5 Financial tips for the last week of August 2012

By: on 2013-01-09
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Check out the 5 financial tips for the last week of August 2012.

Tip no 1 - Don't simply avoid taking the collection calls. It is rather wise of you to get the details on the debt and then send a validation request to them.

Ignorance is not the best strategy to deal with the collection calls. You need to talk with the debt collectors over phone. You need to know why the debt collector is making collection calls. Ask him about the details of the debt. If you have any doubt about the debt, then send a debt validation notice to the collector via certified mail with return receipt request. The collector is required to validate the debt within 30 days. If you feel that the debt has not been validated properly, then you can send a Cease and Desist letter to the debt collector.

Tip no 2 - Try out the debt help options which double up as credit improvement option too.

If debts are creating major problems in your life, then it is the right time to take advantage of the debt help options. Get to know about the debt help options in details. The 4 main debt help options are debt settlement, debt consolidation, debt management and bankruptcy. Analyze and compare the features of all the 4 debt help options. Choose the option which assists you to pay off your debts and improve your credit.

Bankruptcy drops your credit score by 200-250 points. So, try to use this debt help option only as the last resort.

Tip no 3 - Buy assets that are income producing. Rental property is a good example.

Purchase only those assets which will help to generate revenue. Otherwise, it'll simply be a bad investment. It'll be a sheer waste of money.
You can invest your money on a rental property. You can buy the property and rent it out. This will be an additional source of income. You'll be able to make the mortgage payments with the money received from rent. Just make sure you purchase the rental property in a good location. It'll be best if you buy the property near a university or beach. There won't be any shortage of tenants.

Tip no 4 - Forex investments act as a hedge against socio-economic events.

The economical policies of the country may drop the value of dollar overtime. The monetary policies adopted by the Obama government may weaken the dollar. If you can analyze the current economic condition of the country and comprehend the effect of the government policies on currency, then you can potentially make lots of money. You can trade currencies against each other for a long or short term depending upon the global economic conditions.

If you feel that elections, battles, political turmoil, inflation, deflation, etc. will create an impact on the dollar value, then you can change your trading strategy to make maximum profits.

Tip no 5 - Save a considerable amount from your income every month so as to keep your future secured.

Future is uncertain and unpredictable. You can never predict what will happen in the next month. You can lose your job or meet an accident on any day. This is why it is better to create and build an emergency fund gradually. This fund will help to keep your future secured. You can use the fund to tackle financial emergencies deftly. You can do so by saving a considerable amount from your income every month. You can participate in an automatic savings plan wherein the bank will deposit a certain amount in your savings account after your salary gets credited.

Last Updated on: Wed, 9 Jan 2013

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