Get Your Mind Right: How to Change Your Mindset to Reach Financial Prosperity

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When it comes to personal finance, it’s helpful to be able to construct a budget, understand why you should “pay yourself first,” be able to apply simple tenets of investing, and know which savings vehicle is best for your particular situation.

But while these money management basics are necessary for building your foundation, they won’t lead to financial prosperity. After all, just knowing the facts doesn’t mean we act, it simply informs us of how we should be acting.

So what is the usual culprit for staying stuck financially when logically we know what steps we should be taking to improve our situation? Our mindset. After all, you can’t be living in a place of prosperity and abundance when you’re mind is constantly stewing in a place of negativity and lack.

Here are a few tips for putting your mind on the right path to reach financial prosperity.

A Review of Lending Club for Borrowers

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When you have debt, there are two things that have a big impact on your repayment plan: your interest rate and your monthly payment. One common way that people change up their interest rates and/or monthly payments is by consolidating their debt. And one of the most common companies for doing that (which we’ve written about before) is called Lending Club. Since we’ve mentioned them before, today we wanted to write an actual review of Lending Club so you can get an idea of how they work and whether (and when) a Lending Club consolidation loan is a good idea.

It can be pretty confusing to try to figure out the difference between debt consolidation companies, debt settlement companies, and debt management companies, let alone sift through hundreds of debt consolidation companies to find one that is trustworthy.

So let’s take a closer look at Lending Club and how it works.

One Simple Change That Shaved 7 Months Off My Student Loan Debt Repayment

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A few tips and tricks tend to be popular go-tos in financial advice. Namely, creating a budget and taking advantage of opportunities to increase earning power. And while both are viable (and valuable) ways to pay off your debt even quicker, they also require long-term focus and maintenance. By no means a bad thing when it comes to keeping in touch with your finances – they are the pillars for your debt repayment, after all! But it goes without saying that if there’s something you can do that requires minimum effort and has a high pay-off, it should be employed in your plan, right?

That’s where biweekly payments come in.

What Is a Peer-to-Peer Loan?

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You may have heard of peer-to-peer lending as an alternative way to get a debt consolidation loan or other type of loan. But you might not know exactly what it is. And in fact, most people don’t.

Peer-to-peer lending is a relatively recent development. It’s a new sector of the lending industry that has been growing pretty quickly and whose growth has been helped by the fact that a lot of people are looking for alternatives to traditional loans.

17 Ways to Make Your Budget Better – Starting Today

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You know you need a budget, but how about a better budget? Even the most leak proof of financial plans benefit from occasional reevaluation and adjustment if necessary! And if you’re just starting out on your budget plan – well, why not make it the best budget that you can imagine? So wherever you are in your financial journey, here are some tips to solidify your budget and help you to rock the way that you track your spending and saving strategies:

Topics We’re Talking About: Dealing With Decision Paralysis

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Recently, whilst browsing for a new pair of shoes, I was faced with the choice of buying a blue or a red pair. Same brand. Same model. Just different colors. Simple enough… one might think. I picked up each option about 19 times, hemmed and hawed for nearly 26 minutes, and then abruptly left the store empty-handed. It wasn’t that I felt incapable of making the decision (I’m not always one for fashion but I can pick between colors), it was that I became overwhelmed by the endless possibilities that even a simple choice represented.

What Are the Best Secured Credit Cards?

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While we at ReadyForZero don’t recommend using credit cards, there is one type of credit card that can sometimes be useful for people who are climbing their way out of debt. That type of card is a “secured credit card.”

The reason a secured credit card is different than a regular credit card is that it works more like a bank account than like a loan. You start off by making a deposit and the amount of your deposit becomes your credit limit. So if you make an initial deposit of $1,000, then your credit limit on the secured card would be $1,000. When you get the card, you can borrow against your deposit to make purchases on it, and you get billed every month just like a regular credit card. The difference is, since you’re essentially borrowing from your own money, you’re not going into debt!

And the benefit of using such a card is that it can help you rebuild your credit after having credit problems in the past. If you are at the point where you want to improve your credit but you don’t want (or are not eligible for) a traditional credit card, then you might decide to apply for a secured credit card.

In most cases, your monthly payments to a secured credit card will be reported to the credit bureaus and reflected on your credit report.

Of course, there are a few things to think about before getting a secured card. For one thing, most secured credit cards have an annual fee, and they also charge you interest if you carry a balance over from month to month (even though you’re borrowing against your own deposit).

Additionally, the amount that you use to secure the credit card is not money that you have access to in order to make payments. This money is kept in a separate account, and can be claimed by the credit card issuer if you stop making payments.

So, what are the best secured cards?

With all this in mind, we wanted to take a look at the options and see if we could identify some of the best secured credit cards out there. We looked at factors such as annual fees, interest rates, credit limits, and customer service. If you are looking for a secured card to help you begin rebuilding your credit, here are some good options to consider:

Why We Created a New Debt Consolidation Tool

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For those of us who are paying off debt, high interest rates can be our arch-enemy.

Like a movie villain bent on foiling our best-laid plans, a high interest rate can wreak havoc on our debt repayment progress. The reason is pretty clear: when you have to dedicate more of your income to interest payments, you have less money leftover to pay down your principal.

And the problem is even worse when you’re facing several years of debt repayment, because the interest continues to compound and makes your debt bigger and bigger while you’re trying to make it smaller.

Here at ReadyForZero, we’ve always been intent on helping people lower their interest rates, and one of the most effective ways to do that is through a debt consolidation loan (using a reputable lender). A debt consolidation loan can have the added benefit of allowing you to cut up your credit card, which is especially helpful for people who want to stop using the card altogether.

What Is a Good Credit Score for Renting an Apartment?

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Like any good financial writer and blogger, I love talking about money. Everything interests me when it comes to personal finances. If I know something, I enjoy sharing my knowledge on the the subject. If I don’t know about a particular topic, I want to find someone who does understand it so they can teach me.

While most people consider conversations around money a taboo topic, my closest friends have accepted I’m just weird when it comes to my interests. For the most part, they humor me when I want to yap about finance.

That’s what happened one evening a few years ago when a friend and I got into a discussion about credit. My friend — like many Millennials — did not have a credit card and didn’t want one. But this same friend did want to rent out their own apartment soon.

“But you’ll need a credit history to rent an apartment!” I said. “Most companies that manage rental properties, and even individual landlords, check your credit score before allowing you to sign a lease.”

My friend scoffed. “Cash is king! I don’t need credit because I’m responsible with my money,” they countered.

Here’s the thing: a credit score can and does affect your situation when you want to rent an apartment. A bad credit score may not immediately disqualify you from renting or cause your rental application to hit the rejection pile. But landlords and leasing offices will run a credit check with your application and the results can influence what happens next.

MoneyBuzz Episode 001: Dear John… I Mean Debt, An Interview with Melanie Lockert of Dear Debt

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What would you tell your debt if you could talk to it, face to face? I, for one, would probably have some pretty choice words. Now… what if you wrote your debt a letter?

Melanie Lockert of the financial blog, Dear Debt, created a project encouraging people to do just that. Forget “Dear John” letters, these “Dear Debt” letters give the opportunity (sometimes serious, sometime humorous) to break up with your debt and rid yourself of a toxic financial relationship.