How to Save

How to save when jobs are scarce, the economy is rocky and nothing about saving is easy to understand.

How to pay off debt 7 Easy Ways to Lower Your Debt

Hello my friends! I’m in the final stages of releasing new services at my fee only financial advice firm Price Capital. Subsequently, you’ll see more from me on this blog, Twitter, and more. Thank you for staying with me — I can’t wait to show you the new services.

In this week’s radio show, I talk about debt. Households are successfully paying down their debt. However, it’s still a burden on many individuals and families.

In this show, I give 7 techniques for paying off personal debt:

1. Avoid debt counselors and negotiate your own repayment package.
2. Ensure you’re paying down your loan principal, not just the interest.
3. Know your chances before applying for a new credit card.
4. Broker a deal with your bank for reduced loan payments.
5. Use crowdfunding if you have a great story and solid income.
6. Investigate the new breed of collateral-based loan providers.
7. Generate a second income online.

This isn’t a recommendation, so please talk with someone that you know and trust about your personal situation.

Don’t miss a thing! Friday’s at 12:30 pm EST on Blogtalkradio.

Listen to internet radio with The Wall Street Geek on Blog Talk Radio

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4 The Price of Gas 7 Easy Ways to Lower Your DebtWould you rather fill your tank with gas, or light a pile of money on fire? Tough choice, because the price of gas is so high that the choices are almost equal.

The price of gas has been so high for so long that households have to put it in their budget. Talk to people deciding between living in Manhattan vs. Brooklyn, for example, and part of the decision involves paying for transportation.

The price of gas is starting to fall a little — however, it’s still close to its 10-year high. The average price of all grades of conventional retail gas in the US hit a 20-year high in July 2008 ($4.01). As of September 2012, the average price is $3.89:

Price of Gas 7 Easy Ways to Lower Your Debt

What if you could peek into the future and know if someday you’ll have extra cash in your budget from lower gas prices? Or know if you should stop having your daily latte to save for higher prices?

The price of crude oil is the top predictor for the price of gas that you buy at the pump.

The belief has been that the price of gas lags 3-6 months behind the price of crude oil. Actually, it doesn’t.

Oil companies refine crude oil first before it’s called gas and goes into your car. Approximately 2/3 of the price of gas is the cost of crude oil, and the remainder of the price of gas includes the cost of refining, distribution, taxes, and gas station owner discretion (according to the US Energy Information Administration). Gas station owners buy gas wholesale from refineries, and sell it to you at whatever price they feel is competitive.

The belief has been that changes in the price of crude oil aren’t reflected in the price of gas until 3 to 6 months later, after the refining process and after gas station owners have to buy oil at new prices from refineries.

However over the past 10 years, not only has the price of gas been 97.4% correlated to the price of crude oil, but gas station owners have reacted to the change in crude oil prices much more quickly than 3 to 6 months:

Price of Gas Price of Crude Oil 7 Easy Ways to Lower Your Debt

I observed that gas station owners tend to price gas at approximately 3.31% the price of crude when the price of crude is over $100. They price gas at approximately 4.3% of the price of crude when the price of crude is below $100. The lag has almost been nonexistent for the past 10 years.

Perhaps it’s the speed of information these days, but the price of gas changes swiftly to the price of crude — and even to the value of the dollar and tensions in the middle east.

Now, at least you have a rule of thumb to guide you. Although no change in gas prices will make me skip my morning coffee.

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