Due to global economy crisis, many debt settlement plans are specially designed to attract people in debt. However, some of them are “blinding” you and costing you a lot of money. If you make the wrong choice, you will end up in a deeper debt. Hence, in order to protect yourself, you must learn the tips of choosing the right plan which really suits your financial needs.

Tip 1

Choose the settlement company which provides free consultation to you. Get the professionals to review your financial position and request them for free advice. Sign up for the plan if you think that their plan is indeed beneficial for you. It is not rational for you to choose any plan before evaluating your own requirements.

Tip 2

Select the plan which suits your budget. Check with the settlement companies whether you are qualified for their plans. Besides, the cost of the service fee must be reasonable. Avoid those companies that charge upfront and other administration fees. If you can’t afford for it, you are advised to drop the plan.

Tip 3

Evaluate the plan to find out whether it causes any “side effect” to your credit score. Make sure that the plan is able to help you to remove all the negative items from your credit report. At the same time, find out what services are provided under this plan. In common, under this plan, the phone calls and reminder letters from creditors and debt collectors must be well taken care of.

Tip 4

Find out whether your monthly budget is taken care of under the plan. You must make sure your financial plan matches your monthly income and expenses. You are advised to look for those plans which provide guidance to you on budget planning.

To sum up, choosing the suitable plan can be challenging. Make sure you use the right technique.

Is there a formula for wealth creation? Do all self-made millionaires take the same steps to amass their fortunes? If we were to do an in-depth study of how self-made millionaires think and act, would we find some common clues that we can learn from? The answer is yes.

These are seven essential steps, each one representing a wealth creating skill that all self-made millionaires possess and practice.

Step 1: Adopt the Million-Dollar Mindset

Millionaires see learning experiences, where Mister Ordinary sees failure. The moment you adopt the beliefs and habits of a millionaire, your perception of the world will change completely and you will realize that there are money-making opportunities everywhere and everyday around you.

Amazingly, these are opportunities that you were once quite blind to!

Step 2: Set Clear Financial Goals

Wealth never happens by chance. It always begins with a clear goal in mind. At one point of time in their life, millionaires always make a decision to become rich. However, whenever I ask most people what their financial goals are, I often get a blank stare. This is a major reason why they will never achieve any level of wealth because they have no clue what it is. Unless you have a specific figure to focus on, you will never be able to develop a strategy to achieve it.

Step 3: Create A Financial Plan

Once you have set specific financial targets of how much you want to earn and how much money you want to accumulate, you can then develop an effective plan to achieve it. Goals by themselves are nothing but pipe dreams. Only when you create a plan, have you made your goal a possibility. The moment you start taking action on your plan, your dream becomes a reality.

Step 4: Massively Increase Your Income

After developing their financial plan, most people tend to become initially disheartened. They look at their plan and realize that with the amount they are earning and saving right now, it will be decades before they see any big money.

It is therefore important that you learn how to accelerate and turbo-charge your financial plan by taking steps to massively increasing your income.

Step 5: Manage Your Money & Reduce Expenses

Many people think that by increasing their income, their wealth will automatically increase. Unfortunately, increasing income is only one side of the wealth equation. After all, there are people who earn $2,000 a month who are broke and there are those who earn $20,000 who are still broke. The reason is because when we don’t manage the money we earn, our expenses will always rise to our level of income, wiping out any surplus we have!

Step 6: Grow Your Money at Millionaire Returns

By increasing your income and reducing your expenses, you will find that you will be able to accumulate a surplus of funds that you can use to help you build your fortune. You need to do this because, no matter how hard you work and save, you will never be able to create phenomenal wealth unless you learn how to put your money to work for you. Through the power of compounding, you will be able to take small sums of money and build it into huge returns over time.

Step 7: Protect Your Fortune

There is no use working hard to build your personal fortune only to see it all taken away from you. There are many people who have taken decades to build their fortune only to see it wiped out by an accident, unforeseen illness or through an unexpected lawsuit. Self-made millionaires engage professionals like insurance advisors, lawyers and accountants to help them build a financial fortress so their wealth is protected from potential creditors, plaintiffs looking to sue and the government who may take away a big chunk of your wealth through a whole range of taxes that you may not have even heard about.

So there you have it, an overview of the seven steps that you must take towards financial abundance.