Determine Your Investing Goals Using Payday Loans

Unclear on Your Financial Goals? Don’t Invest!

invest_magazinesThe one thing you need to do in order to prepare for investing, besides applying for a short term loan, is to get completely clear on your financial goals. This will help to determine how much you need to invest, as well as how aggressive you want to get with your investing strategy. For example, if you are close to retirement and you haven’t started investing yet, then you will need to go with safe investments that will provide a secure income for when your main source of income becomes greatly reduced. However, if you are young and are just starting out, you have more time to recover from a bad investment here and there.

Before you start

Before you start investing however, you need to first determine when you will need this extra income. If you are close to retirement, then this will be within the next few years. Next, you need to determine how much you want to earn from your investing activities. If you are only looking for modest gains in the long term, then look for slow growth funds that will help you achieve that. But if you want aggressive gains in the short term, you will need to look for the more volatile stocks. While these are often risky and you could lose everything you put into them, they also can pay off very well, with the potential of making you very wealthy.

How do Payday Loans Help?

Once you have determined your financial goals, you will need to make sure that you have the financial resources to get started. That’s where payday and short term loans come in. But don’t misunderstand me—I am not, by any means, telling you to misuse these or get yourself in debt way over your head…because that will not help you achieve your long term financial goals. I am, however, telling you that if you do not have the resources to get started, applying for a short term payday loan could help you make the initial investment needed to begin your investing activities.

Be Responsible!

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I must caution you though—if you do this more than once or twice, you could get yourself into trouble by digging yourself into a hole. Meaning, if you take out a payday loan, and then when payday comes, you use that check to pay off your loan…then you take out another loan to cover your living expenses…and so on and so on it goes until you are buried so deep in debt that you can never recover. The responsible way to do this is to take out only that amount that you can comfortably live without from your next paycheck, so that you are not digging yourself into a hole.

Credit Cards?

Will credit cards work? That depends on the fees you have on your credit card versus the fees you end up paying for your payday loan. Determine the difference, and go with the method that will give you a lower rate. However, many people tend to have tarnished credit, so a credit card may not always be an option. Either way—you need to determine what will work for you, so that you can take charge of your financial future!

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