10 Guide Questions for a Better Financial Life

"You answer my questions with questions..." The lyrics of the song "Question" strike me often.

What does it really mean? So, each of us has the ability to find the answer to any question. They key is to ask the right questions. If you're frequently asking yourself, "Why was I so dim-witted to get into debt?", your mind will provide an answer like, "Because you're a loser."

You should remember that your brain will keep working on your question subconsciously until you obtain an answer. We've all had the experience of waking up in the middle of the night with the answer to something you were thinking about earlier in the day. The quality of the answer is directly related to the quality of the question. A better question is "What action can I take today to start reducing my debt?" Your brain will ponder this until it returns an answer. like a concerned friend. That may be something like, "Get financially organized. Look through all my credit card statements and see if I can determine if any one card is better than another."

According to Scott Bilker, the founder of DebtSmart.com, here are 10 questions whose answers will guide you to a better financial life:

1. What action(s) can I take today to start reducing my debt?
2. How can I start making more money within the next 5 days?
3. What can I do to start saving money?
4. What did I learn about finances today?
5. What day, this week, can I commit to going to the library and researching my financial options?
6. How can I use my computer to improve my life financially?
7. How can I double my income within one year?
8. What dreams did I have when I was younger that I should revisit today that would improve my life?
9. Do I have the right amount of insurance?
10. How can I enjoy the process of working to reduce my debt?

Now find the answers...


Related site: Pinay Questions (filipinastudes.blogspot.com)

Protect Your Assets through Proper Financial Management

Your financial status is on a crunch and you are uncertain on the course of action to take. You are terrified of declaring insolvency and dropping all your assets. You feel that even your creditors are bullying you. What are your options under such circumstances?

I believe that your best option is to pursue a debt management scheme. You can facilitate or structure payment of arrears using an arrears management program from an arrears management firm or even a credit cooperative. You can also seek out a fiscal counselor to assist you manage your arrears and there are free counselor services available for you.

Under debt management, your initial consideration is the retention of your properties. This is your first priority, and you have two paths of action to track. The first path of action is to consult a debt management firm. The second is to apply for individual volunteer agreement.

If you go for a debt counselor, they will request for details of the amount of arrears that you are in and what are the properties you have. They will also wish you to tell them if you have a job and how much your income is. They will then contact your creditors and try to work out an arrangement with them. In this, they will endeavor to get the highest section of your arrears written off and will attempt for your properties to stay with you. Bear in mind that debt management covers debts like mortgage payments, credit cards, and any other loans that you may have accumulated. On the whole, the key section of arrears that you owe is the interest that has to be paid against any credit or credit that you have acquired. In case of your mortgage, the arrears analyst will attempt to reschedule the mortgage payments. In case of other loans, they will attempt to reduce the interest charge. Debt counselors will work out a realistic repayment schedule. In this case, you are only required to make a single monthly payment to them. They in turn pay off your debts according to the schedule that they have worked out. In this, you get to retain your assets and also work off your debts.

If you apply for an individual voluntary program, you will have to hire a legal representative and apply for this program in a court of law. Your legal representative will call a meeting of all the representatives of the companies that you owe money from. He or she will try to settle your repayments with them. If 75% of your creditors consent to an amount and a repayment plan, the other creditors eventually have to sanction it. This is how a repayment plan is worked out, and you have to stick with it. You cannot have enough money to default on you repayments. When you agree to follow a debt management plan, you cannot go about acquiring fresh arrears or new loans. In fact, you should carefully plan your monthly expenses, cut down on all unnecessary expenditures, and repay your arrears. Don’t expose yourself to additional risks by acquiring further arrears. If you do this, you can end up losing your properties and no sane individual wants that.

In debt management, if there’s a will, there’s a way. You just have to carefully plan your steps and stick to a more prudent system of running your finances because in the final analysis the help that you can get is as successful as the determination you offer to your finances.

Related articles

• Citizens Advice sees 'enormous' rise in debt problems (telegraph.co.uk)
• What Order Should I Pay Off My Debt? (frugaldad.com)
• Christian Debt Consolidation Program from Nodebttoday.com (data-bg.info)
• Weighing the Options With Credit Card Debt (nytimes.com)
• Know Thy Scent (filipinastudes.blogspot.com)