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Lessons Learned From Wealthy Investors

saving-money-how-to-get-richLearning and developing the characteristics of wealthy people is a great way to start fostering your own financial independence and success. Most people who amass an abundance of cash and resources, do so because they have the right personality traits and lifestyle habits. Their ability to remain steadfast in their pursuit of goals and to save what they possess, allows them to enjoy richer, fuller and more stable lives. Following are 3 characteristics of wealthy investors that anyone can pursue.

Investors  Are Optimists

Of the different characteristics that wealthy people possess, contentment is likely the most important. Although many people believe that money brings happiness, in reality, the opposite is actually true. If you can maintain an upbeat state of mind, you will start becoming more aggressive and proactive in your wealth-building endeavors. Those who are perpetually depressed and downtrodden are often too beaten down to even try.

Able To Avoid Impulse Buys

The typical consumerism mentality does not apply to those who are rich. This is because they do not have as many emotional associations with spending. Buying new products is not directly associated with their happiness and thus, they can commit to purchases from a very realistic and balanced mindset.

Conversely, people who are constantly searching for happiness in things are more prone to buying items that they really don’t need or won’t use. For this and other reasons, in order to start generating real wealth and hanging onto it, you will first have to learn how to define the source of your happiness differently. If you can achieve a positive mindset and feelings of contentment without spending, it will be much easier to invest and save.

Perseverance

Wealthy people get where they are because they are willing and able to persevere. In spite of the unfortunate and all too common belief that rich people have it easier, negative developments and events are inevitable for every living being. The ability to rise above these things and to make changes wherever possible, is how people are able to take their proverbial lemons and turn them into lemonade.

Getting Out of Financial Rat Race

Sometimes it seems like you are racing on a treadmill when it comes to paying your debts, you are always trying to pay up your debts with a lot of difficulties but you never get them over you. Getting out of the race may not be as easy as many would think, it requires one to have some skills to be able to pay up the debts easily and live a stress free life.

Here are several  tips from wise investors:

1. You may hide your credit card so as to avoid adding new debts every now and then. You may be in need for your credit card in case of emergency but let it not be as near as being in your wallet. This prompts you to use it in matters that don’t really matter. It will be safer if you leave it in a desk at home or even keep it in a huge block of ice so as to avoid accessing it easily. The point here is that you should avoid having it close to you as this may tempt you to use it.

2. Learn to pay your bills in order of their interest rates. This is recommendable as it reduces the burden that you will have in time to come hence making life easier for you.

3. Ensure that you even pay the smallest balance on every bill and more towards the one with the highest interest rate. This aids in avoiding late fees.

4. Follow up your spending habits within a week and get to know where you use more money on. Each and every one of us buys food but you don’t have to eat each and every day anyway! On tracing your spending habits you will be surprised how it’s possible to cut down on some expenses that are not very necessary.

5. Get rid of the unnecessary expenses and use the saved cash to pay up your bills. Instead of hanging out for a movie, get a free one from the library and so forth. You will be surprised how things will start getting easy on you.

6. You may now pay the next debt after you are through with one with the highest rate. Eliminate your debts one by one and within some short while you will be out of the rat race!

Michael Hastings is passionate about saving, investment and business. He is also a savvy investor who works for Nick Scali, a furniture company.

 

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Collecting on Overdue Accounts

Collecting on overdue accounts can be a frustrating experience for a small business owner, particularly during the start-up period when every dollar of revenue counts toward staying solvent and repaying debts. It’s not the most pleasant part of being an entrepreneur, but not handling them expeditiously will almost certainly endanger your business’s cash flow and long-term viability.

60 Seconds to establishing a sound and rational policy for collecting payments.

0:60 Do What You Can to Prevent Late Payments

Establish a standard policy for payment and make your customers aware of them before starting work. Some types of businesses may require all or a portion of the payment up front, while others allow terms such as payment within 30 days after receipt of invoice (i.e., Net 30). Your invoices should also clearly state any surcharges for late payments.

0:49 Be Careful with Credit

If you provide goods or services on credit, develop qualification standards that are specific, yet fair (e.g., a good credit history from a credit bureau or good bank references). Put your credit policy in writing and make sure all employees understand it. You should also have the policy posted in your store, or available as a handout.

0:36 Take the Right Attitude

Your collections policy will do no good unless you enforce it. Do not shy away from a potential confrontation, but avoid provoking it as well. If you’ve met your obligation and a customer has not, you’re entirely in the right.

0:29 Find Out Why

On the other hand, don’t assume the customer is entirely wrong. Contact the delinquent account and ask politely for an explanation. It may well be that the invoice has been lost or is awaiting approval. A customer with cash flow problems may request extra time. How you proceed may be very situational. Based on your experience with the customer, you may feel confident enough to allow extra time or installment payments. Make sure you and the customer clearly understand any compromise. Be flexible, but firm; and don’t hesitate to follow up.

0:15 Take Stronger Action

If your collection attempts fail, it may be time to turn to an attorney or collections firm. Terms for these services vary; they may require a fee and/or a percentage of the invoice amount, or a retainer. Again, your course of action will depend on the situation. You may decide the amount of the overdue account does not justify the cost and effort to collect. If so, write it off as a bad debt and move on.

0:09 Don’t Make the Same Mistake Twice

Most everyone deserves a second chance. Should customers with poor payment histories approach you about working for them or restoring credit, don’t immediately refuse unless you are absolutely certain they remain bad risks. Ask them to explain how their situation has changed and decide whether it makes sense to restore the relationship. As a precaution, insist on stricter terms such as advance payment or cash-only.

0:03 Don’t Go it Alone

The small business experts at United Mediation Services can help you establish a payment and credit policy that makes sense for your business, as well as strategies for collecting on delinquent accounts. Contact United Mediation Services for business advice at www.unitedmediationservices.com or email jpillow@unitedmediationservices.com.

THEY WILL COLLECT THE FIRST TWO ACCOUNTS FOR FREE!

(must be B2B or B2C)

About United Mediation Services (www.unitedmediationservices.com)

United Mediation Services, headquarted in the Dallas-Fort Worth Metroplex suburb of Plano,Texas is uniquely positioned to supply an improved level of in-demand debt collection services. UMS is a nationwide company that has been involved in the mediation collections of commercial debt for over 70 years. The company charges no up-front costs nor contracts and the UMS staff is thoroughly trained to ensure they are constantly maintaining their clients’ positive public image.

 

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Can you make money by promoting a debt relief program?

by Sophie Kinsella

The exploding debt continues to become colossal in the US economy. Therefore many consumers are resorting to debt relief programs to eradicate their financial woes. The debt relief industry is increasing incessantly for the debtors who are looking forward to eliminate their debts as well as for the marketers who are getting clients for the companies. But are you aware that you can earn some money by marketing debt relief programs. And this extra cash can be treated as your emergency fund during the time of economic depression.

There are three ingenious ways to obtain affiliate income from debt relief programs.

1. Pay-per lead or lead generation:

You can place the banner of the debt relief company on your website. If the visitor of your site opt to click on the banner and visit the site of the debt relief company, you will be given commission for each sign up from that click. But the commission will be based upon the percentage of their total debt that the company will be managing.

2. Referral program:

If a company or individual has a large number of visitors for his website who have overwhelming debt then the referral program will be beneficial. People who click on the banner will be asked questions to know whether they are eligible. Finally, if anyone enroll in the program then the company or the individual will get a percentage of the total amount of debt that the debt stricken consumer has signed up with the company.

3. Know the marketing strategy of the debt relief program:

You can take out time to find the marketing and direct selling strategy of the debt relief program. The debt relief companies can give training sessions for promotion of the program without any charge. The courses include marketing techniques of their program that will help to get revenue for an individual or company. You will market the services of the debt relief company to bring the prospective clients to work with the company.

You can choose from the side spectrum of options available for making money with debt relief programs. Any one of the options will be beneficial for your company or website. Many debt laden consumers are looking for this service to eliminate their financial woes, so a good business practice can help millions of people to combat against debt.

 

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