Sarang Ahuja | Finance

Leader, Financial Expert, Game Changer

Tag: money management

Sarang Ahuja—Comparing the Biggest Personal Finance Companies

Comparing the Biggest Personal Finance Companies

Personal Loan companies are well recognized with offering individuals with credit to buy immediately and pay back the borrowed amount over time. Numerous companies such as banks, private lenders, credit unions and peer-lending companies offer personal loans. Customers with predictable monthly income are given priority in receiving personal loans. Personal loans are often utilized to consolidate high-interest debts, finance big purchases such as houses or land or used to fund new businesses. Consumers can borrow money for the personal loan either in person or online. A personal loan can get you the quick funds you require in short order if you meet the requirements. They are a popular tool for amalgamating and reducing high-interest credit card debt, providing fixed interest rates and payment plans, making the loan repayment easier to budget for. Personal loans are classified as unsecured loans since they do not require security. Additionally, they are preferred to most credit cards because one can borrow a huge amount conceivably at a lower rate. When utilized responsibly, personal loans can help bridge a financial shortage in no time. Companies offering personal loans are compared in terms of LOW APRs, Higher loan limits, flexible terms, accessibility and low or no fees. Below is a list of best personal loan lending companies that targets borrowers who have substantial credit.

Lending club

Ranked among the top America peer to peer lenders with loans up to $40,000 in a year. It is popular among the lenders due to its lenient credit scores policies that require a minimum of 600. It is widely spread across America conducting business in more than 47 states with an APRs range from 5.99% to 35.89%* APR. The lending club boasts of competitive interest rates, transparency and wide availability that puts it first among other lenders.

Wells Fargo

A well-established personal loan lending company with a repayment term ranging from 12 to 6o months with no origination fees. Offers loans from $3,000 to $100,000 with and advertised APRs of 6.25% to 19.75%. Wells Fargo boasts of highly competitive rates with a convenience of large branch network across the world.

Prosper

Ranked as the second largest lending company after lending club with a minimum credit score of 640 and loans from $2,000 to 3,000 at APRs ranging from 5.99% to 35.97%. It operates in more than 47 states in the U.S with impressive transparency hence preferred by many individuals.

Lightstream

Lightstream is an offshoot of sun trust bank that offers excellent rates for creditworthy borrowers. Lightstream is highly preferred because it offers loans with no registration and prepayment fees. Has flexible terms and high borrowing limits making it a darling among prospective borrowers who require massive amounts and a longer repayment time.

Personalloans.com

Personalloans.com offers a wide variety of loans ranging from personal bank loans, installment loans, and peer-to-peer loans. Has an advertised APRs ranging from 5% to 36% with loans amounts up to @35,000.

Sarang Ahuja—Goals for Financially Responsible Individuals

4 Goals for Financially Responsible Individuals

Financial concerns are common even among individuals with sizable incomes. This is because many have a tendency to live up to or even beyond their means. Essentially, people are spending as much as they are earning, and they have little to show for it as a result. This can create financial stress and can put your future in jeopardy. If you are wondering what you can do to improve your financial situation, setting a few goals and working toward those goals regularly are wise moves to make.

Pay Off Your Debts

While some types of debt, such as a home mortgage, can help you to improve your financial situation, you should focus your attention on paying off all debts as soon as possible. All debts have interest charges and other fees, costing you money unnecessarily on a regular basis. By paying the debts off, you can avoid paying interest charges. You can also use the funds that otherwise would have been allocated for debt payments to save and invest more heavily. Start by paying off the accounts with the highest interest rates first.

Reduce Regular Spending

Living up to or beyond your means can create financial stress and hardship. It is smart to always live below your means. Consider downsizing to a more affordable house or driving an older car. While it may be nice to have status symbols that show off your income level, it is better to enjoy peace of mind in knowing that you have a sizable bank account balance.

Create an Emergency Fund

Everyone should have a substantial amount of money in their savings account. This should be money that is not earmarked for anything other than emergencies. Therefore, save up additional funds as needed for vacations, holiday shopping and more, and avoid dipping into your emergency fund unless absolutely necessary. Ideally, this fund will have enough money to cover your expenses for at least six months.

Invest Regularly and Heavily

After you have accomplished these goals, you will find that your financial security has already increased substantially, but there is still more work to be done. Now that you have reduced your spending, you can focus on investing regularly. Investing is a great way to get your money to work for you, and it can prepare you for the unexpected as well as for retirement. Focus on diversifying your portfolio to minimize risk.

Turning your attention to your personal finances is critical if you want to sleep peacefully at night and enjoy a secure future. By working regularly on these important goals, you can turn your finances around and enjoy the financial security that you crave.

Sarang Ahuja-How To Be Fiscally Responsible

How To Be Fiscally Responsible On Vacation

Summer vacations are a time to relax, but they can be financially taxing as well. Between the time you may have to take off and the expenses related to travel, preparing for a vacation may be a year long ordeal. As a result, even well-planned vacations can end up costing a lot more than travelers have in mind. If you’re traveling or vacationing this summer, I’d like to share some tips for ensuring that your personal finance doesn’t go out the window.

Eat smart.

When you’re on vacation, it can be tempting to eat out every day. This can add up quickly, however. Consider planning your meals ahead of time, looking in the cities that you’re traveling to for cheap and healthy options. If you’re staying somewhere with a kitchen, you can even bring your own food!

Plan transportation.

If you don’t have access to your own car, you may very well need to rent one for the duration of your stay, or investigate public transportation options. For both of these, it’s critical to compare prices to discern the most cost-effective way to travel. You can even break up rentals, renting multiple cars over the course of the week, if you’ll be staying in multiple locations. Pay attention to factors like pickup locations, gas policies, and other things that may lead to an additional charge.

Look for free events.

The theme of this article is that a little research goes a long way. In an unfamiliar town, there are frequently free tours that don’t carry with them the expenses of paying to sightsee. Beyond this, there are often interesting local events in the summer that you can partake in for free or cheap. This has the added bonus of giving you a better sense of local culture than common tourist spots. Often, there are free walking tour agencies in major cities run by people more than happy to show outsiders around.

Tweak your plans.

This is especially valuable advice when it comes to flying. Flying at times such as the middle of the week can save a lot of money on airfare, and flying with stops can also save a great deal of money. Some sites will even inform you when certain airlines have sales. Generally, the further in advance you book, the better, though some believe that 50-60 days before the flight is the best time to buy. Regardless, booking last minute should be avoided.

Limit your souvenir spending.

I won’t fault anyone for wanting to buy souvenirs; they can be great mementos of a trip. However, they can both cost a lot of money in tourist-centric areas and take up valuable luggage space, which should be conserved when flying or taking a train trip. Be cognizant of the amount of space you have leftover in your luggage and plan accordingly.

Sarang Ahuja—5 Books to Change Your Financial Perspective

5 Books to Change Your Financial Perspective

Finance is not something to be singularly studied and then mastered. It takes time to adequately comprehend everything that feeds into finance and economics, and even more time to keep up with the worldwide and personal changes that can affect the way your spend and make money.

When you’re on the beach this summer, consider mixing up the usual lineup of pulp thrillers with one of these great books on money.

Spend Well, Live Rich: How to Get What You Want with the Money You Have by Michelle Singletary

This is the kind of book that you can judge by the cover. Unpretentious, straightforward and practical, Singletary brings her years of journalism experience to bear on Spend Well. The focus of this book is on common financial questions, with the author providing relatable advice that anyone can follow. If you’re looking to improve your debt situation and spend less, this is the book for you.

Think and Grow Rich by Napoleon Hill

In the wake of the Great Depression, impoverished journalist Napoleon Hill sought the secrets of wealth, interviewing numerous wealthy individuals over the course of two decades. It doesn’t just offer insight into how to be smart with finances, it’s an inspirational book as well, telling the stories of men and women who grew out of their humble beginnings and made names for themselves.

The Devil’s Financial Dictionary by Jason Zweig

Tongue-in-cheek and humorous, Zweig paints a picture of a hostile and unforgiving Wall Street, deciphering jargon while tearing down the individuals that have made finance so difficult to process for many. It’s a survival guide to a dangerous reality, one that can be navigated with a lot of savvy and perhaps a good sense of humor.

Screw It, Let’s Do It: Lessons In Life by Richard Branson

Written by the founder of Virgin, contrary to what the title may suggest, Branson calls for a more holistic approach to building business based on moral values and environmental preservation. Branson talks about the people that inspired him and how he experienced and overcame numerous obstacles on his personal road to success, with the hope that he can spur others to do the same.

Rich Dad Poor Dad by Robert T. Kiyosaki

Kiyosaki tells the story of his two dads, his own, and his “rich dad” who was actually the father of his best friend. He contrasts how both approached money and spending. It teaches paths to financial freedom and the mindset necessary to not spend beyond one’s means. It’s a great way to change one’s mind about how wealth is generated and spent.

Tips and Tricks to make extra cash—Sarang Ahuja

Tips and Tricks to Make Extra Cash

Saving, despite its plentiful benefits, can sometimes only do so much. In every individual’s life, there is a point when they decide that it’s about time that they made more money. Maybe it was the first time they mowed neighborhood lawns, or took a paper route, or even fought for a raise. There’s a lesson to be learned here: there are always opportunities to make more money with a little creativity and determination. I already talked about the gig economy and some of the best side job options available, so if you’d like information on that, read this article.

However, there are other ways to provide yourself with an alternative income stream or even gain the skills necessary to secure a raise. I’d like to discuss some of them now.

Get a certificate.

You’d be surprised at the number of skills that have some kind of certification associated with them, that can be earned without too much of a time commitment online. In some cases, you may be able to just take an exam to prove your competency and shore up your resume.

There’s a certain level of research associated with doing this. For instance, you’ll want to make sure that you’re earning your certification from a credible website. Some can actually cost quite a bit of money, so you’ll have to weigh the cost with the impact that it’ll make. Still, if you earn enough money as a result, you can make your investment back and reach your career goals in the process.

Grow Your Portfolio.

The best kind of income is the kind you don’t have to put too much time into. Building a stock portfolio is a great way to generate passive income over time. The best investment portfolios are focused on long-term growth, and with a little research and monitoring, you can build a supplemental source of income. Lending firms are also an option if you’re particularly short on time, and are a good way to dip a toe into the waters of investment.

Gain a Following.

Starting a blog is an unlikely way to generate income! The first step is positioning yourself as an expert on a particular niche (like finance!). It can be tough to generate a regular readership, but you’ll never need a stringent schedule or anything outside of a computer and internet connection.

Once you’ve started providing something of value, you can expand to other, smaller services and find a way to offer more to your audience. This is a flexible approach, allowing you to commit as much or as little as you want.

Learn Niche Skills.

Every industry has its quirks, and in yours, it always pays to learn the little things. Consider the niches in your field, and consider becoming an expert in one of them, a font of knowledge that others around you can depend on.

Certifications can come in handy here; it’s never too late to learn, and you’re not starting from scratch. Even in a workplace, taking on extra responsibility in a specific area that is needed can lead to further raises and opportunities.

Financial Recovery (1)

Financial Recovery—Acknowledging Your Money Missteps

When it comes to personal finance, it can be easy to continue spending on something that offers you little to no value with a disproportionate level of attachment due to resources you’ve already expended. This is known as the sunk cost fallacy and can cause individuals to act against their best interests and spend more than necessary. When this happens, the best course of action is to ignore the amount already spent and move along, even if this is difficult. Similarly, if you’re caught up in another bad financial habit, the solution is always to acknowledge the issues with your behavior and adjust accordingly. With that in mind, here are a few financial mistakes that are easy to make, but also easy to recognize and fix.

Not planning for a major life change

When something major occurs in your life, you should attempt to anticipate and deal with it as soon as possible. Changing jobs and careers is perhaps the most jarring financial change to make, but the expenses and time associated with major events such as weddings and the birth of a new child can tax you more than you’d expect.

Take advantage of the time you have before the event occurs. When it comes jobs, don’t quit until you’re absolutely certain you’ll be able to support yourself between jobs. Setting up a new job is half the battle, but the other half can often involve pursuing other sources of income that can support you in the interim.

Not tracking online payments

When it comes to online payments, never assume that payments are being made automatically. Even with autopay on, make a list of websites that will be charging you and find time to check them after every payment is made. It can help save you from unexpected late fees and save you the hassle of having to call companies to talk about your payment.

And, as previously stated, never hesitate to let go of a recurring payment if you feel you are no longer gaining value from it.

Not having a budget

Building a budget may seem like a daunting prospect, but there are tried and true rules that can help you easily plan out where your money goes every month. One of the most prominent is the 50/20/30 rule, which states that you should allocate 50% of your monthly funds to necessities, 20% to retirement, savings, and debt payment, and 30% for lifestyle expenses, which involve everything else. You’ll need a way to track this budget, and some online services make it easy, but much of this can be done by writing down relevant information.

Not building additional sources of revenue

Sometimes, time limitations make this difficult, but securing or setting up alternate streams of income can give you more breathing room month to month. This can involve taking on freelance projects, securing a part time job, or even selling old items that you no longer need. Be flexible, and ensure that you have the time to properly dedicate to side projects.

Not having long term goals

Things like retirement can seem like ages away, but knowing the eventual outcomes you are trying to achieve go a long way toward your planning tactics. For that matter, it’s not enough to simply have a goal; you need to know the steps that you want to take to reach that goal, and do the proper research and preparation to ensure that you’ll be able to act on it when the time comes. This can involve managing your debt, creating an emergency fund, and putting serious thought into where you allocate your savings.

Personal Finance 101 – 5 Steps to Successful Budgeting

To put it simply, a personal financial budget allows you to itemize your entire finances holistically for any given period of time. This concept helps you determine whether you can grab that bite to eat or whether you should head home for that peanut butter and jelly sandwich. This type of planning and monitoring allows you to identify any wasteful expenditures that you can quickly adapt and alter so that you leverage and optimize your money for your future financial goals. This can only start when you actually break down your expenses. For many, they will be surprised by what they find. Those $5.00 coffees or $15.00 lunches can add up in an incredibly negative way. But recognize those flaws is the first step in optimizing your finances for the better.

In this quick simple video, you will find some helpful hints and tips of how to successfully budget for your future goals. this sense of financial clarity will not only alleviate the stress and anxiety of paying bills, but also track and highlight your financial health in comparison to your financial goals.

Preparing the Future Starts with Financial Literacy

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Personal finance literacy is more than just being able to balance a checkbook and compare prices. It also includes skills like long-term vision and strategic planning for a person’s financial future. In the United States, we make a great effort to teach our children how to read and write. But the necessary disciplines of financial literacy seem to have been overlooked day-in and day-out for our future leaders of tomorrow. While as much as we can tailor our focuses to the fundamentals of learning, we as a society need to begin putting precedence on the importance of personal financial literacy. For our children, the concepts of financial literacy and money management are skills our kids can cultivate and leverage throughout their lives. The more we veer away and over look the importance of this concept, the greater the gap our children will have preparing for a better future.

Before we continue on the importance of financial literacy, let’s start by first comprehending the entire concept holistically. Financial literacy is, by definition, the ability to use knowledge and skills to make strong, effective, and informed decisions on money and money management. This covers this from simple concepts such as knowing the difference between earning, spending, and saving to creating and maintaining a bank account. In education today, the system focuses much of its attention on the foundational skills of reading, writing, and mathematics. While I do not disagree that these three are the core skills to a successful academic and professional career, we as a society need to alter our system to better prepare our children for a stronger and fruitful future. To this end, I believe that it is vital that we incorporate financial literacy classes for our children. These classes can help transform our children into strong analytical thinkers and decision makers.

So if financial literacy can help shape our children’s lives, why haven’t parents taken the initiative to teach their kids about money management?

This has been a dark and looming question many parents are forced to ask themselves. While they themselves understand the importance of financial literacy, the topic as an overall open discussion is not that easy. In a way, many adults are intimidated, or worse embarrassed, by their own current financial status to have this open talk with their children. While talking about money may not be the most comfortable discuss with your children, acknowledging its importance can do wonders for your kids. First and foremost, as adults, you have the necessary years and experience of how to make strong, valid, and sound financial decisions. Regardless of your current financial status, your knowledge and understanding of savings and money management can be the perfect way of guiding your child for a better future. Leverage your experiences, and especially your mistakes, to teach your kids what to do with their money. That brings us to our second reason of why you should share your financial knowledge with your kids. At the end of the day, no one is perfect. We have all been in a situation where we have been overzealous with our spending. The main things you can do is to learn from those mistakes. Similar to that situation, utilize those low points at teaching points for your kids. Helping them avoid those mistakes now than later can save them a great deal of trouble when they become adults. Remember, the first person who can impact the course of your child is you. Provide them with the higher-level practices of money management. Introduce and empower them to take control of their financial lives. Once they are able to do that, you’ll know you did your job.

Now, I know what many of you are thinking. What can I teach my five-year-old child about finances? How can an eleven year old have a grasp of investing?

In this day and age, the concept of business has grown dramatically through popular stories like Mark Zuckerberg’s rise to fame to infamous American reality television investment shows like Shark Tank. Because of it’s ever-growing status, helping your child learn the basic practices of money management can start their journey of earning, saving, and managing their funds. For many parents, this begins with a simple allowance. While providing them that concept of hard work ethics is great, make sure you instill the reasons of the amount they are getting and the options they can leverage in the future. In other words, provide your child with a simple standard of budgeting. One way to do this is to show them the 50-20-30 rule where 50% will come to expenses, 20% will go to savings, and 30% will go to leisure spending. To help aid with their overall understand of this process, try introducing them through your own example with a simple example or your actual personal finances at work. The key is for them to see and practice these skills at a young age. If they make any mistakes, let them make it! The more mistakes they make, the more opportunities they can learn for in the future.

Outside of money management, be sure to teach them the concepts of overspending and expenses. While it maybe e a hard concept for them to grasp, showing them the true realities of the world can help put things into better perspective. At the end of the day, our children are our future. If there is any way that we can alleviate any bourdons or misfortunes, now is our time to do so. Benjamin Franklin said it best where, “An investment I knowledge pays the best interest.”

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