Millennials Ditching Financial Tradition To Make Ends Meet

Milennials making financial decisionsBaby Boomers had the American Dream of economic prosperity. Generation X continued on a similar path of financial security despite the flannel-wearing slacker mentality associated with their youth. But the good fortune bubble burst for Millennials born between 1980 and 2000. Between rising inflation, a growing national debt, an underwater housing market and a crumbling financial industry, the Great Recession forever changed how Millennials approach money.

According to Think Finance, 22 percent of Millennials surveyed have used payday loan services, despite an annual $50,000 to $75,000 salary. Another 15 percent of Millennials with a salary under $25,000 used payday loan and other cash advance services. An overwhelming 83 percent said they had a fairly positive experience using payday loans.

Millennials Ditching Financial TraditionThe 20-somethings of today aren’t the first to endure a recession. But the unique reality of their financial circumstances is forcing them to turn to financial solutions their parents may never have had to consider.

Educated And In Debt

Millennials grew up thinking that if they worked hard and went to college, everything would fall into place. But higher education creates its own financial quicksand. Grads are left with a fancy degree but a hole in their pocket.

NPR reports that national student loan debt is around $829 billion and the average grad leaves college with a $25,250 bill attached to their diploma. As a result, they have trouble paying for daily expenses like food and rent, let alone obtaining the credit needed for traditional loans and better interest rates.

Millennials are recognizing that with or without a bank’s help, bills won’t go away. The fast fix of a payday loan can sometimes be just enough to momentarily patch the hole of their leaky college finances.

Job Wanted Vs. Job Needed

The U.S. Department of Labor revealed that unemployment rates for ages 20 to 24 exceed the nation’s average population’s rates at 13.5 percent. Even more disheartening is the willingness and need for this age bracket to settle instead of reaching for the American Dream.

It’s a job market with a catch-22 in many cases: your resume is too lightweight to take on a meaty management role but your education and internship experience can make you overqualified for an entry-level position, which you may be forced to take anyway.

A Pew Research study discovered that half of Millennials take jobs they don’t want in order to pay the bills. The research also revealed that grads may feel the impact of a bad economy on their career for up to 15 years.

Without the right job to cover the cost of living on top of a disproportionate amount of college debt, it can be near impossible to sock away savings for a rainy day fund. Those emergency expenses can include anything from a broken car to a broken limb, sometimes requiring immediate payment. Banks may shun Millennials in these circumstances while payday lenders may alleviate that cash burden.

A New Financial Outlook?

It’s hard to say if the economy will ever be what it was pre-2008 for Millennials. But the current economic outlook could pave a new road for finance, compelling this generation to get creative with cash solutions to make ends meet. Until brick-and-mortar banks reach out to these desperate 20-somethings, Millennials may continue to live with the short-term fixes offered by payday loans and other emergency cash services.…

Saving for Retirement

Retirement may seem like a lifetime away, but time passes so quickly, retirement will be here before you know it. Many people wait until their late 30′s or early 40′s to start thinking about retirement. They unfortunately find out that saving for retirement is going to be a lot harder because they waited so long. When it comes to building a retirement fund, starting early is the best thing you can do. You’ll have more time for your retirement savings to accrue interest and you’ll end up with more money than if you’d waited.

When you start planning for retirement, you have to decide what kind of retired life you want to live. Will you want to have the exact same income that you have now or have a higher income? Will you live in the same area or will you relocate?

Saving for RetirementStarting with your current income is a good way to think about your retirement income. Typically, you’ll want to sustain the same quality of life as you live now, so you’ll need to have a comparable income to support that lifestyle. There’s absolutely nothing wrong with that. The key is to start putting away money so you’ll be able to have the income you want.

To figure out your retirement savings goal, you can generally multiply your desired income by 25 to come up with the amount you need to save. So, if you want to have a retirement income of $60,000 a year, you’ll need to have $1,500,000 in retirement savings. Using a rule of thumb can give you a ballpark idea of what you need to save, but it’s always better to project your own expenses to come up with a retirement savings goal.

The amount you need to save for retirement can decrease depending on what you expect to receive in social security benefits and any pension you have. Unfortunately, the future of social security is highly unpredictable, so be careful when factoring social security income into your retirement savings.

Your retirement age will have a large influence on the amount you have to save up for retirement. For example, if you plan to retire young, you’ll spend more years living from your retirement savings, so you’ll need to have a larger retirement fund. On the other hand, if you wait later to retire, you’ll need less money in a retirement fund.

Contributing to a 401(k) plan is perhaps the easiest way to save for retirement. Contributions are taken out of your paycheck before taxes and 401(k) contributions are often matched by employers. You can manage your 401(k) plan like any other investment portfolio choosing where your contributions are invested. If you’re not investment-savvy, a financial planner can help you decide how to invest your 401(k) contributions.

Paying off debt while you’re employed will reduce the expenses you have to pay once you’ve retired. Don’t forgo your retirement savings while you pay off your debt. Instead, you should continue to save for retirement, even you save a lower amount, while you reduce your debt. Then, once your debt’s paid off, you can ramp up your retirement savings.…

Get the facts about personal finance in Arizona

Personal finance is a wide subject, but circles around one theme of “finance/money management”. Budgeting, financial planning, organizing expenditure, savings etc are financial habits that need to developed, if you want to have a good control over your money. A majority of people neglect this importance of personal finance strategies and they end up being in severe debts, zero savings and completely broke. If by any chance they lose their jobs, life takes a very ugly turn.Hence, as the wording goes, always save for the rainy day. With this note, I will take you through some basic ideas associated with personal finance.

Make a Budget

Maintaining a good budget is the leading stage of personal finance.All you have to do is note down your monthly income and the expense accrued over that income. In this way, you would automatically know when your expenditure is crossing the limit of income. Cut down on luxury spending, on eating out, on club memberships that you don’t really need. When it comes to budgeting, you really got to dig deep.

Get Insurance

Insurance is a major area that eats up most of your income. With all the countless insurance schemes, try to stick to only those that are compulsory, such as auto, home and medical. If you plan to take on more than these basic forms of insurance, make sure you have ample cash for that, or you might just fall into more debts.

Credit Card Debt

Now, this plastic money is what causes millions of people to go into financial depression. The reason behind this, is the ease at which credit cards fulfill your luxurious needs, only to cause you serious problems after one delayed payment. credit card debt management is a critical part of personal finance, and if you don’t curb this one down, you may have to face a continuous stream of bill payment, interest rate, debts and so on. Mulitple credits mean, multiple loan problems.

Invest

This is for people who want to use investing as a part of their personal finance endeavors. There are loads of investment strategies out there. Research well and find out ways to save your money.

Plan for Retirement

This is an important phase of savings and personal finance. You have to see your future, and have to go for schemes; plans that can help you secure your future.

Mortgages

Loans and mortgages in Arizona are also killing factors when it comes to saving money as with these loans, it’s extremely hard to get a good saving amount. If you don’t have a strict financial plan with loans and mortgages around, you would end up being bankrupt.

Personal finance is a lot more than whatever is stated here. But for the basics, understanding these factors and implementing them are sure to bring you positive results.…

Payday loan uses for car repairs

Car problems – is there anything more frustrating? Whether you just bought the car of your dreams or you’ve been in the same vehicle for longer than you can remember, nobody likes it when they hear that indescribable sound followed by smoke followed by the promise of an outlandish repair bill at the local auto shop that will set you behind for weeks.

“I remember right where it happened,” recalls Jessica who hails from Los Angeles. “I was on the I-10 when I heard the sound of metal grinding all over the place. I was late for work; one of my kids was sick, and now this? It was only Monday and already I was having a bad week!”

Jessica’s story isn’t uncommon. All too often we take advantage of the basics like transportation, and we are only reminded of how vital a working car is in today’s society when disaster strikes. Without a car, we have to find additional ways to make it to work, which means putting up with time-consuming public transportation or the embarrassment of relying on friends and relatives to get from point A to point B.

“I was mortified,” Jessica explains. “When I got to the repair shop, the parts alone totaled over $200, plus labor. They estimated the total bill to be about $450.00. I knew I couldn’t afford it right away, so I needed cash and I needed it fast.”

Across the street from the repair shop was a payday loan store, the type that can be found on almost every street corner now days. “It was dirty inside and I felt uncomfortable,” said Jessica while cringing slightly. “I knew they could give me a payday loan and solve my problem, but for some reason I couldn’t do it. Being in a store like that just didn’t feel right to me.”

Jessica’s problem isn’t that unusual. Payday loan stores nationwide generally aren’t located in the best neighborhoods, nor do they offer competitive pricing on cash advances because they have overhead costs like rent, power and so on. As a result, brick-and-mortar stores like the one she visited charge a premium on their loan products.

Later that night, Jessica went home and researched cash advances on the internet. She found a number of sites offering anything from cash advance articles to various sign-ups, and ended up choosing Personal Cash Advance to get her payday loan online.

“I was shocked how easy it was,” smiled Jessica. “You’d think getting a cash advance online would be more difficult than just a couple of minutes. I just typed in my personal information and where I wanted the cash advance to go and then bang – I was on track for an approval! I went to the repair shop the next business day after my I got my loan, paid for my car, and my life was right back on track. A cash advance is a great way to put out all those little fires that catch us off guard sometimes, so you better believe I keep that site bookmarked!”…

Go for a faxless payday loan

Of all the online payday loans available, a faxless loan get you your money quicker. No more trips to find a fax machine.

The whole point of purchasing anything online is the speed and convenience and if you are requesting a payday loan, you probably want it quickly. Getting a payday loan that requires faxing sort of misses the point. Sure, you can fill out the form online, but then you have to photocopy the documents they want faxed since you can only send regular paper through the fax machine. So you’ve got to figure out where the nearest copy machine is. Is there a copy center nearby? An office supply store? Maybe your drug store has one. Is it 3AM and everywhere is closed? Once you’ve got everything copied and ready for the fax machine, you’ve got to find the fax machine. Fortunately, most places that have copy machines also have fax machines, so you won’t have to go on another search, but it’s still a hassle to find one. Then there’s the cost of all this copying and faxing. Copies will probably run you ten cents per page, so if you’ve got two documents to fax, there’s 20 cents. Faxing is a bit more. It could cost you up to two dollars for the first page and another dollar for each additional page. Let’s not mention the cost of the gas you used just getting to the fax machine and then back home. Granted, this isn’t a whole lot of money – maybe five dollars – but it is an additional cost added on top of what the payday loan company will charge for the loan. If you’re getting a payday loan, you probably have a cash crisis on your hands; do you really want to be spending more?

Faxless payday loans are great because they avoid all of this hassle and additional cost. All you need to do is fill out the online form, then someone from the lender may call you to confirm your details. There’s most likely no need to collect your documents to be copied and faxed at additional cost to you. You can fill out the form from the comfort of your own home in your jammies, if you want. The online payday loan industry is so competitive that there’s no reason to get anything but a faxless loan.

Like any sort of payday loan, you can get into trouble with faxless loans. They are not intended to support on-going budget problems. If you use them that way, you could end up paying a lot of money for a small loan or harming your credit. However, if you use them properly, faxless online payday loans can be a great solution to your emergency cash needs.…

Payday loan dangers

Payday loans can be a very appealing and, in many cases, very useful method to solve short term emergency cash needs. However, there are certain drawbacks that you should keep in mind. Payday loans can lead to “lost” pay, high interest rate, fees, penalties and lead you down a path to debt.

Payday loans are temporary solutions, so don’t abuse their power. You can use mulitple payday loans, it just may not be a good idea to take out one ever two weeks. If you have an on-going budgeting problem, you should seek credit counselling to help you get your finances under control. The National Foundation for Credit Counselling can help you and can be reached at 1-800-388-2227.…

Online payday loan benefits

Online payday loans offer many benefits to those in a cash crunch. These benefits can make a payday loan an appealing option in an emergency.

The biggest advantage is speed. People who sign up for payday loans usually have an emergency need for cash. Online lenders can get you cash quickly. The sign up form only takes a few minutes to complete, and the funds are usually deposited on the next business day. Conventional loans typically take much longer to process. When you’re in an emergency, you don’t have a long time to wait for approval. An online lender shortens the wait.

The other big advantage is convenience. Online payday loan lenders are available from any computer with internet access. One simple Google search for “payday loan” will get you a list of dozens of lenders. You never have to leave the comfort of your own home. This makes getting loan extremely easy.

While online payday loans offer many benefits, you must remember that borrowing against your paycheck presents some risk. As long as you are not using payday loans to support an on-going budget problem and are financially responsible, obtaining a payday loan can be very beneficial.…

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