10 Ways to get out of debt

10 Ways to Get Out of Debt

We all have been through this phase of life where we had to pay off our debts. It is very taxing emotionally because when you have debts it leads you towards stress and it in turn affects your mind and body. You can easily get into debt but coming out of it might seem to be a painful experience because in the beginning we don’t feel much burden but as days pass by we tend to get deeper into debts. It generally starts with a small amount and even before we realize the amount gets too big to repay all at once.

10 Ways to get out of debt

 

Here are simple tips which you can try to come out of debts –

  1. Put a stop to debts – First thing first, if you want to come out of debts then stop the habit of creating more and more debts. In order to clear one debt you indulge in other debts so you are actually not paying off anything at the end of the day. So you need to stop yourself from going into more debts.
  2. Prioritize your debt payments – You must make a promise to yourself that you will not indulge in anything fancy or luxury unless you have paid off your debts. If that means that you have to give out more from your paycheck then do that. This will help you pay off your debts quickly.
  3. Don’t take the luxury of paying the minimum – We all limit our payment to the minimum and that is where we are hurting ourselves. By this method, it will take our lifetime to pay off our debts, therefore it is important that we pay more than the minimum limit.
  4. Budgeting your needs – If you think you can manage by having one car then why invest one buying another car. Instead use the money to pay off your debts and clearing all the financial stress out of your life.
  5. Seek a helping hand – If you think that it is becoming too much for you to pay off the whole debts then you can ask your partner to share. This will help you in reducing the debts within no time because now both of you are working towards achieving the same goal.
  6. You can also get a second job – The amount is too big for you and the current job doesn’t produce a big paycheck to pay off that amount! Then look for a second job, it can be tiring but at the end of the day when you will see your debt amount getting reduced it will be self motivating.
  7. Try and work towards getting yourself a low interest rate – Take this step before you miss out your credit history. If you are feeling that it is becoming harder for you to keep up with the payment, then ask your creditors to lower the interest rate. If you have been paying regularly within time, then it is a possibility that they will consider your request.
  8. Putting up items for sale – You can give out some of your possessions on eBay or arrange a garage sale to get some extra money to pay that big amount. Anything that will help you reduce the amount of debt is worth trying.
  9. Record all your expenses – Doing so will help you to cut down on the unwanted and irrelevant cost for the time being. It might seem to be a luxury now to send your dog to a salon to have a bath instead on a weekend you try and give him a bath. This will save you money, which you can use substantially.
  10. Paying off as per interest rate – Start paying off the debts which have higher interest rate for obvious reason. When you are paying the higher interest debt continue paying the minimum payment for the low ones so that you keep a track on the bigger amount.

Don’t just sit and plan, but do implement it too. Otherwise, it will be very difficult for you to manage the whole amount of debt that you have incurred.

ow to Prepare Yourself for a Career in Finance

How to Prepare Yourself for a Career in Finance

The field of finance offers such a vast range of opportunities, but it can still be quite competitive. Before you start looking for a career in finance, make sure to prepare yourself with more than just a degree by following these simple steps.

ow to Prepare Yourself for a Career in Finance

Network With Others

Networking is a huge part of the financial business since business people commonly work with people they already know and like. To up your chances of succeeding in your career, get to know other people in the same field. Some simple ways to do this include:

  • Attending conferences and events
  • Interacting with financial professionals on online forums
  • Getting to know your classmates
  • Befriending your colleagues
  • Meeting people through social media

Research Success Stories

Many other people have braved the waters and dove into the world of finance before you, and there’s a lot to learn from them. One such success story comes from Gary Crittenden. As the CEO of HGGC and an American financial manager, Crittenden has held many positions throughout his career to reach CEO status.

In the past, he was the chairman of Citi Holdings and sat on the board of several large companies, including Staples Inc. He got there with a bachelors of science in management and an MBA from Harvard Business School, while gaining experience with highly established companies such as American Express, Monsanto, and others. Read more about Gary Crittenden on WSJ.

Participate in Extracurriculars

Extracurricular activities that relate to your field, such as a business club, volunteer fundraising opportunity, or other financial program, can contribute significantly to your successful career even before you start applying for jobs. Here are just a few benefits:

  1. It helps you gain experience so that you’re more prepared educationally when you graduate.
  2. Clubs and organizations give you the opportunity to network with people in your field.
  3. Extracurriculars, particularly those in your field, look great on resumes.

Take Advantage of Extra Learning Opportunities

Learning isn’t only achieved in the classroom. While you’re in school, take advantage of other learning opportunities by attending seminars or lectures, visiting financial institutions, or joining business or financial clubs on campus. You might even want to look into furthering your education. For example, f you’re looking to become a financial manager, you might choose to go on to get your master’s degree. Accredited MBA online programs work well for those unable to attend traditional college classes.

Gain Experience in an Entry-Level Position

You’re probably scared about finding your first job in finance, but it doesn’t have to be so terrifying if you ease into it slowly. While you’re in college, consider getting a job as a bank teller or working in an accounting agency. You’ll learn more about the ins and outs of the field by actively participating, and your experience can help improve your resume. What’s more, this gives you a wonderful opportunity to network with people in your field to help you get a job right out of college.

By utilizing these tips, you can prepare yourself for a successful career in finance. For more tips, check out this article.

reasons-to-open-a-solar-energy-business1

Reasons To Open A Solar Energy Business

Compared to a decade ago, it is astounding how much progress alternative energy has made. Renewable resources such as solar power and biofuels are now seen as socially responsible choices, and also offer real financial benefits when compared to traditional fossil fuels. This trend is strongest in Europe – for example, German solar power plants supply about 4% of the country’s total electricity needs – but it is also picking up pace in North America.

reasons-to-open-a-solar-energy-business1

In fact, if you are thinking of starting a business, solar energy may be a good area to invest – particularly in the residential market. While wind power has been widely criticized recently because of its environmental impact and poor economics, solar power appears to be moving in the right direction. The cost of residential solar power has dropped dramatically over the last several years, and there is new technology on the horizon that could lower prices even further. Also, unobtrusive solar technologies such as solar shingles are rapidly replacing conventional solar cell arrays in residential applications, making solar energy much more acceptable to homeowners from an aesthetic perspective.

Of course, solar energy is more attractive in some parts of the United States than it is in others. For example, if you live in a desert region such as New Mexico or Arizona, then there is significantly more sunlight available to generate power – take a look at Francesco Corallo’s Weebly Blog for more about this. On the other hand, even in somewhere such as Massachusetts, average payback periods can be as little as five years. In addition, there are federal and state tax incentives available to homeowners who invest in a solar system, and solar installations add to home resale values as well.

As with any business, you will need the right skills and experience to get into the residential solar power business. If you already have a construction or electrical background, then this will give you a head start. You should be aware that some states require solar panel installers to have an electrician’s license, and other states require them to be certified by the North American Board of Certified Energy Practitioners (NABCEP) in order to participate in state incentive programs. Of course, the other option is to focus on the marketing and sales aspects, and to hire employees who already have the required experience and credentials for solar panel installation.

reasons-to-open-a-solar-energy-business2

When it comes to selling homeowners on the benefits of solar power, you need to be prepared to deliver a strong and credible proposal with a rock-solid return on investment. Things to look at include the amount of money they will save over the lifetime of the system, how much the system will cost, and the amount of government incentives that they are likely to receive to offset their investment. In general, focus on the annual returns they will make rather than the number of years needed for payback. A 14% yield on their investment will appear very attractive, whereas a 7-year payback period may put them off – despite the fact that both of these are exactly the same.