Are You Really Ready To Invest?
Imagine this scenario - you have received a windfall of $25,000, and you know you should invest for the future. Before you sign up and sign away that money, ask yourself this question - if you're living paycheck to paycheck with high interest credit card companies hounding you via letter, telephone and via ninja agents pounding on your door, is it a good time to start investing? The answer is obvious, "Of course not!"
So, how do you make sure that when you start to invest, you don't damage your financial position?
First, get your latest credit report. You should, in reality, do this once a year. It's very important to read your credit report, find out what's on it, and clean up any negative items on the report as quickly as possible.
However, if you are in $25,000 worth of debt, it may serve you better to clean up your problems using that $25,000 instead of investing and maintaining that debt.
Many people make a priority mistake when they decide to invest. In order to avoid that, see which are paying out on a monthly basis, look at all the dispersal's and get rid of the expenses that are frivolous.
Forget everything and listen, you'll want to look at what you're monthly payouts are, and get rid of expenses that are not necessary. For instance, high interest credit cards are not only unnecessary but just plain bad decision making. Your plan should be to pay them off as quickly as possible and don't continue to charge up those cards.
Once your financial status is good then enhance your monies with sound investments for the future. It now makes little sense to invest your money. When your bank balance is bad or problematic, or if you're living from paycheck to paycheck and paying bills is a struggle, that is not the time to think about tying up your cash. Investing your dollars in rectifying your adverse financial issues first would make better sense.
This way, when you find yourself financially solvent once again, you will be informed and able to make a decision about what types of investments you want for your future.
So, how do you make sure that when you start to invest, you don't damage your financial position?
First, get your latest credit report. You should, in reality, do this once a year. It's very important to read your credit report, find out what's on it, and clean up any negative items on the report as quickly as possible.
However, if you are in $25,000 worth of debt, it may serve you better to clean up your problems using that $25,000 instead of investing and maintaining that debt.
Many people make a priority mistake when they decide to invest. In order to avoid that, see which are paying out on a monthly basis, look at all the dispersal's and get rid of the expenses that are frivolous.
Forget everything and listen, you'll want to look at what you're monthly payouts are, and get rid of expenses that are not necessary. For instance, high interest credit cards are not only unnecessary but just plain bad decision making. Your plan should be to pay them off as quickly as possible and don't continue to charge up those cards.
Once your financial status is good then enhance your monies with sound investments for the future. It now makes little sense to invest your money. When your bank balance is bad or problematic, or if you're living from paycheck to paycheck and paying bills is a struggle, that is not the time to think about tying up your cash. Investing your dollars in rectifying your adverse financial issues first would make better sense.
This way, when you find yourself financially solvent once again, you will be informed and able to make a decision about what types of investments you want for your future.
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posted by Debt Consolidation Loan at
11:34 AM
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