Greed Is Good! How Financial Advice From Gordon Gekko and Vito Corleone Can Teach You About Credit Management

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Improve Your Credit Score By Avoiding These Top Credit Blunders All Americans Make

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The Quarterly Goodies — Hacker Credit Cards, Alpha BRAIN, Refuel Bars, and More

Every three months, I ship out a box of amazing physical products, along with two personal letters explaining everything: a physical letter and a video “letter.”  

One of the latter is above.  I do *not* plan on including these the blog, but giving an example is fun.

The theme of these quarterly mailings is obsession–I include the ideas and objects I can’t get out of my head.

Obsessions enter my life from all over the place.  Currently, my gadgets and gear recommendations are coming from Cirque du Soleil performers, chess prodigies, Fortune 500 CEOs, and military snipers.  It’s the randomness that makes it fun.

More than 1,500 people subscribe to these boxes through Quarterly.co. They are opening up 1,000 more spots for my next shipment, if of interest.

Here are the goodies from the latest:

1. Spectacle by David Rockwell with Bruce Mau ($49.95 retail, $33.94 Amazon)

2. Edible Green Tea ($25 retail)

3. LSTN Earbuds ($50 retail) Get 20% off by using the code “Quarterly” at check out!

4. AMRAP Refuel Bars ($23.95 retail, $23.90 Amazon)

5. Creative Whack Pack ($16 retail, $11.30 Amazon)

6. $20 DonorsChoose.org Gift Card

7. Hacker Credit Card, Mini Work Tool ($7.95 retail, $8 Amazon)

8. Alpha BRAIN ($35 retail)

Want to get the next box? First come, first served here.

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Some of the feedback so far (more here):

Joshua Millage - @jmillage – on 26 May

WOW @tferriss #TIM02 spanked #TIM01 if you keep this up – Im guessing we will be getting Ferraris in our boxes soon. THANKS!

Scott Miller – @Scotchmo – on 28 May

@tferriss Tim02 box arrived LSTN headphones sound great, and I am a headphone snob! Thanks Tim! #tim02

Will Lenzen Jr - @wlenzenjr – on 30 May

Blown away by the quality & thought put into what @tferriss included in #TIM02 of @Quarterly. Thanks Tim! pic.twitter.com/fdLoidRF7u

Want to explore further?  Here are the Twitter handles for all the above, in alphabetical order:

Alpha BRAIN by Onnit Labs – @Onnit
AMRAP Nutrition – @AMRAPUSA
Donors Choose gift card – @DonorsChoose
Eat Green Tea – @eatgreentea
LSTN headphones – @LSTN
Mini work tool is created by BCB International – @bcbin
Spectacle, by David Rockwell and Bruce Mau - @labatrockwell, @brucemaudesign
Whack Pack, creator Roger von Oech – @RogervonOech

Posted on June 11th, 2013

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A Closer Look at How Credit Card Debt Consolidation Works

In recent times many individuals, especially US citizens, are knee-deep in credit card debt. People can incur credit card debt due to many reasons, like medical expenses, extravagant vacations, renovating houses and paying bills due to low income. No matter how you get into debt, you must try to come out of it as soon as possible. You may pursue either credit card debt consolidation, debt settlement, debt management, or even file bankruptcy to wipe off the credit card debt. But remember, debt consolidation has certain advantages over other methods of debt elimination. Before you proceed with the process of credit card debt consolidation, you must know how it works.

Credit card debt consolidation is a program that allows you to consolidate all your multiple debts into one monthly payment. With debt consolidation, you can lower the interest rate and therefore reduce monthly payments. Thus, credit card debt consolidation helps you pay off your debt as soon as possible. This is the best way to wipeout debt without injuring your credit.

A primary way of consolidating credit card debt is to take out a loan at lower interest rate and merge all the debts into the loan. If you own a home, you may put it up as collateral in order to get a lower interest rate loan. This loan is also known as a home equity loan.Another way of consolidating credit card debt is a balance transfer. Transfer the balance on your credit card to a new form of credit that offers zero or low-interest rate.You may also apply for a personal loan or unsecured line of credit to consolidate and pay off the credit card debt.Amend the inflow of cash. Try to reduce the size of your monthly payments over time so that the amount lowers gradually and eventually increases the inflow of your cash.Rid your debt sooner. Try to erase your debts as fast as possible. This will enable you to save some money and prevent your credit report from getting damaged.Do not miss payments. Never miss monthly payments and bills. That would certainly add up to the total debt amount — and create stress as well.Before you choose the method of consolidating your credit card debt, you must contact creditors in order to find out the outstanding balance on each of your accounts. Then, obtain a personal loan or unsecured loan to pay each creditor in full.If you are planning to transfer your balance you will have to provide your creditor with billing information, an account number and the balance on the account you are transferring. After you have paid off each account in full, you then have to decide whether you want to close the accounts or want to leave them open.

There are many people who think that debt consolidation is the same as debt management and credit counseling. The fact is debt management and credit counseling involves debt consolidation through a company. When you hire the services of a credit counselor or a debt management company, they negotiate with creditors and reduce the interest rate on each account. Then they collect a fixed monthly payment from you and disburse it to creditors in order to pay off your existing credit card debt.

Debt consolidation is the most viable method to pay off the credit card debt. But before going for this option, you must consider some factors associated with it. If you take out a consolidation loan while putting up collateral, you must remember that you cannot afford to miss a monthly payment. If you default on loan repayment, you may lose your asset. So make sure to choose the debt consolidation option through giving it careful thought and analyzing your fiscal situation.

(Photo credit: Colorful stack of credit cards via Shutterstock)

The article is courtesy of Anya Bennett of Oak View Law Group. People willing to look at credit card debt consolidation can get profound advice on all debt relief measures from her.

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Five Reasons Students Might Consider Using Credit

In North America, students can apply for credit when they attend a post-secondary institution, even without verifiable income. The credit available to them ranges from low limit credit cards to education loans that can reach into the tens of thousands.

A person can use this to their advantage, credit decisions made as a student can make a considerable contribution towards the amount of capital and assets they can obtain after graduation.

You can leverage the benefits of a credit card without succumbing to high interest rates.The high interest rates charged by credit card companies are a result of a multitude of factors, but the greatest factor is the high default rate on these types of products.Be smart when using credit cards, use the interest free grace period after a purchase to enhance cash flow. An individual may not have the funds now, but as long as the balance is paid in full no interest will be charged.In addition, many cards carry a set of free insurances that may include a 90-day replacement warranty for retail items that are stolen, lost or damaged and an additional year of manufactures warranty on certain electronics and appliances.

Please note that anything considered a cash advance on a credit card will incur interest from the day the transaction occurred. Also, people need to read the credit card disclosure for their particular card before making any purchases.

See a credit card as an opportunity to build a relationship with a financial institutionApplying for a lending product is a chance to discuss future needs and see what other valuable services the company offers.Companies want your business, so remember to ask if they have any special banking offers or discounts for purchasing multiple products.Furthermore, your loyalty to a company can lead to better lending and interest rates when buying a house or planning for retirement.A long credit history can make you a more appealing credit customer

Credit worthiness includes many variables, including repayment habits; the number of open credit facilities a person currently has, debt to income ratio and credit history.Even if a person never carries a balance from one month to the next, regular use of a credit card will contribute towards a positive credit score. In particular, lenders like to see credit cards that have been active over an extended period of time and show no late payments.Sadly, as a person gets older the lack of a credit history makes lenders see them as a risk and therefore applying for credit becomes harder once a person is no longer a student.Remember, a secondary user on a credit card gets no credit history benefit because the application is under the primary cardholder’s name.Using credit facilities can prepare you for a more secure financial future after graduation.At some point, people will consider home and vehicle ownership. A decent credit history will offer more options when it comes to low interest rates and how much debt a credit company will allow someone to carry.Besides financial concerns, having an excellent credit history can affect a person’s ability to get a job or rent an apartment. Employers and landlords are now using credit checks to filter out candidates and unsavory tenants.As the job’s and renter’s market becomes more competitive a great credit rating might give a person a competitive advantage.The use of credit products develops a sense of independence and responsibilityOptimally, it is wise to have one of three things before applying for a credit card. These include some savings, a job, or parents willing to cover debt expenses.Although, making minimum payments might be convenient, it makes paying off the card almost impossible. Minimum payments in the long run do not make economic sense, but it will keep a credit score clean.Over time, students need to transition financial responsibilities over from their parents. Paying for a credit card might be someone’s first reoccurring bill. It is an opportunity to develop good repayment habits and budgeting skills.

Although, using credit is not for everyone, applying for credit as a student can be an important milestone. Used wisely, even a student credit card can alleviate many future hurdles involved in asset acquisition and give a person a sense of responsibility before taking full control of their lives.

Philip Viana works for a bank in Canada. He is hard at work developing the formula to a meaningful, mindful and happy life. He writes about productivity, financial advice, technology, and lifestyle at BurntheNegative.com. http://about.me/philviana

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Why I’ll NEVER Cut Up My Credit Cards

It’s been just over two years since I got my first credit card. I now have three and I’m never looking back. Ah, credit cards. How do I love thee? Let me count the ways:

·         Credit cards track my spending. The problem with withdrawing money from an ATM and paying for everything in cash is that you often struggle to remember exactly where your money went. With credit cards, I can review the statements every month and reconcile each line item to my Quicken records to make sure even a few bucks here and there are properly accounted for. I couldn’t do that with cash.

·         Credit cards boost my credit score. As a college graduate with no student loan, no car repayments, and no mortgage, credit cards have helped me ‘get into the system’ and build a strong credit profile. By using them wisely, I’ve already qualified for lower rates that I can take advantage of when I eventually buy a house. If it weren’t for credit cards, I’d pretty much be off the financial grid.

·         Credit cards give me awesome rewards. Each of my credit cards rewards me in a very useful way. One gives me up to 33% off food. Another lets me earn interest on any positive balance at a rate banks would only offer if I locked in a far higher amount for a far longer time. But my favourite is a 90% discount on my monthly membership to an amazing gym. This includes free wireless internet, not to mention unlimited classes like yoga and FUN’k off (don’t ask), for just $7 a month! When’s the last time cash treated you so well?

At this point, you might be feeling uncomfortable. Heck, you might be downright appalled. But please put down the pitchfork and step away from the comments. Allow me to offer some clarification before you write me off as yet another 25-year old on the road to disaster and destitution:

·         I am NOT advocating excess spending. Most people avoid credit cards because they’re too much of a temptation to overspend. Given that the key to wealth is to spend less than you earn, this makes perfect sense. Credit cards should NEVER be used to spend money on things you can’t afford. In other words, NEVER buy on credit what you can’t already buy using cash. Period. I’ve never been a particularly extravagant person, which is why I actually like the fact that I’ve had the same pair of All Stars for about five years. My credit cards are only used for things I can already afford (mostly things I have to buy anyway), which is why the charges only amount to around 25% of my income every month. Nothing gets charged that cannot be paid.

·         I am NOT advocating getting into debt. Another reason people avoid using credit cards is because they fear debt. This makes sense too. Debt. It’s a horrible word that conjures up images of shackles and a burdened life. But not all debt needs to be portrayed so negatively. One of the key things I learned at Rich Dad Coaching (and wrote about in The Beauty of Debt) is the distinction between good debt and bad dad. Good debt, like that used by Robert Kiyosaki to buy investment properties or that used by Bill Bartmann to become one of the 25 richest people in America, puts money in your pocket. Yes, credit card debt is bad debt, but it won’t cost you a cent as long as you ALWAYS pay the balance off in full (and can negotiate waived annual fees). This means your cash can stay in the bank longer (earning interest as it does so) and only be used to pay off the debt when the due date arrives. In some cases, that can be as far as 55 days away. Score!

·         I am NOT advocating getting credit cards purely for rewards. Too many people have been tempted by the promise of low rates and other amazing benefits only to find that they were temporary offers at best. Before settling on a card, make sure you do proper research and read the fine print. Since interest rates only matter if you have existing debt that you’re trying to consolidate, you have total freedom to find a card that works for your situation. Your best bet is to find one that rewards you for purchases at stores you already use all the time and/or rewards you with benefits you can actually take advantage of. Perhaps you’ll get lucky and score a free European trip!

In conclusion, I hope it’s clear that credit cards are not the homewreckers everyone paints them out to be. If you already have a good dose of financial discipline (control your expenses by spending less than you earn) and use them with wise self-control (pay off the FULL balance every single month), they can be a really great part of your overall plan. But if you don’t and won’t, then burn this post immediately (figuratively, of course) and stick to what you know.

What do you think? Have any of you had good success with credit cards to help me build my case? Would you share your story in the comments, pretty please?

Eugene shares his love for reading and personal development by publishing weekly book summaries and reviews at eugeneyiga.com. He’s also on a quest to read the 100 greatest books of all time before he turns 30 and gives away free stuff without making you join his mailing list. Follow Eugene on Twitter for instant updates and alerts.

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