Why is Tate Advisors Not The Right Alternative For Credit Card Balance Transfer?
Tate Advisors and Credit9 has begun flooding the market with debt consolidation and credit card relief offers in the mail. The problem is that the terms and conditions are at the very least confusing, and possibly even suspect. The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers. Best 2020 Reviews, the personal finance review site, has been following Tate Advisors, Plymouth Associates, Safe Path Advisors, Silvertail Associates, Malloy Lending, Polo Funding, Jackson Funding, Tiffany Funding, Nickel Advisors, Coral Funding, Neon Funding, Ladder Advisors (also known as Carina Advisors, Corey Advisors, Pennon Partners, Jayhawk Advisors, Clay Advisors, Colony Associates, and Pine Advisors, etc.).
The best money tips are those basic personal finance rules that you put into practice. There is hardly any millionaire or billionaire who got rich without following common sense tips and tricks for making money. In case you are thinking that there is some obscure magic formula that will help you get rich overnight then you are in for a major disappointment. Anyone claiming thus is simply trying to pull a fast one on you. You should be extremely wary of get rich quick schemes that promise money in next to no time. Thus, you should make it a point to put the best money tips and tricks into practice starting today because the earlier you start the better. The good news is that although the best money tips take time to work their magic, you will be financially well off sooner rather than later and may even find yourself financially independent well before you retire.
Here are the best money tips that affluent people themselves follow.
Remain Well Below Your Means
Living off far less than what you earn is the most important principal for saving money. As simple as it sounds, it is easier said than done. We have so many wants and desires that it is hard for us to curtail unnecessary expenses. This is manifested by the huge credit card debt problem that seems to get far worse with each passing year.
Thus, one of the best money tips that you can follow is to live off less money than what you earn. This will also help you to keep credit card debt at bay which has mired untold millions of people into inescapable debt traps.
Best Money Tips – Use Cash
The less you use your credit cards the better. Make most of your purchases in cash. If you must use your credit cards, (to build up your credit score for instance) set a maximum threshold amount beyond which you will not use your credit card. This amount should correspond to a credit balance that you can certainly pay back in time. A lot of people don’t set this upper limit which is why they fall into a debt trap.
Best Money Tips – Automatic Transfers
Any time your bank account receives your salary, the first payment should be towards your savings account. You should set a fixed amount that will go straight into your savings account as soon as you receive your paycheck.
You can make use of automated transfers to keep increasing your savings. The benefit of leveraging automated transfers is that you will not have to exercise any kind of discipline since the transfer is completed automatically before you can use the money in any way. Savings will become 100% consistent and you will not have to feel guilty about missing any monthly transfer to your savings account.
Start Saving Early
The earlier you start saving money the better. This is one of the best money tips for getting rich well before your retirement.
There are many young people who are under the impression that they can put off their savings for later down the road. They think that since they are young adults, now is the time to live life to the fullest by spending all that they earn. This is a big mistake.
Compound interest can help you to build wealth quickly if you have time on your side. You might think that saving up for 20 years prior to retirement can help you reach your financial goals. That could be possible. But if you start saving a decade earlier then with the power of compound interest you could have twice as much wealth or even more by retirement.
Surprised? Here is an example to illustrate the power of compound interest. Suppose you save $100 a month at a compound interest rate of 5% for 3 decades. You will have a rather modest $80,000 at the end of this time frame. But if you do the same over 4 decades, then you will end up with almost $145,000. With just one decade extra for compound interest to work its magic, you have nearly doubled your savings.
Understanding the power of compound interest and putting it to work for you as early as possible is one of the best money tips that you can benefit from.
Put 15% of Your Salary in a Simple Investment Portfolio
While you might be tempted to leverage fancy investment tactics that only few savvy investors may be aware of, the truth is that you can make a lot of money with just a simple investment portfolio.
All you have to do is save 15% of your salary and invest it into a simple portfolio. Financial guru William Bernstein used this simple tactic to retire a millionaire. This is one of the best money tips that you can follow since it provides a fine balance between risk and return.
Save Your Raises
Any raises that you get should go towards your savings account. Do not start spending more if you get a raise.
Many people think that getting a raise is tantamount to having a license for spending more. You should avoid this mistake and use this excellent opportunity to save more. Living frugally even with raises is one of the best money tips that can help you to expand your portfolio.
Check Your Credit Reports
Many people never bother to check their credit reports for years. It is only much later that they find out how bad their credit score is. They eventually find out when they are repeatedly denied mortgages and credit cards. Bu then they have to work hard to restore their credit score to acceptable levels. A lot of people also discover erroneous entries in their credit reports. These errors can prove to be very costly as they can deny you credit and increase your interest rate. You should check your credit report regularly to keep track of your credit score and also to discover errors as they arise.
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