“I pay for everything in cash, I never finance anything” or “I’ve never had to take out a loan, I don’t believe in it”. Every so often, I encounter this type of feedback from a business owner. More »
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“I pay for everything in cash, I never finance anything” or “I’ve never had to take out a loan, I don’t believe in it”. Every so often, I encounter this type of feedback from a business owner. The attitude usually goes along with a strong, hands-on work ethic for an owner which has built their business from the ground up. They have worked long hours, suffered through the ups and downs and sacrificed family time and vacations to make their business survive. Their belief is, if they cannot pay for something with cash then they do not need it.
I respect the energy and devotion but I also take note that the strategy seems to apply to small, family owned businesses with a small number of employees which have remained flat in their growth and have stopped expanding years ago. Expansion and reaching new markets are not typically part of their business plan and they are happy with a fixed income often servicing the same clientele they have for years.
The downside of never financing anything is the limited amount of expansion which can occur. In essence, they cannot grow beyond what is in their bank account at any moment in time. For example, a small business with $100,000 of capital desires to purchase a new $40,000 machine which will speed up production or bring them into a new market or simply replace an old machine; if they decide to pay cash that will leave them with $60,000 in cash reserves. If they encounter an emergency which requires $30,000 then that will leave them with little cash cushion in their account. They have also limited themselves in the case if another opportunity should surface at the same time they would not be able to take advantage of it like paying early for inventory to get a good discount.
The other negative of never borrowing is that your business will not have any established comparable credit so in the case when you do decide to finance anything, the likelihood of getting approved is marginal. A lender will not be able to assess your ability to pay back debt since you have never had any. Some business owners feel it should be viewed positively that you have never had to borrow but in the finance world it is not a positive. No credit history equals no loan.
The mantra in financing is ‘it is easier to finance equipment than it is money’ which is primarily true. Yes, you can get low cost capital from your bank if you have an established credit line but that line will have a limit. It is not a good move to use your credit line to finance an asset or equipment because that line should be used as either a last emergency resort or for short term borrowing. Finance rates are now in the 4-6% which can be stretched out to 5 years and sometimes longer. Many times, when expanding in a careful and planned manner, the finance payment will be less than the added revenue of your new equipment. This is true of energy and cost efficient industrial machines, solar systems and LED lighting.
Financing equipment for your business offers you the opportunity to expand, create more profit and reach new markets and clients. For those that want to know the benefits of never financing anything it is this; you will never owe anybody anything, no monthly payments, no interest and no chance of borrowing more than you can pay back but in that perceived safety there is also some risk and missed opportunity.
There was a time, not too many years ago, when relationship articles were the hot topic. They still are, but they’re not the hottest topic anymore. In its place is now money and security.
One of my publishers, whose opinions I greatly respect, was talking to me about the kinds of articles that most people are reading these days and we thought that with people so concerned about wanting to meet and marry their soul mate, that they were the articles most people gravitate toward. We were wrong.
I was looking over the stats of the articles that I’ve written over the last four years (over 900 articles) and what I discovered is that relationships, which used to be the prime focus of people, has been steadily losing ground to articles about money.
People are now more concerned about financial security than meeting their soul mate. There is more of a here today, gone tomorrow, way of looking at their lives. And business articles, which used to be a big drawing card, don’t seem to have the same impact that they used to.
Today’s hot topics center around getting money for nothing. People have always been attracted to articles about getting a lot of money without having to work for it, but lately, it’s been almost a mania, as evidenced by all the people who set up gofundme websites. This concept is now called crowdsourcing. I call it panhandling or standing there with a begging bowl in your hands asking strangers for money.
I had heard a story about a lazy, spoiled, twenty-one-year-old girl, who is in excellent health, setting up a gofundme website asking people to donate money so that she can go to Japan on a two-week vacation. The hands out, begging bowl concept, annoyed me so much that I wrote an article about it. And, wouldn’t you know it, but the number of people who read that one article climbed much higher and much faster than most of my other articles.
People take a look at Bill Gates and Warren Buffett and all they can see is the billions of dollars they have and they want to have what those two men have. They don’t see all the hard work that went into accumulating that wealth, nor do they see the kind of hard work they do to sustain their wealth. They just see a lot of money and they think they are entitled to the same riches.
Sad to say, but we’re living in a lazy, selfish, society these days and we’ve lost our moral compass along the way. We need to get back to the things that are really important before our whole society comes crumbling down around us.
There are literally hundreds of article and books devoted on budgeting money carefully. I will write on two methods that help me budget money carefully in hopes that others may be able to use this knowledge to help them in their future endeavors.
Method #1: If You Use A Credit Card, Always Check Your Statement Online At Least Once A Week
Most Americans probably own and use a credit card whenever they make purchases, either because it’s convenient and/or because they can get reward points for it. Most Americans are probably aware of the countless stories and articles about credit card debt. However, most credit card debt could be avoided if one pays attention every week to their credit card statements every week.
Whenever I look at my credit card statement every week, I can see how much my balance is as well as what I am spending my money on. When you take a look at what you are spending money on, you can see what expenses you are acquiring that are not always necessary such as eating out or buying things you might not need. It is always important to keep track of your purchases so you can understand where your money is going and if you are making purchases that you can try and trim down a little. The main takeaway from this method is always be aware of how much you are spending.
Method #2: Always Be Aware Of How Much Money Is In Your Bank Account
Most banks will allow you to see your statement online. This is very useful as it allows you to access how much money you have in your account at all times. You should always be aware of how much money you have so that you know how much you can spend. Financial problems often occur when people spend money and are not aware of how much they are spending and how much money they actually have to spend. The main takeaway from this method is always be aware of how much you have available to spend.
Selling and buying property is one of the tedious tasks which require expert guidance. This task includes a number of legal documentations, consultations and rest of the other factors involved. If you are willing to sell your property then you can take the help of experienced property advisors. There are a number of commercial projects which are going on in Western Australia. According to your use, you can select the best commercial real estate WA housing project for you at affordable price.
Selecting housing project to solve your purpose
For buying and selling any property, you have to think first that for which purpose you want to buy or sell housing project. There are two types of housing projects- residential and commercial. If you want residential housing projects then you can avail the services of different property agents to find properties according to your budget and size like 2BHK, 3BHK etc. because the structure and space of the residential property is entirely different from the commercial one. On the other hand, key considerations for commercial projects are completely based on business purposes, like large halls, big gates, large parking facilities etc.
Different prices for diverse housing projects
The rates of commercial projects are comparatively higher than the residential properties because the commercial properties are used to fulfil the need of the businesses like offices, institutions, organizations etc. Such projects include numerous amenities like large halls, amazing infrastructure, good canteen space, fully air-conditioned premises, numerous rooms and floors, high roof, automatic roller door entry, securely lockable yard area, car parking spaces and so on. Just search for commercial real estate for sale WA on internet and you will get details of several property agents that you can approach for help. Apart from that, for any housing project, location plays an important role. If your property is placed on prime location then you can get good amount for your property for sure.
Consult with experienced property advisor
For selling the properties, you can get the help of genuine and renowned property consultants who are available in different cities of Western Australia like Newman, Perth, Hedland etc. There is some really good commercial real estate for sale WA and you can find a good property that suits your budget and needs. Moreover, the experienced property consultants may provide you beneficial information about your housing projects as well as also help you a lot to make your documentations error free and solve various legal formalities.
The debt phenomenon is not a new one. Getting into debts has never been more common than before. From big personalities and companies to the layman, the trend of incurring debts is seen across the globe. Immediate needs such as buying a home; a car etc. can be met most often by getting a loan sanctioned. Thereafter one is indebted to the bank or the money lending agency. Inability to repay the loan amount results in accumulation of debts. This is one form of incurring debts. Other reasons such as unemployment, immediate urgent expenses etc also lead to debts. Living under the weight of debts is strenuous and requires immediate intervention. Many countries like Australia have debt relief agencies operating and offering debt help Australia. Their services are directed towards effective solutions that help one get out of immediate debts. A couple of ways that have helped individuals escape pressure of debts are as follows:
These services are rampant and are known to be one of as the lifesaving means to get rid of debts. As the term suggests debt consolidation is nothing but taking a loan to repay the other existing loans. When you already have a debt mounting in your bank no creditors will be ready to lend you money. This is where Debt Consolidation companies come in handy where they help you to get loan based on your assets and liability. Credit card debt is the common problem that most individuals face. And to get a credit card debt loan is very tough in the present scenario. These Debt consolidation services offered are a wide range of debt solution products for customers. They streamline the individual financial debt into one low interest debt consolidation loan which helps you to pay your creditors faster and in a more effective way.
Debt consolidation services are also very common in Mortgage Refinancing loans. If you have a home loan and the best way or stress free way to pay off is to apply for Mortgage Refinance. Through Mortgage refinancing one can pay off multiple debts and Debt relief organizations will help to streamline the repayments by refinancing existing home loans without much hassle. Debt help Australia also helps you to get the best priced mortgage refinance lender in the market. They will study your current debt obligation and work out a simple and unified repayment schedule for easy payments. One can say Debt consolidation services by Debt relief organizations successful only when the customers gets the lowest interest rate for the Mortgage refinance from the lender.
Choosing From the Many Financial Solutions
It is always in the best interest of the customer to keep a track of the debts that they owe to different lenders. Through Debt Consolidation services one can pay off array of debts including Personal loan, Car loans, Credit cards and Existing Mortgages. One should be very wise while choosing Debt consolidation Services through Debt relief organizations. As you can find lot of players in the market it is better to judge the Debt mediators based on credit worthiness and reputation.
Bruce Mesnekoff professional student loan consolidation consultant perpetually reminds students to modify their loan payments suitably. If attainable, the payment schedules should be followed in spite of what. It should, in fact, be enclosed within the monthly budget of the coed whereas he or she continues to be at school or faculty. However, it’s a undeniable fact that this might be tough. As a student, you’d for certain notice what quantity you have got to pay simply to end a semester. except for tuition fees, you furthermore may ought to modify the expenses for extra-curricular issues that area unit even as vital for your total development as a student. this might positively place you at the danger of defaults.
There area unit several students WHO truly represent the lure of default. you will assume that this inevitable and since of this, would take a passive perspective towards the problem. this can be clearly a wrong move. However you will ne’er acumen wrong this can be if you are doing not get to grasp regarding the results. this can be the explanation why Bruce Mesnekoff has invariably build it a degree to encourage students to find out regarding the results of being idle once it involves loan payments. Bruce Mesnekoff firmly believes that students ought to in the slightest degree price avoid defaults.
One of the key reasons why defaults ought to be avoided is that these simply build matters worse for you. If you have got defaulted, the soul would oblige you to pay the complete quantity of the balance. this implies that you simply would now not be allowed the repayment rate. Of course, this may leave you a far larger monetary burden. It’s a undeniable fact that several students ultimately slave besieged and declared themselves bankrupt, which might end in your right to amass loans completely removed. Bruce Mesnekoff warns students that after this happens, their credit ratings may drop to zero.
If you have got defaulted along with your student loans, you will even run the danger of your obtaining your tax refunds eliminated. except for this, you’ll even face the likelihood of lawsuits. All the results mentioned would definitely provide you with a headache. you certainly would need to avoid them the maximum amount as you’ll. however if you’re very bent avoiding these, you actually ought to dodge the likelihood of default. you would like to hunt ways that to repay your student loans while not bearing the burden an excessive amount of.
Saving $10,000 dollars in a year may seem like an impossible goal but with the right tips you will be on your way to success in no time! Below are tips to ensure success in saving $10,000 in a year.
1. Figure out how much you will have to save and can afford to save after bills are paid to accomplish this goal. For instance, let’s say you’re making $50,000 a year, around $4,100 a month after taxes but monthly bills add up to around $2,500 a month. You could save around $1,000 every month.
2. Exercise self-control. It is very tempting to spend on items while out so make sure to plan spending before going out. If planning to shop for clothing, set a budget for that trip. It also will help if you bring the exact cash of what you plan to spend. Setting limits on spending allows you to stay focused and saving more money.
3. Skip restaurants and events. It is wonderful to be able to go out every now and then, but spending money on going out to eat can sometimes be too costly. Instead, try ordering a free movie on Netflix versus going to the movie theater. Try looking for free events online in your city that will be fun and also entertaining. Also, it helps if you pack a lunch instead of ordering out. Every dollar you don’t spend is increasing your money you can save for the future.
4. Shop at second hand stores to save money. Many second had stores such as the Salvation Army and Thrift Store offer designer clothing at a discounted price. The money you can save from an item of clothing can range from $5-100 on some pieces. Every dollar you save will be leading you closer to achieving this goal.
5. Create a vision board. For instance, if you have a goal to buy a home, post a picture of that house on your way to remind yourself everyday of the goal you are striving to accomplish. Sometimes it helps to have a purpose and reason that keeps you determined and focused on achieving this goal.
6. Stay away from negative people that think your goal is unreachable. Make an effort to speak positive and believe in yourself that you will achieve this goal.
7. Look into different investment resources such as Mutual Funds.
If all of these tips are followed you will be saving money and reaching this goal in no time.
Taxes are generally an involuntary fee levied on individuals or corporations that is enforced by a government entity, whether local, national or regional in order to finance government activities. The collected tax is used for betterment and providing advanced facilities to the citizens. So paying tax is responsibility not burden.
Taxes are generally an involuntary fee levied on individuals or corporations that is enforced by a government entity, whether local, national or regional in order to finance government activities. In economics, taxes fall on whoever pays the burden of the tax, whether this is the entity being taxed, like a business, or the end consumers of the business’s goods. Bookkeeping Services helps to manage business taxes puts impact on the profitability of businesses and investment. Taxation is a very important factor in the financial investment and decision-making process for business growth. It is very important for every citizen to pay tax to the government for betterment of the country.
The different types of taxes are:
Income Tax: It is one of the common types of tax. This tax is deducted directly from your income if your are liable to pay this tax if your income exceeds the certain limit.
Professional Tax: If you are working in a private firm or organization, you have to pay this tax and it gets deducted from your salary. The rate of this tax may change as per government rules.
Capital Gains Tax: It is charged if you sell your property, bonds, shares, jewelry that gives you profit. The profit can be calculated by deducting the total amount you collected from selling your asset and the amount you paid for it.
Securities Transactions Tax: When you buy or sell a stock in the share market, you have to pay securities transaction tax. It is imposed by the Government because people often do not declare the profit and assets earned from the stock market. They avoid paying capital gain tax, as the government can levy tax only on the profits they earn if these are not declared. The securities transactions tax is levied on derivative instruments, equity shares, equity oriented mutual funds.
Perquisite Tax: Perquisite Tax is levied on employees for the non-monetary benefits given to their employers. The taxable value of perquisites in the hands of the employees is its cost to the employer.
Corporate Tax: These taxes are paid by the companies to the government and it is levied on the income of the corporate.
Sales Tax: When you purchase any commodity, you have to pay its cost price plus the sales tax extra. The manufacturer then pays it to the Government. The Sales Tax is levied only on the intra-sale of commodities.
Service Tax: When you avail services you have to pay tax on it and this is called Service Tax. It is applicable to every type of services and products. Some of the services include advertising, healthcare, financial services.
Stamp Duty and Registration: When you purchase a property, you have to pay this tax as per cost fixed by the seller, and if you want to have the property transferred to your name.
Customs Duty and Octroi: This tax is levied on the goods imported into the country as well as the goods that are exported to any other foreign country. It is charged on airport, docksFree Web Content, railway stations. The Octroi Tax is levied on goods that are transported from one municipality to another.
Excise Duty: The Excise Tax is levied on the goods that are produced within the country. There are a number of rules which keep on changing as per government discretion.
If one is the resident of Ipswich then get the best services choosing one among the bookkeeping services in Ipswich provides expert services that save your valuable time and money.