prosperityseeker

I just finished my taxes and I realized that not only am I in debt for my personal  business but I am also indebt for my business as well. This is really not acceptable at all. With this in mind, I have decided that I will not only work on getting out of my personal debt  but I will work diligently to get out of business debt as well. If you find yourself in the same predicament that I am in, you may want to view my plan for getting out of business debt. Here goes:

1.    Once I have $1000 saved up for business emergencies, I will apply the debt snowball to my business debt as well as my personal debt.  Once my emergency fund is in place, I will set up these payments automatically.

2.    I will not charge up any more business expenses. If I can’t pay cash for it then I won’t be buying it, plain and simple.

3.    Any extra money that I receive will be used to pay off my business and personal debt.

4.    I will shop smart and always use comparative shopping for business and personal needs.

5.    I will not give up hope. I will get out of this financial mess that I’m in one step at a time.

I just heard on the news today that due to the recession, car dealers are getting pretty desperate to move car out of their lots. In fact, car dealers are so desperate that they’re going nuts with deals. For instance, I heard about one dealer that was offering a buy one get one car free deal. Basically they were offering to give you a free car if you bought one. In another instance, one dealer was offering a deal of $1 down and 99.00 payments a month.

Now, before you go out there and take advantage of these deals, you’ve got to be honest with yourself.Although it sounds like a great deal, if you’re really serious about getting control of your finances then you have to get serious. This means NOT buying things you can’t afford even if the “deal” sounds unbelievable. That is, if you can’t afford to pay cash for a new car, then you probably don’t need one.

Let me repeat that. If you can’t afford to pay cash for a new car, you probably don’t need one. Yes, I said it and I completely stand behind my statement. Although I would love to have a new car right now and take advantage of these wonderful deals, I know in my heart that I can’t possibly afford it right now. So, I am going to leave these so called deals exactly where they are – with the dealer.What are you going to do?

If you’ve been considering getting a loan recently but were wondering just how tough it is to secure a loan, I can tell you that financial institutions have definitely implemented stricter loan terms. Not only do you have to have better credit to even qualify but only the cream of the crop are offered the really good interest rates and such.

Now you might be thinking that you have good credit. You don’t miss payments and you pay your bills on time. However, financial institutions are looking at a wide range of criteria and payment history is just one of them. In fact, many speculate that you need accredit score of at least 680-720 to qualify nowadays.  And this my friends is high, especially since credit scores range from 300-800.

Here are some more tips to help you qualify:

1. Pay your bills on time and pay more than the required minimum.
2. Don’t charge more than 10%. Therefore, if your limit is 2000 don’t charge more than 200.
3. Don’t’ close out old credit cards. Don’t use them but keep them open to show a long credit history.
4. Don’t keep applying for credit as this will decrease your credit rating.
5. Squash debt like a crazy person. The faster you pay off the debt you have, the sooner your credit rating will improve.

Ho…ho….ho…

 I just wanted to chime in and let you know that I wish you a Happy Holiday season.

 I admire everything that you are trying to accomplish as a Prosperity Seeker and I truly believe that you will achieve your goals. Instead ofworrying and being stressed out today, your assignment today is to be proud of you.

Write down the things that you have accomplished. Take note of all the positive things that you have accomplished this year and what you have to be thankful for. Include everything and I do mean everything. Also, include  those people that you are thankful for in your life as well.

Next, take some time to really read through your list and figure out what you can do differently next year. For instance, I am proud of the fact that I startedthis blog and amworking hard to squash debt and help others squash debt as well. As I said previously, helping others is one of my primary goals and I know that together we can get in control of our financial situation and improve our lives.

Once you do this, reflect and enjoy the Holidays. You deserve it!