Why Buying a Vacation Home is a Great Idea For Retirees

Why Buying a Vacation Home is a Great Idea For Retirees

I retired 4 years ago and like many who have just given up the world of work, I felt a little lost and I was unsure how to pass my time. I realised very quickly that I would need a project to keep me busy or at least something that I could sink my teeth into. I worked and saved very hard throughout my working life and that left me in a healthy financial position so I decided that an investment of some form would be a good way to keep me from being bored.

After a chance meeting with real estate expert Radha Singh Hazlet NJ resident like myself, I was convinced that the best thing that I could do would be to invest in a vacation rental and that is exactly what I did. I had pondered the idea for a long time before deciding and if you are like I was, here is why I think a vacation property is the perfect choice for retirees.

Vacation Home

The most obvious reason is of course the fact that you will have yourself your very own vacation home that you can jet off to whenever you feel like. For this reason I would recommend that you buy a vacation property in a location that you will be happy to spend much of your time in. I bought a place near Philadelphia which has the perfect distance between sea and city, since buying the property I have probably spent at least 3 months each year there and I cannot see this changing.

Making Money

When I am not staying in my property, I like to use AirBnb to rent it out to others who are looking to stay in the area. Because of the location of the property, I very rarely have it empty and this provides me with a nice monthly dividend on my investment. In truth,  I had bought the property as somewhere that I could stay whilst on vacation but the additional revenue which the rental of the property brings in, is exactly what I use to pay for my time down there and for my transport. If you do buy a vacation property, make sure that you are maximising its financial potential.

Management

The management of the property is not something that takes up a great deal of my time but it is something that keeps me occupied when I need it. I spend many hours speaking with guests, fixing issues and doing the overall management of the property. This never feels like work and I actually enjoy connecting with the guests from all over the world who are calling my vacation rental home for a short period. It is always nice to have a little project to get involved with once you are no longer working and the management of my vacation rental was just what I needed in order to keep me busy.

Business Rates Issues Continue to Cause Financial Problems for Start-ups

Business Rates Issues Continue to Cause Financial Problems for Start-ups

More than 500,000 businesses in Britain have are still experiencing problems following the latest business rates regulation changes. Start-ups in the UK were forced to pay more in business rates without knowing whether they will benefit from the announced £300 million relief package. Following the announcement, which can into fruition in March, news have surfaced that the ‘relief fund’ has still yet to be paid out and it is causing major problems for UK businesses.

Restaurants, shops and businesses in southern England have been hit the most following the first revaluation in over 7 years. Recent news articles broadcasted that certain start-ups have been faced with massive 50% rise in business tax, and with the new support fund announced by the Chancellor still not functioning, these business are still unsure of whether they will be able to benefit or lose out. Worry remains that businesses will be left in the dark for more months to come and with no announcements on the horizons, will people get their money back? Experts fear that the longer this is drawn out, businesses could be forced to relocate or go under.

Following the flood of news, Government sources leap to the defence of the fund by stating that it will be ready by the end of summer. Jerry Schurder, head of business rates at Gerald Eve, said: “Whilst the package of measures announced in the Budget will eventually bring benefit to some businesses, the current uncertainty as to who will qualify and to what extent, is of huge concern… Rates bills landing on doormats now do not include any of the new reliefs and demand payment of the first monthly instalment within the next few days.

“In the meantime, Government is still consulting as to how the £300m discretionary relief fund will be divvied up amongst councils. Only once it has made decisions and advised local authorities as to the categories of business Government believes should be considered for relief will the process begin… Councils will have to devise their own guidance as to which of their local businesses might qualify, programme their billing systems, create application procedures and put in place resources to manage what could well be a torrent of applications for these discretionary reliefs. We could be well into the summer before businesses learn what share of the pie, if any, they will be granted.”

As stated, over half a million UK businesses have seen a spike in their business rates. The Government have however, disputed this change by releasing figures that show that 420,000 will play the same amount as previous, with 920,000 companies set to see a decrease following estimates after the first quarter.

The magnifying glass was firmly shone on ministers before the Budget as support was being called upon for those affected by doublings in rates after sharp housing price increases. Following this, the Chancellor announced 3 different measures in July that meant that start-ups facing those larger rates would get more help, that 90% of pubs would be given a thousand pounds off of their bills and finally, that the third measure was the article based topic surrounding the £300 million fund for firms raising council given tax rates rises – the same fund that businesses are waiting to claim a business rates appeal.

Despite this, owners as well as critics are still skeptical about this as they are still being forced to pay increased bills today without knowing whether they will be able to get the money back or the financial help that they have been promised. Each local council can also choose its own rules for who gets the funds, leaving business facing more uncertainty according to experts.

The Government this week have responded by outlining the £6.7 billion package that is set to commerce to aid businesses with the revaluation, stating that the fund would be functioning “as soon as possible… We’ve listened to the concerns of businesses and are giving an extra £435 million to help those facing the steepest increases in their bills. Working with local authorities, we’re making sure this extra support gets to businesses as soon as possible.”

That however, is still no help for businesses financial concerns today and as it has now been many months since this business rates relief was set to take place, they are still no closer to an answer. Continued stalling on this policy could massively hit the UK economy with start-up going out of business. That mixed with uncertainty regarding Brexit changes and free movement regulations could produce mass problems for the business climate within the country.

5 Ways to Get a Loan without Your Parent Being the Co-Signer

5 Ways to Get a Loan without Your Parent Being the Co-Signer

Adolescents struggle during their youth to make ends meet and thus require a steady influx of finances to fund their future endeavors. However, asking your parents for cash or being a co-signer is not always possible considering they have already invested a lot on you, exhausting all their resources.

Securing a loan without your parents as a co-signer will give you a sense of independance.

Here are a few ways through which you can get a loan to assist you during your peak years.

1. Make A Smart Choice

If you are looking for loan options without a co-signer, need not worry. You have several financing options available where you can get a loan without involving your parents. One of the most popular financing option available for youngsters is a student loan. You can also opt for a personal loan to help you manage your finances if you’re not going to university/college. If you apply for a personal loan, do your background research to ensure you’re eliglbe.

2. Be Strategic With Your Decision

Youngsters tend to get overwhelmed when they have to take charge of their finances, which can lead to them making wrong decisions. Thus, do some market research and get a strategy in place so that you know what loan you want and what factors may impact you. For example, take the interest rate and any hidden charges etc. into consideration before applying for a loan. You can also opt for  peer-to-peer lending or credit unions to help you secure a loan.

3. Strive Hard To Improve Your Credit History

It is increasingly important to have a strong credit history and score if you want to increase your chances of getting a loan. The issue faced by most youngsters is that their credit history is poor, which either results in rejection or high interest rates. Similarly, a poor credit history also denotes bankruptcy or late payments affecting your overall stability.

Start working hard to improve your credit history. Discipline yourself, make payments on time and shop strategically with your credit card. All this will help in improving your credit history in the long run. On the other hand, if you need immediate cash then opting for a payday loan or quick loan will be a better choice.

4. Calculate Your Loan Amount

You can also calculate the amount you are eligible to loan with the help of a loan payment calculator. The loan calculator will take your expenditure and income into consideration to suggest a suitable amount that you can easily repay.

Calculating the loan amount will give you a better idea about the amount you can secure. Moreover, it will minimise the chances of rejection as your demand will be significant to your financial situation.

5. Prepare Proper Documentation

Before you apply for a loan, make sure to do your documentation correctly. The requirements tend to vary from organisation to organisation. Therefore, it is important to do your research before applying for a loan. Make sure to gather all your documents to strengthen your case, as otherwise they may advise you to involve your parents and get them to be a co-signer.

As a youngster, you may face some struggles in the beginning with your finances. Chances are that your loans will also be rejected until you can show you have a strong credit history. However, you shouldn’t give up and should keep trying until things work out.

To reduce your chances of rejection, do your due diligence, have the required documents prepared and improve your credit history. While there is no such way to ensure an approval, taking small yet significant steps can make a difference.

How to Pay For Your Tuition Fees

How to Pay For Your Tuition Fees

Whilst there are many exceptions to the rule, generally speaking the most successful people in the world are those who followed their education through to the end and finished with a strong college degree. Regardless of what you plans for life are or how ready you think that you are for the world of work, a college degree can help you in so many ways. Th problem with going to college is that costs are rising steadily and it is now incredibly expensive to pay for the tuition fees which you need, to take you through a college education. If you are approaching college age and wondering how on earth you are going to pay for your tuition, here are the options available to you.

Scholarship

Scholarships are free education which are handed out to people who can display excellence in either sports, academic ability or artistic ability. In order to get a scholarship like my buddy Mack Prioleau did, you not only need to possess the ability which universities are looking for but you must also apply for consideration to get a scholarship and as you can imagine, there is stiff competition for places.

Grants

Grants are handed out to people who come from families that are suffering financial hardship and this can be a great way for many students to get themselves through college. Grants, like scholarships do not need to be paid back but the application process is not simple. You must be able to prove that you are coming from a background of financial difficulty and even if you can, there is often not enough money for everyone who needs a grant, to actually get one. Make sure that you apply early if you are looking to secure a grant and that you follow the application process through completely as well as providing all of the details that are required from you.

Student Loans

The most popular way that students pay themselves through college is through the use of a student loan. These loans are given out with terms of repayment that are very reasonable and you will not have to pay anything back until you are earning a salary above a certain threshold, and even then, you will only pay back a small percentage of your salary each month. The problem with taking out a student loans that from the moment you graduate, you will be saddled with a huge amount of debt, before you have even started earning any money. Unless you have a rich family or you are fortunate enough to be given a scholarship or a grant, the student loan is often the only way in which you can pay for your tuition fees for your college education.

You can of course minimize the loan that you take out if you can make some money on your own during your time in college but this often proves hard to balance between your studies.

Get Help with Your Mortgage in Florida and Avoid Foreclosure

Get Help with Your Mortgage in Florida and Avoid Foreclosure

Source

A lot of people believe that, once they are facing foreclosure, no bank will touch them anymore. In reality, however, Florida mortgages are there to help them avoid foreclosure as well. Not just that, thousands of people who took out a mortgage in Florida many years ago have found that their original lender is now owned by a major national bank, is no longer in business, or has been sold to a different, out-of-state lender. In all of these cases, it may be time to consider a different mortgage altogether.

Start Anew

Florida mortgages are there to help you start afresh, and this can help you avoid or stop foreclosures. In fact, purpose foreclosure loans exist, which can take on your mortgage and any other debt you may have, combining them into one. Once you have done that, a weight will fall off your shoulders as you can suddenly meet all your financial obligations. All you have to do is find a Florida mortgage expert that deals specifically with foreclosure situations. A quick internet search will reveal many of these professionals just waiting to help you.

What Foreclosure Experts Do

Foreclosure experts work specifically with those who are in dire financial straits. They know that their clients have been turned away by the vast majority of other lenders but are able to find them other solutions. Foreclosure rates have always been at the highest in Florida and the government has created a number of programs to provide assistance with this.

Foreclosure loans do require a down payment. However, there are federal programs in place that can help with this as well. An example of a solution that is out there is the Florida Assist loan program, which offers help of up to $15,000 for a down payment. While this is a loan, it is non-amortizing and no interest is charged on it. Furthermore, the loan is offered as a second mortgage, and no monthly payments have to be made specifically for that loan. Instead, you will not have to repay it until the home is refinanced or sold on.

Another option is the HAMI (Homeowner Assistance for Moderate Income), which offers help towards down payments or towards the cost of closing. Furthermore, there are a variety of incentives and credit programs available through the government, all designed to ensure people can either buy their own home, or avoid foreclosure. The Office of Community Affairs provides a wealth of information on these options.

Naturally, the best option is to never get into a position in which you face foreclosure. There are many different Florida mortgage lenders around who have very friendly acceptance criteria. They would be more than happy to hear from you and discuss the options available to you. It is best to do this as soon as possible, rather than waiting until the bank starts to make moves towards foreclosure, as the longer you wait, the worse your situation will look on paper.

How to be economic with your food budget

How to be economic with your food budget

With kids in the house especially teenagers it is really hard sometimes to be economic with food. This is because they always want to be eating something. You really can’t stop them if they truly want to eat. Below are a few helpful tips that will help cut down on your budget. The tips still allow you to stock food stuff you want.

Plan your meals ahead

You will spend more money if you are shopping for food every day. Plan your meals ahead and shop once a week. The problem that comes with shopping for each meal is you end up buying other unnecessary foodstuffs that you can actually do without. You will end up buying chocolates and extra ice cream when you can buy this once week. Make a plan and stick to it. You will not have spent so much. The same rule applies to online casinos. You need to stick to your budget before you wager. You can visit www.newzealandcasinos.co.nz should you be interested in reading more about gambling and casino budget information.

Prepare a list of the things you need in your pantry and freezer

It is very wise to check your pantry and your fridge for what is missing and buy the essentials first. Most people buy stuff and they come home only to find they already had what they bought. How annoying is that? Or even buy plenty of steaks just to find out that they are running out of cooking oil. Sometimes, because people want to shop they will say that they have nothing for supper yet their food stores are nearly bursting with food. If you really want to shop, it is ideal to start looking at what you already have. That way you will spend less and not buy unnecessarily.

It is also economic to eat leftovers

Serving leftovers really cut down your food budget by almost a quarter. Don’t ever feel bad about serving leftovers.  Once they are warmed and if they were prepared well they are still healthy. Some of the leftovers that we just pack in the fridge end up in our bins which are really a loss. You will not want to win real money online casino games just to be wasteful like that.  Use these tips to be economic.

Two Important Factors that Set Good Financial Advisors Apart

Two Important Factors that Set Good Financial Advisors Apart

Keith Springer is a popular financial advisor that has dealt with some high profile clients. He believes everyone should work together with a financial advisor, and has created some advice on how to choose the best one. According to him, there are just two factors that people should really look for.

Their Experience in Financial Planning and Their Price Package

Good financial advisors are also excellent financial planners. That means they look at the full situation of an individual, making sure they plan personalized strategies to meet their goals. This is very different from a financial advisor who works more as a broker, meaning you ring them with a description of your needs, such as an insurance policy or investment, and they execute it for you. Financial planning is always separate from financial advice, so it is likely that you will be charged for that as well.

Their Area of Focus

Different financial advisors have different areas of focus. Common areas include:

  • Estates.
  • Taxes.
  • Retirement planning.
  • Financial planning.
  • Insurance.
  • Investment.

Others, however, take a more generalized approach. Which of the two is better for you depends on your personal needs. You have to think about the bigger picture yourself as well. For instance, if you are in your late 40s, you may only require financial planning, but will quickly be approaching the time where you will need retirement planning and, eventually, estate planning. This means that a generalist advisor may be more beneficial, as it means that you won’t have to find a new advisor each step of the way. However, if you have a specific issue that you need help with, such as buying into the right life insurance, then a specialist advisor is perhaps more suited to you.

Some Extra Considerations to Make

The two factors above are the most important ones to consider when choosing a financial advisor. However, there are a few other things to consider as well, including:

  • Whether they offer convenient appointment times, including outside of regular office hours.
  • Whether they and their staff make you feel respected and comfortable.
  • Whether you feel like your advisor and support staff go out of their way to help you out.
  • Whether you feel like your best interests are at the heart of what they do.
  • Whether their office is comfortable, efficient, and easy to get to.

Make sure that you research and speak to a number of different advisors before you make a final decision. This will enable you to see what sets the different advisors apart, enabling you to find the one that will best suit your needs. All good financial advisors will offer you a free initial consultation if nothing else, and you need to use those to see how you feel about the advisor, their work, and their office. The decision on whether or not go ahead with their help should be left up to you, and you should not be pressured into making a decision on the spot.

How to Get Out of Debt and Avoid Bankruptcy

How to Get Out of Debt and Avoid Bankruptcy

Indebtedness is rising across America. The good news is that you are not the only one facing crippling debts. Also, there are plenty of things you can do to get out of debt. If debt becomes too much to pay off, you may have to file for personal bankruptcy. Many people prefer to avoid this scenario due to various reasons, including not wanting to hurt credit scores. If you are currently in deep debt, here are several things you can do to alleviate your situation:

Make a Repayment Plan

The best way to get out of debt is to pay back all your loans. So, don’t be scared of the red notices. Repay at least something back so your creditors don’t have a reason to sue you. If you have multiple debts, you will have to start making a plan to pay it all back. You can prioritize certain debts to pay back, such as loans with high interests or loans that could lead to loss of a vital possession, like a house or a car. You don’t have to do this alone. Talk to your local financial consultant or Scottsdale bankruptcy attorney to weigh all your options first.

Negotiate with the Creditors

Don’t avoid the creditors and dread collection calls. If the debt has become too much to pay off, you can always try to renegotiate the terms of payment with the creditor involved. If you default on a loan, the creditor suffers a loss too. So most creditors prefer to extend due dates or lower interest rates rather than have a debtor who defaults. You can try negotiating yourself, or hire a lawyer to do this on your behalf.

Cut Back on All Unnecessary Expenses

In addition to the above, you must make certain decisions with regards to your personal finances to get back on your feet. Expect that you may have to spend the next two or three years in extreme frugality until your debts are paid off. You will have to eliminate all unnecessary expenses for things like clothes, shoes, or vacations. Create a household budget and track all income and expenses. If there is an expense that can be eliminated, it will have to go until you are debt free. This will be quite difficult for many, but compulsive spending habits will have to be reined in.

Get a Second Job

You can largely eliminate debt by increasing your income, so you can use the extra cash to pay off creditors. If you already haven’t done so, get a second job at least on a part-time basis. You may be able to work from home too depending on what you are good at. The point is to make more money than you did before, and use that money to pay down your debt.

Check the Attic for Things to Pawn

Not everyone can just go out and get a second job. If this is the case, there are other means to get your hand on extra cash to pay down debt. Search your house for old vintage items or things you no longer need. Those old vases, toys, or clothes may be valuable enough to sell online. You can use a site like eBay to auction off old items and earn some extra cash in a time of need.

If all else fails, you can file for bankruptcy. It’s not as bad as everyone thinks. Certain forms of bankruptcy, like Chapter 7, allows a court to eliminate unsecured debts like credit card debt. But first, try the above, and talk to a lawyer.

What is online trading and how does it Work?

What is online trading and how does it Work?

Online trading refers to the process of purchasing or offering financial items via an internet driven platform. In most cases, the platforms are provided by web-based representatives, and they are usually accessible to every individual who wishes to make a profit from the market. The online trading platforms such as CMC Markets offer an assortment of different items for trading including shares, indices, commodities, and Forex. Among these services, Forex has been the most recognised form of online trading over the past few years. The invention of the Internet and the affordability of high-speed Internet enabled mobile phones have made online trading something that anyone can try from the comfort of their homes. No need to rush to the bank or walk on the streets trying to convince people to buy your products.

Simple and Convenient

From the comfort of your home, you can trade in Forex which incorporates coinage such as a Dollar for a Euro or an assortment of other commodities such as gold and silver, and to some extent, it also provides some real market files.

It isn’t for the Experts Only

Online trading is not reserved for experts only. Anyone with the knowledge of how to use the internet can venture into it. You simply open a trade by selecting a suitable item, sum and heading and you are free to close it whenever you want to. Many platforms also support the concept of trading twofold choices whereby you simply pick the item you wish to trade in and make a selection of whether you think the item cost will go up or down with time. Online trading in double alternatives represent the basic form of online trading, and on any particular choice you make, chances of you arriving at the correct verdict are as high as 80%.

Learn First then Invest

Online trading involves trading distinctive monetary standards and stocks while making a profit from them. To start off, you need to join an online trading class. Upon joining such a class, you should gain access to numerous volumes of free resources such as eBooks and videos to prepare you for online trading. Some online courses will offer you with a free demo account that you can use to test your abilities without losing any money.

Parts of an Online Trading Account

An online trading account has three segments namely:

  • Bank Account: This is the real investment account which is linked to your online trading account. If you are purchasing anything online, then the cash is deducted from your bank account
  • Demat Account: The purpose of a Demat accountis to mirror the adjust of the various trade items that you hold electronically.
  • Trading Account: This is the platform where you trade. You utilize the account for trading in the essential and auxiliary market.

Basic Instructions to Trading Online 

  • To start online trading, you must open a trading account with one of the broking firms. The online trading account should be accompanied by the Demat account. While opening the online trading account, make sure that the broking firm is confirmed by the SEBI.
  • Consider rehearsing with an online stock simulator: The test systems offer you with an excellent approach to learning online trading. The mistakes you make won’t cost you since it is a test system thus you can learn without the fear of losing your money.
  • Learn all the essential stock market basics: To figure out how to trade effectively, learn everything about the stock exchange and its dynamics. You may learn through news and websites, taking up simple courses on investment or listening to podcasts. Once you understand the stock market, you can be sure to end up as a successful investor.

You are good to go

If you keenly follow everything in this article and work your way up, online trading will be a straightforward and productive undertaking for you. Efficient online trading is only achieved through practice and nothing else.

First time investing. Vital questions to ask your financial advisor

First time investing. Vital questions to ask your financial advisor

Looking where to invest your hard-earned money? Want to protect and grow your family’s finances at the same time? Then you’re looking at investing – and for this, you’ll most likely need assistance from experts aka financial advisors.

Of course, you can also do your own research by going online and reading up on mutual fund investment and other investment types available. The questions below will help you know if the financial advisor matches you while at the same time getting a quicker and more in-depth grasp of what you’re looking for.

How do you charge for your service? How much? If this information isn’t available on the website or advertisement of an advisor, ask about it first thing during your initial meeting. Inquire if there’s an applicable planning fee, percentage of assets under management, or if they make money from specific products they sell.

What services do you/does your firm provide? What’s implied in this question are the assistances the advisor cannot give you. Some people are only investment advisors who can give you investment advice. Other people have comprehensive financial planning expertise about insurance, retirement, estate tax, and planning, etc. Ideally, you want to go with someone whose offering will suit your needs.

What are your credentials, licenses and other certifications? If you want someone to help you manage your money, then more than their skills, you better know their credentials. If you’re earning a high income or are a business owner, you’ll want help from a certified public accountant (CPA), who can offer advanced tax planning services. Check to see if they have a personal financial specialist (PSF) certification, which shows you their ability to help clients with financial planning.

What’s your education and field experience? Assess your prospective advisor’s educational background and field knowledge to know why that particular advisor is uniquely positioned to assist you with your financial investment goals. Specifically, find advisors who have proved they can actually apply their knowledge to create the best strategy for you.

What types of clients do you specialise in? Many financial advisors have a niche or field they expertise in, so if you have a specific interest, such as socially responsible investments or charitable giving or if you’re recently divorced or newlywed, you will want to find an advisor whose expertise resides in that field.

Has the consultant worked in any specific industry? Does he know the important industry players? Selecting a consultant who is well-informed of the industry will boost the quality of the result and lessen the amount of time needed to reach the result you want.

End Note

Take note that top mutual fund investment providers online will have their own accredited financial advisor to assist clients. Take your time to do it right. Suitably selecting a consultant isn’t easy and it takes a lot of time. Nevertheless, the payoff from the right use of financial advisors can be huge. On the other hand, the costs of poorly chosen consultants can be distressing to your personal, family, or business finances. Therefore, the time and effort spent choosing a consultant is a good investment.