HOW TO EARN MONEY ONLINE | GET RICH QUICK SCHEMES

Learn how to save, earn, and grow your money

CREDIT CARD PAYMENT PLANNER TOOL

Written by redbalmeo on 9:10 AM

Have you been receiving calls from agents asking you to pay up your credit card bills? We all know they would not stop unless you pay. Sometimes they even threaten non-paying clients with law suits. None of which happens anyway. So should you just run away from your debt? Nope I don' think it's a good idea. It would hurt your credit standing. You may need some money in the future but because you don't have a good standing, you cannot borrow.

The best thing to do? There's no more better thing than to sit down with your collecting agent and tell them you cannot pay the whole amount. I'm sure they'll offer you installment payments. Grab that opportunity. Don't let running away from your credit card debt hurt you.

What amount should you pay? I think the best payment is where most of your installment payment goes to the principal, otherwise, you will end up paying more interest since you are not reducing your debt.

How could you know the best scheme to pay? Any amount is okay, as long as your payment applies more to the principal.

You may want to download this excel sheet I have created to help you plan your credit card bills payment.

DOWNLOAD NOW

Screenshots:

The excel files asks for your name, credit card balance, the payment you are willing to make every month and the interest rate (monthly) your credit card company asks you.

It then tells you when you will be able to pay your credit card bill and whether your payment is optimal or not.


We take a 37,000-credit card debt for example:

By paying 3,000 per month, you will be able to pay your credit card bill in 18 months

credit card payment planner

On the other hand, if you pay only 1,500, there is no chance you could pay your total debt. You couldn't have known that. You might think that if you divide 37,000/1,500, you will be able to pay in 24 months. You should take note of the interest you are paying.

credit card payment planner
SHARE THIS EXCEL FILE TO ALL THE PEOPLE YOU KNOW WHO ARE NAILED WITH CREDIT CARD DEBTS AND EVEN TO PEOPLE PLANNING ON GETTING A CREDIT CARD TO LET THEM KNOW HOW INTERESTS OF CREDIT CARDS (HAPPENS IF YOU DON'T PAY ON TIME) COULD LEAVE THEM IN DEBT FOREVER.

YOU CAN ALSO UPLOAD THIS EXCEL FILE IN YOUR SITES. JUST GIVE US A LINK. THANKS

DOWNLOAD NOW


Read more!
No Comment comment | Posted in » , ,  

SHOULD YOU SAVE IN A BANK?

Written by redbalmeo on 5:33 AM

There are a lot of people – including me-- who are looking for ways to get rich. The good news is we can also find a number of articles, web sites and materials claiming that if you follow their steps, you are on your way to financial independence.

Although these materials present various ways of attaining financial independence, they all agree on one thing ---we must save what we earn. Some people however think that it’s the end of the story; when you save, you will get rich. Little do they know that it’s just the start of the story; a mere slice of the cake. The next thing we should concern ourselves with, is where to put the money. The most popular answer – “the bank.”

I beg to differ. Banks are not the right place to invest your excess money. I am not against banking. In fact, I have four bank accounts, but I only use it for convenience. You can have your money in ATMs as a convenient and safe way of carrying your cash. You can also have a regular bank account or checking account where you can put your money (not for investment purposes) for your daily needs and to support expenses and money that are necessary to run your business if you have one (which should be readily available when you need it).

Banks are not the right place to grow your money. The going interest rate of banks range from 1% to 3% per annum (average for Philippine Banks), while inflation rate (rate of price increase of commodities per year) range from 5% to 7% (Philippines— rate as of writing).
What does that mean? So what if inflation is higher than the interest rate? Well here’s the equation, the value of your money decreases due to inflation.

Example:
You have 100,000 to save. You chose to save it in the bank. Let’s say the inflation rate is 6% and interest rate is 3% (exclusive of 20% withholding tax).
At the end of year 1, your money in the bank has earned interest of 2,400 (100,000 x 3% = 3,000 minus 20% withholding tax)

You are glad, that without doing anything, your money has grown to 102,400. But wait, it’s not the end of the story yet. Remember inflation? Yeah, the decrease in the value of your money –so the real worth of your money after year 1 is 96,256 (102,400-6%). It’s not too long that you will lose all your hard money through inflation.

Now you must have gotten the point, you must earn an interest higher than inflation rate. If banks can give that, go for it. By the way, there are also special products that bank offer that promise high returns – ask your bank about it.

Banks are not our enemy –its inflation


Please visit the investments section of this site to know more about investment products that offer high returns that suit your needs.


Read more!
No Comment comment | Posted in » , , ,  
Subscribe to: Posts (Atom)

Label Cloud