August 28th, 2014 | La Grand 1520 Financial |
We have all heard the stories of financial institutions exploiting consumers with shady practices such as exorbitant interest rates, hidden fees, and the like. These accounts anger us and, rightfully, those that practice these deeds should be exposed. Fortunately, not all reports are bad as evidenced in the way many companies are treating their customers in light of recent disasters such as Hurricanes Katrina and Rita. Let’s take a look at how some companies are responding in the wake of disaster.
1. Disaster Relief Programs. If you live in an area designated by the Federal Emergency Management Agency [FEMA] and own property, you may be eligible for relief depending on your financial institution and the program they have in place. One well known bank, for example, is automatically deferring mortgage and home equity loans for as long as ninety days, or three payments. In addition, this same bank is not assessing late charges for that timeframe, nor are they reporting negative information to affected consumers credit reports.
2. Payment Holidays. Similar to disaster relief programs, several credit card companies are allowing their customers to not make credit card payments for a two or three month time period. Two institutions have stated that they will not collect late fees, but in each case it is not clear whether customers will still be charged interest on their unpaid balances.
3. Loan Extensions. The financial arms of several automakers are allowing customers in affected areas to defer loan payments for up to three months. Essentially, these institutions are extending the loan’s length and adding the months to the end of the loan period without charging customers fees for this service.
If you live in any of the affected areas, it is best to contact your financial institutions directly to learn exactly what type of deferral plans, if any, they have in place. Some programs are less clear than others, particularly the payment holidays for credit card holders since it is not always apparent whether you will still be charged interest during the affected time period. Still, these types of compassionate gestures by certain financial institutions can create plenty of goodwill for consumers and they are the types of corporations certainly worth patronizing for the long term.
August 28th, 2014 | La Grand 1520 Financial |
If you have found the perfect car for your needs then unless you are very lucky you will have to give some serious thought as to what you are going to do when it comes to financing your car. A loan is the most obvious choice for the majority of people but when it comes to finance and car loans then you should take a specialist’s advice.
A specialist website will be able to scour the net for you and are able to secure the cheapest and best deal for your needs. Factors that have to be taken into account when it comes to finance for your car include the amount of interest that is put onto the loan; how long you take the loan for; whether you take a fixed rate or variable rate; and how much you can comfortably afford to payback in monthly terms and over the full term of the loan.
If you want to save money on the loan then taking out a shorter loan will mean that you pay more every month but as you are adding less interest onto the loan you will save money in the long run. However if you are tight for money and can only afford to pay a low amount each month then you will have to take out the loan over a longer period of time and add more interest. You have to determine a happy medium between the two and ensure that you will be able to afford to repay your loan, however long the period of borrowing.
A specialist will have contacts which they use on a regular basis and which have proven in the past to offer low interest rates on their loans or special deals (such as loan payment holies. ) They will also be able to help you choose the type of loan that is right for your circumstances and will explain any of the terms and conditions in plain English so you understand what you taking on.
August 27th, 2014 | La Grand 1520 Financial |
In one’s quest to be a successful person, work ethic and perseverance is the traditional key to reach our dreams. Since we started learning that hard work pays off, we come to think that each step of activity will get us where we want to be. However, for people who want to be self-made millionaires, they know that a lot more is at stake.
In a changing financial mindset, self-made millionaire Jamie McIntyre believes that hard work is not enough. The truth is, if hard work is the end of it all then there should be more successful people. After all, can we actually say to ourselves that we have outworked everyone? Even when we worked at our utmost capacity, we know that someone can still outwork us. Thus, when it comes to adapting a millionaire’s mindset, hard work does not hold much water.
This is the value of a successful financial strategy. Along with a changing mindset, financial strategies are a reflection of smart work. As Jamie McIntyre said, “working hard and making money have nothing to do with each other in the 21st century. ” Hard work can surely take you places. However, if you want to make money, you have to care more than “working hard. ”
Let us take the example of Jamie McIntrye’s father. As a farmer, his father is now a prosperous and financially independent person at his age. Learning from Jamie’s grandfather, his father believed that hard work is the key to success. Even when he became rich he still believed in that. However, hard work is just an integral part of being rich. His father instead found a way to create wealth by buying land at a low price and waited to increase its value over a period of time. Most the while, his wealth is created even while sleeping. Where is the hard work in that? Finding a successful strategy is more about intuition and changing perception. Sometimes hard work even blinds us to a point that we stop thinking and that is when things can get frisky. If you want to develop a successful financial strategy, start thinking.
Another well driven financial strategy is finding the opportunities in risks. As you can imagine, these strategies are not your normal laundry methods where you wash, dry, and repeat. Finding the best opportunities involves having the heart and the focus to make tough decisions despite the overwhelming forces that can stop you from acting on your instinct.
Jamie McIntyre continues his family story in driving this point. His mother always wanted a coffee shop that she could own for herself. Seeing the opportunity, her mother bought a coffee shop business. However, when the seller also offered the building where the coffee shop is located, she did not buy it since that would mean borrowing the needed money to finance the purchase of the building.
As the years go by, she struggled to manage her coffee shop to a point that she did not pay herself a salary. What more, she struggled to pay the rent of the building that could have been hers. In the end all her hard work in what seems to be a promising business, turned into more hard work. The spiral continues.
In this example, Jamie McIntyre tells us that if we are presented with an opportunity, it is not enough to think hard. Thinking hard involves being too hesitant while losing the will to act. Meanwhile, thinking smart will allow us to see the opportunities before the hindrances speak to us. Jamie explained that if her mother made the right move and bought the building, she could have been presented with more successful options.
Successful financial strategies come from an evolving financial mindset and the gut to act on your financial instinct. Thus, the biggest return does not come from hard work. Instead, it comes from unlocking keys of wealth creation by working smartly.
This HSC Business Studies PODCLASS examines the first financial strategy for managing global business – methods of payment. There are five main methods of pa. . .