Great financial tips to ensure you make more dollar

How do you spell success? Is it

M-I-L-L-I-O-N? Is it $25 an hour? Is it $12 an hour? Being able to comfortably pay all your bills with an extra $50 in the bank? How do you personally define success? If you have not reached that level of achievement, how close are you?

We must be consciously aware of where we are going if we ever expect to reach it. Being average is so common that only a small group of high achievers ever go for the gold and get it. This is not the time to stand around and watch others live a dream-come-true lifestyle. It’s time for you to do it. There’s not a person reading this article who cannot manifest whatever level of success they desire.

If there is anyone doing what you want to do or living the lifestyle you desire, it is possible for you. The greatest challenge we face when we decide to move from one level of success to another is change. We all want things to be different in our lives, but we fail to understand that we must change ourselves in order to see change our around us.

For most of us, change is one of those things no one wants to talk about. We want our income to rise, body to get stronger, marital and parental relationships to enhance without our consciously and actively doing our part. Any changes we desire in our lives must come as a direct result of changing ourselves. If we desire to lose weight, we must change our schedule to include a daily workout regimen. If we desire to earn a higher income, we must be willing to unplug the television, disconnect the telephone, and do anything else possible as we commit to our objective. If we desire to develop our intellect, we must do the things conducive to that and refrain from things that counteract that objective.

My stock market mentor Wade Cook says it best: “If the next five years of your life are like the last five, where will you be in five years?” What a profound statement, don’t you think? If the next five years of your life remain the same as now, are you going for the gold and getting it, or are you living in what Anthony Robbins calls no man’s land, a place where “you’re not really happy, but you’re not unhappy enough to do anything about it”?

If you are currently in no man’s land, this article is here to disrupt the negative patterns that are guiding your life. If you are pursuing more meaningful and lasting success, this article will keep you focused on the journey.

The interesting thing about life is that we all want something, but we are not all actively pursuing it. We all have goals and objectives, but the challenge is that our goals don’t inspire us. Instead of making a firm decision to quit smoking, end that adulterous relationship, or have a great relationship with our step-children, we say things to ourselves like “I’ll try.” The problem with “I’ll try” is that it leaves the door wide open for failure, which makes us feel bad, which in turn makes it even that more difficult to step out and pursue another of our heart’s desires.

So what is the best way to develop goals and objectives that inspire us? We must get angry, disappointed and disturbed about the way things currently are in our lives and decide to do anything we possibly can do to move away from that negative feeling. The two guiding forces in our lives are pain and pleasure. We must be able to make the pain of not changing more painful than making the changes necessary for the success we desire.

Some of us have bad habits, bad friends, and bad attitudes that will definitely hinder us on the road to success. We must be honest with ourselves and ask difficult questions. What has this destructive relationship cost me? Has life been better since dropping out of college, or do I need to enroll next semester? Is watching Regis Philben make someone else a millionaire helping me achieve more, or do I need to cut that television off and develop my own unique plan of success?

Success is available to all. No one is exempt. It is true that we do not all have the same education, resources, connections, etc. The only even playing field we all possess is time. What we decide to do with that time will determine the results that appear in our lives, both positive and negative.

Yesterday is gone. We must release the past so we can make forward progress into the future. Today is all we have. What we do with our today will determine whether our next five years are like our last five. Each day we choose. We are in control. We must make firm decisions that will inspire us to action despite the necessary changes required.

Change is necessary for all success, whether spiritual, social, physical, educational and intellectual, or financial. To enhance those areas of our lives, we must change the way we think, change what is important to us, and change our daily activities to achieve the desired outcomes. At times things may seem difficult, but nothing is impossible.

Decide what you want. Why is it a must that you have those things? Feel the pain of disappointment and failure if you don’t make the changes. Decide what habits, relationships, and time wasters are preventing you from getting what you want. Make a list of the positive habits, relationships and time management systems needed to go to your next level of success. Create a working plan and work your plan.

The last part of the equation is perseverance. Never give up. Failures give up. Decide today that you are a high achiever who will go for the gold and get it, and you will.

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The dream of owning a home is becoming very allusive these days. Although everyone would like to have a home that is paid for free and clear, many people are forced to assume mortgages that will be paid over 25 or 30 years into the future.

Everyone is constrained to a certain degree by their budget. Yet there is a way to pay off the existing mortgage on your home quicker and save money in the process.

Almost all mortgages have built into them an Accelerated Payment Clause. This allows the borrower to pay more than the minimum amount of the monthly mortgage payment.

To do this you simply remit more to the lender than the usual mortgage payment every month. The benefit to this is that every extra dollar paid against the mortgage will lower the outstanding balance of the mortgage. This increases the equity in your home faster over time. Also, by lowering your outstanding balance, you will save on interest charges.

Here is a good example based on the scenario of an average family.

If you are an average family of four making $50,000 a year, let us assume that you are saving annually at the same rate as most Americans. This rate of savings as reported by our government is about 4% of your income every year. This would mean that you are putting $2000.00 in the bank every year for future purposes. This comes out to around $167.00 a month.

Right now you are probably receiving less than 1% Annual Percentage Rate (APR) on your passbook savings.

Why not take $100.00 of this money that you would normally save and pay down the mortgage on your home ahead of time? The following example shows why this is in your best interest.

If you take out a mortgage on a house for $200,000 at a 6% fixed rate, and the contract calls for repayment in monthly installments over 30 years, your monthly mortgage payment would be $1,210.56.

If you paid an extra $100.00 dollars per month toward the amortization of your mortgage, you would add $1,200.00 to the equity in your home every year.

In this scenario, the total amount paid to buy your home over the life of the mortgage would be $435,798.89. When you add $100.00 to your mortgage payment every month you would save $46,360.13 in interest charges over the life of the mortgage. You would also be able to retire your mortgage earlier.

You would be able to trim 38 monthly payments off your repayment of the mortgage. So the mortgage would be paid off 3 years and 2 months sooner if you use this repayment method.

In short, what this strategy does is shift your money from passbook savings only ($2,000.00 per year), to paying $1,200.00 on your mortgage, and saving $800.00 directly into your bank account each year.

To sum up the benefits of using this method, the borrower in the example above saved $46,360.13 in interest on their loan, and accumulated $21,923.85 in passbook savings ( $67.00 per month X 1% APR X 322 months ). This equals $68,283.98 in accumulated savings over 26 years and 10 months (This is the actual time it would take to pay off the original 30 year mortgage).

If the family would have put all of their money ($167.00 per month) in a passbook savings account only, they would have accumulated $54,646.35 over the same period of time.

So this family would have actually saved $13,637.63 more by using this accelerated payment method. And they would have also paid off their mortgage 3 years and 2 months earlier than normal.

This method can be used in any situation where the mortgage has an Accelerated Payment Clause built into it. It will work best if you are consistent with the amount that you pay on your mortgage every month. Any change in the amount of monthly repayment of the mortgage will affect the amount that you will actually save.

Check with your banker to find out if your mortgage allows for Accelerated Payments. Then you can use this strategy to save a lot of money on your mortgage and own your home sooner.

You may copy this article and place it on your own website, as long as you do not change it and include this resource box including the live link to the Credit Repair Advice site.

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