Petersbusinessblog.org

Gambling is really all about getting that personal high or satisfaction that you won by beating the odds where others failed.  It’s the same high a poker or blackjack player gets when he wins while others lose. It’s a win-lose situation that requires someone to lose in order for you to win. When financial investments start to bring an investor to the emotional personal high of gaining at the expense of others, the act of investing is reduced to gambling.

Investing in stocks, bonds and money markets do share something in common in casino games.  You can lose or win money.  But unlike poker or blackjack where the element of statistic chance determines your winning or losing, investing calls for a lot of trading savvy that hinges on knowing what you are investing on.

In stock market investing, for instance, you need to learn about the company background and its policies, its sales performance, the business track record of its executives, its product promise and market perceptions which all dictate a trend for a win or lose in investing on their stocks.  Not statistical chance.   GP

Children absorb a lot, right down to how their parents treat the family finances.  A wrong attitude about your own finances can easily make your children follow suit and adopt the same attitudes.  If they see profligate spending in their parents, it’s easy to expect that they will adopt the same wasteful spending.  As your kid grows, you can expect them to exhibit the same abandon in their finances.

That is why during their early years, it’s always a good idea to get them to start saving with a bank account of their own, giving them a fixed allowance over which they can exercise their own fiscal responsibility so parents can see how they are doing.

Teaching them where to put spending priorities is essential to fiscal prudence. Responsible parenting will make sure that their kids grow with the right monetary management skills on a personal level to make sure the kids can become responsible in their finances once they grow up to have their own income sources. GP

When you can’t pay your loan or credit card debt, you have the option to go into a debt settlement, which is a negotiating solution to partially settle or forgive your indebtedness and is sure to bring down your FICO score, or you could go into debt management, which is merely a freeze on your account while paying off 100% of the unpaid balances over a longer term, usually over 3 years.

Having your loan or credit account appear as “settled” in your credit report carries a negative impact on your creditworthiness.  It means it was partially paid off or forgiven which will look bad to any bank checking to approve your loan application.  But if it’s paid up to the fullest amount, your creditworthiness remains intact – Says Per from smslån1.se (comparisons of  short term loans or “Smslån“).

The hitch here is that if you have no more job, a loan restructuring might just encumber whatever remains of your personal finances so that many people resort to filing bankruptcy.  But if you are hopeful of getting a job soon and with some savings to boot, debt management can be your best solution.  GP

If you are current in your debt payments, whether on a credit card, a mortgage or a personal loan, and you just lost your job so that you can no longer continue payments in the next 30 days and onwards, you can’t go into debt settlement right away.

No bank or creditor will entertain your request until you start to default on your payments.  Debt settlement is a solution that works by negotiating with your creditors for debt forgiveness in part or in whole.  It can’t be a solution yet if the problem has not reared itself first.

So for anyone wanting to negotiate with their creditors to forgive their debts or reduce them, default on the payment first and secure the services of a professional debt settlement professional.  You could do it on your own if you know you’re a skilled negotiator.  Otherwise, it makes sense to take advantage of a professional who has been doing it for years and have a network of friends inside the banking and financial industries.  GP

It might well be.  Filing for personal bankruptcy is covered under Chapter 7 of the country’s Bankruptcy Code and this is the last resort for people suffering from cash flow problems they don’t foresee getting resolved in the near future.   Many who go into personal bankruptcy have taken early steps like debt consolidation, debt management and debt settlement in progressive stages.

In many cases, professional services, if not chosen correctly, could even aggravate your dire finances if they charge unreasonable fees and render any savings from a negotiated debt reduction or reduced monthly premiums useless.

If you have a personal friend or neighbor who is a lawyer, consult with him/her to know the procedures in filing for bankruptcy if this is the only way out.  You might be able to get some helpful advice you never considered.

If you are already under debt management or debt settlement plan, getting professional advice from the firm you’re working with can help you with the steps you need to take. GP