Set On the Pathway To Success



Volume 6, Issue #10, 7th May 2006
Publisher Irena Whitfield
iwhitfield@thecassiopeia.com
http://www.thecassiopeia.com/

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Today's Tips

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Free Ad Code for Issue 11: GRD258
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Today's Tip On Learning

How well do you know your financial ABCs?

For instance, do you know that:

  • Revolving or unsecured loans, such as credit card loans carry a higher interest rate than car, home equity and mortgage loans.

  • When shopping for a credit card you should evaluate all fees, as well as both the introductory and regular interest rate.

  • If you only make minimum payments on your credit card, you may never pay off the debt. Try to set up a payment calendar and work toward paying off your balance.

  • Ideally, you should be saving some percentage (e.g., five percent) of your annual income for retirement.

  • In many cases, it will take 80 percent of your pre-retirement income to maintain your current lifestyle in retirement.

  • Being denied credit for no apparent reason or having routine financial statements stop arriving in a timely manner may mean you’re an identity theft victim.

  • A checking account with your local community bank may help you save money by avoiding costly check cashing firms, and also by making it easier for you to itemize and budget

  • Your income, debt ratio and credit rating are all factors that will be considered when you apply for a mortgage loan.

  • A minimum of three months in funds should be set aside to carry you through such emergencies as illness or job loss.

  • Experts recommend emergency funds not be kept in stocks, but rather regular savings accounts, money market funds and certificates of deposit.

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Discipline is the bridge between goals and accomplishment. Jim Rohn

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