Tuesday, June 5, 2018
Home Based Business Ideas UK: 70 Years To Make A Decision!
Home Based Business Ideas UK: 70 Years To Make A Decision!: Don’t be like the UK government and take 70 years to come to a decision to build a new runway at Heathrow airport! In his book...
70 Years To Make A Decision!
Don’t be like the UK government and take 70 years to come to a decision to build a new runway at Heathrow airport!
In his book, Think
and Grow Rich, Napoleon Hill lists lack of decision as one of the major causes
of failure!
In this episode, I
give you real life examples of how making a decision has turned my life around
in more ways than one.
Check out my
Podcast episode "70 Years To Make A Decision " from Money Tips Daily
by Charles Kelly, former IFA and author of Yes, Money Can Buy You Happiness. on
Anchor: https://anchor.fm/charles-kelly/episodes/70-Years-To-Make-A-Decision-e1jest
Monday, June 4, 2018
Home Based Business Ideas UK: 12 Simple Steps Get Out Of Debt Fast Forever
Home Based Business Ideas UK: 12 Simple Steps Get Out Of Debt Fast Forever: Consumer debt is becoming one of the scourges of modern life with average debts per household soaring. I’m not talking about loans and de...
12 Simple Steps Get Out Of Debt Fast, Forever
Consumer
debt is becoming one of the scourges of modern life with average debts per
household soaring. I’m not talking about loans and debt used to buy assets,
such as houses or commercial buildings, but credit used to buy depreciating
consumer goods like cars, TV’s and furniture.
See also:
How to Monetise Your Knowledge and Skills and Turn Passion into Profits
In
an earlier podcast
episode, I talked about the rent-to-own stores which prey on the poorer
members of society selling them consumer items at ridiculous prices and then
charging extortionate interest rates on top!
Whatever
the reasons for getting into serious debt, if you want to live without worry
and fear it is vitally important to get out of debt fast and stay debt free
forever.
Here
are my 12 steps to get out of debt fast and stay out of debt for good
- Prioritise debts in order of importance and cost of
servicing the debt. Obvious priorities are things like keeping a roof over
your head and maintaining power supplies, rather than paying those who are
shouting the loudest. Look at the cost of your loans or credit cards and clear
the debts with the highest interest rate or repayment. Clearing the high
cost debts first will give you breathing space to pay off other debts
faster by saving money on interest.
- Slash non-essential outgoings. Go through all your
standing orders and direct debits and ruthlessly cut out everything you
don’t need, especially things like Sky TV or that membership of the gym
you only visit once a month. Exercise at home and find a way to walk more
often.
- Make a plan to start paying off debts and stick to it.
Most people don’t realise that if you just pay the minimum amount required
on a credit card it will take several years before the debt is paid off. Start
clearing expensive debts first so that you can reduce the rising tide of compound
interest drowning you by by increasing your balance faster than you can
clear it. List all debts and monthly repayments on a spreadsheet and plan
your route to financial freedom. This one step of making a list of your
debts will make a huge difference.
- Get a balance transfer card. Whilst this is a
short-term measure, transferring credit card balances from high interest
charging companies to 0% cards will give you breathing space. Watch out
for the balance transfer fees which can be a high as 3%. Sometimes it can
be cheaper in the long run to pay a small interest rates with no balance
transfer fees.
- Earn extra cash. One of the most obvious ways of
reducing your debts is to increase your income. This can be achieved in a
number of ways including starting part-time business, working extra hours,
qualifying for a pay rise or getting a higher paid job.
- Check if you are entitled to any benefits or tax
credits. This especially applies to single parents and people in low paid
work. It’s more benefit or tax break could transform your finances
overnight. To find out more check on the government website or see
citizens advice if you live in the UK.
- Never ignore a bill, demand and especially a debt
collector or court letter. Burying your head in the sand will not make the
problem go away and ignoring any of the above will make matters worse and
cost you more in the long run with interest and penalties. Ignoring bills
and letters will ultimately lead to County Court Judgements and debt
defaults which will stay on your record and credit file for six years and
effectively ruining your credit rating.
- Speak to your creditors if you are having difficulties.
- Ask for help. This could involve your Citizens Advice
office, an independent debt counsellor or even a relative. We all need a
little help from time to time and being in debt can be lonely and
depressing.
- Stay out of consumer debt for good. Never borrow to buy
expensive consumer items which depreciate in value and avoid rip-off deals
like rent to own products like the plague. The old adage of “if you can’t
afford it do without it” should be drummed into this modern ‘I want it
now’ age! We have become too accustomed to the ‘buy now pay later’ culture
of easy credit, which should be called easy debt, and keeping up with the
joneses, which I mention in my forthcoming book ‘Yes, Money Can Buy You
Happiness’.
- Never use expensive payday lenders, unless you have no
other choice, and especially unauthorised doorstep lenders will charge you
a small fortune interest.
- Start building your credit rating by making repayments
on time and clearing credit cards faster. The higher your credit rating,
the more access you will have to cheaper finance and the less you will be
dependent on expensive credit.
Finally, measure and monitor to keep the momentum and maintain and debt free lifestyle.
Friday, May 25, 2018
Home Based Business Ideas UK: My 3 golden rules of investment and Warren Buffett...
Home Based Business Ideas UK: My 3 golden rules of investment and Warren Buffett...: Check out my three golden rules of investments and find out what Warren Buffett thinks is your greatest asset and what you should invest ...
My 3 golden rules of investment and Warren Buffett's number 1 investment rule
Check out my three golden rules of investments and find out
what Warren Buffett thinks is your greatest asset and what you should invest
in.
People often ask me whether or not they should be investing
in property, shares, gold and silver or crypto currencies, such as Bitcoins.
My answer is always the same. Do you understand property,
shares or crypto currencies? If not, why would you invest in something you
don’t understand? Strange thing is, many people do invest their savings into things
they don’t understand!
This brings me onto my first rule of investment.
1. Invest in things you understand.
I understand property, I understand stocks and shares as I
do pensions and unit trust. I do not fully understand crypto currencies.
2. My second rule is to invest into real assets.
Assets can be
bricks and mortar physical assets, such as property or gold and silver. Assets
can also be a share in a company or an online assets such as website or a
database. I wouldn’t class a currency as an asset in the same way as a
property, especially something like a bitcoin.
Many people do trade in currencies or buy them to hedge
against currency movements. I have bought currencies, such as the dollar, when
they are cheap against the pound because I know that I’ll need them at some
stage for holidays.
Assets such as property and shares in traded companies
usually offer an income or dividend as well as the opportunity of capital
growth in the long term. Other assets, for instance gold or silver held in its
natural state do not offer an income, although gold mining company shares do.
My personal favourite is property, as it is a tangible asset
and I can see in touch! I can also borrow money, or use leverage, to buy an
investment property.
Over the years, I have enjoyed rental income as well as
capital growth, although there is no guarantee of either in the future.
The downside of property is that it is not a purely passive
investment and is not as liquid as stocks and shares. It can take many months
to sell a property, unlike a traded share which can be sold in minutes.
3. My third rule is to assess the risks and potential rewards
involved in a particular investment and then make an informed decision.
Don't know the risks or potential rewards, upsides and downsides? Don't invest!
Don't know the risks or potential rewards, upsides and downsides? Don't invest!
Warren Buffett said that you are your greatest asset and
your greatest investment is the investment you make in yourself. This means
investing in your education and personal development or in a business.
If you would like information on a free property investment taster course, email me at Charles@CharlesKelly.net
As always, money tips daily is not giving you financial advice and you should seek professional advice from an independent financial advisor.
Check out my Podcast episode "My 3 Golden Rules Of Investment" from Money Tips Daily by Charles Kelly, former IFA and author of Yes,
Money Can Buy You Happiness. on Anchor.
Monday, April 30, 2018
Home Based Business Ideas UK: What Do Baby Boomers Fear Most? It’s Not Death Or ...
Home Based Business Ideas UK: What Do Baby Boomers Fear Most? It’s Not Death Or ...: A fate worse than death for most older Americans is not loneliness or ill-health. According to a number of reports, including Dan Ric...
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