Personal Finance 4 The People is pleased to team with others who are able to share their expertise in various areas. We hope to combine our efforts to bring a greater financial effort inorder to help you reach YOUR Financial Independence. Today's guest post comes to us from J. S. Aikens.
We’ve all heard the advice from the financial experts. “Pay off your debt; Put some money toward your savings; Prepare for your retirement.” This is all great advice, but if you’re anything like me you’ve probably wondered aloud, “Where the heck is this money supposed to come from?” Well, I hope at least one of these tips will be the seed to get you started
Got high interest credit card debt? Then you probably feel like you’re spinning your wheels with your payments. If you’re current, but unable to make a dent in your principal, try calling your credit card company in the evening or on a weekend. You are more likely to reach a part time employee who may be more lenient and more likely to grant your request (i.e. pleas) to lower your interest rate. With a lower interest rate, that same amount will benefit you because more of your payment will be applied to the principal.
Got a car note? If so, contact your car insurance company and see if they can refinance your car loan for a better rate. If so, you’ll have two advantages. You can pay your vehicle loan more quickly (if you take advantage of the lower interest rate), and you will have a 30 day grace period during which no payment is due.
Got friends? If so, do any of them have a small business? Host a gathering (preferably potluck) at your home in which they can present their product or service to your friends and relatives in return for a portion of the sales. You can catch up with your loved ones, and make money in the process. You are only limited by your imagination, so get creative.
Remember, it’s never too early to plan for retirement, nor too late to build wealth.
I love the quote at the top of the page about showing where you spend your money as that is what matters. I often encounter people who complain that they cannot afford emergency vet care for their pet, well the answer is that they could if only they did not have coffee at Starbucks every day.
ReplyDeleteI did ask for a lower credit card rate, and did not get one, but I never thought of phoning later in the day, or at night, that is a tip I will use and thank you for.
Great financial blog, learned a bunch.
Enjoyed.