During the process of your foreclosure, you do have rights. Unfortunately, the reality of the situation is that those rights are not that many and that some of them are not really of practical use for most people. For example, the right of redemption that some states have is only useful if you can come up with the entire amount that you owe your mortgage company. If most of us could come up with that kind of money, we would not be in a foreclosure situation in the first place. So what is the reality of your foreclosure rights and how do you save your home despite all of this?

With foreclosure, your rights are primarily determined by the state that you live in. Some states have very long foreclosure processes and give you more time to come up with a solution while others have extremely short foreclosure timeframes and you have to act quickly to save your home. If you do some digging, you can find out what rights you have in your state. Many states also have foreclosure resources like workshops or hotline numbers where you can find out what your rights are. A good attorney will also have that information but will likely charge you a fee to get it.

In reality, no matter what legal rights you have in your state, your bank is going to be the one who decides when they will begin foreclosure and they are the ones you are going to have to work with in order to try to stop it. Your best bet is to contact your bank as soon as you know that you are going to miss a payment. Some banks will be willing to work with you before you even miss your first payment but others will require that you are actually late in your payments before they even begin to discuss your situation with you.

Article Source: http://www.articlesbase.com/personal-finance-articles/the-reality-of-your-foreclosure-rights-2020655.html

About the Author

Do not get me wrong, knowing what your foreclosure rights are is important. But what is more important is what your bank is going to do and how willing they are (or not) to work with you. Get more free help to understand foreclosure at http://www.stopping-home-foreclosure.com/ForeclosureRights.html

While investment returns are an elemental component of accumulating wealth they are neither the only factor, nor the most important for young investors. I would like to suggest that for college-aged individuals the most important component of wealth building is in fact the savings rate of the individual. Thus I encourage my peers to focus on saving more rather than reaching for extra returns (through excessive risk).

What seems like a rather simple concept of setting aside money for long-term goals rather than short-term consumption is in fact difficult to achieve. To calculate a simple representation of your saving rate, divide your total savings by your total income. According to the Bureau of Economic Analysis the United States, saving rate was at 4.8 percent as of December 2009.

In order to see the benefit of increasing your savings rate consider the following example. If College Saver One saves $2000.00 per year and received an eight percent annual return after twenty years he or she will have $100,845. College Saver Two saves $1,776.5 per year and receives a nine percent annual return for the same twenty year period, he or she will also have $100,845

This means at this savings level, annual return and time period a one percent increase in rate of return per year is equivalent to $223.50 per year in additional saving. Personally I feel that it is in the best interest of my wealth to strive to increase my savings rate rather than adding more risk to my portfolio.

Often while perusing personal finance and investing blogs intended for young investors I see authors encouraging and recommending financial behavior that is extensively risky. While I am a firm believer in respecting others decision to use alternative means of building wealth, I cannot help but cringe at some of the recommendations offered. I personally do not believe that extensive trading and the use of leveraged funds or margin accounts is necessary for the average young investor to build wealth. In fact I tend to believe that these practices can instead be damaging to the individuals long-term wealth.

I am not indicating that we should construct our portfolios out of certificate of deposits and government bonds just that we assume risk in a manner that is calculated and well-planned.

Article Source: http://www.articlesbase.com/personal-finance-articles/the-value-of-increasing-a-young-investors-savings-rate-2023888.html

Women, especially moms have this uncanny inclination towards finding ways of saving money. They will not leave any new concept, that gives them even a small amount in savings, untested or untried; no matter how peculiar or impractical it may sound. The sole aim of moms is to do something that cuts the grocery bills down to minimum.

One awfully smart way of cutting down the monthly expenditure, and which is often used by women is Coupons, Coupon Codes, or discount vouchers. What I have seen and understood is that these coupons and promotional codes are intrinsic for “online shopping”. They have made online shopping a worthwhile experience, in addition to saving money of people who make online purchases.

Online Discount Coupons are an asset.

The advantage that coupon codes have is that they in a major way help online shoppers reduce their monthly bills or lower their monthly expenses. The best thing about these coupon codes is that they can be used for buying any that item that is available in an Online Store. So, whether you are shopping for books, electronics, toys, hardware, home decor products, furniture, or apparel you will get a coupon for the same. Every online store has this feature and it is activated, & can be used by any online shopper while making purchases online.

What this coupon code will do is that it will give you a specific percentage or dollar amount off your purchase.

There is a huge scramble which is going on among sites that offer discount coupons. On the net there are endless number of websites that have this provision of a coupon or a coupon code. With so many websites putting up their coupons there is utter confusion in the market and it is near impossible to decide as to which one to choose and which one to reject.

You just cannot decipher which will turn out to be a better deal and which one will go down as an unfair deal. The wisest strategy to adopt when picking a website that offers discount coupons is to go for one that promptly keeps updating it’s offers. By doing so you can increase your chances of landing a deal that is just right for you.

What I think is that there are some hefty savings that you can make if you go the Online Discount Coupons way, and I have no second thoughts about their usefulness.

Article Source: http://www.articlesbase.com/personal-finance-articles/online-coupons-a-smart-way-of-cutting-down-your-monthly-expenses-2024963.html

About the Author

At Deal Bandy you can save up to 40% by using free online coupons, coupon codes. You can also share promo codes for Kohl’s coupons and earn cash when they are used.

With many services and Web sites available today for consumers to sell products or services online, it can be challenging to figure out which one will work best for you. But regardless of where you decide to sell online, there are basic sales principles you can follow that will make a difference between achieving a profitable sale and having a prospective customer skip right past your product listing. Following these rules will help call attention to your listing and put your offering in the best possible light to prospective buyers.

1. Be honest. If your item is five years old, don’t call it brand new. Describe how long you’ve had it and what wear it has gotten. Otherwise you are wasting the potential buyer’s time and creating distrusting.

2. Do your research. When selling a product or service online, spend some time researching similar items for sale and how they are being advertised. This will help you decide which information to include in your listing, what features to highlight and what price to ask for your item.

3. You’ve got to see it to believe it. People want a chance to see an item before offering to buy it, so include a high-quality photograph showing the item. If it’s a large object like furniture or a car, use more than one photo with multiple angles in your listing. Research by the advertising industry proves that photos catch more buyers’ eyes and increase sales.

4. Pay atention to speling and grammer. See what we mean? A successful listing is written and proofread carefully. Is all your spelling and grammar correct? Many sites allow you to preview your listing before posting, which could save you from losing a potential buyer.

5. Don’t forget this is a business deal. Respond to all customers promptly and politely. Answer all emails with a greeting and closing, full sentences and your name. Be clear and complete in your descriptions of the product, price and delivery options. If you meet a buyer, be punctual and courteous, no matter how the negotiation goes. If you send your product to the buyer, be sure to package it securely to protect against damage and make sure it arrives to the buyer promptly. You are selling yourself just as much as you are selling your old things, so pay careful attention to how you deal with potential buyers.

Article Source: http://www.articlesbase.com/personal-finance-articles/five-tips-for-selling-items-online-2028269.html

About the Author

Jani is the founder of AmericanListed.com, a new online classifieds site presenting consumers and businesses with a more effective way to sell and buy products and services within their cities, towns, or even within the ultra-local confines of their neighborhoods. AmericanListed.com is the only free site offering a user and family-friendly online selling arena.

A couple of days of fine weather and I’ve called it: spring is here. The shorts are out, my tan’s coming on a treat and the barbeque is prepped and ready to grill.

But wait, spring is here: what about my ISA, I need to invest by 5 April! I can scarcely walk past a bus shelter or advertising hoarding without being reminded of all these fine and upstanding Banks and Building Societies clamouring for my money. But how do I decide which ISA to go for?

Don’t panic: ISA season still has a couple of weeks left! If you have money in an ISA and haven’t looked at what’s available recently; or perhaps you have new money to invest, these tips will help you come up trumps in the Easter Egg hunt that is ISA season:

Interest Rate

Obviously higher is better – you don’t need me to tell you that! However, you should take account of these other considerations to ensure you don’t get taken for a spring chicken:

To fix or not to fix – that is the question

Cash ISAs can pay either fixed or variable interest rates. Broadly speaking fixed rates will tend to be higher and, although you may have to commit your money for a certain length of time, you are sure of what your money will earn you. Variable rates are generally a little lower, and subject to change, and allow you access to your money sooner (although you should always check this with your provider before committing).

Bonuses

Attractive-looking ISA rates will often be partially comprised of a bonus for an initial period. There are two things to mention here: check the small print as there may be conditions you have to stick to get your bonus; and always review your rate when the bonus period ends as often the rate will reduce to a pittance afterwards. Here’s an idea, set a reminder on your phone for when your bonus ends so that you can review the rate you are getting.

Consistency

Cheeky blighters these banks and building societies, catching your inner magpie with a glittery initial rate, waiting for you to forget about the account and then reducing the rate to amoebic proportions. But, who wants to have to constantly shop around all the time? Why not check out our Best Buys for the most consistent ISAs on the market?

Notice

With some ISAs, as with other types of savings accounts, you may have to give notice to withdraw your money, or forfeit some of your interest for the privilege of doing so. If you need access to your money, make sure you go for an ISA that allows instant access. If you like to dip into your savings and replace them, maybe an ISA isn’t right for you – you can only pay in £3,600 a year, or £5,100 a year if you are over 50 (the limit will be £5,100 for all from 6th April 2010) – and you can only pay this in once; check out our Savings Best Buys for a more suitable product. Alternatively, if you don’t mind not having access to your money for a little while, why not consider a Fixed Rate ISA?

Transfers

No I’m not talking about those fake tattoos that you wore when you were a child; I’m talking about ISA transfers of course!

Some providers will let you transfer your ISA balance from previous years over to them. So, even if you have no new money to invest this year, you can still see if you can get a better rate elsewhere. It’s particularly good to look at this time of year, as this is when rates are most competitive. You don’t know your rate? Don’t give me your excuses: check your current provider’s website – it’ll be on there!

All providers are required by law to allow you to transfer out of your ISA within 30 days of your request (although watch out: they might charge you a penalty). If you are looking to transfer to another ISA, make sure that you do it properly- talk to your new provider who will help arrange this for you.

Apart from that, make sure that you compare cash ISAs as many times as you can to make sure you’re getting the best ISA deal, otherwise it’s another year to wait…

Article Source: http://www.articlesbase.com/personal-finance-articles/spring-039isa039-here-2028404.html

About the Author

Moneyfacts.co.uk is the leading independent financial information provider in the UK. Since 1988, we’ve been providing impartial information to financial services professionals which has helped thousands of customers get the best deal on their mortgages, savings accounts, credit cards, loans and other personal finance products.

www.moneyfacts.co.uk Limited is authorised and regulated by the Financial Services Authority (FSA).

In this article today I’d like to discuss several tips, tricks, and tactics that just about everybody can use to find cheaper checking accounts to help manage your personal finances.

Times are tough for everybody. The recession that started towards the end of 2008 and has continued well into 2010 has made life very rough for a large majority of people across the country and across the world. With the unemployment rate rising, and inflation seemingly rising, everything and anything that we can do to lower our costs is beneficial.

One way to lower costs across the board is to lower fees that you pay for such common things as checking accounts and that’s what I’d like to talk about in this article today.

Back when times were good, banks competed for your business by offering low-cost or even free checking. Unfortunately Congress passed a law last year regulating banks and credit cards that no longer allows them to do many things that they did before to earn a large amount of their revenue such as charged overdraft fees and late fees. As a result of this, one way that banks and credit cards are making up for this lost revenue is by removing free checking and charging customers for it. Luckily there are some things you can do to reduce checking costs.

The first thing you can do and probably the most obvious thing is to simply shop for a better checking account. Back in the good old days people used to open checking accounts at the bank that was nearest to their home but today with the Internet you can get a checking account anywhere in the world or least anywhere in America and manage it online. You can have your paychecks direct deposited and you can pay your bills online so it doesn’t matter if the bank is located seven states away.

Because of this, it’s quite easy to shop around using the Internet to find banks that still aren’t charging for checking accounts. Many times these will be smaller banks that you may never have heard of but who are, nonetheless, FDIC insured which is the only thing you really care about.

The next thing you can do is look for credit unions as opposed to banks. Often times credit unions still won’t charge for checking accounts or NOW accounts as they are sometimes referred to by the credit unions. This option is especially beneficial if the company you work for runs its own credit union.

Finally if either of these two options don’t work simply contact your current bank and ask them to waive the checking account fees. Many of them will, especially if you’ve been with them for a long time and you do other business with them such as have a savings account, or CDs, or a retirement account, or have a loan outstanding or a mortgage. Also the higher balances you keep in your checking account each month, the easier it is for banks to waive the fee.

So there you have several very simple tips that just about anybody can use to help lower or remove the checking account fees from your bank account.

Article Source: http://www.articlesbase.com/personal-finance-articles/how-to-get-cheaper-checking-accounts-2034327.html

About the Author

J.P. Morton runs a electric shavers for men web site where he also reviews the best braun electric shavers for guys. He has been an article writer online for well over 10 years and also enjoys rock climbing and white water rafting.

When people think about retirement they usually think about all the activities that they love to do or all the time they will have to go on trips and holidays. But with retirement comes a more important issue – how will you pay for all these activities and holidays?

For most of us, by the time we retire we will have built up a pension fund, but then what? Surely we can’t live the rest our lives just on this port of money?

An annuity is a way to take that pension fund and create an ongoing income out of it and essentially make the most out of that pot of money.

Depending on your individual circumstances you could boost your pension income quite significantly. There of course many annuity options which will apply to you and it is important to understand which ones are suitable for you; after all this is a decision that will affect the rest of your life.

Most people who take out a pension annuity would go for a simple lifetime annuity. This is normally a sensible option because a lifetime annuity guarantees you a fixed ongoing income so you know what you will be getting in advance.

The two main factors which affect the quote of a lifetime annuity are:

• The normal life expectancy of a person of your age who is in good health.
• The interest at the time of the annuity quote

The downside to this type of annuity is that once the plan is taken out, nothing in the plan can be changed at a later date. Should the state of your health change or if the interest rate increases this will have no negative nor positive impact on your annuity rate (That is the income you receive from the annuity) If the interest rate was to go up you would not benefit from it.

An enhanced annuity on the other hand can take into account your health with a simple medical questionnaire and therefore if you suffer from poor health a plan that is more suited to your health would benefit you more in the long run.

There are also options to take out a temporary annuity plan where the guarantee income last for 5 years and at the end of the 5 years that guarantee expires, however the you will have a guaranteed fund which can be used to buy another annuity and if the interest rates have risen then you should benefit more with the higher interest rate.

Article Source: http://www.articlesbase.com/personal-finance-articles/how-to-boost-your-retirement-income-2034366.html

About the Author

For the best annuity quotes and best annuity rates why not try the free annuity calculator for uk residents.

Recently, a client asked me if I thought that she had achieved all the appropriate financial targets for her age. Like a concerned parent eagerly checking for the age-specific developmental achievements of a child, she was trying to assess if she had attained the money milestones that would indicate that she was on the right track.

However, just like children who progress at their own pace, each person is unique when it comes to their personal financial development. Some people seem to be born with the right genes for money, getting an early start on wealth creation by being consistent savers and savvy investors. Others appear to be slow learners, remaining deficient with their money skills until their later years.

Despite the disparity in development, there are basic money milestones that can be used as a guide to people’s financial health and well-being. Let’s examine some of the signposts to look for as you move along your financial life journey:

Age 20-35: Getting organised with money

You start this stage of your financial life cycle when you leave school and gain your first job. At this point you may be unsure of the right moves to make financially. Your income might barely be enough to cover your basic expenses, and you most likely would have to borrow to meet your short-term goals such as owning a car or furnishing your home. You might just be starting a family, which would increase your financial responsibilities.

As you are finally getting the chance to make your own financial decisions, your focus should be on learning how to effectively manage your money. If you practise prudent money habits such as budgeting to live within your means, saving a percentage of your income, and not using debt to finance your lifestyle, then you will have set the right precedent for attaining important goals such as home ownership.

Age 35-50: Focusing on accumulating money

At this point, you should be more seasoned in money management. You may have obtained a home with the help of a mortgage, and if you have children, a large part of your earnings would be going towards meeting their needs. Your income should be sufficient to pay your bills, but you may not have adequate surplus funds to be invested towards major goals such as your children’s college tuition and retirement.

Your main objectives at this stage should be to earn more money and invest your income to build wealth. If you are employed, look out for opportunities to earn part-time income by using your talents or providing products and services that meet people’s needs. Read books and take courses that can guide you on smart investment choices. Depending on your overall goals, you may need to consider starting your own business to increase your earning potential.

Age 50-65: Consolidating your financial position

As you grow older, you should be moving towards a position where your income sources are in excess of your spending needs. Your children should be finishing higher level education, or should already be able to support themselves. Major expenses such as car payments or a mortgage loan should be finished by the time you exit this stage of development.

If you had started saving towards retirement from your early working years, at this time you could concentrate on monitoring your investments to see if they are progressing according to plan. If not, you will have to put more emphasis on supplementing your income sources to address potential shortfalls in your nest egg. You also need to avoid money risks by ensuring that you have adequate insurance and steer clear of dubious investment schemes.

Post 65: Preserving and passing on wealth

In this retirement phase of your financial life cycle, you get to live off the accumulated wealth that you generated during your working years. You may choose to, or be forced to, continue working if your investments cannot meet your needs. While children’s expenses and mortgage payments should be a thing of the past, health-care costs may be one of your major concerns. You must also be mindful of the negative effects of inflation on the value of your nest egg.

You should already have made plans for passing on your estate, so review the beneficiaries on your insurance policies and ensure that your will reflects your current wishes. A power of attorney and other legal documents might be necessary in case of incapacitation. If you have amassed significant wealth, look at establishing a trust to preserve your money from excessive estate taxes.

What if your current position doesn’t fit into these suggested guidelines? If you’re almost 50 and haven’t even started the money management stage yet, all is not lost. You will have to put a lot of effort into learning the basic money principles and earning more income to make up for lost time.

Your Money is celebrating its own milestone today, as this issue marks the fourth anniversary of the column. Thanks to all my faithful readers for your comments and support and the Jamaica Observer for partnering with me to provide you with practical financial advice.

Copyright © 2010 Cherryl Hanson Simpson

Article Source: http://www.articlesbase.com/personal-finance-articles/money-milestones-1991669.html

About the Author

I am a financial consultant and coach living in Jamaica, West Indies. I have a passion for empowering people to become financially successful. My company, Financially S.M.A.R.T Services, produces and markets resources to help persons to manage, multiply and maintain their money. Cherryl is a financial consultant and coach, and the founder of Financially S.M.A.R.T. Services, Jamaica’s number one source for practical, down-to-earth and independent answers for all questions relating to personal finance. Cherryl is currently writing her first book, The 3 Ms of Money. See more of her work at www.financiallysmartadvice.com, www.financiallyfreenetwork.com and www.financiallysmartonline.com.

If I go bankrupt can I continue to run my business?

For senior business managers or owners, Bankruptcy is not an option if you want to continue managing your business.

Where you have debts which you have no hope of repaying, bankruptcy can be an extremely useful solution, which over 6000 people a month use to solve their debt problems.

For those people who are not a home owner, or do own your home but have little equity in it then you will not lose your property in bankruptcy. You will also be able to retain reasonable household goods and personal possessions. However for those running a business it is not such good news. If you are running a business as a director of a limited company or as a sole trader, you need to be very careful before deciding to go down the bankruptcy route.

The effect of Bankruptcy on company directors

You cannot declare bankruptcy and continue to act as the director of a company or be involved in its management. This means that if you are a company director and want to remain in this position, bankruptcy is not an option for you.

It is also not an option to simply resign as a director and then to keep on running your business as before. Under the terms of your bankruptcy, this activity is not allowed.

As such unless you are able to introduce a new director or can leave the management of your business to other competent individuals, on declaring bankruptcy you would effectively be required to close your business.

The Individual Voluntary Arrangement was introduced into English law to act as an alternative to bankruptcy for company directors and therefore overcome this problem.

The effect of Bankruptcy on sole traders

As a sole trader, you are not a director of a limited company. Therefore under the terms of the law, if you declare bankruptcy you can continue to run your business.

However, the issue that you will face is that once bankrupt, all of your bank accounts including any business accounts will be closed. This will mean that you will lose your business banking facilities such as your overdraft and credit card.

It will be possible for you to open a new personal bank account after you are declared bankrupt. However, this will be a simple account known as a card cash account. You will not normally be given a debit card or an overdraft facility with this type of account.

If you believe that your business will not be able to operate without credit facilities such as an overdraft, then declaring bankruptcy may make continuing to operate your business impossible.

The effect of Bankruptcy on employees

As with a sole trader the law does not stop you declaring bankruptcy and working for a company even in a senior position If your title within the company is known as director, but you are not registered as such at company’s house, then you can still declare bankruptcy.

There are some positions particularly in the finance arena where your contract of employment may may mean that you can be dismissed if you declare bankruptcy. If you believe that this may be the case, it is always sensible to check before declaring bankruptcy.

Bankruptcy is an extremely good way of dealing with a serious debt problem for many people. However, if you are a company director or run a sole trading business , you need to think carefully and take further expert advice before proceeding with this option.

Article Source: http://www.articlesbase.com/personal-finance-articles/if-i-go-bankrupt-can-i-continue-to-run-my-business-1990934.html

About the Author

If I go bankrupt can I continue to run my business?

If you are in personal financial difficulty and running a business talk to us about possible solutions http://coopermatthews.com/personal-debt.html

Derek Cooper is Managing Director of Cooper Matthews Limited and a member of the Turnaround Management Association UK.

Choosing the right bank account can be difficult, with so many seemingly similar options available to you it can just seem easier to pick the first account you come across. Although many accounts do have similarities, if you don’t shop around then you won’t get the best deal for your needs. If you want to find the best bank account for your needs then follow these simple steps:

Number of accounts

Many people have a few current accounts as well as one or two savings accounts, which they are not getting the best out of. If you pick the right accounts then you will only need one current account and one savings account for your personal use. If you have a large number of accounts, then now is the time to think about replacing them with one or two accounts that better serve your needs.

Don’t be lazy

The first step to finding the right bank account for your needs is to start being active and looking for a new account. Banks rely on the fact that you are too lazy to check your fees to see if they are worth your while. It is likely that you pay fees and rates each month that are more than you need to pay, or are for services that you don’t need. If you are proactive then you are more likely to get a good deal.

Features

Once you have decided that your current bank account is not fully serving your needs, then you need to look at what features are most important to you. Are you someone who transfers a lot of money electronically, or do you write cheques to pay for things? Some accounts will have better rates for each of these features, so you need to decide what you are going to use the account for.

Online banking

One aspect that you need to look at when choosing an account is online banking. If you only need basic checking and savings services, then having online banking might not be worth it. However, if you need to access your money quickly and be able to transfer between accounts or pay bills instantly, then you should get an account that has online banking features.

Current and savings accounts

There are many account variations available for both current accounts and savings accounts, and it is even possible to get combined current and savings accounts. The type of account you need depends on the features you need and the amount of money you will be paying in and out of your account. If you have a large amount of savings, then you want a savings account with the best interest rate to take advantage of this. Also, if you have relatively little money in your current account then you shouldn’t opt for an account that requires a minimum amount be paid into the account each month.

Where to look

Now that you know what sort of account you want, you need to find the right institution to suit your needs. Although traditional banks should be your first port of call, you should also look at credit unions and online banks to find the best bank account for your needs.

Article Source: http://www.articlesbase.com/finance-articles/choosing-the-right-bank-account-for-your-needs-60342.html

About the Author

Peter Kenny is a writer for The Thrifty Scot.
Please visit us at Bank Accounts and Current Accounts
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