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How to retire in your 30s? - Personal finance for millennials | Manish Bhattacharya | TEDxIETLucknow

At least with that you will have a rough idea in advance. All you have to do is multiply the monthly repayment by the term of the loan. Having done that it is simply a case of taking the bill consolidation figure from the credit card cost. Voila! You have got the amount you will save overall. That of course is just the start. They start to slap on late charges and the exorbitant interest now starts to attract interest on itself and, and Well you get the picture. So what do you do when you find yourself facing sudden debt? The first thing is not to panic. Easy enough to say I know but it really isn't going to help. Just stop and think of a plan of action. The next point we need to look at is whether you will be making your own decisions on where to invest or getting a professional in to do the job for you. If you are planning to invest in the stock market you will need some serious knowledge of how to select stocks before jumping in. However if you choose to use a financial professional then you just need to make some enquiries to ascertain their track record. No, it is a service offered by some companies to reduce the amount of your overall credit bill. Consolidation service is the name used by many of these companies to describe a service where by they will negotiate with your creditors. It's an especially useful service if you're not a home owner but you have debts that you can no longer manage. While the opening and closing prices clearly refer to the price at the opening or closing of the stock exchange each day the bid and ask ones perhaps are not so obvious. The easiest way to remember is to realize they are stated from the brokers point of view. This means that the ask price is the price being asked for by the broker and the bid is what they will bid for any stock you wish to sell. While markets fluctuate and at times quite wildly they do tend to rise over time but that won't help you if you need to get your hands on your cash the day after tomorrow and the market's in freefall. As with anything else it's vital to understand the rules of the game and how they apply to the position you are planning to take. 

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