Personal Financial Tips

Archive for July, 2011

With rising gas prices, good hard working folks like you and I are looking for ways to increase gas mileage and cut our fuel bills. I found a way to create a burnable gas out of water by building my own hydrogen generator, and I did it for less than $65.

In order to make your own hydrogen generator to run your car on water you must first understand that you do not run your car on water alone, rather you create a hybrid by injecting the gas you have created in your hydrogen generator into the gas/air fuel source you currently use, drastically increasing the efficiency at which it burns.

HHO gas, or Brown’s gas can be created out of ordinary water by the means of electrolysis. You build a container which holds the water and then send a small amount of electricity from your car’s battery through a set of submersed electrodes and the process pulls apart the water molecule into two bonded hydrogen atoms and an oxygen atom.

The resulting HHO burns cleanly and allows your engine to run quieter, smoother and with more power. I know it sounds impossible but it’s not. Thousands of people all across the globe are running their cars on water with hydrogen generators they built themselves.

One of the best things about this proven technology is the fact that you can build the generator with easy to find parts, assemble it over the course of a single weekend and all for less than a typical fill-up.

If a country girl like me can buck the system and build her own hydrogen generator, anyone can… it really is that simple.

This technology is proven and very safe but you are producing a gas that burns, but it is not explosive like pure hydrogen and you produce it on demand and in small quantities, and I have never heard of anyone hurting themselves using a home built hydrogen generator.

There are kits you can buy and install yourself but they go for $1000 or more and basically do the same thing as the generator you can build yourself. If you want to increase your mileage by 30% or more, I suggest you start with a model you can build that is easy and inexpensive to do.

Once you are familiar with the technology you can expand upon the generator by adding pulse modulation to increase the gas producing process, but it isn’t necessary.

When someone rents a car, the automobile rental companies hold the renter accountable under the rental agreement for damage to their car. They offer a Damage Waiver at an extra cost. This Damage Waiver is not insurance, but a contractual agreement between the renter and rental company. If a waiver is not purchased, it is important to review your own automobile policy to determine if any extension of coverage applies. Also, establish how the liability coverage afforded by your policy applies in the event you are at fault in an accident with the rented vehicle. In California, you are required to have auto insurance regardless of whether you are driving your own car or if you are renting one.

Rental car agencies do provide wide range of auto insurance coverage and it would not be prudent to blindly select rental car insurance as every policy offers its individual advantages under particular situations. You should examine each policy so offered and judge it against the requirements you have. It would be prudent to discuss the policy with the car rental agent, rather than just read the summary over the website.

Sometimes you are not required to purchase any car rental insurance because you are already covered by your car insurance. Usually, your coverage does remain the same with a rented car as it would if you would be driving your own vehicle. Also, you could be covered by auto insurance coverage under your credit cards. You should check with your credit card company about the coverage to which you are entitled.

Before you rent a vehicle, check the financial and insurance obligation you will face, and find out how these would be covered by your own auto insurance. In case you do need to exercise your insurance policy and realize that certain aspect is not currently covered, you should check if it would be covered under other insurance policies.

There are many people in the military that do not know many of the special offers that are specially been designated for the utilization of military servicemen and women. One such offer is a military car sales loan that can be taken up by a military person for the purpose of buying a car. This loan has a very low rate of interest in comparison to many other car loans. Being unaware, many military personnel do not utilize this advantage of taking up a military car sales loan.

Let us now get a more detailed insight into what are the advantages of taking up a military car sales loan and who are eligible to go in for such a loan and the process to obtain it.

The Benefits of a Military Auto Loan

Any armed force personnel is eligible to obtain this loan to purchase a car, either used or new. Another option under this scheme is it can be used to refinance an already existing car loan. The advantage as was mentioned earlier is the lower rate of interest than other conventional car loans making it cheaper. Also, the monthly payments can be further reduced because the loan can be opted for a longer tenure than other loans.

The military car loans are provided to these military personnel at lesser rates of interest by the lenders who try to promote these loans. They look at the earnings of the military personnel as a steady income that makes them eligible to be provided such loans. They feel that the risk taken up by the lender is quite low that enables them to provide the loan at a much lower rate of interest than conventional loans but will still end up with a profit for them.

Among other advantages offered by military car sales loan is the flexibility of repayment. The borrower is given the option of paying low monthly installments for a longer duration or can take up the option of paying higher than stipulated to finish off the loan much faster thereby saving more by avoiding paying the interest. Even the amount offered as loan is significantly higher than what is provided for a conventional auto loan.

Eligibility Norms

In order to be eligible for a military car loan, the borrower should be actively serving in the armed forces. This loan is even provided to many of them with bad credit ratings as well as to personnel that have recently entered the armed forces too. But, the tenure of service does play a role in getting an approval for military auto loan.

The process of application is quite simple and can be done online over the internet too. The documentation that is necessary for approval is the proof of being in the armed forces. Other requirements is details such as address of residence, base where the person is located, telephone number, email details, contact person whom the lender can reach when the borrowing military person is posted abroad. The contact person should be someone who can communicate to the borrower any information that is given by the lender.

There are gems and there are duds of any business. This is true of debt management programs as well. Your money is very important to you, so you should choose a program that has the best reputation for success. Reviewing the number one debt management programs is your best option for choosing the company that is right for you.

Certified – One thing all great debt management programs have are certified credit counselors through the NFCC (National Foundation for Credit Counseling). This ensures that any counselor you work with has gone through extensive training and has taken six certification tests to get accredited. Anyone who handles your money should be professional.

Non Profit Work – Another characteristic many of the best debt management programs possess is nonprofit work. The reason these programs seem to be the best is because they have your best interests in mind. They are not thinking about their bottom line when setting up a payment program for you. Most of the time these organizations require you to close all open ends of credit, such as credit card accounts. Their goal is to assist you with your current financial problems, but then never see you again. You want a debt management program who doesn’t want you as a return customer.

Confidentiality – One of the most important things the best debt management programs have is a strong commitment to your confidentiality. This is important for two major reasons: privacy and security. First of all, most people don’t want neighbors to be aware of their financial problems. Any visit to a debt management program should be kept confidential. Second, the information given during a credit counseling session is very sensitive. You may give social security numbers or credit card numbers. Since identity theft has become so prevalent, you must be able to fully trust your debt management program to keep your information safe.

If you find yourself in the situation where you need a debt management program, be sure you choose one with NFCC certified counselors, that has your best interests in mind, and respects your confidentiality.

Before you can start choosing the right fixed rate home equity loan, it is important that you learn what these loans entail. Equity loans are secured loans that are taken out on primary residences or second homes to the degree of excess in fair market value over what is owed on the primary mortgage. The loans are unique types of mortgages that lenders offer to homeowners based on the equity amount in the home.

In other words, you can get money on your home’s equity from lenders up to a certain amount. The lender offers you a line of credit that you can use to make home improvements, take vacations, pay bills, or use any way you wish. The borrower pays money back to the lender, or banking institution, with interest.

Lenders offer the fixed rate home equity loan to homeowners and give them a checkbook. The checkbook can be used to write checks to pay off bills, or to use to make home improvements. Borrowers can use the money for anything they choose, but they are expected to repay the balance with interest on the amounts used.

In other words, lenders use homes as collateral in exchange for fixed rate home equity loan balances by which the borrower’s home used as collateral is secondary to the first mortgage. The home owner is offered a line of credit in exchange of home collateral.

Homeowners can take out a line of credit at 3.74% APR with good credit in amounts up to $75,000 through various programs currently being offered online. These allow homeowners to use their equity to lower their home energy costs, enjoy lower monthly installments, and save on taxes and interest while receiving a possible tax deduction. Other benefits may be offered as well.

You can use quote tools online to check out rates of current loans if you are thinking about taking out a home equity loan. Homeowners who owe less than $729,000 may qualify for the Home Affordable Programs. These programs assist homeowners with making their mortgage installments more affordable. The program works to help homeowners prevent such devastating financial situations as foreclosures.

Borrowers at risk may apply for the fixed rate loan if they have a first-lien loan or owner-occupied property that includes unpaid principal amounts up to $729,000. Before you venture into taking out the secondary loan, ensure that you learn all the details about equity lending and programs. You put your home at risk, yet you can get money to repay your debts. If you use the checkbook wisely, you can pay off higher interest credit cards and your primary home loan amount sooner.

None of us enjoy contemplating what kind of coffin we should be buried in, much less our ideal burial place or what our funeral should consist of, but pre-planning for these realities makes it easier on our loved ones when we pass. According to the Federal Trade Commission (FTC), a traditional funeral complete with casket and vault costs around $6,000. Add in flowers, obituary placements and limousine services, and the total cost can run in excess of $10,000. And remember, unplanned funeral arrangements mean that both the arrangements and their cost must be addressed within 24 hours of someone’s passing.

Most funeral homes make the pre-planning process easy by allowing people to plan for even the smallest details of the funeral process. As required by the FTC, funeral directors provide a price list for supplies and services. For those who pre-pay, funeral homes often offer price guarantees, which allows you to pay for tomorrow’s funeral at today’s prices with a few exceptions, such as the cost of flowers and grave services.

Excepting cash, there are three easy ways to pay for pre-arranged funerals: final expense insurance, pre-need insurance and pre-need trusts.

Final expense insurance, also referred to as funeral insurance, is a low-level life insurance policy purchased from an insurance company. As with any life insurance policy, the insured names a beneficiary; only in this case the money is used for funeral expenses. Final expense policies are either term life insurance or permanent life insurance, the first of which offers coverage for a specific period of time, while the later offers coverage for life. Term policies and permanent policies are further subdivided into “simplified issue” and “guaranteed issue” policies, neither of which requires a medical exam. However, in the case of simplified issue policies, for which applicants are asked health related questions, people with serious health problems may receive a policy that includes a “graded death benefit”, which means that the premiums gradually increase and the policy’s full value kicks in only after a certain period of time.

Pre-need insurance is life insurance intended for people who have made specific funeral arrangements and wish to insure that they are carried out. Funeral directors who are licensed as insurance agents sell pre-need policies, receiving commissions in the process. The funeral home is the policy’s beneficiary and the funeral director handles the policy claim, making it easier on the family in mourning.

Lastly, a pre-need trust is money placed in a trust fund that is dispersed to the funeral director upon your passing. A pre-need trust is premium free, but making the trust either revocable or irrevocable can bring financial ramifications. Unlike irrevocable trusts, the money in revocable trusts can be withdrawn at any time, which can count against those who you are trying to qualify for need-based social services.

Pre-planning your funeral and funding the expenses through funeral insurance, pre-need insurance or a pre-planned trust makes it financially and emotionally easier on your family as they mourn your passing. Contacting a reputable insurance agent or funeral director is a helpful step in assessing which plan best suits your needs.