TEN SIMPLE STEPS TO BETTER FINANCIAL HEALTH

/24-7PressRelease/ - DIAMOND BAR, CA, October 09, 2006 - 1) Buy a financial calculator and study the Time Value of Money. Unless you really understand the relationship between time and money, you will not be equipped with the knowledge necessary to make sound financial decisions. A financial calculator will illustrate these principles in clean, unambiguous terms. Using one will clearly illustrate the actual cost of credit card interest; how paying an additional $50 per month on your mortgage will lower your total payments,, or how much an investment will grow in 10 years if you add $2000 to it each year and expect a 5% return compounded monthly. It is so easy to earn significantly more on your money if you just make tiny little adjustments in your savings, and a financial calculator will reveal this to you.

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Five ways to beat the rises

Rising interest rates are generally good for investing and those living on a fixed income, but for most of us who are paying off our homes, they are bad news - especially coming on top of ever-rising petrol prices.

We have already seen the Reserve Bank raise rates by 0.25% in both May and August this year with experts predicting another rise soon. There has been seven consecutive rises of a quarter of percentage point since rates bottomed at 4.25% in December 2001.

When things get tighter the worst mistake we can make is to think that we are powerless and can do nothing to soften the impact. Instead, see the latest rate rise as a wake-up call to spur you on to make sure you are handling your finance in the best possible way for your own circumstances.

While interest rates are still nominally low, most of us now devote more of our income to paying our home loan than was the case in June 1989 when rates reached 17%.

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Competition rolls into Jackson for Rotary Classic

The women's Division I Classic will be held on the campus of Union University inside the Fred Delay Gymnasium and runs through Nov. 18, according to a press release. The Jackson Rotary Club uses the classic to raise funds for its many charities. This year, the club hopes to raise more than $30,000, of which $8,000 will be used for scholarships, according to the release.

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Considering a refinance of FHA mortgage Our mortgage is a FHA 20-year fixed rate loan at 5.625 percent. We are considering a home equity loan for $20,000 to pay off our credit card debts, but the loan officer has recommended that we refinance the mortgage instead. He claims that even though the interest rate is higher; it evens out because we will not pay PMI. What do you think? -- Rosa Restructures .

Wells Fargo Survey: Homeowners View Their Home as a Solid ... SAN FRANCISCO, Oct. 30 /PRNewswire/ -- U.S. homeowners see their homes as a sound financial investment and want to make improvements, according to the Wells Fargo Third Annual Survey of U.S. Homeowners. The survey, involving more than 1,300 homeowners, was conducted in August 2006. Respondents were asked about their financial behaviors and attitudes regarding their homes, the roles their homes play in their future, and their concerns about pending adjustable rate mortgage (ARM) interest rate resets. Homeowners were asked about various financial products and investments and how they fit into their overall financial portfolio. A majority (72 percent) report that the equity in their home is their most important investment. Among homeowners who have a home equity loan or line of credit more (82 percent) say their home equity is most important.