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What is Debt Consolidation, and How Does It Work?

Debt list elimination is just one of the benefits of debt consolidation. Find out here, at priority plus financial, how and why it works for you.

Having a debt to a limit across multiple credit cards or departments and accumulating debt from other services such as cell phones, medical bills, or different types of debt can easily distract you from meeting your minimum payments individually.

Debt consolidation consists of obtaining loans to pay off other loans and/or credit, for example, credit cards. With point breaf financial debt consolidation, you can pay off multiple debts in one monthly payment, which is just one solution to reduce your debt.

Supposing your payment capacity allows you to make minimum payments, and you will need more than that to get you out of trouble because a large part of what you pay will be going towards paying interest.

The main goal is to get a loan with lower interest and monthly payments without risking your assets. Debt consolidation loans are helpful for people with high-interest rates on their debts and who find it difficult to pay their bills every month.

The main advantages of debt consolidation are:

You only have one debt.

You owe four different things: a car loan, money on two credit cards, and a department store card. You need to track each of these debts and pay four bills each month.

With debt consolidation, you will free yourself from delayed payments with the help of credit, where your four debts will be combined into one. This way, you only have to pay one bill each month, making it easier to plan and budget your expenses.

Reduction of the average interest rate on the total amount

With four different debts, the highest interest rate can be up to 18%, and the …

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Pros and Cons of Investing in Land and Real Estate Development

November 22, 2022November 22, 2022 - by Abigail Martinez

What is the difference between investing in land and real estate development?

When it comes to investing in land or real estate development, most people might get confused a little bit due to its similarity. Now we will explain to you what the differences are between these two terms.

Investing in land happens when you want to become an investor in the land. It refers to the time when you purchase and own land as part of your property portfolio. Moreover, you made a profit by buying it and then keeping it until you sell it at a higher price. When you become a land investor, you will still have some time to operate your other business or even work a full-time job. Since you don’t need to spend hours maintaining your properties like when you develop them. If you are a land investor and just keep it until its price increases and sell it later, the amount of profit might not be as high as when you develop real estate.

As for investing in real estate development, you will become a real estate developer rather than just an investor. It happens when you buy a property such as land that has nothing but you add more capital in developing this land into any kind of property that will help you gain profit or income later. For example, you buy forest land and then you use your additional money to develop that area into a resort or you build community houses for selling to other buyers. In short, when you invest your money in developing real estate you will build your property from scratch with the intention to sell it later for a high profit. But you need to be aware that if you want to become a real …

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Why Invest in Gold: Different Options You Can Choose

October 3, 2022October 3, 2022 - by Abigail Martinez

It is vital to remember that numerous advantages explain why choosing precious metals such as gold is a perfect investment for your requirements. At the same time, people from across the globe believe in the theory, and everyone depends on it when they do not have stability with other assets.

That is why you can see the rise in the overall price whenever minor turbulence affects global markets or if the political tensions between powerful countries increase. Still, choosing gold has stable rates globally, meaning you can liquidate it worldwide. You should enter here to understand the importance of investing in precious metals.

Adding a precious metal component to your retirement portfolio can reduce its volatility and provide you hedge against a potential downturn. Besides, you can gain money eventually. Buying gold in a self-directed IRA will help you preserve wealth and increase risk-adjusted returns for individual planning.

At the same time, having a modest amount within a balanced retirement investment can reduce the portfolio’s overall risk. Therefore, you can get protection against downturns, as mentioned above.

Gold IRA comes with numerous advantages, and the idea is that you can quickly get access. The diversity of portfolio and investment plan requires IRS-approved precious metal products, which will enhance the quality of your investments.

Physical Gold

The best thing about physical precious metals is the lack of counterparty risk, meaning the central bank cannot print it, and it is a physical property no one can dilute from the outside.

Generally, silver and gold have stood the test for thousands of years, meaning they maintained their value in the face of market volatility, inflation, currency devaluation, political turmoil, war, and terrorism.

At the same time, the constant devaluation and inflation of paper currency are reducing purchasing power, and precious metals act as …

Business Plan

The Importance of Financial Planning Service

September 19, 2022September 19, 2022 - by Abigail Martinez

What is the importance of financial planning in a business? It’s the process of allocating money to various goals and objectives set by a company. This process is critical, especially for any company that wants to succeed. It’s nearly as crucial as establishing a company. This should be done whether or not the business is incorporated and regardless of its industry. Some businesses don’t bother with financial planning until they’re in dire need of it, but this is a mistake.

The Importance of Financial Planning

There are many reasons why financial planning is so important. The most obvious reason is that financial planning helps businesses allocate their resources in the most efficient way possible. This, in turn, allows businesses to save money and increase profits. Financial planning also allows businesses to set goals and track their progress. This helps businesses stay on track and achieve their objectives.

Another reason financial planning is important is that it helps businesses make informed decisions. Financial planning provides businesses with information about their past performance and future prospects. This information can be used to make decisions about where to allocate resources, what products or services to offer, and how to price them. Financial planning also helps businesses assess risks and opportunities. This information can be used to make decisions about whether to pursue certain opportunities.

Finally, financial planning is important because it provides a framework for making decisions. Without financial planning, businesses would have no way of knowing whether or not they’re making the right decisions. Financial planning provides a structure for decision-making and helps businesses stay organized.

There are many other reasons why financial planning is important, but these are some of the most important ones. It’s critical for any business that wants to be successful. Any business that doesn’t have a financial …

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How Many Bank Accounts Should You Have?

September 19, 2022September 19, 2022 - by Abigail Martinez

In the money culture of the current world, most of us are used to having our finances housed in financial institutions such as federal banks or credit unions. There are several types of accounts that serve different purposes for managing your money, and if you’re an adult with a debit card and a regular job, you’re probably familiar with some of the basics. But what exactly are the main types of accounts, how many should you have, and how can they work together when it comes to managing your finances?

Checking Accounts

A checking account is meant for expenses that occur on a regular basis, such as utility bills, loan payments, groceries, and other living expenses. One financial strategy is to have two checking accounts. You’ll use one for bills that are regular and consistent on a monthly basis such as your mortgage, electric bill, and car payment. You should not get a debit card for this account in order to keep from spending the money you set aside specifically for these bills on other things. Your second checking account will be for flexible spendings such as grocery shopping, gasoline, and recreational expenses. This secondary checking account will have a debit card associated with it.

Basic Savings Accounts

Your basic savings account is meant for setting money aside for either emergencies or a specific purpose. You could have as many savings accounts as you have savings goals, but keeping that number small will help you create more momentum as you save. An emergency savings account would be money set aside specifically for any unexpected expenses, while the targeted savings accounts can be for specific savings goals you hope to bring to fruition within the next five to ten years, such as saving for a down payment on a house or …