Advertising
Advertising

5 Rapidly Growing International Cities Worth Investing In

5 Rapidly Growing International Cities Worth Investing In

Investors around the world are now looking for diverse ways expand their portfolio. As the global market becomes volatile, investing in real estate must be done carefully. If you are an investor, here are five rapidly growing international cities worth investing in.

1. Sydney, Australia

Sydney is not the capital of Australia, but it’s the largest city in the country, and it has wonderful weather year-round. Australia as a whole ranks 6th in the world with regards to the Legatum Prosperity Index, which is based upon a variety of factors.

Sydney is a thriving city with financial and economic growth, and it contends with some of the world’s most expensive real estate prices. For the past 30 years, housing prices have been rising 7.25 percent a year, making housing a prime investment. Australia had $243 billion in exports in 2014, many of which went out of Sydney. If you are not familiar with this market, there are plenty of companies that will provide free investment property advice.

Advertising

2. Panama City, Panama

Panama City is the capital of Panama and is known for its legendary megastructure, the Panama Canal. Panama is also well known for its friendly banking regulations, which bring in business clients from around the world. The city itself has close to 900,000 residents and has a tropical climate.

The local economy thrives on the business brought in from banking customers and on the fact that the city lies right on the ocean, which strengthens both imports and exports.

3. Jakarta, Indonesia

Jakarta is the capital of Indonesia and is the largest and most populous city the country. Indonesia is known for its tropical climate, which brings travelers from around the world to vacation here. A large portion of Indonesian business comes from tourism. Indonesia is an archipelago made up of 18,000 islands.

Advertising

Aside from the tourism, Jakarta has an abundance of mineral wealth including everything from copper and gold to steel and oil. This drives the country’s strong export economy. Financial transactions and lending have traditionally been difficult here due to problems with infrastructure, so investors have been pouring their money into startups which promise to solve these issues while delivering solid returns.

4. Chicago, IL, USA

Chicago, IL is the third-largest city in the US, according to statistics. Chicago is known as the “Windy City” of the Midwest and lies along the shores of Lake Michigan, which is one of the Great Lakes of North America. Chicago has always been a United States financial hub, second only to New York City.

Everything from stock options to commodities goes through the financial portal at the Chicago Mercantile Exchange (CME) and the Chicago Board of Options Exchange (CBOE). Besides its financial role, Chicago is known for its commercial real estate empires and for the imports and exports that come from the Great Lakes. Recently, tech firms and startups have been coming to Chicago, inspiring bright hopes about the city’s future.

Advertising

5. Cebu City, Philippines

Cebu City is known as the Queen City of Southeast Asia. It’s the second most populous city in the country, just after Manila. The climate is tropical and is less prone to natural calamities. Moreover, the city is strategically located, as it is in the center of the Philippines. This makes it a trading hub for the country and for exports as well.

Under the Philippines’ new president, Rodrigo Duterte, who will hold office until 2022, there has been an economic shift in the country. New economic partners in China are pouring investments into many parts of the country.

The Philippines has long done business with China and with its other neighbors in Southeast Asia. This has provided a steady flow of minerals, oil, and agricultural products. Cebu City continues to grow rapidly, and the inflow of business, tech, trade, and real estate construction projects make this city popular with investors.

Advertising

Conclusion

There are many cities around the world in which you could invest your money. However, there are only a handful that continue to thrive. We hope that you look hard at the cities listed here and make sound decisions involving any investment you make.

Which city would you invest in, and what would drive you to go there?

Featured photo credit: Forbes via blogs-images.forbes.com

More by this author

3 Tips to Protect Your Home From Natural Disasters 5 Misconceptions About Credit Scores 5 Simple Ways to Increase Your Walk-In Traffic 3 Signs That You Are Addicted To Sports Betting 5 Small Business Decisions Usually Made Too Late

Trending in Money

1 How To Pay Off Credit Card Debt Fast: 7 Powerful Tips 2 How To Make a Million Dollars in 7 Steps 3 7 Cheap but Powerful Products That Can Help Your Waste Less Food and Save Money 4 How To Retire Early (And What To Consider Before You Do) 5 How To Create a Budget (The Complete Beginners’ Guide)

Read Next

Advertising
Advertising
Advertising

Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

Advertising

You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

Advertising

Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

Advertising

Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

Advertising

There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

Read Next