Compared to some of my friends, my student loans are minuscule but nonetheless, it’s debt. And in the Personal Finance world, debt is as bad of a four-letter word as most cuss words.
Like most of us in this realm, getting rid of these debts was a main focus of mine for such a long time. It was an unhealthy obsession. I used to know exactly how much more we had left to pay. I used to know exactly how much we’ve paid in interest and I used to know that if we’d pay a little extra, exactly how much quicker we could become loan-free.
Those things were pointless.
Knowing those things isn’t fun. It isn’t going to help us get out of debt any quicker if I just knew the numbers but didn’t do anything about them. I know it was annoying to my wife because I wasn’t looking at the big picture.
It wasn’t helping anything.
All what it did was make me feel helplessly stuck and make me think that it wouldn’t be possible to enjoy life as long as we had these debts.
That’s complete and utter nonsense.
So I got to thinking recently and asked myself a couple of questions:
- Would I be any happier if I was debt-free?
- Would our quality of life improve?
- What would my wife and I even do with the money that we save?
So would I be any happier if I was debt-free? That’s a difficult question because happiness is a complex concept. I used to be very money driven. I chased promotions that I didn’t even want and I stayed in an industry that I hated for way too long because “that’s where the money was at.” Literally.
My wife hit the nail on it’s head when I was thinking about being a life insurance salesman when she said that “all that I see is the money and not what I’d have to do get it.” It was true.
I don’t think that debt was my problem. My job was.
I had this mindset that these debts were forcing me to stay at my job…that if I finally got rid of these debts once and for all, that I could finally leave my job. That’s probably why I was so obsessed with our debts in the first place.
I hated our brand new cars. I hated that I got into student loan debt to get a degree that I didn’t even want anymore.
I was full of hate and it was easy to place the blame on our debts and that’s what caused this obsession.
If you asked me if I’d be happier if I was debt-free about a year ago, I would, without hesitation, say most definitely, yes.
But if you ask me that same question today, I’m not so sure because that’s not what I’m so focused on these days.
At this point, it is what it is when it comes to our debts. They’re something that we’ve dealt with for a couple of years now so it’s just something that we go through each month. We made the decision to get new cars and get a loan for them so we’re dealing with it. They aren’t making or breaking us but it would certainly be nice to have at least one car paid off but we have other things that we need to figure out first.
I’m happier than I was a year ago with all the other major aspects of my life that these debts have taken a backseat to the more important things; mainly just enjoying life and being content with all that I have.
I didn’t want to change jobs because I didn’t want to make less money.
I didn’t want to get a dog because all I could see was the dollar signs.
I didn’t want to go on vacation because it would cost money.
What’s the point of working so hard if you can’t even enjoy it?
Back to the original question at hand….would I be happier if I was debt-free?
Yes. I would be a little happier but not as happy as I already am from no longer obsessing over debt.
Onto Question #2:
Would our quality of life improve if we were debt-free?
To a certain extent, yes. But I don’t think it would be such a drastic change. We’d still live in the same place, drive the same cars, work at the same job, and live the same lifestyle.
The only difference is that we’d be saving more.
Maybe we wouldn’t feel as guilty treating ourselves to eating out after a crazy day at work? Maybe I wouldn’t feel as bad spending so much money to go on vacation to Germany to see family so we’d go more often? Maybe life could be more spontaneous since we’d have a little more wiggle room when it came to disposable income? Maybe we’d buy a vacation home?
But if you aren’t having fun while you’re in debt, you probably won’t have much fun once you’re out of debt too. You’ll probably splurge on things you don’t really need because you “deserve” them for working so hard and depriving yourself for so long, that you’ll get right back into debt.
Last question: What would we even do with the money that we save?
Most likely, we’d save it.
When I first started my blog (nearly a year ago!) I had a page that was dedicated to my “financial commandments.” They are the rules that I try to live by and the ethos of this blog. After redesigning the website a few months ago, I realized that they had gotten lost in the shuffle.
The “commandments” were the reason I decided to create my blog and the guiding principles with which I try (and sometimes fail) to live my life. (J. from Budgets Are Sexy was also kind enough to feature the on my favorite blog ever—his own!)
A lot has changed in the 8 months since I wrote them: I paid off my debt, I
learned am learning how to be kind to myself, and I’ve made somebig life changes. But somehow, the “commandments” still ring true.
So without further ado, here they are:
1. Avoid Waste
99% of humans are wasting insanely large sums of money. Don’t be one of them
2. Only spend money on things that truly make you happy.
If it doesn’t make you happy or make you a better person, don’t even bother opening your wallet.1
3. Learn what happiness actually is
…and what it isn’t.
4. AVOID ALL FINANCIAL EXTREMES.
Never sacrifice important things like your relationships or self-care in order to get ahead financially. Instead, ignore societal norms and cut out pointless expenses. Never save money to the point of misery or spend to the point of excessive. Binging and purging is unhealthy in both eating and spending.
5. Debt is evil.
Dispose of it immediately and never take out loans again.
6. You can do anything you set your mind to
…even if it is not the norm or seems hard.
7. Saving money will make you1 happier than spending ever could.
8. Life is short and fleeting.
Financial freedom is about creating a life that allows you to focus on the things and people that truly matter. Never lose sight of those things (and people) as you work towards your goals.
Minimalism isn’t deprivation, but sometimes temporarily depriving yourself creates a path toward financial freedom. That was certainly true for me: I had six figures in debt—nearly half-a-million dollars if you include my mortgage—but today I’m debt-free. Of course, it took diligent budgeting to get there:
Cut cable TV, wrote more.
Drove less, walked more.
Cut credit cards, spent cash.
Stopped eating out, cooked meals at home.
Silenced satellite radio, meditated more.
Canceled gym membership, exercised at parks.
Lived without home Internet, used public Wi-Fi.
Sold large home, rented a smaller apartment.
Canceled magazine subscriptions, borrowed from library.
Ceased upgrading, found a détente with “outdated” tech.
Refrained from purchases, better utilized possessions.
Separated needs from wants, developed a comprehensive plan.
You see, I didn’t simply go without—I replaced expenses with alternatives, which made my momentary forfeiture feel less like a sacrifice. Interestingly, once I becamedebt-free, I was able to bring some of these indulgences back into my life, doing so deliberately, discovering which ones I could afford, which ones would add value to my life, and letting go of the rest.
How You Can Procure Lawsuit Loans Everyone knows how expensive settling personal injury lawsuits are and if you do not have the right funding source for it, you will not be able to get what you need. If you keep on paying for all these legal and personal fees and expenses, you will soon run out of savings. One of the things that you can do when you are in need of money for your personal injury lawsuit is to secure a good lawsuit loan. There is a lot to be known about procuring a lawsuit loan and if you want to get into it, you need to do your research first. Most people who apply for lawsuit loans do so for a number of reasons, depending on their need at the time of application. There are a lot of lending companies that offer lawsuit loans to clients who are currently settling personal injury lawsuits. Lending companies have a lot of ways of making sure how your personal injury case is going before they consider you as someone who is qualified for a loan. In a nutshell, settlement loans are very convenient for people who need the extra money in order to progress with their personal injury case. If a person cannot pursue his or her personal injury lawsuit because they could not get extra legal funding, then he or she will not be justly compensated. Lending companies offer this option because they know that there are people who are having trouble paying off their legal and living fees. A person will have the financial freedom to go through with his or her personal injury case and get the compensation that is due to him or her all thanks to legal loans. This is why all lending companies are becoming more and more careful as to who they provide legal loans to.
Smart Tips For Finding Loans
Lending companies need to make sure that you are being genuine in having personal injuries because if you are not, then you will not be able to win your personal injury lawsuit. Before you are able to secure your very own lawsuit loan, there are a few requirements that you need to process successfully in order for the lending company to approve your lawsuit loan. Another important thing that you must consider when it comes to securing a lawsuit loan is its current interest rates. Financial undertakings may be easy to get started on, but if you do not consider the risks, you may end up regretting it. But if you get a legal loan without considering all the risks, there will be a huge chance of you not being able to pay your loan back.Case Study: My Experience With Funds
The Advantages in Obtaining Lawsuit Loans There are said to be five benefits in obtaining lawsuit loans. Note that although the term loan is used, but it is actually not a loan but an advance on the possible settlement that one can obtained in a lawsuit. First there is a review of the merits by litigation funding providers about the underlying case, then they make a determination if according to their evaluation the case deserves the funding asked. Let us present briefly some benefits that one can get. Either your credit or criminal history backgrounds are not checked in a settlement or lawsuit loans. In a pre-settlement loan, the merits of your case will be reviewed by an underwriter, afterwards he or she will submit the findings to a funding entity that could have interest to give funds for the underlying lawsuit. The funding entity will advance about 10% of the estimated value of the underlying claim, if deemed acceptable. To emphasize again, it is the merits of the underlying case, not your credit history, that will be given basis by the funding entity on whether funding will advanced. The second benefit is that if you do not prevail in an underlying case, you are not required to pay the pre-settlement loan you have advanced. Yes, you read it right, this is one of the most beneficial aspect if you get a litigation funding. It is actually when you prevail in your lawsuit that you are required to pay the funds advanced based on the agreement.
What Do You Know About Lenders
The third benefit in obtaining a lawsuit loan is that if you cannot continue to pursue your claim against the person who did you harm, you will not be forced to settle the underlying lawsuit even at a very small amount. Usually, the person cannot continue working because of the injuries acquired during the incident, not to mention other time consuming elements related to the litigation. The funding that you have obtained will assist you in continuing to pay for your medical expenses, on making auto payments on time, on making mortgage payments on schedule, and in making other payments timely so as not to affect your personal credit.
Overwhelmed by the Complexity of Lenders? This May Help
Another advantage is that an individual is not necessitated to obtain the whole amount of the 10% estimated value of the underlying claim even through lawsuit loans or settlement loans. The fifth benefit is that settlement or lawsuit loans do not affect in any form or fashion the underlying lawsuit. Some people will suspect that their lawsuit will be affected if they get a litigation funding, but this is not so. On the other hand, if you get the funding, the plaintiff will have greater confidence as to the estimated value of the underlying claim. Whatever is the strategy, it should be discussed well with the plaintiff’s lawyer.
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It’s dependent on simple fact that payday loans have a poor reputation. Anyone has observed the horror testimonies of when these amenities go wrong and the pricey final results that happen. Nonetheless, within the right situations, payday loans can possibly be beneficial to you. Here are some suggestions you need to know prior to stepping into this kind of deal.
You might find on your own in need of income along with not one other possibilities than to obtain a payday advance. Explore other options initially you could possibly reduce costs by staying away from online payday loans. Provided you can, try to obtain the funds from your good friend or relative. Just be sure to take care of their funds with respect and pay them rear at the earliest opportunity.
Find out about hidden costs. There is absolutely no indignity in asking aimed queries. You do have a appropriate to learn about each of the fees engaged. It is not unusual for folks to indicator the contract, only to know they are going to need to pay off a lot more than they predicted. Ensure to inquire a good amount of questions, and comprehend everything, before you decide to make on your own.
Pay day loans will be helpful in desperate situations, but understand that you could be billed financing charges that will equate to practically fifty percent attention. This massive monthly interest can certainly make paying back these financial loans out of the question. The funds will probably be subtracted starting from your paycheck and will force you correct into the payday loan workplace for more cash.
You would like to selected a payday advance company that gives primary down payment. This implies money should be with your accounts by the next day. This is certainly hassle-free and safe since you don’t have to have a lot of money with you in this instance.
When acquiring a payday advance, ensure you offer the business all the information they might require. It is important to give a reasonable proof of your income. A spend stub is a great illustration of that. Also, give them the best number with regards to an urgent situation. If you give them incorrect information and facts, or although you may don’t give them the details that they need, you’ll have to hold out a lot longer to get your loan accredited.
Take care with passing your private information when you are making use of to acquire a cash advance. Typically, you’ll be required to send personal data, including your Social security number, when obtaining a payday loan. Some con artists use paycheck loaning being a entrance to get details to sell to third parties. Be certain you are involved with an honest loan provider.
Try out consuming your meals from home. You will be amazed at just how much you can preserve by preparing clean food in your own home. If you cook large amounts and refrigerate, you may have adequate to nibble on for many days. Though eating dinner out is easier, you will end up investing additional money. This may truly help in terms of paying down your payday advance.
When you’re attempting to get payday cash loans, you must provide the financial institution some different telephone numbers. The payday advance office will need your phone number for your home cell phone, your cellphone and your host to job. On top of these phone numbers, you may even ought to source the numbers of 3 other references.
Should you be putting your signature on a cash advance, ensure you only borrow the total amount you need and will easily repay whenever it’s expected. You may be offered access to larger sized amounts, but you need to decline them.
When applying for payday cash loans, watch out for businesses who want to rip-off you. You can find organizations that present themselves as cash advance businesses but usually desire to steal your cash. When exploring a specific loan provider, check if the higher Enterprise Bureau has any relevant details.
When you need money, you might not know where you can transform. Which is a dilemma which everybody has. The good news is, pay day loans offer you a possibility to pay your bills once you don’t have the cash. Simply use the guidelines organized on this page and analysis very carefully. You will be able to have rear in your ft in the near future.
The Best of Personal Finance Advice
When talking of finance everything always revolves around saving and investing for a better future. People end up spending every single penny of the money they earn and this is actually the problem. This in the long run only leaves them working for the bills. People receive different salaries at the end of the day. And if at all they have the same salaries in any way then they are most definitely going to use the money in different ways. Learning how to go about the money you make is the first thing that one needs to understand in as much as finance is in question.
Be sure to have a cash reserve. By doing this you will be saving for any emergency that may occur without your prior notification. In short you are being advised to have an account which you will have a portion of your salary just in case any emergency tries to surprise you. And there are different tips that you can use to go about this. Being either single or a couple will tell the difference in how you will handle the situation. If you are on your own the best way to do this is simply by having a six month salary in your account to start. The trick goes down to three month just in case you are planning to save the emergency fund as a couple.
Dealing with debts is another serious thing that kills the finance management issues of different people. The more debts you accumulate the more your finance is likely to go down. A lot of debts only mean that you own other people’s money no matter how much it look in your account. Therefore, only begin to save if you have cleared all your debts. Debts could help sometime but as soon as they are no longer necessary do away with them. Staying with debts clearly increases the interests on the debts that you had. The more time you spend with the debt the more money you pay.
After all this it is now time to make track of all the money you own. Some people try to assume that they have a lot of money to the extent they do not account for the ones they have spent. This way you will either be overspending or wasting your money. The best way to spend your money is by planning and noting how you have used it at the end of the day. The minute you fail to give attention to how you spend your money you will end up going through a number of small charges that you could have simply avoided.
Lastly, learn to invest your money in something that may give you more money with time. The best investments possible for you could be a search away or you could simply go for something most people relate to as passion.
Source: good info
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Getting a Merchant Account for Your Business
If you want to accept credit cards in your business, then you should know that there are many benefits that you can get from such. There are a few steps that you will have to take. You must be grateful since there are now several modern merchant accounts. In the past years, a lot of the new account providers have started offering services and what this means is that there is now a stronger competition among the providers. For this reason, the fees were actually lowered and there is an easy and simple approval process and it has become more streamlined too.
Many of the merchant account providers provide an online application as well as approval system which allows you to simply enter the information which can have you approved in as little as 2 days. The more complicated application can be approved in a limited amount of time. When you want to accept credit cards for your business, you must know that you are definitely going to the right direction. Here are a few things that you need to keep in mind so that you can be sure that you choose the most excellent merchant account provider.
Make sure that you select a merchant account provider with a proven track record. You have to check with the BBB so that you will know if there were complaints made. You may also check out the online forums and websites which are devoted to the business owners which use merchant a/c to see what the others actually say about the account providers that you are thinking of going for. You can email or call various account providers in order to see how well they really respond to this request of information.
Such simple steps can help you ensure that the account provider that you choose would provide customer services that you can rely on. This is quite important if you are first starting to use the account and accept credit cards.
It is also important that you select a merchant account provider that provides widely available tech support. Credit card sales would depend on the merchant a/c system that is available and can handle the transactions. If the system would encounter an error or interruption in services, the sales won’t be processed and profits and customers may be lost. Your business’ reputation may also get affected.
Make sure that the technical support is available for several hours and you should look for an account provider that offers toll-free number for tech support. Some of the account providers would provide an online chat option to be able to reach a technical support representative.
It is also very important that you first gather the financial documents prior to processing your application. It is also imperative that you select a merchant account provider which is knowledgeable in small business requirements.
Factors to consider when lowering your credit card processing costs.
Credit card processing is becoming more complicated because of the new technology, regulations and new fees. Individuals can be overwhelmed by all these changes. Credit card proceeding companies are offering small business owners with inundated offers as a way of helping them save money. These offers start with a very low rate. There are various tips that you can follow to lower your credit card processing cost and they are discussed below.
By knowing your business type you will be able to lower your credit card processing cost. The type of business that you have is what will determine the type of discounts that will be applied in cards like the visa and master cards. Every rate for each industry used to be charged when credit cards were first introduced. Some industries thought that the rates were too high and they were cut into the profit margins that is why they refused to accept the credit cards. Master cards and visa cards started offering discounted rate to industries and different processing methods as time went by. As a result of the discounted rates, credit cards started being used in gas stations, supermarkets, and restaurants. In addition, you can get set up properly so that you can be able to lower your credit card processing cost. It is important to make sure that you are processing under the correct business type so that you can take advantage of your savings. Consulting your credit card processor is very important because they will help you get set up properly.
Moreover, know your credit card mix and average transaction for you to lower your business card transaction cost. There are many credit cards processing types such as personal cards, reward cards, debit cards, purchase cards and corporate cards. Credit cards have a direct impact on the rates you pay. You will be minimizing your credit card processing coat by breaking down the credit cards. Another factor that can be used to lower the credit card processing costs id using the new technology. Another important factor you can use to lower your credit card processing cost is to review your statements often. For you to be able to evaluate your account you should always review statements on monthly basis. Check on any changes on rates and irregularities when reviewing your bank statements. Accepting all types of credit cards types and transactions methods is another way of lowering your credit card processing cost. The final tip you can use to lower your credit card costs is getting various bids for the credit card processing services. One way of ensuring that you win all the bids from the banks is having multiple credit cards and by doing this you will be lowering your credit card processing cost.
How to Ensure a Secure Credit Card Processing for Your Business
These days, there is an increase in e-commerce and individuals make use of different ways to offer their customers an easy as well as convenient way to shop. Credit card processing is the best way to bring the online business forward. This would not just help the business to grow but this also attracts customers to purchase products or services from your online store or business.
When you are interested about expanding your small business and you wish to be a business giant, then it is really important that you look for a reliable payment method for the credit card. If you are not able to manage online sales management, then you must find out what is the problem with this. Probably, the service provider that you have chosen is not that efficient and this is the reason why you can’t manage online sales. Before you would encounter any bigger issues, then what you must do is that you have to look for a different service provider. You can surely have a secure credit card processing when the service provider is genuine. What you will just have to do is to ask those simple questions when picking the service provider. Here are some of the things that you must ask from the provider.
Get to know their fees. Know that the fees of those merchant services for the website would include the application as well as set up fees, the interchange fees, monthly statement fees and also early termination fees. The service provider must clear all the doubts about the fees and know whether they have hidden costs.
You must know more about the kind of payment which they accept. When you are the owner of a retail business, then you would like to make sure that the chosen payment process would accept cards like MasterCard, Visa and others so that no customer would face any issue when paying for the orders.
Also, you must find out how long the whole process is completed. A lot of service providers of the online merchant accounts complete their job with a fast turnaround time. Get to know more about their account set up time and the installation so that you can plan things properly. When you have chosen the right service provider, then they will help you with patience in each step of the way.
There are several credit card processing companies and some have the major players too. However, you need to be critical when it comes to selecting a processor. Ensure that you are able to find one that provides the solutions to low-risk as well as high-risk merchants. Going for companies that provide offshore and onshore services can be a great option.
The Benefits of Credit Card Processing
People who have chased after their dream businesses and now own their own stores or shops might certainly feel a great deal of happiness and satisfaction in what they have been able to accomplish. One should never stop with having been able to start the store, however, but must work hard as time goes on in order to make it prosper and flourish. The good news is that there are many methods through which these business owners can accomplish this, one of which is through credit card processing. One who decides to add credit card processing to his or her store or shop, then, will definitely be able to enjoy many wonderful advantages.
The first thing that people will be able to enjoy through credit card processing is the benefit of being able to gain more customers and clients. In the modern world of today, it is not uncommon for people to purchase items without the use of cash, but rather through their credit cards. If business people want to gain a wider customer base, then, they should certainly start processing credit cards, as this will mean that more people will come to their stores to buy from them.
Another thing that people can enjoy when they start processing credit cards is the benefit of being able to create a stronger relationship of trust with their potential customers. One who carries around a credit card shows that he or she has trust with this card and the company that offered it to him or her. This means that business owners who decide to go into credit card processing and process these particular cards will be able to extend the trust that people have for their own cards to themselves.
When one goes into credit card processing, he or she will also be able to benefit because through it, more convenience and flexibility can be enjoyed. One who is worried about adding credit card processing to a company’s system, then, does not have to worry at all, as companies that offer credit card processing will make the whole thing simple and easy.
When all has been said, then, people who own shops or stores will definitely be able to benefit a lot of wonderful and satisfying things through credit card processing.
Have Quick Scan of the Benefits of Credit Card Processing
for you to match with the pace of the digital age you have to embrace the latest technological ways of doing business. You should always on the run embracing latest techniques which can give your business mileage. A single flip of the eye can leave your business behind; so wake up and take advantage of the current technological evolutions. The overall technological business growth cannot be realized without enhancing method of payment and in this case, have a look at the manifold benefits which can be enjoyed from the use of the credit card.
By just dialing a number, you will be in a position to carry out a transaction from any part of the world using a credit card and this makes it a superb method of purchase. The transfer of the cash or rather the monetary value of the client is automatically transferred from the client’s account to the merchant’s account. This makes it far much better than the use of cash and checks. In nutshell, the traditional methods of payments were impossible to be done over the phone. In case you are anxious to know some of the sound benefits which can be realized by the use credit card processing, this piece will take you through step by step.
To begin with, the extensive use of mobile technology is shaping the big part of the current transactions today. For you to take your business to the higher level than its current position, just take a bold step of using the mega mobile technology benefits. In other words stand at a better position of taking advantage of the cell phone credit card processing. You now know what you could be missing if you are not using credit card processing. In a very clear and streamlined language, get elaborated benefits of using credit card processing.
Experience will tell you that, any method of payment is said to be sound if it is convenient. This is because this method of payment makes it possible for you to make payments from any place at any time. Besides this, there is also low entry cost because you will not be required to buy terminals or to lease, and therefore this tells you that you that it requires low start up capital.
One of the biggest concerns about making payment is security. Credit card processing makes theft cases a thing of the past. In other words, it can be said that credit card processing has a very simplified security. Another additional benefit which comes with the use of these credit card processing is the aspect of easy termination. In case you are wondering about its additional costs which come with repair and maintenance, credit card processing frees you from them all because all you need is to provide evidence through receipts that you have completed the transaction.