, it is time for your agent to go to work. Purchase contacts will typically vary based on state requirements. The actual paperwork of the offer needs to be structured according to the guidelines of the state of purchase. Be sure to have your agent thoroughly explain the paperwork you are submitting. It is up to you to verify that the offer you want to make is properly reflected in the offer documents. Be sensitive to the timing of the offer. It would be very disappointing to miss out on a property because you missed a seller deadline. By the same token, you will want a dead line for acceptance of your offer to put some pressure on the seller.

Now you are ready to sign off on securing a part of your financial future.

If a person is facing the unfortunate prospect of a foreclosure on their home, there are some steps that they can take to stop the process of foreclosure. Two of the options that are available are to refinance or to modify the current loan. There are advantages to both, and each one has different features that can benefit the borrower who is up against foreclosure.

Some of the advantages to refinancing your current mortgage which is facing foreclosure with a new loan are:

- You can possibly get a lower interest rate than you are paying on your current mortgage.

- You can pay the loan back over a longer term, which means a lower payment that is easier on your budget.

- You can roll the back payments, and late fees into the new loan, which means that you get to start with a clean slate.

Should a borrower decide to stop their foreclosure with a loan modification, here are some of the advantages to using this option:

- You deal with your current loan provider; they know you and have all your information

- You don't have to go through the process of getting a loan, which can be tedious

- You could save yourself new loan fees

These are a few of the pros and cons of a refinancing versus a loan modification to prevent foreclosure on a home. Both options are attractive alternatives to a looming foreclosure on a persons dwelling place. The option that is best for a person will depend upon each persons particular circumstances.

The subject of commercial mortgage interest is one that could give just about anyone a headache. The process works much differently than with the personal loan on your home. That being said, interest is interest and not overly complicated to understand. It all comes down to risk.

Which is riskier for a lender - lending on a home worth $500,000 or an apartment complex worth $15,000,000? The answer should be obvious. Even if it isn't to you, it certainly is to the bank. The default on your home loan would be aggravating. The default on the apartment loan would be painful and hurt the balance sheet of the bank. This makes it much riskier and the bank is going to require the borrower to pay much more to get financing for the project.

We are never supposed to speak in absolutes, but I am going to. The commercial mortgage interest rate is always going to be more than that found in non-commercial real property. The risk is elevated and that means the lender wants a reward for taking on that risk. This is particularly true these days, when risk has bankers quaking under their desks as the world seems to implode upon them.

The only exception to this is the government agency backed or issued loans. The government plays a huge role in the mortgage markets, consumer and commercial. Given the need to get the economy rolling again, the rates one can get from Fannie Mae, FHA, Freddie Mac and Ginnie Mae are a steal and a half. Even better, a number of these agencies provide direct funding instead of the usually loan guarantees one expects to see in other types of loans. The time expended from the date of filing the application to the ultimate funding can be long, but is definitely worth it.

What can we say about commercial mortgage interest rates today? They've never been lower. The move by the Federal Reserve Bank to crush rates has set a tone for the entire financial market. Getting into a commercial mortgage now and locking it down is a no brainer. Money is very cheap now. In a few years, one can expect it to become much more expensive. That's why moving now make so much sense.

Facing debt can be a daunting task for people that have become burdened with high debt amounts, high monthly payments, and high finance costs. Thinking of high debt amounts in totality can add to the emotional burden of the debt. The best way to fight debt is to develop better spending habits to avoid digging a deeper hole, and to deal with the current debt by go after the most burdensome debt first.

Combating debt is similar to rolling a snowball down a hill, or knocking over dominos. The process begins slowly, but momentum builds as the debtor begins to knock out the most impacting forms of debt. The key for the borrower is to understand what debt causes the greatest disadvantages. This is the debt that should be paid off first.

There are several factors that should be taken into account when prioritizing debt. The most important debts to manage are those that could potentially lead to loss of valued property. Therefore, mortgage debt and homeowner secured loans should always be the main focus. Debts that are secured by property and expose the borrower's home to loss must be managed.

Ideally, borrowers can manage their secured debt and still have enough income and resources to meet and exceed monthly demands of revolving debt. What should dictate the order of importance for paying off unsecured debt? Again, there are several factors to consider, but there are a few key ones.

First, interest rates are a consideration. The higher interest rate balances accrue finance charges at a higher cost than lower interest rate balances. Over time, the optimal debt management plan reduces the total cost of debt repayment. Plus, by paying off the more expensive debt first, the borrower reduces the ongoing and overall debt costs.

Monthly repayment costs offer another consideration with debt payment prioritizing. Credit cards and loans that have higher monthly payments are more debilitating and have the greatest budgetary restraints. Thus, with credit cards that have comparable interest rates, the card that has the highest monthly repayment costs should be targeted first for early payoff. Once the more expensive cards are repaid, the new available resources can be applied to the next most urgent debt. This is where the domino effect comes into the picture.

Additionally, some borrowers prefer to work with fewer creditors to reduce the emotional burden of debt. Therefore, it is sometimes practical to payoff low balance debt simply to reduce the total number of creditor obligations.

There's nothing more stunning, more illustrious or alluring than a Rolls-Royce. Seeming to embody timeless Art Deco elegance and powerful prestige, the Rolls-Royce legacy is one that boasts such impeccable models as the Phantom and Ghost, cars that are as impressive in name as they are in engineering.

The exemplary performance of the Rolls-Royce family is saved for those few who can afford to indulge in piece of motoring history that has long eluded the grasp of all but the most moneyed individuals. But with the increase in personal wealth has come the opportunity for getting a Roller without the rather remarkable price tag.

Certainly you won't be able to dictate whether you have a walnut or burnt oak dashboard, but if you're not concerned about the fripperies that don't really make any difference other than to indulge in your sense of being involved, then a nearly new Rolls-Royce model will help you to make the best of your finances without missing out on the car of your dreams.

Whether you've clambered to the top of the corporate food-chain or built yourself up from grass roots, a used Rolls-Royce is the key to showing that you have attained the status that you have striven for. There's no shame in wanting to show off a little, and goodness knows that if you've got the means to even consider a Roller then you've worked hard and deserve a little bit of a chance to shine!

When you get behind the wheel of your Rolls, you won't think about the fact that it's not brand new, nor will you care that you didn't pick the particular burl direction. All you'll care about is the fact that beneath you and all around you is a car that excels in excellence and prestige.

We're wrapping up a series on evaluating whether the concept of business ownership is right for you. Most recently we've discussed how to assess your risk tolerance by analyzing the way you think. We've covered the 3 main ways to earn income, outlined the risks associated with employment and franchise ownership, and how each personality type typically thinks. If you didn't identify with either of those, then maybe you're an entrepreneur at heart.

Entrepreneurial Business Ownership

Entrepreneur think is:

How can I meet the needs of my customers by profitably solving the problems they have?

If you want to chart your own course, solve all your own problems, be captain of your own ship, be totally responsible for whatever success or failure comes, and chafe at the thought of working for someone else in return for less risk, then you probably have the entrepreneurial bug.

Risk Assessment

Being an independent business owner is a high risk proposition with a high probability of first time failure.

Why high risk? Because you will most likely pledge every asset, such as home equity, savings, 401(k), etc., that you have to finance startup or purchase of the business. If your venture fails, you may very well lose everything you've spent or offered as collateral. (This is also true for franchise owners.)

Why a high probability for failure? Because first time entrepreneurs have such a clear vision of what they want to do and how to do it; they think they know everything! I have several colleagues who generally refuse to work with first time entrepreneurs because (in their words) "they think they know more than I do and helpful suggestions that I make are either ignored or become implementation battles." Truer words were never spoken.

If your risk temperament is right in line with the type of person I'm describing and you want to go forward, then how can you improve your chances of success? Buck the trend by getting lots of experienced advice and counsel from those who have gone before! Be willing to listen to those who have graduated from the school of hard knocks and learn from their mistakes to avoid making them all again yourself, because you simply don't have either the time or the money to survive the experience of learning it all firsthand.

We'll wrap up this series in part 7 by outlining why businesses generally succeed or fail, and I'll suggest some more reading resources and offer some advice on how to navigate a path to success.

Even with realistic plans, a project can encounter abrupt surprises and need for adjustments. Take heart, professional builders also readjust plans and budgets mid-way in a project, so don't harass yourself about your plight. There are some handy solutions and some guiding principles that can help along the way. So, what can you do?

First, take stock of your project's progress and the hang-ups in the plans. Getting a clear picture of the situation will help you maintain integrity for your project and the value of your house.

Realizing that a half-done project can devalue your property, an important principle of DIY home construction is to always know the shortest distance to a completed project. That is called Plan C and usually has no frills, but does have finish work done. Of course you may still have Plan A and B in your mind: the nice bay window, the stone patio and outdoor fireplace, but if push comes to shove, you still need to be able to see the plain door, with trim in place and simple wooden steps out of the house to a graded surface outside.

Is it time for Plan C? It may be, if you have had to change work and schedules, if you foresee that your next opportunity for generating disposable income is more than 6 or 8 months away. If it looks like your building will have an hiatus of a year under such circumstances, then it may be time for Plan C. There is likely some money available in your reach to do some work, so that is the resource to draw upon to bring things over to Plan C.

So, what is Plan C? It is a short plan with less outlay that will bring your home into cosmetic and structural completion within your foreseeable upcoming available time. It involves abbreviating plans, re-working traffic flow, resettling space allocation, and trimming down expectations. It still does need to be energy efficient, cosmetically consistent with the house, and achieve some positive purpose in its design.

You will need to discuss this with your Home Team, as this is an abrupt change in plans and affects dreams, hopes and promises among you. Trust is maintained if you make these decisions together. No matter how good the outside advice is, if the solution is a surprise to your team, you will be in the doghouse. So, talk it through.

How can you talk about it? A discussion like this may generate heated feelings; you know. So, it is one that really needs several stages in the discussion process. First, one of you brings up the issue and reviews the unfortunate circumstances. You review the facts and pose the problem that needs to be addressed such as the available time frame for work, the lesser budget, the need to develop a Plan C, and its requirement to have the shortest steps to achieve a finished house.

Folks will resist the truth and will need facts and reassurance. Perhaps read this article to the Home Team and then start the ball rolling. Ok, now how do you deal with that ball in motion?

Know that such a change will indeed bring much re-thinking to your grand plan. This is the part that can be difficult both emotionally and thinking-wise. We get attached to our designs, deeply attached. It can feel personally threatening to have to change them. So, how do we get through that? If you understand their difficulty and reassure the team that you care as you go through these changes, you will ride more evenly over the rough road of readjustment.

Letting go is a hard, hard step. Your Home Team will need caring encouragement to take this step. The team may help to know what the alternatives are, but even more, it will help to know you care and understand the loss for each one as they let go of their fantasy of how the finished project would have brought them something special, their own room, a fancy entertainment area, frills and lovelies that fulfill a vision. You will need to communicate your appreciation of their vision; their worth in your eyes, and that you would care that they be happy.

You may need to brainstorm alternate ways to entertain, share space and so on, but most important is that you attend to caring for the people, not the house or the money. Sure, you may be nervous about the circumstances too, but if you and your partner address this together, you will have already set the limits about finances and the rest is about the people.

Facing adversity is one of life's challenges. We can learn steps to handle these events in our projects and still care about each other. Learning this brings True Home Improvement as we work it out together. 

If you're unhappy with low returns on your retirement investments and want to know how you can double or even triple your returns, look no further. You're probably asking yourself, "What type of account can my rollover IRA be put into?" While you have a number of options, your best possible option is to rollover into a self-directed Roth IRA and I'll tell you why.

Self-directed Roth IRA accounts offer more flexibility than any other option. With a 401k, you are tied down to your employer's corporation so anytime your employer chooses to switch companies, plans, or make other unfavorable changes, you are forced to bite the bullet. On the other hand, with a self-directed Roth IRA, you can choose who the counselor of your account will be and he will act according to your individual needs.

What type of account can my rollover IRA be put into if not a self-directed one? You can rollover into a traditional IRA account but that is disadvantageous for a number of reasons. Traditional IRAs have a limited number of investment options. On the other hand, with self-directed IRAs you have vast array of investment options, such as real estate. A surprisingly small number of people self-direct their IRA accounts because they believe that it will require a lot of time and effort on their part. The truth is that by paying minimal annual fees a custodian of your choosing will do all the work for you so all you have to do is watch the bigger returns roll in!

What type of account can my rollover IRA be put into, a Roth IRA or a traditional IRA? The ability of being able to convert into a Roth IRA is another one of the positive aspects of doing a rollover. With Roth IRAs, the contributions are made with money that has already been taxed and it is never taxed again. With traditional IRAs it might seem nice to place tax-deferred money into your account but you are only going to get taxed later on and most likely at a higher tax rate.

What type of account can my rollover IRA be put into in order to increase the benefits to the account holder? As mentioned, self-directed IRA accounts are the best because you have more control over what happens to your money. In traditional accounts, the investment adviser manages every aspect of your account and you don't know what's going on until you receive your quarterly report.

The greatest benefit of rolling over into a self-directed IRA is being able to invest in real estate. Real estate is a stable investment venue that tends to increase in value over time. After all, people are always going to need houses. What type of account can my rollover IRA be put into in order to be able to take advantage of the gains that are possible in real estate? Look for a company that will provide you with a custodian that will listen to your wants and needs and act accordingly and all without charging exorbitant fees.

Your next step? Use this information as a guide and start looking for a company that will help you make the most out of your investments. In fact, look for a company that can guarantee to double your returns and pay the difference otherwise. Don't let your investments sit and collect dust. Take control of your finances so you can increase your returns and work towards a more secure financial future.

Continuing our discussion from (part 01) of this mini series covering large-scale commercial mortgage financing (If you have not read part one you should do so). It is helpful to have a general idea how mortgage lenders view commercial income producing properties for financing. When considering projects for financing in excess of one million dollars, lenders are not so concerned with the principles initially. Rather, they are more concerned about the operating economics of the property. Lenders (mortgage brokers and mortgage bankers) will want to see a detailed rent-roll (leases), with pro forma projections, income statements and copies of income taxes for the last two years and maybe some pictures of the project. This is enough preliminary information for a lender to pre-qualify the project for further consideration.

Once the determination that operating economics work, the lender will look to the quality of the tenants and the length of the leases. Mortgage banking firms like to see rent rolls having long-term leases (equal to or greater than the term of the proposed financing). Ideally, the project will have at least one or more anchor tenants (Wal-Mart, Target, Kroger, or multiple smaller strong tenants like McDonalds, Radio shack, and the like). The stronger the tenant, the longer the leases, the more likely they will be interested in the financing.

The bottom line to permanent commercial mortgage financing is that grade-A projects with grade-A tenants and grade-A principals will get the most favorable rate and loan terms from life companies for properties requiring financing in excess of a million dollars. While it is possible to get life financing for projects around the million-dollar range, the truth of the matter is Life companies tend to like deals from about 2 million and up.

Once the determination to pursue financing has been preliminarily made, mortgage brokers and bankers will request a host of information from the principal including resumes, financial statements, tax records, etc. If the principal's are a partnership or corporations the request for information becomes more detailed. In essence, you should be prepared to give a full accounting of your financial picture (audited by a CPA at some point along the spectrum).

Formal loan applications are comprehensive legal documents covering a whole spectrum of concerns to both the borrower and lender and will require you to have legal review before acceptance and signature. The application fees you can expect to pay for the loan are typically around one percent (1%) of the amount of financing you are seeking. Example, if you want to borrow 2.5 million, you can expect to pay around $25,000.00 when you sign the application. From this application fee, an MAI appraisal will be ordered (unless it is a separate fee to the borrower).

Because of the financial and legal details associated with commercial mortgage financing are complex, you are strongly urged to have both legal and financial counsel representing you. Most people who are in this league of financing are already well represented but I set forth this statement for those of you who are relatively new to the game. It's big league.

This is why I cautioned people in part one of this mini series to avoid paying up-front fees to mortgage brokers. Often times these people are crooked and swindle people out of money and add another layer of fee-costs to an already expensive project. Stay tuned, I will be discussing ways to protect your self when dealing with mortgage brokers in my next article.

To your success!

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Copyright © 2006 James W. Hart, IV All Rights reserved

Germany and Britain have long been seen as leaders in the automobile industry with the stylish and classic looks of Aston Martin and Jaguar synonymous with British culture, just as BMW and Audi are in Germany. As the current economic climate forces fuel prices to rise and concern over the impact of rising CO2 emissions on the environment, the debate as to which country produces the finest cars is now not only based on aesthetics, but also on efficiency too.

The car industry is the cornerstone of Germany's economy, with the industry employing 1.26 million people who produce close to six million cars a year. German cars are renowned for their engineering, luxury and performance but are rarely touted as efficient. Following legislation proposed by the European Commission for reducing carbon dioxide emissions from new cars at the end of 2007, car manufacturers across Europe had to look at ways of increasing fuel efficiency in their new models. In an effort to ease consumers environmental concerns, Porsche and BMW are rolling out gas/electric hybrid cars. BMW have also managed to reduce the average emission of its cars by 2.5%.

The UK car industry has also made steps to become more fuel efficient. Average CO2 emissions in the UK have dropped but not by a huge amount, going from 190g per kilometre in 1998 to 165g per kilometre in 2007. Sales of cars that emit more than 200g per kilometre of CO2, such as models from Land Rover, have fallen sharply in the past year - in some cases by more than 50%. It's not all doom and gloom though, with British company INEOS, a world leading chemical company, claiming that cars that run on household waste could be on the streets by 2011. The process involves producing ethanol by mixing a biological catalyst with carbon monoxide and hydrogen, which are produced by burning biodegradable waste.

While the British Motor Industry is not quite the force it once was, with Germany and France both producing more cars than the UK each year, it is encouraging to know that, while less cars are being produced, the ones that are manufactured are far more efficient. Further proposals from the European Commission have been designed to ensure that the average car sold in Europe produces no more than 120g of CO2 per kilometre by 2012 and are sure to bring all cars - be they British or German marques - to an even keel with regards to efficiency, leaving car aficionados to go back to debating the pros and cons of BMW car finance or why Aston Martins are the best looking cars ever made.

If you are recently unemployed or your company has just changed ownership, you have the opportunity to convert the existing company 401K to an IRA, otherwise known as an individual retirement account. Many people are intimidated by the prospect of this conversion but in reality, it is quite simple and offers many benefits.

The best reason to transition from a 401K to an IRA is that the number of investment choices you will have in an IRA is almost unlimited, while the company sponsored 401K plan will only allow a handful of options. You can begin to choose stocks or mutual funds based on your own research and preference, which in turn can be fun and rewarding. IRA's can be opened at your local bank or an independent or online brokerage firm such as Scottrade. I prefer the latter because the fees associated with transactions are minimal.

Once you decide where you want to open your IRA, the chosen institution will provide an account number and form for which the 401K plan administrator can send the distribution check. This process can take several weeks or more. Once the money has been transferred, it will sit in a money market account. You can then begin researching stocks or mutual funds that you would like to allocate the money into. The allocations occur as a "buy order" that you place for your selected investment choice.

Great sources for researching investment options are Morningstar, MSN Money and Yahoo Finance. You can establish the rating on the stock or fund with Morningstar which uses a 1 to 5 star system based on the associated performance and risk of the investment. Another category to look at would be the percentage of return based on 1, 3, 5, 10 and 20 years. A third category to pay attention to are loads and expense ratios. These are the management fees associated with your particular investment. Just find a combination of these 3 categories that best balances risk, earnings and management fees to your liking.

An IRA allows your money to grow tax free until your retirement years similar to a 401K but with so many more investment choices. By taking charge of your investments through personal research and management, you will have greater control over the growth of your money and hopefully have a much larger nest egg for which to enjoy your retirement years.

Like a 1000 pound gorilla, indebtedness weighs us down and keeps on the pressure with seemingly no relief in sight. But, like any supposedly unbeatable foe, the steps to victory are always present. We need only discover what they are and maintain the discipline to execute, sometimes against all odds.

Debt can be likened to the proverbial snowball rolling down the hill. There are two ways to deal with it. You can position yourself at the bottom of the hill and be crushed by whatever finally comes crashing down, or you can anticipate that thunderous, yet predictable, end and plan for a successful conclusion. Unfortunately most us are positioned at the bottom of the hill waiting for the inevitable. I have read that our thoughts become our actions, our actions become our habits, and our habits become our destiny. The way we think about debt determines the way we act regarding it. The actions, when repeated, form habits that will put us on a course to either financial prosperity or financial ruin. The habits, if left unchecked, will define our financial destiny. Statistics indicate that we've developed bad habits. Little things add up fast. Let's look at what we are doing to get that snowball rolling. I have outlined 7 habits we develop that have a negative impact on our financial future.

Living on a budget is a bad thing. Budgeting is such a no brainer that I was reluctant to even mention it, but, I realize that many face financial problems simply from a lack of planning. I used to think of a budget as a wimps way to live. My financial philosophy was to make enough money to pay for your lifestyle and things would work out. Boy was I wrong! Everyone can benefit from deciding on certain amounts for spending and sticking to those amounts. Plan for fixed costs and prepare for small surprises by saving a percentage of income.

Charging instead of paying cash or using a debit card. I can't count the number of times I've used a credit card to purchase consumable goods. How many times have I charged for merchandise when I had the money to pay for it? If you carry a balance month after month means that you are paying interest charges on the merchandise and subsequently paying more for it.

Making minimum payment when the bill comes. Instinctively we translate purchases to the amount of the monthly payment we can afford. This kind of thinking causes us to over spend. Repeating this behavior causes us to habitually evaluate purchases based upon our ability to make the monthly payment. Once we have purchased enough to get our monthly payments to the maximum amount we can afford, the debt could take the next thirty years to repay should we make the minimum payments monthly. We are in a situation where we are feeding the thousand pound gorilla.

Making the credit payments late. Who can't afford $39 a late fee? Well, there's a lot more at stake here. This is a gross waste of money. Not to mention that the credit card company will declare your account as default and will double and sometimes triple you interest rate. The unfortunate thing is that this not only affects the account that was late, but your other credit accounts as well. Now, sit back and watch that next month's "minimum payment". Keep in mind that not one cent of the extra money being paid is paying down the principle amount. This is all additional interest charges and fees.

Transferring the balance of a higher rate card to one with a no interest introductory rate can be an effective strategy if you can follow through. If you keep from making purchases and can manage to pay off the balance before the introductory period ends. Most people however, continue to spend and have even more debt once the introductory period ends. I personally have implemented this as a step to becoming debt free and know that this takes exceptional discipline. Don't do this if you have not developed the habits of successful credit management.

Using retail store credit cards to make purchases so that you can get a discount on the purchase is a bad thing. Don't do it. Each time someone dear to me does this, conflict arises between the two of us. Once the emotion of the situation has subsided reality sinks in and the payoff of this purchase becomes paramount. The retailer's cards generally start at a higher rate making it even more important to pay in full. If you fall prey to the trap of securing one of these cards and pay on it monthly your financial well being is in jeopardy.

Not contacting creditors when you are unable to pay. Let's face it, life happens. There are many reasons for not being able to pay your bills, Job layoff, physical injury, sickness, etc. Let your creditors know when you face a situation that impacts your ability to pay on time. Begin the process of damage control as early as possible.

I summary financial success can be achieved by applying some simple disciplines. Budget your income and save whenever possible to prepare for unexpected expenses. Pay cash whenever possible. Only use credit only for merchandise with a possible return. Never fall prey to the retailers offer for discount on purchases by applying for credit card. Don't develop the habit of paying the minimum balance on credit card balances. Should you feel yourself sinking under the weight on the 1,000 lb gorilla, the temptation will be to look for the quick fix. This is bad on so many levels. You will usually end up with bigger problems. Contact your creditors as soon as you sense trouble brewing. Protect your credit score at all costs.

Election Fever is over and President Elect Barack Obama has until January to formulate a realistic game plan to address the unprecedented financial morass that he will shortly be inheriting. He will, no doubt, have to have the moral character to honestly inform his electorate of the true gravity of the situation they now face. Gone is the time for platitudes, electioneering and vacuous speeches. The time of  "Change we can believe in" is over; now it's time for "Change we have to Go Through"

The most difficult aspect to Obama's mission will be to inform the American Public that the Party is actually over and it's time to pay the bill that has been steadily mounting out of control and is now a mathematically impossible amount for the country to actually ever pay back. The lifestyle enjoyed during these last years has been possible using the rest of the world to pick up the IOU's. With the Wall St Nuclear Financial Strike delivered through credit default swaps, mortgage backed securities and derivative trading, the world is now reeling and stands over an abyss of enormous proportions. Despite the Wall St Media Machine,  Governments around the World have realised that they are already over the edge and falling headlong downwards with no sight of the bottom.

First on the list will be the $1 Trillion budget deficit. The Treasury has just announced that it has to borrow $550 Billion in the October - December quarter. Goldman Sachs estimates that another $2 Trillion will be needed to finance the current deficit, buy $500 Billion in bad assets and roll over $561 Billion in Maturing Treasuries securities. This is all before Obama spends a single penny on Healthcare, Alternative Energy research, infrastructure, Medicaid or unemployment insurance. This does not address the Trillions that have been borrowed from the Social Security Fund either. So where is the money coming from?

The population is already taxed to the hilt and cannot afford to pay anymore. Unemployment is rising, poverty is rising, homelessness is rising. Obama has said to the banks that they can only qualify for Taxpayer money if they "Temporarily" suspend foreclosure proceedings on these same taxpayers. Why doesn't he just give the money to the taxpayers right there, let them pay off their mortgage, keep their house and have some leeway to pay the extra taxes that Obama is going to ask them for?  Treasury Notes? The rest of the world has already started to back off 10 year T Bills as witnessed by the slowly rising yield and falling price of the latter. "There has been a real diminishing of demand from foreign investors over the last few months" said Tom Tucci, head Treasuries trader at RBC Capital Markets in New York. "We've seen them pulling back"

As the steadily worsening Real Economic data floods in to International view, foreign investors and Governments are beginning to realize that the US cannot spend it's way back to Economic stability. Something has to give. Reality has to have it's say eventually. The only, single way that the US can get out of it's current predicament is through the trust of these foreign investors and Governments, and that is fading away. Brazil, Russia, China and India have formed BRIC, a group of nations that have decided to look out for their own interests where the Dollar as the Reserve Currency is not considered beneficial to anyone anymore. In Europe we have seen a turn towards the Euro as a possible reserve currency. The Dollar has outlived it's utility and the rest of the World is paying the price for it's former fealty.

These are the facts that the new President should be talking about when he promises..."There are many who won't agree with every decision or policy I make as president, and we know that government can't solve every problem. But I will always be honest with you about the challenges we face.''

When we start out work for the first time, we believe that we would stay with the same company until retirement and have a comfortable retirement life with all the money we have saved in our 401k account. Unfortunately this does not happen. In present day and time, we end up changing jobs several times before we reach retirement and this poses a lot of questions about what we should do with our 401k benefits.

When changing a job, you have a few choices with regard to your 401k account. You can either keep the 401k with your old employer, if they allow it, you can rollover your 401k account to your new employer, or you can rollover your 401k benefits to a self-directed IRA.

Keeping your 401k with your old employer will have no benefit for you or your employer, and most employers prefer that they ex-employees transfer the money. So, the next best option for you is to rollover the 401k benefits to your new employer.

Most 401k plans have just 15 mutual fund choices and you will benefit from rolling over your 401k to your new employer if your plan has a loan provision where it will be easy for you to borrow money.

You can also rollover over your 401k to a self-directed IRA and this is of two types -- contributory and rollover IRA. In a contributory self-directed IRA, you can contribute annually but you can no longer roll back the 401k part to another new employer's 401k. However, a rollover IRA is more flexible. A rollover IRA allows you roll back the proceeds to a 401k plan so that you can take advantage of the loan provision in the 401k plan. However, you should not make annual contributions to this IRA because of tax reasons. A rollover IRA is set up through a brokerage firm which means you will have access to the entire gamut of mutual funds that the firm has to offer.

Property Investing Secrets:

How To Work With Agents And Get What You Want

When you're property investing, it is important to know how to connect with real estate agents. Here are some techniques you can use when you are out there pressing the flesh. I believe it is important to connect with agents at lease once in person when you're property investing.

I've found that when you walk into a real estate agents office and say "I'm looking for a bargain."- that's a big mistake. When you're property investing, the minute a real estate agent hears that you want a bargain; they size you up and think this person isn't serious-they're a flake. Keep this is in mind, to a real estate agent there is no such thing as a bargain. But it is possible to buy at a wholesale price. If you're going to form a relationship with an agent they have to know you're serious because these agents get hundreds and hundreds of buyers every month or every 6 months, depending how busy they are, coming into their office. Thus real estate agents must know how to size up buyers. They know how to qualify buyers without the buyers even realizing they're being qualified! Real estate agents question buyers and the answers they hear tell them how serious the buyers are about purchasing.

When you're out property investing, here are some common questions a real estate agent will ask: "Hello Mr. and Mrs. Buyer, are you buying, selling or looking?" And if they say, "Oh, we're just looking." The agent will ask, "How many properties have you looked at so far?" The buyers may respond that they've looked at a couple of properties. The agent will ask if they made an offer on any of the properties they've looked at. If the buyers answer no, the agent will inquire why not? This line of questioning just rolls off the agent's tongue. The buyers get bamboozled. They don't even know that they're being qualified. And if the agent decides the buyer is too difficult, they will put them into the "too hard basket".

It is important to note that an agent has one commodity to sell and that is not houses but their time. I discovered this early while property investing. If a real estate agent has only 8 or 9 hours in the day, they want to get the best return on their time. So it is up to the investor to make it easy for the agent to make their money. Of course an agent will say they work for the seller, but the agents also have wives and kids sitting at home to feed. While the agent may say they're working for the seller, quite often they're working for themselves and you have to harness the agent's desire to make a sale and use it for yourself to get-not steal-but secure a discount to purchase the property.

Do you feel like the financial aspects of your life are out of your control or you would simply want to get a better understanding of your financial situation? You may currently be missing out on potential returns on your assets or you may just have that lingering sense of uncertainty that prevents you from having peace of mind. There are a few simple steps that will help you sleep at night AND better help you achieve your financial goals, but it will take some initiative on your part.

Step 1: Organize

The biggest challenge I come across with clients is their inability to understand their aggregate financial picture. Typically, they have many different accounts at a variety of financial institutions yet they only use one or two of them. So naturally, the fewer accounts you need to manage, the easier they are to manage.

Gather all your bank account statements, including savings accounts, checking accounts, certificates of deposit, money jar, and maybe even check under your mattress for any cash you stored away during the banking crisis scare when deposits were inappropriately thought to be at risk. Do the same thing with all of your retirement accounts. You may have 401K plans from a previous employer, an IRA, a rollover IRA, and/or a Roth IRA.

Evaluate all your bank statements and determine which ones you really need. You may only need a personal checking account, a business checking account, and a personal savings account. If you have accounts with very small balances or very little activity, they are prime suspects to be closed and rolled into one. And all of your accounts don't necessarily have to be maintained at the same bank but you may get extra perks for doing so.

As for your retirement accounts, if you have accounts that you are no longer contributing to such as 401Ks from a former employers, you can roll them into a rollover 401K and have all the assets in one place. TD Ameritrade, Fidelity, and Schwab all have fantastic platforms for IRA's. My preference is TD Ameritrade. If you haven't done this because you feel comfortable with the choice of mutual funds in your employer's 401K, think again. The funds in 401K plans are usually not the best of their kind and typically carry higher fees. Don't be intimidated by the vast number of choices available through a TD Ameritrade platform. Get advice if you have to. Once you set up the account, roll over as many accounts as possible. (Some accounts may not be eligible for rollover)

Once you've collected all the information regarding your investable assets, calculate all of your current income. This may include salary, bonuses, commissions, rental income, etc. I like to break down my income to a monthly figure. For example, for income received weekly, multiply by 52 and divide by 12. For bi-weekly income, multiply by 26 and divide by 12. You get the picture. If your income is not predictable from period to period, take a long term average and calculate a monthly figure. Got it? Now you know how much you can spend!

Next, jot down all of your expenses. I know I know, this is a painful process. This is when you realize how much you spend on all the little things that go unnoticed but add up to huge numbers. It would also help if you categorize them into groups such as food, clothing, mortgage/rent, automobile payment, insurance (auto, health, life), telephone, entertainment, personal care, gasoline, daycare, school, credit card payments, and any other expenses you may have. DON'T LEAVE ANYTHING OUT!

Step 2: Budget

Now that you know how much income you have and what your expenses are, set up a budget. First and foremost, pay yourself!!. I can't stress this enough. We already mentioned 401K's and IRA's. You should allocate a reasonable contribution to your own retirement. If you leave this item for last, by the time you are done budgeting for all other items, you won't have anything left. Pay yourself first!! If your employer has a 401K plan, you should contribute whether or not they match your contributions. If they do match, then you should at least contribute the amount that would maximize your employer's contribution. After all, this is free money!! What dollar amount should you contribute to your retirement account? Well, it will depend on how much you could afford, but you should also figure out how much you should contribute to increase the probability of retiring with enough in your account to live the life you want in retirement. An investment advisor can help you calculate the amount you may need to contribute and the amount you will need to have at retirement.

Once you figure out the monthly contribution to your retirement account, you could start filling in the other budget items. You may have to adjust the original retirement account contribution but try to adjust all other line items first. You don't know how much to allocate to each expense? Well, you just calculated all of your expenses in a previous step. Start there!! You may find it an eye-opening experience to see how much you spend on certain items. There is a good chance that your total expenses have exceeded your income in previous periods. That's why we are going to develop a budget. This is the hard part: To get your expenses in line with your income, you may have to make some tough choices on where to pare back spending. Finally, once you set your budget, STICK TO IT. It takes a bit of discipline and record-keeping but it will be well worth the effort.

There are a variety of software programs available that can help you track your budget. I actually found some very good ones that can be used on your iPhone. Go to Apple Apps and look up 'Budget'. There are also some programs available that can automatically download your bank account information. Quicken is a very popular one and Quickbooks also has a budget function. If you're not sure which one works best, ask your accountant to guide you. After all, they may ask you to provide them with some of these expenses when they prepare your taxes. If you prefer, you can even track your budget expenses the old-fashioned way..on paper. The key is to make sure you budget and track your expenses.

Step 3: Invest

There is nothing better than having your money work for you. But how do you do it? You finally have your expenses under control and you are making periodic contributions to a retirement and/or investment account. Now you have to think long and hard about what your goals are, how you feel about risk, and what your time horizon is. In other words, how much longer do you plan on working? How much longer do you plan on living? What kind of life do you want to lead after retiring? These are all questions that will directly impact your investment strategy.

If you don't follow the financial markets then you probably need some help figuring out exactly what that investment strategy should be. And not just today, but on an ongoing basis. The economic environment changes and your investments should change over time to reflect the opportunities and risks in the market at any given time. But with so many 'financial advisors' out there, how do you choose the right one? For starters, be wary of financial advisors that sell you mutual funds with front-end loads. With a front-end load, you invest approximately $95 for every $100 you put in. The other $5 goes to the financial advisor. Not exactly the best way to make your money work for you.

You should look for someone with a fiduciary responsibility to manage your account with your best interests in mind. Not their own! If you hear the words 'suitable', 'suitability', or anything similar to describe an investment, run for the door. More often than you would care to know, these investments are being recommended because they are beneficial to the person recommending them. Instead, find an investment advisor that is 'fee-based' only. That means they charge you a percentage of the assets they are managing. They are not paid by the mutual funds and they are not on commission. If the person has a CFA or CFP designation, there is a good chance you have found the right person. Someone with the CFA designation has taken an oath to do what is in the best interest of the client at all times. For more information about the CFA designation, go to https://www.cfainstitute.org/Pages/index.aspx The investment advisor should be asking you a detailed list of questions to understand your investment objectives and risk tolerances. They will then manage your account accordingly, checking in with you not less than once a year to understand any changes or updates to your situation.

Don't forget, however, that it is your money. Make sure you understand the strategy the investment manager is employing and that it is consistent with how you mutually agreed that your portfolio will be managed. If something doesn't make sense, ask the investment manager to explain their methodology and ideas in more detail. They should be able to clearly articulate why your portfolio is invested the way it is and they should be able to explain it in language you could understand. If they can't explain it or you can't understand it, you may want to consider moving your account to someone else. People who manage investments are smart people but your investment strategy should make sense. It's not rocket science.

With a sound investment strategy and regular contributions to your account, you will be well on your way to improving your financial situation. Continue to keep expenses within budget and make sure you pay yourself first.

THE NEED FOR A GOOD BUDGET

One of the major causes of divorce is bad money habits. Finances are a difficult thing for many people to manage properly. Mismanagement has caused communication difficulties, tension, frustration, anger, resentment, and suspicion. Money has ruined friendships and debt has slain dreams and mired people in desperation.

For most of these people a simple understanding of the basics of budgeting would have saved them much anguish and grief. This article is meant to help you understand the practical theory behind having a good budget.

Most digital budget programs on the market today are actually nothing more than glorified check registers. They don't actually focus on the budgeting aspect properly.

To have a good budget you need these things:

1. The ability to pay for all your expenses with what you make. In other words, your expenses cannot exceed your income.
2. The character to let the budget be your boss. You must obey the budget!
3. Knowledge of the monthly average of every bill and every expense within a normal calendar year.
4. Common sense in regards to money.
5. And a strong desire to get your finances on the right track.

THE THEORY

This is not by any means the only way to do a budget. It is however, the simplest and, in my opinion, the most effective. Here is the basic theory of budgeting.

Imagine having a separate bank account for every bill you had. And for the sake of argument, let's say you get paid weekly at $400.00 a week. Each time you get paid, you would deposit a portion of that paycheck throughout ALL your bank accounts. You would put, perhaps, a $100.00 in rent, $100.00 in Groceries, $50.00 in gasoline, $25.00 in natural gas, $25.00 in electricity, $40.00 in tithe, and $60.00 in phone and internet bills.

Your entire weekly check is now distributed throughout the accounts. This assumes that you are getting paid weekly. If you get paid every other week, twice a month, or even monthly, you'll need to taylor this to fit. The concepts are the same.

Your budget needs to be set up on a 4 week month. Only three months out of the year will there actually be an extra paycheck (only for those paid weekly or every other week). The budget works best when you base it off of 4 weeks.

The theory is that you set aside a portion of your paycheck for each account or expense. When the bill comes due, the money has grown to pay off the expense. It'll be there when you need it. You won't have to scrounge around, try to stall until the next paycheck, beg, borrow, or steal. You always have the money set aside for the expense.

When Rent reaches $400, in the above example, you would then pay the landlord $400 and subtract that amount from your rent account. Some accounts, like groceries, are debited every week and often more than once a week. But it doesn't matter. You credit each account or expense with money every time you are paid.

When you go to buy groceries you simply look at your grocery account and see how much you can spend. In the above example there is $102. The $2 is left over from the previous week that was never spent. You can spend some or all of that $102 on groceries. What you don't spend this week, you simply allow it to roll over into the next week. As long as you don't spend more than $102 you won't be taking money that is set aside for rent or electricity!

Doing your budget this way tells you how much money you can spend in that category or expense. This keeps you from overspending and from taking money that needs to be set aside for another use in the future.

Step 1 - List every expense and debt you have.

Step 2 - Break them into categories, like Home and Household, Utilities, Vehicle, and so on.

Step 3 - Determine how much money you need for that expense on a monthly, 4 week, average. Some expenses, like natural gas, vary depending on the season. Take the average of an entire year and use that amount for your monthly budget.

Step 4 - Determine how much of your weekly paycheck needs to go into each account so that by the time the bill is due, you can pay it off (usually 1/4 of the amount due).

Step 5 - Every time you get paid, take 1/4 of the monthly amount needed and add it to each account.

Step 6 - Never spend more than is actually in the account. Always look at your budget to know how much you can spend in each area.

Step 7 - Subtract any payments or receipts from the appropriate categories.

Step 8 - Repeat steps 5-7.

A budget isn't a complex thing, but it does take discipline. You must let that budget become your boss. You must let it tell you if you can or cannot spend a certain amount of money.

You see, you don't actually open up a separate checking account for each bill. Instead you keep track of it either on paper or digitally. When you add up all the money in all of your accounts the total should equal what you have in your checking account.

There are 4 ways you can keep track of your budget accounts.

1. In envelopes. Use 1 envelope for every expense or account. Each week cash your check and divide the money up into your various envelopes. When you need money for, say gasoline, you open that envelope and see how much you can spend.

2. On paper, like a spreadsheet. You designate a page for each account, bill, or expense. You then draw columns. Start with how much you have in that account and add or subtract as necessary. Your money stays in the bank this way, but you are able to clearly see how much you can spend in each account.

3. On a computer via a spreadsheet. You follow a similar method as number 2. But here, you can use calculations of the spreadsheet to do the adding and subtracting for you.

4. Use a good budget program for your computer. A good budget program automates most of this process explained above.

So far we've discussed assessment of our finances, budgeting, debt, and credit traps. Is this segment we will tie it all together by coming up with a plan to get our budget under control and begin building real wealth.

At the beginning of this series I likened budgeting to a balloon with a pinhole. You put a pinhole in a balloon and try to blow it up, but as air fills the balloon the hole gets bigger and you continually have to blow harder to keep the balloon inflated. Think of the balloon as your wealth and the pinhole as your spending. The key to keep the pinhole at a manageable level and allow the balloon to inflate you absolutely have to get a handle on spending -- a lesson our government would do well to learn!

In the budgeting exercise I suggested that you come up with three categories of spending: Necessary, Important, and Discretionary. We defined the Necessary category as things you are already committed to or the bare necessities of running a household like rent/mortgage, car payment (if you owe on a vehicle), groceries, utilities, etc. For many folks, debt makes up a significant amount of their necessary spending. If this is your situation then we need to start by looking at retiring as much of that as possible and/or restructuring it. The priority would be the debt upon which you are paying the highest interest rate (especially if any of that falls in the category of the credit traps that I discussed last segment). Identify those items and focus on them. How can you get those paid off as quickly as possible?

First, you may want to look at selling off some assets. Do you really need that boat? How often do you use it vs. how much are the payments are cutting into your budget? Would you possibly be able to get enough money from it to pay the note off and perhaps some left over to pay off other debts?

Then look at your Discretionary and Important spending. Would it be possible to cut back some of that and perhaps put a few extra dollars a month into getting rid of that credit card debt? How "important" are the things on your Important list? Would it be too much of a hit to your standard of living to eliminate or scale back on some of those things temporarily to get rid of high interest credit card bills?

Finally, you may look at the possibility of debt consolidation. For example, could you possibly take out a home equity loan at a lower rate of interest (which, depending on your tax situation, may also be tax deductible) to pay off higher interest rate credit cards or loans? Caveat: You have to be very careful in using this method of retiring debt. Some people will take out a home equity loan to pay off credit cards. This gives them a little relief and they start using their credit cards again. Now they have not only a home equity loan to pay on, but they're right back where they started with the credit cards again. You must be committed to not going back to old practices for this to work.

When looking at debt consolidation, always be very careful of using those "credit repair" or "debt consolidation" companies. Many of those are scams that will only make things worse. Also, use caution when transferring balances from one credit card to another just because it has a lower interest rate. Often the "low" interest rate is just an introductory rate and there is usually transfer fee. You'll want to make sure that you've read all the fine print and been through all the numbers when you restructure your debt.

Assignment: Think about the things we've discussed today and see if there is any way you can begin paying some of your debt off early. One way to look at it is to consider what you could be doing with that money if you weren't paying all that interest! Once you pay one debt off you can roll the money you were paying on that into paying off the next one.

Next segment we'll being to look at the part where wealth building really begins to pay off -- saving.

The Mini has been a style icon even since its original inception in 1959. The combination of a cute and quirky little car which was not only great around town, was owned and driven by the rich and famous, but was also one of the most easily affordable vehicles available for the normal person in the street to both buy and maintain, propelled this automotive icon into being one of the most popular British-made cars ever.

From the time the first groundbreaking 850cc Morris Mini Minor rolled off the production line on 26 August 1959, the Sir Alec Issigonis' designed Mini was destined for a big future.

The original mini from 1959 came about as Issigonis was challenged by The British Motor Company (BMC) to design a car to answer the problems resulting from the European fuel crisis caused by the nationalization of the Suez Canal. While German aircraft designers like Messerschmitt, Heinkel as well as Isetta came up with tiny bubble cars in response, the head of BMC wanted a new car which was to be small at just four feet wide, by ten feet long and four feet high but which could comfortably seat four adults and take their luggage without any problems.

The revolutionary engine and transmission design allowed for the creation of a car that was not only compact externally but made maximum use of available interior space. With great stability generated by the front wheel drive and wheel at each corner arrangement, and the front grill and headlamp layout which created a cheeky face look, the car appealed to both hardened driving fans as well as the general population.

The creation of the Mini Cooper in 1961 which lead to three wins at the Monte Carlo Rally between 1964 and 1967, driven by the likes of the great Paddy Hopkirk, as well as a host of other racing triumphs, showed the Mini's true driving pedigree. Combining this with driving endorsements from big name celebrities such as Steve McQueen, Clint Eastwood, and all four of the Beatles, and then add to this the release of The Italian Job, a big motion film with Michael Caine and Noel Coward, but which firmly had Mini's as the main stars, and it is no surprise that everyone wanted to drive one of these great little cars.

Production of the classic Mini continued until 2000 after which BMW, who now owned the brand name, announced their successor, the BMW Mini.

While many enthusiasts reject the claim that the new Mini is in fact a genuine successor, being longer, wider, heavier, and being relatively more expensive to buy than the original, many others feel that the new larger Mini was the only logical way for the car to keep up with modern requirements. By retaining the general overall styling look of the classic car but upgrading the technical specifications, BMW had to tread a fine line to produce a car which would retain the quirky yet fun visual aspects of the old vehicle as well as the superb handling characteristics which had made the original such a classic icon.

Despite initial reservations from some reviewers and fans of the old car, the new version of the Mini has so far proved to be almost as popular as the first, and with the help of BMW car finance over one million models were sold during the initial six years of production

It seems that just like the original, these latest models have also been able to garner the attention of famous owners such as Jennifer Love Hewitt, Sharon Osbourne and Charlotte Church. While the latest brace of cars bearing the Mini name, and the latest version of the Italian Job, may not be able to conjure up quite the same stirrings of emotion that their predecessors did, it is undeniable that BMW has managed to avoid much of the backlash which remaking a classic can bring. Instead the BMW Mini looks set to continue the legacy, albeit in a different direction, which was started nearly 40 years ago.

Each person is different and so is each person's investing style. If you are planning to have a self directed IRA, you should be aware of some of the solutions that are available to you. As of 2005, less than half of eligible households had or were maintaining an IRA. If this number comes as no surprise to you, it should, given the number of baby boomers who are approaching retirement age each year.

Some statistics suggest that if you cannot maintain at least 70% of the income you generate before retirement, your retirement will begin with a strain and possibly find you returning to work just to make ends meet.

The best time to start considering a self directed IRA is now, not just before you're getting ready to retire. There are many solutions available, some of which are very simple and easy to get started when it comes to your IRA. Sometimes the first step may be the hardest. This can be true for you in terms of getting a self directed IRA started. U.S. banks have approximately three million dollars in IRAs that are controlled by financial investment institutions and banks.

When you have an IRA controlled by a bank or other institution, chances are you may be comfortable with how your money is being handled. The thing is, however, with a self-directed IRA you take control of your finances and you eliminate the amount of money that you are giving away to others. Not only does it make perfect sense to keep as much money in your IRA as possible, it can keep your money in your IRA where it belongs.

If you've been thinking about investing in your IRA, there are some things you should know about having a truly self directed IRA. For starters, contrary to what you may have heard, there are certain investments you can make to your IRA that the government will allow. One such investment is real estate.

Whether you are aware of it or not, real estate is one of the investment opportunities that is said to be 'under the radar'. This is because in many respects are various options when it comes to owning real estate. This means if you are considering making investment additions to your IRA, the following are some real estate options that the government has no problem with you adding.

They include:

· Raw land
· Single family homes
· Mobile homes
· Commercial property
· Apartments
· Tax liens
· Real estate notes
· Mortgages

Now you may be wondering how you get started with real estate since it's such a great way to invest, right? First you need to know about the type of property that you want to invest in. For example, if you want to deal with raw land, you need to know what's associated with owning raw land. One of the simplest ways to get started investing in real estate through the purchase of single family homes. There are many different agencies that offer single family homes for sale.

It is important to understand that there is some risk associated with any investment choice you make for your IRA, even when it is self directed. Real estate is no exception. Some of the most inherent risk with real estate involves dealing with people you chose to make financial arrangements with.

For example, when you decide on rental property for your investment choice, there is an entire proverbial laundry list of expectations that go hand in hand with renting your home or apartment or even commercial property. It is a good idea to have a lawyer review all of the contracts you plan to use. It is also a very good idea to have any potential tenants go through a screening process.

One of the best ways to invest for retirement without directing funds to an IRA is with after tax dollars. When you invest this way you aren't investing hard earned money neither are you taking a huge risk. Self directed IRA's are often seen as risky and many are skeptical to try something new. When you invest some of your retirement into a self directed IRA your setting up for a successful, comfortable and promising future. In many cases the government often suggests retirement investing.

Although you may have a lot of questions in your mind...Like is this right for me? Will this cost a lot... there are a lot of frequently asked questions. Even though self directed IRA's are an advertised thing in main stream... it's still a very successful way to make a living while being retired. Many find that this is an easy way to make their retirement go smoothly and not worry about their finances or even where money comes from.

With all investing there will be pros and cons. Of course with everything investing has its risk too. Although we know that the government won't allow you to invest in everything there are a lot of things that you can invest in such as self directed IRA's more and more we see people involved in it...So why can't it be you.

When you are ready to start exploring your options for a self directed IRA, there are plenty of ways to diversify your IRA portfolio. Take on an entrepreneurial attitude towards investing and don't be afraid to take a change. Remember, your retirement is supposed to be the time of your life where your money works to take care of you, not the other way around. Real estate and other non-traditional investments can open up an entirely new world of opportunities to diversify and increase your self directed IRA holdings beyond belief.

One of the subtle differences of trading Contracts for Difference (CFDs) compared to trading the stock market is the fact that CFD brokers charge CFD finance when holding positions overnight. Today we will take a look at this subtle difference of CFD finance and how that may affect your CFD trading business.

The CFD brokers major source of income

You may or may not know that CFD brokers have significant amounts of money under management and it would not be uncommon for a large CFD broker to have in excess of $100 million in client's funds in the bank. These clients' funds sitting in the bank represent an amazing amount of passive income for the CFD broker and at this stage we haven't even talked about CFD finance.

So what exactly is CFD finance?

The CFD finance is a debit or credit to your account as a result of holding a CFD position overnight. Overnight simply means you hold your position past 5 PM New York time which equates to about 7 AM Australian time. This is known as the roll over time.

In effect the CFD finance is a cost you incur for borrowing the leveraged money that you are trading with in the market. As you would already know, one of the greatest benefits of trading CFDs is the ability to put a small amount of margin upfront in order to control a much larger position. For example $500 will control a $10,000 position in one of the top 20 ASX stocks.

You get credited or debited on the full amount

Traders new to CFDs often get confused with the amount the finance is charged on. Most CFD brokers charge finance on your full CFD position irrespective of the amount of margin you put up front. Having said that it is always important to check your CFD brokers product disclosure statement to ensure that is the case.

So in effect you are borrowing the full amount of your CFD position and as a result you incur a financing charge. This charge or credit is normally the overnight financing rate plus or minus 2%. This is a yearly rate which is then calculated back to a daily rate.

As of January 2009 the RBA rate in Australia is 4.25% so if you held a CFD position long you would be charged 4.25% +2% per year calculated back at a daily rate. So we are talking 6.25% per year and only if you hold the position overnight. If you happen to hold your position during the day and closed before 5 PM New York time then you will not be charged overnight financing allowing you to effectively borrows much money as you like for no charge.

Another way to think about it is if you held your CFD position for a full year then you would need to make a 6.25% capital gain just to break even with your CFD finance.

Do I get paid when I short sell a CFD?

Another great advantage of trading CFDs is the fact that when you are short you actually get paid interest every day you hold the position overnight. Normally the rate you would earn is the overnight cash rate -2% calculated as a daily rate. As you can see that doesn't equate to a massive amount of money but it is still a credit nonetheless.

Consider the cost of incurring CFD finance as the cost of accessing more opportunity than what would be available if you were trading the stock market.

A big part of running a successful business is making smart fiscal decisions. Sure, there are all sorts of other aspects-you've got to have a great product or service, for one-but keeping your business' finances in order is crucial. One great way to help do just that is to make sure you keep building costs down, both in the short term and the long term. If you are building a home for your business, you can use all sorts of fancy, expensive materials. There is practically no ceiling to the price of what you can spend. But is that really a good business decision? Is a hand-carved, dark mahogany fence really essential to the survival of your business, or would a metal fence straight off the roll forming line do the job just as well, but for a lot less money? It's a question every business needs to ask for themselves. Perhaps your business is all about image, and that mahogany fence really adds to the ambiance. For example, a day spa may need such a fence to build the perception that its patrons are in a place of beauty and calm. But day spas are few and far between. Most businesses really just need a quality, reliable structure that will keep their belongings enclosed and safe. That's where metal fencing comes in.

Metal fencing can be used for all sorts of purposes, from enclosing trash dumpsters to acting as a perimeter for an employee break area. The point is, not all metal fencing is the stereotypical rusted-out eyesore that traditionally encloses a junkyard. Sure, it can be used in this situation very effectively, but its uses don't have to be limited to just that. With today's rollforming technology, metal fencing can be created in all sorts of shapes and sizes to fit just about whatever need you can come up with. And with today's business needs as complex and varied as ever, that sort of flexibility comes in really handy.

So it certainly seems like a good financial decision to pay a lot less for metal fencing than something fancier if there is no reason. But what if you want a little style to go along with your sound financial reasoning? Some builders have been known to get creative with their metal fencing, putting a wood border around it, or painting it in all colors of the rainbow. Once the fencing comes off the metal forming machine and makes its way to you, it is in your hands. If you want to express your own personality in some way that nobody has thought of before, you can do it cost-effectively and still make an impression. And that's a win-win for you and your customers.

Whether it's rising fuel prices, production costs, or inflation, the prices we are paying for our food, whether it's eating out or our groceries, continue to climb higher. If you are trying to save more and spend less, trying to get ahead financially, even your food purchases need to be budgeted.

You will find the following money saving strategies will help you gain an advantage in the rising prices at the restaurant and grocery store.

1. Plan, plan, and plan. If you find yourself regularly running to the convenience store, you won't be saving money. You should set up your own system to plan what groceries you need to buy, and what stores you are going to shop at. One simple idea is to have a marker board or chalk board at home, where the family can keep track of what items they are out of and what they are running low on. You would also be able to watch sales for things you know you will need in the weeks ahead. For example, you are going to need some picnic food for the big family picnic next week. Instead of waiting until the last minute, plan ahead and shop for bargains.

2. Become a savvy price comparer. Allow a few seconds for you to look at the price and amount, size and/or weight. Eventually, when you keep buying the same items over and over again, it becomes encoded in your memory of what prices seem cheap and expensive. You will also be better able to discern good buys and the really great buys.

3. Shop for bargains. Skim the store ads to spot good deals. Shop the local discount stores and dollar stores. Buy bread at your local bread store, where you can buy bread at half the price of the grocery store.

4. Use coupons. Yes, this strategy still works. It's almost become a cliché to "use coupons" when buying groceries, but it still works. And now you can get the coupons you want right off the internet. You can check out the product's website or search for the hundreds of other web sites that have free printable coupons.

5. Buy in bigger quantity. Buy in bulk and eliminate most of the packaging and costs associated with the packaging and distributing. For many products, the majority of the cost goes to the packaging of the product. This is why you can buy a litter of pop for the same price as a 20oz bottle! The pop only costs pennies compared to the expense of the plastic bottle. You don't have to necessarily buy in bulk, just buy larger quantities. For example, you will generally get a better deal of you buy a 36-roll of toilet paper versus a small package of 4 or 8 rolls, especially if there is a sale.

6. Start a garden. If you have the space available, the most dramatic way to save on groceries is growing your own food. You eliminate all the middle men. You eliminate the distributing and packaging expenses. And you know where you food is coming from. If you don't have the room, join with a neighbor who does.

7. Eat out Less. You have heard this statement countless times, but it does work. If you're serious about saving your way to success, you need to significantly reduce how many occurrences and how much you spend on eating out. You may want to consider eliminating eating out entirely for a few months as you start on your financial plan to success.

8. Buy the cheaper product. If your debts are rising and your bank account is almost empty week after week, you need to stop buying the steaks and start buying the hot dogs and hamburger. You can never get ahead by saving money when you spend money; therefore, you need to be spending less. Buy the generic brand. Buy the ingredients instead of the pre-ready meal or food item. Buy a 5 pound bag of potatoes instead of the bag of frozen French fries. Stop buying the groceries with the highest price. Buy the cheap potato chips instead of the Doritos.

To find out more how you can be saving more and spending less, visit http://www.savingyourwaytosuccess.com.

Some facts about FHA

Through all of the changes in the mortgage industry, the one shining light is that FHA has recently gone through a huge revamping. This is good news because as the other lenders either go away (close their doors) or substantially tighten their guidelines, FHA has opened doors that the other lenders have closed. As of today, FHA and VA are the only loans that your buyer can obtain 100% financing and have the seller contribute to closing costs. The buyers can essentially purchase their new home with no money out of their pocket. Conforming loans like "My Community" which up until earlier this year used to do this, now they require at least 5% down or more and substantially higher credit scores. That is because the private mortgage insurance companies no longer want the liability of 100% mortgages. If they won't insure them, the lenders won't do them.

Also conforming loans are now risk rated. Anyone with a credit score under 680 will pay more, period. This is an upfront fee that most of the lenders roll into the rate. It is anywhere from 3/4's of a point to over 2 points in fee. Over half of the buyers have to pay this. As of this writing FHA and VA don't do this.

FHA has higher ratio limits than conforming loans. (more debt allowed)
FHA has adjusted their appraisal guidelines (more in line with conventional financing)
FHA allows for gift funds for down payments (thus 100% financing)
FHA doesn't take longer than conventional financing.
FHA allows for non traditional credit in the absence of a credit score
FHA allows for undeclared secondary income (up to 20% unverifiable)
Here is some interesting statistics from HUD:

FHA OUTLOOK

SINGLE FAMILY OPERATIONS

April 1-15, 2008

Department of Housing and Urban Development, Housing - Deputy Assistant Secretary for Finance and Budget, Office of Evaluation Page 1 of 5

Applications

· Another new high! The seasonally adjusted annual rate continued its climb and was recorded at 2,314,000 -- 15 percent above the prior period and three times higher than a year ago when the rate was 742,100.

· This is an average of 9,146 applications per work day -much higher than for late March -- 7,957.

· Of the total, 52,011 were purchase cases, 50,170 refinances and 6,314 reverse mortgage applications.

Endorsements

· During this reporting period, 48,848 mortgages were endorsed -22,030 purchase money mortgages, 22,623 refinances and 4,195 HECM's.

· The average FICO score for all cases was 648, but quite a difference between purchase cases (657) and refinanced cases (639).

· Four out of five purchases were for first time home buyers, most of which were non-minority households (65%).

· For the refinanced transactions, 31.2 percent were cash outs.

· Of the 22,623 refinance endorsements, 6,682 were prior FHA's, 15,683 were conventional to FHA conversions and 258 delinquent conversion cases.

These are amazing numbers considering FHA was barely a blip on the radar two years ago. It is obvious that understanding what FHA can do and how to structure an FHA offer is critical to making every sale opportunity count. I have a feeling that as the rest of this year goes by these numbers will only continue to climb and next year will easily double this year.
Don Davis

When it comes to gadgets, no one seems as passionate about staying up to date with the latest devices quite like Americans do. After all, keeping up with the Joneses has long been a part of the nation's culture. Today, things are only different because instead of focusing on cars and refrigerators, there are computers and smartphones to obsess over instead.

In fact, it's actually a whole lot more difficult to stay up-to-date with the newer technology only because things progress so rapidly that today's must-have phone quickly becomes yesterday's news the moment that Apple makes an announcement that a new model is being rolled out. For those who can't handle waiting for the latest model, sometimes the price tag causes a bit of trouble when it comes time to buy the first generation or the next level. After all, products like iPhones aren't exactly inexpensive, and if anyone has just forked over the cash for the last model only to be blindsided with a new announcement, it's often not possible to simply buy the latest addition to the iPhone family, too.

One of the best ways to afford a new model is quite simple: trade in the iPhone that is yesterday's news so that you can afford the latest hot toy. There are far easier ways to accomplish this than consumers might think, especially considering the hot market out there on the world wide web that caters to those who need to make enough money to afford an upgrade. With so many people who don't have contracts rabid to get their hands on an iPhone, eBay and other online stores make it easy to quickly find a buyer who is not interested in the fact that Apple just released a new model.

The decision to trade in an iPhone also means that purchasing new technology doesn't have to take a toll on one's bank balance. This might even mean more chances in the future to get a great new piece of equipment sooner than you might have expected to. This can be particularly important for those who are using their iPhone as more than just another status symbol for show outside of a work environment. So many people, especially those who are running companies or working in public relations, need to make sure that their image reflects their business. And carrying around an old model might not matter to a college student, but it can sometimes make or break deals in the working world.

So if it's time for you to jump on board with the latest model but the price tag is having a bit of a sticker shock effect, don't get too overwhelmed. Figuring out the best place online to trade in an iPhone only takes a few clicks of the mouse, and the entire process, whether on an auction site or through one of the numerous retailers who specialize solely in buying and selling iPhones, won't take very long at all. In fact, after you've managed to accomplish it once, making sure that the right phone is in your hands at all times will seem almost effortless. Just don't expect Steve Jobs to be slowing down those new announcements anytime soon: if there's one piece of equipment that is quickly becoming the most coveted, it's definitely the iPhone. After all, why stop making new models when so many people want to rush out and pick them up immediately?

It's unbelievable that schools does not teach us everything that we have to know but left out one important subject, that is Personal Finance Management. No wonder we see rising cases of people with bad debts and bad credit.

Here are 5 ideas to better manage your personal finance.

Build a savings account

Your money is something that you work very hard for. If you want to build a savings account for yourself, and for your family, you can do it - but perhaps a little slower than you might like. You can get started by saving all the change you get from shopping at the grocery store, from the gas station and from anywhere else you might go. Putting all this change into a container, you can then fill the container, day by day. As the container is full, roll the coins and deposit this money into your new savings account. You might be surprised, but in just two weeks it is possible you saved twenty dollars, or even one hundred dollars. Your savings account will grow, and you will be managing your money at the same time!

Paying bills on time

Paying your bills on time is going to be a something you need to make a habit for your entire life. Your credit report, your credit rating and your personal credit worthiness is going to depend on how often you are on time when paying your bills. Paying your bills on time is important for a solid financial future. As you pay bills on time, you are less likely to pay higher interest rates, you are not going to pay late fees, and you will build a good credit rating at the same time. To pay your bills on time, all the time, use a system that will have all your bills put into a pile in the same place. Put the bills that are due first on the top of the pile. Put the bills that are due at the end of the month in the bottom of the pile. Look at the pile every day, or at very least every other day. When you have the money, pay the bill on the top of the pile and work your way through all the bills for the month, and then you can start on the bills for next month!

Building good credit

To build good credit you want to pay your bills on time, and avoid paying those higher interest rates. If you have good credit, you want to keep it. What some people do not realize is that you can hurt your credit if you are moving often. Moving every month, moving every year, and moving more than needed it going to lower your credit score. If you live in the same house, the same apartment for over five years this is going to help your credit. Avoid moving when possible. Get a copy of your credit report; review the addresses that are listed for you. Remove addresses that are not applicable to where you have lived in the past.

Use coupons and save money

If you are not using coupons now, you should be. With the price of everything going up, and up, you need to learn to make your money 'go further'. To make your money last longer, and to get more for your money seek out coupons for the goods and services that you always purchase. The secret to using coupons is this: don't use, clip or keep coupons for items that you don't usually use in your home. Coupons are enticing to get you to try other items, and sometimes can cost you even more money. Clip coupons from the Sunday paper, from the Internet online coupon sites, and look for coupons on the products you already purchase. This is going to give you the best savings possible, stretching out the money you have, and that you want to make last much longer for your household budget.

Money management involves working for a living

Money management is a budgetary thing, meaning you need to know how much money you have, and how much money you can spend. If you are spending more money than you are earning, you are most likely relying on your credit cards just way too much. If you are relying on your credit cards, your payments are going up and you will never pay off those credit cards. Money management involves your earning money, and spending the money you earn, and not more than that. If you need more money in your home budget, you can do a few things: get a new job with better pay, ask for a raise, get a second job, or build a business of your own. Relying on others for handouts, making minimums payments on credit cards you can't afford, and living beyond your means is only going to come back to cause you trouble later in life.