Archive for October, 2009
You have to balance your thinking to become financially free
The current state of your life and your level of success is a result of your past actions.
Since in every situation you are faced with a choice, your actions are a result of your thinking.
Living financially free and clear of all debt is not about money at all, its more about your thinking. Its about the way you think about your life and your money.
Working backwards, you will find that where you are in life right now is all a result of your thinking. Therefor, by changing the way you think you can change your level of success.
When trying to cut down on their expenses, most people focus to much on spending less.
Living a frugal lifestyle is one of the major pillars to financially freedom.
But, when you are able to balance a frugal lifestyle with positive thinking you will have taken a giant leap toward being successful.
Your income does not determine your worth.
Instead your income is determined your thinking!
By thinking positively and creatively you will add value to yourself. You will realise that you are able to generate a greater income by acting on your creative ideas.
If you hold a thought in your mind long enough you will begin to act in that certain way.
If you find yourself in a dark place, be like a plant and grow a root. Roots are grown under ground, where the pressure of the soil is restricting, but that soil is also a stabilizer. Roots are income streams, they draw up water and nuritients that help the plant to grow. In the same way you can often use your difficulties to draw experience and knowledge that others will find helpful and VALUABLE.
Look of the value of where you are right now. Draw on that. Try to use it in a way that might help others.
To be successful you have to respect your money, think bigger and look to add value.
Most debt review applicants are white individuals
Debt Counselling News:
A survey completed by one of the largest debt counselling companies in South Africa has shown that the majority of debt review applications are being completed by white males.
Of the 10000 applicants surveys by Consumer Assist, almost two thirds were men and a large majority of them were white.
Only about 30% of the men were black, and just over 20% of all males were coloured.
Education is still a major hurdle in getting black south africans to understand the benefits of the debt review process.
Andre Snyman, CEO of Consumer Assist, explained that White people are more likely to seek help to overcome debt problems while, black consumers would often shy away from debt counselling when they discovered they could not incur more debt until their debts were paid.
Why Debt Counselling is a better option than Insolvency
Debt Counselling is a relatively new service introduced to help consumers who are struggling to manage their monthly debt responsibilities. The service helps consumers by restructuring their repayments, and renegotiating the interest rates on the outstanding debts.
The main benefit of approaching a debt counsellor as opposed to declaring yourself insolvent is that your assets are protected from repossession.
By declaring insolvency you are essentially giving your creditors permission to liquidate your assets to reclaim a portion of your outstanding debts.
Also, once you have been declared insolvent and your debts have been written off it may take more than 5 years before you are able to apply for credit again.
With debt counselling, you are able to hold on to your assets and you are given clear credit report as soon as your debt have been paid in full. Meaning you are free to apply for a home loan or car loan, and begin rebuilding your life again.
The only negative of the debt counseling process would be that because your monthly repayments are smaller it is going to take you much longer to pay off your debts, and you may end up paying much more in interest charges, over the full term of the loan.
But, this process does allow you to pay extra every month, thereby shortening the term and lowering the total interest charge.
Insolvency allows you to write off up to 90% of your debt, but you’ll lose your house and cars.
Debt Counseling allows you to keep you home but you’ll have to repay the full loan over a longer period.