How Much Debt Is Okay?

Debt has all too often become a normal element of life. Sometimes we are not realizing that we really have too much of it. Until it begins to eat us alive and rob us of the way we are used to live.  Keep in mind that being in debt for the bigger things in life, for example a home or an education, may have some considerable payoffs.

The problem is in consumer debt! The problem lies in the department store and credit cards, and things alike. On this we really should cut down. Generally speaking, you should use no more than 15 to 20 percent of your after-tax income for consumer debt payments. Take a look at how you can determine how much you can be affording to use for paying consumer debt each month.

Lets look at your annual income, after deductions and taxes. (more…)

How to find a job

Looking for a good job can be quite challenging. You should regularly check all the available resources, but also inform your family and friends that you’re looking for a job. You never can tell when or if anybody may hear about a job opening which could be your perfect fit.

You may also be attracted to a company you would like to work for. If you happen to know somebody who works there, you can ask him who would be the right person to contact and see if you can use him as a reference.

Then you can get in touch with that person and express the interest you have in working for his company while stressing that your acquaintance recommended the contact.


Solving Mortgage Problems

When Should You Talk With The Mortgage Company

When you get into a situation that you can’t make your monthly mortgage payment, get in touch with the mortgage company as soon as you can. You really should make that call before you start falling behind in your payments. Quite a few mortgage companies are accepting partial payments, and some may even let you skip some payment(s) and not even charge a late fee.

Of course you’ll still owe for the skipped payment(s), but they let you pay it off more gradually. Keep in mind that mortgage companies (just as landlords) will be far more likely to cooperate with you when you contact them before you fall behind in your monthly payments.

In case you are not able to come up with a plan, you should immediately get in touch with a housing counseling agency. The US Department of Housing & Urban Development (HUD) operates a housing counseling & referral telephone line that will direct you to low- or no-cost resources (1-800-569-4287).

You can also get in touch with your city, county, or state housing authority. You can find their phone numbers on the government pages in your telephone directory. You may also want to get in touch with a nonprofit consumer credit agency to help you restructure all your debt payments. Check out the National Foundation for Credit Counseling (1-800-388-2227). You can also go to the website of the NEFE (Smart About Money Economic Survival Tips) for advice on how to best protect your home from foreclosure. (more…)

Paying Rent Problems. When Should You Contact Your Landlord

The moment you know that you will have trouble to pay your rent, you should go and talk to your landlord. The longer you’ll wait, the more the landlord will be thinking that you’re not willing to come up with the back rent. And then, your landlord could begin the eviction process.

Another aspect is that, in case you come to an agreement with your landlord before he sets out on the eviction path, you’ll be saving yourself a lot of money, as there’s quite some legal cost associated with eviction procedures. In case you’ll pay the back rent after he already started the eviction process, the landlord may very well demand that you also pay for those legal costs.

What Should You Tell Your Landlord

When talking with the landlord, try to explain your situation as clearly as possible. Don’t waste much of his time by describing all your troubles, because you just want to inform him that the problems are of a temporary nature. Bear in mind that for your landlord, you are merely a customer, and not a friend.

On top of coming up with a decent repayment plan, you also can indicate that you have taken steps to avoid a similar situation in the future. One more way to fulfill  your back payment obligations is to see if the landlord has any work to be done on this or another property. Lawns may require some attention or the hallways may want some fresh paint. In case your landlord will agree, you could spend weekend or evening hours performing these tasks, thus decreasing the amount of owed back rent.


My Home as a Wealth Builder

Owning your own home comes with quite a few benefits. Maybe the most important is that you have the chance to create equity in your real estate, a great asset. Equity is actually that portion of your house that would bring in cash for you if you would sell your house today. When you pay do a mortgage payment, a portion of that payment is for interest on the loan, while the rest will add up towards your equity as the loan amount is reduced.

There will come a time that you could borrow money against the equity of your home to fund one of your kids’ education or, if you want, to remodel your house. Owning your own house is a great investment in you, your family, and your future. Beware though, that even though your house or condo will generally increase in value, there is no guarantee.

We all have seen during the past decade that houses may actually lose a good deal of their value, but this really depends on where you are living, your state’s or the national economy, and several other factors. When that happens, you couldn’t sell your house for what you paid. (more…)

How Much Money Do I Need if I Want to Buy a House?

In case you are enjoying a steady, good income and if you don’t carry much debt, there’s the rule of thumb that says that you are able to buy a house that costs between 2.5 and 3 times your yearly gross earnings. If, for example, you (or your spouse and you together) are making $40,000 annually, you probably are qualifying to buy a house or a condo that’s costing between $100,000 and $120,000.

Closing Costs & Down Payment

If you can buy your own house, you’ll be faced with several up-front costs. The amount of money that you will need in total is depending on a few factors, such as the price of the house and what mortgage type you will get. But there are also standard costs such as earnest money (deposit), down payment, and closing costs. Let’s take a look: (more…)

How Can I Own a Home?

Housing Tips & Options

One of the important things in life is having your own place to live. A place that you can call your own, where you feel safe and your family too. Feeling comfortable in your own place is crucial for your well-being. There are times that having a place you can call your own will help to make other problems in life more bearable. Usually, the cost for housing take out the biggest chunk of a family’s budget, and even in times when money is tight, the majority of people will cut all other expenses to be able to pay for the mortgage or rent every month.

There are times, however, that events happen that are not in our control. For example, an emergency may lead to huge medical bills, or maybe a divorce or a layoff is threatening housing payments. In this article, we’ll take a closer look at some very useful home owning and rental tips, and also what the consequences are of owning and keeping your own home. This article provides several ideas for support when you are in the situation of risking to lose your housing.


Job Benefits: Disability Insurance

In case you are sound and healthy, you may not see any value in disability insurance coverage. But we all know that illnesses and accidents really do happen. It is actually more likely that you won’t be able to perform your work for over 90 days due to illness or an accident than that you will pass away before reaching the age of 65. In case become hurt or sick and won’t be able to work for a longer period of time, having a decent disability insurance will help you get through the days or months that you won’t get a regular paycheck.

When your employer is not offering disability insurance, think about getting it yourself. Disability insurance doesn’t need to be so expensive, especially when you compare it with health insurance, though the cost are depending on your chosen coverage and your occupation. (more…)

Job Benefits (Work Incentives) To Consider

Health Insurance in Key

Having good health insurance for you and the ones around you is critical. There are quite a few employers that will pay for (or at least a great deal) of your health-insurance policy costs. In general we can see that, even if you still are required to pay for a portion of the insurance premium, your cost is usually far less than when you would have to pay for it all by yourself. We can find numerous sorts of healthcare plans. Most larger categories are including the health maintenance organization, indemnity plan, preferred provider organization, point-of-service plan, and a health savings account.

Please note that when you currently are eligible for Medicaid benefits, having a job could influence your benefits. There are, though, special rules (labeled ‘work incentives’) that still allow you to work and at the same time receive benefits. If you want to learn more, visit the website of the Medicaid program and check information on the program called ‘Ticket to Work’. (more…)

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