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As more of us struggle to pay off high interest debt, 0% or low rate balance transfers are coming to the rescue. Or are they? Balance transfers can be really handy, provided you’re aware of some of their shortcomings. Here is our list of the top 7 things you need to know when contemplating a balance transfer.Always make your payments on timeIt’s very important to make payments on your transfer on time. These types of accounts generally make prompt payments a condition and if you skip or miss them you could be heavily penalised.Know when the low rate period ends Most balance transfer deals have an introductory low or no rate period which is usually three, six, nine or twelve months. In order to make the most of your transfer you need to know when this introductory rate ends. Make note of the date and work towards getting the majority of your credit card debt paid off by this time.Read the fine print As with any banking product, make sure you read the fine print associated with your card. If you’re unsure of any conditions, speak to a customer service representative before you apply.Don’t use the card for cash advances Cash advances on a low or no rate balance transfer cards are a no no. These cards are really handy to pay off large amounts of accumulated debt, they’re definitely not designed for withdrawing cash or making purchases. Cash advances always attract a higher rate of interest and they’ll eat into any potential savings. In addition to a high interest rate, any cash advances will be treated differently from the transferred debt and can only be paid once the entire balance transfer has been paid off, see below for more information.Don’t get tricked by payment hierarchy Payment hierarchy is something that all credit companies do and it can catch consumers out. Here’s how it works – you transfer a debt of $4000 to your new 0% balance transfer card. You also use this new card to make $1000 worth of purchases. Any payments you make will be applied to the debt that is attracting the lowest interest rate, in this case it would be the balance you transferred. Any additional purchases attract a higher rate of interest and would only be paid off once the total of your balance debt is paid.Don’t leave it too late to switch A lot of transfer offers are only available for a limited amount of time after you’ve opened your credit card account. The key is to get the balance transfer happening as soon as you have the card in your hand. To help you with this, a lot of card providers give you the option of automatically transferring the balance and closing your old account upon activation of the transfer. This is a great way to make sure you’re making the most of the interest free or low interest period associated with your new account.It pays to shop around The key to finding the right deal to suit your financial situation is to shop around. Balance transfer offers are becoming commonplace and all the banks are vying for new business. Pay attention to what the banks are advertising and do a bit of research online to see what deals are on offer. If you need a quick and easy way to find information about balance transfer credit cards then use a credit card comparison website. If used right, credit card balance transfers are a great tool for reducing credit card debt. By doing a little research and understanding potential pitfalls before you sign up, you can save yourself some money and a lot of aggravation.
Master these four fundamental steps to network marketing and be all but guaranteed both incredible wealth and great success. Fail to understand the importance of but one, and condemn your business to flounder and ultimately follow the path of so many eager, yet unprepared network marketing hopefuls.
You may be thinking at this point, only four secrets to making millions and millions of dollars? Let’s hear it then. Actually, there is really only one. Time and time again, success story after success story; all have this one truth in common. So, this particular gem I’ll save for last.
If network marketing is all about networking and of course marketing, why do so many network marketers continue to struggle to realize the infinite networking and lead generating potential of the internet? Simply put, it’s being done all wrong. How’s that?
Network marketing (also known as “Multi-Level-Marketing” or MLM) depends most heavily on…
– recruiting / lead generation / relationship-building
– sales conversion
– ongoing consumption
– replicating yourself through down line motivation and training
If your network marketing business fails to recognize the importance and any one of these fundamental elements then quite simply, you won’t have much of a business at all.
Everything starts with recruiting and lead generation. No leads means no sales. No sales means no down line. No down line means… I’m sure you get the idea here. The entire process is built upon the foundation of recruiting and relationship-building with the express intent of maximizing product consumption and the success of your down line. Your bottom line is this. If you can’t replicate your success within your down line you ultimately fail to realize the true income generating potential of network marketing.
That being said, I’ll take this opportunity to summarize my own cautionary tale for those who are new to network marketing or who are just now thinking of taking the plunge. For those who have been around the block a time or two please bear with me. Much of my story may undoubtedly sound very much like your own.
When I first made the decision to start my network marketing business, I believed that with a great product and an effective marketing system, enough hard work would guarantee me success. I had the right attitude, but the wrong impression of what made this business tick. I expected to have a great deal to learn and I was eager to do so. I attended trainings, bought books, studied sales copy, purchased leads, ran ad campaigns, the whole routine.
I managed to generate a fair number of leads, and only a few conversions. For me that was fine. I assumed that if x amount of traffic equaled y amount of conversions, all I needed to do was… You guessed it, drive more traffic. So, here I am grinding like a mad man at driving traffic, and losing all but my shirt in the process. That’s when it dawned on me. Sure things are a bit slow going, but if my real return on my investment comes with creating a successful down line… How many members of my down line can I honestly say would be willing to put in this much time, effort, and yes money, for the same results. Not a single one…
I’ll say this once more just to be absolutely clear. If you can’t easily and effectively replicate a reasonable measure of success in your network marketing down line, then you are in effect spinning your wheels without going much of anywhere. If you assume that replicated content and replicated sites are the same thing as replicated success, you may want to think again.
Think of your business like a car and the content you provide your potential prospects as the wheels. If you expect to move your business you need the content you provide about your business to stand out. You need wheels that give your business traction. That traction comes in the form of having a unique voice and providing your prospects unique content about your business.
Well that about says it… Once you do your pre-selling and your marketing to generate your leads make sure you can provide good quality content to convert those leads into sales. Create an effective method to transfer some form of ownership to your down line so that they can achieve their own unique voice and replicate your success for themselves.
Oh and as for my million dollar secret… So, what is the secret that creates truly successful businesses, not to mention truly wealthy people? Here it is…
Do what you love… If you can find a way to turn your passion, your interest, even your favorite hobby into your business, then you will be in a much better position to achieve true success. Turning an opportunity to make money into something you love is infinitely more difficult that turning something you love into an opportunity to make money.
If this information helps even one person out there find a bit of the success that we all seem to be searching for, then I’d say that this article has served it’s purpose very well. For any questions or further information, feel free to contact me.