Blog - page 7

Ensuring Your Relationship Survives When You Move in Together

Darryl Bachmeier Aug 20, 2020 Social

Cohabitation may not seem that different to couples who already spend the majority of their time together. In fact, it may even sound like the next step in a relationship once you’ve reached that level of comfort. But it is a big deal and can wreak havoc on stable relationships if not timed well. Worse may be in order if the person you’re about to move in with isn’t the right one! We suggest taking some steps before you shack up: Talk about the Money A very glaring indicator that proves – or disproves – if you should live with each other is your position on finances. Not being on the same page may make things difficult later on. Moreover, it’s not just about knowing how much the other person earns per month. Love won’t be paying the rent or cable bill, and it shouldn’t be the only basis when...

Walking away from Mortgage

Darryl Bachmeier Aug 18, 2020 Finance

If your mortgage is higher than the actual value of the house, what should you do? Should you wait for the house to increase in value or should you consider a strategic foreclosure? A mortgage loan that is more than the current value of the house is called an underwater mortgage. In this case the amount you owe will be greater than the actual price of the house. It is also referred to as negative equity of the homeowner. So what should you do in the case of an underwater mortgage? Determine whether you loan is underwater or not The first part of the process is to find out the difference between the house price and the loan amounts owed. For example if your total loan owed stands at $225,000 while the price of your house is $ 200,000 your loan would be considered an underwater mortgage. Once a loan...

Portfolio Diversification – the Whats, Whys, and Hows of it all!

Darryl Bachmeier Aug 16, 2020 Finance

Investors can minimize risk by spreading their efforts over different financial categories, such as investment vehicles and industries. By doing so, they also maximize ROI since the different areas won’t react to financial upheaval events in the same manner. Having said that, as an investor, you should know that diversification isn’t a guarantee against loss. It is, though, an important component that lets you reach long-ranged financial goals with minimal risk. So, now you know diversification, let us see what it does and how to make it work for you: Diversify to Reduce Uncertainty No financial market is without a certain level of uncertainty. So, for example, if all your investments are going to the stock market, crashes can cause you to lose them. That’s also true for other markets, including real estate, currency, etc. The main reason diversification functions is because all markets don’t usually crash at the same...

How to Fix Your Credit Score

Darryl Bachmeier Aug 14, 2020 Finance

You’ll see many articles touting quick ways to fixing your credit score. Don’t fall for them because most quick-fix efforts are likely to backfire! The process will take some patience, discipline, and time. Be responsible and manage rebuilding your credit over time. Begin by repairing your credit history, which will gradually up your credit score. Use the steps that follow as guidelines to do both: Checking and Disputing When you receive the credit report, check it for any incorrect information. We’d recommend signing up to receive the reports from all three agencies. If you do find errors or missing data, contact the agency in question and prepare to dispute them. Learn how to do that. Also, keep in mind that you won’t affect your FICO score or any credit reports by checking your own credit score. Tardiness can be Bad for your Credit Score The main thing that interests a...

Guide to tracking your expenses

Darryl Bachmeier Aug 12, 2020 Finance

Defining the term ‘Tracking your Expenses’ Tracking your expense means having a series of a systemic approach to manage the influx and outflux of your money strategically. Tracking your money allows you to track the exact single dollar that has been spent around into the categories that you have made according to your needs. Why Do You Need To Track Your Expenses? Tracking your expense is one of the main things you need to do as an adult. When you keep an eye on your expenditures, you allow yourself to be more responsible and make correct choices that can benefit you the most. Tracking your expense also allows you to make improvements and create more savings, hence making your life more organized. Advantages of Expense Tracking Here is a list of amazing reasons why you need to track your spending and expenditures: Creates Healthy Spending Habits Tracking where your money...

Impulsive spending – How to stop

Darryl Bachmeier Aug 10, 2020 Finance

If you constantly feel the need to shop at every whim, you need to stop and see if your shopping has become an impulse of yours. If you have new packages coming to your house every day, or you realize that you are spending way too much time in malls and grocery centers, this is a sign to self-reflect. What is Impulsive Shopping? As the name suggests, impulsive shopping is the thoughtless shopping for unnecessary shopping at every whim. This can start from weekly shopping sprees from your local mall to shopping online on the go, impulsive shopping has now become a problem in the digital world where everything is just one click away. What triggers impulsive shopping? Impulsive shopping has certain triggers that can make you buy aimlessly. Each person has certain triggers that make them purchase items they don’t need but feel the need to spend money on...

How to spend less than you make

Darryl Bachmeier Aug 8, 2020 Finance

Do you find yourself struggling near the end of the month to keep with your finances? Perhaps this is because you have not yet applied the golden rule of personal finance in your life, which is to spend less than you make. The urge to spend money as soon as the bank credit notification hits your phone is unavoidable. This is why people go into debt and end up jeopardizing their monthly budgets. In this article, we will go over some of the benefits of internalizing this habit, how you can master it, and what you can do to expand your overall income as well. Let’s begin! What are the benefits? One of the best feelings in the world is to be debt-free. In this hyper-consumerism society, we tend to spend on things we can’t afford in the first place, putting us in debt for the days to come. Being...

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