First, you would need to show that you exist, have a checking account, and that you have a job. This is all that you need to have in order to qualify for such a loan. So, these loans are very quick and very easy to get. You can walk in one day and within minutes walk out with cash in your pocket. The amount you walk away with can be as little as a 1500 cash loan or as much as a 5000 dollar loan.

Second, you have to pay for the loan. This, however, is not as easy (sadly). In order to get the loan you will write a post-dated check to the lender for the principle plus origination fees plus interest costs. The equation looks like this:

Total Cost of loan = Origination Fee + Interest Costs

You simply will take the principal amount that you are borrowing, and the total cost of loan to it to come up with the amount that you will have to write the post dated check for. For example, on a 3000 loan the equation may look something like this:
Cost of Loan = (.17 x $3000) + (400%/52 x 3000)

As you can tell, you do not want to let this loan go for longer than the one or two weeks that you originally signed up for (in addition to the crazy interest costs, you will also have to pay some kind of late fee penalty). With such penalties added on to additional interest rate costs the loan will end up costing you more than just a couple hundred dollars, and it will make it very difficult for you to get back on your feet financially.

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These wealthy people:

1.  Know how to live well below their means.  They don’t live right to the edge of their paycheck/earnings.

2.  They care more about financial independence and a lot less about how others perceive them (i.e. their social status.

3.  They use their time and resources wisely in ways that help them build more wealth.

Right now I just want to focus on numbers one and three.

It’s age-old wisdom that you should live within your means.  Everyone knows they should do it — but nobody does it!  The key is to establish a system whereby you can monitor your inflow, set up a plan, and monitor your outflows.  Most would quickly try budget software, and that’s a wise idea.  Instead of busting out the three-decade old ledger sheets, just set up some software to track money that comes in, what you want to do with that money (that’s the budgeting part) and money going out (what you did with the money).

That’s it.  If you’re dutifully recording your inflows, your plan, and your outflows, you won’t plan to spend more money than you make and you’ll be living within your means.

The third characteristic: spending time doing things that are conducive to building wealth.  Well having a sound plan (again, perhaps implementing some budgeting software) is right up there as numero uno in importance.  If you don’t have a well-laid plan, you’re not going to reach your goal snad you’re not going to be spending the time doing those things that will help you build real, lasting wealth.

It may seem counterintuitive that wealthy people would spend time budgeting — but they do.  In fact, 87% of millionaires have a budget that they actively refer to!  You’d probably say that millionaires don’t NEED a budget because they already have plenty of money.  However, their budget is what helped them achieve their wealth and they certainly wouldn’t want to abandon the very thing that helped them get where they are today!

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The first term you want to be familiar with is a Will. This is a legal document that tells how your estate should be divided when you are no longer living. You will make this out so that you do not have to worry about the state law of Texas dictating where your belongings go.

Another term that you may want to be familiar with is estate. You probably already have an idea of what estate is but you will want to learn what real and personal property is so that you will know what to leave to whom and who is responsible for paying the taxes on your estate.

Real property is land and anything that improves the land such as minerals, oil, and gas rights that you may have on that land. Personal property is anything that is not real property. This includes cars, cash, houses, and any benefits such as life insurance policies and retirement benefits that are due.

Probate is another term that you will want to be familiar with for your Texas estate planning. This is the legal way that your estate will be divided when you are no longer living.

There are several other estate planning terms that you will want to familiarize yourself with if you are planning your estate in Texas. Make sure that you do your research and have everything planned just the way that you would like.

One other thing that is important is that if you are at all leary of doing this yurself, please get an estate planning attorney. If you are in the capital, know that there are many Austin Attorneys that can help you with this process.

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