5 Major Pros And Cons Of Investing In Cryptocurrencies By Experts

Traders and investors are going crazy with the cryptocurrencies. Digital tokens like Bitcoin, Ethereum, Litecoin are some of the cryptocurrencies. You can consider them as a currency that you change for goods and services.

The most notable feature of Cryptocurrency is its decentralized nature. That means it is independent and is not controlled by any institution. With centralized nature’s help, it helps the people with the peer to peer money transactions. The blockchain technology powers the transaction and provides security with the public ledger network.

The Cryptocurrency concept is fairly new, so it is hard for the people to accept it. A sense of    something new brings insecurities with the trust, which is what is happening with the cryptocurrencies.You can learn more from BitBolt Login.

Pros and Cons of cryptocurrencies

Even after being a new concept, it holds the upper hand against traditional fiat currency. Some traders think that Cryptocurrency has a future possibility to replace the fiat currency.

Pros

1. Valuable trading software

Thanks to all the hype created by the trades and the investors in the trade market, crypto trade marketing is getting popular among the younger generation. And to encourage their effort, several trading platforms and applications have been surfacing up recently.

Some of the trading platforms are given below:

  • Coinbase.
  • Bitcoin profit.
  • Coin tracking.
  • Bitcoin evolution.
  • Kraken.

2. Easy money transfer

Cryptocurrency money transfer happens with the help of the peer to peer to connection. That means you do not need any third-parties or intermediaries. You can directly send the money to the people you want to send. The transaction process is swift and takes only a few seconds to be processed. Also, the transaction is down with the private and public keys’ help, which makes the transaction more safe and secure.

3. Anonymity

At every transaction, your digital wallet address, Hash, blockchain number, and the miner name are recorded, the transfer process is anonymous. Only the people who are sending and receiving the money can see the identity. This feature helps if you are wary of giving unnecessary information to others.

4. Accessibility

The best part of the Cryptocurrency is that it is accessible 24X7. Cryptocurrency is a decentralized currency; hence, you do not have to wait for the intermediaries to make a transaction. You can commence a transaction as long as the receiver is active. On the contrary, the peer to peer connection is not bound by the national boundaries.

5. Autonomy

In the Crypto trade, you have complete control over your digital assets. No matter how you earn it, where you spend it, or whom you send it, no one will ask you anything. You are responsible for everything related to your digital assets. Hence, you can think of this as one of your retirement plans.

Cons

1. Volatility

The volatility of the Cryptocurrency has been the problem. Though this volatility has given the profitable nature to the Cryptocurrency, it is far too unstable for everyone coming out of the trade with a profit. Though Cryptocurrency is not controlled by any institution, national external affairs, and media can affect the Cryptocurrency’s price evaluation.

If you are a high-risk lover who believes in “high-risk high gain,” then volatility is not a problem for you. I am talking about the other traders who want low-risk investment plans.

2. Complex concept

The concept of the Cryptocurrency is very tricky to understand. So technically speaking, crypto trade is not for the people who lack technological knowledge.

3. Theft risk

Even though Cryptocurrency has no physical form, there is a chance that all your digital assets can be stolen. Hackers have sophisticated tools and advanced software that they use to break through all the security.

Conclusion

Cryptocurrency investments and trades have now become a significant strait forward. And all the thanks go to the trading software that you can easily access and place deals efficiently. Moreover, you also have complete control over your digital assets, and you can keep track of them with the help of the Digital cryptocurrency wallet.

The Most Common Uses Of Personal Loans

Have you ever taken out a personal loan? This financial tool has increased in popularity due to its versatile nature and favorable interest rates it provides to borrowers. People tend to use the borrowed funds for a variety of reasons, ranging from debt consolidation, home remodeling, moving, and emergencies to organizing weddings. 

These loans are most commonly unsecured, repaid in the form of monthly installments over a pre-determined payback period. The monthly installments, interest rates, and time period are determined by the creditworthiness of borrowers. 

Nowadays, there is a myriad of financial brokerage firms, such as https://buttonwoodfinance.com.au, providing clients with beneficial financial solutions by comparing interest rates, lending criteria, and personal loan types from various moneylenders.

Prior to hiring one, take a look at the most common uses of personal credits.

Secured vs unsecured loans

When it comes to taking out a personal loan, borrowers are provided with the opportunity of choosing between a secured and unsecured credit. The former requires borrowers to provide a certain type of collateral in the event of failing to pay the borrowed sum of money back, while the latter requires no pledge on the part of the debtor. 

For instance, when applying for a secured loan, most moneylenders require access to the credit history and savings account of borrowers, as well as some financial assets to serve as a guarantee. The collateral, in the form of a home, a car, or other valuable items, is used to encourage debtors to repay the borrowed amount without delays. Due to the reduced level of risk, lenders are willing to offer lower interest rates and allow clients to get higher credits. 

In contrast, unsecured loans demand no collateral, which minimizes the risk for potential borrowers. In order for moneylenders to approve an unsecured personal credit, they inspect the credit score of applicants. Based on their FICO score, these professionals determine the maximal amount a person can borrow, as well as the interest rates he/she will be required to pay. 

Additionally, people with solid credit scores are more likely to be rewarded with favorable interest rates when compared to the ones with bad FICO scores. In most cases, borrowers have no problem estimating the exact sum of their monthly installments or the payback period, hence being able to plan their finances carefully. Make sure you visit this page for some practical tips about improving your credit score. 

Debt consolidation

Debt consolidation is among the most common reasons for submitting a personal loan application, especially beneficial to people who are already in financial trouble. Instead of paying for multiple loans and credit cards separately, a personal loan would enable you to combine all charges into a single monthly installment. 

Moreover, personal credits are considered particularly favorable for debt consolidation owing to the substantially lower interest rates in comparison with the high annual percentage rates (APRs). As a result, there’s a great likelihood for debtors to repay their credit cards in a reasonable time period, instead of having no hope of ever getting out of debt. 

Home remodeling projects

Another frequent use of personal loans is providing the necessary finances for a home remodeling project, which not all homeowners are capable of financing out of their own pockets. These credits are of tremendous importance to people who can’t afford the necessary home repairs or the desired home improvements.

For instance, many homeowners use the borrowed money to replace or repair their damaged roofs, install a new plumbing system, handle termite property deterioration, and a myriad of other issues that cannot be left unhandled. 

Furthermore, some homeowners decide to take out a personal loan for commencing the long-desired home remodeling project. Whether it’s a bathroom renovation, installing solar panels, or building a swimming pool into your backyards, the borrowed sum of money would be more than enough to cover the cost of the remodeling project you dream of. 

Moving

Long-distance relocation can be rather costly to people who plan to start a new life chapter a great distance from their current residence. Such relocation involves transportation of the household belongings and vehicles across states or perhaps to another continent, as well as purchasing some new pieces of furniture to equip the new home. 

Nevertheless, a personal loan can be of vital assistance when moving, as it will cover transportation and other moving expenses, thus saving you both time and stress. Anyhow, it’s paramount to calculate whether your new source of income would be enough to repay the credit in the required payback period. 

Emergencies

In most cases, people take out personal loans when coping with an emergency that requires an unplanned amount of money. For example, medical expenses are one of the most common reasons why individuals apply for personal credit. Most medical treatments, such as minor surgeries or dental procedures, are rather costly for people to finance without any kind of financial support. 

The same goes for arranging funerals, which are known for being surprisingly expensive. Unless the deceased person left enough money to cover these expenses, family members might not have another alternative but take out a personal loan to arrange the funeral services. 

Weddings

An increasing number of couples decide to get the necessary financing for their big day through personal loans. These credits cover most of the crucial wedding expenses like paying for the venue, the photographer, the wedding planner, and even for the dress of the bride. Some men use the borrowed sum of money to purchase the ideal engagement ring for their future spouses without worrying whether their savings account would cover the cost.

Nowadays, organizing the wedding of your dreams can be overly expensive, hence forcing couples to start their marital life in the red. Instead of using credit cards, future spouses can take out credit with favorable interest rates without going deep into debt.

Final thoughts 

Make sure you hire a financial broker to provide you with the most favorable financial solution. 

It’s worth the investment! 

Drawbacks of Traditional Money – Accept the Digital Currency

Bitcoin, along with the thousands of cryptocurrency, is getting popular due to their offers and the stability they bring into the financial system. Most parts of the world have already experienced the benefit of using cryptocurrency.

The majority of the global population still relies on the traditional fiat currency issued by the government. However, cryptocurrencies are used on a large scale in the trade market. Remittance is also the field where the use of the crypto is on the rise.

Cryptocurrency VS Fiat currency

Fiat currency that we commonly know to us are in the form of paper money or the money that is being issued by the government, has always been the primary means element used for monetization. However, this legal tender is not backed by rare elements like gold and other precious commodities, but instead, it is backed by the government. And the value of the fiat currency depends on the economic stability of the nation.

The fiat currency comes with a physical form and is regulated among the people. As the government itself backs up the fiat currency, people trust its credibility and use it for financial transactions.

The way people need to improve, the financial system is also looking to enhance the transactional methods. In search of new transactional methods, people have come across a new currency called cryptocurrency.

As we speak, there are more than 5000 cryptocurrency presents in the world. And out of the Bitcoin stands at the top. The said number of crypto coins might increase in the near future.

Now that you know what fiat currency and cryptocurrencies are. Let see how fiat currency feels short in front of bitcoin and other cryptocurrencies.

Disadvantages of fiat currency

If we compare fiat currency and cryptocurrency, we will easily see that fiat currency holds the lead in most aspects. It is to be expected that the currency has survived thousands of years of regulation. However, new generations are looking for a more digital solution for the financial transaction. And this was fiat currency fell short of their expectation.

Here are the things where Fiat currency needs improvement to keep cryptocurrency at the bay of becoming the mainstream currency.

1. It holds value in its respective country

The value of the fiat currency is limited within the international borders. That means the value of the fiat currency is valid in the respective country. You will not be able to use the currency of one country into the other countries. This feature of the fiat currency had made the people go for the currencies that are not bound by the international borders.

2. Possibility of being damaged or theft

With paper money, there is also a chance to be torn apart with little extra force. There are natural elements as well that can directly catalyze to lose your fiat currency.

3. Issue off over issuing

The serious problem of the fiat currency is that it can be issued without any issue. And if the government is not careful with the over issuing the fiat currency, it can result in inflation.

4. Inflation

Over issuing of the paper can lead to inflation. Inflation can be an evil thing in the fiat currency system. It can give rise to the following:

  • Steep price rises: This can affect the people at the lower level of the financial ecosystem.
  • Affect exports and imports: Steep rise in the price of the things that directly affect the export and import.
  • It can decrease your fiat currency valuer on the international platform: The global platform’s exchange rate will be lowered. That means you will be needed to pay more home money to buy foreign products.

Conclusion

If the government can think carefully and then issue paper money, there will be no problem whatsoever. If all of the issues that we have just mentioned above can be corrected, somehow, there will be no loopholes in the fiat currency’s uses. Due to this issue, most of the young generation are using platforms like https://1g-profitsystem.com/ for cryptocurrency transactions.

Things You Can Do Using Your Cryptocurrency

Cryptocurrency has given us a new payment system that brings some advantages over the traditional fat currency. To most people, Cryptocurrency is a high-risk investment. However, the concept of having a decentralized cryptocurrency that has certainly piqued the interest of the millennials.

Today, the existence of cryptocurrencies is known by most people. This is due to the advantages that you can get with the use of Cryptocurrency.

What can you do with Cryptocurrencies?

Cryptocurrency is not regulated as smoothly as you can buy them. Buying a cryptocurrency is far easier than finding a way to spend it. In this article, I will highlight some of the ways that you can do with cryptocurrencies.

1. Cost-efficient money transfer

Cryptocurrency gained popularity due to its cost-effective money transfer. Not only these money transfers are cost-effective but are faster than any other transactional medium. For instance, recently, a transaction was made between two companies; the amount was around $100 million in Litecoin. Can you guess the amount of time taken to complete this transaction? It was just over two minutes.

2. Invest in startups

The dawn of the digital token has allowed investors to invest in potential startups. With the ICOs (Initial Coin offerings), you can invest in any startup without thinking twice. The reason is that your investment will be safe with you and will be encrypted with private keys. So, you do not have to worry about your investment being misused.

3. Make private transaction

Today, financial transactions are one of the flourishing businesses. The reason is that people and businesses are relying on third-party applications to transfer money. Cryptocurrency has seen this as an opportunity to expand its uses. Now you can send and receive money with the help of digital wallets. And the best part is that every transaction is safe, secure, and anonymous.

This method is in the trends because you do not have to explain to anyone about the money transfer. That you usually had to do in bank transfer cases.

4. Send non-cash remittance

One of the most used areas of cryptocurrencies is the area of remittance. We have millions of overseas workers who send money to their families via international mediums. The problem with this traditional international medium is that they charge quite a hefty amount for a successful transaction. However, in the case of Cryptocurrency, there are no intermediaries. That means you can transfer money to your family without any transaction charges.

4. Travel around the world

In the last ten years, the ecosystem of the Cryptocurrency has seen explosive growth. Due to the improved regularities, you can now use Cryptocurrency to pay your travel expenses and cover up your hotel costs.

There are even cryptocurrency ATMs all over the world that will help you with cash problems. You can use these ATMs to dispense cash by converting your crypto assets into fiat currencies.

6. Get paid to post content

We all know about the social media platforms that reward their users for posting high-quality content. But what if I say that the rewards can be in the form of cryptocurrencies. There is a platform called Steemit that rewards its users in the form of Cryptocurrency to post and curate high-quality content. So, if you do not want to invest in the Cryptocurrency, you can post content on Steemit and gain rewards.

7. Buy Lamborghini

Buying a car has always been a dream of many. What if I say, you can buy a car with your crypto assets? And Lamborghini at that. There is a marketplace for the Cryptocurrency, De Louvois. It enables a platform “Crypto Rich” that helps people buy sports cars with the cryptocurrencies’ help.

This marketplace is not only famous for buying cars, but you can also buy different collectible products.

Conclusion

All the things that we have mentioned above are just the tip of the iceberg. There are infinite ways in which you can use Cryptocurrency. You can even buy clothes, pay restaurant bills, utility bills, etc. you can find by Bitcoin Era Sign In.

How Sales Tactics And Why They Work?

The sales tactics and why they work is an important topic for any business that wants to increase sales. You have probably heard this before, but the secret is that if you use your sales skills correctly, you can get the results that you want for your business. So how do you know if your business can get more sales by using these tactics? Term paper prepared a few tactics for you:

One of the main sales tactic that a lot of businesses use is called the “cold calling” technique. This is where you call the sales people of your target market and talk to them about your business and the products and services that you are selling. You would be surprised at the impact that this can have on a person. In fact, the first impression that the prospect makes will last much longer than the one that is made after the call.

Another good sales pitch is to make sure that your product or service is available when they need it. When they use your products or services in their daily life, they will come back to see if you can provide them with more services and products in the future.

Offer discounts to your customers. Many companies have different offers to their customers depending on what they are looking for. For example, if they are looking for insurance, you might give them a discount if they purchase insurance from you. This will make your customer more comfortable with your company and it is more likely that they will come back to you again.

Another great sales tactic is to make sure that your products or services are well-liked. This is important because it helps your client find you again if they like your products or services. If you sell something that is not liked, you will have trouble getting new clients for the future.

One of the most important and great sales that you can have is the one that allows you to sell your products or services without having to spend a lot of money. One example of this is that you can do a free report or ebook with your products and just sell the report and the ebook to your potential customers. It is easier to make sales through this kind of sales tactic and you won’t have to spend as much money.

Finally, you want to make sure that you provide your customers with a sales package that will help them save time and money. This can be done by providing them with training, information or discounts to help them save money on their purchases.

These are just a few examples of how you can use the sales techniques and why they work. when it comes to helping you get the results that you want for your business.

You also need to make sure that you are keeping your current clients happy and they are coming back to buy more from you. If your business is not moving forward with its customers, they will begin to look elsewhere for solutions and that will ultimately hurt your sales.

A great way to keep your current customers happy and keep your current clients happy is to offer discounts on your products or services. If you are trying to sell a product that a large group of people are interested in buying, this is a great way to sell your product.

Also, this is a great way to make sure that you are building a relationship with your customers. This relationship will allow you to provide more services to them in the future so they will become loyal to you.

Last but not least, when you are using these tactics, you need to make sure that you are keeping your costs down. There are ways to cut the costs of running your business, but you need to make sure that you are making the money back. You can do this by offering discounts to your existing clients or by providing more discounts to your customers for new ones.

How Can I Find and Choose the Best Accountant in My Local Area?

The tax code is over 4,000 pages long. Unless you plan to read each page and understand the tax code, you’ll want to have someone on your side who is a tax expert.

If you want to find the best accountant in your local area, you’ll need to know how accountants work. That will ensure that you get the right accountant to manage your taxes and make sure you’re not in trouble with the IRS and state tax authorities.

Read on to learn how you can hire the best tax preparer in your area.

What Type of Accountant Do You Need?

Not all accountants are the same. Some have different qualifications, levels of expertise, and designations.

You’re probably familiar with the terms CPA and accountant. Most people think that those terms refer to someone who can handle taxes. That’s true to a certain extent.

The fact is that there are major differences between an accountant and a CPA. A CPA is a designation that means they are a Certified Public Accountant. They have gone through the rigorous process to become certified including exams and continuing education.

They also are governed by the American Institute of Certified Public Accountants and the accounting board in your state. This ensures that your CPA operates according to the law and ethical standards set by these organizations.

An accountant is a person who went to school for accounting and understands some tax laws and most accounting principles. They can provide advice and prepare your taxes. They cannot file your taxes on your behalf.

As you start looking for accountants and CPAs, you may see that some call themselves IRS enrolled agents. An enrolled agent is either a former IRS employee or a CPA that passed a difficult IRS exam.

IRS enrolled agents can represent you if there are any issues with the IRS. This is extremely helpful because they can call the IRS on your behalf to resolve challenging issues.

You can verify the credentials of accountants and CPAs by asking for their PTIN. This is a Preparer Tax Identification Number, which is assigned by the IRS. You can also check a tax preparer’s credentials with your state board of accounting.

Make Sure They Use e-File

All tax preparers that handle more than 10 returns have to file their returns using e-File. This is the IRS’ system for filing electronically.

If the person you’re considering doing your taxes doesn’t use e-File, then it’s a sign that they’re not working on that many tax returns. They may not have the experience to handle your return.

How Do They Handle Back Taxes?

Your tax situation may be delicate because of old financial issues, or you did your taxes according to what you read on the internet. In both cases, you could wind up in a situation where you owe back taxes.

For example, if you lived abroad for a period of time, you may not have filed taxes for those years thinking that you didn’t need to. The truth is that all U.S. citizens have to file taxes, even if they live full-time in another country.

Another example is if you had significant financial hardship and you weren’t able to pay your taxes owed. That can lead to liens or levies on your bank accounts or property.

You’ll need to ask accountants how they handle these situations. The best CPA will know how you can reduce back taxes owed and get your financial footing again.

Understand Their Pricing

Accountants have different pricing structures that you need to know about. Some accountants and CPAs will use a flat pricing structure to do your taxes. This is usually for people that have a straightforward tax return and file a 1040-EZ form.

Accountants that have a broad range of clients find it easier to charge by the number of forms completed on a tax return. This is to ensure the tax preparer is paid according to the amount of work performed.

You’ll want to understand how much an accountant will cost. If they can’t give you a flat fee, then ask for a ballpark estimate for their services. You can then compare prices with others to find an affordable accountant in your area.

Support Beyond Tax Season

Sure, some might have summer hours, but that’s reasonable when you consider the long hours they work at other times of the year. You want to make sure that if you have questions or concerns outside of tax season, you can rely on their expertise and ask them.

For example, if you start a new business or have a major life change, you’ll need to understand how that change impacts your personal tax liability.

Interview Potential Accountants

Remember that the accountant may have the expertise, but you still have the power of choice. You don’t need to settle on an accountant that you don’t think is a good fit.

Part of that empowerment comes from knowing what questions you should ask potential accountants. You may want to take the opportunity to visit their office to see how they work.

You can get a sense of how organized they are and how they handle the massive amount of documents that go with the territory. Here are some questions you can ask in the interview.

  • Do you have any specializations?

  • Do you handle my tax returns or are they outsourced?

  • How do you keep my information secure?

  • Do you provide advice that will help me reduce my overall taxes?

These questions will give you a better understanding as to how an accountant works and how you can find the right accountant in your area.

Hire the Best Accountant in Your Area

How can you make sure that you hire the best accountant in your area? You want to make sure that you hire an accountant with the right credentials and experience to meet your needs.

This article showed you the steps to take to ensure that you hire the right accountant in your area. The best thing you can do is to take the time to research and ask questions.

Be sure to head over to the home page of this site for more personal finance tips.

The Pros and Cons of Cheap Car Insurance

It’s no surprise that millions of accidents happen every year with the number of cars on the road. Luckily, insurance companies offer a variety of coverage options to assist you in the event of an accident. These coverage plans are all priced differently, with many drivers opting to purchase a cheaper plan to save money.

When choosing a cheaper car insurance plan, there are pros and cons that come along with this decision. To learn more about what these pros and cons are, read the article below.

Pros

You save money

Obviously, with a cheaper car insurance plan, you’ll save money on monthly premiums. If you aren’t able to afford a high monthly car insurance payment, opting for a cheaper plan may be better. When searching for a new and cheaper car insurance plan, make sure you research the cheapest options available. Some insurance companies, such as Travelers Auto Insurance, are known for having more expensive plans.

It helps you to fulfill the law requirements

It is crucial to purchase an insurance policy as it is mandatory to have it in some states and countries. Driving without car insurance is not only illegal, but it also puts others at risk as well. With a cheap car insurance plan, you can at least have the minimum car insurance coverage required in your state.

You’re still covered

Having a cheap car insurance plan doesn’t mean you’re out of luck if you get into a car insurance plan. In the end, you’ll still have coverage to help you out with minor to moderate car accidents.

Cons 

Drivers can fail to get their car back after a claim

Drivers with cheap car insurance policies have high chances of remaining without a vehicle after filing a claim. A cheap car insurance plan may not cover everything in the event of a severe accident, leaving the policyholder to use their own money to cover additional repairs. Many people who have cheap car insurance can’t afford these repairs, leaving their car to be scrapped. 

Your coverage doesn’t cover more serious accidents

The liability coverage usually comes with very low limits. Although the experts recommend that you get at least $500,000 of each accident’s liability cover and $2 million for full protection, those cheap policies offer coverage ranging between $10,000 and $30,000 liability for an incident. Moreover, the small limits can easily be exceeded easily, even during minor accidents, with just a few passengers that need costly medical treatment.  

High deductibles

Paying high deductible is another way of lowering the monthly insurance premiums. Having a high deductible means more upfront costs out-of-pocket before insurance coverage begins. For many people with cheap car insurance, having such a high deductible can easily be more expensive than the money they save with a cheaper plan.

Bad customer service

Some insurance companies will only offer better customer services for people with expensive or higher premium policy rates than those with liability coverage only. In the end, a cheap car insurance policyholder will still get the customer service they need if involved in an accident, but they can expect fewer favors.

Cheap insurance policies are good for those who want to save money, but several disadvantages accompany them. If you are going to purchase a cheap policy, you should be ready to cater for the damages and repairs after an accident. This could be expensive, and in most cases, many drivers end up without a car because they won’t afford it.

Must-Know Money Tips for Freelancers & Independent Contractors

Being an independent contractor or freelancer has its benefits: after all, you get to run your own business and retain control over your work day. You can become a digital nomad or create your own home office. However, it does have its drawbacks, and come tax time, you might find yourself struggling to make sense of your financial situation.

Determining Your Deductions

There are many ways you can minimize the amount of money you owe the IRS. Unfortunately, not everyone takes advantage of these deductions. Your tax deductions can include office space, office supplies, health insurance, travel expenses, hardware, software, internet and phone bills, professional development, and research materials. Essentially, anything you do that helps your job can be tax deductible. Consider hiring a tax professional if you’re unsure about how to approach your deductions.

Make Documentation a Habit

You might be accustomed to tossing receipts and other documents when you get them, but you should make record-keeping a habit. As previously mentioned, there are endless possibilities for deductions, but determining and proving those deductions is another story entirely. Have a filing and/or scanning system that accounts for all of your receipts and business expenses. If you don’t already have an accountant, now is a good time to start speaking to one.

Open a Health Savings Account

Independent contractors don’t usually benefit from health insurance offerings. Because of this, they’re responsible for handling their own health needs, and a health savings account is a great way to spearhead this.

A health savings account (HSA) is a great way for self-employed individuals to save for healthcare costs and pay for healthcare expenses without tax penalties or liabilities. However, an HSA is only available if you don’t have access to other insurance options. As an independent contractor or freelancer, your options for healthcare include the Affordable Care Act, COBRA, or coverage under a spouse.

Put Money Aside for Taxes

A traditional, pay-rolled employee pays their share of FICA, a federal payroll contribution that goes towards social security tax and Medicare tax. But independent contractors are responsible for handling their own taxes because they are paid for services directly, and therefore don’t have their taxes and other benefits removed from their income. You’ll always pay income tax like everyone else, as well as a self-employment tax.

Start off by estimating how much you’ll need to pay for taxes at the end of the year. You should put away between 25% to 30% of your income to go towards income tax and self-employment tax. Ideally, you’re sending in payments every three months and paying your taxes as you go.

No matter how much you make, at the end of the year, you’ll owe a certain amount of money in taxes. Owing the IRS can be overwhelming and intimidating, and even more so as an independent contractor. This can be very tough for independent contractors on low salaries. For example, if you only bring in $35,000 per year, forking over $8,000 of it can feel like too much at once. If you owe taxes, you can opt for an IRS installment agreement to help you manage your payments.

Start a Solo 401(k)

Bigger companies offer a 401(K) to their employees, but as an independent contractor, you’re tasked with doing this yourself. Starting a Solo 401(K) puts your retirement funds into your own hands. With a self-employed (401)K, you can put in high contributions and still benefit from tax dedication. Your spouse can also contribute to the account.

With this setup, you can put away large sums of money and benefit from much higher tax deductions. These plans also circumvent the the complex rules associated with traditional corporate 401(k)s, offering many investment opportunities Accountants can choose between after-tax Roth contributions or traditional tax-deductible contributions

The Complete 2020 Small Business Tax Preparation Checklist

55% of small business owners were motivated to open their own business because they wanted to be their boss. As the boss, you have to handle major responsibilities such as filing taxes. Tax preparation for small businesses varies, so it is important to know the facts.

Read our complete small business tax preparation checklist.

Know the Deadlines

To get ahead on small business tax preparation, you need to know the deadlines. Deadlines for small businesses can depend on the type of business and how you handle legal manners.

A lot of small businesses will have the same deadlines as individuals, but some have random dates. Those set up as an S corporation have returns due in March while C corporations have a deadline in April.

Get All of the Forms

The forms will also depend on the business you have. In tax preparation, you need to figure out what forms you need.

Generally, returns will include summary pages, schedules, and other details. These forms provide a look at the entire tax picture of your business. Small business finances will be considered with the forms.

These forms will help decide if the business qualifies for tax deductions. Some of the most common forms are Form 1040, Form 1120, and Form 1065.

Collect Records

You need to collect business records so that the IRS knows how much income the business brings in. The numbers you report will then be verified. This means you have to provide accurate information that can be physically documented.

The type of income will decide what documentation is acceptable. You should have gross receipt records, refund documentation, and interest and investment income. You can use a salary tax calculation to help you, see more here.

Get Business Expense Documentation

Your taxable income will decide what tax breaks are available. Small businesses have the opportunity to get a lot of tax breaks, but you need to prove you qualify.

Expense documentation can be receipts, but sometimes more proof is required. You may have to provide transportation, meals, entertainment, and insurance documentation too. Be sure this is done correctly to avoid issues down the road.

Send Information Returns

The certain information you need to provide to the IRS needs to be sent on time. You also need to ensure your business is receiving the returns you need.

If you do business with other parties, you will receive returns from them. These returns will include interest on loans, fees for services, or rent.

Small businesses with employees will need a W-2 form or a Form 1099. These forms will provide individuals with their income and deductions.

Ask For an Extension

If needed, you can ask for an extension. For small businesses, there is no negative outcome of getting an extension. They provide more time to make full returns.

An extension does need to be filed on a certain date. This date is usually before the original tax return is due. The extension is not for paying taxes, but for filing the return.

Small Business Tax Preparation Explained

Small business tax preparation will be different from individual tax returns. Filing a return can be a confusing process for first-timers. Follow this guide to ensure the small business taxes are filed correctly.

Your small business is counting on you, so keep coming back for more informing articles like this.

Benefits of Hiring A Professional Accountant

Whether a business is small or big, every business and businessmen needed to handle the accounts appropriately. So that they always have security from any mishappening ever occur in the future. An accountant will help you to manage your finance in the most appropriate, effective, and efficient manner. Whether you are a company owner or entrepreneurs or any freelancers, you all need to manage your accounts which is a crucial task present era. The future of the whole business relies on the proper management of funds and an excellent financial position. For coping with going concern rule, a firm must go with a professional accountant who is like a rock. A balance between the company and its place in the market will be there. Not only this, but an accountant is also burdened with the responsibility of thinking for the betterment of the concern always this helps the owners to take bit rest and focus on other crucial decisions waiting further. So it’s better to find a professional and experienced accountant as it has countless benefits.

Here are some benefits of hiring a professional accountant:-

  • Business planning and growth

Business is all about funds and financial requirements. A professional accountant will be proved as an asset when it comes to planning for the growth of the company. They know the channels of acquiring as well as investment better enough as they deal with the accounts of the organization daily. It just does not help the business to grow but also helps in good business plans to follow to acquire great results further.

  • Comprehensive accounting knowledge

Whether you are having a small, mid-size, or large organizations or business, you still need to maintain your accounts, well as it is essential for everyone. When you hire a professional chartered accountants to handle your accounts, they come up with their excellent knowledge and expertise, which makes them do the job most beneficially. They help you from basic to general like from proper bookkeeping, tax management as well as business advisers too. It makes them professional enough towards their job, which is beneficial for the business owners as well.

  • Expertise in taxation

For every business owner, the biggest hurdle or discrepancies that happen in their whole accounting system is improper tax knowledge and tax management. This hurdle can be rectified with the help of taking the professional help of an accountant who’s job revolves majorly around giving the best advice regarding taxation to its clients. They have excellent detailed knowledge regarding this which seems to be crucial for an owner.

  • Save time

As a saying is “time is money” it is just not money; it is more an opportunity for every small and big business enterprise. The hiring of professional accountants is one step towards growth and grabbing tremendous opportunities as they reduce the burden from the owner’s head so that they can easily focus on other more important things and decisions. Accounts or accounting need so much of time, focus, and attention which can’t be possible for everyone to give every time giving a timely check is different than being indulged in accounts always.

Fastest Growing Tech Jobs Through 2025

Many young people are still trying to choose their ideal career paths. A lot of older people are considering career changes as well. Many people have narrowed their options down to those in the technology sector. The appeal of working in STEM is clearly understandable. The technology profession is growing exponentially. There are more career options available than ever and this trend is expected to continue for the foreseeable future.

However, selecting the perfect job in the technology profession can still be quite a challenge. Part of the problem is that there are so many technology jobs to choose from and opportunities vary considerably. The breadth of new employment opportunities in the technology field is growing every year.

If you are interested in working in technology, then you need to be informed about your options. You should focus on choosing a career with great job security and financial stability. These companies tend to be the fastest growing.

What Are the Best Careers for People Interested in Tech?

You need to do a lot to get a career in tech. You need to learn the right skills and master the best applications, such as JFrog. You also need to know your options and choose your career wisely.

Here are some of the fastest growing technology jobs for the next few years.

Database administrator

Indeed.com rates database administrators as one of the fastest growing technology jobs in the United States. The company projects that the demand for these jobs is going to grow 15% within the next two years.

One of the great things about pursuing a career as a database administrator is that you don’t have to be a technology genius. You obviously need some strong technology skills, but they are not as complex as those required by more advanced computer science professionals. You can get a career as a database administrator with just a bachelor’s degree in management information systems, which is not nearly as rigorous or mathematically intensive as a computer science degree.

You can get a career as a database administrator with just a bachelor’s degree in management information systems (MIS), which is not nearly as rigorous or mathematically intensive as a computer science degree. You don’t need to take calculus level classes for these careers.

Machine learning engineers

Machine learning and artificial intelligence are becoming far more important in the years ahead. Countless companies in every industry are investing in technology. The market for artificial intelligence is expected to grow by 42.2% between 2020 and 2027.

The market for machine learning engineers is going to grow even faster than the market size for the technology itself. The number of new jobs increased nearly 350% between 2015 and 2018. It is likely to increase it even faster rate as market growth accelerates.

Software developers

Software development is an admittedly broad career, which encompasses a wide range of job opportunities for people with various technology skills. Software developers have different career paths and opportunities, depending on the programming languages that they are proficient with.

However, people considering a career and tech can still narrow down their options considerably by opting for a career as a software developer. Without accounting for specialties or programming language proficiencies, job growth is expected to be 26% until 2026.

Computer systems analyst

Computer systems analysts have a variety of responsibilities. They play an important role in the design of information systems and the solutions that make them more efficient. They also address a variety of concerns, such as digital security.

These professionals are somewhat multidisciplinary. In addition to having competencies in computer science, they also have a background in business.

The market for computer systems analysts is growing considerably. It is expected to grow 26% in the next two years alone.

Pursue the Tech Careers with the Greatest Promise

There are a number of great career options as a technology professional. You need to focus on those that offer the greatest job security, which means that the demand will increase in the near future. The jobs listed above are some of the most promising.

Why Saving for College is Important

According to the Bureau of Labor Statistics, the unemployment rate for people with a bachelor’s degree is roughly half that for those with just a high school diploma. The implication is clear: the better education a person has, the better their chances of finding successful employment.

But college isn’t cheap. Whether you’re a high school student with big plans for yourself or a new parent with big plans for your child, it’s important to start building up a college fund sooner rather than later. It’s a daunting task, one that takes a lot of forethought and, often, a good deal of sacrifice.

Before anyone can help you learn how to save for college, though, it’s important you understand why saving for college is so important.

A College Education is Expensive

As mentioned above, college isn’t cheap. You may think you know that already, but you may not realize just how expensive it is. According to recent U.S. News data, the average yearly cost of attending a public in-state college is $10,116, the yearly cost of a public out-of-state school is $22,577, and the yearly cost of a private college is $36,801. Between 2019 and 2020, most college tuitions increased by about 3-4%, a trend not likely to reverse any time soon.

Why is a college education so expensive? In part it’s because of how important they are in ensuring good employment opportunities. This increases demand, which in turn increases cost. More students requires hiring more instructors and other employees. And state funding programs simply can’t keep up.

Financial Aid is Not a Sure Thing

Thankfully, for many students who otherwise would not be able to attend college, there are numerous state and federal financial aid programs available, most notably grants and work-study programs. But just as many students find themselves in an uncomfortable gray area: their family’s income is too high to qualify them for aid, but too low to afford tuition out of pocket.

Additionally, some economists believe in an idea called “the Bennett hypothesis,” an idea put forth in 1987 by then-Secretary of Education William Bennett. While still debated in political circles, Bennett’s theory—which blames colleges for inflating tuition costs expressly to take advantage of federal financial aid—may have merit. According to the Federal Reserve Bank of New York, for every dollar the government adds to financial aid programs, the average tuition increases by 65 cents.

Student Loans Are a Burden

For students who don’t qualify for other forms of financial aid, the most common option comes in the form of federal, state, or private loans. While the first two are significantly preferable to the latter, though, the truth is that none of them are very good options in the long run.

The main reason is the most obvious one. That is, student loans by design cost more money than they provide. It’s advantageous to provide student loans, because growing interest rates mean that the loan provider will likely make all their money back later, plus a tidy profit. You or your loved one, meanwhile, will be stuck paying off that interest for decades. The Department of Education estimates that, on average, it takes students more than 20 years to get free of student debt.

Putting money aside for a college fund now might seem like an unnecessary expense, but it can actually save a lot of time, stress, and cash in the future. Don’t wait. Start saving today.

3 Reasons To Get Real Estate Investment Training

Can we all agree that investing in real estate has always been and will always be a smart financial decision? I bet you won’t find a soul to disagree with this. It’s not surprising to see that real estate investment is becoming more and more popular. There are quite a few good reasons for that, as explained by this useful source.

I think we can all agree on another fact as well. Not investing is much better than investing poorly. In the first instance, you gain nothing and you lose nothing. In the second scenario, though, you definitely don’t gain anything either, but you can actually lose quite a lot. What would you prefer out of those two?

They say that there’s no profit without taking risks and I must agree with that. Still, this doesn’t mean that you should take reckless risks. Smart risks are what matters and I am more than certain that you won’t know how to take any smart risks when real estate is in question unless you go through certain training programs to teach you.

Yes, you have definitely read that right. There are training programs designed to help you actually learn what you are doing when investing in real estate instead of simply going into the whole process blindly and hoping that everything will work out in your favor. Why not use these trainings to your advantage?

While I cannot tell you why you shouldn’t use these trainings to your advantage, I can definitely tell you why programs such as the one at https://realestateinvestingtrainingprogram.com/ and similar places can be rather useful to you. In other words, I’m here to give you a few reasons why you should get real estate investment training before actually starting to invest. Of course, you can take the trainings even if you have already started and you now feel stuck. Read on to figure out those reasons.

You Will Actually Learn To Make Smart Moves

Let’s get one thing out in the open. All the moves that you are making, or thinking of making, right now in your real estate career without any education are probably not that smart a moves. Sure, you can very well get a few things right and I’m not claiming that you won’t get any profit whatsoever. You could definitely earn some money in the process.

But! If you take the time to do the trainings, you will definitely be able to make much smarter moves. That doesn’t only mean less losses, but also higher profits. That’s the whole point of doing these investments, isn’t it? You want to get great profit and lose as little as possible, and that’s exactly what the trainings are designed to teach you.

You Will Make Less Mistakes

If you’re just getting started in the world of real estate, you are bound to make some mistakes here and there. Hey, nobody can know it all and even the experts can make erroneous judgements and poor choices from time to time. So, don’t let your mistakes discourage you from proceeding down this rather profitable path.

Yet, every professional needs to work towards minimizing those mistakes. There are a lot of reasons to invest in real estate, but there are also a lot of reasons to refrain from investing at particular situations and if you decide to go through the trainings that are offered, you will learn to differentiate between good and bad investment choices. Simply put, you will make a lot less mistakes, which only increases your chances of success.

You Will Get Motivated

I can think of a large number of people just from the top of my head who have thought of entering the real estate market at some point, but they all gave up for one reason or another. Most likely, they lacked motivation. When you enroll in certain training programs, you will definitely get motivated enough to go through with your investment plans, simply because you will be more confident in what you are doing and because you will be eager to see the results of your next move. In other words, you will never lack motivation to earn a profit this way, once you learn how to do it.

How Seniors Can Avoid Financial Scams and Fraud

Financial abuse inflicted upon older people is a problem that’s growing in scope and severity rather than improving. This trend is likely to maintain as the population of the U.S. ages.

Many studies have looked at the specific reasons older adults are more likely to be vulnerable to financial abuse and scams than younger people. There was one study with 26 subjects that found 13 had been the target of financial scams leading to loss of money.

Then, of those study participants, behavioral tests were administered looking at different areas of brain function like memory, personality, attention span, and mood.

Researchers also did MRIs on each study participant.

There were differences uncovered in the study participants who’d been the victim of financial scams and those who hadn’t.

For example, the MRI scans found differences in areas of the brain that could shed light on why some people are more vulnerable to financial scams as they age than others.

The following are things to know whether you’re an older adult or you’re concerned about your loved one being the victim of a financial scam or abuse.

Know the Different Types of Scams

Having an understanding of some of the different types of scams that may target seniors is a good starting point to protect yourself or your loved one.

A few examples include:

  • Medical or health insurance scams may have a criminal posing as a representative of Medicare or a health insurance company to get someone’s personal information.
  • Funeral and cemetery scams may take advantage of a grieving person who’s just lost their spouse. One example of these scams might involve claiming the deceased person had an outstanding debt that needs to be paid.
  • Investment schemes often target older people who are planning for retirement and want strategies to best manage their savings. There are scams like the pyramid scheme perpetrated by Bernie Madoff, but there are others as well.
  • Phishing emails don’t just target seniors—these scams are unfortunately very successful and pervasive. In a phishing email scam, you might be asked to verify personal information, and the email can look extremely legitimate. For example, the email might appear to be from the IRS. Then you provide your personal information which is stolen.
  • Reverse mortgage scams or other scams targeted at homeowners seek to take advantage of most people’s largest asset, which is their home.

Older adults lose an estimated $36 billion each year to fraud and scams.

Beyond the overtly financial scams listed above, many scammers will try to take advantage of some of those things that can come with age, including loneliness. For example, romantic scams are increasingly common.

An older person might meet someone online, and that person might ask them for money to cover things like medical emergencies.

A topic that’s especially relevant right now is scammers pretending to be the government and asking for personal or account information so they can send out economic relief or stimulus checks. The government won’t ask you for personal information in those cases.

There is something called a grandparent scam in which criminals pretend to be the grandchild of the victim, and they claim that the child needs money right away to help with an emergency. Then, the idea is that the grandparent would wire money to help their grandchild.

Who Commits Elder Financial Abuse?

There are criminals who target older adults with scams, but perhaps even scarier than that is the fact that around two-thirds of financial crimes directed at older adults are carried out by people they trust including caretakers, family members, friends, and attorneys.

How Can Seniors Protect Themselves?

Having a social network is one of the best ways to protect yourself or to help your loved one stay protected from financial scams.

Everyone needs a social network they can rely on, but especially older people. The more isolated an older person is, the more likely it is that someone will take advantage of them.

When seniors stay socially engaged they have people to talk about different financial topics with, and that can then provide them with feedback that may help them recognize a scam.

If you’re an older person, before you ever come to a point where you need it, you should go ahead and have a few people or at least one person that you do trust to help you with your finances when the time comes that you need that help.

You can create a power of attorney for the person, or set them as the successor trustee of your living trust.

When you have a team of people already in place that you trust, it leaves fewer opportunities for someone to take advantage of you.

Other tips to protect yourself against financial scams or help your loved one do so include:

  • Be aware of the risk from strangers, but also the people closest to you.
  • Don’t isolate yourself and stay involved with the community.
  • Never buy something from a company or organization you aren’t familiar with. If someone calls you and attempts to sell you something, ask them to send you information in writing.
  • You can visit the Do Not Call site to stop telemarketers from being able to contact you.
  • Be careful about the mail you receive. If you have a habit of letting mail sit in your mailbox, someone can steal it and use it to get your personal information in other ways.
  • Use direct deposit for your benefit checks, so they aren’t stolen if they come in the mail.
  • Don’t ever provide your personal information including banking, credit card, Medicare, or Social Security information over the phone unless you’re the one who made the call and you know you’re speaking to the right organization.

Finally, if you’re concerned about your loved one being the victim of financial scams, look for warning signs such as unpaid bills, or changes in the person’s accounts like sudden use of a credit card.

No Pain No Gain: 8 Real Estate Investing Risks to Familiarize Yourself With

Sometimes real estate can be a hit or miss. The industry is either doing fantastic or, other times, it might be struggling, head barely above water. But one thing is for certain: real estate is essential, and it’s here to stay no matter what the industry currently reflects.

That being said, if you’re interested in investing in real estate, you must understand the ins and outs of the industry. We recommend starting off familiarizing yourself with the following real estate investment risks, whether you’re looking to invest in commercial property or even in a residence.

1. Asset-Level Risk

Often, the overall demand for different types of housing plays a big role in whether or not a specific real estate investment is going to be risky or not. For example, even in bad economies, the demand for housing in an apartment complex is generally good. As for other types of housing, this may not always hold true.

2. Credit Risk

How long and how solid of an income property has can definitely affect its value and, therefore, its overall price.

3. General Market Risk

The real estate market is always going to fluctuate depending on numerous factors including current interest rates, inflation, deflation, and other various trends that often occur in the market, some of which are difficult to control or are even inevitable.

4. Idiosyncratic Risk

This has to do with the risk factor of a particular property. As an example, if a property is currently under construction or poses the danger that must be restored, it will be difficult, or even impossible, to rent out the property as it’s not in a currently livable condition. In this case, this property would be considered a risk to invest in.

5. Leverage Risk

How much debt is on the property you’re looking to invest in? The more debt it has, the riskier it is. In the case of a high leverage risk, investors may find themselves in deep financial trouble if they take a leap of faith and invest if they don’t fully understand the risk and work extra hard to ensure return on investments are greater than the property’s interest payments.

6. Replacement Cost Risk

There’s only so much and so far a property’s value can be driven up by the market before the building eventually becomes old, worn, and rugged and requires reconstruction to keep up with its competitors. What goes up must come back down eventually.

7. Structural Risk

What investment financial structure (mix of debt and equity) does a property have? And what rights does it offer? Out of everyone, it’s the equity holders who typically experience the most risk.

8. Liquidity Risk

The number of market participants can greatly affect the investment risk of a property. Even with poorer market conditions, there are some cities (particularly, those that are more populated and/or more wealthy) that are actively willing to participate in the real estate market.

Conclusion

If you truly want to succeed when investing in real estate, you must understand what the risks are. The more you know about the upsides and downsides of real estate, the better likelihood you’ll adapt to its ever-changing market and, ultimately, succeed.

Finding Landlords that Provide Second Chance Rentals

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Looking for an apartment to rent is a busy process full of many things like finding the right unit on UMoveFree, filling out an application and finding the right landlord. While finding a landlord willing to work with you should be easy for those with good credit and a solid renting history, the same can’t always be said for others. 

If you have a negative rental history due to a variety of missed payments, broken leases or other issues, some landlords may not want to rent to you. This can seem hopeless, but rest assured there are still options for you. One in particular is a second chance rental.

Second chance rentals are when a landlord is willing to give a “second chance” to someone with a negative past history of renting. But how do you go about finding landlords who are open to providing a second chance rental?

With that in mind, let’s go over a few tips to help you find landlords that can provide you with second chance rentals.

Be Open and Honest

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One of the first ways to find a landlord willing to work with you is to be honest. When speaking with potential landlords, be upfront and honest about your situation. Explain why your rental history and/or credit is as spotty as it is, and how you are looking to improve.

In addition to being honest, you should also be able to show progress that you have made to improve your situation. This will certainly help your case and make the landlord feel a little more comfortable. If you try to blame your bad rental history on others or anything but yourself, it is often a bad look. 

Also, it isn’t worth it trying to lie about your past. Even if there is no public data or information about your poor rental history, landlords can often identify warning signs that could out you. Instead of having to tiptoe around the truth, just come out and be honest. Sure, some landlords might deny you, but there is a good chance that you’ll eventually find one that will appreciate the honesty and be willing to take a chance.

Be Willing to Pay a Little More

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Another way that you can find a landlord willing to provide you with a second chance rental is to be willing to pay more. This could be offering to pay a higher amount in monthly rent, paying a larger security deposit or even paying a few months of rent upfront. By paying more, you are reducing the risk that the landlord has to take on. This can make them more willing to rent their unit to you instead of someone else.

However, while paying more can help, be sure that the landlord isn’t taking advantage of you. If a landlord is charging you an arm and a leg more simply because of your history, it is best to look elsewhere. It is a good idea to know the average rent in your city, and be aware of how much you can afford to spend comfortably.

Have a Cosigner

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Another great way to potentially convince landlords to work with you on a second chance rental is to find a cosigner. This is someone who will agree to take over making your rent payments if you are unable to for some reason. Most often, it is a friend or family member, but there are other avenues to find a cosigner, as well.

Having a cosigner can give landlords greater levels of confidence that rent will be paid on time. This is because they now have two people who have signed saying the rent will be paid, so there is a lower chance of missed payments. Of course, your cosigner should have decent credit and a good rental or borrowing history. If not, the landlord might still not be confident offering you a second chance.

Second chance rentals can be a lifesaver for those who have struggled in the past. Whether you be honest, be willing to pay more or get a cosigner, you should be able to find a landlord willing to provide a second chance rental.

Learn From the Best: Warren Buffett’s Timeless Investment Strategies

Any investor in their right mind would be thrilled to learn from the most successful investor of all-time.

Warren Buffett’s’ track record speaks for itself. Being worth nearly $82 billion, he is currently the fourth richest person in the world.

So how does someone create that massive amount of wealth? Through smart investments and a belief in yourself.

If you would like to learn from the best, keep reading to discover the Warren Buffett strategies that have made him such a successful investor over the years.

1. Diversify Your Portfolio

This may sound sort of like a broken record, but diversification is critical to long term success in the stock market.

Warren Buffett, on numerous occasions, has recommended that average investors or those without extensive experience invest in index funds to help them grow their portfolios. Index funds are designed to track the performance of a group of underlying stocks.

Diversifying will help when one or more stocks are declining; the others can help make up the difference and minimize losses.

Warren Buffett has specifically mentioned the S&P 500 as a low-cost index option.

Warren’s biggest holdings at Berkshire Hathaway include:

  • Apple

  • Coca-Cola

  • Bank of America

  • Kraft Heinz

  • And American Express

These companies are well diversified, being in different industries that have experienced immense growth.

However, if you have outstanding debt, its best to get that under control before investing your money in other places. If you are having a hard time paying off debt, consider debt consolidation alternatives.

2. Ignore the Noise

Like many other successful investors, tuning out the “noise” is part of the process. Noise can come from anywhere – the news, social media, friends, co-workers, etc.

Many of the stock “guru’s” that appear on TV had a successful investment that created their reputation. The problem is that many of them got lucky and was in the right place at the right time – not making them someone individuals should listen to for investment advice.

The best thing to do is to ignore the noise and stick to your plan. Getting caught up in the day to day news headlines can be one of the worst investment mistakes you make.

Listening to others will only get you caught up in a vicious cycle of cat and mouse – chasing to buy into stocks only to realize the gurus are unloading their shares on you, leaving you with a heavy bag.

3. Stick to a Long Term Plan

Sticking to a long term plan is one of Warren Buffett’s most prominent investment strategies. He says it time and time again – invest for the long term.

Many investors got burned this past march when the stock market had one of its worst days in history. They didn’t get burned by the stock market dropping. They got burned by pulling out or selling off their positions.

Now, those investors are left chasing higher prices because the stock market is hitting all-time highs.

This is an excellent example of how having a long term view in the stock market can work out in your favor.

Another thing that trips investors up in the stock market is trying to pick the stock that is going “to the moon” within a few days. The reality is that nobody knows where a stock is going in the short term, and you will be left very disappointed when the company turns out to be a dud.

Having a long term investing plan involves extensive research into the companies you plan on investing in.

One way he recommends developing a long term view is by thinking of yourself as buying a particular business instead of just buying a stock. Having this mentality will force you to consider all the scenarios that can happen.

Buying a Farm

In 1986 Warren bought a 400-acre farm for $280,000 after admitting he had no knowledge of running one. Fast forward to the present day, and the farm is now worth at least five times as much and has tripled its earnings.

Warren Buffett has referenced how buying stocks is like buying a farm on multiple occasions. The way he explains it is you wouldn’t buy a farm because you expect plentiful crops the next year. You would buy it expecting returns over the next 10, 20, 30 years.

He also mentioned if you had a neighboring farmer who every day shouted out a price to either buy his farm or sell yours – it should work to your advantage. If the price they yell out is low enough, you can purchase the farm. If it is high enough, you can sell or continue farming.

4. Keep the Costs Down

An investment tip anyone could benefit from is to minimize the costs associated with your investments. These costs could be from:

  • Taxes

  • Fees

  • Commissions

Part of the reason Buffett recommends buying into index funds is because of the lost cost fees associated with them. They don’t have the expenses that you would incur with many types of businesses.

Another thing to keep an eye out for is commissions. Although many brokerages have now introduced commission-free stock trades, there are still many brokers who charge a fee every time a stock is bought or sold. These fees can add up and take a large chunk of your earnings at the end of the year.

5. Invest in Yourself

Above all else, Warren Buffett’s number one piece of advice is to invest in yourself. By investing in yourself, you can focus on conquering your weaknesses and building new skills that will help you in the long term.

He also recommends reading books as often as possible. Similar to how compound interest works in the stock market, reading books can help you build knowledge over time.

Learning knowledge from books can give you excellent insights and can also allow you to think from different perspectives.

Interested in Learning More About Warren Buffett’s Strategies?

Investing in the stock market can reward you tremendously over the years if you are smart about your investments. Learning about these Warren Buffett strategies can help you get started generating returns.

To learn more about investment strategies, check out the rest of our blog!

When Is The Best and Worst Time To Use A Quick Cash Loan?

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Nowadays, there are several options you can turn to in case you need financial help. Many people take advantage of different loans to make ends meet or cover unexpected expenses. One option that they find most convenient is a quick cash loan.

As the name implies, it can provide a fast solution for your financial emergencies. But while it does help you alleviate a current financial need, getting a quick cash loan may not be beneficial to some situations. 

To help you utilize it appropriately, you can read further and learn when is the best and worst time to use a quick cash loan. 

How Does A Quick Cash Loan Work? 

Also known as an emergency or fast cash loan, a quick cash loan is specially designed to accommodate those people who need money right away to settle unexpected expenses. Most quick cash loans are unsecured, which means there’s no need for any collateral.

Typically, you will be approved based on your credit standing or capacity to make the monthly payment. You can borrow even if you have poor credit. This type of loan is short-term, which means you’re supposed to repay it within a short time. 

Most quick loans are completed electronically for a faster and more convenient process. Thus, if you need cash immediately, you can look for an online fast cash loan provider available near you. By completing a small application online and approval by a loan provider, you can get the money even within the day or hour. 

Types of Quick Cash Loans

There are different types of quick cash loans, but the following are good options to consider: 

 

Payday Loans

A payday loan is a short-term and quick loan that allows you to borrow a loan amount based on your current paycheck. Typically, you must repay the loan by your next payday. It should be noted, though, that every state has different regulations for payday lenders. Thus, the loan amount, fees, and term available to you may differ based on where you live. 

One of the downsides that you need to consider with payday loans is that they can lead to a debt trap. Many borrowers can easily find themselves stuck in a cycle of debt where they will continue taking out additional payday loans to pay off the old one. This type of loan is relatively easy to get, but the interest rates can be considerably high. 

 

Personal Loans 

Personal loans often have flexible purposes that you can use during emergencies. Depending on the personal loan you’re going to apply for, the lender may or may not require collateral. However, you may qualify for an unsecured personal loan if you have good credit. 

Personal loans have better interest rates than payday loans. Because these are also typically installment loans, you can pay it back over a predetermined period with a fixed interest rate. If you only need a small amount of money, you can also opt for a small personal loan. 

When Should You Consider It?

You can use a quick cash loan for short-term financial problems, which are expenses you didn’t expect but need to pay as soon as possible. Here are some of the best times that you can make the most of a quick cash loan.

 

Unexpected Job Loss

If you get terminated from your job unexpectedly and don’t have enough funds to get by, getting a quick cash loan can help you live off while looking for another job. However, it can still be too risky, especially if you cannot find another job as soon as possible. 

 

Vehicle Breakdown

Besides the usual maintenance cost of your car, there might be instances that you need to deal with an unexpected car repair bill. Unless you have a personal emergency fund, a quick cash loan can be a great help. 

 

House Repairs

Like cars, there are also house repairs that you might not expect to come at a particular time. Whether it’s a washing machine problem, a boiler breakdown, or damage caused by natural disasters, a quick cash loan can be a suitable option. 

When Should You Not Consider It?

Quick cash loans can be beneficial for emergencies. However, there are some situations when getting one won’t be helpful to your financial health. If you don’t want to face more financial troubles, you need to be mindful of when you should not consider taking out one. 

The following are some of the worst times to use a quick cash loan: 

 

Pay off Credit Card Debt

Using a quick cash loan to pay off credit card debt may not be a good idea since it only offers a solution for short-term emergencies. By doing so, your loan can be extended and may double or triple your fees since the interest rates can be significantly huge when calculated on an annual basis. 

 

Pay Utility Bills 

Paying your utility bills with a quick cash loan can be possible, but they may not be helpful in the long run. Since utility bills are something that you’re expected to pay every month, taking out a quick cash loan may bring more harm than good. If the amount of your utility bills always comes as a surprise, you might have to do something other than getting a quick loan. 

 

Non-Essential Purchases

Non-essential purchases include items or experiences, such as a holiday, that you can live without. Using a quick cash loan to pay for them can only cause or add to your debt burden, especially if you already have bad credit. 

Takeaway 

Quick cash loans can worsen one’s financial situation if they are misused. The purpose of the loan is intended for short-term financial emergencies. Thus, using one for long-term financial problems may not be helpful at all. 

Secure These Necessary Requirements To Have A Successful RV Financing

There’s a sense of liberty and freedom when you are traveling and enjoying the sight around you, which is why it is not surprising that there are individuals who found a liking to RVs or motorhomes. 

But let’s be honest about it. Starting a new lifestyle, such as RVing, is expensive. RV purchase, for one, costs a significant amount of money, not to mention the daily living expenses and maintenance of the vehicle. However, with all these drawbacks, there are still people who are interested in getting one. If you are one of these individuals, you might be wondering what you should prepare, how much money should you secure, or if you qualify for an RV financing? 

Every inquiry and question regarding requirements to secure a successful RV financing will be answered in this article. Read on and learn more about RV financing basics and what you should prepare to get a great deal and start living a life on the road. 

RV Financing Basic Requirements

Like any other financing, like home and car financing, RV financing is not different at all. Lenders, such as banks and private institutions, require interested applicants to submit all the requirements to be approved for their loan. 

These set of questions will help you prepare all the requirements for your RV loan. 

How Much Money Should You Prepare? 

Your budget is the most crucial requirement to secure your RV loan. If you can prepare a budget to secure the 10% downpayment, usually the base amount of any lenders, you can proceed in filing for an RV financing. But it’s best to remember that some financing requires a 20% downpayment, too. The logic still follows that the bigger the down payment, the smaller amount of repayments you’ll have monthly. 

You can check RV loans with My Financing USA as they offer flexible payment terms you can negotiate with, as well as what your preferred down payment is. Sometimes, it matters how compromising your chosen lender is with your loan application. 

What RV You Should Get?

This is an essential factor as well as this will be the basis of your budget. There are various types of RVs, and they fall into three categories. 

Class A as the most expensive one, ranging up to $1 million or more. Class B and C follow, with an estimate of $100,000 to $150,000. Affordable towable conventional travel trailers and truck campers range from $6,000 to $90,000. 

You must determine during the early stage of decision making the usage frequency of the vehicle. Are you going to use it on a weekend camping basis only? Or are you planning to be a permanent resident? The answer will determine what type of RV suits your chosen lifestyle. 

Where To File An RV Loan? 

The striking thing in applying for an RV loan even though it is perceived to be an expensive type of loan is there are a lot of lenders that offer RV financing now. Even more so, applicants with a bad credit score can even be eligible to apply for one. 

Usually, lenders require applicants to have a high credit score of at least 600 and up to be approved with an RV loan. This is because applicants will likely get to enjoy better payment terms, benefits, and fast loan approval. 

If you are determined to secure an RV loan, it’s better to build up and establish a good credit score now. RV loan takes up to 20 years of repayment, and it’s a big responsibility that many lenders want to be assured of. 

What Is The Required Credit Score? 

As mentioned before, many lenders will require at least a credit score of 650 to 700. People who have been living for a long time in their RVs emphasize that a good credit score of 750 is excellent for securing a loan. 

Like any other loan, credit score has a significant impact on how big the loan amount you will receive. It has something to do with how much your interest rate will be, your qualification, and the term length. 

All of these factors are taken into account based on your credit score status. In order to have better odds of financing your dream RV, it is best to establish a good credit score before applying for an RV loan

RV Financing Necessary Documents 

Now you know the basic requirements in securing an RV loan, the next thing you need to do is to familiarize and read all the presented documents carefully during the transaction. Different documents will be presented to you, and these documents will contain specific and detailed information on your loan. 

The most common documents that you will encounter are the Bill of Sales or Purchase Agreement from the RV dealership and the Loan Agreement Document from your lender.

After your RV loan is approved, you need to study the loan agreement document carefully. The loan agreement document is by far the most vital document you need to read thoroughly. This contains all the necessary information about your loan, the payment terms, the loan duration, the loan amount you have been granted, and other private and sensitive information. 

This agreement also contains grounds and promises made by two parties, the “lender” and the “borrower.” It’s a complex document bound to protect both parties in case there are unnecessary and unprecedented situations that arise over the loan term.

Takeaway

Starting a new lifestyle, such as RVing, is a liberating move that everyone might dream of. But it also entails a lot of responsibility and takes a long process to make it happen. There are requirements that you need to pass and get approved before you finally start living a life on the road. 

Moreover, taking out an RV loan is expensive. If you can’t handle the repayment schedule or meet the loan terms, better think twice before you damage your credit score. Living a different lifestyle is intimidating, but if it’s your life’s dream, you can make it happen. Be wise and smart with your decisions.

 

Author’s bio: 

Lauren is a free-spirited writer who spends most of her time on the road with her RV. She finds solitude constantly being in a different place and watching different sceneries. Now, Lauren stays near the lake and spends her downtime reading books and finishing her other articles.

Top 3 Fastest Ways to Build Credit

Are you trying to build your credit score? Perhaps you’re trying to buy a new car or a house or you’re looking for a loan on better terms? Then you might be interested in learning the fastest ways to build credit.

Having a great credit score can help you not just in the short term – getting a better deal on your latest purchase – but also in the long term. A good credit score can go along way and can even help you psychologically and with your self worth as you start to appreciate the value of money.

Here’s everything you need to know about how to build credit.

1. Spend and Pay It Back Straight Away

One of the fastest ways to improve your credit score is to take out a consumer credit card and to do all of your everyday spending on this. But be prepared to pay it back as soon as you’ve spent it. The digital banking revolution means you can even integrate your credit card into your bank so you can see how much you owe.

Never spend more than what is in your checking account at any one time. Be disciplined. Don’t go overboard.

Certain credit cards can also provide you with perks such as flight Airmiles or credit with your favorite retailer. If you are savvy at this you can order a card for each different store or brand you use and work out what is the best deal for each spend you do in terms of the perks and rewards.

2. Take Out Different Types of Credit

You can also consider taking out different types of credit. Don’t just take out credit cards and spend and pay these back. You could also consider short term loans, finance for cars, and even loans from the bank.

Even a phone contract counts towards your credit score because it is dependent on you being able to pay it off every month. Try not to be late with your phone contract, though, if you can afford it, consider upgrading.

The average American has $38,000 in debts but this might not be a bad thing. It might seem nonsensical but if you avoid debt all together it will count against you. You are seen as more of a risk and credit scoring companies will have no data on you.

Remember that although repossession can damage your credit score there is a way to deal with this and come back from it. Be sure to read this for more information. This is how to build credit.

3. Hire a Financial Advisor

The best way to improve your credit score and to hit your financial goals is to hire a financial advisor.

They are experts in the financial world and they will be able to tell you what you need to do to improve your credit score. Not only that they might also be able to offer you some hints and tips to improve your financial standing going forward. Be sure to ask them how to improve a bad credit score.

What are the Fastest Ways to Build Credit? Spend Wisley But Not Too Well

The fastest way to build credit is to spend not to save. But to spend wisely. Get as many credit cards as you can but pay back the cards straight away with funds from your checking account.

Also, consider getting lots of different types of loans to diversify your standing in the eyes of credit scoring companies.

If you are interested in the fastest ways to build credit then be sure to check out the rest of our site.