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Homeowner's line of credit: a double-edged sword - West Island Chronicle

Homeowner's line of credit: a double-edged sword - West Island Chronicle | Keep Your Money Working 24-7! | Scoop.it
Homeowner's line of credit: a double-edged sword
West Island Chronicle
For example, if you have a line of credit with a limit of $100,000 and a balance of $50,000, at 3 per cent, you will only be required to pay $125/month.
Dennis Williams Jr.'s insight:

If you plan on using your line of credit to pay for consumption, this is a great article that outlines the dangers. Be smart like you bank or other large credit unions! Only use a line of credit to build wealth. It can be used as a great alternative to leaving your cash sitting in a line of credit earning nothing. You are losing thousand's of dollars. It's easy to plug the hole. 

 

Learn more: http://youtu.be/CHuPXia3RUU

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Fine Finances (Adulting: Chapter Six)

Fine Finances (Adulting: Chapter Six) | Keep Your Money Working 24-7! | Scoop.it
I love to plan. I love to strategize. I am very good at both of those things. But for some reason I can't apply those skills to my finances. In chapter six of Adulting you read all about money. If ...
Dennis Williams Jr.'s insight:

This is a great article! There's one more that I'd add. When you get a raise, shift all of the raise to savings. You've already gotten use to living on your what you're currently earning. Instead of immediately spending the additional amount that you earn, see how long you can go without increasing your expenses. Meanwhile, without thinking about it you'll be adding to your savings. To see the impact this can make, read part four of my series, "Using a Line of Credit to Eliminate Student Loans' at:  http://goo.gl/qLnsbQ

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The 7 rules of personal finance

The 7 rules of personal finance | Keep Your Money Working 24-7! | Scoop.it
Follow these seven rules of personal finance and you'll be well on your way toward financial independence.
Dennis Williams Jr.'s insight:

These are great rules. Accomplishing them means creating a budget that reflects your life's priorities. This means knowing how much money you'll have after paying your living living expenses, consciously directing your money, building an emergency fund and keeping your money working for you 24/7. 

 

Instead of having your dollars sitting idly in a checking account, consider using an interest bearing savings account. Minimize your withdrawals by scheduling your bills to the end of your saving account's monthly cycle. This will also simplify the time you spend paying bills. By making this adjustment, you will maximize the interest you'll earn on your account. Why? You will be maximizing your average daily balance. This is what bank's use to calculate how much interest they pay you. 

 

Learn more about putting your lazy dollars to work by making the most of your average daily balance, read my blog series, 'Pay Less Interest on Your Line of Credit' at: http://goo.gl/nRau7o

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Create Your Own Line of Credit Scenario | Dennis Williams

Dennis Williams Jr.'s insight:

The concept is foreign; however, the steps to follow are unbelievable simple. Learn to use your line of credit to get rid of debt, pay minimal interest and boost your savings. It's all about building financial wealth. 

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INEQUALITY FOR ALL - Official Trailer - YouTube

A passionate argument on behalf of the middle class, INEQUALITY FOR ALL features Robert Reich—professor, best-selling author, and Clinton cabinet member—as h...
Dennis Williams Jr.'s insight:
Robert Reich makes a compelling case regarding how the rules of the game have changed. The changes have not been in our favor! We can't afford to have any of our dollars being lazy. Let's get smart and use the bank's strategy that they've been using for years to build our wealth and achieve what's most important to us.
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Pay Less Interest on Your Line of Credit | Dennis Williams

Dennis Williams Jr.'s insight:

It's a simple strategy. Learn the power of managing your average daily balance. It involves how you use your income and rescheduling your payments to the end of your billing cycle. This first part focuses on it's impact in building savings. The same strategy will dramatically lower the interest you pay. 

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Budgeting: Back-to-School

Budgeting: Back-to-School | Keep Your Money Working 24-7! | Scoop.it
“Practical Money Skills covers a range of personal financial literacy topics such as creating a budget, saving for retirement, and using credit wisely. (RT @READSaskatoon: RT It is almost #BackToSchool time!”
Dennis Williams Jr.'s insight:
Writing down what you need before you go to the store will help minimize spontaneous purchases. Spontaneous out of budge purchases steal from your future. If you are disciplined charge your purchases and take advantage of your bank's 25 day float. Learn more about keeping money working for you 24/7 by visiting www.dennis-williams.com
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Building wealth easier than you think - Tribune-Review

Building wealth easier than you think - Tribune-Review | Keep Your Money Working 24-7! | Scoop.it
“Building wealth easier than you think Tribune-Review The first part is to pay yourself first. Many people do this subconsciously by participating in a plan at work like a 401k.”
Dennis Williams Jr.'s insight:
The power of compounding is huge and overlooked by so many of us. At first putting a few dollars aside doesn't appear to make a big difference. However, when repeated, the impact is like a growing avalanche! Imagine an application that enables you to create your own cash management scenario and see how your wealth grows over the next 15 years. I've created an app called CashMap and a bunch of easy to use tools. Learn more about keeping your hard earned cash working 24/7. Visit https://www.dennis-williams.com
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the-student-loan-crusader-how-elizabeth-warren-wants-to-reduce-debt-20140820

“RollingStone.com The Student Loan Crusader: How Elizabeth Warren Wants to Reduce Debt RollingStone.com As a first-term senator from Massachusetts, Elizabeth Warren is advancing her fight for middle-class families with a legislative agenda focused...”
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8 Money Excuses To Stop Making Today - Business Insider

8 Money Excuses To Stop Making Today - Business Insider | Keep Your Money Working 24-7! | Scoop.it
Business Insider
8 Money Excuses To Stop Making Today
Business Insider
Sure, you're busy, but this excuse really means you're too lazy to make saving (i.e. your security, wealth and overall future) a priority.
Dennis Williams Jr.'s insight:

If you can identify with any of the reasons, it means you've got lots of lazy dollars. Lazy dollars are keeping you from achieving what's most important to you. Just as important, your bank is using your money to create greater profit for their shareholders.  Small choices really matter. If you're a recent college graduate, you'll love this link. http://goo.gl/GJlwOX

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No tricks to saving thousands of dollars

No tricks to saving thousands of dollars | Keep Your Money Working 24-7! | Scoop.it
SPENDING just a few dollars a day less on household expenses can deliver savings of at least $150 a week, or almost $8000 a year.
Dennis Williams Jr.'s insight:

See the impact that three seemingly small decisions make on a college graduates savings over the next fifteen years. A line of credit is used to keep their money working for them 24/7, 50 percent of their annual raise is saved and they cut their monthly food budget by $35. These three choices boosts their savings by almost $100,000 over fifteen years. Check it out at: http://goo.gl/GJlWOX ;

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Small Decisions With Big Financial Effect Down The Road

Small Decisions With Big Financial Effect Down The Road | Keep Your Money Working 24-7! | Scoop.it
What are some turning points in your personal finance lives? Are some of your decisions in the past coming back to haunt you or are they propelling you into prosperity?
Dennis Williams Jr.'s insight:

We're advised to "not sweat the small stuff" and yet we also know that our decisions do make difference. In our relationships, our decision to obsess over a friend or partners 'quirks' will have a negative impact. Similarly, our failure to understand the irreversible consequences of seemingly small spending choices keep us from experiencing life's greatest joys. 

 

Calculate the real cost of your spending decisions by using this calculator: http://goo.gl/aC3JIM. Learn to keep your lazy dollars working 24/7 by visiting www.dennis-williams.com

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2014's 10 Best Finance Blogs for Millennials | BadCredit.org

2014's 10 Best Finance Blogs for Millennials | BadCredit.org | Keep Your Money Working 24-7! | Scoop.it
Ragging on millennials for not knowing how to save or invest has become a favorite pastime of the media. Fortunately for these young adults, there are plenty of awesome blogs to teach you about finances – in fact, here are the 10 best of them. Why don’t you prove the media wrong and learn a …
Dennis Williams Jr.'s insight:

10 Great Finance Blogs to keep with the latest wisdom in managing your money. My new blog at www.dennis-williams.com  provides insight into a strategy regularly used for years by banks and large corporations to keep their dollars working, boost their profitability and minimize the interest they pay. You can do it too! If you have any questions, email me at dennis@cashmapconsulting.com. 

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6 Tips for Paying Off your Credit Card Debt Faster

6 Tips for Paying Off your Credit Card Debt Faster | Keep Your Money Working 24-7! | Scoop.it
Credit card debt is the worst type of debt. Most of the time the debt relates to retail purchases that do not retain resale value, which is why the debt is so hard to shift, and why it builds up so...
Dennis Williams Jr.'s insight:

There's one more method that can dramatically lower your interest charges. First, check with your credit card company and confirm that you can use your credit card to pay regular living expenses from their credit card without incurring cash advance fees. Assuming this is allowed, the day you are paid make a credit card payment equaling the amount you were paid. This will immediately lower the balance on your credit card.

Second, reschedule the date your bills are do to the end of your credit card's billing period. Why? Your credit card charges you interest based on your average daily balance. When you shifted your income to the credit card, you dramatically lowered your balance. You want to keep the balance low as long as possible. By shifting the dates you are scheduled to pay your bills, you are keeping your balance lower longer.

Leaving your money sitting idly in your checking account does nothing to help you achieve your goals. It only helps the bank. Your bank uses your balance as security to borrow up to thirty times your balance to make money. They pay you little or nothing for using your money. By shifting your income, you are depriving them of using your dollars AND you are lowering the amount of interest that you will owe them! This is keeping your hard earned money working for you 24/7! To learn more about managing your average daily balance read my article 'Pay Less Interest on Your Line of Credit' at http://goo.gl/nRau7o

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How to Teach Your Kids About Wants Versus Needs - Wall St. Cheat Sheet

How to Teach Your Kids About Wants Versus Needs - Wall St. Cheat Sheet | Keep Your Money Working 24-7! | Scoop.it
How to Teach Your Kids About Wants Versus Needs
Wall St.
Dennis Williams Jr.'s insight:

After all, money is just paper! It's the value we place on it that determines our ability to be effective money managers. We learn it passively and actively. Just imagine the benefit to our children if we were consistently mindful of the values we are teaching. 

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Keeping the Cash Flow Taps Open: 5 Strategies

One of the things you learn early on as an entrepreneur is that cash flow is critical.
Dennis Williams Jr.'s insight:

The simple concept that permeates this article is look for every opportunity to realize the power of compounding. Uncollected cash, unnecessary expenses and unrealized opportunities defer your from achieving your future. goals. Consistently look for ways to build cash and maximize investment opportunities. 

 

Whether it's a company or individual households - the objectives are the same. So, learn to use a line of credit for one purpose: to build wealth. Your income couple with a line of credit is a great way to quickly get rid of debt, minimize your interest cost and boost your savings. 

 

It's a simple concept that most of us aren't accustomed to using. Learn more at:  http://goo.gl/OWG0Kz

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Pay Less Interest on Your Line of Credit! - Part 2 | Dennis Williams

Dennis Williams Jr.'s insight:

Follow these two simple steps to put your dollars to work and dramatically lower the interest you pay on your line of credit. The concept is so simple, you'll find other ways to put them to work. Stop overpaying your bank! Your bank has been using this strategy for years!

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Skillful Handling of a Home Equity Line of Credit Can Help You In a Financial Bind

Skillful Handling of a Home Equity Line of Credit Can Help You In a Financial Bind | Keep Your Money Working 24-7! | Scoop.it
Skillful use of a home equity line of credit can help you when you really need it. Learn how a HELOC can benefit you.
Dennis Williams Jr.'s insight:

Using a line of credit to accelerate getting out of debt and to dramatically lower your interest costs is one of the biggest overlooked strategies not shared with consumers. Banks have offered this standard service to large corporations for years. 

 

Consumers are jittery about the stock market. A sure bet is getting rid of debt or at least minimizing the cost. Instead of leaving your cash sitting in a checking account doing nothing for you, shift it to your line of credit. Your next step is to schedule your regular living payments to the end of your line of credit's billing cycle. These two steps will dramatically lower your average daily balance which the bank uses to charge you. 

 

To learn more take a look at my recent article, 'Pay Less Interest on Your Line of Credit' at  http://goo.gl/nRau7o. ; You can also read my free e-book, 'Working Your Lazy Dollars' at http://goo.gl/oKQ30Q.

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The Best Way To Get An Edge On Retirement Savings - Forbes

The Best Way To Get An Edge On Retirement Savings - Forbes | Keep Your Money Working 24-7! | Scoop.it
“Forbes The Best Way To Get An Edge On Retirement Savings Forbes Not a week goes by without a new survey touting some scary numbers on how little Americans have saved for retirement. You'd think every week was Halloween in my business.”
Dennis Williams Jr.'s insight:
A great article emphasizing the value of automatically putting dollars aside and not thinking about it. To see more examples of how small changes in saving annual salary increases and percentages of your positive cash flow visit: http://goo.gl/SLbStu
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Don't Count on Stocks and Bonds to Make You Wealthy - DailyWealth

Don't Count on Stocks and Bonds to Make You Wealthy - DailyWealth | Keep Your Money Working 24-7! | Scoop.it
“Don't Count on Stocks and Bonds to Make You Wealthy DailyWealth By Mark Ford, wealth coach, The Palm Beach Letter. Wednesday, August 20, 2014.”
Dennis Williams Jr.'s insight:
Mark makes the excellent point of embracing mindful consistency one small step at a time. It's about creating goals and relentlessly identifying the steps you need to take. Direct your dollars where they'll create the experiences that are most important to you!
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Using a HELOC | EquityBuild Real Estate Investing News

Using a HELOC | EquityBuild Real Estate Investing News | Keep Your Money Working 24-7! | Scoop.it
When a turnkey real estate investment firm makes a presentation to you for an upcoming opportunity your first decision is simply a “yes” or a “no.” The next question you may ask is which of your assets you’ll use to finance the project.
Dennis Williams Jr.'s insight:

Dramatically lower your interest costs by shifting your income to your HELOC. Most of us leave our cash sitting in our checking account. Idle dollars benefit the bank - not you. Shift your income by making a loan payment to the HELOC. Next, shift your regular living expense payments to the end of the billing cycle of the HELOC. Why? Your bank charges you interest based on your daily average balance; consequently, the longer you can keep your balance to a minimum, the lower your interest charges. These are the same steps you would follow if your bank was paying you 20 percent interest on your savings. Wouldn't you want to deposit your income as quickly as possible and schedule your expenses to the end of the bank's billing period? Of course! Why? You are trying to keep your balance as high as possible all month long. Since the bank isn't paying you interest, use the same strategy to minimize the interest that you pay them.

You can even use the bank's money to accelerate paying off debt - that's another story. Learn more by downloading my free ebook at: http://goo.gl/oKQ30Q

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Using Home Equity Loans For Debt Consolidation

Using Home Equity Loans For Debt Consolidation | Keep Your Money Working 24-7! | Scoop.it
A home equity loan or line of credit is a convenient way to consolidate debts, cut your interest rate and gain a tax deduction. But there are big risks.
Dennis Williams Jr.'s insight:

A home equity line of credit is a great tool to keep your income working 24/7 AND to pay less interest on your loans. How? Keep your balance on the line of credit at a minimum by shifting all of your income to the line of credit. Second, choose a line of credit that allows you to set the beginning of your billing cycle to the day you receive the largest income deposit. Third, reschedule all of your living expenses to the last day of your line of credit's billing cycle.  This also means taking advantage of the 15 day grace period on your mortgage. This is an easy and simple process to follow. The math is unbelievable simple and you'll wonder why you've never heard about this low risk strategy that banks and large corporations have used for years. To learn more check out the following two links. http://goo.gl/ZFFdjt   and  http://goo.gl/clhvu5

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Family Budget Calculator

EPI’s Family Budget Calculator measures the income a family needs in order to attain a secure yet modest living standard by estimating community-specific costs of housing, food, child care, transportation, health care, other necessities, and taxes. The budgets, updated for …
Dennis Williams Jr.'s insight:

Our seemingly small spending decisions make a big difference. Using an example of a recent college grad, see how a series of small decisions boosted their savings balance almost $100,000 over 15 years. http://goo.gl/GJlwOX

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