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Simple Guides for Fresh Graduates
Going to college is no easy feat. Great parties and long holidays aside, it is one of the hardest times young people have to go through. During these times, their finances are tested to the limits. They also get to take their first dip into the world of personal loans in the form of student loans. So when graduation comes, students cant help but feel finally relieved to be free from their studies.
But not for long though. As soon as the caps tossed up in the air, the reality of the real world sets in. As graduates, they are now on their own and the responsibilities are much harder than before. In the real world, they have to worry about finding a career, managing expenses, transport,living, savings, the list goes on and on. So heres a quick guide for graduates on how to get started in the real-world.
Job
In finding a job, one must try to stick to his or her field. This is going to be worth it in the long run because it will allow them to move forward in their career. A job that pays higher but is unrelated is surely tempting. However, it can possibly cause dissatisfaction and career stagnation in the future.
Income
With a full time job one must refrain from mindlessly spending all of their pay check. They must learn how to budget and save. If they have student loans, now is the best time to pay them off. Student loans are low rate interest loans so they should be easy to pay off slowly.
New Place
New employment, sometimes requires one to move cities. They can opt to rent with a friend or someone who is looking for the same deal. This will enable them to save on rent money. Another good way of saving is subletting.
In most cases, a landlord would require money-orders or checks as deposits. Therefore opening a bank account (if a person is new to the city) is important. Keeping money in the bank acts as security for any financially independent individual.
New Car
Taking a car loan is a crucial decision. Fresh graduates must be able to afford at least a 20% down payment. This way paying it off from salary becomes easier. Having good insurance for the vehicle is also a must. This should be researched efficiently to get the best insurance deal.
These are only a few but essential things to consider in the real world. However, expenses do not stop there. As ones income increases, so does their financial responsibilities such as taxes, mortgage, health care and so on. Budgeting, saving and careful research is the key. When all three are managed well, theyll support themselves just fine in the world.
Are RV Loans Your Best Option?
RV loans allow people who are unable to pay the purchase price for a recreational vehicle the ability to actually possess one for a period of time, all the while, adhering to a payment schedule agreed upon with the lender. Upon the final instalment being paid over by the borrower to the lender, ownership of the RV then passes to the borrower meaning that they own it in full. This is a mutually beneficial arrangement, the borrower is able to enjoy the benefits of the use and possession of the RV whilst the lender is able to feel confident in the fact that, in the event of default of the RV loans by the borrower, the RV can then be repossessed by the lender (remember ownership remains with the lender until the final instalment has been paid.) Given the significant price tag attached to RVs, RV loans timeframes tend to be rather prolonged, and so shopping around to secure the best possible interest rate is a crucial step as this can save major amounts in the long run.
RV loans tend to work on a monthly basis, and so whilst the purchaser may want to pay the RV loans off as soon as is reasonable, a degree of caution must be exercised during this, because there is a need to balance the long term repayment with the short term repayment as well. Before taking out any RV loans, the borrower should calculate the net income they have per month, and take an average to ensure further precision and accuracy. Then they should earmark a portion of that money as a buffer reserve, so that in the event of an emergency they will have funds to rely upon as a makeshift safety net. Then, and only then should they consider and assess how much they can afford to pay each month in interest. This may seem like unnecessary precautions but given the rather harsh penalties that can be imposed for the non payment of a single months interest repayment, such measures are essential.
The reason for calculating and factoring in a buffer fund as well is to cover any unforeseen emergencies that may arise, given the timeframe that most RV loans are spread over, the laws of probability and statistics will mean that something like this will happen eventually. Dont get caught out, and make sure you cover yourself by salting away a percentage each month. There are plenty of online resources which will help you to better asses the effects (both short term and long term) of various loan schedules. The more money you can afford as an initial capital sum the better because this will allow you to offset the overall amount you need to borrow and thus be liable for interest upon.
RV loans are just like any other loans; they are contingent on your credit rating, so you may want to invest some time and money into developing your credit rating before taking out a loan. Even getting a reduction in the interest rate by a few percentage points can make a major difference in the long run. 2% of 100,000 is 2000; say the loan is over 10 years. Thats 20,000 saved overall. A little time and patience, along with solid research can go a long way.