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How to Create Black Wealth

pretty-black-woman-holding-piggy-bank

By Teneisha Monique Street

Estimated reading time: 2 minutes, 28 seconds. Contains 496 words

Have you ever heard of Black Wall Street? If not, don’t feel too bad. Up until a couple months ago neither had I. For those who are unfamiliar with this part of history, Black Wall Street was an area in Greenwood, OK that thrived with black owned businesses which resulted in black wealth and a higher level of black independence for its residents during a period of segregation. However, after a riot which stemmed from accusations against a young black man for harassing a young white woman on an elevator, the town was burned to the ground and many of its residents were killed by a mob of white residents in the neighboring town. Now, of course, this synopsis does no justice to the full story, but I needed to give a little background for the basis of this article.

I mention Black Wall Street to draw from that concept. We live in a time where social media is riddled with a number of black injustices (and that doesn’t begin to cover the incidents that go unreported); society has directed many to believe that the direction to wealth is by means of “white-washing”; and, black history as a part of school curriculum or even as a discussion in many households is becoming obsolete. (Before I continue, make no mistake in that this article is racist, angry, misdirected, or any combination of the above.)

So, for a second, let’s take a step back and assess the concept of change as it relates to black independence. How exactly do we create black wealth? There is no need to reinvent the wheel; the blueprint has already been laid.

1. Eliminate thinking that detriments further enslave black communities within the community.

2. Allow children of color to embrace their history and who they are without placing emphasis on inferiority.

3. Do not equate black wealth to the ability to mimic the wealth of “others”.

4. Promote the black owned businesses within the community and use those business owners as mentors to continue to grow.

5. Use community centers to teach children of color beyond the confinements of the classroom. Who knows what this simple change alone could invoke?

6. Be as unapologetically “black” and proud as possible.

hustlin

There is no simple method of obtaining black independence, and the list of suggestions or directions is insurmountable depending on which roundtable you chose to sit at. Of course, there is doubt that plagues the minds and hearts of many. After all, who is to say that history won’t repeat itself if the efforts for independence are successful? Black Wall Street as well as many other movements throughout history are proof that there is power in numbers and thinking on one accord. It also proves that the African American race has overcome sufferings far greater than those existing in present times. One or two individuals obtaining success among the masses does not represent a society or create a movement. Sometimes small changes as a whole in the right direction can prove revolutionary.

For more reference, here is an article with a deeper look into the events that lead to that moment in history http://www.ebony.com/black-history/the-destruction-of-black-wall-street-405#axzz3C52fC3LF.

Article Source: http://EzineArticles.com/?expert=Teneisha_Monique_Street
http://EzineArticles.com/?How-to-Create-Black-Wealth&id=8700747

 

 

Why It Makes Perfect Sense To Want A Man With Money

Couple counting moneyI’m broke. Poor to be exact. I make less than $10,000 a year. A lot less actually. And, I have bad credit. Why would I want a man that is doing just as bad as I am or slightly better with no current plans or hopes of things looking up? Money is not the most important quality in a man. In fact it’s not even a quality (is it?), but you know what I mean.

For instance, there is a man, an old and good friend of mine, who was interested in seriously dating me but he does not have his own home or apartment, has a mediocre job, he pays child support for one child and he cannot afford to save a damn dime. And, that’s just what I know to be true about his financial status. I’m sure it’s worse.

Let’s forget that I am not into him at all romantically for a sec, but what if I was? As a woman in her late 30’s with a child of my own to take care of I cannot and will not entertain seriously dating a man that is struggling financially. It does not make sense, especially in this day and age. Sex, I would entertain if I was sexually attracted to him, but anything other than that is off the table, permanently. However, sexual relationships get old quickly. At least for me.

I’m sure 100% of women, if asked, would say that they want a man with money and rightfully so. Not just any man with money. Of course he has to have things like integrity, drive, personality, good looks and even a nice ass, but financial security is a must when looking for a serious long term relationship. Why? Because things cost. It costs to live and enjoy life. Bills have to be paid. A legacy has to be built and that cannot be done when one or both persons is poor. Besides, according to traditional values (which I don’t usually give a shit about), the man is supposed to be the head of the household, the breadwinner.

vintage-pop-art-woman-kissing-money-man

For the record, not all woman who want a man with money are gold diggers. Smart people know the difference.

Also Read: Attention Ladies – 5 Ways Men Spot Gold Diggers

Now, you may be saying – “A man doesn’t want a broke woman either.” You may be right. That’s fair. Though I’m sure that most well to do men are more than okay with their woman making less than them. It’s an ego thing. A man thing. I’m OK with that.

Don’t get me wrong, if the woman is poor, lazy, has no drive and no plans on how to become financially stable, there is a problem. However, if it’s a woman like me or a woman who is also financially stable I’m sure a man can work with that.

I have a college education, ambition, goals, plans and I own a business, but it is not a successful business, in my eyes. Success for me would be generating a stable income for myself and my child where I would never have to skip paying my Consumers bill (or any bill for that matter) and I would not be driving around in a raggedy ass ’97 Escort for going on two years now without car insurance and tags. It’s a damn shame.

If I met a man I really liked who just happened to be a well off business man or a well off garbage man, take your pick, we could build a legacy together. Meaning he could invest in my business or perhaps we could build an entirely new business together. We could pool our talents and help each other.

As I type this I am thinking that it would be great to have an angel investor, male or female, but those are harder to come by than a viable significant other these days.

Follow Dangerous Lee on Twitter!

 

Happy is Not For Sale

weed

The whole world is on a fake Happy high thanks to the musical talents of Pharrell, but I’m not part of that crowd. It’s been said too many times that money can’t buy happiness, but the truth is happiness is not for sale. If it was for sale  it would still only be attainable by a select few.

A short list of things that money would currently buy for me:

  • A home – I prefer a condo to my small ass income based apartment
  • A bed – I sleep on a twin daybed. Not cute.
  • A new car – My ’97 Escort is a rusty mess
  • Student loan and credit debt – :/
  • A medical bill for over $400 – :(
  • A new couch – You should see what we currently have to sit on
  • Car insurance – I’ve been driving without insurance and outdated tags for almost a year!

If I had these things I’m sure I would be on my way to becoming happy.

Follow Dangerous Lee on Twitter!

I Made $3,037 and 29 cents!!!

Since May 2012.

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hudiesrHappy Birthday, Paw Paw. I’m working on it.

Related:

Bad Ideas I Had in 2013 and Other Things That Haven’t Panned Out…Yet! (dangerouslee.biz)

Cool (Dangerous) Ways To Support Your Team And Show Your Allegiance

People who don’t follow sport don’t understand quite what it means to support a team and to be truly invested in their performance in a game. If you’ve supported a team for years then you will have seen them at their very lowest and their very highest, you will have been with them through it all and you will have felt every victory and every loss. You will know the personality of the players, you will love the stadium and you will love what they stand for. And when your little team goes up bigger opposition and wins, it will feel like it was you personally who made that winning shot/hoop/goal/run.

As such then, a true fan will want to demonstrate their allegiance and their support for their team, while at the same time helping them to succeed. Doing your bit to help your team win will give you even more of a sense of accomplishment and involvement when they do well, and it will help to show off what is a very important part of your life and your personality clearly. Here then we will look at some of the unique ways that you can show off your support and help your team out at the same time.

Clothing

One easy way to show support for your team is to wear branded clothing. This can mean wearing the official ‘kit’ or it can mean wearing hats and other items that have the team name on them. Of course this tells the world that you are a proud supporter, but it also helps in other ways. For one it spreads the message which might well get more people interested in the team and potentially win them more support. More supporters means more ticket sales, which means more money, which means better players.

At the same time, when you buy a hat that has your team’s name printed on it, you will actually be giving them your money directly. If you bought it in the stadium’s shop then of course they will keep a big chunk of that profit, and if you didn’t then the team will make money from licensing. And what’s more, if you buy lots of hats with your team name on them, then the companies that manufacture them will order more thus earning the team even more money. If you need a hat, why not buy one with your team’s name on it and help out at the same time?

Personalization

There are many ways that you can show off your love of your favorite team by personalizing your belongings too. This is true whether you are buying decals for your vehicles and devices, or whether you’re just changing the background of your desktop computer or your profile picture. Personalization means showing off the things that you love, and if you love your team then there is hardly a better way to personalize your possessions. Plus there’s the chance that this will spark a conversation about the team you love which could get someone else interested too.

There are other fun ways you can show your love for your team too. That might mean using fridge magnets (you can use the letter fridge magnets to spell out your team’s name), setting your ringtone to the sound of your favorite chant, or making your own posters and DIY projects in homage to your team.

Things You Do

But it’s not just what you say or what you do that reveals you as a true fan, of course it’s also the things you do. That means standing up for your team when you’re in a conversation with someone who you want to like you but who is ridiculing your players’ recent performance. It means teaching your children about why your team are great and taking to the game, and it means going to watch and support yourself. And most of all it means being a good fan – that means cheering your team even when they do badly rather than booing, and it means being a great ambassador for them when you go to watch away games. Do all these things and you will do your team proud, and in some small way their next victory will also be yours.

The author of this post is Mike Rudolph, an employee at A-Dub Caps, leading suppliers of 9fifty snapbacks. Mike enjoys playing baseball and going to the games with his buddies.

Tips For Paying Off Debt

debt

Having financial debt can be a heavy burden and if not dealt with quickly, then it can destroy your credit and quality of life. Don’t despair yet though, your debt can be paid off and taken care of sooner then you think. And it’s not as difficult to overcome as you may have been lead to believe. Speaking from experience if failure and success, I’ve listed a few tips that should help you regain control of your finances.

1. Budget

 First things first. Figure out the cost of living for a month (don’t be afraid to overestimate), figure out what your take home pay is (after taxes) and calculate all of your debt. Once you’ve figured out all these expenses you can start planning a debt reduction plan.

To help with your budget, go through your bills and receipts and see where you can make cuts. I’ve found that when it comes to internet, cable and phone bills, a lot of time there are promotionals or some sort of coupons or discounts that you will be eligible for. Don’t be afraid to ask! It could save a lot of money in the end.

2. Action Plan

 Next you’re going to want to lay out all your debt out in front of you. Which ever debt is most, is the one that you’re going to want to eradicate first (make sure to take into account debts with high interest rates). The best way that I’ve found to do this is to:

(a)Pay the minimum payment to all your other debts first, but when it comes to your biggest debt, use the money left over to pay as much as you can toward this one. Make sure that it’s more than  the minimum payment due. (b) Once you’ve paid off the most expensive debt then use the money you were using to pay that debt and put it toward the second most expensive debt. Continue paying this same amount even when you get to third and fourth most expensive. Basically you don’t want to pay a lesser amount just because the debt is less. You can pay off all your debts much faster this way. This is a great strategy for paying off debt because you end up paying a larger amount each time you get to a new debt.

 3. Make it Easy

 It’s not easy to budget or sacrifice all your paycheck to bills and debt. So, you need to make it easy for yourself to do so. I suggest making your payments automated so that every month when your bills come in you don’t have to get out the calculator and sort out what you need to be paying to what and who. This will stress you out and you’ll most likely go back to the bad habit of paying the minimum to your big bills and never gain any momentum.

 Remember, don’t fear your debt, conqueror it with discipline and and financial freedom as your motivation. I have no doubt that if you implement these ideas into your finances, you’ll overcome your debt and have freedom to spend your money how you want to spend it.

 

Henery Hernandez is a financial blogger for cheapchecksplus.com. You can find him on google plus.

 

5 Reasons You’re Not Earning That Salary You Want

money roll

The way to earn more salary is by working on personal growth. If you want more money here are five reasons where you can begin. Start by learning a new skill, better your work performance, learn a new language, change your personality, or change your job.

Learn a New Skill
More skills equal more money, it does not get any easier than that. This is the most important reason a person gets paid more. If you’re not earning the money that you want having more skills will open more opportunities of reaching a better salary. By learning a new skill you will be more valuable to the company. You will possess something that others do not have. In other words in order to shine you must definitely work on your personal growth. A company will not pay you a certain amount of money if you do not know how to perform a certain task. For example, why doesn’t a company pay the same amount of money to a janitor than an accountant? An accountant has more important skills, a janitor doesn’t. In order to get more salary you must open the books, read, and sell yourself once you think you deserve a better pay. Have the preparation necessary in order to “advertise” yourself into a higher rank.

Better Performance
No matter how good a person thinks he is in the area of work, there is always somebody that performs a better job. Performance is the way a person completes tasks in his work environment. In order to get a better salary your performance must be persistent while thinking outside the box. If an employee performs on average once out of ten times the company will never see his accomplishments. Better performance will create a spotlight towards the worker and thus earn a worthy salary.

Language
Learning a new language will open the doors to an immense amount of opportunities. Businesses are now done worldwide. Nowadays, to earn money it is a must, to learn a new language in order to be able to compete for a better salary. By learning a new language you will be more valuable to the company. A new language will help you do the job others will not be able too.

Positive Attitude
No matter where you work, show a positive attitude. The minute you show others that you cannot handle stress, you will be doomed to achieve a better pay. Learn to balance personal issues with work issues. A negative person will never be valuable to a company. The minute you change personality towards a more positive attitude you are bound to be noticed and promoted. No company in the world hires a person because of his negative attitude. According to scientists more than fifty percent of workers are noticed and promoted by a company because of their positive attitude.

Change Your Job
If you feel you have met an endpoint of growth in your company, look for a different job. Do not fear change. Perform an inventory of yourself and if you feel you deserve a better pay, fight for it! Sometimes there might be situations where companies know you are a valuable employee. However, there are no open spots for growth. If you are sure that you deserve a higher pay change your job. You can start by looking in a different city near you. Usually bigger cities offer more pay because of the living expenses. It might be a longer drive. Nevertheless, in the end your options of hire salary will be easier to achieve.

This article was written by Johnny Walker. He is a career counselor whose passion is to encourage students to be their best academically.

Top Story – 5 Things You Should Rent Instead of Buying

textbooks

There is a new trend to lease rather than buy. It is a way to save cash by renting what you only utilize once or occasionally instead of buying it. Of course, there is no substitute for ownership of an object if you really need it for repeated use. However, if you are not going to need it very often, why should you invest your money on an item when you can lease it for a lot less? Leasing is a more cost-effective option. Below are 5 items that you can rent rather than purchase.

Tools
It is less costly to rent a tool than it is to purchase it. The lower cost of leasing tools can be a financial benefit if you need the tool for one specific project and then have no use for it in the future. Although every person should almost certainly own a toolbox, when it comes to bigger tools that you might only use for a particular project, you can save a lot of money by leasing.

Textbooks
School tuition fees are high nowadays and the cost of textbooks can also make a big dent in your pocket. Renting textbooks is cheaper than buying. In some situations, this cheapness is obvious and effective. For instance, if you only need the book for half of the semester, it’s worth it to rent it and then return it at the end of the semester. There is no need to invest your money into a book that you will only use for only a month or two.

Wedding gowns

Renting a wedding dress is an excellent option for brides who are looking to reduce their wedding costs. Also, the convenience of returning the gown after using it and not having to fret about keeping it or wondering what to utilize it for in the future makes it a practical choice compared to purchasing a pricey wedding dress. There are a number of stores that offer bridal gowns for rent. The prices would vary depending on the kind of dress that you pick.

Generators
Hiring a generator can be cheaper than owning one. This is because owning a generator needs a significant outlay. When you choose to hire a generator, you will pay a monthly sum, thus conserving your money for other purposes. What’s more, renting a generator provides flexibility. This means that in case your business is forced to move property, for instance, because of a change in your lease, the generator can easily move with you too.

Trucks
If you want to move your home or office, the cheapest way is to lease a truck. It is almost certainly not worth it to purchase your own truck – and you certainly do not want to risk damaging your vehicle. Why pay movers a lot of money when you can hire a truck and move yourself? Trucks come in different sizes, from small to bigger so it is vital that you estimate your cargo size before renting a truck.

The benefits of leasing over buying items are many. You can save large amounts of cash by hiring things that you don’t use very often.

Darren is a passionate blogger and works as a supplier of generators for hire.

Top Story: Attention Ladies – 5 Ways Men Spot Gold Diggers

gold-digger-magnet

The dating game is similar to a land full of land mines. It’s very tough to navigate. There are serial daters, the crazies, the needy women and the most hated of them all, the gold diggers. Gold diggers are experts in exploiting wealthy, lonely hearts. They will stay with you as long as you give them money and buy expensive gifts. Below are some few tips on how to spot gold digger.

1. Deep and early interest in your portfolio
A long term relationship means depending on each other in so many ways. It’s okay if someone is concerned about our financial stability. However the greatest difference between an honest partner and a gold digger is their interest in your finances. Gold diggers may not directly ask the numbers on your paycheck, but they will ask you indirect questions such as the price of your watch, the type of car you drive, where you live and the size of your house. The main intention of a gold digger is to figure out your net worth, if you don’t meet her financial target, she will leave you. It’s one thing to be interested in your career but a totally different issue when someone wants to know how fat your bank account is.

2. Never offers to pay the bill
It’s gentlemanly to pay bills for most dates; however, a decent woman will offer to split the cost every now and then. If you find yourself always paying, them something is not right. If your partner wants to be eat out at the classic, expensive restaurants and can’t even pay for it then you need to watch out. Offering to pay never comes naturally in a gold digger.

3. Requests for money
It’s perfectly acceptable if a long-term partner asks for a little financial help during tough times. However, if someone starts asking for money early in a relationship, then this is a red flag. Gold diggers will give hints that they are experiencing financial problems, they might even ask for a loan to cover a certain problem. Such a person makes poor financial decisions; you will find her struggling to pay rent yet she have a new car with luxury features, or sometimes she will wear expensive clothes and jewelry while her credit card is waxed out.

4. Look for a sense of entitlement
These types of people have a feeling that they deserve to be treated well; this includes knowing you are willing to send a lot of money on them. They always have reasons to justify their feelings; she will think that just because she had a bad childhood, then she deserves to be happy and too bad her happiness revolves around money.

5. Pay before you play
Have ever found out that she is willing to be close to you after buying her something nice? This is a common scenario with most gold diggers; in order to get close to such a person, you have to compensate. If you don’t shower her with all the gifts she wants, chances are high she will shut down all chances for intimacy or getting close. You may even get accused of not appreciating her or not treating her right, while all she wants is the expensive dinners, designer clothes, jewelry and many more.

A gold digger’s mind is selfish and everything makes sense when there is money . If you ask such a person a simple question such as the best gift she has ever had, she will tell of something expensive but not anything unique and personal. The questions and dreams they have can definitely give you a hint if they are after your money or heart. An honest person will take time to know you and spend quality time with you, while a gold digger will not care about you at all. Therefore, take your time and learn more about her, am sure you don’t want a heart break.

Mike is a passionate and wealthy blogger who has met many gold diggers in his lifetime.

 

How NOT To Spend Your Tax Refund

Tax-Refund

If you’re like me, you haven’t even taken a look at your taxes yet. However, there are a lot of you out there that have sent yours off weeks ago. Kudos to you, you got that government monkey off your back (for now), and can expect a tax return much sooner than the rest of us. That begs the question – how will you use yours? Here are a few terrible ideas.

Hiring a Psychic

Since refund cash seems like pre-spent bonus cash, it’s easier to “throw it away” on stuff like this. Why not have a little fun? Visit a psychic, have your palms read or go to a séance, and get your fill of the funny side of spirituality. These people claim that they know everything such as who is getting a divorce in India. It’s all in the name of fun and this could be a hilariously welcome distraction from normal life.

Go RVing

We know – you’ve always wanted to buy an RV and ride across the country for a few weeks. Depending on the amount of your refund – you might just want to rent one and only drive across the state, but even that could be plenty fun. The freedom that an RV provides is unlike anything else. Don’t like your neighbors? Pick up and haul it out! You can see the Grand Canyon, Mount Rushmore, the Redwood Forest and the world’s largest ball of yarn – all from the comfort of your living-room-on-wheels.

Buy a Go-Kart

Warning: entirely at your own risk. Haven’t you always wondered what it would be like to set up some old tires at the end of your street and race against each other without having to worry about returning to the ticket booth and buying another ride? Plenty of people own four-wheelers, but one of the most overlooked big toys out there is a go-kart. And you’ll never buy one with “real” money.

Go Crazy!

Find an adventure and leap for it! Look up local skydivers. Take a trip to a professional bungee jumping outlet. Go mountain biking with your crazy friend (and all the proper gear). Again, these are the types of things that you wouldn’t normally spend your money on, but using your refund for a memorable adventure makes it seem like an even bigger bonus!

 These are all very impractical ideas for how to spend your tax refund money. Sure, asking a psychic to tell you about the people who have lower back pain in Manhattan seems like a heart-pounding thrill, but so is remodeling your kitchen. So is paying off your student loans; and so is saving your money for a more comfortable future. Spend wisely this tax season and it will pay off tenfold in the long run.

One great way to spend your refund is treating your lower back pain in Manhattan. Jake Alexander is an avid blogger who enjoys writing about finances and business. Follow him @JakeAlexander17.

5 Ways For Single Parents To Save Money

One of the hardest aspects of being a single parent is balancing the household budget, and making sure your family do not go without. This is never an easy situation to deal with and with the current economic climate it is trickier than ever.

There are several ways in which you can save money, none of them are difficult to implement, and when your bank balance is still in the black at the end of the month you will be extremely glad that you did.

Making a Budget and Sticking to it

This doesn’t sound a lot of fun, and in fairness it isn’t, but if you want to make sure your money lasts throughout the month then it is essential.

Budget

List everything that you pay out and compare it with what you have coming in. Add absolutely everything, as those who complain that they don’t know where there money has gone will have invariably missed things off, such as the coffee on the way to work etc. Then look at where you can make savings to make the end total look a lot healthier.

Saving for a Special Treat

Those tins you can buy from a pound shop that have to be opened with a can opener are a great way of saving for a holiday, Christmas, days out etc. Even saving a few 50 pence’s will quickly add up, and the fact you can’t get at it easily will make it easier to save.

Coins

Shop Around

If you have access to the Internet shop around to make sure you have the best deal available for broadband, television, phone, gas, electric etc.

Many stick with current providers out of habit and are unaware than by switching they can get a much better deal. Reviewing your TV and broadband package is another good way to save, as if you are paying for what you don’t watch or use you should change your package accordingly.

Make it Yourself

Even if you aren’t the greatest cook in the world you will save yourself a lot of money by cooking fresh meals instead of relying on frozen stuff, and the nutritional benefits speak for themselves. From baking your own bread to making pans of soup, there are many ways you can save money by making your own food, and the fact that you know exactly what is going into it means you can relax in the knowledge that you are giving your children the best diet possible.

Credit Cards

Switching your credit card balance to one that offer a period of interest free credit is a common way of saving money, and one which everyone should consider. The same goes for those bank accounts that have a monthly cost and include various perks such as travel and mobile phone insurance. If you pay for all these things separately it is worth looking at opening one of these accounts so they are all taken care of with one small monthly payments as opposed to several direct debits.

 

By Leila El-Dean of MrBreadmaker. We love home baking and want to convert the nation into home bakers!

How To Find A Missing Person Who Owes You Money!

big-money-bags

Track A Missing Person

When someone that you thought you could trust owes you a large sum of money and disappears without a word it can be very annoying and disappointing, especially when they are a family member or very old friend. When a large amount of money is involved it can be very worth your while hiring a professional to help you track down the debtor so you can take them to court.  Here are some ways a private detective can help in tracking that person down so you can get your money back.

An Investigation Into Their Whereabouts

A private detective can carry out an investigation for you but you will need to give him as much information as possible for him to be able to do so for you. The information is just basic things like a description with photographs if possible, what vehicle they drive, what job they do and where, any possible relative or friend that could be hiding them and if they have any hobbies or interests. Many people have been found because they are creatures of habit and like to visit certain people on certain days of the week and they continue to go to clubs and social events. The investigation will look into databases that are within the public domain to obtain information that they can act on. Lists of friends and family addresses will be obtained along with an idea of how they would spend a typical week and where they would go on holiday or where they would like to go on holiday. All this information can help to provide the detectives with a good idea of who they are looking for and where to start looking.

Surveillance To Follow Up The Information Gathered From The Investigation

Once there is enough information to follow up on surveillance can be carried out. This may consist of a team of undercover agents conducting a door to door investigation wearing body cameras to record all doorstep interviews with people living in the area. It may be that a rotation of agents sit and observes and record the last known address from across the street. Another tactic is to visit their workplace and watch out for them or their vehicle for a couple of days if there is a sign of them then inquiries are made at the workplace to see if they still work there or if anyone knows where the person is. As part of the initial investigation friends and family member will have been spoken to and from this interview the team will have decided who is most likely to be hiding the person. These people and their homes can be watched to see if this is the case. If the vehicle is found a GPS tracking device can be fitted and followed to see if it is the target that is driving the vehicle. If after a few days it is not the target driving the car but the same person, agents will interview this person and follow them to their home to observe the comings and goings.

Private detective Charlie Hodgson is a talented and knowledgeable detective who has worked for many years in the industry. With many investigations and investigations under his belt he is highly skilled at locating missing people. For blogs like this please visit birmingham-privatedetectives.co.uk.

 

The Pros And Cons of Borrowing Money From Parents

peer-lending

From time to time a child might well need some financial assistance from one of their parents. This doesn’t necessarily mean that the individual cannot obtain funds elsewhere. But, often by utilizing an existing relationship, they can get their hands on the money faster. This informal arrangement has become more popular in recent times.

However, like most other financial agreements it is not without its pitfalls. This blog post will aim to take a closer look at some of the pros and cons of borrowing from a parent or close family member.

Embarrassment Factor

One of the major downsides to this type of borrowing is that they will need to divulge to their parents exactly the reason for needing the money. Of course most people will have no issue at all in doing this; however, there will be some that just won’t want to share this information. This will largely depend on the type of relationship that they already have with their parents.

If the reason for needing the money is private and personal, this can represent a huge stumbling block. In this situation there is no doubt that an element of children will “bend the truth”, perhaps to save them from embarrassment.

Another negative to this type of financial arrangement is that the parents will also possibly want to know why the individual is not going to a bank or other institution. Again embarrassment can set in, especially if the son or daughter doesn’t have a very good credit rating; hence preventing them obtaining funding in this way.

Quick and Easy

Asking parents to help out financially tends to be much quicker and easier than going to a bank. There are no long forms to fill in, not too many questions are asked. Instead of waiting for approval to be granted, normally the money will be made available immediately.

This type of loan will not use any credit reference agencies. Which, when a person has bad credit can be a good thing. However, it can also actually be a negative thing. This is because; when a bank loan is concluded satisfactorily it can serve to enhance an individual’s credit rating.

Potential to Fall Out

A major issue that should never be underestimated is the impact of slow or even non-payment. When borrowing from a parent this very often leads to a serious falling out. Of course, when borrowing from a financial institution there are likely to be serious repercussions for missing payment. However, the damage that can be caused in a family environment can be very hard to repair.

Very often the borrower will not feel that it carries the same weight as a when borrowing money from a recognized financial institution. This can quickly lead to resentment and rowing between family members.

Little or No Interest

Another excellent reason for using parents to borrow money is that in the vast majority of cases the loan will be free of interest. This makes it a lot cheaper than other borrowing methods. Of course, a thought should go to the parents here. After all they will be losing earnings on the money that they have loaned.

Even when the parent just keeps the money in a regular savings account, they will still lose an element of interest. With this in mind, many children feel it is better to cover these costs for their parents. So for example, on a $1,000 loan they might well return them $1,050 at the end of the year.

When the Money is Gone

A consideration that parents need to make surrounds whether or not they can afford to lend to their son or daughter. Often they might need the money themselves for some other project. Once the money is lent out, it won’t be there again. So when the parents need to raise some money they will be faced with borrowing from their bank or other financial institution. Nearly always this will cost them more in interest than they would have lost by using their own money.

The Wrap up

Borrowing from parents can work out really well for both parties. Often the parents will take a real sense of satisfaction in knowing that they have helped out there offspring. However before taking the step to lend money in this way it sensible for everyone to sit down and discuss things. By doing so it will help to avoid potential issues further along the line.

William Bancs is a blogger who writes often about financial matters. For advice on getting a loan, be sure to follow him on Google Plus.

365 Days of Dangermas: Day 37

DANGERMASLOGODay 37 – February 6, 2013:

Money doesn’t grow on trees but this dime is being placed at the base of the Dangermas tree in hopes that a few thousand more coins come into my life this year since sponsorships are low and I sure as hell can’t get a small business loan. Why a dime? Well, I didn’t have a quarter and I don’t usually have cash on hand. This dime was hanging with a few pennies and nickels, so it has won a place on the tree!

PS: iPods take really shitty pictures!

dangermas37

If you’d like to donate items to the Dangermas tree, please view our wishlist for ideas, or you can send ornaments or other light weight items to:

Dangerous Lee

PO Box 7317

Flint, MI 48507

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