Understanding the Real Story with Payday Loans

Payday Loans Neon Sign (Photo credit: rinkjustice)

Payday loans can provide instant financial relief to those who are experiencing short term cash crunches. Payday lending companies specialize in short term loans that target employed individuals as well as those with stable and regular source of income. However, it is important to note that this short term loan was never meant to be treated as an alternative to regular bank loans.

Payday loans have a distinct purpose and you have to understand that they are in a completely different league from regular bank loans. If your need for extra cash is minimal and immediate and you are looking for a short term payment period, then a payday loan may be the ideal choice for you.

When it comes to payday loans and other types of short term loans, it is extremely important that you abide by the terms and conditions of the loan and ensure that you have the cash to pay back the loan when it matures. For payday loans, you have to develop the mindset that you are drawing part of your unearned income. Thus, you need to set aside that portion of your next paycheque for the amount that you need to pay back the loan even before you take out one.

Think short term when it comes to payday loans or cash advances. This means that such loans are to be used as financial tools for exigencies that are temporary or transient. And while it may be tempting to opt for payday loans every time we need cash, it is extremely important that we don’t misuse or abuse this credit option.

To avoid serious complications and problems when you take out payday loans, it is important that you know and abide by the rules with regard to the use of payday loans.

• Don’t use it as substitute for regular loans – You are inviting serious trouble when you look at payday loans as fallback in case your application for a loan with the bank is denied.

• Don’t use payday loans to pay off other loans – This unsound practice will dramatically escalate the cost of your loans. And this is the main reason why people get into a vicious debt cycle.

• Don’t borrow more than you need – You have to observe restraint when it comes to this type of short term loan. Take out only the amount needed for essential things.

One of the best ways to find the most reliable and trusted providers of payday loans is by checking the latest information and feedback in websites that specialize in reviews and comparison of various lending companies.

Of course, you would want to find out more about the track record of the companies before you make your final choice. In addition to this, it is also imperative that you assess the kind of service that they provide to their clients. You are better off with a company that provides 24/7 customer assistance.

Finally, before you finalize the loan agreement with a lending company, it is essential that you read through the fine print of the loan agreement and clarify all issues with the company representative.

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Graduates Moving Back Home To Retired Parents

 (Image credit: Getty Images via @daylife)

It should be a time of happiness and satisfaction but the graduating class of 2012 are feeling a sense of defeat. A combination of a weak labor market and economic climate many graduates are forced to move back home. But in mom and dad's house many things have change since the student was a freshman. Mom and dad are now retired and were not expecting their kids moving back in.

These boomerang graduates are facing double digit unemployment rates in some fields. Even with advanced degrees, graduates can't land jobs. To make matters worse even if they can find a job, grads are burdened with school loan debt or have extensive credit card debt putting them into a position of not being able to make it in the real world. Making moving back home the only viable option.

Moving back home is not anyone's first choice. Lots of graduates have tasted the free life from living at college and don't want to give that up. Many parents have not planed on having anyone move back in, many have already made plans to downgrade to smaller homes. They also have tasted the life of not having any children at home.

If the student does have to come home there are a few things to make the situation equitable for both parties.

Helping Around the House

Moving back home changes the dynamic for the graduate. When they were on their own they called the shots. When coming home it changes to community mode. That means pitching in on the household work. Grads should offer to help around the house with cutting the grass, cleaning the house, or cooking meals. 

Also contributing to the family financial needs should be addressed. Some amount of money should come from the grad that should go to the mortgage or rent. There is an increase in the variable expenses of the home, the grad should step up and contribute their fair share.

Retired parents still need to pursue their goals and plans. The financial impact of the student returning should be kept at a minimum and it will be with the student contributing financially. It may even benefit the parents by having the grad take care of the home, dog and other obligations when traveling on vacation.

Full and Open Communication

Good communication is the most important part of moving back home. Mom and Dad must be specific and honest about the rules and expectations. The parents must explain that this is a short term solution. They must set up rules concerning friends, activities, and time frame.

The student should thank the parents and throughout the process express appreciation and gratitude. Even though the situation is not perfect, any frustration or anger should be kept in check and not vented on people who are helping you.

The parents should make clear that they are retired and their finances must not be put out of balance. Large purchases and expenses are not allowed, the future of their retirement is at stake.

Falling Back On Old Habits

There is nothing like the benefits of living at home. I tell my kids they will only appreciate it when they are on their own.  Plenty of food, someone to cook it for you, your laundry done, and a clean place to live. Sometimes when coming home you fall into the old parent-child, mothered relationships. If parents fall back into this old style they could be hurting the student. 

At this time of their lives with hopes of starting their career and lack of money it contributes to a lack of self-esteem. They don't need to be coddled. The parents job is to point them in the right direction and offer encouragement. 

Parents also have old habits like paying for everything. It's an old habit parents must try to avoid. When you see your child working on their job search and it's tough you may want to help financially. Remember they are adults now and must figure this out themselves. 

Always be Searching for That Job

The students job when living at home is to be always searching for a job. It's not time to lie on the couch and watch Oprah. Hit the pavement a good part of the day and when home be on the computer sending resumes, emailing perspective employers, and networking.

During this process, the student must be communicating the progress or lack of progress they are making. The parents saw to it to give the grad a good education, the grad. should respect the parents sacrifice and apply themselves fully.

The Parents Main Goal

When things aren't going well a loving parent always wants to step in and make things better. But when the children are adults it is the the job of the parents to show them how to fix their own problems by being independent. Going through this process will build a better relationship between parent and child. Parents will gain a whole new respect for their child and the child will see their parents in a whole different way. 

During this process, sadly, the parents can really do some damage to their retirement nest egg. If you are not able to pay expenses because you are helping your kid out, you on the wrong track. 

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Career Advice for College Students About to Enter the Job Market

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With another school year just over, countless college seniors are preparing themselves for gainful employment. Students will draft resumes and request letters of recommendation, each hoping that their record stands out among the rest. It’s likely that hundreds of similarly qualified college grads will vie for the same few positions in a company.

In other words it’s no secret why so many seniors would be anxious about their job prospects—times are tough. You can see the evidence of student anxiety over the job market on college campuses across the nation. Most students who attend job recruitment sessions want helpful career advice rather than detailed information specific to a company’s recruiting needs. Networking and communication skills will make the difference in a young professional’s initial foray into the job market. Students must understand the importance of marketing themselves to potential employers if they want to be part of the American workforce.

With so much at stake, it’s critical that college students are prepared for their careers as soon as they receive their diplomas. Here are some tips for students intimidated by the lack of job prospects as they begin their final year in college. 

Build marketable experiences in college

When you apply to jobs right after college, you want to cite skills and exploits that you undertook and learned from. These ‘marketable experiences’ garnered through earnest involvement in organizations and institutions would serve to highlight your ability to a potential employer.

Use these resume decorations to your advantage as a way to showcase your strong suits. Positions in student government, founding campus organizations, speaking on a panel on behalf of the university: students should understand that employers see these experiences as a signs of leadership, perseverance and commitment—all great qualities in an employee. Be sure to include only the experiences that you can discuss in length and those from which you can cite real life lessons. Otherwise you’ll look as if you’re padding your resume. 

Cultivate your knowledge in the field

You may lack hands-on experience for your first real job after college, so try tempering that inexperience with in-depth knowledge of the requisite field. A potential employer interviewing you will be well aware of your relative inexperience if they know you’re a recent college graduate. Before an interview, use all the resources at your disposal to research the fundamental components of a job.

When you meet with a potential employer, surprise them by showcasing a strong command over knowledge related to the job—be it business, marketing, engineering or design—to prove that you the basics necessary to flourish in the position. There’s nothing wrong with exuding enthusiasm during an interview. After all, it doesn’t hurt to be charismatic about your profession! 

Make connections where you can

Remember that you’re surrounded by useful resources in your university. Feel free to utilize these resources to make in rows with a contact that may prove to be useful in the future—that’s why they’re there! You can investigate useful connections with professors of related disciplines, relevant student organizations, or visiting professionals that work with the university. While you’re in college, you have access to all the resources you could ever need, so take advantage of your time and use them to their full capacity.

Carol Wilson is a freelance blogger who writes about business, finance, and higher education for businessinsurance.org. When she’s not writing about her passions, Carol is usually out in the sticks hiking or brushing up on her photography. Feel free to write her some comments!

Selling a House in Australia

Estate Agents 2 (Photo credit: gusset)

Last year, Australian Property Investor Magazine reported that the average time to sell a house had increased from 41 days the year before to 55 days. There are a number of ways to minimize this period.

Renovation increases the value of a house, with the kitchen and bathroom being prime candidates. Pre-sales renovation has become increasingly common. At the very least, a seller should apply fresh paint and new flooring. Mark Dawes, an estate agent for Richardson & Wrench in South Sydney, said, “You'll definitely get top dollar or best possible price, and sell quickly.” People buying their first home prefer to avoid the bother of remodeling Dawes said there is no need to go over the top, and all that is required is that a buyer believes no further work on the house is required.

You should compare the house with other houses for sale in the neighborhood in the same price range, and see what assets they have that yours lacks. If the house is already at the higher end of the market in the area, increasing the price after renovation could result in the house being on the market for longer. The decision to renovate should be made sufficiently early, as renovation takes time and does not always go to plan. Rushing the job will result in an outcome of poorer quality.

Do-it-yourself home renovation is very popular in Australia, and a number of television shows show what is possible. Hardware shops often offer free renovation classes outside of working hours. An estate agent can give advice on what can be done.

Brent Courtney of the estate agent, McGrath Lane Cove, says the best time to sell a house is in September or early in spring. Summer may be better if the house has a good outdoor area or impressive outdoor views. Alas, there will be more other houses on sale at that time, giving you greater competition. A house could sell in winter or autumn if it has much natural light. If the house is family oriented, school holidays and Christmas should be avoided, but a small apartment can be sold at any time of the year.

You should market your house properly. Buyers must know that it is on the market. Marketing includes advertising online, in newspapers and real estate magazines and in mail drops in the vicinity. A house that is dirty or in disarray will repel potential buyers.

One Australian man sold his house for $135,000 more than the asking price by using social media: Twitter, Facebook, YouTube and Flickr. Online contact allows you to give a more personal touch while still keeping some distance from correspondents. The trick is to use keywords that will attract the target audience and create a website using WordPress. The website should include your own stories of the house and photos and videos. Telling of what's great about living there, nearby amenities and the community turns a house into a home. An estate agent would be hard pressed to create comparable material. 

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Six Tips to Help You Qualify for Financial Aid for College

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How to qualify for financial aid for college is a dilemma that bothers high school graduates, college students, let alone their parents. It's because a college education can cost a lot and it is also not something that everyone can to afford to pay for. Many students who wish to take on an undergrad or possibly a master's degree typically search for financial aid so they can continue with their school work.

The tragic point is not every student who applies for federal financial aid for college, or privately-endowed student financing gets it. It's not only because the competition for grants is enormous, but it is because students getting this aid do not completely appreciate the appropriate way to to get financial aid for college.

There are many of places you can look to reference on how to qualify for financial aid for college, and the following are the six most useful guidelines which will assist you.

1. The most common suggestion is to seek the recommendations of a financial aid adviser. A financial aid adviser knows the ins and outs of the process. This financial aid advisor will take you through the process to make your application more distinct, so it will be very important that you get one and work closely together with them. Another essential word of advice you need to remember is to keep tabs on the deadlines and move promptly.

2. Almost all programs offering financial assistance for college students, particularly those run by the federal government, are awarded on a first-come, first-serve basis. The quicker you deliver the documents and requirements for the federal grants you are applying to, the higher your chances of you getting that financing.

3. If it is your child who is going to attend college or university soon, you should start converting whichever investments you have available a couple of years just before your kid would need school funding. If the federal agency that is giving the aid finds that you have the dollars to send your child to college, you will end up hurting your child's probabilities for obtaining that support. Why do you have to limit your readily available assets two years prior to application? That is because each and every sale you will be making within that two-year period ahead of the application will probably be viewed as capital gain, therefore an income.

4. Lowering your earnings can also help. Do you have any sort of extra income or perks moving your way in the couple of years before you can put in your FAFSA? See if you possibly could defer them until after your FAFSA has been approved. Do you have any money originating from ventures or savings in the bank? Sell off or dispose of what investments you will be able to so the government is not going to realize that you've got cash to send your kid to university.

5. As you are liquidating your belongings, try putting money into your residence, a 401K or 529 plan. The only financial savings that the federal government will never check out as they review your kid's qualifications for assistance to fund their higher education are financial savings needed for your primary home, your pension or a 529 account. Hence, in the act of cleaning your resources and downplaying your revenue, you could make extra payments on your property loan, get a new residence, or place funds in a 401K or any retirement account. You must also place some cash in a 529 account.

6. If you can, set that 529 policy in your child's grandparents' name and nominate your child as the beneficiary.And lastly, although not the least, use up the enrollees savings. The government considers that 35% of the student's personal funds must be employed to funding their college education right before they could be given assistance.

Consequently, to add to the prospect of securing that assistance successfully, your kid must use up that cash they have got in their name prior to asking for federal financial aid for college. It could possibly be for a brand new computer or things they may require for their dorm room or apartment.

These are only a number of recommendations you may work with to acquire the financial aid for college that you need. The matter is that you have to make the government notice that you do not possess financial assets on hand for your kid to use as college money. You will be able to end up with cash for college with success if you know how to qualify for financial aid for college. Read more.

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50+ Concerns About Retirement Savings

 (Photo credit: Wikipedia)

Folks entering their 50s have a lot to worry about or be concerned, what with kids starting to go to college, planning for retirement, creeping health issues due to age, work, and where things will be in the near future. That said, one of the most complicated concerns tends to be how to save enough for retirement. Most want their retirement to be at least the same as when they worked, just without the job. But how that works is lost in the details for many.

Fortunately, instead of aiming for an imaginary dollar figure that seems impossible to achieve, people in their 50s need to instead focus on maximizing their savings by doing the following:

• Make the maximum annual deposit to a Roth IRA if eligible. For an individual this is $6,000 after age 50. If a spouse doesn't work, a spousal Roth IRA can take another $6,000 as well. The money grows tax free in the meantime with no deadline when it needs to be withdrawn. 

• If pre-tax money is regularly received through a business, put it into a traditional IRA up to $6,000 a year after age 50. The same spousal benefit works in this scenario as well. 

• Where a 401k is available at work, up to $50,000 can be deposited annually. If the employer provides a match, that’s an extra pot of cash added into the 401k for free. Many who do provide a match do so dollar for dollar. 

• With the legal tax shelters taken care of, savers then need to make sure they continue to add to conservative savings and market investments with a mix of at least 60% immediate savings and 40% market investment or bonds. This approach maintains value while still taking advantage of market upswings when they occur, without risking the entire balance. 

• Extra-dedicated types might want to consider taking on a second part-time job if they have the time. This allows additional earning power while young enough to handle the burden without any liabilities against the extra revenue stream. That means large amounts of incoming money each month that can be sent direct to savings and investments. 

• Consider working a bit longer to maximize both savings as well as social security benefits. By working to 67 rather than 62, the difference income and savings can as much as $50,000 or more.

Fifteen years of doing the above while working other asset angles such real estate and inheritance will definitely build a large retirement base for the dedicated saver. While it may not produce a guaranteed $5 million, the saver will have a significant amount of funds to rely on in retirement when needed. This approach will not only alleviate concerns about saving enough, it tends to get a saver thinking about other ways to live more efficiently. That in turn causes other ripple benefits along the way.

Author Bio:

Roxanne Porter is a freelancer & a regular contributor for www.nannyjobs.org/.  She helps in providing knowledge about nanny services & love writing on nanny related articles. She helps in giving a fair knowledge about nanny Jobs to the community. You can be in touch with her at “r.poter08ATgmail.com”.

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