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Tips to Consider Before Paying Down Mortgage Loans and Unsecured Debts

Say you suddenly received a windfall (lottery or inheritance) or received a pay rise/bonus at work, and you decide to pay down home mortgage, car loans and even better, the financially sapping credit card debts.

I have to congratulate you for choosing to resolve any of your debts instead of blowing it on a holiday trip, plasma TV or new clothes. But before you pay down debt, here are some other things to consider:

1) Make it a point to contribute every dollar to your company’s retirement savings plans. This is especially useful if your employer kicks in money when you contribute. A retirement savings plan allows you comfort in your twilight years while deferring income taxes on the saved money and interests until withdrawal.

2) Set aside an emergency fund equal to about three months’ expenses, so you can settle house, family or personal bills immediately without resorting to more borrowing in the event of illness or disability. If you don’t have an emergency fund, then you are living dangerously on the edge. Emergency funds are an absolute necessity for financial security, get started today.

3) If you qualify, put money in IRAs. Most people invest in a Roth IRA as they are not tax-deductible. Withdrawals are tax-free.

4) If you have other goals such as children’s education, are you saving money regularly for that? It can be zero-coupon bonds, savings bonds or a special trust fund, etc. which are specially created for that purpose in case you stray off that objective.

You may be inadequately prepared for the above items but they are areas to put your money when they are in abundance. Else, paying off debts take precedence over your worldly indulgences.

Banking And Finance Careers

We all use math daily. While many of us just use the basics to keep track of how much money we gave and the change we should get, those who want to purse banking and finance careers do more than that to keep their clients happy.

People who work in banking and finance are paid well for the work that they do. Four of the fields that many professionals get into include accountancy and tax, Insurance, investment banking and retail banking. Let’s talk about each of these.

For people to work in accountancy and tax, you need to graduate and get your CPA or certified public accountancy license. To learn more about what you will be doing, many have to complete an on the job training with a legitimate accountancy firm.

The training period is about three years and afterwards, you can continue on staying with them, working for another firm or going into private practice.

Insurers just like accountants need to be licensed. This varies from state to state so you have to study and then pass the exam. Once you do so, your career may get you to sell property or casually insurance and life or health insurance.

You should also take further classes in the future because although you have your license already, rules change and you have to be aware of them.

Perhaps the biggest challenge selling insurance is deciding whether to work for an insurance company or doing this on your own. There are advantages and disadvantages doing both. When you are employed, you get a basic salary while those who decide to work for themselves can only make money earning commissions when a sale is made. How well you do is entirely up to you.

Investment banking is different from regular banking because you are there to raise capital for a company by issuing shares or bonds. Later on, you may even work with a team that advises companies regarding mergers and acquisitions.

Also under investment banking is capital markets. Here, the professional is tasked with trading bonds stocks and other financial products to increase the portfolio of the client.

But before you get into that, most entry levels personnel start out doing research first about certain companies and who are their competitors. Their information is then passed on to the account managers who will then advice the client.

Lastly is retail banking which many of us are aware of because these are the people we meet in the bank from the teller to the bank manager when we need to deposit or withdraw cash and apply for a loan.

Unlike accountancy or insurance, you don’t need to get a license to do this kind of work. You just have to be customer oriented with strong interpersonal and communication skills since you will be dealing with people.

The One Sales and Marketing Idea That Will Differentiate You From Everyone Else

Direct mail, telephone, e-mail, internet, personal sales, networking, newsletters, articles, press releases, e-newsletters, radio shows, radio ads, TV ads, infomercials, billboards, signage, company cars, posters, letters, blogs. These are all good ways to market your business. Every business that employs these techniques will get a certain amount of results.

There are dozens of marketing tools that can be used to promote your business, but none of them will make an enormous difference if they are not partnered with something even more important.

PT Barnum used it and became the first millionaire in show business.

Andrew Carnegie used it and built one of the largest companies in the world at the time.

Examples of people who utilize it today include Richard Branson, Ken Blanchard, Richard Bolles, Sean Combs, John Kotter, Steve Wozniak, and the list goes on.

If you want to experience growth this year, regardless of what marketing techniques you want to use, you must do what all of these people did or are currently doing…

Take massive, focused action.

The words look so simple that they might be perceived as commonplace. But as any student of business knows, massive action is one of the most rare occurrences in the business world.

Everyone mentioned above had an intense desire to experience rapid growth. They stopped looking for the perfect brochure, mailer, advertisement, copy, etc. and began implementing the multitude of things they could immediately do, perfect or not, that would attract large amounts of people to their enterprises.

If business has taught us anything the last fifty years it is this: the market does not demand perfection, it demands action. And the greatest rewards go to the companies who take the greatest amount of action.