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Moneymaking and the Art of Argument
By Scott Lindsay
July 2008
In order to make money you need to learn the art of argument. In virtually every moneymaking idea there are arguments that will have you believe the idea is too far fetched to be useful. Should your idea make it to the development phase you will likely encounter arguments about the ability of your business to last when compared to other similar businesses. How will you argue your point?
We are surrounded by those who are infused with negative thoughts in relations to our potential success. Any possible reason for why we should avoid doing something will be brought up and expounded on. Why? Most of these well-intentioned people believe they are saving us from ourselves. They wholeheartedly believe they are looking out for our best interest.
If we can get past the first two arguments then we are faced with an ongoing third argument. That argument can come in the form of potential customers who are willing to convince us they have no need for our product or service.
I am firmly convinced that the ability to argue (kindly, but firmly) is a key to success in business.
What happens when you get a sales call? Do they accept your first denial of their service or product? No, they argue. They back up and come at you from another angle.
Imagine a sales call like this...
"Good afternoon, I'm from the Acne Shoe Company and I have some great shoes I'd like you to look at today."
"I'm not interested."
"Oh, well, okay. Sorry to bother you. Have a nice day."
That's not going to happen. Why? Because these sales associates understand that in order to allow the individual to see themselves using the product or service they need to consider the full merits of the case. If you can't argue effectively your customer may never come to a full understanding or appreciation of your product or service.
It's sort of like going into court and having the prosecuting attorney say, "I think the defendant is guilty."
You expect your lawyer to make a rebuttal, but he just sits there and says, "Well, okay, if that's what you think."
Lawyers understand the subtle beauty of the argument. You can help others understand something they would not have been able to by simply observing, making a judgment call and deciding there is no need for your entrepreneurial enterprise.
Whether your business deals with individuals face to face or via the Internet you need to work to defuse arguments and arm your potential customers with information they can use to understand and accept your product based on full disclosure.
No one wants someone defensively arguing with them, which is why argument is an art in moneymaking ventures. When it is pursued correctly it serves to disarm and engage. When done incorrectly it offends and builds walls that keep customers out.
Don't become weary of the argument. Learn to embrace it and use it to enhance the awareness others have in your business. Use it to grow trust in your product. Use it to demonstrate the passion you have for your business.
Bankruptcy Is Not The End Of The World
By Melissa Kellett
July 2008
Bankruptcy is not an easy process, its consequences are undoubtedly negative if you want to get finance in the near future but it is definitely not the end of the world. Getting finance after bankruptcy though hard, is possible as long as you can show that things have changed after your bankruptcy has been discharged.
Undoubtedly, lenders consider a bankruptcy in your credit report to be a terrible sign that speaks about your credit behavior. For them, it means that you were not able to honor your obligations and you had to resort to filing for bankruptcy in order to get discharged from your debts.
You need to convince them otherwise, however, speaking, pleading or begging won’t take you anywhere. You have to show them that your credit behavior has changed with facts. Your credit report has to show that since bankruptcy was discharged, your financial behavior was impeccable. If you can do so, then chances are that you will be able to get finance.
Bankruptcy Loans
There are bankruptcy loans available for those who are in financial difficulties like the explained above. These loans are specially tailored so the lender is confident that the borrower will be able to repay the loan. The loan amounts are not as high as in other situations and though the interest rate will be undoubtedly higher, the repayment program might be longer so as to keep the monthly payments low and affordable.
The main purpose of these loans is to help the borrower reestablish his credit and finances. Thus, don’t expect the kind of money you need to start a business or buy a car. Nevertheless, if time has passed and you’ve been able to raise your credit score by paying all your bills on time, you may be able to request a secured loan like a mortgage loan or car loan and get approved. You’ll probably need, however, to provide a co-signer and put money down in order to get approved. Truth is that getting approved has to be more difficult for those who have gone through bankruptcy than for other people because the lenders need to make sure that you are able to make more sacrifices this time in order to fulfill your obligations.
When And How
You’ll probably have to wait for at least two years since your bankruptcy has been dismissed in order to successfully apply for a bankruptcy loan and get approved. However, since different lenders have different requirements, there is not a common agreement on this issue among lenders, some require more time, others less. The key to getting approved is your credit score and not the mere passing of time. If you’ve already been able to re-establish your credit or at least raise it from the depression that bankruptcy implies, it is more likely that lenders will want to consider your application.
In order to find a lender, you just need to search the net for online bankruptcy loan lenders. There are many online companies offering this service and there are even others offering access to many different lenders to choose from which will increase your possibilities. Just make sure to prepare yourself before applying, don’t worry about what to say, worry about improving your credit report as it will speak on your behalf.
About the author: Melissa Kellett is an expert loan consultant who has worked for twenty years in the financial industry and helps people to repair their credit and get approved for home loans, unsecured personal loans, student loans, consolidation loans, car loans and many other types of loans and financial products.
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The Seven Deadly Sins Of Credit Card Use
By: Michael D. Strauss
July 2008
No matter how convenient credit cards are - and they're almost obligatory for modern life - there's no denying that they can land the unwary card-holder in a whole world of trouble if not used carefully. Here we present the seven deadly sins of credit card use.
Late Payments
The number one rule of using credit cards is to pay your statement on time. Not only do late payments cause damage to your credit rating, they also cost you money - both in the form of the late payment fee, but also in the form of a hike in your interest rate for repeat offenders.
Minimum Payments
Even if you keep to a good repayment schedule and always pay on time, only paying the minimum amount required on your statement is a major mistake that most of us make - not least because we're actively encouraged to do just that by setting up automated payments such as direct debits. The problem is, with minimum payment levels set at only a few percent, nearly all of what you pay is swallowed up in interest charges leaving your debt virtually untouched. Sticking to the minimum amounts will all but ensure that you stay permanently in debt, and will cost you dearly in overall interest charges.
Cash Advances and Withdrawals
Most credit cards now offer the facility to withdraw cash from a huge number of ATMs worldwide. Don't do it, except in a real emergency when you really need cash and have no other way of getting it. Not only will you be charged a fee, the interest rate charged is usually much higher than your normal rate, and because more expensive debt is usually the last to be cleared, you'll be charged this high rate each and every month while you're carrying a balance.
Credit Card Convenience Checks
These are a bad idea as they suffer from the same drawbacks as cash withdrawals - i.e. high interest rates. Even if your card is one of the few still to offer this 'facility', avoid it - there's little benefit in using a check, and plenty of cost!
Spending on Balance Transfer Cards
Balance transfer deals can save you a fortune in interest on your debt if you handle them correctly. The problem is, many people fail to get the full rewards by using the same card for balance transfers and purchases. Because of the way most cards allocate the payments you make, your purchase debt will never be lessened until the balance transfer is fully repaid, and so will attract interest without any of it being repaid. Use separate cards for spending and balance transfers.
Impulse Purchases
One of the major causes of problem credit card debt is the casual use of cards to fund impulse purchases. As you're not actually parting with any cash, using a card doesn't feel as expensive as ordinary purchases, when in fact it's much more expensive! Think carefully before you buy whether or not your purchase will seem as good an idea when your next statement drops on to your doormat.
Paying for Essentials
While using your card as much as possible s a good idea if you're benefiting from a reward or cash back scheme, you should only do this if you pay off your balance in full every month. Using your card to pay for essentials such as food and energy bills, and letting your debt build up unchecked, is a sure sign that you're living beyond your means and need to have a hard look at your budget.
About the Author: Michael writes on credit cards and related subjects. Visit his site to compare balance transfer credit cards along with low interest cards, rewards, and cash back schemes.
Be careful when you search for credit card debt consolidation
By John Goddard
July 2008
You should pay close attention when you are trying to consolidate credit card debt, because you might miss some great opportunities if you are not going to select the best debt consolidation company.
Credit card debt is one of the best type of debt that can be consolidated. The credit card debt has a really high interest rates this is why it's going to be easy to get some great rates. The rates that any debt consolidation company is able to offer you are a lot lower than those that your current credit card company is using on you.
When I say that you should be careful I mean that you should be careful to get the best rate. You can get a good rate if you are going to sign up for more than just one debt consolidation company. You can do that by simply searching on yahoo or google for debt consolidation, this way be sure that you will be getting a lot of information about how you can get rid of the credit card debt that you currently have. And also another great thing is that you will be able to get different quotes, with different monthly payments that you have to pay, and with different interest rates.
What you should do is make a list with all the credit cards that you have used so far, and write there how much money you have spent so far, you'll need that information when you sign up for a debt consolidation offer, so that they can give you a quote. After you have made that list all you have to do is fill in the forms from debt consolidation companies, and you will receive a couple of phone calls from the debt consolidation experts. They will ask you the information that you already have it ready, and after some time they will be able to tell you information about the debt repayment plan that they have made especially for you.
When they are ready to give you a quote, you should have a pen and a paper near you. When you will receive the phone call with your quote, make sure that you write down as many information as possible about the quote that is being presented to you. You should make another list with all the debt consolidation companies that you have decided to use.
After you have taken these steps and you have managed to gather all the information you need about each quote. You should have a couple of hours, to analyze each and every quote, and try to see which one is going to be perfect for you. It is best that you ask other close friends, or relatives that have some finance knowledge about this, they will certainly be more than happy to help you.
And in the end when you finally decide which quote to take, call that debt consolidation company, and tell them that you are in. They will be more than happy to send you over the contract, and all is left for you to do is sign it. And you will be on the path of getting out of credit card debt.
About the author: John Goddard is a writer for PayingPaul.Com. PayingPaul.Com is a website for consumers interested in credit & debt topics ranging from the new chapter 7 & 13 bankruptcy law changes, how to declare bankruptcy, and asset & homestead exemptions & protections in bankruptcy.
 
Why Seek Financial Investment Advice?
July 2008
By Steve A Wright
If you know more or less all there is to know about investing directly in stocks and shares, or in collective forms of investment, or the management of your investments, or the tax implications, or the pros and cons of offshore investing, then you might not need much more in the way of financial investment advice. Unless you happen to be one of those very rare individuals, however, you will almost certainly benefit from the sound and impartial financial investment advice of a professional, independent financial adviser.
Types of Investment Direct Investment Your choice of investment types fall into two basic categories – direct investment in the shares of a particular company or its issued bonds or, in the case of government-issued bonds, its "gilt-edged stock". The price of company shares, of course, will fluctuate as they are traded on the stock market and the dividends to which you are entitled as an owner of those shares will be determined by the performance of that particular company. In the case of bonds issued by a company, or gilts issued by the government, however, you will be assured of the rate of interest on what is effectively your loan to that company or the government, and you will be assured of the full return on your investment once the bond or government stock reaches its maturity date. Because of these in-built certainties, there is a lower risk inherent in the investment in corporate bonds or government gilts, and the returns, therefore, tend to be lower than in the more volatile market for shares. Both corporate and government bonds can be traded in the market, however, before they reach their maturity date.
During this time, their price will be determined by the prevailing rates of interest in the stick market, compared to the rate attached to the bond itself. "Collective" Investment If you want to avoid putting all your eggs in the one basket of a particular company's shares, it is possible instead to spread the risk of your investment by pooling it (with other investors) into a range of different investments. In this case, the pooled investment is managed by a professional fund manager, who makes decisions on the range and types of investment. Such collective schemes fall – again, broadly – into three different types: unit trusts, investment trusts and Open-ended Investment Companies (OEICs).
Once you have reached this level of investment decision-making, however, the vast range of unit trusts, investment trusts and OEICs available can open up a veritable Pandora's Box of choices. In order to avoid making potentially very costly mistakes or rash investment decisions, therefore, this is the stage at which – if you have not done so before – you should consult an independent financial adviser.
Summary Financial investment advice is wisely taken because of the sheer range of investment vehicles available:
• These fall into the two broad categories of direct investment or "collective" (pooled) investment;
• Direct investments include the purchase of stocks and shares or corporate or government (so-called "gilt-edged" stock);
• The principal types of collective investment are in unit trusts, investment trusts or Open-ended Investment Companies (OEICs);
• Whatever your personal intuition regarding the best investment type for you, however, the best financial investment advice is going to come from an independent financial adviser.
Black-Owned Bank, Seaway National Bank, Chicago
Where to Get the Best Pension Advice
July 2008
By Steve A Wright
Everyone knows that the younger you are when you start paying into a pension, the more you'll receive when it's time to pay out on your retirement. Nevertheless, there are still many who delay making that start and a frightening number of people who believe that their entitlement to a basic State pension will be enough to see them comfortably through old age. While they might be right about the entitlement to a State pension, they are most unlikely to find that the State pension alone will ensure anything like a comfortable retirement. But if taking care of your own pension arrangements is to be an option, where do you go for the best pension advice?
Even a cursory look at the subject of pensions will tell you that it can become a pretty complicated topic, with a bewildering range of different products, to suit different ends and purposes. For example, you might be aware that your employer runs a pension scheme and, indeed, you believe that the employer contributes to your pension on your behalf. But is this an occupational pension scheme. If it is, do you know whether it is salary-related or whether it is a defined contribution or money purchase scheme? Alternatively, is your employer offering a stakeholder pension scheme or running a group personal pension scheme? You have heard that it is possible to set up your own stakeholder pension. How would this differ from your having your own personal pension arrangement? Is one or the other – a stakeholder or a personal pension scheme – something you should be setting up for yourself?
These are all perfectly reasonable questions, but how on earth do you go about answering them? It's very much a specialist subject and the ground rules seem to be changing all the time. You have might also have heard, for example, that the government is introducing changes requiring all employers to offer a pension in the future and to make contributions to the schemes set up. This can be the employer's own scheme or the government's new central scheme that is being established. Yet further changes will affect the minimum age at which you can start drawing your pension benefits. Subject to the rules of your particular scheme, the minimum age is currently 50, but this will go up to age 55 by the year 2010 (though you will no longer need to stop working altogether to be able to draw the pension, provided continued employment is allowed by the rules of your particular scheme). To phase in the higher age level, pension fund managers have been given the period from April 2006 until April 2010 to raise the age limit. Clearly, you will need to know when it applies to you. All in all, therefore, it is clear that questions about pensions can become quite complicated. They are further complicated by your need to know exactly how your own individual circumstances should affect your pension options and decisions.
A pension is a long-term investment, which accumulates many thousands of pounds of your hard-earned cash – it's important, therefore, that you are guided towards the right decisions. Given the importance of getting it right, the sensible course of action is to consult an independent financial adviser about your existing and future pension options. This will ensure that your decisions are based on the best, professional and expert, independent pension advice.
Steve Wright is Managing Director of Wrightway Financial Consultants, Independent Financial Advisers specialising in Pensions, Investments, Mortgages and Insurance. One of their major areas is pension advice.
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