Melinda Musil dot Com

Posts Tagged ‘finance’

One great thing about the internet is that you can find information on just about anything.  Among all that information, there are plenty of reviews and reccommendations from ordinary bloggers like myself.  It’s especially important when you are choosing major financial stuff- like insurance and banking.  So you can read home insurance or car insurance recommendations before you buy- which helps you to be so much more confident.  If you ever have to file a claim, that can be so messy if you don’t have good insurance.

Just a minute ago, I logged onto my online bank account.

From the initial screen, I could see that my account had about $1000 more than I thought it had.

Eventually I discovered that I had been paid early for December (by direct deposit). But it was definitely a good feeling… wondering where I got so much money.

I guess only time will tell when this economy will recover, and what the government might do to help it recover.  It will recover- I am confident of that.  But in the meantime, this is a hard economy for a lot of people.  I’m sure many people will have to look into debt loans to get out from under their debt, or debt consolidation to make it manageable.  I can’t even imagine facing those challenges- I’m blessed to not be burdened with large amounts of debt.  My heart goes out to people who are faced with debt.  It’s a frightening challenge to overcome.

I have perhaps a strange perspective on the economy.  On the news, it seems like we are always hearing about a poor economy.  But financially, I am actually doing better now than when the economy was “good”.  I don’t rely on income from the stock market.  I have a savings account, admittedly with a low interest rate, but again, I don’t rely on my bank account interest to earn money.  I’ve heard that it is harder to get a loan nowadays, but since I am not searching for a mortgage or car loan, that’s not really an issue for me.  Besides, I know that it IS possible to get an Easy Personal Loan, if you are willing to look hard enough.

One of my great quests lately has been finding ways to make money.  Of course I’m subbing, which pays quite nicely… except, because of where I entered the subbing list and their payment methods, I won’t get paid until Nov. 20.  Of course, that paycheck should be a handsome one, but I need to find a way to earn enough money to get by until then!

I’ve found LOTS of great ways to earn money through the networking/IT world.  Sometimes I think about also taking a Microsoft Course and getting “official” certifications.  It is a strange little thing but those certs could potentially help me to earn a LOT more money.  Right now, unfortunately, I just don’t have the time for that, but hopefully maybe in the future!

I can’t imagine trying to get credit card offers for a new card in our current economy.  It’s just a bad time to get low interest rate credit cards , and nearly impossible to find bad credit credit cards.  People have abused the privilege of a credit card so much.  It is a useful tool, but credit cards are not free money.

If you are looking for a new card, of course, first you really need to examine whether or not you need a new card.  It really is a big responsibility.  But if you really need a new card, look for cash back credit cards or rewards cards.  I prefer cash back cards.  Even if you are only getting one or two percent back, it’s easier to get cash in your pocket than to deal with rewards points.  Plus, if I got rewards points, chances are I’d just sell my reward for cash on ebay.  So cut out the middle man and just get cash!

The worst reason to get a new card or use a card is credit cards for balance transfer.  Like I said, credit cards are not free money, and to send your balance back and forth between cards will not improve your credit.  Pay off as much of your credit cards as possible, as often as you possibly can.  That will improve your credit and you will sleep better at night if you don’t owe anything to anyone.

I think this would be a really bad time to have any debt.  I am lucky because I don’t have debt, and it’s really nice to be able to say that you don’t owe anyone anything.  But right now, it’s a bad time for just about any debt.  Mortgages, which are historically one of the “best” types of debt available, are definitely among the most shaky types of debt right now – I’m sure you have heard about the foreclosure crisis and all that.  Credit card debt is a historically “bad” type of debt, with high interest rates and high premiums.

debt consolidation loans are one way to survive the economic downturns, but I’m always cautious about debt consolidation.  You don’t want to get into a worse situation than when you began.  But if you are in a credit crisis, debt consolidation may be one option for you.

It’s an understatement to say that the economy is not doing well right now, although I suspect it is not nearly as bad as the media makes it out to be.  The media says that it’s really difficult to get a Personal Loan or mortgage nowadays, although the funny thing is that the banks are just returning to the style of loans that they used twenty years ago – before you get a loan, you have to prove your income, you have to provide a down payment, etc.  At the dealership last week, I asked our favorite salesman how the business was doing, and he said that you shouldn’t believe everything you hear – people who have good credit and a good income have no trouble getting Car Loans.  I’m sure it is a bit more challenging to get a Cash Advance or payday advance loan, but I think that the loan situation is not nearly as bad as the media makes it out to be.

I think payday loans are such a curious thing.  I am a reasonably average citizen.  I owe a huge debt to my parents, who taught me to save money and pay off my bills.  I’m not a wealthy person, although I know I am blessed far beyond many people.

I got my first savings account when I was maybe eight years old, and since then I’ve had a savings account almost continuously.  I got my first checking account when I was 18, and since then I’ve had a checking account almost continuously.  I also learned that if I go through my bank for loans, cash checking, currency conversions, money orders, traveler’s checks, basically anything involving money- if I go through my bank, I will get better rates.  Lower interest rates, that kind of thing.  Of course, I never get money orders or traveler’s checks, since I have a debit card and a credit card that I pay off every month.

So I think it’s so strange when I see people go to Walmart or to those Payday Advance places to get checks cashed or money orders or that kind of thing.  When I see them on TV going to California payday loans places, I think that’s crazy.  Do they not know that they can go to the bank down the street and get better rates?  Better rates will save you money.  It may be several dollars or it may only be a few cents, but every penny counts.

There’s a Payday Loan store in my area that has terrible commercials.  You know what I’m talking about- seems like it’s a prerequisite in that business!  Anyway, they have this commercial that I’m SURE they re-did with different actors.  The first commercial features a Caucasian couple walking into the store and saying stuff like “We got a loan with no paperwork! they only wanted our car title! and we still get to keep the car!”  The second commercial features an African American couple saying, “We got a loan with no paperwork! they only wanted our car title! and we still get to keep the car!”  I kid you not, it is the EXACT SAME SCRIPT.  Same set, too!  So I am just wondering, were they so broke that they couldn’t hire a writer to create a script that was SLIGHTLY different?