ARTICLES/BUILDING WEALTH
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| Under 30 And Financially Secure In 10 Steps Being financially secure enough to enjoy your life in retirement is the last thing on the minds of those under 30. After all, with the stress of all the expensive "firsts" that often come about during this period, like purchasing a car, buying a house and starting a family, it's hard to even think about saving for the future. However, working toward financial security need not be an exercise in self-deprivation, as many people assume. Attaining this goal even has some immediate benefits, as financial insecurity can become a serious source of stress - something 20-something has enough of already. So can you achieve long-term financial security without sacrificing your short-term goals? Read on for 10 tips on how to do just that. 1. Have Fun Enjoy yourself while you are young - you will have plenty of time to be miserable when you are older. Living a successful, enjoyable and happy life is about achieving a proper balance between time with family and friends and between work and leisure time. Striking a proper balance between your life today and your future is also important. Financially, we can't live as if today was our last day. We have to decide between what we spend today versus what we spend in the future. Finding the correct balance is an important first step toward achieving financial security. (For further reading, see Budget Without Blowing Off Your Friends.) 2. Recognize Your Most Important Financial Asset: Yourself Your skills, knowledge and experience are the biggest asset you have. The value of your future earnings will dwarf any savings or investments you might have for most of your career. Your job and future career is the most important factor in achieving financial independence and security. For those just entering the work force, future career opportunities are as bright as they've ever been. The large number of retiring baby boomers is expected to create labor shortages. There will be room for advancement as companies scramble to fill the positions held by these aging baby boomers. Those who are in a position to take advantage of these opportunities will benefit the most. Look at yourself as a financial asset. Investing in yourself will pay off in the future. Increase your value through hard work, continual upgrading of skills and knowledge, and making smart career choices. Efforts to improve your career can have a far bigger impact on your financial security than tightening your belt and trying to save more. (To learn more, see Should You Head Back To Business School?) 3. Become a Planner, Not a Saver Research has shown that those who plan for the future end up with more wealth than those who do not. Successful people are goal oriented: they set goals and develop a plan to achieve them. For example, if you set a goal to pay off your student loans in two years, you'll have a better chance of achieving this goal than you would if you merely said you wanted to pay off your student loans, but failed to set a timetable. Become a planner. Set goals and develop an action plan to reach them. Even the process of writing down some goals will help you to achieve them. Being goal oriented and following a plan means taking control of your life. It is an important step toward improving your financial independence and security. 4. Set Short-Term Goals - Long-Term Goals Will Take Care of Themselves Life holds many uncertainties - and a lot can change between now and 30 years into the future. As such, the prospect of planning far into the future is a daunting task and in many ways, it's often an exercise in futility for young investors. Rather than setting long-term goals, set a series of small short-term goals. These goals could be a simple as trying to pay off credit card debt or student loans in a matter of months. Maybe your goal is to contribute to your company's pension plan with a set salary reduction contribution each month. Setting short-term goals that will help you to advance in your career is important in helping you get ahead. Remember, these short-term goals should be measurable and precise. You can't win a race if there's no finish line. As you achieve your short-term goals, set other short-term goals. Maybe you want to buy a house, earn a promotion at work or buy a new car. The constant setting and achieving of short-term goals will ensure that you reach your longer-term goals. If your goal is to be worth a million dollars by age 40, you cannot achieve this without first achieving smaller goals like having $10,000, $50,000 or $500,000. 5. Planning For Retirement: Just out of school, retirement planning is the last thing on your mind. So, if you have to for now, just forgget about it. If you follow the other tips, you will not only be more financially secure and prepared in the short term, but you will also be financially prepared for the distant future as well. However, if you take a few steps now to start saving, like setting up automatic monthly contributions to a retirement plan like an employer-sponsored 401(k) or your own Roth IRA, compounding will work in your favor, which makes reaching your goal much easier. If you implement this pay yourself first ideal, you won't have to worry about how much you're contributing; the most important thing is to develop the habit of saving. The rest will take care of itself. You can increase your contributions when your income rises or when you've achieved more of your short-term financial goals. (To learn why starting now can save you thousands later, see Understanding The Time Value Of Money, Compound Your Way to Retirement and Delay In Saving Raises Payments Later On.) 6. Make Sure Your Lifestyle Costs Lag Your Income Growth Many new graduates find that in the first couple years of working they have excess cash flow. Still used to their more frugal student spending habits, it is easy to make more money than they need. Rather than using excess income to buy new toys and live a more luxurious lifestyle, this excess could be put toward reducing debt or adding to savings. As you advance in your career and attain greater responsibility, your salary should increase. If the cost of your lifestyle lags your income growth, you will always have excess cash flow that can be put toward paying down debt, making investments, saving for a home, or achieving any other financial goals you may have. Where many people get into trouble is that they feel entitled to a standard of living that exceeds what they can afford. However, if you keep your standard of living below what you earn, you won't have to cut back to accumulate money; instead, you will naturally have excess cash flow because you earn more than you need to live on. In addition, keep in mind that trying to keep up with the Joneses is always a recipe for financial failure. For all you know, you may make more than the Joneses, who may be funding their lavish lifestyle with debt anyway. (For more on this topic, see Stop Keeping Up With The Joneses - They're Broke.) The good life should be a reward for your hard work, good fortune and successful planning, not something that you are entitled to. Once you have established a certain lifestyle, it is psychologically difficult to lower it. It is very easy to raise it. |
| 7. Become Financially Literate---knowledgefinancial.com Making money is one thing; saving it and making it grow is another. Financial management and investing are lifelong endeavors. Making sound financial and investment decisions is important for achieving your financial goals. The more knowledgeable and experienced you are in financial matters, the fewer mistakes you will make. Research has shown that people who are financially literate end up with more wealth than those who are not. There is a strong monetary incentive for becoming financially sophisticated. Taking the time and effort to become knowledgeable in the areas of personal finance and investing will pay off throughout your life. 8. Seize the Opportunities: Take Calculated Risks Taking calculated risks when you are young can be a prudent decision in the long run. You might make mistakes along the way, but remember, mistakes are the lessons of wisdom. You often learn more from your mistakes than from your successes. Also, when you are young, you can recover faster from financial mistakes, and you have many years to recover. (Keep on reading about this in Retirement Savings Tips For 18- To 24-Year-Olds and Retirement Savings Tips For 25- To 34-Year-Olds.) Examples of calculated risks might include moving to a new city with more job opportunities, going back to school for additional training or taking a new job at a different company for less pay but more upside potential. Starting a new company, working for a small startup company, or investing in high risk/high return stocks, is easier to do when you're young. Younger people can afford to take risk, and the same opportunities might not be available later in life. As people get older and assume more family responsibilities like paying off the mortgage or saving for the kids' education, many are forced to play it safe and are unable to capitalize on riskier opportunities that present themselves. Taking calculated risks when you can afford to do so is necessary to get ahead financially. Playing it safe might be the bigger mistake in the long run. ---knowledgefinancial.com 9. Borrow Money For Investments - Never to Finance a Lifestyle As mentioned before with the Joneses, you should never borrow to finance a lifestyle you cannot afford. Using credit for a life you feel entitled to is a losing proposition when it comes to building wealth. The constant borrowing will assure that there is no money available for investing, and the added interest expense of borrowing further increases the cost of the lifestyle. Borrowing money should be used only for investing - where your gain will outrun your borrowing costs. This might mean investing in the literal sense (for stocks, bonds, etc.) or it might mean investing in yourself for your education, extra training, to start a business or to buy a house. In these cases, borrowing can provide the leverage you need to a reach your financial goals faster. Borrowing to meet short-term desires is counterproductive. (To learn about your borrowing options, see Different Needs, Different Loans.) 10. Take Advantage of Financial Freebies Not many things in life are free. If you belong to a company pension plan, take the free money it offers and make sure that you contribute at least up to the maximum of what your company will match. You can also look for (legal) ways to take advantage of tax laws. For example, contributing to an individual retirement account (IRA) will result in a tax savings - in effect, the government is giving you free money to provide an incentive to contribute. There is also an incentive to invest in stocks because of favorable tax treatment on capital gains and dividend income. Conclusion---knowledgefinancial.com Achieving financial independence is a goal most people strive for. It is not necessarily easy, but it is achievable if you understand your priorities, set achievable goals and take the proper steps toward reaching them. |
How to Become Wealthy?
Nine Truths That Can Set You on the Path to
Financial Freedom
#1: Change the Way You Think About Money
understand the nature of money or how it works.
understand the nature of money or how it works.
Cash, like a person, is a living thing. When you wake up in the morning and go
to work, you are selling a product - yourself (or more specifically, your labor).
When you realize that every morning your assets wake up and have the same
potential to work as you do, you unlock a powerful key in your life. Each dollar
you save is like an employee.
Over the course of time, the goal is to make your employees work hard, and
eventually, they will make enough money to hire more workers (cash). When
you have become truly successful, you no longer have to sell your own labor,
but can live off of the labor of your assets.
#2: Develop an Understanding of the Power of Small Amounts
The biggest mistake most people make is that they think they have to start with
an entire Napoleon-like army. They suffer from the "not enough" mentality;
namely that if they aren't making $1,000 or $5,000 investments at a time, they
will never become rich. What these people don't realize is that entire armies
are built one soldier at a time; so too is their financial arsenal.
#3: With Each Dollar You Save, You Are Buying Yourself Freedom
When you put it in these terms, you see how spending $20 here and $40 there
can make a huge difference in the long run. Since money has the ability to
work in your place, the more of it you employ, the faster and larger it will grow.
Along with more money comes more freedom - the freedom to stay home with
your kids, the freedom to retire and travel around the world, or the freedom to
quit your job. If you have any source of income, it is possible for you to start
building wealth today. It may only be $5 or $10 at a time, but each of those
investments is a stone in the foundation of your financial freedom.
#4: You Are Responsible for Where You Are in Your Life
Years ago, a friend told me she didn't want to invest in stocks because she
"didn't want to wait ten years to be rich..." she would rather enjoy her money
now. The folly with this school of thinking is that the odds are, you are going
to be alive in ten years. The question is whether or not you will be better off
when you arrive there. Where you are right now is the sum total of the
decisions you have made in the past. Why not set the stage for your life in the
future right now?
#5: Instead of Buying the Product... Buy the Stock!
Someone once asked me why they weren't wealthy. They always felt like they
were putting money aside, yet never seemed to get any further ahead. The
answer is simple. I told them to stop buying the products companies sell and
start buying the company itself! A survey of America's affluent (those who
make over $225,000 a year or own $3,000,000 in assets) revealed that 27-30%
of all the income the wealthy earned went into investments and savings.
That isn't a result of being rich, that is why they are rich. When the pain of
getting out of the bondage of financial slavery is greater than the pain of
changing your spending habits, you will become rich. Either change, or be
content to live as you are.
#6: Study and Admire Success and Those Who Have Achieved It...
Then Emulate It
A very wise investor once said to pick the traits you admire and dislike the
most about your heroes, then do everything in your power to develop the traits
you like and reject the ones you don't. Mold yourself into who you want to
become.
You'll find that by investing in yourself first, money will begin to flow into your
life. Success and wealth beget success and wealth. You have to purchase
your way into that cycle, and you do so by building your army one soldier at a
time and putting your money to work for you.
#7: Realize that More Money is Not the Answer
More money is not going to solve your problem. Money is a magnifying glass;
it will accelerate and bring to light your true habits. If you are not capable of
handling a job paying $18,000 a year, the worst possible thing that could
happen to you is for you to earn six figures. It would destroy you. I have met
too many people earning $100,000 a year who are living from paycheck to
paycheck and don't understand why it is happening. The problem isn't the size
of their checkbook, it is the way in which they were taught to use money.
#8: Unless Your Parents Were Wealthy, Don't Do What They Did
The definition of insanity is doing the same thing over and over again and
expecting a different result. If your parents were not living the life you want to
live then don't do what they did! You must break away from the mentality of
past generations if you want to have a different lifestyle than they had.
To achieve the financial freedom and success that your family may or may
not have had, you have to do two things. First, make a firm commitment to get
out of debt. To find out which debts should be paid off before you invest and
those that are acceptable, read Pay Off Your Debt or Invest?. Second, make
saving and investing the highest financial priority in your life; one technique
is to pay yourself first.
Purchasing equity is vital to your financial success as an individual whether
you are in need of cash income or desire long-term appreciation in stock
value. Nowhere else can your money do as much for you as when you use it to
invest in a business that has wonderful long-term prospects.
#9: Don't Worry
The miracle of life is that it doesn't matter so much where you are, it matters
where you are going. Once you have made the choice to take control back of
your life by building up your net worth, don't give a second thought to the
"what ifs". Every moment that goes by, you are growing closer and closer to
your ultimate goal - control and freedom.
Every dollar that passes through your hands is a seed to your financial future.
Rest assured, if you are diligent and responsible, financial prosperity is an
inevitability. The day will come when you make your last payment on your
car, your house, or whatever else it is you owe. Until then, enjoy the process.
Nine Truths That Can Set You on the Path to
Financial Freedom
#1: Change the Way You Think About Money
understand the nature of money or how it works.
understand the nature of money or how it works.
Cash, like a person, is a living thing. When you wake up in the morning and go
to work, you are selling a product - yourself (or more specifically, your labor).
When you realize that every morning your assets wake up and have the same
potential to work as you do, you unlock a powerful key in your life. Each dollar
you save is like an employee.
Over the course of time, the goal is to make your employees work hard, and
eventually, they will make enough money to hire more workers (cash). When
you have become truly successful, you no longer have to sell your own labor,
but can live off of the labor of your assets.
#2: Develop an Understanding of the Power of Small Amounts
The biggest mistake most people make is that they think they have to start with
an entire Napoleon-like army. They suffer from the "not enough" mentality;
namely that if they aren't making $1,000 or $5,000 investments at a time, they
will never become rich. What these people don't realize is that entire armies
are built one soldier at a time; so too is their financial arsenal.
#3: With Each Dollar You Save, You Are Buying Yourself Freedom
When you put it in these terms, you see how spending $20 here and $40 there
can make a huge difference in the long run. Since money has the ability to
work in your place, the more of it you employ, the faster and larger it will grow.
Along with more money comes more freedom - the freedom to stay home with
your kids, the freedom to retire and travel around the world, or the freedom to
quit your job. If you have any source of income, it is possible for you to start
building wealth today. It may only be $5 or $10 at a time, but each of those
investments is a stone in the foundation of your financial freedom.
#4: You Are Responsible for Where You Are in Your Life
Years ago, a friend told me she didn't want to invest in stocks because she
"didn't want to wait ten years to be rich..." she would rather enjoy her money
now. The folly with this school of thinking is that the odds are, you are going
to be alive in ten years. The question is whether or not you will be better off
when you arrive there. Where you are right now is the sum total of the
decisions you have made in the past. Why not set the stage for your life in the
future right now?
#5: Instead of Buying the Product... Buy the Stock!
Someone once asked me why they weren't wealthy. They always felt like they
were putting money aside, yet never seemed to get any further ahead. The
answer is simple. I told them to stop buying the products companies sell and
start buying the company itself! A survey of America's affluent (those who
make over $225,000 a year or own $3,000,000 in assets) revealed that 27-30%
of all the income the wealthy earned went into investments and savings.
That isn't a result of being rich, that is why they are rich. When the pain of
getting out of the bondage of financial slavery is greater than the pain of
changing your spending habits, you will become rich. Either change, or be
content to live as you are.
#6: Study and Admire Success and Those Who Have Achieved It...
Then Emulate It
A very wise investor once said to pick the traits you admire and dislike the
most about your heroes, then do everything in your power to develop the traits
you like and reject the ones you don't. Mold yourself into who you want to
become.
You'll find that by investing in yourself first, money will begin to flow into your
life. Success and wealth beget success and wealth. You have to purchase
your way into that cycle, and you do so by building your army one soldier at a
time and putting your money to work for you.
#7: Realize that More Money is Not the Answer
More money is not going to solve your problem. Money is a magnifying glass;
it will accelerate and bring to light your true habits. If you are not capable of
handling a job paying $18,000 a year, the worst possible thing that could
happen to you is for you to earn six figures. It would destroy you. I have met
too many people earning $100,000 a year who are living from paycheck to
paycheck and don't understand why it is happening. The problem isn't the size
of their checkbook, it is the way in which they were taught to use money.
#8: Unless Your Parents Were Wealthy, Don't Do What They Did
The definition of insanity is doing the same thing over and over again and
expecting a different result. If your parents were not living the life you want to
live then don't do what they did! You must break away from the mentality of
past generations if you want to have a different lifestyle than they had.
To achieve the financial freedom and success that your family may or may
not have had, you have to do two things. First, make a firm commitment to get
out of debt. To find out which debts should be paid off before you invest and
those that are acceptable, read Pay Off Your Debt or Invest?. Second, make
saving and investing the highest financial priority in your life; one technique
is to pay yourself first.
Purchasing equity is vital to your financial success as an individual whether
you are in need of cash income or desire long-term appreciation in stock
value. Nowhere else can your money do as much for you as when you use it to
invest in a business that has wonderful long-term prospects.
#9: Don't Worry
The miracle of life is that it doesn't matter so much where you are, it matters
where you are going. Once you have made the choice to take control back of
your life by building up your net worth, don't give a second thought to the
"what ifs". Every moment that goes by, you are growing closer and closer to
your ultimate goal - control and freedom.
Every dollar that passes through your hands is a seed to your financial future.
Rest assured, if you are diligent and responsible, financial prosperity is an
inevitability. The day will come when you make your last payment on your
car, your house, or whatever else it is you owe. Until then, enjoy the process.
7 Rules of Wealth Building
Practical Keys to Amassing Investment Capital
Most parents want to teach their children responsibility - how to
become self sufficient and succeed in life (after all, no one plans on
raising a dead beat). However, very few actually accomplish this
task. Why?
Because, as parents, we are limited to the experiences our parents
passed on to us; the antiquated notion that "responsibility" is simply
getting a job, saving a little money, and maybe purchasing a car or
some equally important item. Hopefully these seven rules will open
your eyes and help you teach your children to avoid the traps that
have stolen financial success from so many people.
Wealth Building Rule 1: Put Off Marriage
Your biggest obstacle to attaining wealth is YOU. Too often, people
live their lives in a manner that is not conducive to creating riches
and then get frustrated at "the system" when they only really have
themselves to blame.
One of the most important financial decisions you will ever make is
marriage (more specifically who you marry and when). By putting off
the walk down the aisle for a few years, you can save a decade
worth of frustration. ---knowledgefinancial.com
Your first goal should be to become financially independent, with
little or no debt, and have your investments in place. Once you have
these three things, your odds of success are drastically improved by
beginning your journey on a level playing field (after all, the
number-one reason for divorce is financial trouble).
Wealth Building Rule 2: Debt is a Disease
With a few notable exceptions, debt is a form of bondage; a disease
that enslaves the borrower. A few years ago, there was a young lady
attending college who shot herself because she couldn't pay back
$2,300 in credit card debt.
Although an extreme example, it is a testament to the power money
has over peoples' lives. Imagine your life without owing anyone
anything; your car, your house, your education, all paid for in full. Like
what you see? When you want it badly enough, you will make
extinguishing your debt your number one priority.
Wealth Building Rule 3:----knowledgefinancial.com
If You Don't Like Where your Parents Were at Your Age - Do Things
Differently
The old cliché that "insanity is doing the same thing over and over
expecting different results," holds just as true today as it did when it
was originally written.
If you don't like where your parents were at your age, stop what you
are doing. During your childhood, they taught you all they knew about
money.
For many people, these early years established how they feel about
their finances today. In order to become financially successful, you
must do something different than they did. Otherwise, you will end up
exactly as they are.
Wealth Building Rule 4:
When you Begin a Job, Look at the Pay of the Highest Employee
Whether you are looking for employment now or are thinking about it
sometime in the near future, one of the most important things for you
to do is to look at what the top-dog gets at any company for which
you are considering working.
This will give you an idea of how high you can expect to climb in
terms of earnings and promotion. If the CEO is making $30,000 a
year, you have no chance to make six figures. Select a job
accordingly.
Wealth Building Rule 5:----knowledgefinancial.com
Do Something You Love and Get Paid for It
I remember going into college and being surrounded with people
who wanted to be artists, scientists, and businessmen, but instead
did what their parents or grandparents told them to do.
There is no honor in being a doctor or a lawyer if you wake up every
morning and hate your job. Pick a profession you love and you'll
never have to work a day in your life.
Wealth Building Rule 6:
Understand the Money Myth
Money is nothing more than a piece of paper with the image of a
long-dead person on it. When you understand that any power it has
over you is derived from your relationship with it, you suddenly
become free from the constant pressures and stress of thinking
about it.
Especially at times such as these, if you are putting money away for
ten, fifteen, or twenty years down the road, stop checking your
portfolio every day! There is nothing you can gain from it except
stress.
Wealth Building Rule 7: knowledgefinancial.com
Your New Commodity is Not Your Labor, It's Your Ideas
With the advent of the Internet and other technological advances,
you are no longer limited to supporting yourself or making a living by
your physical labor.
The only limit you have on yourself now is your own imagination -
your ideas are the most valuable thing you possess. Every man,
woman, and child is a salesman for a living; if you don't own a
business or investments, then you sell your manual labor to a
company in exchange for a paycheck
Change your product. The gap between the rich and poor does
indeed grow larger with each passing year, but not because of
inequalities or any other such injustices. Instead, it is because the
rich understand money and how to use it.
Capital is literally a seed; learn how to plant it to produce the best
harvest. When you do this, you will rule your finances, not the other
way around.
Practical Keys to Amassing Investment Capital
Most parents want to teach their children responsibility - how to
become self sufficient and succeed in life (after all, no one plans on
raising a dead beat). However, very few actually accomplish this
task. Why?
Because, as parents, we are limited to the experiences our parents
passed on to us; the antiquated notion that "responsibility" is simply
getting a job, saving a little money, and maybe purchasing a car or
some equally important item. Hopefully these seven rules will open
your eyes and help you teach your children to avoid the traps that
have stolen financial success from so many people.
Wealth Building Rule 1: Put Off Marriage
Your biggest obstacle to attaining wealth is YOU. Too often, people
live their lives in a manner that is not conducive to creating riches
and then get frustrated at "the system" when they only really have
themselves to blame.
One of the most important financial decisions you will ever make is
marriage (more specifically who you marry and when). By putting off
the walk down the aisle for a few years, you can save a decade
worth of frustration. ---knowledgefinancial.com
Your first goal should be to become financially independent, with
little or no debt, and have your investments in place. Once you have
these three things, your odds of success are drastically improved by
beginning your journey on a level playing field (after all, the
number-one reason for divorce is financial trouble).
Wealth Building Rule 2: Debt is a Disease
With a few notable exceptions, debt is a form of bondage; a disease
that enslaves the borrower. A few years ago, there was a young lady
attending college who shot herself because she couldn't pay back
$2,300 in credit card debt.
Although an extreme example, it is a testament to the power money
has over peoples' lives. Imagine your life without owing anyone
anything; your car, your house, your education, all paid for in full. Like
what you see? When you want it badly enough, you will make
extinguishing your debt your number one priority.
Wealth Building Rule 3:----knowledgefinancial.com
If You Don't Like Where your Parents Were at Your Age - Do Things
Differently
The old cliché that "insanity is doing the same thing over and over
expecting different results," holds just as true today as it did when it
was originally written.
If you don't like where your parents were at your age, stop what you
are doing. During your childhood, they taught you all they knew about
money.
For many people, these early years established how they feel about
their finances today. In order to become financially successful, you
must do something different than they did. Otherwise, you will end up
exactly as they are.
Wealth Building Rule 4:
When you Begin a Job, Look at the Pay of the Highest Employee
Whether you are looking for employment now or are thinking about it
sometime in the near future, one of the most important things for you
to do is to look at what the top-dog gets at any company for which
you are considering working.
This will give you an idea of how high you can expect to climb in
terms of earnings and promotion. If the CEO is making $30,000 a
year, you have no chance to make six figures. Select a job
accordingly.
Wealth Building Rule 5:----knowledgefinancial.com
Do Something You Love and Get Paid for It
I remember going into college and being surrounded with people
who wanted to be artists, scientists, and businessmen, but instead
did what their parents or grandparents told them to do.
There is no honor in being a doctor or a lawyer if you wake up every
morning and hate your job. Pick a profession you love and you'll
never have to work a day in your life.
Wealth Building Rule 6:
Understand the Money Myth
Money is nothing more than a piece of paper with the image of a
long-dead person on it. When you understand that any power it has
over you is derived from your relationship with it, you suddenly
become free from the constant pressures and stress of thinking
about it.
Especially at times such as these, if you are putting money away for
ten, fifteen, or twenty years down the road, stop checking your
portfolio every day! There is nothing you can gain from it except
stress.
Wealth Building Rule 7: knowledgefinancial.com
Your New Commodity is Not Your Labor, It's Your Ideas
With the advent of the Internet and other technological advances,
you are no longer limited to supporting yourself or making a living by
your physical labor.
The only limit you have on yourself now is your own imagination -
your ideas are the most valuable thing you possess. Every man,
woman, and child is a salesman for a living; if you don't own a
business or investments, then you sell your manual labor to a
company in exchange for a paycheck
Change your product. The gap between the rich and poor does
indeed grow larger with each passing year, but not because of
inequalities or any other such injustices. Instead, it is because the
rich understand money and how to use it.
Capital is literally a seed; learn how to plant it to produce the best
harvest. When you do this, you will rule your finances, not the other
way around.
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BUILDING WEALTH!
How to Become Wealthy?
Nine Truths That Can Set You on the Path to Financial Freedom.
Becoming Wealthy One Bite at a Time!
7 Rules of Wealth Building
Practical Keys to Amassing Investment Capital-----------CLICK BELOW, GO DOWN BELOW...
How to Become Wealthy?
Nine Truths That Can Set You on the Path to Financial Freedom.
Becoming Wealthy One Bite at a Time!
7 Rules of Wealth Building
Practical Keys to Amassing Investment Capital-----------CLICK BELOW, GO DOWN BELOW...
KNOWLEDGEFINANCIAL.COM
| HOME SELLERS-- CALL AT: 786-709-6577 -- WE CAN HELP YOU SELL YOUR PROPERTY CONTACT Mr. ANTONY AT: 786-709-6577 WE'RE COMPETENT, WE'RE LOYAL, & WE'VE ALL THE EXPERIENCE NECESSARY IN REAL ESTATE TO HELP YOU SELL WE ARE HERETO HELP YOU SOUTH FLORIDA! WE ARE LICENSED, WE ARE COMPETENT AND WE HAVE EXPERIENCE. CONTACT US... 786-709-6577 |
| REAL ESTATE: BUYING, LEASING, SELLING, LISTING, INVESTING, CONSULTING, SHORT SALE, FORECLOSURE INFO. Call Mr. ANTONY AT: 786-709-6577------Fortune International Realty |
| YOU NEED TO BUY, OR LEASE A PROPERTY IN SOUTH FL. --- PLEASE CONTACT US... COMMERCIAL, OR RESIDENTIAL |
A licensed professional Realtor from Fortune International or
an investor, who represents a Florida real estate investment
Corporation will contact you within 24 hour.
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Corporation will contact you within 24 hour.
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| YOU’VE PROPERTY FOR SALE? CONTACT US COMMERCIAL, RESIDENTIAL, OR MOBIL HOME WE’LL BUY IT FROM YOU OR WE’LL SELL IT FOR YOU; FAST, QUICK & FOR THE TOP PRICE! SOUTH FLORIDA PLEASE CONTACT US… |
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Banking and Finance, Business and Financial
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THE BANKING AND THE AMERICAN FINANCIAL
SYSTEM. HISTORY, SUCCESS AND FAILURE!
SMALL BUSINESS, METHODS, TECHNIQUES,
AND STRATEGIES
Business structures 101. LLP, LLC, S-corp and
C-corp: It's not just alphabet soup! A breakdown
of what you need to know, in layman's terms.
FINANCIAL KNOWLEDGE: The Successful
Investment Journey, Ten Tips For The
Successful Long-Term Investor. Ten Steps to
Building a Winning Trading Plan, Five Things To
Know About Asset Allocation
SAVING MONEY: THE SECRETS OF SAVING;
WAYS TO SAVE A LOT OF MONEY AND GETTING
RICHER. 66 WAYS TO SAVE MONEY
BUILDING WEALTH! How to Become Wealthy?
Nine Truths That Can Set You on the Path to
Financial Freedom.
Becoming Wealthy One Bite at a Time! 7 Rules of
Wealth Building, Practical Keys to Amassing
Investment Capital
UNCLAIMED MONEY, UNCLAIMED PROPERTY,
THE FORGOTTEN TREASURE SEATING IN THE
HANDS OF THE STATES GOVERNMENT
COULD BE YOURS OR TO SOMEONE YOU MAY
KNOW!
Billions of dollars have been lost. Could some of
it be yours? Yes the government may owed
you money; you may not even know about it.
FINANCIAL FREEDOM: A SMARTEST WAY TO
PREPARE A BETTER FUTURE IS TO PLAN TODAY
TO OBTAIN A COMPLETE FINANCIAL FREEDOM.
Ten Resolutions to Make Your Financial Life
Easier
WHY YOU AREN’T RICH?
Many people assume they aren't rich because
they don't earn enough money. If I only earned a
little more, I could save and invest better, they
say, they don’t have a good education, they say
they have too much responsibilities; Excuses,
Excuses, Excuses. THIS IS WHY!
INSURANCE: WAYS TO MAKE MONEY & SAVE
MONEY ON YOUR INSURANCE. THE
IMPORTANCE OF INSURANCE IN SOMEONE'S
LIFE!
Homeowners' Insurance: What You Need to
Know. Auto Insurance, Life Insurance
Will & Living trust
What is a will and what is living trust? How
does a living trust avoid probate?
Auto Loans: Great Car, Great Price…. But what
about the Financing? Explore your financing
options!---
Auto dealers have a long history of using
questionable sales tactics to bilk consumers in
the market for a new car. Many people keep
their eye on the sale price and neglect scams
involving vehicle financing, which can add
thousands of dollars to the price of a car.
Money Management: 10 Ways to Avoid
Overdraft and Bounced Check Fees! Three Ways
to Put Your Budget On on Auto Pilot! The Low
Tech Way to Budget Your Money
FREE CREDIT REPORT CAN HELP YOU FIND OUT
WHAT'S GOOD OR WHAT'S BAD AND ALSO
DETECT ID THEFT!
CREDIT INFO: SAVE YOUR CREDIT, RESCUE IT,
PROTECT IT, INCREASE YOUR SCORE. WE
HAVE VALUABLE INFORMATION TO HELP YOU.
IDENTITY THEFT: HOW TO PROTECT AND
DEFEND YOURSELF AGAINST IDENTITY
THEFT? -----DETER, DETECT AND DEFEND?
DEFEND YOURSELF AGAINST IDENTITY THEFT;
LEARN THE IMPORTANT METHODS AND
TECHNIQUES TO RECOVER FROM ID THEFT!
news, Political News, The Market News.
THE BANKING AND THE AMERICAN FINANCIAL
SYSTEM. HISTORY, SUCCESS AND FAILURE!
SMALL BUSINESS, METHODS, TECHNIQUES,
AND STRATEGIES
Business structures 101. LLP, LLC, S-corp and
C-corp: It's not just alphabet soup! A breakdown
of what you need to know, in layman's terms.
FINANCIAL KNOWLEDGE: The Successful
Investment Journey, Ten Tips For The
Successful Long-Term Investor. Ten Steps to
Building a Winning Trading Plan, Five Things To
Know About Asset Allocation
SAVING MONEY: THE SECRETS OF SAVING;
WAYS TO SAVE A LOT OF MONEY AND GETTING
RICHER. 66 WAYS TO SAVE MONEY
BUILDING WEALTH! How to Become Wealthy?
Nine Truths That Can Set You on the Path to
Financial Freedom.
Becoming Wealthy One Bite at a Time! 7 Rules of
Wealth Building, Practical Keys to Amassing
Investment Capital
UNCLAIMED MONEY, UNCLAIMED PROPERTY,
THE FORGOTTEN TREASURE SEATING IN THE
HANDS OF THE STATES GOVERNMENT
COULD BE YOURS OR TO SOMEONE YOU MAY
KNOW!
Billions of dollars have been lost. Could some of
it be yours? Yes the government may owed
you money; you may not even know about it.
FINANCIAL FREEDOM: A SMARTEST WAY TO
PREPARE A BETTER FUTURE IS TO PLAN TODAY
TO OBTAIN A COMPLETE FINANCIAL FREEDOM.
Ten Resolutions to Make Your Financial Life
Easier
WHY YOU AREN’T RICH?
Many people assume they aren't rich because
they don't earn enough money. If I only earned a
little more, I could save and invest better, they
say, they don’t have a good education, they say
they have too much responsibilities; Excuses,
Excuses, Excuses. THIS IS WHY!
INSURANCE: WAYS TO MAKE MONEY & SAVE
MONEY ON YOUR INSURANCE. THE
IMPORTANCE OF INSURANCE IN SOMEONE'S
LIFE!
Homeowners' Insurance: What You Need to
Know. Auto Insurance, Life Insurance
Will & Living trust
What is a will and what is living trust? How
does a living trust avoid probate?
Auto Loans: Great Car, Great Price…. But what
about the Financing? Explore your financing
options!---
Auto dealers have a long history of using
questionable sales tactics to bilk consumers in
the market for a new car. Many people keep
their eye on the sale price and neglect scams
involving vehicle financing, which can add
thousands of dollars to the price of a car.
Money Management: 10 Ways to Avoid
Overdraft and Bounced Check Fees! Three Ways
to Put Your Budget On on Auto Pilot! The Low
Tech Way to Budget Your Money
FREE CREDIT REPORT CAN HELP YOU FIND OUT
WHAT'S GOOD OR WHAT'S BAD AND ALSO
DETECT ID THEFT!
CREDIT INFO: SAVE YOUR CREDIT, RESCUE IT,
PROTECT IT, INCREASE YOUR SCORE. WE
HAVE VALUABLE INFORMATION TO HELP YOU.
IDENTITY THEFT: HOW TO PROTECT AND
DEFEND YOURSELF AGAINST IDENTITY
THEFT? -----DETER, DETECT AND DEFEND?
DEFEND YOURSELF AGAINST IDENTITY THEFT;
LEARN THE IMPORTANT METHODS AND
TECHNIQUES TO RECOVER FROM ID THEFT!
Read the most popular monthly News Letter
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Financial Crisis, in Difficult Economic Time!
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Saving Money, 66 ways to save a lot of money
US Economy, Pension Plans retire early, retire rich
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INVEST IN TODAY'S MARKET FOR A BETTER
TOMORROW
Business, Easy ways to create your own
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Financial News, Business News, Market News.--
and 11 Great things to Do With Your Money in
Financial Crisis, in Difficult Economic Time!
Banking and Finance; Top online banking service
and solution for everyone
Click Here to see the most advanced electronic
products with the recent technology
Building Wealth, How to create a fortune.
American Banking System and History
Personal Finance, Us Financial System
How to obtain a complete and absolute Freedom
Financial Knowledge, get the knowledge you need
to succeed financially
Saving Money, 66 ways to save a lot of money
US Economy, Pension Plans retire early, retire rich
INVESTING / METHODS AND TECHNIQUES TO
INVEST IN TODAY'S MARKET FOR A BETTER
TOMORROW
Business, Easy ways to create your own
business. How to buy and sell a franchise?
Shop all you want right here; reliable, safe and
secure website. Best products from the world top
manufacturers, excellent prices
CLICK HERE ---TO SEE THE WOLD
LARGEST INTERNET BUSINESSES, THE HIGHEST
QUALITY MERCHANDISE FROM THE MOST
SOPHISTICATED COMPANIES
| ..Life Insurance Advantages, Benefits, & Features While Alive and After Death... Learn More Here! ..Insurance General Information: Ways to Make Money & Save Money on Your Insurance. Learn More... ..Term Insurance Advantages, Term Insurance General Knowledge. Buy the Term, and invest the difference. Learn More... ...Investment Products: Investing & Money Management Basics. FINANCIAL SOLUTIONS, TOOLS & RESOURCES. LEARN MORE... Insurance Products: How to make profits with the insurance companies? Learn More... |
| --FREE SCHOLARSHIP FOR SCHOOL-- ''FREE GOVERNMENT GRANTS MONEY FOR SCHOOL-- --LOW INTEREST RATE LOANS FROM THE NATION LARGEST SOURCES OF LOCAL, NATIONAL, SPECIFIC SCHOLARSHIP AMERICAN DOLLAR. What are the letters, numers, and symbols, the latin words, the glowing eyes mean? BUILDING WEALTH RICH GUIDE: WHY AREN'T YOU RICH? BUILDING FINANCIAL WEALTH, OBTAIN FINANCIAL FREEDOM, BECOME A RICH PERSON; YES YOU CAN... Learn More! Financial Education - Financial Knowledge Everything You Need To Know About Finance. Dubai- The World Largest, Biggest, Tallest, Greatest of Almost Everything. Learn more about this magnificent place and as well as other countries. COPYRIGHT-- What is Copyright? The Basics About Copyright Registration. The procedure for copyright registration. Do I need copyright protection? How do I register? Learn More! ''AUTO LOANS: Great Car, Great Price…. but what about the Financing? Explore your financing options! Five Tips for Getting the Best Deal On a Car... AUTO DEALERSHIP: 5 Car Dealer Extras You May Not Need, Or You Don't Need... Before buying a car; learn this first... ..News Letter: Tax Saving Business News, financial news, the world market. ..Biography & History of the world greatest personalities & politicians,, ..The world worst natural disasters & earthquakes in the history of humanity,, .Inventions. Great Inventions and discoveries of the century,, What are they? .. HAITI: Things you don't know & what you must know. Learn More!,, ..Life Insurance Advantages, Benefits, & Features While Alive and After Death... Learn More Here! ..Insurance General Information: Ways to Make Money & Save Money on Your Insurance. Learn More... ..Term Insurance Advantages, Term Insurance General Knowledge. Buy the Term, and invest the difference. Learn More... ...Investment Products: Investing & Money Management Basics. FINANCIAL SOLUTIONS, TOOLS & RESOURCES. LEARN MORE... Insurance Products: How to make profits with the insurance companies? Learn More... |
IF YOU NEED HELP TO SELL YOUR PROPERTY; PLEASE CALL Mr.
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10 PLACES NOT RECOMMENDED TO USE
DEBIT CARDS:
Debit cards have different protections and uses. Sometimes
they're not the best choice.
Sometimes reaching for your wallet is like a multiple choice
test: How do you really want to pay?
More from KNOWLEDGEFINANCIAL.COM:
While credit cards and debit cards may look almost identical,
not all plastic is the same.
Consumers need to be particularly careful during vacation
season because identity thieves come out in droves. That
makes it pivotal that consumers keep their debit cards on ice,
said Beth Givens, director of the Privacy Rights Clearing House
and one of the nation's foremost experts on keeping your
private information private.
What makes debit cards so dangerous? Givens has so many
reasons, her organization has put out an exhaustive fact sheet
on whether you should use cash, credit or debit cards when
shopping. (The report also explains the shortcomings of gift
cards.)
Here's the short version of the dangers of debit:
------------------------------------------------
The Dangers of Using a Debit Card. ---
knowledgefinancial.com
"It's important that consumers understand the difference
between a debit card and a credit card," says John Breyault,
director of the Fraud Center for the National Consumers
League, a Washington, D.C.-based advocacy group. "There's a
difference in how the transactions are processed and the
protections offered to consumers when they use them."
While debit cards and credit cards each have advantages, each
is also better suited to certain situations. And since a debit card
is a direct line to your bank account, there are places where it
can be wise to avoid handing it over -- if for no other reason
than complete peace of mind.
-----------------------------------------
Here are 10 places and situations where it can
pay to leave that debit card in your wallet:
1. Online----- NOT TO USE ----KNOWLEDGEFINANCIAL.COM
"You don't use a debit card online," says Susan Tiffany, director
of consumer periodicals for the Credit Union National
Association. Since the debit card links directly to a checking
account, "you have potential vulnerability there," she says.
Her reasoning: If you have problems with a purchase or the
card number gets hijacked, a debit card is "vulnerable because
it happens to be linked to an account," says Linda Foley,
founder of the Identity Theft Resource Center. She also includes
phone orders in this category.
The Federal Reserve's Regulation E (commonly dubbed Reg E),
covers debit card transfers. It sets a consumer's liability for
fraudulent purchases at $50, provided they notify the bank
within two days of discovering that their card or card number
has been stolen. KNOWLEDGEFINANCIAL.COM
Most banks have additional voluntary policies that set their own
customers' liability with debit cards at $0, says Nessa Feddis,
vice president and senior counsel for the American Bankers
Association.
But the protections don't relieve consumers of hassle: The
prospect of trying to get money put back into their bank
account, and the problems that a lower-than-expected balance
can cause in terms of fees and refused checks or payments,
make some online shoppers reach first for credit cards.
2. Big-Ticket Items---- NOT TO USE
With a big ticket item, a credit card is safer, says Chi Chi Wu,
staff attorney with the National Consumer Law Center. A credit
card offers dispute rights if something goes wrong with the
merchandise or the purchase, she says.
"With a debit card, you have fewer protections,"
KNOWLEDGEFINANCIAL.COM
In addition, some cards will also offer extended warrantees.
And in some situations, such as buying electronics or renting a
car, some credit cards also offer additional property insurance
to cover the item.
Two caveats, says Wu. Don't carry a balance. Otherwise, you
also risk paying some high-ticket interest. And "avoid store
cards with deferred interest," Wu advises.
3. Deposit Required------- NOT TO USE
That way, the store has its security deposit, and you still have
access to all of the money in your bank account. With any luck,
you'll never actually have to part with a dollar.
4. Restaurants--- NOT TO USE ----- knowledgefinancial.com
"To me, it's dangerous," "You have so many people around."
Foreman bases his conclusions on what he hears from
readers. "Anecdotally, the cases that I'm hearing of credit or
debit information being stolen, as often as not, it's in a
restaurant," he says.
The danger: Restaurants are one of the few places where you
have to let cards leave your sight when you use them. But
others think that avoiding such situations is not workable.
The "conventional advice of 'don't let the card out of your sight'
-- that's just not practical," says Tiffany.
The other problem with using a debit card at restaurants: Some
establishments will approve the card for more than your
purchase amount because, presumably, you intend to leave a
tip.
So the amount of money frozen for the transaction could be
quite a bit more than the amount of your tab. And it could be a
few days before you get the cash back in your account.
5. You're a New Customer------ NOT TO USE ------
knowledgefinancial.com
Online or in the real world, if you're a first-time customer in a
store, skip the debit card the first couple of times you buy,
That way, you get a feel for how the business is run, how you're
treated and the quality of the merchandise before you hand
over a card that links to your checking account.
6. Buy Now, Take Delivery Later-- NOT TO USE
Buying now but taking delivery days or weeks from now? A
credit card offers dispute rights that a debit card typically does
not.
"It may be an outfit you're familiar with and trust, but something
might go wrong," says Breyault, "and you need protection."
But be aware that some cards will limit the protection to a
specific time period, says Feddis. So settle any problems as
soon as possible.
7. Recurring Payments
We've all heard the urban legend about the gym that won't stop
billing an ex-member's credit card. Now imagine the charges
aren't going onto your card, but instead coming right out of your
bank account.
Another reason not to use the debit card for recurring charges:
your own memory and math skills. Forget to deduct that
automatic bill payment from your checkbook one month, and
you could either face fees or embarrassment (depending on
whether you've opted to allow overdrafting or not).
So if you don't keep a cash buffer in your account, "to protect
yourself from over-limit fees, you may want to think about using
a credit card" for recurring payments.
8. Future Travel-----NOT TO USE ----knowledgefinancial.com
Book your travel with a check card, and "they debit it
immediately," So if you're buying travel that you won't use for
six months or making a reservation for a few weeks from now,
you'll be out the money immediately.
Another factor that bothers a lot of people: Hotels aren't
immune to hackers and data breaches, and several name-
brand establishments have suffered the problem recently.
Do you want your debit card information "to sit in a system for
four months, waiting for you to arrive?" she asks. "I would not."
9. Gas Stations and Hotels---- NOT TO USE
This one depends on the individual business. Some gas
stations and hotels will place holds to cover customers who
may leave without settling the entire bill. That means that even
though you only bought $10 in gas, you could have a temporary
bank hold for $50 to $100. KNOWLEDGEFINANCIAL.COM
Ditto hotels, where there are sometimes holds or deposits in
the hundreds to make sure you don't run up a long distance bill,
empty the mini bar or trash the room. The practice is almost
unnoticeable if you're using credit, but can be problematic if
you're using a debit card and have just enough in the account to
cover what you need.
At hotels, ask about deposits and holds before you present your
card, says Feddis. At the pump, select the pin-number option,
she says, which should debit only the amount you've actually
spent.
10. Checkouts or ATMs That Look 'Off'--- NOT TO USE
Criminals are getting better with skimmers and planting them in
places you'd never suspect -- like ATM machines on bank
property, says Foley.
So take a good look at the machine or card reader the next time
you use an ATM or self-check lane, she advises. Does the
machine fit together well or does something look off.---
KNOWLEDGEFINANCIAL.COM
DEBIT CARDS:
Debit cards have different protections and uses. Sometimes
they're not the best choice.
Sometimes reaching for your wallet is like a multiple choice
test: How do you really want to pay?
More from KNOWLEDGEFINANCIAL.COM:
While credit cards and debit cards may look almost identical,
not all plastic is the same.
Consumers need to be particularly careful during vacation
season because identity thieves come out in droves. That
makes it pivotal that consumers keep their debit cards on ice,
said Beth Givens, director of the Privacy Rights Clearing House
and one of the nation's foremost experts on keeping your
private information private.
What makes debit cards so dangerous? Givens has so many
reasons, her organization has put out an exhaustive fact sheet
on whether you should use cash, credit or debit cards when
shopping. (The report also explains the shortcomings of gift
cards.)
Here's the short version of the dangers of debit:
------------------------------------------------
The Dangers of Using a Debit Card. ---
knowledgefinancial.com
"It's important that consumers understand the difference
between a debit card and a credit card," says John Breyault,
director of the Fraud Center for the National Consumers
League, a Washington, D.C.-based advocacy group. "There's a
difference in how the transactions are processed and the
protections offered to consumers when they use them."
While debit cards and credit cards each have advantages, each
is also better suited to certain situations. And since a debit card
is a direct line to your bank account, there are places where it
can be wise to avoid handing it over -- if for no other reason
than complete peace of mind.
-----------------------------------------
Here are 10 places and situations where it can
pay to leave that debit card in your wallet:
1. Online----- NOT TO USE ----KNOWLEDGEFINANCIAL.COM
"You don't use a debit card online," says Susan Tiffany, director
of consumer periodicals for the Credit Union National
Association. Since the debit card links directly to a checking
account, "you have potential vulnerability there," she says.
Her reasoning: If you have problems with a purchase or the
card number gets hijacked, a debit card is "vulnerable because
it happens to be linked to an account," says Linda Foley,
founder of the Identity Theft Resource Center. She also includes
phone orders in this category.
The Federal Reserve's Regulation E (commonly dubbed Reg E),
covers debit card transfers. It sets a consumer's liability for
fraudulent purchases at $50, provided they notify the bank
within two days of discovering that their card or card number
has been stolen. KNOWLEDGEFINANCIAL.COM
Most banks have additional voluntary policies that set their own
customers' liability with debit cards at $0, says Nessa Feddis,
vice president and senior counsel for the American Bankers
Association.
But the protections don't relieve consumers of hassle: The
prospect of trying to get money put back into their bank
account, and the problems that a lower-than-expected balance
can cause in terms of fees and refused checks or payments,
make some online shoppers reach first for credit cards.
2. Big-Ticket Items---- NOT TO USE
With a big ticket item, a credit card is safer, says Chi Chi Wu,
staff attorney with the National Consumer Law Center. A credit
card offers dispute rights if something goes wrong with the
merchandise or the purchase, she says.
"With a debit card, you have fewer protections,"
KNOWLEDGEFINANCIAL.COM
In addition, some cards will also offer extended warrantees.
And in some situations, such as buying electronics or renting a
car, some credit cards also offer additional property insurance
to cover the item.
Two caveats, says Wu. Don't carry a balance. Otherwise, you
also risk paying some high-ticket interest. And "avoid store
cards with deferred interest," Wu advises.
3. Deposit Required------- NOT TO USE
That way, the store has its security deposit, and you still have
access to all of the money in your bank account. With any luck,
you'll never actually have to part with a dollar.
4. Restaurants--- NOT TO USE ----- knowledgefinancial.com
"To me, it's dangerous," "You have so many people around."
Foreman bases his conclusions on what he hears from
readers. "Anecdotally, the cases that I'm hearing of credit or
debit information being stolen, as often as not, it's in a
restaurant," he says.
The danger: Restaurants are one of the few places where you
have to let cards leave your sight when you use them. But
others think that avoiding such situations is not workable.
The "conventional advice of 'don't let the card out of your sight'
-- that's just not practical," says Tiffany.
The other problem with using a debit card at restaurants: Some
establishments will approve the card for more than your
purchase amount because, presumably, you intend to leave a
tip.
So the amount of money frozen for the transaction could be
quite a bit more than the amount of your tab. And it could be a
few days before you get the cash back in your account.
5. You're a New Customer------ NOT TO USE ------
knowledgefinancial.com
Online or in the real world, if you're a first-time customer in a
store, skip the debit card the first couple of times you buy,
That way, you get a feel for how the business is run, how you're
treated and the quality of the merchandise before you hand
over a card that links to your checking account.
6. Buy Now, Take Delivery Later-- NOT TO USE
Buying now but taking delivery days or weeks from now? A
credit card offers dispute rights that a debit card typically does
not.
"It may be an outfit you're familiar with and trust, but something
might go wrong," says Breyault, "and you need protection."
But be aware that some cards will limit the protection to a
specific time period, says Feddis. So settle any problems as
soon as possible.
7. Recurring Payments
We've all heard the urban legend about the gym that won't stop
billing an ex-member's credit card. Now imagine the charges
aren't going onto your card, but instead coming right out of your
bank account.
Another reason not to use the debit card for recurring charges:
your own memory and math skills. Forget to deduct that
automatic bill payment from your checkbook one month, and
you could either face fees or embarrassment (depending on
whether you've opted to allow overdrafting or not).
So if you don't keep a cash buffer in your account, "to protect
yourself from over-limit fees, you may want to think about using
a credit card" for recurring payments.
8. Future Travel-----NOT TO USE ----knowledgefinancial.com
Book your travel with a check card, and "they debit it
immediately," So if you're buying travel that you won't use for
six months or making a reservation for a few weeks from now,
you'll be out the money immediately.
Another factor that bothers a lot of people: Hotels aren't
immune to hackers and data breaches, and several name-
brand establishments have suffered the problem recently.
Do you want your debit card information "to sit in a system for
four months, waiting for you to arrive?" she asks. "I would not."
9. Gas Stations and Hotels---- NOT TO USE
This one depends on the individual business. Some gas
stations and hotels will place holds to cover customers who
may leave without settling the entire bill. That means that even
though you only bought $10 in gas, you could have a temporary
bank hold for $50 to $100. KNOWLEDGEFINANCIAL.COM
Ditto hotels, where there are sometimes holds or deposits in
the hundreds to make sure you don't run up a long distance bill,
empty the mini bar or trash the room. The practice is almost
unnoticeable if you're using credit, but can be problematic if
you're using a debit card and have just enough in the account to
cover what you need.
At hotels, ask about deposits and holds before you present your
card, says Feddis. At the pump, select the pin-number option,
she says, which should debit only the amount you've actually
spent.
10. Checkouts or ATMs That Look 'Off'--- NOT TO USE
Criminals are getting better with skimmers and planting them in
places you'd never suspect -- like ATM machines on bank
property, says Foley.
So take a good look at the machine or card reader the next time
you use an ATM or self-check lane, she advises. Does the
machine fit together well or does something look off.---
KNOWLEDGEFINANCIAL.COM
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ADDITIONAL INFORMATION ABOUT THE DANGER OF DEBIT/CREDIT CARDS!
The Dangers of Using a Debit Card. ---knowledgefinancial.com ---- PLACES AND WAYS NOT RECOMMENDED TO USE DEBIT CARDS:
Consumers need to be particularly careful during vacation season because identity thieves come out in droves. That makes it pivotal that consumers keep their debit cards on ice, said Beth
Givens, director of the Privacy Rights Clearing House and one of the nation's foremost experts on keeping your private information private.
What makes debit cards so dangerous? Givens has so many reasons, her organization has put out an exhaustive fact sheet on whether you should use cash, credit or debit cards when
shopping. (The report also explains the shortcomings of gift cards.)
Here's the short version of the dangers of debit:
1. Loss Limits ----knowledgefinancial.com
Like credit cards, federal law limits your liability for fraudulent transactions on a debit card to $50. But that's only if you notify your financial institution within two days of discovering the theft.
If you're a space cadet and don't check your bank statements for a couple of months, you could lose everything
2. Pay Now/Reimburse Later
If someone has fraudulently used your credit card, you don't have to pay the charge. But when somebody has fraudulently used your debit card, the money comes directly out of your account
in real time.
That means you're out the money while the bank does a leisurely examination of their records to investigate your fraud claim. Many consumers complaining to Privacy Rights Clearing House
said they lost access to their funds for several weeks. In the meantime, they were caught short and unable to pay their bills, Givens said.
3. Merchant Disputes ---KNOWLEDGEFINANCIAL.COM
The same problem affects merchant disputes. If you pay with a credit card when ordering something online, and that product comes damaged, broken or not at all, you can dispute the
charge and stop payment with your credit card. If you used your debit card, the charge is paid when you made the order. By the time you find out the goods weren't what was advertised, the
merchant has your cash and you're in the unenviable position of having to fight to get your money back.
4. Phantom Charges ----KNOWLEDGEFINANCIAL.COM
If you use a credit card at a hotel, the hotel takes an imprint when you check in, but doesn't charge your card until you check out. It's a far different story with a debit card. Generally, hotels
will put a “hold” on funds in your account for more than you're spending. Yes, more.
They hold the full amount of your stay, plus an estimated amount for “incidentals,” such as meals at the hotel restaurant and dipping into the mini-bar. This is not an actual charge–the hold
will come off your account at the end of your stay.
But it affects the available balance in your checking account anyway and can lead to overdrafts. One consumer said these phantom charges cost him $140 in overdraft fees. These “holds”
are commonly placed on debit card transactions made at hotels, gas stations and rental car companies.
5. Overdrafts, Overdrafts and More Overdrafts ---
Overdraft charges have been soaring in recent years and the vast majority of consumers who pay them explain that their overdraft was the result of a debit card transaction. Many
consumers naively assumed that if they didn't have sufficient funds in their accounts, their bank wouldn't approve a debit swipe.
But they were wrong. The result: a $4 coffee could trigger a $35 overdraft fee. Government regulators are reigning in these fees by demanding that banks give consumers a chance to “opt
out” of automatic overdraft protection, but that doesn't start for existing accounts until August. (If you have a new account, it's starts in July.)
6. Skimming ----KNOWLEDGEFINANCIAL.COM
Financial crooks have gotten sophisticated in recent years and are using “skimming” machines to read your card data and charge your account, Givens said. When your debit card is
skimmed, your bank account can be drained before you know that you've been had. ----KNOWLEDGEFINANCIAL.COM
The Dangers of Using a Debit Card. ---knowledgefinancial.com ---- PLACES AND WAYS NOT RECOMMENDED TO USE DEBIT CARDS:
Consumers need to be particularly careful during vacation season because identity thieves come out in droves. That makes it pivotal that consumers keep their debit cards on ice, said Beth
Givens, director of the Privacy Rights Clearing House and one of the nation's foremost experts on keeping your private information private.
What makes debit cards so dangerous? Givens has so many reasons, her organization has put out an exhaustive fact sheet on whether you should use cash, credit or debit cards when
shopping. (The report also explains the shortcomings of gift cards.)
Here's the short version of the dangers of debit:
1. Loss Limits ----knowledgefinancial.com
Like credit cards, federal law limits your liability for fraudulent transactions on a debit card to $50. But that's only if you notify your financial institution within two days of discovering the theft.
If you're a space cadet and don't check your bank statements for a couple of months, you could lose everything
2. Pay Now/Reimburse Later
If someone has fraudulently used your credit card, you don't have to pay the charge. But when somebody has fraudulently used your debit card, the money comes directly out of your account
in real time.
That means you're out the money while the bank does a leisurely examination of their records to investigate your fraud claim. Many consumers complaining to Privacy Rights Clearing House
said they lost access to their funds for several weeks. In the meantime, they were caught short and unable to pay their bills, Givens said.
3. Merchant Disputes ---KNOWLEDGEFINANCIAL.COM
The same problem affects merchant disputes. If you pay with a credit card when ordering something online, and that product comes damaged, broken or not at all, you can dispute the
charge and stop payment with your credit card. If you used your debit card, the charge is paid when you made the order. By the time you find out the goods weren't what was advertised, the
merchant has your cash and you're in the unenviable position of having to fight to get your money back.
4. Phantom Charges ----KNOWLEDGEFINANCIAL.COM
If you use a credit card at a hotel, the hotel takes an imprint when you check in, but doesn't charge your card until you check out. It's a far different story with a debit card. Generally, hotels
will put a “hold” on funds in your account for more than you're spending. Yes, more.
They hold the full amount of your stay, plus an estimated amount for “incidentals,” such as meals at the hotel restaurant and dipping into the mini-bar. This is not an actual charge–the hold
will come off your account at the end of your stay.
But it affects the available balance in your checking account anyway and can lead to overdrafts. One consumer said these phantom charges cost him $140 in overdraft fees. These “holds”
are commonly placed on debit card transactions made at hotels, gas stations and rental car companies.
5. Overdrafts, Overdrafts and More Overdrafts ---
Overdraft charges have been soaring in recent years and the vast majority of consumers who pay them explain that their overdraft was the result of a debit card transaction. Many
consumers naively assumed that if they didn't have sufficient funds in their accounts, their bank wouldn't approve a debit swipe.
But they were wrong. The result: a $4 coffee could trigger a $35 overdraft fee. Government regulators are reigning in these fees by demanding that banks give consumers a chance to “opt
out” of automatic overdraft protection, but that doesn't start for existing accounts until August. (If you have a new account, it's starts in July.)
6. Skimming ----KNOWLEDGEFINANCIAL.COM
Financial crooks have gotten sophisticated in recent years and are using “skimming” machines to read your card data and charge your account, Givens said. When your debit card is
skimmed, your bank account can be drained before you know that you've been had. ----KNOWLEDGEFINANCIAL.COM
