What are private mortgage lenders?

A traditional mortgage includes banks, while private mortgage lenders include those who are a secret source of loans for an individual, such as family or friends. While borrowing and lending from those close to you can be tricky, it is helpful for those who struggle to obtain loans.

Why do people turn to Private mortgage lenders?

Most loans have strict requirements regarding steady employment and income. With no proper criteria needed to be fulfilled, private mortgage lenders make borrowing easy, especially for self-employed people. Getting your loan approved through a traditional mortgage lender can take up to three to four weeks. Private mortgage lenders, however, do not have long approval periods like conventional mortgage lenders. Loan approval might take a matter of mere days. This is beneficial when an individual wants to make a purchase immediately or needs the money to book their slot.

Here are some do’s and don’ts that you should keep in mind before borrowing from private mortgage lenders

Do’s:

Ask for Collateral:

Collateral is anything that can be used as security. This ensures that the individual repays the loan, or else they forfeit the collateral to the lender. Private mortgage lenders do not ask for collateral to be levied against the loan. This is helpful for those who do not have proper bank-approved collateral or do not wish to submit collateral for whatever reason best known to them. When borrowing, insist on giving collateral to ensure you can repay the loan.

Justify The Reason For Your Loans:

There are different loans available for various things, such as vehicle loans, housing loans, and personal loans, and the requirements for each vastly differ. When borrowing from Private mortgage lenders, you do not need to give a proper justification as lending is not structured. Try to justify why you’re taking the loan so that you do not spend the money elsewhere.

Use Multiple Forms of Payments:

Loans can be repaid in any form and at any length after discussion with the lender. You can also pay half of the money and the other half in another form. Discuss payment method with the lender before borrowing.

Show Income Proof:

Private mortgage lenders do not ask for income proof while lending money. This is of great help to those working in the unorganized sectors who do not pay taxes or file returns. Those unemployed or in between jobs also benefit from this form of borrowing. However, if possible, show proof of income, no matter how small, to assure the lender will repay the loan.

Dont’s:

Borrow Too Much:

While you may think you can repay all that you have borrowed, that may not be the case as situations may change. Do not borrow more than what you can realistically repay.

Keep Your Relationship In Check:

Lending from loved ones can be tricky, and a good relationship can go sour in minutes regarding money. Ill feelings often occur if the money is not returned when the lender wants. The borrower also tends to feel guilty and may be embarrassed when borrowing from loved ones.

Agree on Interest Rates:

As it is not a formal organization, there is no fixed interest rate, and the lenders can demand whatever interest rate they please. While this may have an advantage in some cases, there can also be severe disadvantages with lenders setting interest rates as high as 50%. Do not discuss interest rates after the loan is already taken; instead, do it before.

No Proper Contract:

Private mortgage lending is often an informal agreement with no valid contract or structure. This means that there is no adequate time deadline regarding loan repayment. These agreements are usually made and fulfilled verbally with no formal written confirmation. There are also no records kept of the same, which makes it challenging to monitor. Do not only depend on verbal confirmation about the details of the loan. Drawing up a formal contract will be more beneficial to you and the lenders.

Recovery:

Unlike banks that will send you a warning or a notice to repay your loans on time, Private mortgage lenders often resort to unethical means to get their money back. This may be in the form of blackmail, seizing something of the individual, and even violence. To avoid this, do not waste the last minute to repay the loan.

Outside Of The Law:

Private mortgage lending is not included in the law, and hence it is difficult to monitor and control. This means that the government cannot help citizens in case of accidents that occur due to borrowing.

Keeping all these do and don’t in mind, you can now move forward regarding working with private mortgage lenders. It is tricky working with Private mortgage lenders; however, your loved ones are more likely to lend you money in times of need.

The post Do’s and Dont’s Of Working With Private Mortage Lenders appeared first on Along the Boards.

Some people hesitate when taking more than one insurance policy. Well, hesitation is there as they think it is illegal. But the reality is it is acceptable to have multiple policies. Now, the main question is, how will you get them? For this, you should learn some tips to own them.

Nowadays, getting a reputable insurance provider has become more convenient. The credit goes to various platforms and websites that help users search for them. You can go now to a suitable platform and find the companies. It is always better to get information about these providers before buying the plans. Sometimes, people make mistakes when selecting a particular company. You have to be careful about what you are choosing. Scammers are everywhere.

Many people are in a dilemma about whether they should buy different policies simultaneously or not. As we mentioned earlier, there might be many benefits. So, let’s not waste any further time and discuss more.

Why should you purchase multiple insurance plans?

It might be a new thing to learn about for some people. But still, you cannot ignore the benefits of doing this thing. The first thing that makes people want various policies is the financial goals. They think that owning them will result in achieving their goals. Apart from that, they also consider the fact that these plans will cover their life. They don’t have to worry about their family’s future after their demise.

It depends on you to purchase different policies. You have to consider your budget, requirements, long-term goals, and more. Once you analyze these things, you can quickly recognize if getting them is a good idea for you or not.

Another excellent thing about having multiple plans is that they can cover different liabilities. You have the freedom to select them according to your requirements. It is crucial to do some research before getting into the same. Without proper research, it is impossible to find suitable options.

What are the things to consider before owning more than one insurance cover?

As we mentioned before, you have to consider some things before investing in them. Here we have prepared a list of things you should remember when deciding. All these tips are straightforward to learn, even for someone who will do it for the first time.

1. Think about your financial goals:

The most critical question you need to ask yourself is your financial goals. There must be reasons you want to buy more than one coverage plan. It would help if you analyzed what you will expect from them in the future. Once you get the answer, you will know if holding them is the right thing.

Sometimes, people don’t focus on their financial goals before doing such a thing. Well, it is a big mistake that they make. It might lead to some losses in the future. If you don’t want to put yourself in such a situation, you should be careful at every step. 

2. Purchase them to cover liabilities:

One thing that most people don’t know about owning many insurance policies is their ability to cover loans. If you have many loans running, you should consider getting multiple ones. There is no better way other than this. It might sound impossible, but people have tried it and got the results.

The best part is that they will also be beneficial to your family. Their future will be secured even if you were not there.

You must be careful when selecting the plans if you want to cover the loans. Professionals suggest hiring a financial advisor for the same. They will help in better decision-making.

3. Invest in various coverages for achieving your professional goals:

You might also have some dreams around the corner that you want to achieve. However, there is always uncertainty in life. In such a situation, you can only invest in some insurance coverage to achieve them. It doesn’t matter if the times will get hard for you in the future. You will still get some help from them. Maybe that is what everyone seeks. 

4. Life cover is possible with multiple policies:

Some people want a good life cover for their family. There are some crucial parts of life in which money is required. Having multiple policies gives you the advantage of using the coverage in these stages. Well, a lot of factors will depend on the same. Still, it is more beneficial than having only one plan. No rule says you can only purchase one. So, think about how much coverage you will want for your family’s protection and security.

5. Set the budget:

The most crucial thing to look upon is your budget. Without setting the budget, you won’t make a wise decision regarding the same. You must have sufficient funds to run all the insurance policies without any problems. Otherwise, it will be challenging for you to handle multiple plans.

If you can’t pay the premiums, you won’t get the claim. That is why you should take care of paying them on time. But before that, you should consider how much budget you have. After that, you can quickly identify if owning more than one insurance policy is good or not. 

6. Human Life Value Limit

Do you know there is a limit to human life? HLV is a significant thing to consider when buying various insurance plans simultaneously. It is calculated through your income. The insurance companies will ask you for this if you apply for more than one policy.

The Bottom Line

From the above information, you can now decide whether you need multiple plans or not. You should consider all the things mentioned above to make a perfect decision.

The post 6 Tips For Owning More Than One Life Insurance Policy appeared first on Along the Boards.

A lot of people around the world constantly worry about money. The truth is that money is one of the major reasons why people lose sleep. Other reasons include work, relationships, and much more.

If you want to sleep better at night and work toward your personal definition of financial bliss, there are a couple of things you can follow.

So, how can a person achieve financial bliss in 5 years? Is it possible? The answer is yes.

Everything starts out with a plan. You also need to have a desire for something more in your life. Aside from that, you’ll require a bit of persistence and commitment along the way.

What Are Financial Goals?

For those who don’t know, financial goals are spending targets, investments, or savings you wish to achieve over a period. Typically, the stage of life you are in determines what kind of goals you want to achieve.

For instance, if you are still in college, it might be a simple short-term goal such as saving for a car or saving for custom LED lights (elstarled.com).

Meanwhile, an individual with a growing family will have a long-term goal of purchasing a house. Other well-known financial goals for this stage of life include saving for retirement and saving for the college education of their kid.

Completely Get Rid of Your Debt

One of the biggest benefits of this goal is that any person can do this. It does not matter what your wealth level or income is.

Furthermore, it is almost a requirement that you get rid of your debt if you want to get the most out of your finances.

A couple of people around the world debate about debt. Some people say it’s bad, while other people say it is good.

Well, you should keep in mind that all debt is bad debt at some point in your life. That is why you need to get rid of debt. This includes your home’s mortgage.

While the purpose of your debt might be noble at first, it can be a huge drag on your income as time passes by.

There are a lot of reasons why you should get rid of your debt. This includes:

• It will free your mind of the stress and worry that comes with it.
• It will make it easier for you to quit a job you do not like.
• It will get rid of the asterisk from your finances.
• It will leave you with more money for investing and savings.
• You will have complete control over your income.

Save an Emergency Fund

This should be one of your main priorities. The minimum standard for an emergency fund is 3 months of liquidity. It’s better to have 6 months or more.

This is a moderate amount to help you manage an unexpected expense. However, how much you save greatly varies on your expenses, income, whether or not you own a house, and much more.

Keep in mind that emergency funds are vital in a fragile job market. You can usually use emergency funds to pay your mortgage, hospital bills, surprise car repair, and a range of other unexpected problems.

Knowing DIY tips on how to save for an emergency fund can be extremely helpful.

Improve Your Income by Developing Skills

This does not mean you should go back to college for an extra degree. It may mean you should take on extra responsibility or training at your current job.

It may also mean finding a mentor that can offer feedback and tips. It may mean taking a class at the public library, networking in your profession, attending workshops and conferences, working a part-time job, and anything that can get you more knowledge and contacts.

Small steps can result in large payoffs down the line.

Start a Business

It can be difficult to start a business. However, it can be extremely fulfilling as well. Every person out there wants to be a boss.

If you start a business, you’ll have to create a business plan, prepare the capital, and stick to a monthly budget within your means.

Keep in mind that starting a business is meant to make more money, not spend your own.

Live on Less Than You Earn

A lot of people probably suggest this tip. However, it’s well worth repeating it here because it is one of the most important things you can do to achieve financial bliss.

If you live on less than you earn, you’ll always have a lot of money. It does not matter what you do. You should live on less than you earn.

If you do, you will have a lot of money for paying off debt, investments, and savings.

Stop Your Addiction

This might not be a financial goal. However, it’s an obstacle that will stand in the way of all your financial goals. It does not matter what they are.

Keep in mind that addiction to anything can be a parasite to your finances.

If you think that you might have an addiction to things, make it your financial goal to stop that addiction.

Your life will be a lot better if you end your addiction.

When you’re planning to get rid of your items, don’t forget to always bring hand sanitizer with you.

Conclusion

Reaching a point of financial bliss has nothing to do with magic or luck. It is just a matter of setting excellent financial goals and achieving them.

It does not matter if you do it slowly. The important thing is that you’ve got financial goals.

Once you establish these goals in your life and make them part of your habits, achieving financial bliss can be extremely easy. You won’t even notice that you’re doing it already.

The post How to Set Yourself Towards Financial Bliss – 2023 Guide appeared first on Along the Boards.

You can visit this link to read more.When the demand is so high, the supply can’t keep up. When you ask kids what the solution to this problem would be, they  would tell you to print more money. However, that just creates a problem of inflation and hyperinflation.

Even a low and stable rate of injecting money into the system can cause severe difficulties in the economy. New money always ends up in the top one percent of people and businesses and then goes down the ladder whilst everyone keeps a small piece. When it gets to the people who need it most, the value has been distorted, and all the prices around them have been increased. This is called the Cantillon effect and causes a sequential shift in buying power.

How can we manage it?

The best that governments have been able to come up with is using monetary policies. Every country has a financial regulator who is responsible for keeping this phenomenon under control, in the case of the United States, which includes the Federal Reserve and the Central Banks. They calculate the amount and the pace of expansion of money, which is code for how much new dollars are going to be printed. The thing that every country is trying to do is maximize employment. The more people are working, the better the economy is going to be.

Next on the list is price stability. You want a pound of apples to cost the same today and tomorrow. The prices can change gradually so that they can’t be drastically felt. Finally, there are interest rates, which tend to be moderate around the world. These three factors combined together can ensure a stable financial environment. That’s the ideal case. Let’s look at what happened in the past two years. You can go to metal-res.com to read more. A pandemic hit out of nowhere and halted trade for a couple of months. The stock market took a hit.

Cryptocurrencies became trending because people started to lose faith in the government. Additionally, more than 40 million Americans lost their jobs. Next, the government decided to create stimulus checks which cost a couple of trillion dollars. All of these things happened in a single year. That’s not good at all for the economy. Now, the consistent rate of inflation is going to change and become drastically higher. Everyone knows it and is starting to prepare for it. Here’s how you can do it too.

What can you do to protect yourself?

When you know that a disaster is coming, you need something to hedge against it. Most people believe that stocks are the best option. This option has benefits and drawbacks. When inflation happens, the stock market goes down, too, since it’s linked to currencies. This means that your money will be liquid, but if you decide to sell, you will just get a bad deal. It’s a great asset for stable economic times. But when there’s going to be a lot of turbulence, the best option is definitely precious metals.

Even though we think we’ve progressed a lot since breaking the gold standard, that is not really the case. Precious metals are now more relevant than ever. Just look at the prices of Bitcoin, which is the digital equivalent of gold. The prices keep breaking new records. During times of economic distress, the value of precious metals rises. For that reason, you need to have a part of your portfolio devoted to safely storing platinum, palladium, silver, and gold. Having a mix of them all is the best option. If you don’t want to do all of the buying yourself, you can create an IRA which will match your portfolio.

Examples

At the moment, all of the currencies in the world are fiat. This means that their value depends on the politics of each individual country. One example of inflation happened after World War I. Germany lost, and even though they didn’t have any money after losing the war, other countries pushed the nation for reparations. Their paper currency didn’t mean anything because the rest of the world devalued it, and hyperinflation followed.

People instantly spent all of their cash and started to trade in silver and gold. For a single ounce of gold, you could get an entire house. An ounce of silver was worth a car at the time. This is an extreme example that happened a hundred years ago.

History has a way of repeating itself. Another similar situation happened in the 1990s in Peru, and Zimbabwe was last in the crisis of 2008. The people who lived in those times didn’t have the chance to learn about personal finance and invest their money wisely. For that reason, you need to have a hedge in case anything similar happens. It’s better to have gold and never need it rather than need it and never have it.

The post Managing Inflation With A Precious Metals IRA appeared first on Along the Boards.

If you’ve fallen behind on your goals and want to get back on track come December, you’re not alone. Prioritize your financial self-care by implementing these four tips. Your 2023 self you will be forever grateful.

1. Find Out Where You Stand

No matter your preferred payment method, you’ve got to step back and track your balances and obligations. Users of online financial aggregators can easily get an at-a-glance view of their accounts. Others will need to log on to their profiles individually and create a spreadsheet to take stock.

When you export your transaction histories, many providers will suggest spending categories for you, such as restaurants, gas, and groceries. Review the suggested labels and try to keep things simple. The more categories you have, the harder it will be to analyze your spending. Retain all transaction dates to make it easy to identify spending spikes due to holidays, vacations, or other life events.

Make sure you’re not just reviewing your spending, but also your savings. According to Chime, things like your debit card can actually be a tool in your savings toolbox. Many debit cards give the option to automatically round-up purchases and then put the round-up into your savings account. By taking advantage of anything you can do to help make savings easier, you’ll be able to watch it grow quickly and easily.

In addition to your spending and savings accounts, take note of any loan balances and investment or retirement accounts. This will give you a full view of your financial outlook. Don’t forget about any work-provided investment or pension accounts. If you’ll have access to them in the future, they’re part of your financial picture.

2. Review Your Spending Habits

The most active part of your financial life is your daily spending. Subject to seasonal and emotional impact, your spending habits will determine where your money is going. Pull all of your transactions for the past year, then categorize and analyze them. This task may be painful, but it’s a worthwhile exercise. You may be surprised to learn that you’re spending more than you realized.

If you made a budget for 2023, see how your spending compares to what you had allotted for each category. Did food prices increase? Were you so burned out on cooking that you ordered delivery three times a week instead of the budgeted two? Don’t beat yourself up; just track what actually happened. You can always course-correct.

As you review your transactions, ask yourself why you bought those items and whether they met your needs. Were you tempted by social media to buy the newest beauty tools? Did you get inspired to tackle home improvements since you were home so often? Take notes as you conduct this exercise — you’ll need them for your next task.

3. Prioritize Essentials and Things That Bring You Joy

We can all agree that spending our hard-earned money on student loan payments and utility bills is less than fun. But what is fun is having clean water and avoiding calls from collection agencies! While you can’t avoid paying for life’s essentials, you can home in on spending opportunities that bring you joy.

The concept of focusing on joy in the home organization was popularized by author and organizer extraordinaire Marie Kondo. Kondo stresses that if something doesn’t bring you joy, get rid of it. The same principle can be applied to your finances.

Consider groceries. Are name brands really important to you? If they aren’t, you can easily do without them and save handsomely by purchasing store brands instead. If connecting with friends is paramount but you don’t enjoy dining out, host them at your place. Comb through your recent receipts, and you’ll start to reveal a lot about yourself. Get creative as you determine how to adjust your spending to align with what makes you happy.

The way we spend often reflects what we value. Where some may value quality, others may prefer convenience. Keep in mind how long it takes you to earn the amount of money you’re about to spend. If you aren’t willing to earn the price of an item, you don’t need it. Once you identify the spending that brings you joy, it’ll make your next step easier.

4. Make and Execute Your Plan

Now that you’ve dialed in your essential and discretionary spending, it’s time to recalibrate your budget and your goals. Determine what your savings targets are and be sure to keep them realistic.

Saving for the future and big purchases is good in theory, but don’t forget — life is short. Budget for spontaneity and fun as well. Have money set aside for tickets to a sought-after concert or your share of a cabin with friends. Planning in advance for the things that make life exciting allows you to focus on the event, not the bill.

Establish your savings and debt repayment goals accordingly. If you’ve got lingering credit card debt or student loans, include them in your plan. Consider whether making extra payments toward those is an option for you. If so, review their interest rates and terms and whether there are any early repayment penalties. Understanding the whole picture is essential.

While paying down your debt in 2023 is a worthy goal, you may not be able to tackle it all by year-end. Remember that you should be proud of the progress, too.

Once you’ve developed your plan, make an appointment with yourself to review where you are each week. If you already check over your calendar on Sunday night, add this review to that existing routine. This will be easier to stick to and can give you a clear financial picture of the week ahead.

Now that you know where you stand, it’s up to you to do the work. Remember, progress requires your dedication. While it can be overwhelming to think of the big goals you want to achieve, take it one day at a time. Habits are made by choosing to improve daily. Commit to yourself and to achieving your updated financial goals, and you’ll be set to succeed in 2023 and beyond.

The post 4 Ways to Finish 2023 Out in a Better Financial Position appeared first on Along the Boards.

It is exciting news in the sense that you will receive more Euros for your Pounds at the current rates than what you could get a year ago. On the flip side, you will get fewer pounds when converted from Euros. That’s what caused the nightmare of football fans even worse, with them seemingly paying a fine for wanting to support their teams live! In situations like this, you realise how great it would have been if the UK were still an EU nation. As the reality is different, the focus should be on finding a solution to mitigate all these currency conversion fiascos. Opening a Euro Bank account with debit cards certainly offers a good one.

Euro bank account with debit cards

As popular perception may dictate, a euro bank account with debit cards is similar to any traditional bank account. It’s the banks that operate slightly differently. They primarily focus on the online experience, offer revolutionary services, and hold multiple currencies like pounds and euros in one account. In short, they are like any standard bank account, except that you can store Euros just like a native. Many traditional and challenger banks and some other Fintech financial institutions now offer UK citizens to have this account. Many of them also provide it with a debit card or two. With a euro bank account, you can hold, send, and receive money directly in Euros without converting them into Pounds. Likewise, you can pay, withdraw, and make online transactions in Euros just like a local with your linked debit cards, without spending a dime in fees.

Why should you have such accounts?

Even before Brexit, the UK customers and businesses used to pay and receive money in both Pounds and Euros. That was the nature of the economy anyways. So, what changed? Why should you have a Euro bank account now? Well, the reasons are plentiful. Due to Brexit, Great Britain is no longer a part of the European Central Bank. It means the banks in the UK are now foreign to them, leading to multiple steps of additional paperwork for financial transactions. It not only crepes up the processing times but also makes the process expensive. Inevitably, the banks and FX conversion organisations can’t help but charge a high mark-up for each conversion. The fee structure is pretty much shady as always, anyways. As a euro bank account will not need you to convert your Euros, in the first place, you can skip this entire procedure in one shot!

If you are a freelancer, shopper, small business owner, or even a globetrotting football fan, you can benefit greatly from having a euro bank account with debit cards. Aside from the savings in currency conversations, the debit card will allow you to withdraw money in the EU without paying any fees. You can do the same in the UK by choosing Pounds as your preferred currency. Digital payments are never an issue either, with some providers offering the chance to set up direct debits right in the app. A similarly convenient user experience applies to every time you want to send or receive money across the borders. Not to mention the features such as geo-blocking, personal budgeting, expenditure limits, etc., that you can expect to be available in the same app. So, whether you are travelling the world or need to manage your money globally, this may be the one-stop solution for your needs.

Be thoughtful while choosing your euro bank

With the Fintech entrepreneurs leading the charge for convenient banking experience, some traditional banks are now also following suits. It means more options for the consumers, with the chance of getting more competitive rates and advanced features. As sometimes quality comes at a price, it is probably best to put some thinking into choosing the bank to open your Euro account. Are they reliable? Do they have a clearly explained fee structure? How many currencies can you hold in one account? Is there a fee for using a euro debit card? What about the annual fees for the debit cards? How feature-rich and convenient are their online services? Do they provide live notification for every transaction? Asking all these one by one would lead you to the best provider for a euro bank account with debit cards. To get more information, please visit finecobank.co.uk. As there are also banks that merge trading accounts with a regular multi-currency account, make sure you look into that. You may even discover a Fintech treasure to solve all your worries related to managing finances.

Final words

Like most things in financial matters, your circumstances and personal goals are the things that will decide whether you need a euro bank account with or without debit cards. But it is always good to have convenient options at hand, significantly when it can also save you some money. As we head slowly and steadily toward a genuinely cosmopolitan world, at least in the webspace, having a multi-currency account can make a huge difference. There won’t be any hassle to shop from European retailers. You won’t have to put up with a similar financial loss that the football fans suffered, either.

The post Euro Bank Account With Debit Cards: Save Yourself Some Money And Efforts appeared first on Along the Boards.

Finding financial security doesn’t just happen overnight, no matter what some Hollywood movies might wrongfully make you believe. In fact, achieving real financial security is a process that, for some, may take most of their lives. So, the sooner you start investing in building a comfortable financial plan for the future, the sooner you’ll achieve it.

Feeling financially secure means more than having just the right amount of money to pay for all your expenses monthly and live a decent life. Financial security also means knowing that in case of an emergency, you are prepared and know that you can achieve all your life goals without allowing money problems to stop you.

Ready to find out how to build financial security for the future? Keep reading below!

1. Start with getting better at budgeting

First things first, if you want to get better at managing your money, you need to have a clear idea of where your money goes every month. Plus, if you don’t know where you are now, financially speaking, it’s difficult to have a clear path to follow going forward.

So, the very first step in getting control over your finances is to start tracking your earning and spending. By doing so, you’ll learn your spending habits and find the areas that you need to improve.

How do you create a budget? Well, it’s not that difficult to create and stick to a budget these days, especially since there are plenty of apps for that.
Download a budgeting app and use it to track your financial situation. Add your monthly net income and then separate your expenses into categories such as debt, utility bills, food, clothes, education, etc. Most budgeting apps allow you to split your costs into such categories and determine a certain amount of money you want to pay for each category.

What’s more, most of these apps also offer the ability to sync your bank accounts, allowing you to collect income and consumer spending data right into the app.

Budgeting tip: Have you ever heard of the 50/30/20 budgeting rule? If not, let us tell you what it means: you spend 50% of your income on your needs (living expenses, utility bills, debt, etc.), 30% of your income on your wants (clothes, trips, gadgets), and 20% of your income for savings.

2. Optimize your expenses

Once you have a clear idea of what your monthly budget, income, and expenses look like, it’s time to work on those areas that need improvement.

Are you spending too much money on things that aren’t really that necessary? Or maybe you’re not saving enough? Figure out the exact mistakes you make in your spending habits and fix them so that you don’t waste money on things you could live without. These mistakes might be holding you back from achieving your long-term goal of finding financial stability.

3. Set financial goals

Like it or not, “I want to be rich” isn’t a good enough financial goal. We all want to be rich, but you need to be a bit more specific with what “rich” means to you. What’s more, you need to have a clear idea of what steps you have on the way before you can consider yourself rich. Without defining your financial goals, you won’t know what you want to achieve and what path to follow.

Defining your financial goal is the fun part of achieving financial stability. The work that follows is the difficult part of this process. Yet, this part is particularly important as it will keep you motivated to attain financial security.

So, what do you want to achieve with your finances? Want to pay off debt? Want to be able to afford to buy your own home? Or maybe you want to save a nice amount of money for your retirement? No matter what you want your finances to look like in the future, make sure you have a clear idea of the goals you want to accomplish.

4. View savings deposits as bills

Saving on a regular basis can be really challenging, especially when you’re already struggling with paycheck to paycheck living. However, saving is a major step in building a secure financial future for yourself.

Your savings account can be your safety net in case something happens, and you need a huge amount of money overnight. What’s more, your savings can also help you grab an opportunity when it arises because you’ll afford it. Say, for example, that you stumble upon a great property deal. If you have enough money in your savings account, you can grab that opportunity immediately.

So, taking saving money really seriously. So seriously that you see monthly savings deposits as bills that you must pay every month.

5. Plan for the unplanned

Another important step in building a secure financial future for you and your family is to plan for the unplanned. As the experts from SmarterLoans explain, “Unfortunately, unplanned things like injuries, accidents, or even death can happen to all of us. And the best way to make sure such events don’t make you go bankrupt is to be financially prepared for them.”

Did you know that, statistically, we’re all one serious injury apart from going bankrupt? Well, that’s true, and if you want to have a secure financial future, you need to be prepared if anything happens. How to be prepared? Get yourself an injury and disability insurance.

What’s more, if you have a spouse and kids, particularly if you are the only breadwinner in the house, you should also get life insurance to financially protect your family in case you die unexpectedly.

Plus, if you own a home, you should also get homeowner’s insurance to protect your asset in case of a fire or a natural disaster that may wreak your property.

6. Increase your net worth

As obvious as it may sound, it’s worth mentioning because even if you may just not realize it right now, you may be able to increase your net income. Earning more money is and will always be the quickest and most straightforward way to achieve financial security.

How do you increase your net worth? There are various ways from getting a side hustle to starting your own business from your hobby, asking for a promotion, or simply changing your job for a better paid one. Another way to increase your net worth is by selling your life insurance for a cash payout through wwwharborlifesettlements.com, which can help support your family and pay for living expenses.

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How Does The Foreign Currency Debt Work?

In theory, foreign currency loan is easy – you take it out in a foreign currency and pay it back in the same currency that your original debt was in. However, in practice, it is way more complicated. What you might be faced with is a bank that will operate your loan, will first obtain it in the foreign currency of your choice ( and the one that is available for the loan), then convert it into your domestic currency and give it out to you. You will then repay your foreign currency debt in your domestic currency which will have to be the total sum in the foreign currency that you originally took out, plus the interest rate. The main attraction of keeping debt in foreign currencies is the hopes for the low-interest rates that vary between different currencies, and, in theory, might make your loan cheaper than the one in your domestic currency. However, that’s merely a theory, and more often than not, the reality is drastically different.

Main Risks Of Keeping Your Debt In Foreign Currency

So what would be the main risks of taking out a loan in foreign currency? Well, there are plentiful. To begin with, the foreign exchange rate is constantly fluctuating, which could mean two things for you – either a reduced or an increased debt and consequently, low or high interest. Let’s put it this way: imagine that you took out a loan in a foreign currency, GBP, for example, and, all of a sudden, your domestic currency, say a euro, strengthened against it. Should such a miraculous and happy turn of events occur, you are the lucky borrower, whose debt will be reduced significantly. On the other hand, a less rosy scenario would have your euros weaken against the GBP, and now, not only have your debt increased rapidly, and the interest rate advantage has vanished into the horizon. Now, if that representation of the high risks associated with debt kept in foreign currencies has not discouraged you, and you are still eager to spend your time anxiously checking out the exchange rates at the Bank of England here, we have prepared some tips to help you navigate through loans in foreign currencies.

Some Tips To Reduce The Risks

Before deciding to take out a loan in a foreign currency, one should remember that it is almost impossible to make your loan less costly and more profitable, not only because the fees and extra charges associated with it are quite high, but also because the loan itself will be subjected to the regulations that derive from the interest rate. The bank that will be providing you with the loan will determine the interest rate based on the key rate of the Central Bank of the country issuing foreign currency, combined with a variety of macroeconomic factors, and the bank’s own risks of issuing such loans. If you are an average consumer with no extensive background in currency exchange rates, it is almost impossible for you to profit from foreign currency exchange rate speculations.

Nevertheless, if you are a hundred percent determined that you can pull off keeping your debt in foreign currency, there are some tips that you can use to more or less secure yourself.

First and foremost, do your research. Before taking out a loan in a foreign currency you will have to dedicate a good amount of time researching how strong the currency options available to you are against your domestic currency, how well did they perform recently, and what is the common pattern in their performance. We really wish that we could recommend a certain tool that will help you analyze the aforementioned issues and make accurate predictions, but unfortunately, to this day, there are none. Foreign currency exchange rates are subjected to a variety of factors and developments around the world, and just like it is impossible to predict what will happen in the world tomorrow – it is equally impossible to predict their behavior.

Secondly, you can hire a specialist to manage your loan, and yes, those people do really exist. A good manager will move your loan to the currency weaker than the base one, and thus, significantly reduce the debt. On top of that, if the manager is truly successful, they will also look for currencies with lower interest rates and allow you to make further savings. Bright and promising as it seems, even if you hire the best manager, you should be prepared for your debt to increase, even if the increase will be relatively small. Unfortunately, as previously mentioned, such as the unpredictable nature of the foreign exchange rates, where the accurate prognosis is often unavailable even to the most profound experts of the field.

Finally, in order to protect yourself against the exchange rate fluctuations, you can resort to the various payment services that allow you to fix both the payment date and the exchange rate at which you will be repaying your debt. Unfortunately, yet again, such a method might have a 50/50 rate of success, as the exchange rate can both become lower or higher than the rate that you fixed with your payment provider. Furthermore, such providers often charge an additional fee, which, in the long run, makes your debt even more costly then it already is.

All things considered, it is safe to say that it is preferable not to get yourself involved with the debt in foreign currency, so much so, that even the governments in some countries have been imposing additional regulations to make it less accessible and less attractive to the general public. However, should you choose to proceed with the loan in foreign currency, make sure to do your research well, and minimize your risks where possible.

The post It’s A Trap: The Dangers Of Keeping Your Debt In Foreign Currency appeared first on Along the Boards.

A common question is asked by most people, which is, why are so many cryptocurrencies available? A few years back, one crypto used to prevail, which was Bitcoin. Now the market is flooded with varied options. A cryptocurrency is now virtually available in almost every sector of the industry.

The principal aim of these cryptocurrencies is to leverage the technology of blockchain. Several areas are aimed to revolutionize that are as diverse as energy, data storage, health, security, payment, social networks, etc. So many cryptocurrencies already exist, so what are the reasons possible in the current scenario. Different functionalities are contained in different currencies. The main reason behind having so many options in cryptocurrency available is blockchain technology.

Hence, opportunities are provided to different developers to produce different cryptocurrencies for varied functionality. The cryptocurrency functions as currencies as well. They are used generally as a store of value and much likely used as a traditional fiat. Bitcoin and several other types fall under this particular category.  Check alem.de and find more about bitcoins and possibilities to mine them.

No one controls blockchain technology. It works in this way that anyone who knows the working of technology, can merely use it and develop their virtual currency. Blockchain technology was used to produce Bitcoin.

Soon after, other developers realized that by exploiting the same technology, they could develop a better version than the original one. Early, the list kept growing, and all were trying to build something similar to Bitcoin or Better exclaims profit of bitcoins. Hence, it led to the creation of so many cryptocurrencies that are all present in the marketplace today.

Let us know a few of the big reasons as to why so many cryptocurrencies are introduced.

Tremendous Returns

It is one of the primary reasons as to why there are so many cryptocurrencies introduced. Bitcoin and a few other altcoins enjoyed considerable success. The response was overwhelming, and it is one of the reasons which compelled other developers to come up with innovative ideas. Initially, when Bitcoin was introduced, not many people showed interest in it, and not many paid attention.

Bitcoin has no value in the very beginning. Several people disregarded it or never bothered to find out what it was and how it is helpful. Gradually, its importance continued to appreciate over the years. More and more people started to know about bitcoins and its benefits.

Yet, after 2017, bitcoin picked significant momentum. Bitcoin, along with other altcoins, boomed tremendously. People who invested in Bitcoin, became millionaires overnight, as it rose to about $20,000 BTC. It was it’s an all-time high, and people danced with joy. Soon they came to know what was going on. You can quickly get a lot of information on cryptocurrencies online if you want to dig deep. You will also find several ways to buy different coins from various sites.

Innovations

There was a tremendous increase in Cryptocurrencies because of its innovative nature. Moreover, people also look for constant improvement in things, and we all desire enhancement. These were the primary reasons that made cryptocurrency so famous in quite less time. You can know about it in a much better way. Think of it in this way; there are several applications that Apple and Google have. Most of the apps are used to do the same thing, but companies have still produced so many of them.

Let us take an example of an app that is used to stream music. Does the play store or app store have only one app to perform the task? No, there are plenty available. Some love one, others love another, and many do not like some. Still, several apps are developed for streaming music, and they will keep coming from time to time.

This is the same thing how cryptocurrency is like. Several cryptocurrencies are available with smart contracts, and they work the same way. They are continuing to emerge more and more. The only thing that is done is a few tweaks in the elements of the protocol. There are nowadays several types of tokens available that run on the same kind of network.

ICO Boom

The ICO boom is another primary reason behind introducing so many cryptocurrencies along the line. The success achieved behind the sales of such tokens has only resulted in a spur on more number of token sales. There is a lack of checks in the ICO ecosystem. In the end, the coin offerings are listed on trading exchanges and are known as crypto tokens. With the introduction of a thousand successful ICOs, we will have cryptocurrencies that are even thousands in number.

Moreover, having thousands of cryptocurrencies is not at all bad. However, the role that each cryptocurrency plays in the advancement of society is what matters the most. Several are available in the market, the main objective of which is to be used as speculative tools. However, many may fail along the way when the bubble bursts. In the end, we will only be left with just a handful of options to help achieve mainstream adoptions.

Final Thoughts

Varied types of cryptocurrencies are available because they differ in the role and functions that they play. ICO is also a fast way to make lots of money. The logic behind the introduction of so many cryptocurrencies is just simple. Some several companies and organizations are adopting blockchain technology in their payment system. Several are also invented to lure people into investing in coins.

So many cryptocurrencies are introduced, but they have different objectives. Bitcoin was the first virtual currency, and now many are developed with the same technology.

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Indeed, Bitcoin and other altcoins truly had a turbulent past. The value of each digital currency varies constantly. Despite that, some happenings ruined the credibility of this business field. For instance, in 2014, hackers stole nearly 850 thousand Bitcoins. The victim of this cybercrime was Mt. Gox exchange. Still, it is important to know that things have improved since then a lot. This type of mistake cost the entire industry a lot, especially when we talk about reputation.

Well, we are here to solve these two problems. Coronavirus pandemic negatively influences different economic fields. For instance, tourism in all countries suffered the most. The losses were especially visible in some attractive destinations such as Italy and Spain. The influence we mentioned did not skip the digital currency world. Because of that, many people would like to know if trading in cryptocurrency is a good idea. More detailed answers you can find at usethebitcoin.com. The post we attached gives all the answers that beginners require. We recommend you check it and hear some tips from the experts.

In this article, we are going to talk about security. The advanced technology brought many benefits and concerns at the same time. People want to be sure that all the investments they make are safe.

Let’s find out together how to secure your cryptocurrency in 2023. You will get surprised how simple the entire process is. However, you must have the right approach. Thinking such as “it won’t happen to me” or “why would someone hack me” is bad. Each investor in this world has equal chances to become a victim of a cybercrime. We do not want to say you should be afraid of that. Our message for investors is to be cautious at every moment.

Don’t Keep All Digital Assets in One Place

Let’s imagine that you went on a vacation overseas. Will you keep all the money you have in your wallet? In that case, why would you keep all your digital assets in one place?

You need to find a way to manage and store your cryptocurrency in the right way. It doesn’t necessarily mean that something bad is going to happen. However, what if an exchange is lost for any reason? This means that all the investments you made will “disappear”. You do not have to expose yourself to that type of risk. You simply spread out your currencies in different places and minimize the risk of any loss.

Be Careful with the Passwords

This piece of advice is not only applicable to crypto investors. An average person usually makes this type of mistake. You probably have at least one social media account, an email, etc. Well, all the accounts you have online should have different passwords. Some people use the same passwords for their social media and crypto accounts. This is a basic mistake that you should improve as soon as possible.

A much better choice would be to use the so-called two-factor authentication method. In other words, you must use more than one private key when authorizing transactions. Despite that, it is equally important to back up your cryptocurrency private keys. The same tip counts when we talk about “basic” passwords. You should change it at least once in three weeks. If you work with a lot of transactions, then repeat the process more often.

Bonus Tip: Which Password to Use?

It might seem strange, but some people simply do not know how to create a strong password. Each time you do backups, be sure that you do that with a strong set of keys and passwords. “Strong password” means that you use the one that can’t be cracked or remembered easily. More precisely, you should create a combination of symbols, numbers, and uppercase and lowercase letters.

Still, the length of your password should also be strong. You can use different password generators that will help you do that. In most cases, these tools generate a 64-character password. Let us explain why this is important.

As you know, cybercriminals use different methods to hack people’s accounts. They use different advanced password crackers to achieve their goal. The tools they use are utilizing dictionaries and lists of common passwords. In other words, the longer your password is, the hacker will have more problems to hack it.

Be Careful with Networks

This is a piece of advice that you need to remember for each transaction that you make online. It doesn’t matter if you trade with cryptocurrencies or make a simple online purchase. Do not ever do that while you are connected on a public Wi-Fi hot spot. Whichever transaction that you make, make them only on reliable networks. In other words, do crypto transactions only on a private computer while you are at home.

Hackers are aware of the importance of public Wi-Fi for people. It happens often that we have to connect to the Internet while we are on the streets. Because of that, they often add different viruses to those networks and people easily add them to their device. If you are a cryptocurrency investor, the hacker will truly get a huge reward from you.

Don’t Brag

We know that sharing everything we do on social media is popular. Yet, this could be a mistake that would cost you a lot. Cybercriminals do not always pick their victims randomly. In most cases, they target their potential victims by researching social media. Do not expose too much information about your crypto investments there. You are becoming an attractive person for every cybercriminal. Besides, why should anyone know who you are and what you are doing? This should be a secret that only a small group of people around you knows.

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