Many people are getting stressed out in managing their investment portfolios and their finances. Banks are closing, companies are going bankrupt, and people are losing money.  The good news is that there are ways that a person can reduce their anxiety and stresses in taking care of their finances.

Get sound advice from a good financial professional. There are many financial professionals that can give you good advice on how to manage your finances. Listen to what they have to say and decide for yourself the best route you can take in terms of your investments and finances.

Budget your money properly and watch your expenses.  It is important that you spend your money wisely so that you will stay afloat. During these tough economic times, buy only those things that you absolutely need.  You never know when you will be short on cash so develop a sound budget which will prepare you for the short and long term future.

Instead of worrying about how you will get through the rest of the week, try to focus on today. Each day can provide us with different opportunities to learn new things and that includes learning how to deal with your business problems. You never know when the answers you are looking for will come to your doorstep.

Learn to manage your spending habits. The more you spend on things that you do not need, the less money you will have for the future. There is nothing wrong with buying things that seem nice at the time, however it might be best to wait a few months until you get back on your feet. The point is that you need to be careful on your spending until things get back to normal.

Try to stay out of debt. Pay off your credit card bills on a regular basis so you do not have to pay a higher interest rate down the road.  Make sure you continue to have health insurance.  The last thing you need is for something to happen and you have to pay for medical expenses. There also many credit counselors you can talk to that will help you develop a plan to get out of debt.  Instead of worrying about what may happen focus on what the professionals have to say and  always do your homework.

These are some of the ways to manage your anxieties and stresses of dealing with your finances and investments during these uncertain economic times. Even if you do not make a lot of money, there are ways to reduce your expenses and develop a sound budget. The key is to knowing how to manage the money you do have.
About the Author:

 
Stan Popovich is the author of “A Layman’s Guide to Managing Fear Using Psychology, Christianity and Non Resistant Methods” – an easy to read book that presents a general overview of techniques that are effective in managing persistent fears and anxieties. For additional information go to: http://www.managingfear.com/

This article is one of many in the Winter Issue of WE Magazine for Women. To read the latest issue, visit: http://wemagazineforwomen.com/WEMagazineWinter2008.pdf

Have you ever thought that making financial decisions was hard, and you try to avoid the situation as much as possible.. So many people have misconceptions on buying a home, credit, investing, and lending.

Well if you knew your finances then when making a financial decision you are already completely aware of the process, and what is entailed. But it is really not that hard if you are educated enough to what is good and what is bad.

Also, why do banks ask for so much information such as 2 years tax returns, banks statements, assets, and much more?

For example someone that doesn’t have credit will say that they can’t purchase a home because they don’t have credit, well that is not true. I can get a client a mortgage with no credit history versus have a bad credit history.

Well, they want to make sure that you are responsible enough to repay any method of borrowed money, and that will reflect your credit score.

The Horrible Part is that consumers are not aware of their finances, and all that is entailed.

For example: Are you aware that you have 3 credit scores, and one of which is your beacon. Which one is your beacon, and why are they called FICO scores?

Your beacon is a name given to the credit score published by Equifax, and that is referred to your middle score.

There are really three FICO scores computed by data provided by each of the three bureaus––Experian, Trans Union and Equifax. Some lenders use one of these three scores, while other lenders may use the middle score which is your beacon.

Did you realize that the higher credit score you have the better financing term you can receive. For example: Someone with a 640 credit score will receive an interest rate of 9-10% versus have a score over 700 and receiving an interest rate of 0-5%. The interest between the two could value up to $10,000 depending on the price of the car!!

Closing credit cards is a Big No No.. By closing your credit cards it closes your available credit, and that makes your credit score go down. For example: I had a client the other day, and he had a 700 credit score a year ago. Well, his bank told him that as he pays off his credit cards to close them so he and his wife wouldn’t be tempted to use them. So they did as they were told, and in a matter of a year they had closed over 20 credit cards. By doing that you are closing open available lines of credit and that only leaves the line of credit/credit cards with a balance open. It makes it as if you only have lines of credit with balances, and the more available credit that you have not being used is the BEST. So when a client comes in we give them handouts, and really stress simple ways to keep your credit score up!

You might ask yourself, “How do I Keep My Credit Score Up”?

1. The best way to build your credit is to have a checking account and pay everything with checks and keep all statements. That way you can prove all payment history. (Avoid NSF Charges)

2. Payment history is very important. YOU ALWAYS want to pay your rent, mortgage, car, installments loans, and credit cards ON TIME EVERY MONTH. (Especially the mortgage or rent)

3. You at least want to have 3 trade lines, installment, credit cards, or mortgage.

4. NEVER CLOSING ANY CREDIT CARDS.

5. DO NOT CHARGE OVER 40 % ON CREDIT CARDS, AND DO NOT MAX THEM OUT.

Example: A credit card with a $1,000 credit limit should only have a balance of $400.

6. If you are going to buy a house or refinance do not OPEN ANY NEW credit accounts.

(Don’t buy any new furniture, cars, and DO NOT let any one run your credit.)

7. If you have ever had a Bankruptcy keep all paperwork, and DO NOT acquire any new delinquencies on your credit report.

8. If you have been a divorce MAKE SURE that you keep your divorce decree.

9. If you receive child support keep proof that you actually receive it.

Five Cs of Credit The ability and willingness of a borrower to pay is determined by five criteria.

1. Capacity – The ability of a borrower to repay a loan.
2. Capital – The amount of money the borrower has invested into the property..
3. Character – The overall feeling regarding a borrower’s credibility to repay a loan; the borrower’s length of employment is a
key measurement.
4. Collateral – Guaranteed support for a loan, generally consisting of funds or real estate, that ensures added security to the lender. Collateral can also take the form of guarantees provided by third parties, i.e. guarantors.
5. Credit – The repayment history of the borrower.

Finally, do you realize that you home is your largest and longest debt that the average person will have? Also, have you ever wondered with the rate at which technology is advancing today is their a program available to homeowners that will help eliminate some of that interest? Have you ever wondered how to pay off your home earlier without sending extra principle payments from your own money out of your checking account? How about using the banks money to pay your home off earlier, and not feel the hit on your own cash flow? You hear about Mortgage Acceleration Programs, and you wonder “Could That Help Me”? Well, without refinancing, changing your current cash flow, and without your mortgage payments going up, YOU CAN!!

What would your life be like without a monthly mortgage payment? Ask me how to pay your mortgage in 1/2 to 1/3 the time without refinancing or changing your monthly budget ~ Melissa Lang, Eagle Nationwide Mortgage (P) 985-649-2300 www.mymoneymerge.us

Going back again to days gone by, when kings and courtiers the world over pleaded with their scientists – or alchemists at the time – to create gold from lead, Morgana coaches and preaches Financial Alchemy; again creating the gold in your life from a lackluster existence.  Only with Morgana, it actually works.

It almost sounds too good to be true, but, if you step out of the magical fairytale and really hear what Morgana is saying, you will most likely see your own magical light at the end of what is for many, a dark tunnel of financial worries and woes.

Morgana is a leading expert on wealth manifestation, and the owner of Charmed Life Coaching, a successful life and business coaching company.  In her sessions, she stirs up a strong potion of life coaching, dynamic exercises, and loads of fun to help clients transform their lives.
 
What is her magical secret?  She helps you create an entirely new relationship with Money – your next significant other or your ‘money honey’ as she calls him – and build one of love, trust and mutual respect.  Not only do you find that your relationship with money has changed dramatically, and you get to reap the rewards, you’ll also find that your relationships with partners, clients, family and friends improve too.

To read the rest of this article, check out the Fall Issue of WE Magazine for Women http://wemagazineforwomen.com/WEMagazineFall2008.pdf

To learn how to Grow Your Small Business to 6 and 7 figures visit: www.GrowaMillionDollarBusiness.com today!

Wealth. Does that sound like a foreign word to you? If you’re saddled with loads of consumer debt the way so many Americans are, it is probably a very unfamiliar word.  Consumer debt is the greatest barrier to wealth. And when you’re suffocated by thousands of dollars of debt, it may seem impossible to get out.  

There’s good news! It’s not impossible to eliminate your debt and move toward wealth.. Most people simply don’t have a system for paying off their debt, and as a result they perpetuate bad habits and remain stuck in it. By using the proper debt management system, you can get out of debt quicker than you probably imagined with minimal change to your existing lifestyle.  

To top it off, there is a system you can use that will allow you to simultaneously create and feed the Wealth Cycle™, a cycle of wealth millionaires use to consistently and exponentially build their wealth. In other words, you can simultaneously become wealthy and repay your debt. 

Skeptical? You bet. But, you’ll be surprised at how easy this is.  It’s a basic matter of good vs. bad Before we get into the how-tos, it’s important to differentiate between good and bad debt. That’s right – not all debt is a barrier to wealth. In fact, some debt actually adds to wealth.  “Do you think millionaires don’t have debt?” asks Loral Langemeier, author of the popular book, The Millionaire Maker. “Of course they do – sometimes millions of dollars of debt.” The reason their debt is of no concern, however, is because it’s what is known as “good debt.” Good debt is any low interest borrowing you’ve done to finance a mortgage or student loans, with the interest deductible against your business operations. Good debt is good because it is actual helps you make more money (or, in the case of a student loan, it’s helping you learn so you can later earn.) Bad debt is consumer debt. That’s debt for consumer items, such as high interest credit card debt that you acquired buying perishable items. This includes car loans and home equity lines of credit. To build true wealth, you need to abolish bad debt and – if you want to be a millionaire – strategically build good debt.

To read the rest of this article, check out the Winter 2008 Issue of WE Magazine for Women.