Articles on Money Matters:

Residual Income

Hi, I'm Peter Owen, Director and founder of Tall Oak Limited.

We have produced this article to give you a quick insight into how to receive a second income or replace your present income. The key to securing your future and reaching your goals is called a residual income. Residual income flows into your bank account day after day, year after year for work you did 6 months ago.

Sounds Good! Great then lets look how you gain a residual income. The way I approach it is by talking about Network Marketing, I know what you are thinking 'that's pyramid selling isn't it? ĎNo! Network Marketing is used by several large companies creating a different way for companies to sell there products and services.

Network Marketing works by distributors or members, telling people about the product or service rather than using high cost advertisements. .

Letís look at an example: I start a restaurant and decide to use network marketing to gain customers, every time someone comes in I give them a card offering them 5% of the total spend by each person they recommend to my restaurant. One person (lets call him Fred) goes away and tells ten people about my restaurant, those ten people spend £500 (about £50 per head) which means at the end of the week Fred receives a cheque for £25 just for telling people about my restaurant. Sounds good doesn't it? That is simply how network marketing works, Different companies have different ways of working out how much you get paid but the principle is the same.

The more people you tell the more you can earn. So why do you need a second income?

Have you seen the reports about having to work till your 70; I don't want to work till Iím 60, let a loan 70.

Is your retirement fund big enough for you to continue to live the life style you want?

Most people think that when they retire there mortgage will have gone, debts will have been paid off, and so they can afford to take a cut in there income WHY?

Why work hard for 45 years then take a pay cut.

The way I see it if I worked 45 years of my life I should be able to enjoy my retirement not reduce my life style or leave it as it is, my life should get better.

How many hours a week do you spend with your family and I don't mean sleeping in front of the TV. Would you like more time with your family and go on more holidays?

How about your debt and mortgage do you struggle from month to month and worry about if you can pay the bills each time, wouldn't you like to get rid of your debts and mortgage and I don't mean by going to a loans company and consolidating, that just lengthens the time till there gone.

If any of the above sound familiar then a residual income is the answer.

There are loads of networking companies so why should you choose us to show you how. Well we believe we have found two companies well worth looking at and we will offer you support from day 1 until you ask us to stop, I am not going to go into detail but we will give you a brief idea of both so you can decide which is best for you.

The first is Telecom Plus newly named Telecom Plus the Utilities Warehouse, which is (as the name suggests) a utilities company. They offer a cheaper phone service, the cheapest gas and electric (Yes I said the cheapest not cheaper) only if you save money on your phone as well, not bad hey!! . They also offer Mobile Phones, 0800 numbers and an online shop, selling everything from flowers to TV's.

The second company is World Games Inc, an exclusive online gaming company with a casino, sweepstake and a patented private stock market. World Games Inc is purely internet based and can be run from any computer with internet access. My explanation of World Games Inc may be short but don't underestimate it. World Games is new to the UK and will grow rapidly so join now and ride the wave to success.

I hope I have given you enough information to enable you to see why residual income is so important. Please check out Telecom Plus and World Games Inc by using the links on our web site at www.talloak.co.uk or get back to the person who sent you to us.

Don't wait for life to pass you by live your dreams today.

Peter Owen
18 Apr 2007

Founder of Tall Oak Limited a group of companies who's aim is to help people live there dreams and achieve financial freedom. Other articles and books include 'Retire before 45', Limited or not limited. Visit
http://www.talloak.co.uk/ for more information


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What You Need To Know About Credit Cards?

What is a credit card?  A credit card is a card that allows you to borrow money to pay for things. There will be a limit to how much you can spend called your credit limit. At the end of each month you can either pay off the whole of the amount you owe or make a minimum repayment.  Other kinds of cards include: 

A cheque guarantee card, issued by your bank, that you can use to ensure that your cheque will be honoured up to a certain limit.  A charge card where you have to repay the full amount at the end of each month. 

A debit card, issued by your bank, where whatever you spend is immediately deducted from your bank account 

Do you need a credit card?  Using a credit card is a useful way of making purchases: 

A credit card means you donít need to carry huge amounts of cash around and risk losing it.  A credit card means you can buy items over the internet.  A credit card means you can make purchases abroad without having to worry about local currency.  A credit card gives the opportunity to spread the cost of a large payment over several months.  A credit card is useful in an emergency, for example, an unexpected repair to your house or car. 

How do you choose a credit card?  The main two UK credit card issuers are Visa and Mastercard. These are accepted in most places and in 130 countries worldwide. Beware of less well known brands that may not be accepted everywhere.  Before you choose which credit card is the best for you, remember to read the terms and conditions carefully. Never sign up for a credit card without fully understanding what you are agreeing to.  Remember that all the plus factors will be prominently displayed in large print.  You may have to study the small print carefully to discover if there are any negative factors. 

What You Need To Consider:  APR (Annual Percentage Rate)  This is the rate of interest that you will pay on any outstanding balance.  Special Introductory Rates  You may be offered a low or 0% rate of interest for a limited time (Up to 6 months) when you sign up for a new card. A higher rate of interest may be charged for cash withdrawals.  Balance Transfer Rate  Card issuers may offer you a lower rate of interest if your swap your balance from another credit card to theirs.  Interest Free period  Remember to check when interest payments will begin. Will you pay interest from the day of the purchase? Or will you have a number of days interest free before you begin to pay? There is usually no interest free period for cash withdrawals. 

Cashback and Rewards  Some cards over points or rewards for every pound spent on the credit card. Make sure that these are appropriate for you. For example, thereís no use collecting airmiles if you never fly.  Minimum Repayment  Remember to check what the minimum monthly repayment will be. If you borrow £1000 on your credit card the monthly minimum repayment will probably be in the region of £25. But if you only pay this amount each month it will take a long time to pay off the balance and cost a lot in total when you include the interest payments. 

Annual Fees  This is the fee that the issuer will charge you every year for using their credit card. Not all credit cards have an annual fee, so remember to consider this when you are choosing which one is right for you. 

Late Payments.  There will be an extra charge, as well as the interest owed, if your payment is late. This charge may even be more than the amount you owe so be very careful to check what the charge is, and to ensure that all your payments are made on time. A good way of doing this is to set up a direct debit from your current account. 

Exceeding Your Limit.  You may also be charged a fee if you exceed your credit limit.  Will Your Application Be Accepted?  Whether or not your application is successful will depend on your credit rating. Your credit rating depends on your credit history (a record of your use of credit) and is based on the record of your ability to repay debt.  You can obtain a copy of your credit file by contacting a credit reference agency. There may be a small fee for this service. 

When your application has been accepted you will be given a credit limit. The credit limit will be fixed when you first apply for your card (although you can ask for it to be increased or decreased later) and the limit, including the amount you have left available to spend, will be shown on your monthly statement. 

Insurances and Protection.  What You Can Do:  Take good care of your credit card to ensure that it isnít lost or stolen.  To prevent misuse of your card you must report any loss or theft of your card to the issuer immediately. Many issuers allow you to register all your cards with them so that in the event of you losing a purse, handbag or wallet they can all be cancelled with just one phone call.  You must keep all your receipts and also check your statement carefully and report any suspicious transactions, for example payments that you have no record of making. 

Credit card companies are now issuing cards with PIN (Personal identification numbers) which are known as Chip and PIN cards. Rather than signing your name you will be asked to enter your PIN onto a keypad. You must ensure that you keep this number secret.  What The Issuer Will Do  The issuer should insure you against loss, misuse or theft of your card.  The issuer may also insure your purchases for up to 100 days.  Your issuer may also provide protection against you being sold unsuitable or shoddy goods. 

Important Points To Remember:  Credit cards can be a very useful tool to help you to manage your finances.  Choose your card carefully, remembering to read and understand all the terms and conditions before you sign up.  Remember to set yourself a budget and decide how much you will pay off each month.  Check your statements carefully each month.  Look after your card to prevent it being lost or stolen. 


Phil Edwards
04 July 2007

Phil Edwards is a Business analyst in the city of London, freelance writer for several finance magazines and websites and co-owner of
http://www.1st-uk-credit-cards.co.uk/ and http://www.1st-uk-bank-accounts.co.uk/.
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