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6 Effective Hacks for Getting and Managing Your Loans

6 Effective Hacks for Getting and Managing Your Loans

A loan can help you greatly in many situations, both personal and business related. However, not managing your credit wisely is a sure way to bankruptcy and a variety of other problems. If you want to avoid them, you need to know the best ways to get a good deal on a loan and have a strategy of repaying it in the most effective manner.

Hack #1: Look for Loans Outside of Banks

Big banks offer a high level of stability, which is important for financing. However, in many situations, you can find a better loan deal elsewhere. As getting a low rate is one of the most important things to consider when searching for funds, you need to research all your options first.

Financing sources to explore include:

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You also need to look into both national and local financial organizations.

Hack #2: Reduce Your Debt by Consolidating Loans

If you have several outstanding loans, you should look into consolidation options available to you. You can try to do this on your own or seek professional assistance. The latter would be preferable as an expert would be able to help you choose the best option for your current financial situation.

Transferring your debt balances is a very good idea if you have an opportunity to pay off your loans in a short period of time. This way, you might be able to get a much lower rate.

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Hack #3: Choose The Most Suitable Offer

A personal or business loan calculator is the most helpful tool for finding a great financing deal. Considering the number of financial organizations available today, comparing their offers individually will save a great amount of time and effort.

With the right software solution, you will be able to find and analyze a great number of loans. Most importantly, you will see not only the interest rate but the actual price of the loan.

There are dozens of factors that must be considered when choosing a financing option, and in some cases, a seemingly good deal will have extra costs that will make it expensive in the long run. If you aren’t a financial pro or have much experience in the matter, you’ll be hard pressed in understanding all the relevant details. Specialized calculators will do this work for you. This is especially important for business loans that are more complicated by default.

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Hack #4: Automate Your Monthly Payments

One of the main rules of effective debt management is to pay your bills very month. Making even the minimal payment is paramount for maintaining financial stability, especially when you have loans to pay off.

Don’t allow yourself to miss a payment by automating this process. There are a variety of banking apps that will allow you to develop payment schedules so that your bills are paid without your direct involvement. This automation system is one of the most popular services among mobile banking app users because it prevents from overspending and missing an important payment due to poor money management.

Hack #5: Prioritize Your Debts

If you have several debts and your financial situation is shaky, you may need to prioritize them. In this case, seeking professional advice would be best. A professional financier will be able to assess your balance and income, as well as predict the implications of defaulting on any of your current loans.

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Usually, the loan with the highest rate gets priority, closely followed by the debt with the lowest balance.

Hack #6: Keep Your Positive Accounts Positive

When you are unable to keep up with your debt payments, you should focus on keeping any positive accounts you have in good standing. Pay off the past due accounts when you have a chance, but do your best to preserve any positive credit you have left.

How to Stay Out of the Deep Water with Your Debt

Today you can get a loan for almost anything, but this kind of financial freedom makes many people a bit reckless with their funds. If you want to avoid financial problems, you need to manage your debts very carefully.

First of all, you need to get the best loan deals you can find. After you get the money, you need to plan your budget carefully and keep up with monthly payments. When the situation gets too difficult for you to control, seek professional counsel.

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

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