Top Tips For 2018: Student Loan Hacks

22 October 2018

Students are always having a tough time when they get into college because they do not have enough funds. In that case, they are left with no options but to take students loans. However, taking loans is not the end of your problems because then you have to worry about repaying them back on time and live comfortably during your student life. There are a few things that you can do to make your student loans repayment a bit easy. Here are some pointers for you.

1. Crowdfunding:

Crowdfunding is getting very popular these days. Whether you are an ambitious businessman or a student wanting to pay your way through the tuition fee of college, crowdfunding is a great way to overcome your financial issues. Raise funds from your inner social circle, including your family and friends, as a kind of graduation present from them to you. GoFundMe and Zerobound are sites that will help you raise such funds towards the student loan debt, and in exchange, you have to volunteer for some community work.

2. Borrow Federal Student Loans:

If you think that the loan debt is unavoidable, you can always consider borrowing federal student loan first. The major reason is that federal student loans are usually not that expensive and are easier to qualify for as well. There are far more repayment options for you in federal students loans as compared to the private student loans. You will also have protection programs in federal loans also. For example, if you lose your job, the federal loan program will offer you the option to defer payments. Click here to know more about it.

3. Total Student Debt Should Be Less Than Your Income:

There is a set of rules that you must follow. Your expected annual starting salary should be more than your total debt from your student loans at the time of graduation. How else will you be able to repay your loans AND survive through your normal life? Many students take student loans so they can afford college, but it is advised that students should keep not take too many loans. What you should do is not to take out more loan than your salary. Don’t take out more than your first year’s salary. What you can do is to keep the costs to a minimum and attend the college that you can afford comfortably. If you are able to do it as such, you might be able to repay student loans in less than ten years.

Financial experts advise that if you are out of your federal loan options, you should consider a private student loan. However, if you will qualify for one private loan, you can qualify for more of them. You are the customer, so you should always ask for any benefits the loan provides. If you have any medical issues, you should buy college tuition insurance. The option will protect you from taking on more loans in case you get ill or have to withdraw.

4. Make A Budget:

Most of the kids during their school and college years do not have any source of income, so you just have to keep living like that in college until you have a stable income. Build up an emergency fund for yourself, and start saving money for the things you want to buy. Remember, living modestly right now will help you in the longer run.

When you graduate out of high school, it can be overwhelming, but it is important to remember to see the bigger picture here. These hacks will help you manage your student loans efficiently.

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Why Buying or Selling Gold Online is a Wise Move

Buying or selling gold has an element of risk involved, and it does make sense to minimize these risks as much as is practically possible. Rather than spending half the day driving around looking for gold dealers, the Internet offers a quick and easy way to make contact with a reputable gold dealer and they will help you out there how to buy precious metals. However, you do need to be sure that you can visit the dealer's offices, at least one time, to ensure that they are actually an established gold dealer. Why Buying or Selling Gold Online is a Wise Move: Save Time: Using Google, you can compare the spot price of gold with as many dealers as you wish and that would take you only a few minutes. If you wish to buy & sell gold jewellery in Adelaide, there is a long-established gold bullion dealer with offices in the CBD, where you can visit their offices and carry out the transaction. Once you have found a respectable gold dealer, you can visit their offices any time that you wish to buy or sell gold, safe in the knowledge that you are dealing with a reputable organization. Taking the Best Deal: Gold prices change by the minute and by using the Internet, you can quickly ascertain which dealer is offering the best deal, whether you are buying or selling. There are some online organizations that offer a seemingly good deal to buy gold, and they ask you to mail it to them using the pre-paid envelope they send you. Some of these are scams and they will accept your gold, then pay you a lot less than it is worth. These organizations are called ‘mail-in gold dealers and they should be avoided, as there is a chance that you will be cheated. You are strongly advised to visit a reputable gold dealer’s office, where you can take possession of the gold you are buying, or receive the right amount of cash for the sale. Credibility: Whether you are buying or selling gold, credibility is something you look for in a gold bullion dealer, and taking a look at their website can help you identify the dealers that are, in fact, reputable. They would obviously display the address and location of their registered office, and this is something you can check on very easily using Google Maps or any other online map application. Taking Physical Possession of your Gold: When buying gold in any format, it is important to take physical possession of the gold at the time of purchase and providing you stick to that rule, you should always be sure that you are getting the purity and the weight that you are expecting. One should always establish that the gold bullion dealer is everything he claims to be. Once you have done that, you can deal with an online gold dealer with the confidence that all is above board. Read Also: Gold: Choose Your Jewellery Carefully Make Your Savings Goals Come True With Gold

6 Ways To Make Sure Your Finances Are Seamless

In case you find yourself in a place where you don’t have any financial goals, for neither the short term nor long term, it can lead you to a rough patch. It is essential to have proper financial plans if you want your finances to be seamless. When you don’t have a goal, you end up spending more than you should. In the long run, this leads to serious financial setbacks. To ensure a smooth financial situation, you need to utilize relevant tools to better manage your finances. Any financial emergency can emerge anytime, like a health scare, an accident, inflation, losing your job, a large purchase, urgently fixing something, etc., and you must prepare yourself to manage your finances in such unexpected situations. Here Are six Prime Tips That Will Ensure Your Finances Are Always Seamless: 1. Increase Your Knowledge Your finances are not something you have to deal with once or twice. It’s a part of your daily routine. Instead of focusing on shortcuts and quick solutions for financial stability, take steps that will help you in the long term. The best way to ensure seamless finances is to learn about them in the first place. Increase your knowledge about financing, budgeting, saving, investing, getting out of debt, etc. There are a lot of finance books written by experts that you can read to deeply understand all the concepts and tools related to finance. Another option is to take online classes and earn certifications. You can find several online options to prepare for any certification. For example, Wiley CFA exam prep will help you find all the relevant course material, online lectures, quizzes, etc., that will help you prepare. This way, you will understand things at a deeper level, and not only will you benefit yourself, but you will be giving financial advice to others soon. 2. Make a Budget Making a budget is the primary step to reaching your financial targets. Not only do you need to make a comprehensive budget, but you also have to stick to it. Make it a habit to check in with your budget. Make a monthly budget and thoroughly go through what you make and what you spend. It is clear what you make every month, but how much you spend is a bit complicated as there are many hidden expenditures, too. Write down all your expenses in detail, like fixed costs such as phone bills and rents, etc., savings, expenses on groceries and food, expenses on hobbies and entertainment, etc. Set a target of which extra expenses you want to reduce, which positive spending habits you want to continue in the future, how much you need to put aside for paying bills or saving purposes, etc. 3. Set Realistic Goals This advice is applicable for attaining both short-term and long-term goals. Never make unrealistic plans that you cannot keep up with for a longer time. The reason is that when you fail to achieve such unrealistic objectives, you give up completely and stop trying. First, decide what your goal is, and then make a list of practical ways to achieve it. Whether you want to buy a house or a car, pay off a student loan, reach a saving target, etc. Whatever the goal is, make it realistically achievable. For example, it is unrealistic to set an objective of paying $40,000 of debt within a year when you earn $30,000 annually. If you do want to pay off your debt, set a realistic and achievable timeline and take practical steps for it. You cannot vow to never eat out again because you want to save money for a big purchase if you currently eat out five times a week. 4. Assess Your Expenditures You probably don’t remember the multiple subscriptions you made for different mobile applications or streaming services. And you don’t remember them because you don’t use those services. However, a sizable amount gets deducted from your bank account in the name of such subscriptions. This is just one example of how important it is to deeply analyze your spending habits. If you are no longer using a service, cancel its subscription. If you do not watch TV much often, cut the cable. Assess if you pay your bills on time each month, or do you neglect them until it’s too late and you have to pay extra late fees? Are you eating out way too frequently? Do you buy things in bulk just because they are on sale, and you don’t even use them later? It’s crucial to objectively analyze your expenditures, where you are overspending, or where you do not need to spend anything at all. 5. Create An Emergency Fund You need to set up an emergency fund for any uncertain incidents. Initially, start with saving up to $500 to $1000 for your emergency fund. When you successfully meet this target, gradually keep increasing the amount that you put aside in an emergency fund. Financial experts suggest saving an amount equal to at least three months’ worth of expenses. And with time, increase this amount to six months’ worth of expenses. This way, you will have enough money to cover necessities and any financial shock. Find out something in your expenses you can give up to increase your savings, or sell unused or old things on eBay or a yard sale, etc. Add money in emergency funds by doing some part-time jobs, freelancing, etc. 6. Invest Your Money Be strategic and invest your money to earn a return on it. This way, you will be able to achieve financial stability. When you invest, you are making money while sleeping. You can invest in financial instruments like bonds, stocks, real estate, mutual funds, etc. The annual rate of return on investment in stocks on average is 6%, 7%, or even 10%, depending on inflation. This way, investing your money in the stock market can give you a good passive income and financial security. You can ask the experts or friends and family for investing advice. While there are risk factors present, you can avert them by spreading your investments into different financial assets. If you are searching for ways to have seamless finances, you need to develop some long-term habits that will positively influence your financial situation. Here are six things you can do to achieve your financial goals smoothly. Read Also: Choosing The Right Financial AdvisorHow to Start Your Career as a Financial Advisor?The Importance Of Saving: The Bedrock of a Bright Financial Future

Can I Convert My 401k To A Gold IRA?

Retirement might seem like a long way away for a lot of us out there. Truthfully, it’s easy to want to put that sort of thing off and not have to worry about saving for it right now. However, this is typically not going to be the best move. Most experts recommend that we start to save or invest for our retirement years as early as we can. There are a few ways to go about that, though. Considering all of the different types of retirement savings and investment accounts that are out there, it can be hard to make that choice. That’s even more true as we see a ton of advertisements and advice columns out there that talk about the various options and how amazing each of them is. How are we supposed to choose, right? Sure, there are articles like this one, but for now, we’ll stick to one thing – a deep dive into gold IRA accounts. What Is A Gold IRA? Although they might seem like a relatively new invention, the truth of the matter is that people have been using gold as an investment for centuries – maybe even thousands of years. So, the fact that they’ve adapted to our modern economic structure should come as no surprise. First, though, let’s cover what IRAs are. An IRA (individual retirement arrangement) is a type of savings account that offers the holder some sort of tax benefits. That will vary depending on the type of IRA, of course. Self-directed, Roth, and traditional are just a few examples, and each of them has its own rules and regulations as well. Now, when it comes to the question of can I convert my 401k to a gold IRA, the answer is yes – but there are a few steps involved that you’ll want to familiarize yourself with. One thing to be aware of is that a gold or precious metals IRA is simply a self-directed one that is dedicated specifically to that asset. All sorts of things are eligible to be placed into them. For example, bullion and coins that fall under the requirement of gold percentage can both be added to one. However, a necklace or ring made out of precious metals wouldn’t be eligible. If you want help sorting that out, you can always talk with your broker to see what can work. How Does The Conversion Work? With that bit of background information out of the way, we can turn our attention to how the actual conversion works. One of the first steps that you’ll want to be aware of is the fact that you’ll need a broker and/or custodian. In this context, that’s just an organization that will hold onto your physical gold for you and keep the account. You can find out a bit more as far as how that works here, https://go.gale.com/ps/i.do?id=GAL =r&linkaccess=abs&issn=07300743& a8, although if you reach out to potential custodians to talk with them, they can probably explain it as well. They’re a crucial component of turning gold investments into an IRA, though, so don’t forget this part of the equation. From there, though, what should we do? Well, you’ll probably want to take inventory of your current financial situation as a whole. Think about how much money you want to take out of your 401(k) to actually do the conversion. Depending on how long your employer has offered the 401(k) and how much you and they both contribute, this exact amount could vary a lot. Ideally, you won’t entirely drain your 401(k) to open a gold IRA, but some people do. Just remember that the goal is to diversify your financial holdings and to give you an opportunity to have an asset that acts as a hedge against inflation. Once you’ve decided on how much you want to convert, you can start to initiate the process of purchasing your precious metals in whatever form you want. Whether that’s as coins or bullion or something else entirely, as long as it’s eligible according to your custodian, you should be good to go! Thankfully, it’ll act pretty much the same as any other individual retirement arrangement, with yearly limits to how much you can contribute to it. There will still be taxes, of course. It’s not too hard to figure out, though, and your custodian/broker will be able to assist when needed. Why Convert, Though? One of the major questions that most people still have is why they should convert their 401(k) into an IRA in the first place. It’s certainly worth pondering, but the answer is pretty simple. As you can see here, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4148028, a lot of it has to do with the fact that we’re currently facing an economic recession. Combating it isn’t easy for a lot of us consumers, unfortunately. There are a few ways, though – most of them involve utilizing hedges against inflation in some way. Gold is a major hedge because its value isn’t diminished by things like paper currency losing buying power. So, that’s probably the main reason that it’s widely considered worthwhile to do this conversion process. However, there’s also the fact that in investing in general, it’s not a great idea to put all of your eggs into one basket. Keeping your assets diverse is critical, especially for something as important as your retirement. Again, even if it seems a long time away, it’ll creep up on you faster than you realize. We all deserve a comfortable and happy retirement, especially after spending years being valuable members of the workforce. Saving for that time of our lives is super important. Consider converting part of your 401(k) plan into an IRA if you know it won’t impact your current financial status in a negative way. As long as you’ve done your research and you know what you’re getting yourself into, there really isn’t much of a reason not to do it – at least when looking at it from an investor’s standpoint. Read Also: Is Investment Bankers/Brokers/Service A Good Career Path In 2021? 5 Reasons Why Bitcoins Are Considered Reliable Investments 5 New Assets To Diversify Your Investments In 2021

Top Tips For 2018: Student Loan Hacks

1. Crowdfunding:

2. Borrow Federal Student Loans:

3. Total Student Debt Should Be Less Than Your Income:

4. Make A Budget:

Everything you Need to Know About Term Insurance Plan Premium

Lining up for a Loan – How to Secure a Good Loan

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Why Buying or Selling Gold Online is a Wise Move

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Top Tips For 2018: Student Loan Hacks

1. Crowdfunding:

2. Borrow Federal Student Loans:

3. Total Student Debt Should Be Less Than Your Income:

4. Make A Budget:

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Everything you Need to Know About Term Insurance Plan Premium

Lining up for a Loan – How to Secure a Good Loan

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

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