This change, however, as expected, was not a pleasant one for the bank. Instead of charging ten customers, it limited to four per day, which caused the bank to lose around $160 million in the last quarter of 2009. Now, however, they don’t have any other option but to comply with the rules and bear the loss.

It, however, cannot be termed as permanent loss, only temporary, as they will find numerous other ways to exploit its customers. Though I am talking about all the banks in general, let’s move ahead with Banks of America’s case, as we started the discussion with its policies. This bank, later, decided to earn through alternate sources and declared it would make major amendments – which definitely means other charges – this summer. Since June 19 for new customers and August for existing ones, all overdraft facilities on debit cards will be ceased as well. As soon the policy will implemented, no Bank of America debit card user will be able to make purchases of more than the amount available in his bank account. The transaction would be declined, straight away.

We, as banking customers, see this as a good move. However, not permitting overdraft is a disguised way used by banks to charge us more and recover their money in short period. We use overdraft amount, when your checking account balance is nil. When no such facility is permitted, you account heads to a negative territory. Secondly, customer is permitted to link their checking account with their savings account or credit cards. So, customer would be able to purchase more than his checking account balance, through credit cards, but he would have to pay a $10 fee as transfer cost.

Banks, however, seem to be quite courteous as it allows overdraft for automated payments and checks. According to them, this is a necessary facility for its customers as none would want their bills or mortgage payment being denied. Similarly, while using an ATM service, you can withdraw amount more than the available balance. A warning, however, is given by the machine that an additional $35 would be charged if you go ahead with the transaction.

Hence, Bank of America, to much extent, is proving to be successful to convince its customers and win points with them. But I am quite confident about their ability, or any other bank for this case, to find innovative ways to charge additional fees. A little amendment made by the Fed cannot prevent banks from earning free income.

Best Banks

• Bank Of Hawaii is the best bank according to the Forbes List for this year which seems to have survived the economic crisis with its traditional loan policies while other banks were lured to new age real estate policies which turned out to be pretty risky.
• UMB Financial, Kansas City, is the next bank that has withstood the economic storm and emerged a survivor. Its customer-endearing regional policies, conservative and fundamental policies of governance and customer satisfaction have helped it survive in the economically rough weather conditions.
• Commerce Bancshares was another bank that survived the economic crisis with a commendable performance and good assets. Commerce Bancshares has about 114% of its money in non-performing loans.
• Prosperity Bancshares comes next with good Non performance loaning and not accepting the Federal government’s TARP, just like the UMB.
• SVB Financial is the next best company of the year. Though it had joined the TARP scheme, its long term associations with venture capitalists proved beneficial for it. The key to its success was its focus on financing its clients. It has helped in a lot of tech groups establish themselves and grow, instead of trying to expand itself aimlessly just for the sake of expanding.

Most banks that survived the economic crisis were the ones that had stuck to conservative policies, modest method. Old is gold, as always, and their strategy and coping mechanism has left them fairly immune to the economic crisis than new age banks. This may be probable because the conservative policies are tested over adversity over time and hence have been able to stand the test. The new age banks, on the other hand, are totally dependent only on the economic environment of the recent times. They are not equipped with foolproof methods to cope with any economic crisis. This was the first financial crisis they ever witnessed and that’s why they could not withstand them.

Flagstar Bancorp with a series of bank failures, with low net interest margins and situated in Michigan, which is considered an economic wasteland, tops the Forbes list of the worst banks of America for this year. R & G Financial, Sterling Financial, Capitol Bancorp, Banco Popular are all banks that are amongst the top worst banks of this year. Central Pacific Financial is the worst bank of the year. Situated with Bank of Hawaii, the Forbes list topper in Honolulu you might be surprised at the contrast, but so is it.

I was taken aback when I came to know from a Billshrink infographic that the ATM fee business amounts to a whopping $2 billion industry! You are not mostly aware of the amount of money that you pay for the ATM service. Or, you simply ignore the charges taking them as too trivial. But if you add the amount that you might have paid up till now on a monthly or annual basis, you’ll probably realize that you’ve shelled out quite a bit of your hard earned money as a fee.

The infographic shows the hike in the fee in the recent year. The average fee for using the ATM of another bank has been hiked from $1.78 in 2008 to $1.97 in 2009 per transaction. Are you ready to pay up $0.19 as fee every time you access the ATM of another bank? Here’s how I plan to save up on this. I’m going to withdraw a bit more money than I need at any given point of time so that if I have to go out of town or if the ATM machine of my bank goes out of order, I will not have to visit the ATM machine of another bank for withdrawing money. 72 % banks, if not all are charging this fee. You have to contact your bank to find out if it does.

The fee for ATM services from your home bank has also been hiked from $1.25 to $ 1.46! For frequent users of the ATM service, this fee takes away a significant chunk of the savings. Owing to this, I stopped availing ATM services frequently. Instead of visiting 4 times a month, I visit only once and withdraw the money required for my expenses for the entire month.

In the good old days, banks were very generous with their ATM services. They allowed you to access their ATMs as well as the ATMs of other banks without charging a fee for that. But now, with the increase in ATM usage, like so many other business entities, banks started charging a fee. Maybe the high price of machine and maintenance costs of $21,000 – $75,000 is compelling them to do that. But for a customer, this certainly seems quite unaffordable.

Service convenience should come with cost convenience. Otherwise you can hardly call it a convenience, right?

But now, things seem to have changed. Six banks take the credit for changing the face of online banking. Their efforts are commendable and have made people to try out online banking with a new hope. These banks take the credit for bringing about a revolution in online banking with their innovative approach. Let’s take a look at these one by one.

The iPhone Check Drop Facility of USAA

USAA has introduced check deposit facility through your iPhone. The process is very simple. You’ve just got to take pictures of your check from both sides and transfer them electronically to the bank. So, you needn’t waste time going to your bank physically to deposit that check. You can keep that document as proof of your transfer. Well, one question that logically comes to my mind about this feature is that why should I deposit money this way, when bank transfers are already available? Well, maybe it’s to ensure more security to the transaction. The scanned check with the issuing person or body’s signature is a more authentic source of transaction than an electronic bank transfer. Also this banking feature gives you a list of your nearby ATMS where you can deposit your paper checks if you want to. This technological facility is open to only a select few, mostly the ones who are insured with the bank.

Enhanced Banking Experience

ING is one bank that strives its best to bring the best of online banking to its clients. You can operate a number of accounts such as IRA, mortgage accounts, saving accounts and CDs from the comforts of your home with your computer You could also link up your banking features with your budgeting features so that you operate your money efficiently. For example, your savings account can be linked to your budgeting account to show you your income and your expenditures; you don’t have to put in a lot of effort for that. With its new iPhone APP and its Android features banking has gone truly mobile. You just need a mobile gadget, not even a PC anymore!

Impeccable Customer Service

If others have depended on technology to rope in people for online banking, Ally seems to really be all set to win you over with its excellent customer service. Their first attraction is their higher returns in comparison to others for savings, money markets and other kind of accounts. Apart from that, you’re going to fall for their customer service when online. You can call them 24 X7 whenever you’re stuck and they’re known to have a 0 response time as displayed on their homepage. Also, you can chat with them online. Now isn’t that much better than calling up a BPO service from another country only to find that you’re not getting the exact information you need-especially when you are on some serious transaction?

Mobile Banking

A UK based application called MoBank enables you to buy movie tickets, do web-shopping, and buy your flight tickets and ‘n’ number of such activities from your iPhone or iTouch. Now this is not new to us, but it was available only on PCs before. Now you can avail it on mobile phone. Forget those security concerns as these applications are pin protected. But the service is only limited to the UK population. Wish it could have been available in more countries.

Saving the Social Way

Money matters no longer need to be a boring issue. You need not sit hours together with online budgeting sites and toil with your money issues. By joining Smarty Pig you have a socio-fiscal circle of yours where you discuss your monetary goals with your friends and get their help in saving. Here, you’ve got a feature where you can ask other people to contribute funds to help you buy something. Giving suggestions to meet goals is something and contributing is another. I wonder how many people would actually like to make contributions. However, this website makes your money saving a much more enjoyable activity.

Forget Envelopes and Pens, Now Just Carry Check or Cash to Your ATMs

The Wells Fargo ATMs don’t bother you with paper or pen requirements. You don’t need to fill up any forms at the counter to make your deposits. Many times, disappointingly, you go to an ATM counter only to find that the forms are not in stock or you might simply forget to carry your pen, something that happens with me quite often. The envelope-less ATM accepts your check or cash directly and issues a receipt and that too in bulk.  Now isn’t this something more than you can wish for?

These technologies sure seem to have reincarnated online banking; or rather put old wine in new bottle. So let’s wait and watch how successful they become.

Now this is what I call utterly devastating! Hey, hope I’ve not made you run to the loo to puke out in tension! Why feel tensed at all if you are insured with the Federal Deposit Insurance Corporation, popularly known as the FDIC? Your money is going to go nowhere regardless of the bank you’re a client of as long as you are insured with FDIC. Now, are you breathing easy? The Colonial Bank event alone is expected to cost the good Samaritan about 2.8 billion USD.

How Safe Are You?

If you’ve got less or around $250,000 with Colonial or any other bank then you need not worry at all. FDIC insures your money till $250,000. If you’ve got more, even then you needn’t worry because you can always spread your money in different accounts with the same bank or with different banks. Why go for another bank when you can open a joint account with a member of your family, maybe a spouse or a child? But if you think this is not going to work, you can open different accounts with amounts less than $250,000 for each account. You can always ask the bank staff for information about how you could get the maximum insurance reimbursement from FDIC. You can visit the FDIC insurance estimator to get an idea of the amount of compensation you’ll be getting owning to the failure. As long as you’re insured with FDIC you don’t have a care in this world because till date any insurance scandals were unheard of in the history of FDIC. So you can be sure of getting your money back.

How Does FDIC Cope With A Bank Failure?

FDIC works like the military during emergency. It takes control of the bank and tries to find buyers for the failed bank.It remains in control till the bank is bought. Don’t worry if you’ve got an emergency expenditure to meet and you can’t access your money in the bank. FDIC will see to it that you can access your account in the shortest possible time.

Banks usually loan out the money that you deposit with them and during bank failures this money gets stuck in its numerous ventures. If you are not insured then you might have to suffer along with the bank. But with an FDIC insurance you can be assured that you’ll not loose even a single dollar in the deal. Of course you might have to be prepared for a bit of a pain in the neck for all that is happening.

Under the FDIC umbrella you are safe as it covers a range of bank account types. Checking account, savings account, CDs, money market accounts are all covered under the umbrella. Sorry, if you’ve got a money funds account with your bank, please go out and stand in the rain. FDIC does not protect you there. Oh! Out there you’ll find company in those people who’ve got mutual fund accounts, safety deposit box contents, and insurance products such as annuities. These accounts are not regarded as bank deposits by FDIC and so you can expect to lose those. Another category that is at liberty to ‘enjoy the rains’ is the credit union. They can always run under the NCUSIF umbrella and not drench themselves thoroughly in the bank failure hardships rain. FDIC protects you only during a crisis like a bank failure. But don’t expect it to look into matters if you are a victim of identity misuse or illegal account usage. In such a case, most probably, you’ll have to seek the help of the police, your attorney and involved bank officials rather than bother the FDIC with this.

Though the FDIC umbrella is big, don’t think that it can cover you limitlessly. Do you think an extremely obese person can fit entirely under the umbrella, how much ever coverage it gives? If you have more than $100, 000 you should know that it does not cover your amount beyond that. For some retirement accounts the maximum coverage limit is $250,000. However, now, owing to the present economic crisis and bank failure, the FDIC has raised the upper limit to $250,000 to all depositors. The limits vary for different banks and you can cleverly increase your coverage amounts by opening accounts with different banks.

How Are You Affected By A Bank Failure?

When my stock of kitchen fuel gets over, I have one hell of a time fixing up the new stock and ensuring safety from the new equipment. But my husband and children seem to be unaware of all that’s going on in the kitchen. Well, they might only come to notice that their meals are taking a longer delivery time. That’s how you, as a customer, are going to experience a bank failure if you are covered under an FDIC scheme.  Their entire process of working is encapsulated. There’s not much difference for you than during the normal times. You can still carry on with a lot of your normal activities like using checks, debit cards, electronic transfers etc. After the bank resumes normal activities, you’re most likely to get new checks and credit/debit cards etc. If you want to transfer your money to another bank you can do so by a check or electronic transfer. If the failed bank is not bought by anyone, you’ll have to wait for FDIC to issue a check. If you have an uninsured deposit with the failed bank, you have reason to worry because FDIC will not run to help you then. First it will settle all the financial transactions of the failed bank and then distribute any remaining money within its creditors, that too after judging all the other expenditure.

How Long Does FDIC Take To Normalize The Crisis?

Though there might not be any fixed time limit within which FDIC normalizes bank procedures, FDIC holds the record of making money available within one working day. However, problems with your individual account or any unseen complications might delay the process a bit. The first thing that FDIC does is to create a new bank at least logically before any individual or institution buys it.

How Do I Escape A Bank Failure?

That is difficult to say in the present economic times. Take Colonial Bank, for example. Did you ever think that a 25 million USD bank will crumble down like this, especially when it was so prosperous just a few months ago? But you can always alert yourself about any such upcoming situations by going through reviews of the banks from reliable sources. A bank with bad rating is not advisable to invest in. The bank history will reveal its strengths, its business model and its coping history. Go through the ban profile and then open an account with it. You’ll be safer then.

Bank failures are caused by depositors who don’t deposit enough money to cover losses due to mismanagement. – Dan Quayle

It’s possible, as every problem has a reason to happen and if you find out that root of problem and work on it, then the problem gets solved automatically!! Here also the situation is the same. Everyone is blaming the Recessional situation but no one is trying to find out the rot and diagnose it and eliminate it on an individual level. Everyone is waiting for Government to do something but no one takes the initiative on personal level. Let’s see how the magic of making the profitability double works or rocks!!

Is that really possible?

This could be the immediate reaction of yours after reading the above mentioned statements. It seems like the river in the desert but still with some smartness and management this Magic is quite possible. There are five fields and five rules related to those sectors that can rule the world. Here are those five rules:

Attract Customer

This world is service oriented. The more you offer services, the more customers are attracted. People have understood the funda that time is more important than money. So, all the activities that save time of people are always welcomed by the people. So, start considering services to the customers that are unparallel. Take such steps that are not offered by the competitors.

You can have some of the extra services like offering free products and also to offer some of the bonanza offers which attracts the customers. The thing that should be considered while putting offer is that the customer should never feel that the offer is offered due to shortage of business or even by the inferiority of the products. The faith of people should be maintained. Also offer the extended time services. If the local office time is upto 8 pm, extend your business time upto minimum 9 pm, so that everyone could make an attempt to visit the shop. Also you can have the 24/7 toll free number that work for the inquiries. Advertise via different media is also one of the option you can serve to improve your business.

One more thing you can have for the business growth is to open new branches to different areas or even to sell the product through the distribution channels. One more important option is to widen the range of product you offer to the people. Make sure that the client should never go back without making Business with you from the office place.

Convert Customers

When the customers are attracted to your place, the second step comes into picture is to convert them into regular customers. There are so many ideas and factors that make the people converting towards being your clients. You can have the most effective sales persons at your place and also you can offer some of the best policies like money back guarantee of satisfaction guarantee etc. to not only attract customers but also to retain customers.

Keep in touch with Customers

This is one of the most required conditions of these days. Customers are the King of the markets, so they won’t be searching you; you’ll have to approach them. It’s not only to approach them and taking orders, but also to take feedback for the services and products performance. The feedback from you makes a great sense to the people and they not only hold you as their permanent business dealing but also they suggest others to do so. So, this feedback and after sales services is the most effective and impressive factor to double the business.

Upgrade the Customers

The entire business performance depends mainly on two basic things, conversion and upgradation. Convert the prospective customer into real customer and upgrade the customer by offering some schemes and discounts or even by improving the quality of the products. Also the upgradation can be done by adding value services with the products. So, the revenue per customer can be increased lot and that makes the sales sounder.

Cut off the expenses

There are two types of making the revenue. One is to increase sales and earning more revenue and the other is to cut off the expenses and to save money to increase the net revenue. So, after taking all these positive steps, never forget to put break on the unnecessaries. This step will definitely prove a bonanza for you as shortening the expense is the long life benefit for you.

Moral of the Story

These five steps are the heart of making the profitability double and also to make the financial life more and more superb and fantastic. Even in this Recession scenario, you need not have to worry about the revenue if you are religiously following these formulae.

There are various types of credit scoring systems. Also there are some of the deviation methods and also the tactics that differs from lender to lender. So, the scoring rates should be followed according to the particular method used by the lender of yours.

What’s Credit Score?

Credit Score is one of the methods that decide the number that are generated by the mathematical formula. The ideal numbers of the sound credit score range from 300 to 850. So, all your spending and investment habits are rated by this method and ultimately you are given the numbers for them. It’s a good procedure to check the financial soundness.

Why to serve this Credit Score Method?

The Credit Score method is necessary for both, for you and your lenders. For you it’s beneficial as it has potential to make your credit status known to you. By the score, you can be sure to have the decision power analysis. Also it is important to make any of the decision of buying some thing big as the spending reduces the rates and the savings improves. So, you get aware of the exact status of yours. Even your reliability gets revealed with the statement of Credit Score. So, there are so many benefits of the Credit Score statement.

Also it gets more bonanzas for you as the lender decides the interest rates according to the Credit Score. So, the more scoring you have, the more reliability you do have. The more reliable you are, the lesser is the rate of interest for you. So, if you are making a good credit score, it adds so many bonuses for you in future also.

The lender is benefited from the Credit Score as he gets the exact reliability of the person from the Credit Score statement. So, even he can get relied with the loans. So, even its better relaxing tool for the loan payers.

How does that work?

There are so many things said by the experts who are good in theories but still not quite practical in the running life. So, the best are those things that actually work.

So, here also we see an example of all the big talks of the Credit Score Statement. People say that it works more for the loan process. The higher is the credit score ratings; the lower would be the interest rates for the loans. As the credibility grows, the lenders get a good rely on you and the credibility is solely depending upon the credit score ratings. You are curious how does that work? Let’s see…

For a simpler example, if you have the loan for 30 year mortgage of $300,000, the interest rates and the credit score makes some of the finest relationships in-between let’s check that relationship for this example…

APR Credit Score          Int. Rte         APR     Monthly payment
760-850                     4.994%                                 $1,650

680-699                     5.393%                                   $1,683

660-679                    5.607%                                   $1,724

640-659                    6.037%                                   $1,806

620-639                    6.583%                                   $1,913

So, now you must have got an idea as to what the Credit Score Ratings make difference for you!! The more is the credit score, the lesser is the interest rates and so is the per month interest rates. The average monthly rates make a huge difference in the upper most and the lower most range of the payment.

So, what’s a good Credit Score?

As we saw in the example, above 700 is relatively a good credit score and above that the rates gets slashed sharply. So, once you get to a standard position of sound financing, you can have a great credit score and you manage to have the best interest rates that can save so many money of yours.

So, better way is to try and earn a good credit score all the time and make your financial life sound and stable. Go ahead and target the best what you can!!

What if lender charges higher rates despite of good credit score?

Well even in that case there are some of the chances that can make the lenders to charge you higher rates of interest.

1. The system of measuring Credit Score might be differing. So, in this case, you have to either convince him to make use of the system that you follow is genuine and scientific or you have to change your system accordingly. So, if the loan lender is pre-determined, just know that what system is followed by the dealer and follow that only!!
2. Second option could be that the Credit Score statement might not have refreshed and you could be following the older ratings. So, make sure that the entries gets rechecked and refreshed all the time.
3. Third and rare option could be that the lender could have own measurements of charging the interest and counting the credit score. In this case, you anyhow should force the lender to follow the general and standard rates and acceptances.

So, these are the total guidelines and informative parts of the Credit Score Statements. Even now, if you have some doubts, you can definitely have a chat with us. Get good Score and be Victorious.

But, the time never remains the same!! Banks earned lots of money from the people and some of the banks used them at the places which were never safer. These investments made the banks to make huge loss and ultimately the losers were the general public who had invested their hard earned money. So, the cycle again is taking reverse gear. The Banks are no more worth banking and people are searching for another option for the investment and security of their money.

The Recession is definitely a painful event but still it has done the job of an awakening call. It has made the people aware of the manipulation of the banking sector. People had a blind faith on the banks which is truly been undergone by some of the drastic and destroying scams and collapse of giants like WaMu… But it was just a starter of the entire Dinner!!

People came to know that they were literally robbed by some of the Banks in the form of Bank charges and overdraft facilities. The Bank fees wee unbelievably higher and also they were used for the undue and unwanted higher salaries of the executives. So, there should be an option to take place of this Banking frustration, right? Rightly and surely, there is an option and it is the most reliable Online Banking!!

What’s this Online Banking?

Well, it’s definitely a new funda of Banking but still at some places it has worked splendidly. Online Banking is the self-service attitude of Banking. The Banking was never wrong or bad for us, but the root of the problem was that we banked excess on the Banks. There should be a system where you make the transactions of your finance and get alerted for your investment and savings. Many Banks are offering online Banking services.

In the Online Banking, the consumer only becomes the sole financial controller of his own finance and even life. The consumer himself performs various activities and transactions of his own like shopping any of the cloths, books, accessories and also he himself books the travelling tickets of his journey through Banks. Almost all the major Banks are providing the services of Online Banking Services nonstop for the entire 24 hours a day and also for 7 days a week. This service hour gives you full freedom of timings and you can pay your bills or even make any of the purchase at any point of time and any day of the week, at your convenience.

Who provides such Services?

There are numerous Banks who are in this business and besides these special banks there are also the Internet-only Banks who deals only in providing the internet services for Banking. Banks like First Internet Bank of Indiana is the Bank who took the initiative for this modern concept of Banking. Also there are numerous professional institutes like HSBC, who have joined the rotating cycle of financial revolution.

What do they provide?

They provide you a higher rate of interest on your saved funds. They can afford to pay the higher interest rates as they neither need larger staff nor they have the waste of extra higher salaries to the executives. This substantial savings of expenses by the Banks is passed on partially to the consumers in the form of higher interest rates. One of the smarter Online Bank Smarty pig offers a solid 2.75% APY to the consumers which is quite fabulous for this Recession phase. Also they provide the clear and the most revealing system of banking which is highly reliable and responsive.

What do we earn?

Everyone invests for a reason and that reason should be fruitful enough for making the consumer convinced for the investments. This Online Banking is the service that provides you more interest rates than any else Bank. They save all the expenses of paper mail, lease and also other housing expenses. So, we earn higher interest rates.

Like the normal Banks, you don’t need to rush according to the Bank times; you can perform any of your transactions at your preference and also at your time. They are available for ever only for you!! So, we earn extra-ordinary services.

Quick service is the basic Mantra of Online Banking. You can have all the immediate effect of your Transactions and also you can have the transfers and bill payments in fewer minutes. So, we earn the most precious wealth our life, our time!!

Everything here is computerised. So, you just need to save all the paperwork and make an online transfer to the data to the Banks. So, there is absolutely no headache of maintaining records physically. There is nothing manual, all mechanical!!

There is also the service of Balance alerts. You can ask the Banks to make you alert at the time of lower funds and also while the due dates of your bills occur. They charge nothing for these extra services. So, we earn alertness!!

You’ll be absolutely free from storing and saving the paper records securely. As there is no papers or documents, to secure them for the future reason is being avoided. We earn the relaxation and also secured transactions!!

The most fabulous and phenomenal factor of Online Banking is that they charge no fees for the online Services. The services at any time are absolutely free and you need to pay nothing, which previously, the Banks were literally robbing you in the name of services!! We earn lot savings.

Moral of the story

So, it sound so ridiculous that the Banks were charging us unlimited and unwanted fees in the name of services, that was limited for limited hours and also we had to adjust our time according to them. They used to give us lower rates of interest and also the procedures were the most frustrate and lengthier.
But, Online Banking simple solve all the problems in one shot. It’s more practical option of finance, baby!! Go for it!!

1. Clean and clear sight of future: The persons became Millionaire had a great sight and also they were very much clear in the deeds and ways of their future. They were stick to the funda which is required for the clarity of the future and also for the splendid success. People with no mindset and goals in minds can never make a goal in their lives. Even if you see the example of all the giants, they were quite clear in their goals and also they were very much specific in their ways and deeds. If you read the autography of some of the giants, you’ll come to know that they were quite sure of getting their targets of next year and even after five years. They had everything running in their mind were so much committed that nothing in the world could changed their focus or none of the circumstances could stop them from achieving their goals. So, develop the vision and become a Millionaire!!
2. Understand the difference between good and bad: Business is not an activity; it’s an approach towards the activities. One must develop that approach and should learn to feel the difference between good decisions and bad decisions. There are some good and bad fixed in the business, it’s the successful men who choose the good between thousands of bad and it’s the unsuccessful men who choose a bad between all the good surrounding. Debts are bound to be there in the business initially, but there are types of Debts like a good debt and a bad debt. A good debt is the one which lead to the way which is required for the success and a bad debt is the one which is never required and also which has no meaning of having. Still some people increase the debt burden and make our financial lives tenser.  So, not only see the difference but also learn to feel and even smell the difference between the good things and the bad things. It’s required to become a Millionaire!!
3. Nothing can replace Budgeting: There is no substitute of Budgeting in the financial world. Budgeting is like locking the house. If you want your house to be safer, you need to have a proper locking system. Budgeting also makes the financial soundness and it gives you a sense of responsibility and awareness which are of utmost importance for the success in business. Have a bold budgeting and save the money like you need even a single penny to get survived. He Ocean is made of single drops and therefore evens the single drop matters a lot for the ocean. A single penny saved is also important as it creates a will of saving money for the future. Saving is more related to habit and concern for the business. Every single saved dollar reduces the gap between you and becoming Millionaire!!
4. Overnight successes is humbug: Just fix in your mind that there is nothing like overnight success. If you have seen some one gaining success overnight, treat it like an exception and remember that everyday can never be Sunday and everybody can not become Millionaire overnight. Working hard is the base of any success. So, even if you get some success rapidly, don’t emphasize them in your mind and make sure that you stick to the standard way of getting success and becoming Millionaire!!

So, believe in yourself when no one believes you and make sure that you are jumping with a safe ground beneath; you definitely have the potential to become a Millionaire!!!

There were three friends walking down, the first one fell in the deep well as he was unaware of it. Second friend saw it and he tried to get that friend out of the well, but the well was so deep that even he also fell in the well. Now, what should that third friend do?

Should he make an attempt the impossible try to save those friends? Or he should just walk aside by learning from his friends’ experience? A wise man will choose the second option, right? But, the question is, are we serving the second option or still we are living in the first option?

There was a time in the market when we didn’t saw the actual situation and just by following the trend, we selected to fall in the deep and dark well of investing in unsecured and unprofessional ways. We could have seen one of our friends or relatives suffering fro these ways, but still we thought that we’ll make it through and we went ahead. Now, after having seen and tasted all the fruits of our foolishness, are we still heading towards such investments or we are learning to get a bypass of such investments by investing safely and soundly? Are we selecting second option?

It’s a time to learn some lessons from the mistakes we made earlier and treat those mistakes like a consultant fees to move ahead. Every experience of life is a new learning lesson and the wise man is the one who learns from other’s experience, we are still better as we need to learn from our mistakes!!

The biggest question is how to invest and where to invest in such a crises market? There is a great amount of volatility in the market. The stocks are uncertain and also seem like unsecured. There are so many areas and sectors which seem to have hit the bottom. But, the wiser decision would be to make a proper analysis of those sectors and also to see the compatibility and the profitability of those sectors. The best way to invest in this market, is to analyze the past mistakes made by us, to derive the exact points where we lost the track and then to invest in those sectors other than the worst experienced but investing with a good awareness.

As we seen in the story, the wise man is the one who learns from others’ mistakes. Similarly, see the market scenario and talk with the investors, listen their experience and also learn from their bad experience. This procedure will make you sure money and that also without failing as you will be investing in the safest ways and sectors. So, you’ll be making money from your past mistakes!!

Let’s share some of the experts’ views about investing in these crises and also the perfect professional attitude of investment, which we lacked in past.

Invest for a longer term

There are no chances of making money double in a few days as we tried unsuccessfully in the past. Money always comes gradually and systematically. If someone has earned rapidly, it could be an exception. Invest for a longer period and that also in the stocks which are technically stronger. Also the recessional effects are o the reducing path due to the stronger economical reforms made by the Governments and Industrial Sectors. But, they all will take time to put a big impression. It’s definitely not an end to the investment earnings, but the long run makers are always beneficial.

Don’t follow the crowd

The above mentioned story suggested the same morale, that we must not follow the crowd blindly, investment is the activity done by the awakened people, not by the sleeping ones. You’ll find millions of people who might have suffered in the slow down and heart breaking earthquakes in the stock markets. Most of them would be the followers without any knowledge. So, don’t ever behave like the Goats in the investment sector by following the crowd blindly, behave like a Lion, who creates his own path.

Buy the right stock

There are many sectors, but select the one which are emerging and undisputedly required. Check the history of the company and see the probabilities also. Never consider any stock with its recent results. See the long term effects and then decide the right company and right sector for investment.

These were just simple tips made by us, but if you already had made some mistakes and had occurred losses, you’ll be the best consultant of yourself. Just get aware and learn from your mistakes and for sure, you’ll be the king of investment. Select the second option and there will be option for earning in your life!!