In this episode, we invited {insert here the name of the speake}, {insert here his/her title} at {insert here the MS2 name}. We asked her/him how to use and manage money efficiently every month and avoid money problems with online loans.
Stay close, and let’s dive deeper into financial literacy and its improvements.
We most likely lack financial education when we leave the formal education system. If it did not come from family, informal sources, or is not even mentioned in entertainment sources, then it is the kind of thing that we do not even know we lack.
Later, when we enter a consumer-oriented economy as employees, it is difficult to define our role and know how to manage our own money. We tend to focus on extremes based on fear or spontaneity and compulsive spending, saying that life is worth living. But both options keep us from being masters of our budget.
The Benefits of a Personal Budget
Many people don't have a personal budget just because they don't have the knowledge to manage it. Many assume that managing a budget makes them too old, too organized, too dull, or lacking spontaneity. The irony, however, is that managing a budget does the exact opposite: it makes people want to be in control of their finances, to be able to decide without being constrained, to sleep peacefully, to see money as an instrument that works for them and not as a tool.
Revenue Growth
The stories we grow up with glorify poverty and associate it with other virtues, such as Prince and Beggar. But when we are adults, we notice that having money is not a bad thing, but something that gives you access to better education, safer means of transportation, quality medical care, and access to difference. Financial comfort takes you higher in the hierarchy of needs, letting you focus on your spiritual and higher requirements.
Therefore, when the mentality of personal budgets and finances is changed, income increases become a natural consequence, mainly because people can think of it as a goal - tool and not as a desperate need.
Reducing Expenses
Expenditures do not always reflect our healthy needs or desires. Often we only have a reactive response to the stimuli around us. We are bombarded with advertisements for various products, constantly retargeted, coming to believe that maybe the Universe wants and it is a sign to buy those objects. Although we will be able to afford more things once we have a fair budget, the peace of mind that comes with financial comfort will probably lead us to a healthier area where we will spend less.
How Borrowing Opportunities May Change Your Life?
If all these lessons didn’t work, our speaker {insert here the speaker’s name} spoke about financial opportunities, namely about online loans and their types:
Payday Loans
A payday loan is a short-term cash advance that people take to cover emergencies. These loan products are more expensive than other loans (the APR may reach 400%).
Loan amounts available: $100 - $1,000
Loan terms: 14 days - 30 days
Installment Loans
An installment loan is a medium-term loan product that helps borrowers pay more significant expenses. Installment loans are cheaper than payday loans (the APR doesn’t exceed 7%).
Loan amounts available: $1,000 - $5,000
Loan terms: 2 - 24 months
Personal Loans
A personal loan is a long-term installment loan you may get to pay for credit card debts or other significant expenses. Personal loans are a financial option with a long-term effect, not a solution to cover emergencies as payday loans are.
Title Loans
A title loan is a secured financial tool that needs collateral. The most widespread title loan is the car title loan. You are allowed to drive the car while paying the loan. The amount and repayment terms depend on lenders. However, it is cheaper than other loan products, thanks to its collateral.
So, we thank our speaker and thanks to his/her lessons about financial literacy. We close this podcast with a short quote: “Take care of your money!”