8 Strategies for Building a Successful Career by Rafael Ulloa

Improving your earnings potential is one of the best ways to take control of your financial life. Here are eight tips that can help you build a successful and rewarding career:

 

1. Consider your goals. Some dream of running Fortune 500 companies, getting into the Senate, or being professional athletes -- others are happy to work a day job that leaves them plenty of time to share with family, pursue hobbies, and enjoy the small things in life. There are no rights or wrong answers in life, but considering your goals before planning your career will help you find the right path for you.

 

2. Make a plan. Some careers require lots of advanced education to even begin -- but even if your career can be started after high school, you can likely gain benefits by opting to travel, to take a class, or to volunteer for special duties. Research career paths in your chosen field, and make a plan that will get you where you want to go.

 

3. Manage money wisely. If you are living paycheck to paycheck, it will be difficult to plan ahead and get where you want to go in the long term. It will also be difficult to make investments in your career, such as going back to school or taking a sabbatical year. Employers can even deny you a job if they find that you have bad credit! So smart money management is crucial to professional success.

 

4. Be a learner. Acquiring useful knowledge and new skills will put you one step ahead of the competition. So whether it is in a formal academic setting or on the job, you should always have your mind focused on learning as much as possible.

 

5. Make connections. We've all heard the old saying -- it's not what you know, it's who you know. This old adage proves true more often than not, which is why professional networking is such a crucial part of almost any career.

 

7. Don't be afraid to ask. Perhaps your employer is willing to give you a raise and/or considering you for a promotion. Perhaps your employer's competitor would gladly double your salary to have you working for their team. If you don't ask, you will never know.

 

8. Have an exit plan. Without a plan, retirement will be a struggle. Invest in your future by making a concrete retirement plan and contributing regularly to a retirement fund.

 

For more tips on earning, saving, and staying out of debt, visit Madison Monroe and Associates online today!

 

 

 

 

A Brighter Future: 5 Reasons to Get Out of Debt

When credit card debt, student loans, or medical bills have become a consistent part of your life, the prospect of getting out of debt can sound overwhelming. But the truth is that no matter how large or small your debts may be, there are time-tested strategies that can help you get back on your feet. And though the road to debt recovery can be challenging from time to time, the end result is well worth the effort. In this article we will discuss a few reasons why getting out of debt is so worth it.

 

1. Access Education. According to the College Board, the average cost of in-state tuition at public universities in the US is a little over $9000 per year. And although scholarships and grants may cover a portion of this cost, the truth is that taking out a loan and/or dipping into savings funds are usually necessary strategies. Getting out of debt is the first step toward helping yourself and/or your kids to achieve those big dreams about higher education!

 

2. Become a Homeowner. Even for people who are quite well-off, a home loan is usually necessary in order to make such a large purchase. This underscores once again the importance of good credit and a low debt-to-income ratio.

 

3. Increase Your Mobility. Another common problem that people with bad credit suffer from is difficulty getting financing to buy a new car. So reducing your debt can be a great way of getting a better ride!

 

4. Prioritize Healthcare. Don't let medical bills be a determining factor in the healthcare choices you make: getting rid of medical debt is easier than you think!

 

5. Invest in the Future. Most financial experts agree that reducing debt is actually a more profitable expense of money than most investments.

 

For more information on reducing your debt in a sustainable way, visit Madison Monroe and Associates online today!

Three Things to Do Before Selecting a Realtor

Buying a home is the dream of countless renters -- and even though owning a home doesn't guarantee financial security, it is oftentimes a good investment. As long as you buy within your budget, make payments regularly, and take care of the house and the property, owning a home can be a great way to increase your net worth while paying for the necessity of living space. That is one important reason why homeownership is such an important aspect of the “American dream”.

 

As much potential as purchasing a home does offer, it can still be an intimidating process -- especially for people who are buying their first home. If you are unsure how to go about buying a house, then this article can help you get through the initial stages of the process up until you have an experienced realtor guiding you.

 

Step One: Research. Here’s the good news: if you are reading this article, then you are already doing something right! If you are planning on buying a home, then you should learn as much as you can about the home buying process, your local real estate market, your local realtors, etc. Knowledge is power, and the more you know about buying a home, the better!

 

Step two: Budget. Most financial experts recommend that your mortgage payments should not exceed 28 percent of your monthly income. With that in mind, check out this mortgage payment calculator to estimate the budget you can allot to buying your new home.

 

Step three: Pre-qualification. Contact banks in your area to get pre-qualified for a mortgage. This process is relatively straightforward -- the banks will simply give you a rough idea of how much you can afford to take out on a loan. If your credit is poor, this may not be enough to buy within the budget you had allocated -- in which case you may wish to work on improving your credit score before beginning the home purchasing process. If you can afford a home within your budget, however, then you are ready to begin searching for a qualified realtor to begin the home purchasing process!

5 Health Conditions Associated With Excessive Debt Problems

It’s easy enough to see how illness can cause debt. Even for the financially responsible, an unexpected health condition can lead to thousands of dollars in insurance deductibles and medical travel expenses, and this doesn’t even begin to cover the financial impact that needing to take time off of work can cause.

 

What might not be as obvious, however, is that the relationship between debt and illness goes both ways. In other words, not only can illness cause debt -- debt may actually be a contributing cause of illness, as well.

 

A recent BMC Study on Public Health came to this exact conclusion, stating that “indebtedness” was impacting patients negatively by causing stress, impacting their relationships, and causing them to make unhealthy choices such as skipping checkups and eating poorly.

 

Here are a few of the most common health conditions that debt can help cause and/or exacerbate:

 

1. Anxiety. The link between anxiety and debt should be fairly obvious: we all worry about money from time to time, and for people with clinically significant levels of anxiety, falling into debt can complicate treatment.
2. Depression. Feelings of worthlessness and guilt, inability to focus, and persistent low energy are all listed among the most common symptoms of depression. And, even though a person’s worth is in no way determined by their financial status, society often tells us otherwise. This is just one reason why depression and debt is a bad combination.
3. Blood Pressure. Worry and stress can contribute to high blood pressure, which is one potential explanation of the correlation between high blood pressure and debt. Financial problems often impact people’s diets, however, which could also make a difference. We’ll talk more about that in the next point on obesity.
4. Obesity. Eating healthy, organic food is more expensive than eating canned food. And people who are in debt may be forced to work more than one job, which makes unhealthy fast food an attractive option compared with coming home and cooking after a double shift. And the prospect of paying for a gym can sound flat out ridiculous. These are all reasons why financial problems and obesity tend to go hand in hand.
5. Immunity. Studies also show that people who are in debt are more likely to be immunodepressed. This could be in large part due to the previous four factors listed.

 

Looking to free yourself of debt and live a healthier, happier life? Visit Madison Monroe and Associates online today to learn about our stress relieving debt reduction programs!

How To Help Your Teen Cope With Moving

WHAT IF YOU’RE TEENAGER DOESN’T WANT TO MOVE TO A NEW CITY?

You've got a new job offer across the country and you are planning to pack your things, buy or rent a new home and make the big move. However, when you tell your 17 year old daughter your plans, she lets out a mournful wail and cries that it is not fair. How can you possibly take her away from all of her friends, her favorite hangout spots and the cute boy she just started seeing?

Moving house is a difficult transition and it is even more traumatic for teenagers. The teenage years are an important stage where young adults establish their individuality and independence and during this time their social circle is extremely important to them. Being removed from that against their will can make any teen feel sad, confused, angry and resentful. Also, fitting into a new social scene in a different location can be a challenge for a teen that might be singled out as the “new kid".

How can you help your teen during this transition so that the experience will be easier on them?

Here are some tips that will make the experience of moving cities a little bit easier on your teenager:

Give them as much notice as possible so that they have time to adjust to the idea of moving. They will feel like they have enough time to say goodbye to their friends and close a chapter of their lives.

Try to schedule the move around the school calendar, as moving in the summer is much less disruptive to your teen's life than relocating in the middle of the school year.

Make sure that they have ample time to spend with their close friends before they leave and once you arrive, understand that they might go through a grieving process of missing their old pals.

When you get to your new home, make sure that your teen has plenty of ways to keep in touch with their old friends, such as an internet connection and a cell phone plan.

Encourage your teen to get involved in the community of your new hometown, such as joining sports clubs or attending events. This can help them to make new friends

Can they stay behind? Only recommended for kids 18 and over

In some situations, the better option might be to let your teenager stay behind. If they are in their older teens, they will have finished high school, maybe have a job and be independent people of their own. Perhaps they could stay with a family member or parents of a friend for a while until they are old enough to move out on their own. This might make them a lot happier in the long run, rather than taking them along with you if they really don't want to move.

Below are some links to help you with the transition:

How to talk to an angry teen: http://everydaylife.globalpost.com/talk-angry-teen-5913.html

Make new friends: http://www.lifehack.org/articles/communication/how-to-make-a-bunch-of-new-friends-in-any-new-city.html

Have a job: http://www.youngupstarts.com/2012/09/13/12-compelling-reasons-your-teen-should-work/ 

 

Ways To Pay Off Your Car Loan Faster

Want To Pay Off Your Car Debt Early?

 

We’d all like to live without the monthly stress of car payments. Here are a few pro-tips on how you can make this dream into a reality.

 

• Pay Half your Monthly Payment Every 2 Weeks. As small a step as it may seem, taking this initiative will eventually lead to you making 13 monthly payments per year. Just as importantly, it will help preclude the possibility of making late payments -- mistake that can damage your credit score and lead to pile-on debt.

 

• Round Up. Another small adjustment you can make that will pay dividends in the long run is to round up every monthly payment. According to Experian Automotive, the average monthly payment on a car loan is $493. Paying $500 is just a small sacrifice, (it may require giving up on frappuccino every two weeks), but given enough time this will save you substantial money in terms of accumulating interest.

 

• Never Skip Payments. Some car loans give buyers the option to skip one payment per year, supposedly free of consequences. However, even though you are granted clemency in terms of penalties, you will still be paying extra interest by not paying off your car loan as quickly as possible. Moreover, you will be setting a bad precedent for yourself. Bottom line: if you have a financial emergency, then it’s certainly nice to have the option to skip a payment. But if it’s not a bonafide emergency, just bite the bullet and pay up. Your future self will thank you!

 

• Refinance Your Loan. Getting a lower interest rate on an existing loan may be possible: research loan refinancing to see if this could be the right choice for you!

 

Struggling to make monthly car loan payments? If you’re in over your head in debt, Madison Monroe and Associates may be able to help. Visit us online today to learn how!

 

Tips to help you get approved for a Loan

There are many reasons to seek credit; ranging from car loans, to mortgages, to simple payday advances. If you are aiming to get approved for a personal loan, then there are a few steps that you can take in order to improve your odds of success. These include:

 

• Check Your Credit Score. You must know your own strengths and weaknesses in order to apply for the right types of loans, and this means checking your credit score. The three major credit bureaus in the United States are TransUnion, Equifax, and Experian: you can acquire your current score through any of these company’s websites. In addition to giving you a good idea of where you stand, having a credit report will also allow you to report any errors (which are more common than you might think) thus allowing you to boost your score instantly simply by correcting mistaken information.
• Take Steps to Improve Your Credit Score. Knowing your score will give you a good idea of how much funding you should aim to acquire, and at what interest rate you can expect to be given a loan. All the same, you should make an effort to maximize your score in order to maximize your chances of acceptance. Good ways of doing this include making on-time payments, reducing your amount of debt owed, and consistently maintaining a few simple lines of credit (such as credit cards) in order to build a strong financial “reputation.”
• Choose Lenders Wisely. Many payday advance companies and other “easy-approval” lenders are predatory and downright unethical in their lending practices: be sure to research any potential lenders carefully in order to make a choice that truly works for you.
• Consider Your Debt to Income Ratio. The more debt you currently owe, the more difficult it will be to get approved. The higher your income, the easier it will be to get approved. Understanding this dynamic can help you put yourself in the best position to get approved for the loan you need.

 

Reducing debt owed improves your odds of approval! Visit Madison Monroe and Associates online today to learn more about how you can lower the amount of money that you owe quickly and permanently!

 

 

The Hidden Costs of Vehicle Ownership

Owning a car offers freedom, convenience, and maybe even a bit of status. But it also comes with costs -- some of which are not always so obvious at first glance. So when deciding how much you can afford to spend on that new ride, be sure to take in the costs that go beyond the initial sticker price. Here are just a few common factors to consider.

 

• Interest. Keep in mind that, should you finance your vehicle purchase by taking on debt, you will be paying more than just the sticker price that you see advertised. The interest that you pay on such purchases can easily add up to an additional 25% of the cost of the car itself. (Which, of course, depreciates the moment that you drive away with it, which can make selling off a car later in order to get out of debt problematic.)
• Insurance. Driving without insurance is both illegal and financially reckless, so you should calculate monthly insurance payments when considering what kind of car you can afford.
• Maintenance. Vehicles are bound to experience problems from time to time -- be it as simple as a broken windshield wiper or as complex as a blown motor. Because of this, maintenance costs can vary greatly. It’s wise to always be prepared, and maybe even keep a separate maintenance fund for rainy days.
• Paperwork. Keeping title, registration, and any other relevant paperwork for your vehicle up to date is going to require administrative expenses from time to time: be prepared to shell out about 100 bucks per year on this, depending on what kind of vehicle you use and what purposes you use it for.
• Gas. Fuel-efficient cars aren’t popular just because people want to reduce their carbon footprints -- they are also gaining traction because most American households spend upward of two hundred bucks per month on motor fuels.

 

Are you having trouble keeping up on car payments or other important financial responsibilities? If debt has taken control of your life, it is important to understand that you have options. Visit Madison Monroe and Associates online today to learn more about how you can get out of debt quickly and effectively.

Two Major Credit Reporting Agencies Have Been Lying to Consumers

In personal finance, practically everything can turn on one’s credit score. It’s both an indicator of one’s financial past, and the key to accessing necessities—without insane costs—in the future. But on Tuesday, the Consumer Financial Protection Bureau announced that two of the three major credit-reporting agencies responsible for doling out those scores—Equifax and Transunion—have been deceiving and taking advantage of Americans. The Bureau ordered the agencies to pay more than $23 million in fines and restitution.  

In their investigation, the Bureau found that the two agencies had been misrepresenting the scores provided to consumers, telling them that the score reports they received were the same reports that lenders and businesses received, when, in fact, they were not. The investigation also found problems with the way the agencies advertised their products, using promotions that suggested that their credit reports were either free or cost only $1. According to the CFPB the agencies did not properly disclose that after a trial of seven to 30 days, individuals would be enrolled in a full-price subscription, which could total $16 or more per month. The Bureau also found Equifax to be in violation of the Fair Credit Reporting Act, which states that the agencies must provide one free report every 12 months made available at a central site. Before viewing their free report, consumers were forced to view advertisements for Equifax, which is prohibited by law.

That these credit agencies would abuse their power to mislead Americans attempting to take a more active role in monitoring their financial health is not only a violation of trust, it is dangerous.

These agencies—along with a third, Experian—make up the nation’s credit-reporting industry, and, as such, they wield a significant and unique influence over America's’ financial health. Many lenders use only the data from these providers to determine whether someone can get a loan and how much interests he will pay. “Credit scores are central to a consumer’s financial life and people deserve honest and accurate information about them,” said CFPB Director Richard Cordray in a statement. Credit-reporting agencies keep track of an individual’s overall debt picture, how much credit they have access to, and how frequently payments are late, among other things. They then assign a score ranging from 300 to 850, which is consulted before one rents an apartment, gets a loan, opens a credit card, buys a car, or even gets a cellphone.

Much of an individual’s ability to improve his or her finances is predicated on his or her ability to maintain a high credit score. To do that, he or she needs to be able to see accurate credit reports that reflect the information that lenders see when they assess them. The actions of Equifax and Transunion prevented that. And that’s especially troubling because the American credit system is a reinforcing cycle. Good credit often comes from having enough money to pay bills off in a timely manner, which raises one’s score and provides access to more credit at better interest rates. That can amount to tens of thousands of dollars in savings on mortgages, business loans, and credit- card interest. And having good credit means that a person’s score can sustain the decline that comes with lender inquiries for new credit cards or loans, which then gives them access to more credit—and raises their score once again. For Americans with bad credit and little income, the system works in exactly the opposite manner, and leaves people relegated to pricey and predatory options for basic financial needs. In 2010, the CFPB found that 26 million Americans had no credit history, and another 19 million had such limited credit history that they were considered unscorable. These groups were primarily made up of low-income and minority households.


Credit scores and the agencies that provide them have long been a point of contention among consumer advocates, not only because the system further marginalizes those who are already struggling, but also because it offers very limited opportunities to improve one’s financial standing. Even obtaining, understanding, and correcting official credit reports can be tricky, time-consuming, and, in some cases, costly.  As a result, consumer advocates have called for greater accessibility and pushed  alternative credit indicators. That two major providers of score data have been intentionally deceiving Americans confirms what those advocates have been saying all along: This is a deeply dysfunctional system that is hurting the Americans who can least afford it.

Is That College Degree Really Worth It?

The cost of higher education seems higher each and every day -- and it is no secret that student debt is a growing problem. In fact, as of 2017, more than 40 million Americans have at least some student debt. Worse still, there is a substantial amount of former students among these 40 million people who find themselves in serious economic trouble because of the debt that they have taken on. All this has many people asking the obvious question: is a college degree really worth it? In this article we will break down the numbers and offer a general answer, keeping in mind that everyone's situation is a bit different.

 

The average cost of attendance at an in state university in the United States is roughly $9,650. Of course, the average cost of private and out-of-state schools is much higher -- $24,930 for out-of-state public schools, and $33,480 for private schools, to be exact.  And this doesn't take into account the fact that many students pay for living expenses through loans as well. Finally, it is also worth considering that with accumulating interest, most former students end up paying far more than the original cost of the education.

 

So, just to maintain a healthy dose of skepticism, let's assume that your entire college education puts you $200,000 in the hole. (Which, let’s be clear, isn’t the most likely of scenarios.) Surely, this cannot be a wise decision, can it?

 

Well, according to a study, the average college graduate earns, over the course of their life, roughly 1 million dollars more than the average non graduate. So the bottom line is that your bottom line will likely improve over time if you decide to attend college -- even though such a decision can sometimes cause temporary hardships, especially when debt piles up.

 

Student debt got you down? No worries. You are an educated and capable person who clearly has potential for the future. The mere fact that you have attended college is a good indicator of this. If you find yourself concerned about your finances, the most important thing you can do is to take action. Visit Madison Monroe and Associates online today to learn more.

 

Should you Buy or Rent

Home Ownership Vs Renting

 

 

For decades, home ownership has been considered an integral part of the American dream. But does all that hype really add up to a good investment, or could renting actually be the smarter financial decision in some cases? The answer...is complicated. In this article, we’ll take a look at the pros and cons of both owning your own home and renting.

 

 

• Stability or Flexibility. The first question that you will need to answer when considering home ownership is how much you value stability versus how much you value flexibility. If you dream of settling down and spending a large part of your life in the same neighborhood, then purchasing a home is a great way to accomplish this goal in a comfortable and financially sound manner. If, on the other hand, you enjoy regular changes in scenery, if your line of work requires you to change location frequently; etc, then renting may offer the flexibility that you need. After all, the costs associated with changing apartments at the end of a lease pale in comparison to the costs and hassles of selling a home.
   
• Equity vs. Low Expenses. The age old argument for home ownership is that each payment you make on your home contributes to your purchase of a major asset. (The house itself.) However, it is important to consider that, while this is true to an extent, there are also many additional expenses that you take on with home ownership, such as maintenance, homeowners association fees, property taxes, and, most importantly, the interest on your mortgage.(which can sometimes nearly equal the value of the house you are buying!)
   
• Choosing your Responsibilities. Owning a home also tends to entail more responsibilities: maintenance, lawn care, homeowner’s association meetings, etc. tend to eat up a great deal of time -- this is one reason why some working professionals opt to rent instead of own.

 

 For more useful financial tips, visit the Madison Monroe and Associates blog today!

Must-knows when someone in the relationship has unfavorable credit

Are wedding bells in your future? Thinking about popping the question to the love of your life? Now that you and your partner have decided to share your lives with one another, finances also come as a part of the life that you’ll share.

Until now, maybe you haven’t considered how your future spouse’s credit history will affect your financial future. If you’re curious, this post may answer a few of your questions about credit before you say “I do.”

Q: Will my spouse’s credit score impact my credit score?

A: Your credit score is, well, yours. The day you say “I do” isn’t going to automatically merge your credit score with your significant other’s, according to Experian.

However, if you and your spouse have different credit backgrounds and you apply for a loan together, your spouse’s history could impact your interest rate and the amount you qualify for. If their past has left their credit in a not-so-good place, but you have stellar credit, their credit could prevent you from qualifying for a loan altogether. Or you could end up paying a higher interest rate for financing, according to MyFICO. Carefully consider each other’s credit history and plan strategically when applying for credit after marriage.

Q: Will my partner’s debt become my debt, and vice versa?

A: It depends. When you were single, if you took out loans or accumulated debt, these are typically still your financial obligations, even in marriage. (The same goes for your spouse, too.) The accounts you opened before marriage usually only impact your credit score, too—that is unless your spouse adds their name to your accounts. Your spouse might do this if you have excellent credit and they have poor credit. Having their name associated with accounts in good standing (meaning minimum payments are always made on time) may help them improve their credit, according to Experian.

Now that you’re in this life together, you can work on paying off debts together, but that doesn’t mean you inherit each other’s debt.

Q: Can I apply for a loan without my partner when we’re married?

A: Of course! Say you want to get an unsecured loan, but your spouse has bad credit. It’s OK to apply for a loan solely under your name. According to the Consumer Finance Protection Bureau, creditors cannot even ask if you’re married, unless you are applying for a secured loan or joint loan.

The exceptions are community property states. If you live in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin, your spouse’s poor credit could affect your ability to get a competitive loan as creditors will most likely look into both credit histories. Alaska couples can also choose to opt-in to this system.

States with this law view couples as a “community,” or one entity. The community automatically shares incomes and debts during the marriage, in most instances. Each state has variances on this law, which you can find on IRS.gov. Couples may also draft contracts before getting married (or after divorce) to create their own rules for splitting debts and assets.

Q: How can we work together to keep our credit in good standing?

A: When both of you know your account balances, spending patterns, and due dates, this knowledge can help ensure you don’t overspend—and that you pay your bills on time. Communication will help you keep your joint accounts in good standing. After all, when you always pay your minimum balances on time, over time, this could improve your credit score.

You’ll also want to check your credit report annually to look for suspicious activity.

Start the conversation about credit and finances in your relationship.

Talking about how to manage joint accounts, incomes, and debts is important. Ask each other, “Who will be responsible for monitoring accounts, paying bills, and budgeting?” Traditionally, one spouse handles the majority of this task to prevent overlap or confusion. However, couples with excellent communication skills can split the share of financial responsibilities. Budgets can be made together, accounts can be monitored by one or the other or both—and bill paying can also be shared or one person’s task. Also, decide if you want to join forces to tackle debts or unfavorable credit standings. Coming to a mutual agreement in this area may not only improve your finances, but also ensure your relationship is on the same page financially. Money isn’t the most romantic topic to discuss. But a well-planned financial future for you and your spouse means your relationship has a good foundation for happiness in the coming years.

 

This article was originally written by Premier Bank

Quick Money Saving Tips from Madison Monroe and Associates

Common Sense Money Tips

 

People from all walks of life occasionally have trouble successfully managing their money. That’s why a little advice can always come in handy. Here are 4 tips that can help you make smarter choices in the future.

 

1. Make a Budget. Knowing where your money is coming and going is essential to building good financial habits. Without awareness to how much you are allocating to each aspect of your life, you put yourself at risk of overspending. Be sure put some of your money into savings. Short term and long term goals can put you in a good place to start taking control of your finances.
2. Take Care of Your Health. Getting sick costs you money and opportunities. Good health keeps insurance premiums low and medical bills down. Not only that, you can save money on your grocery bill by opting for healthier choices such as vegetables and fruit. Maintaining your health improves quality of life and keeps you happy and more focused on what is important.
3. Don’t Skip Out Insurance. On a somewhat related note, insurance can be an important financial investment. If something goes wrong, it can set you back and put you into the kind of trouble that may take years or even decades to dig your way out of. On big purchases and important areas of life, such as health, housing, and automobiles - it’s worth it to invest that little bit of money in just in case.
4. Beware of Credit. Make sure to take your credit score seriously. This score affects many aspects of life including car and home loans, renting an apartment, or obtaining credit cards. It is important to build credit in order to make such purchases -- but be careful of borrowing too much. Falling into debt can place a serious and unnecessary burden upon you.

 

Having Financial Trouble? Are you in debt and feeling trapped? Contact Madison Monroe and Associates today to learn how you can get back on your feet  (877) 346-2797 We are here to help you.

                                                              

Ways to Save Money

8 Pain-Free Ways to Save Money

 

       Looking to get your finances under control? Follow these 8 pain-free tips!

 

1. Plan Your Meals. Eating out is one of the biggest expenses for most households. There’s nothing wrong with treating yourself every now and then -- but avoid going to restaurants merely for convenience’s sake by planning your meals ahead of time.
    
2. Buy Staples in Bulk. Take advantage of lower prices by buying frequently used items in bulk.
    
3. Go Green. Installing energy efficient lights, unplugging items you aren’t using and making other green choices is an easy way to save on your bills.
    
4. De-Clutter. Selling and donating your unused items can bring in some extra income and/or offer tax benefits. Moreover, it will make your home a more comfortable place, helping you spend more time at home rather than going out and spending.
    
5. Shop Smart. Make the effort to drive to the most affordable store in town and print out coupons beforehand and you are sure to save money. Making a list beforehand will help you avoid impulse purchases while guaranteeing that your don’t have to make a return trip.
    
6. Keep a Refillable Water Bottle or Two in the Fridge. Contrary to popular belief, bottled water is not held to a higher standard of quality than the water that comes from your tap -- but bottled water is marked up by as much as 280,000 percent compared to the price of tap water. The one real advantage that bottled water offers is convenience, so why not keep a couple of cold bottles in your fridge and save the need less expense?
    
7. Devote A Bit Of Time and Money to Maintenance Each Week. A penny saved is a penny earned -- and performing regular maintenance on your car, your home, and your appliances can save you a large chunk of change over time.
    
8. Take Advantage of Community Services. Libraries, parks, public pools, and a plethora of local services can help you save money and have a blast without spending a cent. You already pay for them with your tax dollars, so why not take advantage!

 

      If you have any questions or need further assistance please give us a call at

      877-346-2797 we are here to help you.

4 Finance Tips for Young Adults

Managing your finances might seem overwhelming. Money management is not exactly a required course in schools. Yet as soon as you’re out of high school, you’re expected to manage student loans and take on large financial commitments such as rent. All of this can seem daunting, but by building good habits now, you can create huge returns in the future and come out miles ahead of your peers.

 

1. Start Saving Now. A retirement fund is important, even at this stage in your life. Compounding interest means the investments you make now could give you a big payout further down the road. The sooner you start, the less you will have to worry when retirement is around the corner. Saving a bit of your income for an emergency fund isn’t a bad idea either. You never know when you might need it.
2. Practice Self-Control. Start the good habits now. Spending money on fast food and expensive coffee is okay occasionally, but if you’re not indulging with care, bad habits will start to form. When you’re 30, 40, 50 years old, you’ll find it harder to break those habits and harder to make up what you’ve lost. Stay mindful and vigilant when you spend.
3. Understand Taxes. Taxes can be complicated and daunting. Yet they are another fundamental part of life that schools neglect to teach. Learning how to calculate your taxes based on your income will help to determine your budget and will save you trouble in the long run.
4. Start Building Credit. Avoiding overwhelming debt is a no-brainer, but that doesn’t mean young people should shy away from credit completely: now is the time to begin building the credit reputation that will help you make big purchases down the road.

 

Have debt and bad financial choices taken over your life? Madison Monroe and Associates can help by negotiating away as much as half of your debts. Visit us online today to learn more! www.madisonandmonroe.com or give us a call at 877-346-2797 and speak with one of our counselors.

Escape the Cycle of Payday loans

Each and every year, more than 12 million Americans borrow money from payday lenders. Sadly, the majority of people who resort to these types of loans are already in financial trouble of some sort--causing a disturbingly large portion of these borrowers to end up in a downward of spiral after being unable to make the payment on these loans. With annual interest rates of oftentimes averaging more than 400%, it’s easy to see how these debts can destroy lives and create seemingly inescapable financial sinkholes.

 

All that being said, and in spite of the clear danger that these types of loans pose, it’s not difficult to see why they’re tempting, either. Most payday loan borrowers are completely unable to afford other forms of credit due to previous financial hardships--and these loans are typically used to make necessary payments such as rent, groceries, or bills. Unfortunately, taking out debt to pay debt is not a sustainable strategy.

 

So if you’ve fallen victim to the vicious cycle of payday loans, you may be feeling frustrated or even hopeless. Relax. There are solutions out there--and, with wise financial management and a strong partner such as Madison Monroe and Associates, it is possible to regain control over your life.

 

Madison Monroe and Associates is not a debt consolidation service that charges top dollar just to reduce your ARP by a marginal amount and arrange one monthly payment. Though such services may be helpful to some, they are not enough to facilitate escape from most payday loan debts. What you need is an aggressive strategy aimed at dramatically decreasing the amount that you owe. This is what we can offer here at Madison and Monroe. For more information, we highly recommend that you visit our website or get in touch with a Madison and Monroe representative today. www.madisonandmonroe.com 877-346-2797

 

Are Minimum Payments an Effective Debt-Relief Strategy?

If you have found yourself deep in debt, you know what a destructive force excessive debt can be in life. It can limit your opportunities for receiving financing, it can affect your job search, and, of course, it can cost you a significant portion of your income. And this does not even begin to address the feelings frustration and stigmatization that come along with such situations. Many people believe that the only way out of debt is the option right in front of them: making the minimum payments and waiting for the debt to be paid off in whole. In this article, we will address that concept, and we will discuss why it may not be the best option for you.

 

Making minimum payments is the most conservative approach to paying off debts, and as long as you do not feel that your debts are having a negative impact on your life you may wish to go this route. However, you should be aware that you will end up paying nearly 50% of your balance in interest alone over the first three years, and that, if your rates are over 25%, it is almost a mathematical impossibility to pay off your debt through minimum payments. Repayment through this method can sometimes take 20 years or more, and if you stop making repayments at any time (regardless of the reason) you will be destroying your credit while doing nothing to help your situation.

 

Taking a more aggressive approach can get you out of debt faster, allowing you to move on with your life. Though it is true that not all debt relief programs are created equal, you owe it to yourself to look into debt settlement. Debt settlement is not a bank-managed program like debt consolidation, and it does not carry the ten-year stigma associated with bankruptcy. Rather, it is a way of negotiating and lowering debt on the friendliest terms possible. Debt settlement has helped countless people get back on track financially: could it be right for you? Visit Madison Monroe and Associates online today to learn more. www.madisonandmonroe.com or simply give us a call 877-346-2797 we are here to help.