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Credit Card Advice for Building Credit Score

4/6/2014

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The best way to use credit cards to build credit is to pay off the balance in full each Month.


There is a myth that paying interest on revolving credit balance helps to boost your credit score.  This myth has been official busted.  My first office job was working for a company by the name of Sitel Corporation where we sold credit cards, and collected debts for all the major credit card vendors such as Visa, Mastercard, and Discover.  I learned at a very early stage in my life how to use 1 credit cards to boost credit scores.  Below are a list of Tips on ways you can build credit with a Credit Card.

Credit Building Tips:

1. Use a Credit Card to pay 1 to 3 Utility Bills every month that you would normally pay with cash or from a debit  account.

2. Do not think of your credit card limit as Cash on Hand.  This is just a limit they will loan to you  and require that you pay back.  In short, it's a loan.  Don't Do it if you can help it. Bank and Lenders make money off of you by making you pay high interest fees and penalties.

3. Do not hold a balance for no more than 28 days, Pay your credit card balance in Full each month.  It should be easy because you are only using the credit card to keep Utility bills current and up to date, which you have the money to pay for anyway.

4. Never pay interest, or late fee if possible.  Ask questions on how to avoid paying interest and in the event you are able to pay on time and recieve a late fee, ask for them to remove it as a curteousy.

5. Stay away from opening several credit card accounts.  This also include merchant accounts such as  those you will find a department stores and etc. This will help to keep your Income to Debt ratio at a attractive level in the event you want to use your credit to gain a mortgage or car loan.


Set up an Auto Bill Pay to pay off the Credit Card in Full Each month, so you do not make the mistake and forget.

Note:  I'm not suggesting that you should get a mortgage or car loan, if you're wealthy enough use your own money and stay liquid without any real debt.



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Is Network Marketing a Good Investment?

1/4/2014

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Is Network Marketing a Good Investment?

I'm not sure how many American Invest there money, but I know this to be a fact from my experience in talking with financial advisors who have been referred to me by people in their 60s.

The chances of receiving sufficient and secured returns on investment from IRAs, 401Ks, Certificates of Deposits, Bonds, are less likely.

If you are in your late 20s or mid 30s and have not saved 100k or more in Investments, you need to think more aggressively.

It is my opinion that certain Network Marketing Companies can be a more beneficially investment.

I'm not advising that anyone do away with the basic investment accounts. I'm saying that if you want substantial growth that's is dependant upon your work ethic and relationships versus a market shift; then certain Network Marketing companies deserve your attention.

My business became a Distributor with It Works Global and all funds have been circulating totally within that business system. No other income outside the starter fee has been added from my personal accounts. That division is self sustaining and has been since the second month. Although I have not reach the goal I desire, I see growth from this decision. The percentage of growth with It Works is much higher than the annual percentage returns from any traditional investment methods.

The more people become serious and see the Network Marketing Industry as something that should be in their investment portfolio; the more individuals will be able to circulate more wealth in their respected communities.

This will allow people to provide more for their families, create respect amongst employers so that they truly value their employees decision to work for them, allow for more excursions, and most of all financial stability (peace of mind).

Network Marketing is a smart investment, when done the right way!

Interested in joining a group that's dedicated to helping you start and grow your Network Marketing Business? Visit http://preewraps.com read and contact available.

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How an Irrevocable Life Insurance Trust Works

12/17/2013

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How an Irrevocable Life Insurance Trust Works

One way to avoid the taxing of life insurance proceeds at death is to establish an Irrevocable Life Insurance Trust, or ILIT for short.

An ILIT is a type of irrevocable trust that is specifically designed to hold and own life insurance policies. Once the ILIT has been set up, you will transfer ownership of your life insurance policies to the Trustee of the ILIT. While you can't be a Trustee of the ILIT - otherwise you'll be deemed to have incidents of ownership in the life insurance - your spouse and/or children can be Trustees.

Once you've transferred ownership of the life insurance to the Trustee of the ILIT, you will have given up all of your incidents of ownership over the policies. Since you'll no longer own the policies, the proceeds can't be taxed in your estate when you die.

Who Are the Beneficiaries of an ILIT?

The ILIT will also be designated as the primary beneficiary of your life insurance policies. Thus, after you die, the insurance proceeds will be deposited into the ILIT and held in trust for the benefit of your spouse during his or her remaining lifetime, and then the balance will pass to your children or other beneficiaries. Aside from this, the ILIT can provide your family with a quick source of cash to pay your estate tax bill while at the same time not increase your overall estate tax burden.

Another benefit of the ILIT is that since the insurance proceeds will be held in trust for the benefit of your spouse instead of going directly to your spouse, the proceeds can't be taxed in your spouse's estate either.

And you can also take the ILIT one step further and set it up as a Dynasty Trust or Generation Skipping Trust for the benefit of your children and future generations.

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Debt Freedom around the Corner

12/15/2013

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When I was 17 years old I worked at the collection agency called Sitel. I remember calling this Millionaire to ask him to pay off a debt. The dude laughed in my face and said call back later I'm spending time with my family. Of coarse being in collection, we were trained not to respect people's No reply. They said we had to give at least 3 rebuttals which means we had to keep pushing for a payment. I've never forgot what the guy said to me when he became irate. He said, listen you aggressive punk! I could pay off the debt if I wanted too. He said, i could buy the company you work for. I told him I needed the payment or else it could effect his credit. He laugh and then said, son when you have as much money as I have you don't need Credit!  He said the only reason he opened the account in the first place was to get a discount and save money on the purchase. He forgot to pay it off when he took an emergency trip out the country. That's when I knew. Financial stress and or financial slavery happens when you don't see the bigger picture......Family! Families are not sticking together and this is the only reason people fall in debt (enslavement) to predatory lending and etc.  Knowing how to properly manage the any loan is key. 

Families have to start thinking about the next generation to follow and not just themselves. If a person manage their finances properly, they can still enjoy an abundant life with money to do the things they desire.

Attempting, to run with the Jones or out shine the next person is causing people to make careless mistakes. I believe patience is golden. There's value in patience and a Family that's about Legacy.

Debt freedom is around the corner. To get out of debt and pay off mortgages and student loans, multiple streams of income are a necessity. It's good to pay things off as quickly as possible once you have the debt. It's better to never acquire the debt in the first place.

If you are looking for a great company that blends with a healthy and positive lifestyle, consider It Works Global as an additional source of income and the place you go to buy all natural products.

It's been amazing so far. As my team grows, I believe this is a great method for generating more income to pay off debt quicker and live healthier.

Here's my link to join in on the FUN

Http://Preewraps.com

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How Trade Lines can improve your credit score.

7/25/2011

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How Trade Lines can improve your credit score.
By Pree Dammond

Before going into the details, let me share with you what Trade lines are.

Trade lines are lines of credit where you are not the primary debt holder.  Typically, anyone who co-signs for a loan on primary debt holder’s behalf will inherit a trade line of credit.  The primary is obligated to pay their bills on time and when they do you will reap the benefits of an improving credit score.

Be Cautious: This method of improving your credit score is very risky.  If the primary debt holder, defaults on the loan you will also inherit a bad credit rating.

My true to Life Story:

When I was 22 years old, I bought a brand-new Montero Sport XLS.  The off the lot price for the vehicle was $23,789. I was able to finance the vehicle with some assistance from my father’s friend who was the owner of this high end restaurant back in my home town.  I’ve grown to realize that it wasn’t the smartest choice for a college student to make, but it taught me financial responsibility at a younger age. 

If I had to do it all over again, I wouldn’t.  I could have purchase 5 other project cars for the price I ended up paying once it was paid off.  By paying my loan on time, it did benefit my credit score. However, Randy (my Fathers Boss) reaped the benefits of being my co-signer.  He soon after bought a new boat with his new found credit score.  He really enjoyed those weekends at Lake Lanier.

This was my lesson in becoming more knowledgeable about Trade Lines of credit.

In summary, everyone isn’t as responsible as you would be if your credit was on the line.  The other things to consider before co-signing with anyone are:

· You can’t predict situation that may occur in the primary debt holder’s life.
· Can you trust the primary debtor to pay their bills on time every month for the life of the loan?

· Are you able to assist the primary debtor if they become financially distressed?
· Are you able to pay the debt yourself if you had to?
· How important is credit in your life to begin with?

Having Trade Lines is a great way to boast your credit score but that option comes with extreme risk.  In my opinion, it is not recommended unless you can take over the loan if primary account holder can not pay.

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