An inspiring story of a young 27-year old couple who are determined to retire at the age of 40 with US$1million got me thinking deep about how possible it is for the average to reach a similar goal like theirs.
When I first read that John Rodrigues is a software engineer for Microsoft, I immediately thought, “It’s not surprising if he can make it to the US$1 million nest egg by 40…” But when I read on about his and his wife’s story, everybody could duplicate their success.
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New-home sales in the US has dropped to 331,000 lower last year than what Bloomberg News survey had forecast. Last December 2008, sales have plunged to the lowest level on record, leaving enough unsold properties to doubt that recovery in this industry will actually occur thish year.
As builders are still constructing more properties in addition to the unsold properties that there are, more pressure is being put on the prices. This makes new homes cheaper and cheaper but as it is hard to get credit, people can not buy.
The shrinking property market is costing more and more jobs, starting from banks and homebuilders to manufacturers and retailers.
For more on this news click here.
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The most common reason in people’s personal finance destruction is usually their credit card debt. Although many people find themselves overwhelmingly controlled by their credit card, they do have the power to control their spending habit and payment using their cards. Here are a few tips for you to help you take control over your credit cards and over your life:
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The days when you could easily get a home mortgage with a good credit score alone and without any other documentation are over. Today, lenders will require you to show them a lot more other things before they approve your loan application. Some of such proof are a steady source of income and also a list of your outstanding debts.
Although your credit score will still matter in your home mortgage application, it will only determine how much interest you have to pay. If your credit score is among the highest, you will be eligible to get the lowest interest rates. How much you pay in downpayment also determines the interest rate that you will have to pay. The more you put the down payment, the lower the rate you will get. But borrowers with lower scores are usually required to pay more in down payment and pay a higher interest rate as well.
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Here is a list of what you should and should not do when you want to apply for a College Grant and fill in the FAFSA application form.
1.) Do not wait for your tax return to be done.
Financial aid is granted based on the first come first serve basis. If you wait for too long, you might miss your chance for a grant.
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As many probably already know, a private 4-year university cost about $25,000 in tuition fees only. This is not including books and living expenses. With the current recession, people are worried about how they are going to pay for their tuition bills, including people who had been comfortable about their savings. Compared to last year, inquiries and calls to college financial aid companies have increased by a mind blowing 40%.
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Despite last year’s predictions that mortgage rates were going to drop even below the record low rate of 4.96%, the rates has just bounced up again last week. Here is one opinion about why this mortgage rates have gone up again.
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After the mortgage interest rate dropped to a very low rate below 5%, the 30 year fixed mortgage rates has bounced back from 4.96% to a (still) attractive rate of 5.12%. Compared to the 6.46% in late October 2008, the current rate still attracts refinancing rush.
Despite the slightly climb from last week’s rate, the demand for reverse mortgage is still increasing. According to the Wall Street Journal, this is due to the drop of retirement savings during the recession. Baby boomers with not enough savings are using home equity to fund their retirement. Although it is one way to help them make their ends meet, it is highly recommended that this kind of decision is delayed as long as possible as the fees are quite high. In some cases, consumers are expected to pay a high upfront cost of $15,000 and even more in addition to the monthly costs and interests.
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Today everyone is talking about the economy; everyone has been affected by the recent changes in the economy and many people are scrambling to manage their money better. The following tips are tried and true and better yet easytips to simplify managing your money. They may seem like no-brainers, but they are worth a look to ensure you are covering the basics in the complex world of finances.
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Canadian Corporate Legal Services’ kinder, gentler, and highly effective approach to negotiations and debt recovery in a tough economic climate.
The current economic slowdown has forced Canadian companies of all sizes to face the unwelcome reality of unpaid invoices or bad debts. Debt recovery can be a problem. Negotiating for debt recovery on your own can be problematic and ineffective.
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