Brick and Mortar are Fading Fast, but Online Payday Lenders are, unfortunately, Thriving

There are few places that lead consumers into deeper debt then payday lenders but, due to state and federal restrictions imposed in the last few years, revenue from brick and mortar payday lending companies has remained flat during the last four years.

Unfortunately, online payday lenders have sprung up left and right and their revenues have more than doubled in the same time period, from $1.5 billion back in 2006 to over $4 million dollars last year, in 2013. In fact, according to a study by the Milken Institute, nearly 40% of all payday loans in 2012 were initiated online.

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When Should You Start Investing?

Not surprisingly, first-time investors usually have a little bit of anxiety about when the best time is to make their first stock purchase. It’s not an unfounded fear, frankly, because if a person were to start at the wrong point in the market, which has a tendency to go up and down quite a bit, they can be left staring at big losses right from the start.

The good news is simply this; time is definitely on your side. If you are investing for the long haul, which is recommended, well-chosen investments will have compounding returns that add up quite well no matter what the market was doing when you decided to purchase your first shares.

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Are you Secretly Sabotaging your Budget?

Okay, so you’re scrimping and saving and going to all the bargain shops that you can in an effort to stick to your budget. While you deserve props for that, the fact is that some of these well-intentioned habits might actually be hurting your budget more than helping. Below are 5 habits that could secretly be sabotaging your budget. Check them out and make sure that they aren’t sabotaging yours. Enjoy.

If you purchase items simply for the fact that they’re on sale, you may be sabotaging your budget. The fact is, sales can be extremely dangerous, especially on things like clothing. Many a person has purchased clothing items that they don’t need simply because they were “on sale”. If you see something you truly need and it’s on sale, by all means pick it up but, if it’s something you don’t normally purchase or simply don’t need, avoiding that sale is your best bet.

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Thinking of Retiring? Consider This

 

Just a note to my readers, this article was the first by my mom, she has been reading this blog for awhile now and wanted to write an article of her own. She expects to continue writing, so please encourage and leaves comments…Thanks!

My husband and I will be retiring within the next few years and we have found we have had many questions about Social Security.  Asking around and talking to friends and family they don’t know the answers when asked.  So, let’s just go over some brief facts about Social Security to get you started.

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Worried About Outliving Your Nest Egg?

If you’re a regular reader here on our blog you know that we post a lot of information about building up a nest egg for retirement. That being said, making sure that your nest egg lasts is actually sometimes a bit more difficult. The steps below will help you to make yours last a good bit longer. Enjoy.

What most investors realize when they begin trying to create what will be their income stream in retirement is that health care costs, market returns, life expectancy and inflation, among other things, are all unknown factors that can make it extremely difficult to figure out exactly how much money they can safely withdraw from any retirement accounts that they have. The fact that some people could easily be retired for 20+ years makes it even more difficult.

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Sometimes it’s OK to Use the Store Credit Card!

Here’s an great example of when using a store credit card was an excellent idea. A colleague of mine was planning for his wedding and, after visiting a number of suit rental shops, was leaving the mall and went through a Macy’s department store. It just so happened that it was one of their biggest sales days of the year and he decided to take a look at suits there.

Well as luck would have it he found the perfect suits for both himself and his groomsmen and also found out that he could save an additional 15% that day, plus get cash back, by signing up for Macy’s store credit card.

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How to get around the Roth IRA Income Limits

Most financial experts will tell you that a Roth IRA is one of the best retirement vehicles you can use. It does come with a number of challenges however, including limits that prevent some people from directly funding their Roth IRA account. If your income exceeds those limits the steps below will help you. Enjoy.

First, in order to open and directly fund your Roth IRA, including contributing fully to it, you need to have an annual income that’s less than $129,000 as a single person or, if you’re a married couple, hundred $91,000.

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Knowing When It Is Time to See a Financial Counsellor

Almost everyone in the country deals with financial struggles at least at some point in their life. While some financial strain it typically, there are times when you may need help with your finances in order to pull yourself out of severe debt or overwhelming bills. If you are on a low-income making ends each month may be extremely difficult. You may be thinking that you cannot afford a financial counsellor to help you with your bills.

The good news is that there are a wide range of financial counsellors that offer free financial services and they can help you today. The important thing, however, is to realise when you need help and when it is time to see a financial counsellor.

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Borrowing Money? Avoid using these 2 Methods

While it’s certainly true that everyone needs money, sometimes it’s rather hard to find if you need extra money quickly.

In many instances consumers find themselves in a financial bind but, rather than applying for a bank loan, they look for “simpler” and quicker methods. While there are a certainly number of alternatives, some are definitely better than others. The 2 borrowing methods below, while not always the worst choice, can oftentimes be financially disastrous.

One of the easiest ways to get fast cash is to use a Pawn Shop, where you can use valuable items like gold, jewelry, collectors’ items, firearms and so forth as collateral to get a 30 to 90 day loan. These loans usually come with high interest rates and “storage fees” that range from 10 to 20%.

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