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5 signs before you go bankrupt – an important warning to be aware of in time

5 signs before you go bankrupt – an important warning to be aware of in time

“Before I went bankrupt, everything went its way” – people often defend themselves. At the same time, we can observe 5 common traits in the lives of almost every slope, all of which preceded the fall. Because, like the financial upturn, financial sinking (going bankrupt) has its antecedents! Now we’re going to queue them. If you know yourself, think about your life immediately before it’s too late!

The nature of bankruptcy may be material or non-material in nature. In this article we talk about financial bankruptcy, which does not necessarily mean a complete collapse. Many would go bankrupt if they could not continue their quality of life tomorrow…

# 6 You can’t pay your entire credit line

# 6 You can

The credit card and overdraft facility in a financially advanced culture is not so devilish, as they know that by using wisely (fully repaying the loan every month) we can make an expansion in the family budget free of charge (we can use the bank money for free). However, this system is very delicate and works only if we can repay our entire credit line every month without any hassle and we can get out of it at any time.

 

The bank is not a very unselfish institution and it is not free to give your money to your personal financial expansion. In this case, the bank makes an option (giving you credit for honeysuckle) that the majority (you form a risk community with others) slips with repayment within 30/45 days. And if you can repay less than 1 HUF, you will be charged the full interest for a given period.

 

It’s enough to slip once with full repayment and you’ll find yourself paying 5-10-15 thousand forints every month. In this case, the bank won and replaced its own option, which was tied to your loss!

# 5 You go to the movies with two more

I know it sounds very surprising, but it is basically true that on the slope you can start “two more cinema”. Of course, replace the cinema with anything else that brings you joy and costs money. The point is that it is very easy to catch ourselves with bagatel items, like say two more movies this month.

But what about “two more”? That’s exactly what the internal financial alarm does not yet indicate, which you do not feel any negative strange feeling (guilt) in yourself. Or when you’re not asking yourself, “Don’t we go to the movie lately?” Believe that this internal financial alarm system exists, many people simply ignore it. However, it goes to a lot of small ones and you just “slip” with one month’s salary…

# 4 Every year you buy the latest “iPhone” – You’re going to go bankrupt

# 4 Every year you buy the latest "iPhone" - You

Many people do not realize that the improvement of perceived wealth and quality of life is actually the beginning of a paved road to personal bankruptcy. Not sure we live better, we are richer, because now we can follow the trend every year and we can buy the latest “iPhone Xt” with the sale of the iPhone 7 with the payment of 100-150-200 thousand HUF. This means one thing:

  • in the best case, we had so much liquid capital to pay for the change
  • in the worst case, we don’t have enough money to switch, so we ask for a installment payment

It has to be understood that no matter what our financial situation, the rarest cases (when our material or professional benefit comes from switching), nothing else happens, as we get over the mainstream train and become a very expensive ticket we pay for our savings. So any such investment means reducing our savings, our actual wealth in exchange for a perceived advantage that adds nothing to our lives as momentary emotional doping, a sort of satisfaction that “we can afford it …”

# 3 You have to reach the “6 Months Savings”

I can’t decide which of the financial psychology is worse. If you do not yet have 6 months of savings, then have you finally reached, and then you come to get someone to give you a birthday or Christmas gift? The 6-month liquid savings mean you have a medium-strength financial backstop that will keep you stable for 6 months even if you can’t earn money!

Everybody would need this backland. In contrast, statistics show that the average Hungarian worker does not have enough liquid savings for 1 month of living! What does that mean? Half the country dances on the edge and prays that no event (accident, job loss, etc.) should happen, because then the entire family budget was overwhelmed.

If you managed to collect this liquid capital,

the most dangerous thing you can get away with is when you touch and waste on something that doesn’t really matter to your life. A lot of people went into bankruptcy with this simple and harmless step. Think about it! You’ll lose 3 months from 6 months (say to a new phone) and suddenly something happens to you. In this case, you will not be able to recharge your credit line after a while and the risk of the first point, the interest payment, will come into effect. You’re going to borrow a loan from your credit for a circular trap that you may never be able to see!

 

 

# 2 You’ve been looking for the same for years

# 2 You

There is no stagnation in finance. You’re in an eternal motion if you want it, if you don’t deal with it. Either up or down your path. People with average financial culture often find it extremely cost-effective, but they are getting more and more difficult every year! What is the reason for not spending anything unnecessarily?

We are usually advised to either reduce your expenses or increase your earnings. However, they both have their own physical limit. If you realize that you have been looking for roughly the same number of years, then you have to think strongly about doing something wrong or simply having fun in your own life!

Finding the same amount each year also means spending more and more every year.

Don’t forget that there is a so-called consumer basket (a collection of food and drinks that symbolize your livelihood), which costs you a unit of money each year. Prices are always rising (what we can call inflation and / or market margins) and adapt to income conditions. If everyone around you is looking for more, it will surely be visible on prices. If you stagnate in this, your livelihood will become more and more expensive year by year, in other words, in practice your pay will actually decrease year by year!

 

What a craze is that you are getting more and more routine-better in your work year by year, becoming a more valuable workforce and inversely looking for less and less than the present value. It’s time to look for a new job, where they are more appreciated!

 

# 1 Your loan balance is higher than 35% of your income

# 1 Your loan balance is higher than 35% of your income

It is worth finding the ideal balance. Prior to the 2008 global economic crisis and the loss of banking confidence in Hungary, the biggest mistake was made in Hungary and financial institutions overwhelming people in disrupting the ideal unity. It was not uncommon to charge 50-60-70% of the certified income with monthly installments, which was no longer a delicate balance but a net stupidity.

It is difficult to find an ideal ratio, because every life situation is different. However, I think that at 35-40%, we should never exceed our monthly incomes on a monthly basis. It’s simple math. You can’t show me a man whose loans have been ruined by up to 35% of your regular income. But we can shut down the Good with those who have not left any room for maneuver!

 

If you have too much loan repayment compared to your income, it means you bankrupt yourself, but have not yet spoken about it. You live in a bigger house, drive a better car, buy more expensive kayaks than you can afford. You have become a slave to your own desires, which you will never get rid of unless you change your attitude immediately!

The 6 most financial mistakes made by all

The 6 most financial mistakes made by all

About 60 million Brazilians are indebted and the trend of this number is only increasing. Are you a part of this majority or do you know how to manage your finances? Take control of your financial life by avoiding these 6 financial mistakes made by everyone.

Lack of planning

Lack of planning

Ordinary habits can negatively impact the financial life, such as going to the market and bringing home more than you should buy or eat on the street when you have food at home.

These everyday behaviors are a consequence of lack of planning.

A practical solution is to organize shopping list before going to the supermarket, and if you want to buy something out of the budget ask these three questions to yourself:

“Do I really need this?” “I have money to buy?” “Can I wait to buy it later?”

  • How to stop impulse shopping?

Misuse of credit card

Misuse of credit card

Credit card is one of the greatest financial facilities that exist, and at the same time a real villain of financial control.

That’s because it gives you the feeling that you can afford it, but at the end of the month the small and harmless purchases become very high values. Be cautious!

You need to be careful not to extrapolate your credit card usage and get into debt.

Prefer shopping in sight, besides not leaving you in debt you can still get some discount.

  • Use credit card without getting into debt? These tips will help you!

Delaying debts

Delaying debts

Any outstanding debt should not be delayed, keep reminders in your vision or schedule an alarm not to pay interest.

  • How not to get into debt again? See these tips

Do not save money for emergencies

It is not even necessary to say how vital it is to save money for emergencies.

Imagine that your car breaks down and maintenance is extremely high, or you need to do some surgery that totally goes beyond your budget.

That’s what the emergency fund is for, as the old saying goes, better safe than sorry.

  • How to save to have an emergency fund

Think only in the short term

Think only in the short term

Setting goals and objectives is key to helping us chart a path to achieve what we dream.

Therefore, thinking only in the present distances us from the possibility of traveling to Europe or even build the house so dreamed.

Establish where you want to go and what steps to achieve your dreams by aligning your budget in the short and long term.

Spend a lot on parties and weekends.

Spend a lot on parties and weekends.

Who does not love parties and the weekends? And no problem at all, the big mistake is in the heat of the moment spending a lot on parties and weekends not respecting the spending limit.

Make sure you prioritize the really important parties, such as birthdays of loved ones, and look for programs that do not suck your money so much on weekends.

Instead of going to bars every Saturday, go to the movies once in a while, or do a movie marathon at home.

You might like:

  • 5 Mistakes You Should Stop Committing With Your Money

Start applying these new habits right now, but if you need a helping hand, rely on the Financial Group .

Ask for your personal loan online, here is simple, fast and secure.

Financial Group , you away from the red!

How a Hungarian show dancer discovered a new stock market strategy

How a Hungarian show dancer discovered a new stock market strategy

For many, the stock market is just a place where business is done. But the world of equities is also full of fascinating stories of people looking for their fortune and fortune – one of the most exciting is that of dancer Persona, who by chance discovered a strategy for equity investment and made a fortune. He first described his story in 1960 in his book “How I Made $ 2,000,000 in the Stock Market”.

Whether the story is true and the strategy works

Whether the story is true and the strategy works

As the followers believe, or whether the story is polished, as Doubters criticize, is an open question. One thing is certain: it is an impressive story. Here is the short version:

The story begins in the USA in November 1952 – it’s the time of the great dance palaces and the glamorous nightlife we ​​still know from old black and white Hollywood movies. Persona, who came to the USA as a young man from Hungary, is probably the best-known show dance couple of his time together with his sister Julia. One evening he gets an unusual offer: Persona is to perform with his sister in a nightclub, run by two brothers in Toronto, Canada. Gage: 3,000 dollars. Unusually:

The money should not be paid in cash, but in securities: 6,000 shares of the Canadian company Brilund, a mining and mining company. The shares had a value of 50 cents, making 6,000 pieces so $ 3,000. For scheduling reasons, Persona must reject the offer – but once curious, he bought the shares:

“Since I was embarrassed to have failed the brothers, I was out of grace to buy the shares. I sent a check for $ 3,000 and received 6,000 Brilund Company shares, “he writes in his memoirs.

Then the unexpected happens:

Then the unexpected happens:

Because of his many appearances, Persona had almost forgotten the purchase of the shares, until he leafed through the newspaper in a quiet minute and found the page with the stock prices. And what he discovered left him breathless: the price had skyrocketed from 50 cents to $ 1.90 over the eight weeks. Persona sold the same day. His win: $ 8,000 in eight weeks.

Persona pounces on all the other unknown Canadian stocks traded at the time. And he got a bloody nose: The money he had earned with the first few shares was almost as fast playful again. But Persona will not let up. He learns everything about stocks, what the textbooks and magazines gave, but can not repeat the profit.

In a moment of helplessness, he finally stared at the newspaper page with the stock market prices. By chance, he looks at the price of a stock that has been rising for weeks. Sometimes it was a bit down, but constantly on and on high. He decides to put everything on one card one last time and buy that stock. His idea: If a stock rises for a long time, then it is only likely that it will continue to rise. And he was right: After only a short time he had $ 5,000 in his pocket.

The dancer makes a strategy out of his observation:

strategy

He begins by sifting through the stock market only for stocks that are in an uptrend. Within 18 months, he turns $ 25,000 into the incredible $ 2.25 million, he says in his book.

Whether it is true, no one can probably check more. After all, even today the Hungarian dancer has many followers among the stock market players who follow this strategy, which is also called trend-following strategy. The followers of this method invest only in stocks that are in a stable uptrend because they expect the upward movement to last even longer. Price fluctuation and loss risks nevertheless remain.