Foximus Internet Business Blog

When looking for a financial product like a credit card, insurance or even a savings account, sometimes it’s hard to know where to look. How do you find the best deal?

Do you usually pick up the phone and call 20 different banks to find out who is offering the best credit card rate? Do you do a search on Google and try to sort through all of the sites trying to pick the best deal. How do you know that the product and company that you find will not raise their rates on you at the first chance they get? Sometimes I am so paralyzed by all of the different options that are out there that I am afraid to make a decision for fear of picking the wrong one.

Luckily for some of you, there is a great site for people in the UK that has almost anything they might need to make smart financial decisions. They have finance related articles that will keep you up to date in what’s happening in the financial world. They also have a quote search feature where you can do a quick search for the best deals on Credit cards, loans, Mortgages, Savings, Insurance, Banking, and investing. You can even search for products by certain categories like 0% balance transfers, or Air Miles Credit cards.

Keep in mind that a credit card should only be used when you need it for online purchases and emergencies, but at least with this kind of service you will be able to keep the cost down for those times when you do need it.

They also offer a range of financial tools that you may find useful like their reminder service that will send you a list of the best deals they have available whenever your credit card expires.

There is a money savings tip service that will send you information on personal finance, shopping, traveling, and other services that may be helpful. They also offer various free finance e-books.

As someone who is very interested in keeping up to date on the market, and learning new ways to make and save money, I think this site could be very useful. If anyone knows of any sites similar to this in Canada or the United States then let me know and I’ll post them on the site.

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I’ve noticed some people coming to our site wanting advice on how to get other people to pay off their loans for them. I thought this would be a helpful topic for most people so I’ve put together a list of possible ways that you may be able to achieve this.

1) Start a website

I found an article about a guy who is selling ad space to pay off his student loans. If someone pays him $200 (the amount of his montly student loan payment) they will get exclusive advertisement on his website for a month. This is enough to make his loan payment every month with other peoples money. The funny thing is that it’s actually working for him. Check his site out at sponsormyloans.com

2) Debt Consolidation

Consolidating your debt is not actually getting someone else to pay off your loans but it can be almost as good. If you use a free credit repair service and consolidate your loans you might be amazed at how much lower your payments are. Sometimes if your loan has gone into collections, either you or your credit counselor can actually talk your lender into lowering the amount that you owe them to something that is more manageable for you.

3) Sugar Daddy / Momma

Find yourself a man or woman who has a lot of money and wants to give it to you in return for your love and affection. You may have to lower your standards a little and date someone who is twice your age but at least your loans will be paid off.

4) Marry Rich

This one is very similar to number 3. If you find that sugar daddy/momma and they want to marry you…congratulations! You have hit the jackpot; you will never have to worry about paying off loans again! Just make sure you know how to change a diaper.

5) Claim Bankruptcy

This obviously should be your very last resort. I had a boyfriend once who had claimed bankruptcy simply because he didn’t feel like paying his loans back. This is not only wrong; it’s a very bad idea. It will be on your record for the rest of your life, and because of his filing for bankruptcy, my ex couldn’t even think of buying a house or getting a loan for a car because the bank could not trust him to pay it back. The funny thing is that he ended up taking off with a lot of my money when we broke up….I should have seen it coming.

Some people have no other choice but to file for bankruptcy and it is a quick way to get rid of your loans although you will likely loose everything you have that’s of any value.

If you have any other creative ideas on how to get someone else to pay off your loan, send me an email and I’ll post it on the site along with a link back to your site.

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While in the middle of buying my new house, it’s obvious that some people have had to look at my credit report. I am curious to see what it says as I know there are some things on there that I wish were not. I will explain that in another post, but I thought I would take a look and try to create a list of all the agencies that keep track of your credit reports around the world.

Below is the begining of my list. If you know of anything to add, please either leave it in the comments or send me a note through the contact form.

Canada

TransUnion Canada
1-866-525-0262
http://www.tuc.ca

Equifax Canada
1-800-465-7166
http://www.equifax.ca

U.S.A.

Equifax
(800) 685-1111
http://www.equifax.com

Experian
(888) 397-3742
http://www.experian.com

TransUnion
(800) 888-4213
http://www.transunion.com

U.K.

Callcredit
Tel: 0870 060 1414
http://www.callcredit.co.uk/

Experian
Tel: 0844 481 8000
http://www.experian.co.uk/

Equifax
Tel: 08705 143700
http://www.equifax.co.uk/

Australia

Veda Advantage Public Access
1300 762 207
http://www.mycreditfile.com.au

Dun & Bradstreet (Australia) P/L
132 333
https://secure.dnb.com.au/ccb/AU/your_credit_file.asp

Tasmania

03 6213 5555
http://www.tascol.com.au/reports.htm

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I’ve been reading this book called “Stop Working, Here’s How You Can” By Derek Foster and i’ve enjoyed it so much that I thought I’d share it with you.

The author has created a strategy that has allowed him to to retire early (at the age of 34). He did this by thinking differently than most people do about the stock market.

Did you know that many companies give a large portion of their earnings back to their shareholders? At the moment, most of these companies only pay between 1 and 4 percent which is hardly enough to keep up with inflation. There are some companies however that have a history of raising their dividends (the money that gets paid to the share holders) year after year even during recessions. He gives an example of RBC shares that could have been purchased at $15.56 in 1995 which would now be giving you an almost 13 percent yearly payout. Derek Foster says that these are the kind of companies that you should focus on. There are many other examples like this in his book.

So how much money can this actually make for you on a regular basis? Well lets say you spend about $150,000 (less than most people spend on a house) and buy shares in a few different companies, and after a few years if you are receiving an average amount of 13% per year, you would be bringing in $19,500 per year. I know this doesn’t seem like a lot but keep in mind that you are being taxed at a lower rate. It might be enough to live off of while you continue to build up your portfolio, and because of the companies that you invested in, your income would continue to increase year after year.

I know that there is (as always) a risk in investing in the stock market, but Mr. Foster has a set of rules that he follows in order to minimize the risk involved. He admits that many of his ideas are different from what most people will tell you, but his strategy has allowed him to retire at age 34 (just 10 years after he started working towards this goal).

Derek says that the idea is not to worry about whether your stocks are up or down. As long as the dividends are increasing year after year, then there is no need worry about the share price. Also as long as your shares are paying out and increasing, you should never sell them. The idea is to focus on recession proof companies (companies that sell things that people will buy even when they’re short on cash) then hold on to them for dear life. “Plant trees but don’t ever think about cutting them down!”

Also, he suggests only investing in Canadian stocks because of the added tax advantage this gives you.

I like his strategy because it takes a lot of the stress and apprehension out of investing in the stock market. I’ve always dismissed the idea of investing in individual stocks because I considered it to be more like gambling than investing, but now I’m thinking I might learn a little more about it and give it a try.

This book is a great read; it has definitely given me something to think about. I would recommend it to anyone.

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As I am super busy with buying a house right now, and Aimee is swamped with work, here is something to keep you going until we can get back to writing. 10 simple and easy tips to save you money.

1. Make your lunch
It’s so easy I’m surprised more people don’t do it. If an average sandwich is $5 a pop and you buy one each day you’re at work, then over a year it’s going to cost you about $1,200 (assuming you have 28 days holiday which is more than most people will get). Get into the habit of rustling up your own food and you can easily pocket half of that cash, using the other half to bulk buy your groceries at the supermarket.

- read the rest -

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I hate to say this out loud, but I am 30 years old. It is only in the past year I have begun to actually learn how to run my finances properly. I just never learned how and always thought I could figure it out later.

When I was a kid, I loved math. Anything to do with numbers, and I was curious about it all. I remember trying to sit in one night while my mom was paying bills and what not. So me being me I started to ask a bunch of questions.

How much money do you have?
How much do you make?
Why do you pay taxes and how much?
How much is rent?
How much are the rest of the bills?

The answer to these questions? “None of your business, you don’t have to worry about it”. No matter how often I asked, I would always get the same answers. So I got it in my head that my mom would always handle any money issues or problems. I didn’t bother to try and learn more.

I am paying for it now. I didn’t learn what credit was. I didn’t leanr how to use credit properly. I did not know what credit rating was, or what it was used for. I did not know how to tell if I was getting ripped off or over charged.

So when I was younger, I got lots of credit. I basically lived off credit cards and loans. Once they were full, I would consolidate and do it all over again. It is only now that it is all paid off and my credit score is back to normal. All because I was never shown how to use money and credit properly.

So now comes the advice. When your kid asks about money, please tell them everything they want to know. Tell them how much you make. Tell them how much you pay on the mortgage, the card and everything else. Give them a spreadsheet if they need it.

Really, what is the harm in telling them how much you make? Or how much the mortgage payment is? Let them know as soon as you can the valuse of a dollar. Show them your credit card bill and show them the interest charge. When they ask you what that is for, tell them that it’s the cost of borrowing money.

My oldest son is 12. I tell him everything about my finances. He thinks I make loads of money until I tell him to fill up the truck with gas and it comes to $70 for 4 days of gas. It takes him 7 weeks to save that much up.

In short, be honest with your kids when it comes to money. Teach them everything you can, and then encourage them to learn more. Or else later on, they will be knocking on your door looking for a downpayment on a house, or a co-signature for a car, or something else. Then you will have no-one to blame but yourself.

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So what other methods can you use to save yourself some money. Penny saved is a penny earned sorta thing. Well I’ve been trying out some points/loyalty programs at the places I normally shop anyway to see if they do anything. I really never wanted to go through the hassle of carrying and having to dig out the cards when I go shopping, but it really is no big deal.

So what are points programs?

It’s really very simple. You apply for membership at whatever store or offer you happen to want to take part in and they will usually give you a card right then and there. Otherwise you can apply for some on-line and it will come in the mail. You then collects ‘points’ on the card for every dollar you spend and can redeem them later for rebates or free items depending on the program.

Which point programs are the best?

While I cannot claim to have tried every program out there, I have tried a few and read up on a lot of others. Below are the top 3 that I am currently using, although I will keep trying others as they come up. Also, feel free to suggest any that you may have tried and liked. Or let us know about any that you didn’t like or feel don’t do anything.

AIR MILES

AIR MILES has been around quite a long time. Unlike the other two in this list, you can collect them for shopping at a bunch of different places from groceries to gas stations. You can redeem them for everything from trips and hotels, to gift certificates. My favorite is the $20 grocery gift certificate for 140 point.

Petro Canada - PETRO-POINTS

I just started this one, but seeing as I usually buy my gas at Petro Canada anyway I thought I might as well give it a try. There are quite a few things you can get with the points, but anytime you can get some free gas or a car wash it’s a good thing.

Shoppers drug mart - Optimum Club

This one is probably the best one out there. There are always deals that will get you a ton of extra points, sometimes you get more back in points than you actually spend. Also, there are some deals that are only offered to Optimum card holders.

Quick math breakdown: 1000 points will result in a rebate of $2.00 (75,000 points = $150 rebate). Find a product around $2.00 that can provide 1000 bonus points then essentially you can get the product for free. There are plenty of products available for under two dollars and are eligible for a bonus point coupon reward. Now obviously you don’t just get it for free, but eventually you get the money back in rewards rebates.

Again this is one I just started so I’ll let you all know how it works out after using it for awhile.

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One of the biggest problems that people face when trying to build a nest egg for themselves is the temptation to buy luxuries that they don’t need. This habit holds them back from having the things that they’ve always dreamed about. They really don’t think about how much they’re giving up in exchange for the instant gratification of buying something new.

This is definitely one of my problems. When I hear that I can have my own infrared sauna for only $3000 (I know its crazy!), or when I’m walking through Future Shop looking at all of the shiny new laptops that are on display; it’s all to easy to forget about my goals. Those laptops are so tempting; some of them actually call my name.

Normally I know that these are things that I really don’t need. If I bought a laptop I would make money with it, but I already have a desktop computer that I am already making money with so it’s really not necessary. Also, who really needs an in-home sauna? (I do!) I would rather hold out for a time when I’ve reached my goals and I can afford to spend money the way I want to. For now, I know that I need to stay focused on the plan.

Unfortunately, when that adrenaline hits me, I forget my senses and suddenly I’m standing in front of something that will instantly make my life as happy as I’ve always dreamed it could be. I must have it!

I’m sure this kind of thing happens to most people. That is why it’s such a bad idea to carry a credit card around with you. To have easy access to money that is not yours and that you will have to pay interest on is a bad idea. Having your money in a debit account is also a bad idea; it shouldn’t be as easy as typing in a pin number to access your savings.

Luckily I keep all of the money that I don’t need for any given pay period in a separate savings account that takes 24 hours for me to access. Usually that’s enough time for me to snap out of it (Most of the time it only takes a few minutes after walking out of the store). I also only have one credit card that is set to the lowest possible limit and that I try to leave at home as much as possible.

Before I learned these valuable tricks, I wasn’t able to save even a cent of my paycheck. I spent everything that I had every month, and usually a little more. I eventually got myself into so much debt that it took me years to get out of. I thought I was just not one of those people who could save their money. When I finally figured it out, a whole new world of possibilities opened up for me. It’s a great feeling to know that I have money set aside for when I need it and that I actually CAN save for my future.

The moral of the story is that you shouldn’t trust yourself with money, especially if you’re already in a lot of debt. No matter how much you think you know yourself; that shoppers high can hit you at any moment and it will put your dreams in jeopardy if you’re not protected.

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An endowment policy is a long term insurance policy where investments are made by the insurer on behalf of the person with the policy over a long period of time. When the term of the insurance policy ends, a lump sum payment is made to either the insured or the successor if the policy holder dies before the term ends.

If you’ve had an endowment policy for a few years, you probably have a lof of money tied up with an insurance company that you may not ever get to use for yourself. What if you need that money early? What if you want to pay off your mortgage or even retire early? Maybe you’ve found a better way of investing and want more control over the way your money is invested.

So if you want to get rid of your endowment policy, who do you sell it to? If you are looking to get out early, how do you find buyers?

When you’re trying to get rid of an insurance policy you need to find someone who knows what they’re doing when it comes to Selling Endowments. The best thing to do is to go through a company who specializes in selling these policies and has access to multiple buyers so that you get the best possible price. Endowment Express is one such company. They will give you a free quote, and promise to get you up to 35% more than your surrender value. Sounds like it might be worth a try.

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Every time you turn on the TV, look through a magazine or lay eyes on a billboard these days it seems that there are ads for 0% credit cards. The offers seem really good at first glance but when you look at the terms and conditions, it’s usually a different matter entirely. They all have so many clauses and exclusions, as well as the limited time period you have to transfer other debts, that it sees virtually impossible to catch a break and find the right deal.

Internet comparison sites can help some, but only if they include all of the big financial players in the 0% credit cards market. I’m not sure if you’ve noticed but the majority of them do not. I found a great one that does though. About Your Money has a comparison table filled with the best possible deals, from the period of the interest free balance transfer right through to the overall interest rate and provider rating. There is also a 0% credit cards buyers guide to help you out with any other information you need to know.

If one of the 0% credit cards doesn’t appeal though, you could always check out the cheap loans instead. There is a whole page devoted to that as well as other financial products. Mortgages, home insurance, car insurance – it’s all here, so save yourself time, money and heartache in one go.

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