Personal Finance Tips
In Partnership With ReliefLoans.com

There is no doubt about it, the way we handle money today has changed significantly to the way our grandparents and parents handled it.

Over the last 40 years we have become a nation of consumers, instead of a nation of producers. We could be described as grazers living as a collective body, not knowing or realizing how far off the path we have strayed off the path.

In the 1950’s one would seldom hear of a person filing bankruptcy, being foreclosed on. Today however, if you live in a middle-class income neighborhood and drew a circle containing one hundred homes you would find the following:

Too many consumers get frustrated when a ding on their credit score delays the process of closing on a mortgage or completing a home equity loan. Before you start shopping for financing, understand these four important tips.

Here are our Top 10 most important things to consider when shopping for a Home Loan, Equity Line of Credit, or Refinance, courtesy of LoanResources.Net:

The practice of economy, directed toward a retirement investment plan in the stock market, is in itself a source of great revenue. It is the art of making the most out of every stock market investment, with the definite purpose or goal being to provide a life that is fully independent of monetary concerns.

But the economy of making each investment in the stock market does come with a price. It will require self-denial (the money invested is not spent for goods or services). Economy and self-denial, I’m afraid go hand-in-hand. To truly benefit from a stock market investment, a savings plan should be adopted and a systematic approach of dollar-cost-averaging (buying the same stock at different prices) should take place; and when the purchase should take place, economically clearly defined.

How to use your investment dollars will require forethought, patience and wisdom, for they are the pillars of economy.

Before making any stock market investments know exactly what you expect from those investments. Have the patience for the investments to fulfill the expectation, and the wisdom to know exactly how the investments will fulfill the expectation.

A forethought example:

I want every stock market investment to supply me with ever-increasing cash for the rest of my life. I want my
retirement investment portfolio income to grow until the income from my portfolio replaces the income from my job when I retire.

A patience example:

I will make quarterly investments into each security owned to raise the cash dividend supplied by each stock market
investment. I will start by owning three companies which will supply me with cash dividends every month of the year. I will also add the cash dividends to the quarterly investments. I will build this stock market retirement investment plan up until I own 500 shares of all three companies. Once 500 shares of each company are owned, I will begin investing in three more companies. Owning six companies will provide ever-increasing cash dividends twice a month, until I retire. My patience will eventually acquire 12 companies, providing me with income every week of the year.

A wisdom example:

I will only purchase those companies that have a historical record of raising their dividend each year. I know that a low 2% dividend paying stock is not necessarily bad. It means the company in question is a growth stock, using most of its profits to expand. A growth stock makes up for the lower dividend yield by faster stock appreciation in the marketplace (however, the company will still show a historical record of raising their dividend each year). I will diversify into 3 stocks, right from the get-go, even if it means I start off with as little as 5 shares of each company. I will not pay commission-fees. I will place emphasis on increasing the cash income paid to me from all my stock market retirement investments.

I will also: "Put less emphasis on increasing this week’s pay, more emphasis on increasing my earning power by the right reading." - Donald Laird

About the Author:
Charles M O'Melia is the author of the book "The Stockopoly Plan - Investing for Retirement." For some right reading try the PREFACE from the book.

Choosing the right financial manager is by far the most important investment decision you will make. Depending on your financial needs, it is imperative that you find answers to some important questions, from your financial manager. Given below are some should-be-asked questions.

1. What services do you offer and what are your areas of specialization i.e. do you specialize in retirement planning, investment planning, tax planning estate planning, insurance planning or any others?

2. How many years of experience do you have in offering financial planning advice? Presently, how many clients do you have?

3. Describe your work history in the past five years. What financial planning credentials do you hold?

4. What are your educational qualifications and what subject have you specialized in? How can I be sure that your lack of experience in the fluctuating market can be compensated with your educational degree?

5. Have you ever managed or owned a business?

6. Can you explain financial jargons in simple terms that I can understand? Can you also explain your investment approach and philosophy in simple terms?

7. Do you have a license or are you registered with an investment firm? If so where?

8. Where is your own money invested? Explain the reason why you chose those kinds of investments.

9. What do you charge for your services? Do you work on a fee-only basis or a brokerage commission basis? Why?

10. How often do you meet your clients? Can you meet me once in three months? How receptive will you be to my queries that may arise at any time?

11. From what sources do you get new investment ideas? How do you keep abreast of the market trends and swings? Do you have a team of experts to seek advice from?

12. How often do you re-evaluate your client’s financial portfolio? Will it be possible for you to provide me a quarterly assessment and advice regarding my financial portfolio?

13. Based on my needs and limitations, how do you plan to invest my money? Why do choose those investment options?

14. Have you ever filed for bankruptcy? Do you have any disciplinary action or complaints registered against you?

Always check your financial manager’s track record and client satisfaction level. Never go merely by his/her words. Remember that selecting your financial manager is much like selecting your doctor. If you want the ‘sound health’ of your finances, select the right manager. Never be afraid to ask questions and clear any doubt you might have, as finally its all about your money and your future.

About the Author
Dan Noyes, writes article and provides consultancy to Paladin Registry.

Al Jacobs has been a professional investor for nearly four decades. His business experience ranges from real estate, mortgage, and securities investment to appraisal, civil engineering, and the operation of a private trust company. In addition to managing his investments on a day-to-day basis, he is a featured financial columnist for both online and print publications. He is the author of Nobody's Fool: A Skeptic's Guide to Prosperity.

If you're nearing retirement and find yourself financially comfortable, that feeling of security might not be attainable by your grandchildren.

Read Al's sound advice if your offspring's future seems not so promising.

Recent changes in accounting practices at banks could have a chilling effect on some mortgage holders, especially those that use payment coupon books to keep track of their loans.

In previous decades, when a borrower missed a payment on a mortgage, the lender would often consider them one month behind until they eventually caught up. Most lenders would impose a late fee and other interest or penalties, tacking them onto the back end of the loan as long as the lender stayed current with the rest of their payments.

With the number of bankruptcy filings creeping higher each year, and with increasing pressure on lenders to return dividends to shareholders, mortgage companies have quietly resorted to creative accounting practices to put pressure on slow payers.

Under new rules, a mortgage lender can ding your credit report every month that you are behind on a payment. In addition, they can impose penalties and late fees during the month you missed your payment. To add insult to injury, if you neglect to catch up with your payments the following month and you don't pay all of your late fees, the lender can impose late fees - on your late fees.

You might miss a payment for any number of reasons. It could be something as innocent as a check getting lost in the mail. Or it could be a symptom of a bigger problem like a divorce or a job loss. Either way, you receive equal treatment. And the news gets worse.

Many mortgage lenders have added clauses to their agreements that stipulate they can initiate a foreclosure on your home if you miss a predetermined number of consecutive payments, or if you miss too many payments in a given period. Therefore, you may only be a few hundred dollars behind on your mortgage, but you could find yourself in the same situation as someone who has not made payments on their home in six months.

For example, if your March payment arrived one day late, you incur a $50 late fee. Because you use a coupon book to track your loan, you might not even know you were assessed that fee in the first place. Although your next five payments arrived on time, your lender could charge you a late fee in April for failing to pay your March late fee. They could then charge you two late fees in May, for missing your March and April fees.

Before long, the late fees snowball out of control and you have to take drastic measures to save your home.

Therefore, experts recommend that you use secure online banking to make mortgage payments that can be independently traced and verified. Call your lender's automated customer service line at least once each month to confirm that your payment has been received, and that you are current on all outstanding installments and past late fees.

A little extra care and recordkeeping on your part can prevent much frustration.

About the Author:
Kevin Adelsberg is a writer for FasteMortgage.com. For additional articles and an extensive resource for everything about mortgages, please visit us at: FasteMortgage.com.

Did you know that it is possible for you to break out of the
poverty trap and become debt free? For many people who have
very bad credit ratings, such a statement would be totally
out of their contemplation.

Read the informative article, How you can become debt free by starting a home business.

Debt got you down? You’re not alone. Consumer debt is at an alltime high. What’s more, record numbers of consumers—nearly 1.6 million in 2003—are filing for bankruptcy. Whether your debt dilemma is the result of an illness, unemployment, or simply overspending, it can seem overwhelming. In your effort to get solvent, be on the alert for advertisements that offer seemingly quick fixes. While the ads pitch the promise of debt relief, they rarely say relief may be spelled bankruptcy. And although bankruptcy is one option to deal with financial problems, it’s generally considered the option of last resort. The reason: its longterm negative impact on your creditworthiness. A bankruptcy stays on your credit report for 10 years, and can hinder your ability to get credit, a job, insurance, or even a place to live.

More...

You found the perfect set of linens in a mail order catalog. You call to place your order and charge it to your credit card. You're told that your linens should arrive in two weeks. Two weeks go by, then three and four, and still no linens. What you do get is your credit card bill with a charge from the catalog company.

So, just what do you do when you get a credit card bill but no merchandise? Get frustrated, to be sure.

But the error can be corrected.

"Even though we all live on this planet together, your credit rating can make a world of difference in the life that you lead. It’s simple to take for granted how deeply the credit decisions you’re making now will affect you for years to come."

While credit mistakes don’t have to haunt you for the rest of your life, the choices you make now will be the compass that points you toward either Easy Street or the Hard Road for at least the next seven years. There are two paths you can go by and the choice is up to you.

More...

The House of Representatives approves an overhaul of the nation's bankruptcy laws Wednesday, in a vote of 302 to 126. The bill, which passed in the Senate last month, will make it more difficult to get rid of debts by filing for bankruptcy, forcing tens of thousand of people to work out repayment plans instead. President Bush is expected to sign the bill, which opponents say will hurt the economically vulnerable.

More about the Bankruptcy Bill.

"I left my job to start a freelance business almost a year and a half ago and stayed on my former employer's health insurance plan through COBRA. But now that my COBRA coverage is about to expire, I'm shopping around for health insurance on my own and have already been turned down by three companies because of my medical condition. What should I do?"

If you find yourself in this position, read what Kimberly Lankford suggests you do.

"Many young people graduate without a basic understanding of money and money management, business, the economy, and investing. We hope to help teachers, parents, individuals, and institutions teach these skills, while reinforcing basic math, reading, vocabulary, and other important skills."

- Money Instructor®

Money Instructor® is a Web-based resource for teaching and learning money skills, personal finance, money management, business education, real life skills, and more.

It's great for children.

Learn about the hazards of doing business with companies you've never heard of. Beware of succumbing to pitches that in reality are too good to be true. In short, learn how not to be fooled.

RipOffReport.com
Victim of a consumer Rip-off? Want justice? Rip-off Report™ is a worldwide consumer reporting Website & Publication, by consumers, for consumers, to file & document complaints about companies or individuals who ripoff consumers.

Scambusters.org
The #1 website dedicated to helping you protect yourself from clever scams -- online and offline. You'll find lots of great resources on how to avoid the most popular scams, viruses and urban legends making the rounds.

FinAid.com
Provides advice on how to identify such scholarship scams, how to distinguish between legitimate and fraudulent organizations, how to protect yourself from scholarship scams; and what to do if you are scammed.

Crimes-Of-Persuasion.com
Explains how con artists will steal your savings and inheritance through telemarketing fraud, investment schemes and consumer scams.

U. S. Securities and Exchange Commission
The Internet serves as an excellent tool for investors, allowing them to easily and inexpensively research investment opportunities. But the Internet is also an excellent tool for fraudsters. That's why you should always think twice before you invest your money in any opportunity you learn about through the Internet.

AntiPhishing.org
The Anti-Phishing Working Group (APWG) is the global pan-industrial and law enforcement association focused on eliminating the fraud and identity theft that result from phishing, pharming and email spoofing of all types.

NetScams.com
Netscams has been established to empower individuals to become more knowledgable about the use of the Internet, protecting personal interests and fostering satisfaction through increased levels of awareness.

InfomercialScams.com
Unedited complaints about infomercial products.

GPTBoycott.com
There are many companies on the Internet who promise to reward you for your Internet activity. Some require you to use an ad-bar, or to complete paid surveys. Others may require you to read e-mails from them, or visit websites.
However there are always those looking to take advantage of their users. The aim of GPTBoycott is to name the offending 'get-paid' companies, and urge others to stop using them.

Scam.com
A forum for reporting and discussing scams from contests to charities to religious and beyond.

Chances are, you’ve gotten the pre-recorded voice mail message, seen a pop up e-mail or been otherwise inundated with the ads promising to clean up your credit and slash your debts by 50%. Most of us are drawn in like a moth to a flame at the promise of getting anything for 50% off.

Read more...

Whether you do your shopping mostly in retail stores, thrift stores, or at garage and yard sales, there are some strategies that will work for you and help you to find a bargain every time!

If you have a child who is hard to fit for whatever reason, you may find that you must shop at retail stores, even though you'd rather not. Two things to remember: buy in the off-season (this requires a little planning ahead)and always head to the clearance racks first.

Wherever you shop, be sure to carry a list of sizes for everyone you're shopping for. It's helpful to also jot down measurements--waist sizes, inseam and sleeve length, for instance. All sizes may not be the same, plus garments that have been laundered may not be the same size they were when new.

For shoes, make a cardboard cutout of feet and slip it into shoes to see if it fits.

Keep a tape measure in your purse or at least in your vehicle all the time.

Carry a file of fabric samples from items you already have that you might like to match. You can often snip a bit of fabric from a seam allowance or some other spot that won't show. Just staple to a file card and carry in an envelope in your wallet.

Always keep your receipts. It might help to jot a note on the back to make it plain just what the receipt is for!

Here's a benefit to taking children shopping at thrift or resale shops instead of retail stores: Sizes are grouped together instead of styles being grouped together. For instance, my granddaughter, Ashley,is a size 7 and when she goes to a resale shop, she can see all the tops in size 7 and pick out what she likes.

In a retail store, she might pick out something she likes, only to have Mom say it's not available in her size or in that particular color. As a result, Ashley would much rather shop at the resale shop than at the mall! And that has to be a good thing!

Find out when your local thrift store has its "clearance" sales. Just like retail stores, resale shops try to clear out merchandise periodically, typically when seasons change and really good buys can be found.

Garage and yard sales are great sources for baby and children's clothing especially.

Instead of buying a newspaper just for the garage sale ads, see if there is an online copy.

Keep in mind that sales that have multiple family sales together in one place may have already been pretty well picked over by one another.

While the selection may be best early in the day at garage sales, sometimes by afternoon or by the second day, everything will be marked down substantially.

Develop the habit of "making an offer" at garage sales. If a price is more than you want to pay, offer less. All they can say is no. However, it's been my experience that people will usually accept what you offer.

One last strategy: If your child objects to previously worn clothing, simply point out that a garment is only new for one wearing. After being worn and laundered, everything is "previously worn"!

About the Author:
Cyndi Roberts is the editor of the "1 Frugal Friend 2 Another" bi-weekly newsletter, featuring creative ideas and tips to help you "live the good life...on a budget!" Visit http://www.cynroberts.com/ to download a free "Recipe Sampler". Subscribe to the newsletter and receive the free e-course "Taming the Monster Grocery Bill".

I confess. I didn't always do such a great job with saving my money. In my younger days, I got off track. And it took me a while to get with the program again, even though I knew it was in my best interest to save.

How about you? Has setting aside money been an issue for you?

Let's face it. Unless we're going to inherit great wealth, we'll need to tuck away some money. And, if you're still reading, chances are you won't inherit from your wealthy relatives (smile).

So, how do you take that initial, small step to saving?

Well, picture a jogger, if you will. You have to admire her. She's out there jogging in the early morning hours, determined to do her thing. And she does it every day. It takes a certain amount of dedication to jog daily. Motivation. Determination.

But, she didn't wake up one morning and begin jogging ten miles that day. If she tried to do that, chances are she'd be too sore to run again for quite awhile.

No, it's likely she began with much smaller steps, perhaps walking three times a week, working up to every day. She might have alternated her steps with jogging until at last, she was out there jogging every day.

So you see, she didn't start out jogging. Her starting point was walking.

And so it is with saving... one small step at a time. For you, previous commitments and lack of time may be important factors. You'd like to begin saving money, but your gut tells you that your methods must be compatible with your lifestyle. If they're easily done, that's even better.

So, you'll want to find methods of saving that will keep you out of the overwhelm mode.

If you live a somewhat hectic lifestyle, food may be one of your largest expenses. Eating out at lunchtime, not having time to pack the kids' lunches, or eating dinner out several times a week all add up.

If you're a busy person who spends extra money on food due to your schedule, let's think of this as your starting point.

TIP: The most important strategy you can implement is to always use your least busy evening (or day) to get started.

Below are some examples of how you might find and set up your own starting point.

1. Spend Less on Lunches
   1. Pick one night of the week when you have the least amount of errands or running to do after work. This is the perfect evening to pack a lunch for you or the kids.
   
   
   2. Pack lunches only on your chosen day when starting out.
   
   
   3. Once you've done this for about a month, pick one more evening/day that would work well with your schedule.
   
   
   4. Immediately tuck away the amount of money you've saved through making lunches. That's your reward! Write yourself a check if need be.
      
      You could also use that money and save even more by stocking up on sale items (buy only items you use on a regular basis.) This way, you'll never be caught off guard with no food in your pantry or freezer.


2. Spend Less Eating Out
   
   Since dinner costs more to eat out, you'll save more money by finding a simple solution to eating out less at dinnertime. To cut back on eating out, simply use your least busy evening/day to cook up a double batch of food. Freeze the extra as a backup meal for one of your busiest evenings.


3. Spend Less on Groceries
   
   Try spending just five dollars less when grocery shopping. Do it for a month or so. Then practice spending seven dollars less during the next month's grocery shopping. If possible, shop on your least busy day/evening.

These are all do-able. Not so much as to be overwhelming, and they place you at a great starting point. If your food and grocery bills are under control, consider other ways how you might take advantage of your *least busy* evening or day to tuck away some money.

So, set your starting point now. What's your least busy evening? Which *one* thing can you do, *one* time this week? Go for it, then do it again!

© 2005 Darlene Arechederra. Savvy Saving for Busy Women author Darlene Arechederra inspires busy women to put the fun back in saving. Her complimentary newsletter serves up heaps of motivation with a unique, down-home style of writing. Join her today at http://RatRaceRemedies.com/.

Have you met the Going-Broke-Saving-Money monster? I sure have. The item on sale is just "too good to pass up". The bottom line is simple -- you can be in control of your finances. But you must first be in control of your choices. Here are some steps to help you get control of your finances, and dig out of debt:

1. Determine your level of integrity about your money. Are you being honest with yourself and with your partner (if applicable) about your personal finances? Do you spend money, and then hide the evidence? Do you find yourself trying to justify how the money was spent? Having integrity with your money means that you feel comfortable and honest with how it's being made, and how it's being spent. It means that you're living an honest financial life.

2. Determine your relationship with your money. Ask yourself some difficult questions. Are you spending money to impress or control people, buy love, or to give yourself a rush? Some people end up with nothing at the end of each month because they refuse to take responsibility for how they spend or invest it. But the other side of that coin is that some people never use any of their money to enjoy their lives. By knowing where your money is going, you will be able to make decisions based on what is actually happening in the present, instead of fears or doubts that you have left over from past experiences.

3. Determine your awareness about your money. Do you know exactly how much do you make? Do you know exactly how much you spend? Do you know where you are spending your money? Do you have a spending plan? Do you spend money you later wish you hadn't? Are you shocked at the end of the year when you see how much you earned, yet can't identify where the money has gone? Do you have savings in case of emergencies or unforeseen circumstances? Are you insured?

4. Determine the differences between REAL expenses, and the Going-Broke-Saving-Money monster. Where is money being spent but not appreciated? The GBSM monster sucks up money for items that look too good to pass up. When this monster is locked up, it frees up funds for spending on something much more useful or worthwhile to you. Would you tear up $500 and throw it into the garbage? Of course not. Yet you throw away the same amount of money on magazines you subscribe to but never read, phone services you don't use, gym memberships you don't attend. Couldn't you use that $500 a year on something that might actually bring joy to your life or help secure your future? Don't continue a mistake; look for the GBSM monster, and put a leash on it.

About the Author:

Kathy Gates is a Professional Life Coach in Scottsdale AZ. If you liked this article, you'll love her "Beat the Procrastination Blues" program. Get more information at her website Real Life Coach, www.reallifecoach.com and sign up for the newsletter.

We've all heard the phrase "Living beyond your means". It describes someone who is living beyond their financial resources. Interestingly, there are other definitions of the word "mean". One in particular can also be used here; the mathematical definition. This definition defines "The average value of a set of numbers". It's a statistical term. The "mean" or the "average".

More...

Contrary to what many credit advisors say, paying off credit cards each month is not always the best action to take. When making credit card payments, don't pay the balance in full each month -- let a little roll over. Carry a balance on your credit card every other month --as little as a dollar. Paying balances in full does not increase your credit score; paying balances in full may in fact lower your credit score.

Find out why here.

Whether you like credit cards or not, by their widespread use it is evident that they are here to stay.

In any given year you may be bombarded with literally hundreds of offers to fill out applications for this card or that.

The glossary of credit card terms and definitions on this page can help you acquire the vocabulary used in the industry and understand what the promotional materials are really saying:

Account set up fee - This is an initial fee that some banks or providers charge to start up your account.

Annual fee - In lieu of higher interest rates throughout the year, some companies charge an annual fee, ranging anywhere from $10 and up, and charge you lower interest from month to month.

Application - This refers to the form that you fill out to give all of your personal and financial history to the credit company. They will want to know if you have any existing credit cards.

Approval - This means that the provider or lender has said yes to your request, whether it is for a loan or a credit card.

APR - This term actually stands for Annual Percentage Rate and it is what companies charge, per year, on the balance of your card.

Authorized use - This refers to the appropriate use of a credit card by it’s rightful owner.

Bad credit - This term seems negative in connotation but simply refers to a credit history that, for whatever reason, has not been able to stay on track.

Balance transfer - This means that you take the existing balance on your current credit card and transfer the money you owe to another credit card, preferably one with a better rate or options.

Budget - This refers to the money that comes in and goes out on a monthly basis. Keeping a budget can help you to stay on track financially.

Business cards - These are cards that make purchases or transactions for a business purpose only and they allow for write offs and tax perks at the end of the year. 

Cash back - This term refers to the option of receiving cash off of your credit card, similar to a debt card. Not all cards give this option.

Collateral - Items of value that you can use to guarantee the payment of loans or debts. For example, you can use a car as collateral to take out a loan and if for some reason you cannot pay the loan, your car becomes the payment.

Consolidation - This refers to the act of combining all of your debts into one smaller, easier to make payment, generally with less interest per month.

Credit bureau - This is the company that keeps your credit history on line.

Credit history - Credit history refers to your personal financial background and will detail any loans, credits cards, mortgages, etc that you have held and how you have repaid them.

Credit qualification - Qualification refers to the necessary attributes that allow you to become the card holder of a particular card. For example, some cards require a minimum annual salary.

Credit type - Just as it sounds, this refers to what credit type you have and it is based on your history. If you have always made your payments on time and have never defaulted, your credit type would be considered “good”.

Debt - This is how much money you owe.

Fees - These cover a number of different costs from set up to annual fees and are particular to the given institution.

Financial future - This term requires you to look ahead, to plan and to budget, for what you what down the road. You should consider your financial future when making purchases and choices.

Fixed APR - An annual percentage rate that does not change over a given period of time. Some APRs are variable, which means that they change or fluctuate.

Flexible payments - This terms refers to a company’s ability to accommodate your payment needs and abilities.

Goals - Referring here to financial goals, this term asks what you want for yourself financially and sets a plan for how to achieve it. A goal is an intended desire that one plans to reach.

Gold card - A premium card, the Gold card offers those with great credit ratings a much higher limit than your every day credit card. (An average limit is $1500.00 whereas a Gold card limit can start as high as $5000.00)

Grace period - A period of time in which a provider will allow you to go without making payments or charging you interest.

Guarantee - This terms means to be assured that something will come through, whether you get a low interest guarantee or a guaranteed approval.

Interest free - As it states, this means that there will be no interest charged for whatever reason, be it a promotional offer or a grace period. Certainly, some terms and conditions will apply.

Interest rates - These are variable percentages that providers charge per year for the use of their card.

Introductory interest rates - Many companies will give you a lower introductory interest rate to get your business. After a period of time, you will pay a higher charge, similar to other cards. The benefit is that they will usually give you a low interest rate on your balance transfer and if it is high, you can save money in interest that you are paying.

Liability - This is similar to responsibility as it means that you are in charge of the card and what happens to it. Many companies will say that they are not liable for lost or stolen cards.

Needs - Unfortunately, different from your wants, your needs are things that you must have to live a safe, healthy life. Examples are food, shelter, and clothing.

No credit - This refers to people that have not previously carried a credit balance and paid it off whether it was via credit card or some type of loan.

No hassles - This is a promotional pitch that promises you will be given great service and rewards with no difficulties.

Payments - Every month you are required to put money towards what you owe which is considered your monthly payment.

Personal cards - A personal credit card is used for your own use to make purchases that are needed for various reasons. This is different from a business card, which makes purchases that support or benefit a business operation.

Personal loans - A personal loan is a loan that is taken out in various amounts to help you through for whatever reason. Reasons could include home maintenance, school, travel, or just money to get through a rough spot.

Plastic - A slang term for a credit card.

Platinum card - One of the premium cards, a platinum card holder knows few boundaries in terms of credit limit.

Premium cards - This is a group of cards for people or businesses with outstanding credit. They are offered special privilege cards that have higher limits, lower interest, or no limit at all.

Prepaid credit card - Some credit card companies have cards with the option of paying first and using later. This is generally for people who have had some sort of credit difficulty. You would put money onto the card and then have that amount to spend.

Promotions - This refers to the various deals that companies offer to lure you to their business. Some deals include low interest, balance transfer rewards, points or air miles, or even money towards vehicles. If you’re in the market for a card, you can look around to see who has the best promotion.

Protection - This refers to the insurance you can have on your card to protect you in times that you may not be able to make payments, such as the loss of a job. In addition, there is insurance to protect you if your card is lost or stolen.

Provider - The company or lender from which you are obtaining a credit card.

Regular credit card - This is a credit card that is used for personal purchases. (see personal card) 

Rewards - This refers to things that a company may give you for choosing their card, such as points towards various items or interest free balance transfers.

Secure - This means that you must have collateral of some sort to have the card. You can put money down on the card before hand and use up to that amount.

Security deposit - This is a fee you put down to ensure repayment. In a way, it is like insurance for the lender just as a damage deposit is for a landlord.

Sign up fee - Some companies or providers charge a sign up fee. You can find promotional offers or companies that do not charge this initial fee.

Student cards - These credit cards have a lower limit on them and often, a lower interest rate. They are helpful for students who are just starting out and do not have much credit history. You can find out about them through various banks and lenders.

Terms and conditions - This refers to the rules and regulations you are agreeing to when you become the credit card holder. For example, one condition may be that you make a minimum monthly payment.

Travel rewards - This is one of the perks offered with some credit cards and gives you miles or points for every purchase, which you can later use to put towards the cost of a trip or vacation.

Unauthorized use - This refers to when your card has been inappropriately used without permission. All unauthorized use should be immediately reported.

Unsecured card - This is a card that is free and clear and without the limits of needing collateral in order to spend. You can slowly increase the credit limit once you are approved and have shown that you can make your payments.

About the Author:

Grant Donald is a successful internet entrepreneur and author whose websites provide moneysaving and credit management advice for consumers purchasing a variety of consumer financial products such as
low interest credit cards and credit cards for damaged credit.

Michelle Jones says:

"When our children were very young and we were often short on cash, I regularly saved 50-60% off of our food bill by using free grocery coupons each week. (Easily totaling more than $100 in savings every month!) Let's just say I was known by some of our closest friends and family as a 'Coupon Queen,' and was proud of the title."

For the rest of the story, click here.

One of the most important steps in the home buying process is getting Pre-Approved as early as possible.

The Pre-Approval process involves you speaking with a Mortgage Lender about your financial situation, what you'd like to accomplish, and any concerns you have. Armed with that information, a Mortgage Lender can obtain an approval from a lender up to a specified loan amount and provide you with monthly payment information and closing cost information.

There are many benefits to getting Pre-Approved. First, Realtors will spend more time assisting you with your home search if they are confident you’ll be able to obtain financing once you’ve located a home you’re interested in purchasing. Second, Seller’s will take your offer more seriously since they know you will be approved for a mortgage -- and they won’t risk taking their home off the market only to find out the deal is going to fall through 30 days later. Finally, since you know you’ve been approved and much of the paperwork has already been processed, you’re in for a much less stressful experience.

Why is it important to do this as early as possible?

Many loan officers report that over 50% of the credit reports they see have inaccurate information listed. This inaccurate information could be the difference between you getting a loan or not getting a loan - getting a rate of 5% or getting a rate of 7.0%. The earlier these errors are found, the sooner they can be corrected.

So, what do you need for the Pre-Approval Process?

Here a list of documents your Mortgage Lender will want to initially see copies of:

*W2's from the last 2 years
*Tax Returns from the last 2 years
*Pay stubs from the last 30 days
*Bank & Brokerage Statements from the last 3 months

Additional documentation will be required depending on your specific situation and as the process progresses.

Your Mortgage Lender will go through a loan application with you, which covers questions related to your current residence, employment status, marital status, etc. There will be a series of disclosures you'll have to sign as well - some required by the State or Federal Government informing you of your rights in the process.

With the application and disclosures signed, the supporting documentation you provided, and an understanding of what you are hoping to accomplish, the Mortgage Lender is ready to submit your "loan" through what's called "Automated Underwriting". Within minutes, unless your situation requires an underwriter to personally review your file, you will have an answer to your loan application.

Now that you have an approval, your Mortgage Lender will issue a Pre-Approval letter outlining the terms of your approval. Your Realtor will request a copy of this letter (typically before they begin showing you homes) and will include a copy with any offer
you make on a property.

Now it’s time for the fun part – looking for homes!

Chris Rocks is a successful Mortgage Consultant and writer based out of Chicago, IL. Website URL: loansbyrocks.com Contact Email Address: chris@loansbyrocks

Gasoline is going up in price constantly, as are
groceries, taxes and other things we have no control
over. We are all under pressure to make do with
less--be it money or time.

Here are a few suggestions for saving time and money
around the house.

You'll pay an obscene amount of interest if you pay your mortgage according to its original terms.

Why not keep that money in your pocket, and retire your biggest debt as soon as possible?

Learn how, here.

One of the first steps on your journey to financial security is to know what your present state of affairs is. Otherwise, how can you map out a success strategy if you don't know where your starting point is? One important part of this evaluation process is to consider all income and expenditures an investment in your future, good or bad, so you can invest wisely.

Although the intent of this series is to help the average woman develop the basic financial skills, there are people of both sexes, from all walks of life, that opt to allow others (or no one) to manage their finances. It may be 'easier' on the surface to be disconnected from the stress of financial management, but ignorance is not bliss when it comes to your money and your future.

It is our sincere wish that everyone have a happy, wonderful life with none of the pitfalls inherent in our modern lifestyle such as divorce, job loss, illness and death. But unless your name is Cinderella, you need to understand that there are harsh realities you need to prepare for. This is not fiction we're writing here.

One of the first steps on your journey to financial security is to know what your present state of affairs is. Otherwise, how can you map out a success strategy if you don't know where your starting point is? Even Dorothy had a starting point to escape from Oz. It may be unpleasant to face reality, but you gotta know.

Make a file, a notebook- some kind of recordkeeping device that works for you. You can buy books for that purpose, use a computer program, whatever. The important thing is that it be comfortable and easy for you. Don't add to your stress by trying to use a system that takes a lot of effort on your part to work with. My husband likes to do his recordkeeping on the computer but I prefer a notepad and simple accounting ledger.

The next thing to do is find out how much money you have right now in cash, checking and savings accounts. If you are the bill payer for your household, this should be easy, but if you've not been involved in that process previously, you may encounter resistance, even suspicion. It may take a diplomatic effort on your part to reassure your mate that your intentions are honorable. Each partner in any domestic relationship has both a right and responsibility to participate in the financial processes of the partnership. Just as you wouldn’t invest in a business then blindly allow someone else to control the money, it is unwise to invest in a relationship with fruits of your labor yet not have a hand in the investment process at home.

When you think of investments, you may think stocks and bonds, but in truth, everything you spend money on is an investment. Buying groceries, paying doctor bills is an investment in your health. That big screen TV you've been wanting would be an investment in your entertainment. Getting up every day and going to work to earn a paycheck is an investment in your financial welfare. Paying bills is an investment in your good credit. Paying the electric bill is an investment in keeping the lights on. Instead of seeing things as expenses, consider them as investments. This is important as it programs your mind to see each expenditure as important and worthy of consideration.

Just as there are good investments that benefit you in both the short and long term, there are poor investments that would rob you of your security. Investing paycheck dollars in alcohol down at the local pub night after night may be an investment in your entertainment, but it is a poor investment long term as the return on your investment would likely be unpaid bills, poor health, possible addiction, legal bills from DUI's and a whole bunch of ‘friends’ who spend a lot of their resources on that sort of thing as well. Spending money for unnecessary items just to satisfy your desire for something new falls into this category. So does paying with a credit card and racking up big bills if you can't afford to pay them off in a timely fashion.

Speaking stocks and bonds...and retirement accounts, anything considered an investment for the future, you need to know what the value is. This could be as simple as looking at the most recent statement of that account or if it's your twenty year collection of Elvis dolls, having a competent, trustworthy appraisal done. You should make copies of all documentation and keep the originals in a safe place. This way you will have copies of the account numbers and a history record should it be needed. Be sure to include life insurance accounts in this search. Term life insurance does not accrue cash value, but it is good to know what you would have available to you if your loved one dies. Find out when the term of the insurance expires and what renewal options may exist. Whole life insurance accumulates a cash value over time as well.

Next, find out exactly what your total monthly household income is. All payments should be considered, and a copy made of the most recent statements should be added to your file.

Last but most importantly, is to find out where your money is going. Every last dime of it. Not only from the monthly bills, but everyday expenses. It's not a lot of fun, but keep a little notebook handy for a month and track expenses. You need your partner to do the same as well or at least give you the receipts so you can track things. If you meet a lot of resistance, you may have to resort to asking questions, making estimates or, as a last resort, snooping around to find out. This may be the least desirable approach, but every cent that gets spent in your household is an investment in your future. You have the right to know.

Once you have completed the information gathering process, you will begin to have an idea of your true financial health. The next step in this series will be to conduct an honest, straightforward appraisal of your financial health.

About the Author

Karen Walker is a wellness consultant and author. She works from her home in western Montana. She and her husband, Lynn McCormick, maintain websites to help those whose lives have been upset by catastrophic health events.
NewAmericanFamily.com

In an attempt to describe perfect credit it is almost impossible to put into words because perfect credit is a myth. The best the majority of consumers can achieve is good credit, and this is due to the fact that we are human, and as humans we have a tendency to err. Yet, good credit is still a goal that is still unattainable by a large number of consumers because their credit is damage at a young age. The best concept devised is a report entitled "Using Credit Wisely" that discusses how to use credit, but we come into contact with credit at an early age and start the damaging process, which leads us to a lifetime of bad credit.

This phenomenon is accredited to the ease of gaining credit during the college years, when credit card offers are pouring in almost every semester we are enrolled. As students we are not yet aware of the consequences of using credit unwisely, so we use them to pay all of the expenses not covered by our tuition. Then after we graduate, we spend most of our time trying to find employment to repay all of those student loans we acquired, and often overlook the small debts created by using the credit cards we applied for to pay all our other expenses.

Now, all of our accounts have gone to collection, even the ones we tried to pay but got behind on, collection agents are calling and we are doing our best to avoid their calls because with all of our other living expenses, we barely have enough for food. Eventually the collection calls slow down or completely cease, and we think it over, but it has only began, a few years later when we go to apply for a car or a home, those neglected credit card accounts come back to haunt us.

This is a typical scenario faced by millions of consumers every day, but there is hope for those tying to repair the damage done in our earlier, uninformed years. And the answer rest in laws created by the Federal Government, in a form of laws that protects the consumer as-well-as helps them try to restore their "good credit" rating. These law are entitled the Fair Credit Reporting Act, Fair Debt Collections Practice Act, and the Fair Credit Billing Act, if used wisely these laws can in affect help consumers restore their credit to a status they can be comfortable with, if not "perfect."

The first step in using these laws to our benefit is to acquire a firm understanding of what these laws cover, and the Federal Trade Commission has outline the text of these laws on their website www.ftc.gov. The next step is procure copies of your credit report, and this can be accomplished by purchasing them from the three consumer reporting agencies for a fee of usually $8.00 to $12.00, but a copy can also be attained for free if you have been denied credit or employment based on information contained in the credit file, this is one of the sections contained in the Fair Credit Reporting Act.

Another avenue available to consumers that want to restore their credit but don't have the time to research these laws is hiring a professional credit repair organization to initiate the process for them. If you decide to hire a credit repair company, it is strongly suggested that the Credit Repair Organizations Act be read, and this law can also be viewed on the FTC's website.

The word to be when trying to restore credit is "vigilant," because this can be a daunting task, but repairing credit can be accomplished by the average consumer. If a copy of the credit report has been procured, then it is time to go to work, first ensure that all personal information contain in the report is accurate and up-to-date. A consumer can lose very valuable credit points by the information contained on the credit application and what is contained on the credit file not matching. Most consumer reporting agencies will have a form that allows to update the information contained in the personal section of the credit report, if this form is not present, create one with the incorrect information above the correct information and instructions on what is suppose to be contained in the report.

The next phase will be to correct or delete accounts that are not yours, or contain outdated entries that should have been removed from the file based on the laws contained in the Fair Credit Reporting Act. The types of entries that can be deleted are most revolving and fixed accounts that have been closed due to non-payment with a date of activity of seven years ago, and bankruptcies after ten years, and the majority of court related rulings can also be removed after seven years. Disputed accounts have to be investigated, and it is the responsibility of the credit grantor to proved that the account belongs to the person disputing it.

Using the disputing process of the law is a way to ensure that the consumer reporting agency is reporting correct and up-to-date information on the consumer, but also under this same law it is illegal to dispute information that is accurate and correct. The good news is that accounts that have been paid off and are in good standing can stay on your credit report indefinitely, and this can work to your to your benefit because it allows the reporting agency to report only good credit once the credit file has been restored and maintained.

T.B. Collins is the owner of Millennium Credit Service ,a company that specializes in credit restoration. He has been in the credit repair field for over ten years.

The U.S. Department of Agriculture estimates that it costs nearly $15,000.00 a year for a middle-class family to raise a child born in 2002 to age 17 (without adjustment for inflation). In recognition of this cots, you can claim a tax credit each year until your child reaches the ago of 17. The credit is currently up to $1,000.00 per child. This credit is in addition to the dependency exemption for the child.

You may claim a tax credit of up to $1,000.00 in 2004 for each child under the age of 17. If the credit you are entitled to claim is more than your tax liability, you may be entitled to a refund under certain conditions.

Generally, the credit is refundable to the extent of 10 percent of earned income over $10,750.00 in 2004.

Conditions:

To claim the credit, you must meet two conditions.

1. You must have a qualifying child. 2. Your income must be below a set amount.

QUALIFYING CHILD.
You can claim the credit only for a "Qualifying Child." This is a child who is under age 17 at the end of the year and whom you claim as a dependent.

The child need not be your own child – he or she can be a stepchild, grandchild, great-grandchild, sibling, stepbrother, stepsister, or a descendant of any of these.

For example, if you support your 16 year old sister and claim her as a dependent on your return, she is a qualifying child. An adopted child is a qualifying child as long as the child has been placed with you by an authorized agency for legal adoption, even if the adoption is not yet final.

MAGI LIMIT.
You must have modified adjusted gross income (MAGI) below a set amount. The credit you are otherwise entitled to claim is reduced or eliminated if your MAGI exceeds a set amount. MAGI for purposes of the child tax credit means AGI increased by the foreign earned income exclusion, the foreign housing exclusion or deduction, or the possessions exclusion for American Samoa residents.

The credit amount is reduced by $50.00 for each $1,000.00 of MAGI or a fraction thereof over the MAGI limit for your filing status. The phaseout begins if MAGI exceeds the following limits:

1. Married filing jointly $110,000.00 2. Head of household $75,000.00 3. Unmarried (single) $75,000.00 4. Qualifying widow(er) $75,000.00 5. Married filing separately $55,000.00

Example: In 2004 you are a head of household with two qualifying children. Your MAGI is $90,000.00. Your credit amount of $2,000 ($1,000 x 2) is reduced by $750 ($90,000 - $75,000 = $15,000 MAGI over the limit) = 15 x 50 = $750. Your credit is $1,250.00 ($2,000 - $750).

HOW TO CLAIM THE CREDIT AND GET A BIGGER REFUND.
If the credit you are entitled to claim is more than your tax liability, you can receive the excess amount as a “refund.” The refund is limited to 10 percent of your taxable earned income (such as wages, salary, tips, commissions, bonuses, and net earnings from self-employment) over $10,750 in 2004. If your earned income is not over $10,750, you may still qualify for the additional credit if you have three or more children.

If you have three or more children for whom you are claiming the credit, you may qualify for a larger refund, called the additional child tax credit.

QUICK TIP.
If you know you will become entitled to claim the credit (e.g. you are expecting the birth of a child in 2004), you may wish to adjust your withholding so that you don’t have too much income tax withheld from your paycheck. Increase your withholding allowances so that less income tax is withheld from your pay by filing a new from W-4, Employee’s withholding allowance certificate, with your employer.

The child tax credit is scheduled to decline to $700 per child in 2005 and then increase to $800 in 2009, and $1,000 in 2010 and later years.

You figure the credit on a worksheet included in the instruction for your return. You claim the credit in the "Tax and Credits" section of Form 1040 or the "Tax, Credits, and Payments" section of form 1040A; you cannot claim the credit if you file form 1040EZ

If you are eligible for the additional child tax credit, you figure this on Form 8812, Additional Child Tax Credit.

Mr. Gaurang Patel is a widely recognized and well respected authority on Personal Income Tax matters (Single Parents, Married Families, Small Business Owners). He put his Harvard MBA on hold to start his own Accounting firm and help everyday people just like you from all walks of life to cut your tax bill in half (by at least $1,250 - $7,500). His firm has 50+ years of experience helping everyday people just like you from all walks of life. He can help you file you Income Tax Return and put a guaranteed bigger refund back in your pocket TODAY regardless of where you live in America. Patel Financial Services has served diverse clients from all backgrounds from ALL OVER AMERICA; all the way from Maine and Florida to California and Texas. To sign up for his newsletter titled "The Wealth Builder & The Tax Cutter" visit his website at Patelfinancialservices.comor send a blank email to Subscribe@patelfinancialservice.comwith the word "Subscribe" in the subject line.

You may also contact his firm directly at 1-717-909-7224