Invest in the Future: 4 Financial Moves to Help you Get Ahead in Life
Monday, May 22, 2017, 6:00 AM | Leave Comment
Money problems affect many people, which is not something to be ashamed of. At the moment, more and more young people in western civilizations are struggling financially.
The following are four financial moves that can help you get a fresh start in life.
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Debt Management
One option that you have is hiring a debt managing company. This company helps consolidate all your debts into one payment and helps negotiate with the creditors you owe money to.
It might help reduce the amount you owe so you can pay it off quickly. This might hurt you credit score or even force you to live without credit for years, which can make things difficult, but it is an option.
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Self-Management
Those who still have a little time to deal with debt might want to consider managing their own finances.
You are going to have hard time figuring this out on your own, but there are a few things you can do.
For one, you can get rid of your smallest debts faster. Try to cut down unnecessary expenses like eating out, extra clothes, cable bill, home phone bill, and even the internet if you do not use it for work.
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Bankruptcy
There are times when there is nothing that can be done except starting over completely.
You may need to consider filing for bankruptcy at this point. This is a way for you to start anew and not worry about having a low credit score.
Now, filing is a little complicated, so it is best to hire a bankruptcy attorney to help you file and ensure that you get the best possible settlement possible.
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Self-Employment
Another option that may work is to get a second stream of income. There are many self-employment opportunities that have sprouted since the internet came about, from ride-sharing sites where you can drive strangers around for cash to lesson-sharing sites where educators can sell their self-formulated lesson plans to other teachers who do not have the time to come up with their own.
Most of these jobs work around your own schedule, so you will not have to change your own work schedule but rather do this on your free time.
You can also talk to a financial advisor to see if there is anything else that can be done to improve your financial situation. Do not fret about this; it may seem hard now, but there are ways out of this situation, and you can start anew if you give yourself a try.
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Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.
