Personal Finance

Personal Loan: Do I Guarantee Having a Clean Name?

Many complain, " I got a clean name and they denied my personal loan application! How can you? ". Thinking of answering this question, we prepared this post that explains why this may occur:

Clean name does not guarantee personal loan approval

This is a fact that many do not know, but it is true. No bank and financial institution takes into account only the clean name factor to release a credit. There are several other points that they look at together in a credit analysis.

1. Payment History

Even with a clean name, if you do not have a good payment history, you will hardly be able to get a good loan offer. Depending on the place, your personal credit application will not be approved. This, therefore, considering your payment history, you are not part of the public with which they work;

2. Ability to pay

Let's assume you have a clean name and a good payment history (you have never delayed an account). But if you earn $ 1,000.00 per month and want a $ 30,000 personal loan installment in 30 times, you certainly will not be approved. The reason is in the ability to pay. Even considering that you have no interest, in this loan condition you want, the value of each installment will leave $ 1,000.00 per month. You could not spend 100% of your gain to pay off a debt, and there are other bills to pay. Thus, it is good to know that your income commitment greatly influences a credit analysis;

3. Proven income

One reality is, "The higher your proven income, the higher the maximum loan amount you can get." This is related to the ability to pay that we explained above. A good tip we give readers of this post is to tell you how much you actually earn, and that you can prove it in some way;

4. Other variables

Besides the 3 important points we explained above, each place looks at different variables, such as: customer geolocation, age, type of occupation, and others. Therefore, it is natural for you to be approved in one bank and not approved by another financial institution.

But it's easier

As you may already understand, the loan with a clean name is not guaranteed, but it sure is a lot easier. Those who have some restriction in the CPF usually have more negatives in relation to a request for personal credit. In addition, those with a clean name are more likely to get lower rates.

Remember that you should take care of your financial life so that the moment you need a loan to carry out a plan, you will find better opportunities.

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5 Tips for Organizing Personal Finance

The organization of personal finances is a fundamental point in the lives of all of us. Financial difficulties directly affect the emotional aspect and productivity at work, besides causing instability in the family environment. Many believe that just having money for all problems to solve. In fact, this is a consequence, not a cause.

Contrary to what may seem, financial stability depends on relatively simple actions - basically planning and discipline. Organizing finances is the first step towards achieving dreams and projects. From day-to-day initiatives, anyone can achieve financial equilibrium and become a second stage investor. Here are some tips:

1 - Budget day

Set aside one day a month to organize your financial life. Assemble a spreadsheet with fixed expenses, debts, payments, occasional expenses. Also enter all your income, such as salary, receipt of rents, eventual gains etc. Assemble your monthly budget, matching expenses to revenue. The ideal is that there is always 10 to 20% more left over.

2 - Define priorities

If the budget is in an imbalance - expenses greater than revenues - the way forward is to reduce expenses immediately. Set priorities and eliminate what is not essential. This adjustment period requires discipline. Remember that it is necessary, but transient. Going to the restaurant, sightseeing, traveling, or buying superfluous can wait until financial equilibrium is resumed.

3 - Learn how to use money

Most people worry about learning how to make money, but not how to use it. There is a big difference between the two situations. Everyone knows stories of businessmen who have accumulated fortunes, but who ended up broke. Nothing is better than learning from the mistakes of others. Read, study, search for finance information. There are several books, magazines, newspapers and websites that translate "economics" into everyday language.

4 - Set financial goals

Determine a value, time frame, and financial goal to be achieved. Organize yourself to create the conditions for the goal to be met. Example: buy a car worth $ 30 thousand within two years. Review your budget and see how you can rearrange it to get the car on time.

5 - Always save

There is no organization of personal finances without saving. It is the capital reserve that allows the person to face emergency situations or seasonal crises. Consider as a commitment the task of saving 10% to 20% of your monthly income.

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Know About Personal Finance

There is a lot of talk about personal finance, but a lot of people do not know what it's all about.

Have you stopped to think what this is, anyway?

Personal Finance is the name given to everything that relates to the financial scope of an individual, applying the same financial concepts used in a company. This means that in your personal finances, you will hear about budgeting, planning and cash flow, among other things that are part of that important point of your life called "Personal Finance."

And in this text, we will discuss topics related to your personal finances, so that you know the secrets that differentiate the millionaires of the vast majority of people when it comes to personal finance.

Do not you understand why "accounts never close"? Never "spare" money to invest? Are you always in the red? Does your estate seem like it never goes away?

Now is the time for you to understand exactly how your personal finances are critical to all of this.

Watch the video below to begin to understand how you can cut spending, set priorities, save, and fulfill your dreams:

Want to know how millionaires do? Now the time has come, shall we?

Why is it important to understand everything about personal finance?

Understanding of personal finance is as basic and fundamental as knowing the way home, knowing how to use the internet or the phone. The money is part of our lives, without which we cannot have access to almost anything: from basic to leisure.

Those who do not understand personal finance are hostage to a system designed to keep people in debt and unable to invest. In other words, a system to keep people financially poor.

Do not think that whoever drives an expensive car, lives in a big house in prime location and has luxurious habits, understands personal finances or even is rich.

In fact, these are strong indications of indebtedness and total disability in personal finances.

Often these "pretending to be" people are highly indebted to "keeping an image" which, if they were dedicated to their personal finances, would perceive it to be at odds with their financial reality.

Knowledge of personal finances will allow you a virtuous circle that begins with caring for your budget and financial self-knowledge, culminating in personal investment and enrichment.

Spend Less Than You Win

personal finances spend less

Remember that it is vital to spend less than your salary.

Did you notice we talked about "budget" and "financial self-knowledge"? It seems obvious, but all this begins with "knowing yourself financially."

Believe it or not, many people even have the habit of looking at your bank account statement - and so, how do you know your personal finances?

So, it's never too easy to say: basics are the most important.

Start by creating the habit of looking at your statement often, identifying exactly how much you get in and how much you get out, to get to the crux of personal finances: spending less than you earns.

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Tips on Personal Finance

- Transform Your Financial Life with Rule 50-15-35

Have you heard of this rule? Well, it's pretty simple. It consists of applying a metric to the idea that we always repeat: goals and goals.

The concept is simple: divide your budget into three percentages to where your income should be directed (or 3 limits to your expenses).

50% for essential expenses, 15% for financial priorities and 35% for lifestyle. This means that everything basic and fundamental should not exceed 50% of your budget: housing, consumer bills, education, and so on.

Next, your financial priorities should be limited to 15% of your budget. If you are in debt, this is the portion that should be channeled to pay these commitments.

Otherwise, this percentage should be devoted to saving and building equity.

By following the two parameters above, you'll get 35% of your budget to spend on things you enjoy and make sense of your life: walks, hobbies, restaurants and everything else that sets you up and motivates you.

Without these things, personal finances are compromised, for life literally loses grace.

Take care, therefore, to label as "superfluous" exactly the things that bring you joy.

- Make a personal financial planning

A lot of people think that Personal Financial Planning is a seven-headed animal. But it is not. In fact, the great secret is to be simple and functional. The basis of any planning is simply to set deadlines and goals.

In short: it is knowing what one wants, when one wants, in order to plan how one gets there.

- Assemble a monthly expense spreadsheet

Personal finance is nothing without control. And since you do not control what you do not see, how about you start making your monthly spending spreadsheet? Even better; there are plenty of spreadsheets ready to get you started right now.

- Learn accounting with the rich

Rich people are not rich at random. One of the main things that sets them apart from other people in the world is the incredible attention they give to their personal finances. And as knowledge means power, you know enough of every aspect that involves your money.

And one of the most important aspects, ignored by most people who cannot get rich , is "accounting." You need to understand the accounting fundamentals to be able to hire a good accountant and thus avoid losing money.

We're not talking about anything illegal, quite the opposite. Rich people know accounting in order to avoid unnecessary taxes and taxes, money that in their hands only grows their assets.

Note that every time you read a biography of a millionaire, part of your secrets will always go through impeccable accounting and tax knowledge. The secret of who has it: never lose money when it can be avoided.

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Managing personal finances has always been a great challenge for man. But with the intensity and diversity of tasks to be performed in your daily life, this can become even more difficult.

Transposing the obstacles that can affect your personal and family financial trajectory is an objective that requires planning, dedication and strategy. And all the formation of a family's wealth begins with the organization of personal finances, after all, it is precisely at this stage that all planning begins to be drawn.

And this is where financial education plays a key role in financial control. With this in mind, you will find in today's post a number of relevant tips and information that will help you to achieve a stable financial life and escape the financial pitfalls that can bring you difficulties for years and years and delay your equity accumulation process.

Want to learn more? Follow the following!

Understand the importance of financial planning

Dealing with numbers and finances is, in fact, a big challenge for many people. The idea that financial planning is boring, mathematical, and cold is a reality that needs to be changed.

In fact, by means of a brief reflection, it is possible to conclude that financial planning is nothing of the sort, since its main objective is to lead an individual towards the realization of his great dreams.

Dreaming is just the first step to getting somewhere, since only with financial organization and focus is that goals can be achieved. In fact, it is the nature of the human being to dream and always want something new. Keeping ourselves always in pursuit of an objective is what makes us active and motivated to live.

Whether it is the assets that we want to conquer, places we want to know, projects that aim to benefit close relatives (children, for example) or even a radical change in the work routine: this is essentially linked to financial freedom.

Therefore, understanding the workings of financial planning, as well as the triggers that can bring us closer to our goals, is fundamental.

So, the first notion you need to keep in mind is that you cannot get anywhere without planning. Continue reading and discover how to better organize and manage personal finances so that the process of accumulating assets and achieving goals is more and more peaceful and pleasurable for you!

How to manage personal finances

Starting from the premise that you have already understood that planning is the basis for the success of your financial life, let us now present some tips for you to manage your personal finances successfully.

As you'll see, most of these tips are easy to apply in your daily life and will certainly make a lot of difference to the end result of your strategy. Follow:

Make use of control tools

Who never started planning personal finances and abandoned him to throw the first stone! It may seem like a joke, though, the number of people who give up their financial goals in the middle of the road is great.

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