General Car Financing Tips

In this article we are going to look at car financing tips to help you determine, which is your best option when buying a new car. There are many options that you have regarding car financing and the most common is always the loan. The loan is often easier for many to obtain over a lease option. So we will concentrate on loans for the general car financing tips.

When buying a car you need to know what your credit scores and history say. Sometimes a bank or loan office is going to try and offer you a worse deal than what your credit scores really reflect in order to make more money. They may fudge the credit score numbers to make it seem probable that you are more of a risk. Knowing what your credit scores are can help you determine if the loan company is on the up and up. You have two options for car financing. You can go through the dealership for financing or you can seek financing on your own. In either case know your credit score and history. Make sure there are no surprises.

If you are refused a loan because your credit is not sterling enough you will need to wait for a few months until your scores are in a place that you can obtain a loan. Don't try to find multiple loans when your credit has already been rejected chances are the other financing will refuse you and make your credit score worse.

When searching for a loan for car financing you are going to want to make sure you have researched the current market. You will want to know what the current car loan interest rates are for someone with sterling credit as well as someone with little credit or bad credit. If you know where the numbers are on average you can negotiate for a better loan. This will help in the long run. Remember you don't have to take any loan that seems fishy or just isn't what you hoped for. You have the right of refusal.

Keep in mind that a down payment towards a new car is going to help you with the loan. A car dealership is going to hope that they can get a little money from you up front and the car financing will appreciate this. It will lower the overall amount you need to borrow and make your payments more affordable.

Keep in mind that you can also trade in another vehicle. If the trade in value is a fair price you can also have the down payment to partially pay off the car. This will again lower the financing you need to obtain. You can also just trade in a vehicle without the down payment if that is what you would like to do.

There are many options and tips regarding car financing and overall using common sense and knowing where you stand financially is going to save you a lot of hassle and get you what you want.

Tips for teens to manage money

Teens can follow mentioned tips to save a lot of money and utilize it for their future spending.

1. Try to save half of what you receive. Or, if possible, ALL of what you receive.

2. Try to start saving young.

3. Don't touch it til you are old enough to drive. This can really aid in getting a decent car instead of a jalopy that you'll end up junking within a few months.

4. Or, if your parents buy your car, you can have that money saved up for possible shop work on that car.

5. If you know you cannot handle large amounts of pocket money, do the safe and honest thing and deposit most of that money. Even if you are fiscally responsible, continue to make deposits, and remember to keep only as much money as you could reasonably need on your person.

6. Use debit cards insted of credit cards!

Which methods do you use to save money?

Sharing banking details online fraught with risks

Most individuals would have encountered a situation where there are emails and messages sent to them asking for personal information and they constitute an effort to commit a fraud. While many routes can be clearly identified as belonging to this category, often the situation is such that the position is not clearly distinguishable.

In many cases there is a fear created in the mind of the individual and they results in giving up some details that proves to be a costly mistake. Here is a way in which this happens and ways to tackle this effectively.

Tax department route: While there are various routes by which the individual is asked for personal information, one common way is to lure them with the promise of a prize or large sums of money. This makes various people greedy to get the amount, and hence, they give information about their bank details. In many cases they also end up transferring money to the people asking for the information as an initial payment to release the so-called prize.

Having heard a lot of such cases, people now know that this is something that is to be avoided. Now another route that is being used is to make it seem as if the information requirement is coming from the income tax department. On hearing the details of the income tax department, there is a fear that spreads through many people and they readily part with the asked information.

No information asked: One of the things that have to be understood is that there is never any personal information that is asked by the income tax department through emails and phone messages. Many people say that the received email asked for their bank information for transferring refunds.

It has to be known that the details about the refund are taken at the time of the filing of the income tax returns. There is space in the income tax return form where all the details about the bank have to be given, and hence, same information is never required again.

Overall policy: One way in which this situation can be avoided is by ensuring that you do not share any sensitive information with anyone. Once it is decided that there will not be any information given, there has to be a study of what is being required and who is actually asking for the information. When this is done, it will be seen that the email from which the information is being desired is not an email ID of the tax department but one that actually makes it look like that.

The other thing to see is that the income tax website specifically warns that they do not ask for any information, and hence, any such details required are actually a fraud that is being perpetuated.

Intimation: There are several incidents when the authorities ask the individuals to give them details about some specific activities so that they can take action on the same. This is usually done in the form of a written communication sent to their home address or address mentioned in the income tax records.

This is a part of the income tax assessment process and meant to be submitted to the tax department for enabling them to complete their work. This has to be considered separately from the financial records that are demanded. Being clear on this point and by undertaking adequate due diligence, it will also clear the situation as to which of the requirements is genuine and which needs to be avoided.

### Do you share any such information online? ###

Source: FPA media articles

How to make Financial Planning work for you?

You are the focus of the Financial Planning process. As such, the results you get from working with a Financial Planner are as much your responsibility as they are those of the Planner. To achieve the best results from your Financial Planning engagement, you will need to be prepared to avoid some of the common mistakes shown above by considering the following advice:

Set measurable goals:

Set specific targets of what you want to achieve and when you want to achieve results. For example, instead of saying you want to be 'comfortable' when you retire or that you want your children to attend 'good' schools, you need to quantify what 'comfortable' and 'good' mean so that you'll know when you've reached your goals.

 

Understand the effect of each financial decision:

Each financial decision you make can affect several other areas of your life. For example, an investment decision may have tax consequences that are harmful to your estate plans. Or a decision about your child's education may affect when and how you meet your retirement goals. Remember that all of your financial decisions are interrelated.

 

Re-evaluate your financial situation periodically:

Financial Planning is a dynamic process. Your financial goals may change over the years due to changes in your lifestyle or circumstances, such as an inheritance, marriage, birth, house purchase or change of job status. Revisit and revise your Financial Plan as time goes by to reflect these changes so that you stay on track with your long-term goals.

 

Start planning as soon as you can:

Don't delay your Financial Planning. People, who save or invest small amounts of money early, and often, tend to do better than those who wait until later in life. Similarly, by developing good Financial Planning habits such as saving, budgeting, investing and regularly reviewing your finances early in life, you will be better prepared to meet life changes and handle emergencies.

 

Be realistic in your expectations:

Financial Planning is a common sense disciplined approach to managing your finances to reach life goals. It cannot change your situation overnight; it is a life long process. Remember that events beyond your control such as inflation or changes in the stock market or interest rates will affect your Financial Planning results.

 

Realize that you are in charge:

If you're working with a Financial Planner, be sure you understand the Financial Planning process and what the Planner should be doing. Provide the Planner with all of the relevant information about financial status. Ask questions about the recommendations offered to you and play an active role in decision-making.

Is A Career In Financial Planning In Your Future?

The job goes by a lot of names, including financial planner, financial advisor and personal financial consultant, but it's rarely called what it typically is: financial products sales. Financial planners earn a living by helping people sort through and choose investments, insurance and other financial products. They do retirement planning, college funding, and estate planning and general investment analysis.

Obtaining New Business

Finding clients who need those services and building a customer base is crucial to experiencing success as a financial planner, because referrals from satisfied clients are an important source of new business. Whether you find new clients by giving seminars or lectures, through social or business contacts or simply by cold calling, find them you must.

Having a broad social network is one reason that many successful financial planners enter the field after working in a related occupation such as accountant, auditor, insurance sales agent, lawyer or securities, commodities and financial services sales agent.

What Education Will Lead to Employment?

Financial planning employers look for candidates with a bachelor's degree in accounting, finance, economics, business, mathematics or law. Courses in investments, taxes, estate planning and risk management are also helpful. Programs in financial planning are becoming more widely available in colleges and universities.

Financial analysts may also seek the Certified Financial Planner (CFP), the Chartered Financial Analyst (CFA) and the Chartered Financial Consultant (ChFC) designations.

Where do Advisers Work?

More than half of all financial advisers work for finance and insurance companies, including securities and commodity brokers, banks, insurance carriers and financial investment firms. However, four out of 10 personal financial advisers are self-employed, operating small investment advisory firms, usually in urban areas.

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Careers in Financial Planning and Wealth Management

Financial planners and wealth managers help individuals plan their financial futures.

How are you going to cover your retirement needs? What do you have to do today to put your children through college? This work can be personally and financially rewarding and requires excellent interpersonal skills. A good financial planner understands investments, taxes, estate planning issues and knows how to listen. This work can be done within a company such as IDS Financial Services or by yourself, as a sole proprietorship. Most planners go solo or work within smaller practices. It's essential then that you have a certain amount of entrepreneurship given that you will be running your own business.

The work pays well and is rewarding if you like to help people. Increasingly, it pays to obtain the CertifiedFinancial Planner (CFP) designation. An alternative designation popular outside of the United States is the Chartered Wealth Manager. The job outlook for this profession is considered to be good and it is expected that career opportunities and salaries will grow substantially in the next decade.

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