OUR DEPENDENCIES ON THE BIG BUCKS!!

Many of us say that money doesn’t drive us. Common excuse: “I will never be a millionaire, so might as well live day by day!”. We have to admit, though…. Whether we like it or not, the ill-fated dollars and cents drive our lives. It’s based on how much we can earn that determines what we buy, where we live, how we live!

Well, might as well use a few tricks and be smart about it, then! Here are a few things to keep in mind!

• Banks don’t care about us – it’s a business relationship only.
• There are rules – follow them but use them to our advantage.
• A Bank employee is nice to the client but loyal to their Manager.
• If a Lender can get a little more out of you, they will.
• Anything you do, can be used against you – “measure twice and cut once”!
• Sorry doesn’t fix it! So avoid having to be sorry to begin with!

A good credit history does wonders – don’t apply for more than you can afford. It’s not up to the lenders to stop giving you credit cards and loans. It’s up to you to decide when it’s enough and what you can afford! Paying everything in cash and not having some credit is just as bad as having bad credit – you can’t prove that you’re good and can’t deny if you’re bad – as simple as that! The main rule is to have a minimum of two credit entries (credit cards, lines of credit) with a good history of not falling behind in payments and not being maxed out on the balances on a regular basis. You used it, pay it. You know how much you earn, so use only what you can afford.

Things were a little out of hand in a recent past? That’s ok – mistakes happen. The first step is to assume responsibility for the ones you are responsible for. Even if you aren’t, if they affect you, they need to be addressed. Stop blaming others – it doesn’t do you any good! The longer you wait, the worse problems get. Nobody told you to speed and get a bad driving record. It was you who decided to apply for loans that then you couldn’t pay because circumstances changed. You tried not to file taxes or cheat on them and got caught – now, face the consequences!

Paper trail ! You never know when it will be needed. Get a box and some folders. Keep receipts, bank statements, utility bills, invoices, income tax documents. Try to keep at least a couple of years’ worth. You may need them at some point, especially if you are questioned or need to apply for a Mortgage, a Business loan, or need to dispute a Claim! Take notes – write on the invoices – you may not remember all the details later, so log them in!

Build your own safety net. Determine what’s important to you. What happens if you lose your job, get hurt, die? Everybody can afford something. Start a savings plan, regardless of how small it may be, it’s better than nothing. What doesn’t your job cover you for? If you can’t work, do you get an allowance? What if it happens while you’re not at work? If you get sick, do you have a plan for benefits? If you die, do you have dependents? Will they be ok? Get a needs analysis done. See if you need insurance, or if it’s all taken care of. You spend money on much worse things! Spend some on your personal protection and well-being!

Get professional assistance – Nobody knows it all ! You may be good at what you do, but not at everything you need! If you’re planning on starting an investment, a savings plan, applying for a mortgage, repairing your credit, building a good financial history, seek the services of a professional. In most cases, these are free services for you. They get paid by the companies that provide you the services you need. Ask for references, check them out. Don’t be shy to ask questions.

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