Selling And Buying Gold To Pay For College Tuition

Historically, people have been considering purchasing gold as an excellent form of investment. Of all the precious metals known to us, gold is definitely the most admired. The reason is not difficult to guess. Unlike currency, gold never loses value and is therefore tangible. Another favorable feature of this precious metal is the fact that it is an international currency. Having gold with you, you'll never get stuck anywhere in this world as it's an internationally traded commodity. The present upward trend in the prices of gold is prompting many to indulge in selling and buying of this metal, and more and more people are using this as a way to pay for their college tuition. If you are also thinking on similar lines, you'll find these tips helpful in making the right start:

Scrap Gold

Investment in scrap gold is a good option that doesn't carry too many risks of losing money and is quite easy also. You have to be on the lookout for worn out or damaged pieces of jewelry. You may already be having pieces that you don't like to retain with you, for whatever reasons. You may even check with your family and friends if they want to get rid of such pieces, and make some cash in the process. All such accumulated pieces of gold can be sold through classified ads or online auctions.

Gold Bullion

Gold bullion refers to the gold that comes in the form of gold coins, bars and jewelry. Of all these, gold coins fetch a better price, as many like to collect gold coins, especially old coins. Gold bars that are sold in the market come from gold refineries and are pure to the extent of 99.99 percent. These bars are duly stamped by the original refinery. The price of gold jewelry is determined by the intricacy of its design, workmanship and the amount of gold it contains.

Gold Futures

Another way of investing in gold and making money for your college tuition comes in the form of gold futures, but this is not everybody's cup of tea because of the associated risks. For investing in gold futures, you'll need to have an account with a firm dealing with commodity trading. Basically, it involves making an accurate guess on the price of gold after a couple of weeks/months.

In this case you won't have to invest an amount equivalent to the price of gold. Since this is a risky affair, don't invest a lot, just the kind of amount you won't mind losing. Gold futures also allow you to buy contracts. A contract is an assurance to pay you in future on a fixed date at a predefined price of gold. That means you'll need to wait to know if you gained or lost your funds. The dealers, through whom you trade, will charge you some fees for all your dealings.

Dealers

When you want to invest in gold to pay for your college tuition, you need to find a reliable dealer. Every time you sell or buy gold, the dealer will charge you some commissions. Since you'll be in possession of gold in physical form, and not in the form of any papers or certificates, keeping it secured at your expense will be your responsibility. Same holds true for other metals, including silver. You may consider investing in gold coins as these are convenient to carry and store. However, you should be cautious and buy mainly from old reputed companies. This will ensure you avoid any unpleasant surprises.

Personal Financial Planning: The Gift That Keeps Giving

The Christmas and New Year's holiday season offers a great incentive for those who need to make personal financial planning a priority. The months leading up to Christmas are usually the time when people begin identifying items which they are interested in purchasing. After Christmas, we tend to shift into planning mode by making "resolutions" about things that we intend on doing, or certain behaviors that we would like to cease from doing. It is probably safe to say that completing a financial plan -and sticking to it- makes the annual "top ten" list of most important things to accomplish in the new year.

Forming and maintaining good financial habits is what makes being prepared financially successful for some people. Eating healthy and exercising are both essential in order to maintain good physical health. Likewise, having a financial game plan and habitually implementing the principles and practices that a financial plan is comprised of, is necessary in order to maintain good financial health.

A well written financial plan takes an in-depth and comprehensive look at a persons' lifestyle, including their values, goals and dreams. This document should provide enough insight into the participants financial life so that the investment advisor who prepares the financial plan is able to provide professional guidance about debt management, savings, getting expenses under control, estate planning, life insurance, portfolio management & investment consulting, college planning and retirement. There are so many facets to writing, implementing and conducting an ongoing review of a comprehensive financial plan that it could take years to see the fruit of one's labor and diligence.

A comprehensively written plan may cost $500 - $1,500. Even though you may cringe at my suggestion of adding a detailed plan to your Christmas shopping list, you should think differently about incurring the expense of financial planning during the Christmas and New Year season. Consider financial planning as a gift to yourself because in a very real sense you would be giving yourself the perpetual "gift", i.e. peace of mind! Planning financially is a fairly long process therefore it takes discipline, which is a characteristic that many people need during this time of year. Discipline to overspend, discipline to save money by diligently searching for bargains and "holiday discounts"; discipline to finally fill out that long life insurance application, or a College 529 Plan for your children vs. filling out an instant credit application for purchasing an item that will depreciate in value and one which you can truly do without.

Once Christmas is past and the New Year has begun, it will take even more discipline to conform your way of living to the many recommendations contained within the pages of your financial plan. This is what makes the discipline of planning a gift.

Despite the initial expense of time and money, financial planning is living on purpose and by design. It is identifying a predetermined achievable and worthwhile goal and altering the course of your life in such a way that will significantly increase your chance of obtaining your goals, living out your values and fulfilling your dreams. These qualities (values, dreams and goals) are not one time life events. This is a way of living, a certain quality of life that becomes your new reality! In fact, your former way of living should pale by comparison.

Wealth management isn't for the faint of heart. It isn't for the person who has no intention of implementing the recommendations. Financial planning is a responsible and intentional act on your behalf to take your life where you want it to go and to paint a portrait of what you want your life to look like tomorrow. This is a gift to yourself and to your heirs. It is a good habit that your children are likely to learn and follow. This Christmas season don't put off financial planning and in the New Year don't make a financial planning a mere "resolution." Cultivate the character of being a good financial steward and incorporate this discipline as your life commitment. Do this and it will prove to be the gift that keeps on giving.

Online Cash Advance Loans and Credit Cards: Debt That Eats Your Income

Personal financial decisions may make a person consider fast online cash advance loans or cutting back on some of their favorite things. Young people who get caught up in providing for themselves may not always make the best choice. Too many young workers are caught up in the here and now and put off thinking about long-term financial goals. There is always that thought lurking that there is plenty of time to think about retirement. Not all financial goals are long-term and the decisions of today will either help or hinder finances. In order to avoid troubles, young people will not want to learn the hard way or trial and error.

Applying for an online cash loan when the road trip lasted the whole weekend may not sound like such a bad idea, but making them a habit in order to recoup from overspending is never good. The high interest cost of these loans will only eat away at money which could have been saved for later. Young people who have not yet had to support a household may not realize the importance of setting money aside for what might come along. They eventually will and hopefully the lesson will be learned before financial troubles run deep.

There are some basic financial principles to follow in order to prepare finances of today to support future financial needs. Self reliance is the best way to run your budget.

Saving Vs. Spending

The more you earn, the more you spend. It's a fact of nature and a young person who now receives scheduled paychecks is no different. Instant gratification is intoxicating. The sooner a person can start saving for later the better. Make small changes if you are already set in a lifestyle. Track your spending to see exactly where it all goes. You may find that it wouldn't be so difficult to save more.

Make Yourself a Priority

Saving is great. Paying bills on time is great. Making you a priority - priceless. Those who devote a portion of their paycheck tend to pay more attention to expenses. Those who give themselves the freedom to spend (within limits of course) would watch where their money goes in order to make sure they get paid.

Dangling in Debt

Debt is trouble. You have to have it in order to build up a credit history which in turn supports a good credit score. Where are the lessons in how to manage debt so it doesn't get out of control? Some people have learned from their parents, others may just have the knack to manage it all, while too many will have to learn from their mistakes. Between wasting money on interest payments and carrying too much debt, credit cards and cash advance online loans have the potential to hurt credit history rather than help it.

Live Within Your Means

When it comes time to buy a new car or invest in a home, it's pretty normal to want bigger and better. What you can afford right now may not be what you can afford ten years down the road. People will spend too much of their income on cost of living for today. What happens when everyday prices go up or your family size grows? You have to think long-term when making big purchases

College Girl and Her Money

About a year ago my friend won tickets to a special premiere of the new 007 movie. The host of the event told everyone to check under their seat, low and behold mine had an envelope underneath it. I won a book called Davey Ramsey's Complete Guide to Money. My first reaction was that I didn't need this lame book and that I wish I could have won all the other cool prizes. Around the same time the same friend got the chance to see a financial advisor, this opened my eyes.

All of this started my thinking process, my friend was older than I was and was spending like she made a lot more money than she really made and paid the minimum on all her credit cards. She was a slave to being a consumer and material possessions. This got me to start reading the book and it opened up my mind of all the possibilities and inspired me to learn more.

I wanted to gain financial independence early in life. I was now motivated to control where my money goes and not let it control me. Money is a large stress factor in most people's lives and marriages. I think why have that stress if you can greatly remove or cut it?

I made my first budget after reading that book, I started looking up other books and resources to read, and now I'm hooked on becoming financially free and independent. I still have a long way to go with a car loan, student loans, and trying to build savings. After creating my first budget I realized how hard it was for me to stick to it and how I too was a slave to my money and possessions. Here I was reading a book about how all these people made huge sacrifices to pay down their debt and I didn't want to give up DVR.

There are so many simple changes you can make in your life to gain control. What Americans don't do is live beneath their means, which is how most self-made millionaires become millionaires. I have learned how to sacrifice a lot and only live with what I need. Every once in a while that devil on my shoulder gets me to give in but I have come a long way. Some things you can do to help cut budgets in your life would first be calculate how much money you spend a month on things you don't need. For example as a college student I shouldn't spend $100 a month on eating out and buying groceries of the same amount. Now I hardly ever eat out even though I love it more than anything, I pack my lunch and cook most meals at home which ends up saving me a lot of money. Cutting grocery costs by making a list and sticking to a list, USE COUPONS, and compare prices from other stores is what I do to cut my grocery bill.

Other simple ways would be to put 20% of your paycheck in savings. Also look at how much money you are putting towards bills, I read once a college woman who got flip phone without data and fancy things and her cell phone bill was $9 a month! While that's not something I think I could do, sometimes you have to cut those things out to get by. The important thing is what I have already stressed, live beneath your means and don't be a slaver to consumerism. Look at what you're spending every month, and resist the temptation to grab lunch with the girls, and if you can't miss out than limit yourself to a "eating out budget".

Most important do your research before buying anything, including loans or a pair of shoes. Be smart about your purchases and don't buy things you don't absolutely need. I have a plan of being debt free in two years, they might be a "boring" two years but in two years hopefully I will be out of debt and ready to start a financially free life.

Buying A Home

Before you drive that first neighborhood looking to buy a home, or calling your local Realtor inquiring about one of their listings you first need to check your credit report even if you believe that your credit record is perfect. As 30% of all of tradeline information is reported to the credit bureaus is in error. The credit bureaus are aware of this, but they wait until you bring it to their attention to correct this misinformation. As the law requires that only accurate information is allowed to be reported in the credit record of any consumer's credit file.

You are allowed one free copy of your credit report from each of the three national credit reporting agencies: Experian, Trans Union, and Equifax per year in preparing to purchase a home. You can contact each of these credit bureaus separately, or find a internet credit service provider that will offer to provide these reports in one merged credit report. It is important that you get a copy of each of the three credit reports. Then take the time to examine each of the three credit reports separately line by line making sure that the information is correct.

By law the credit reporting agencies have 21 days to verify with the creditor(s) that the information listed in the credit file is accurate. All incorrect trade lines must be deleted or updated to reflect accurate information. Most people require a mortgage loan to purchase a home. The current real estate market is a challenge for some borrowers attempting to qualify for a mortgage. Due to the housing crisis of 2008 credit qualifications have become tightened new rules have placed restrictions eliminating loan programs that were felt to be the cause of the mortgage crisis examples are the no down payment, and minimal credit programs.

The mortgage companies have minimal credit score guidelines, and down payment restrictions qualifications that they use to approve mortgage loan requests. Conventional lenders like banks, credit unions, and mortgage originators use a minimum score of 700 to qualify potential mortgage applicants. For applicants with lower credit scores or down payments lower than 5%. The Federal Housing Administration allows credit scores as low as 600, and a down payment with a minimum amount of 3.5% of the home purchase price. This is important information as the average conventional loan requires a 20% downpayment, and a superior credit score to approval a loan.

There are other factors that mortgage lenders uses in qualifying potential mortgage applicants for a loan they are: Solid job history (2 years minimum), low debt to income ratio (DTI), and the proper amount of funds to close a real estate transaction. The debt to income is a ratio of your gross monthly income divided by your total monthly debts, plus the proposed monthly mortgage payment (which includes taxes and insurance if an impound account is necessary). This maximum DTI is 45% for most conventional lenders and 55% for FHA lenders.

Conventional financing have a loan limitation of $417,000 or less they are sold on the secondary mortgage pool market to a quasi-government agency and private corporations named Fannie Mae and Freddie Mac. When loan limits are over $417,000 they are called non-conventional financing. There are other government supported loan programs like FHA, VA or state supported loaning programs to assist certain groups in buying a home where conventional financing is not able to assist.

Now that you are sure that your credit report is clean it is time to contact a bank or mortgage company. It could be your local bank or there are multitudes of mortgage lenders on the internet. A good place to start your search is with the bank that you are currently doing business with for your checking, savings and/or VISA/MC accounts. Also do not be afraid to ask friend and/or family members that have mortgages on their properties for recommendations. Most good lenders have similar interest rates, but customer service can be a different issue.

Once you have done your research on a lender that you are interested in now it is time to make contact with that lender. This original contact can be by telephone or through the internet. What you are seeking to get is a Pre-Approval letter from the lender for the maximum amount that they are willing to lend you to purchase a home. It is important to know a price range of a house that you can start your home buying search. The mortgage company or bank will ask for personal information from you in assisting in qualifying you for the Pre-Approval. The required items that you will need to get together for the loan representative is a:

Completed loan applications supplied by the lender listing all bank accounts with balances, debt (credit cards, student loans, auto loans... etc) if you are married you will need all of the same information for your spouse. Additional, information required is:

• 2 years Federal Tax Returns signed with all schedules included and W-2's for both years.

• Two months of bank statements all of the pages(back and front)

• Full month of paycheck stubs for both you and your spouse

• Copy of Drivers Licenses

• Copy of Social Security Cards

The loan officer might require a payment of $25-$50 to run the credit report which is necessary. It should take about 1-2 days to get a Pre-Approval letter for buying a home from most lenders not more than one a week. The lender should provide you a copy of the loan disclosures in about three days which will spell out all of the loan terms the lender is offering. This is law in most states so make sure that you get your copy of the loan disclosures before going any further with this lender. Now that you have your Pre-Approval letter in hand you are ready to contact that Realtor, surf the internet or drive the neighborhoods in search of buying a home. If you do your homework upfront locating this home will be the easy part of purchase a house so good luck.