4 Ways To Effectively Settle Outstanding Debts

Outstanding debts can inflict severe dents in even the best retirement plans which have been carefully crafted over a lifetime. Incurring a debt is seemingly unavoidable in the modern age,as a result of both higher cost of living and consumerism.

With each passing year,more and more Singaporeans are diving into the debt pool as they struggle to cover their daily expenses and make ends meet. As of December 2016,the average Singaporean household incurs an estimated $55,000 of debt,which is a 3% increase over 2015. Easily 75% of this household debt stems from unresolved mortgage loans. Some of this unsettled debt may even force retirees to expend their assets to cover their debt rather than passing it on to their beneficiaries.

However,there are several ways to effectively settle outstanding debts to ensure it doesn’t put a crimp on some of those best retirement plans you’ve come up with.

1. Establish a Budget and Track It

Creating a proper budget is a great way to analyse and plan finances. By allocating a set amount of money towards a specific expense per month,the amount of expenses can be monitored more stringently and precautionary steps can be swiftly undertaken if the expenses overshoot the stipulated budget. It is only through proper budgeting can individuals or households create the necessary surpluses to pay off any existing debts.

Certain financial tools,such as Excel spreadsheets or even Mint.com,are particularly useful in keeping track of a personal or household budget.

The main problem for an individual who does not keep track of his/her monthly expenditure is that he/she does not know if he/she ends the month with a net reduction in savings,i.e.,spending exceeds income and eats into savings. Knowing the amount of leftover balance is crucial since a continuous negative balance might lead to the creation of new debts. It is this type of debt that is the most dangerous as it rolls over at seemingly manageable interest rates month after month. Before the individual knows it,he/she would have made hefty payments on interest alone.

Tracking tools are thus crucial in identifying areas of weakness in one’s monthly spending habits,but an individual must take affirmative action to reverse the negative balance situation. This can be done via listing out the monthly expenses and employing necessary cut backs on certain expenditures. Discipline is the key.

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2. Laddering Debts by Interest Rate

Laddering debts is another technique used in settling outstanding debt. It involves listing out all current debts by interest rate,starting from the highest interest rate to the lowest interest rate. The debt with the highest interest rate costs the most money,so this debt needs to be settled first.

By paying off the most expensive debt first,the overall debt will be reduced significantly faster. Some individuals who incur multiple debts per month and employ laddering in their finances usually settle the minimum payment required for each debt,and use the balance cash from their payments to settle more of the debt with the highest interest rate.

For example,let’s compare two debt instruments: one,a credit card with an outstanding balance of $4,000 with an interest rate of 24% and another,a credit line with an outstanding balance of $8,000 with an interest rate of 16%. Ideally,the minimum monthly payment required to settle each debt would first be made,and any leftover finances would be funneled to repaying more of the credit card debt even though the amount owed may be lower.

Laddering is especially useful in tackling multiple debts while avoiding the accidental creation of another new debt. Laddering also instills a sense of financial discipline that is good in tackling unresolved debts and preventing those debts from inflicting too much harm on those retirement plans you’ve kept in mind.

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3. Balance Transfers

Balance transfers is another tool used to cut back on interest expenses whilst settling an attempt to pay off a debt over several months.

For example,given the competitive nature of the unsecured credit market,banks often provide very low teaser rates for clients who transfer their existing unsecured debt from other banks. The effective interest rates could be as low as 4% p.a. versus the normal 24% p.a. one pays on credit card balances. However,the catch is such promotional rates lasts only for a certain period,for example 6 months. Nevertheless,balance transfers can lower the interest costs of an existing debt.

Balance transfers do carry their own risks. Individuals transferring balances must remember to either settle the debt after the transfer or look for another such opportunity before the lower interest on the account to which the balance is transferred expires,otherwise he/she risks paying an even higher interest rate.

Individuals using the balance transfers may also fail to address the continuous build-up of debt,thus wiping out any benefit from such a strategy. In the end,despite this cost-saving strategy,individuals end up with even more debts that impinge on savings,not to mention any future retirement plans.

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4. Contacting Consumer Credit Counseling Services

If a person is having immense trouble settling their debts or even coming up with the minimum monthly payments,they should consider engaging a consumer credit counseling service. In Singapore,this service is aptly named as the Credit Counseling Singapore (“CCS”) and offers solution-based credit counseling for individuals beleaguered by financial debt.

The CCS’s debt management services only cost $130 and pairs up debt-laden individuals with a credit counsellor. The credit counsellor will assess the indebtedness of an individual’s situation and assist him/her by making a financial estimate of the debts owed,identify available resources which can be used to cover the debts and even plan a monthly budget which incorporates all living expenses. Solutions to tackle the debt problem and monthly negative balances will be meted out to alleviate the burden of debt.

If one is concerned over how his/her debt would affect his/her retirement plans,contacting the CCS would be the right way to go. If the retirement plan has already taken the old debt into account,proper financial restructuring could reduce the interest and installment payments that need to be made.

Even the best retirement plans may be in jeopardy in the face of unresolved debts. By adopting better financial habits such as establishing a budget,laddering debts and transferring balances,an unsettled debt situation might become easier to handle. If a debt problem persists,the CCS can be engaged to work out a solution to stave off unresolved debts. Financial advisers may also be consulted to better streamline finances and handle monthly expenses,thus ensuring a more secure and better retirement in the future.

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Easy Financial Advisor Marketing & Prospecting Guide: How to Gain Credibility and Grow Your Client Base

You do not have to be working for a huge financial firm in order to make a name for yourself. As a financial advisor,just like a lawyer,you are primarily selling you and your expertise. In order to get your name out there you will have to network within the financial industry and other industries that often need the services of a financial advisor. You could go even further and be THE financial advisor for dentists or THE financial advisor for plumbers.To really dig deep into the art of financial advisor marketing and get the most effective strategies for your money,you can work with expert consultants who understand the importance of personal branding and self-marketing.

How to Overcome Financial Advisor Prospecting Challenges

There’s never been a more exciting time to be a financial advisor,or a more challenging one. Many financial advisors spend a large amount of their marketing efforts trying to attract prospects. After all,that’s what marketing is for,right? It is true at the same time a lot of financial advisors have trouble searching for prospects.

One way you can make it easier to close clients is to raise your authority and credibility by way of marketing event ideas for financial advisors. When your financial prospects see that you have some connection to a household corporate name,such as Nasdaq,they are more likely to buy from you—because they know that anybody who’s done work with a trustworthy corporate name,is bound to be trustworthy.

Think about it from the perspective of your client. When you’re choosing a financial advisor yourself,most likely you’ll find yourself researching advisors to pick one that’s well-established and reputable,with a strong client base. For this reason,as a financial advisor,you need to stand out from the crowd as someone who is known to be reputable.

Make Yourself Irresistible by Crafting a Snappy Marketing Message

Another way to establish your name and reduce prospects’ resistance to your offers is to come up with a to-the-point,catchy marketing message that really helps your prospects to understand what’s in it for them. There’s a highly specialized and successful marketing consultant who,besides being an expert at marketing plan for investment product,knows more about crafting THE perfect marketing message than just about anybody. As long as what you are stating in your marketing is truthful,you should be okay.

More emphasis will be on the client experiences that you deliver to create a competitive advantage. You can count on prospecting ideas for financial advisors to provide the tools,the service,and most importantly,the community that will enable you to be truly independent,but never alone.

Alongside really nailing down your marketing message,raising your authority is hands-down the biggest way to improve your ability to work with a high quality of clientele. The faster you can discard unpromising leads,the more efficiently you’ll be able to use your time and money to focus on acquiring better prospects.

How Else Do I Attract Financial Prospects?

You can also attract financial prospects by hosting live events. In these events,a great strategy is delivering a presentation that piques people’s interest by teaching them about what you have to bring to the table in terms of financial services.

One of the most successful methods of meeting new,interested,qualified prospects is doing seminars in person.

At the same time,many more prospects out in the world really do value the convenience of viewing a live event on a computer or on their mobile phone. Fortunately,there’s a great way to market to those kinds of prospects. A webinar is a cost-effective way to provide an educational opportunity for clients and prospects while marketing your financial practice.

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Avoid A Typical Novice Investment Error By Doing Your Research study

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Find The Happiness You Deserve By Beating Depression

Depression is very debilitating and painful,and it affects millions all over the world. Depression makes people feel alone and hopeless. Those who suffer from it need to work on the problem from every possible angle for best results. The article below is comprised of tips that can help beat depression.

A great tip that can help you fight depression is to not listen to sad music. A lot of people are drawn to sad music when they’re depressed because it validates their thoughts. This can keep you in a depressed state. Ditch the sad music and you’ll find yourself feeling better.

Allow yourself to fail sometimes. One of the biggest things people with depression struggle with is perfectionism. You don’t have to do everything right all the time. Sometimes you’ll get things wrong,and that’s okay. Focus on what did go right instead of the things that went wrong,and move on.

Stop the negative and bad behavior when you are with others. Crying,complaining,and talking about your problems will elicit sympathy from your family and friends,but this sympathy also maintains the depressive behavior. Change the behavior and receive the rewards.

Be sure to discuss your depression with your partner. Involve your partner in your treatment efforts such as regular counseling and exercise. If you were going it alone,working together in these endeavors will help bring you closer as a couple,and will also make your treatment plan more effective than.

One way to deal with depression is to fake it till you make it. Try to act as though you are not depressed. Really give it a good try and force yourself too. Imagine that you are not depressed and eventually it will come to pass. Because if you do it enough,your brain will not know that it is depressed,basically you are tricking your mind.

When suffering from depression,it is important to create a positive social life. Depressed individuals should work to make their social interactions more positive by showing kindness towards others and taking an interest in other people’s lives. Depressed people should tell their friends and loved ones to ignore their depressed behaviors and not take pity on them.

And you start to feel a bout of depression coming on try to find a way for your children to not be around you if you are a parent. If they are younger children,you should have a close friend on standby to watch them,though if they are older,you can leave them home alone.

Hopefully you’re starting to feel more positive and optimistic about getting over your depression after learning all of the tips provided. Try your best to always have a good outlook on life,just remember that you’re not alone. A lot of people get depressed and a lot of people recover from it and they all did it one step at a time,you can do the same. Check Out Our Site Asheville Biofeedback Anxiety.

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