In this video, I have told financial advice and some basic financial information tips in detail. Personal finance is all about understanding one’s own finances, setting goals, and then working to achieve them. Financial planning also takes into account the future and how that will affect a person s personal finances. It can help you learn what you need to do now to get your finances in order so you won’t have to worry about them.
Here are some financial tips definitions and information that will hopefully help you save money or get out of debt savings pay yourself first start now stashing 10 of your income in an emergency savings don’t use it for anything but real emergencies keep a for sure savings account for yearly expenses you know are coming
And you can estimate also have a buy stuff account if you do you’ll be able to avoid many financial disasters which will face you and you can avoid borrowing money from high rate lenders borrowing don’t borrow money unless you are willing and able to pay back failure to pay debts on time causes severe financial emotional
And family problems only for needs or for things that increase in value many lenders will loan you money you can’t afford to pay back especially high rate lenders co-signing don’t co-sign on the loan unless you are willing and able to pay back often co-signers end up paying off loans they are unprepared for
And financial hardships follow numerous costs in yours now have negative credit ratings because a primary borrower paid late many lenders do not notify the cosigner before reporting delinquencies or repossessions to the credit bureau compare before you decide who to borrow from compare find out who is offering the best
Deal at that time look for the loan with the lowest rate apra apra the annual percentage rate apra it is the standard rate so we may compare the cost of borrowing it is the cost of credit expressed as a yearly rate when you borrow always be 13 apra some have been illegally stating other rates such as weekly or
Monthly rates compare rapper to opera if you pay your bills on time and you aren’t overextended you can nearly always find loans or financing arrangements at rates lower than 13 but where though because beating 13 percent does not always mean you are getting a good deal for instance the difference in total interest paid on
An 11 versus an 8 30 year 100 000 mortgage loan is 64 283 result in great savings to borrowers if the if you don’t run up debt similar to what was just consolidated but beware because consolidation loans usually result in substantially more money out of your pocket into the lenders for instance mortgage loans
Usually involve closing costs but increasing the length of payback which substantially increases the total interest paid borrowers who refinance unsecured debt eg credit cards into a home mortgage also increase their risk of losing their homes also remember to keep all of your payments current until the old
Debt is paid off too many people have damaged credit ratings and aren’t bad money which didn’t come when they expected it expect delays when applying for loans especially consolidation loans don’t spend money before you desperation don’t get desperate for money the more desperate you are the less likely you
Are to get a good loan auto insurance keep your auto insurance current if you fail to keep your insurance up to date you could end up making loan payments for years after your car has been totaled establish good credit to avoid bad credit don’t borrow too much and do pay your bills on time inexpensive ways to establish
Good credit one obtain a good credit card when you charge things pay off the balance each month on time and pay no interest two establish a revolving line of credit an empty loan is an overdraft protection against bounce checks and don’t use it as a loan three get a loan to buy a car or furniture or etc and pay
It off within a few months late fees to avoid late fees which multiply the cost of borrowing pay early or at least on time for possessions to avoid repossessions and associated fees pay early or on time and keep your insurance current credit cards if you swell great tools if used poorly financial ruin if you’re too
Impulsive fees pay off your entire balance each month on early or time most charge no interest if the balance is paid off within the billing cycle if you pay only the minimum required payment like one in four americans you lose unauthorized use of credit cards if a charge which you did not authorize appears
On your credit card statement follow up your dispute in writing within 60 days to ensure your rights disputed items if you were dissatisfied with a product or service you charge with your credit card first make a good faith attempt to resolve the dispute with the merchant credit card provider and file an official
Dispute do this within 60 days of the charge to preserve your rights and avoid negative credit etc debit cards if you or someone else uses your debit card money is deducted from your checking account for pre-authorized purchases a hold is placed on your checking account usually for an amount larger than
The expected charge this hold can cause other checks or charges to be returned if you don’t have a sufficient cushion of funds in your account or a backup system overdraft line of credit loan once funds are deducted from your account it is often difficult or impossible to get your money refunded don’t use a debit card
For mail order telephone or internet purchases even if you don’t get what you ordered you may not be able to get your money back reconcile your checking account the sooner you do it the easier it is as soon as you receive your bank statement compare it with your check register item by item make sure both you and
The bank have recorded things correctly the statement includes unauthorized deductions although you may not be technically responsible if someone steals your checks and forges your name funds which have been deducted from their account including consumers negligence bounce checks to avoid costly bounce checks
Tie your checking account to a revolving line of credit an empty loan if you have such a pre-arranged plan and write a check for more than your available balance a loan advance is made to pay the check if you pay off that loan quickly most financial institutions charge you very little in interest and fees keep
The line of credit reserved as your checking else bounce check fees are very costly beware many banks automatically provide very high cost pounds protection programs for those who don’t solicitations don’t give your account numbers credit or debit cards or your social security they may not actually be who they
Claim to be they may fraudulently use your information and the damage done to you financially or to your horrendous waste of your time money and energy trying to correct the problems investing if you can’t afford to lose it don’t speculate with it the greater the rate the higher the risk risk-free nothing
Is risk-free especially nothing involving money too good to be true if something sounds too good to be true it is don’t fall for the scams heed the clues credit repair be wary of credit repair services some claim to be able to fix bad credit if you have an accurate information on your credit report you may contact the
Credit you have had credit problems any attempts to remove the relevant information from your credit report are illegal fraudulent and only temporary so don’t forget to check them if you like the video then like and share it and give your opinion through a comment if you haven’t subscribed to this channel
Yet then do it now and also press the bell icon so that you can get notifications of my future videos thanks for watching
Transcribed from video
Financial Advice – Financial Information Tips By Investor Pro
