Latest Mata https://latestmata.com Start, run and scale your business Mon, 27 Jan 2020 10:47:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.2 https://i1.wp.com/latestmata.com/wp-content/uploads/2019/01/xbox-l.png?fit=32%2C32&ssl=1 Latest Mata https://latestmata.com 32 32 156895903 How to start a Home Woodworking company https://latestmata.com/woodwork-business/?utm_source=rss&utm_medium=rss&utm_campaign=woodwork-business https://latestmata.com/woodwork-business/#respond Sun, 26 Jan 2020 09:56:33 +0000 https://latestmata.com/?p=3698 Starting a woodworking company is a perfect way to transform a hobby you love into a business that makes money. Wood products are common and they make great gifts and decorations. Yet starting a business requires more than making items made from wood. Particularly in marketing and business management it requires research and planning. Why …

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Starting a woodworking company is a perfect way to transform a hobby you love into a business that makes money. Wood products are common and they make great gifts and decorations. Yet starting a business requires more than making items made from wood. Particularly in marketing and business management it requires research and planning.

Why should I start a Woodworking Business?

If you enjoy woodworking, obviously, what better way to enjoy it than being paid for at the same time, right? Besides doing something you love, you can also experience other people who appreciate your work-which can be very rewarding.

 

Another benefit is that working in your own wood shop from home means you can skip the morning commute, you don’t have to dress up to go to the office and you can generally schedule your own hours. Getting more flexibility on time also helps entrepreneurs to enjoy certain aspects of their lives, such as family activities, travel, etc.

Woodworking can be a relatively low-cost startup company, particularly if you already have a lot of the equipment you need. You don’t have to rent a retail outlet, hire staff or invest in a lot of inventory of the drug. You can start small, and expand as your customer base expands. That can be a critical point on a limited budget for entrepreneurs.

 

 

 

Apart from building products, there are also plenty of woodworking business opportunities. You might teach others the art to write and publish a woodworking book, or to sell design plans.

Beginning a Home Workshop – A Complete Guide

Industry Point of view

This industry produces wood products which are not manufactured by sawmills or veneer, engineered timber, millwork and mobile homes manufacturers. Industrial products are, therefore, miscellaneous. They include ladders of wood, cabinets, kitchenware, handles of brooms, kiln-dried lumber, reels, and toothpicks.

Since the collapse of the housing market, the Wood Product Manufacturing industry has turned a corner, driven by household income improvement and a rebound in housing starts. The growing popularity of low-cost imports and competition from non-plastic substitutes will, however, restrict profit growth in the years to come. Nonetheless, expanding housing, dropping unemployment and improving incomes will grow the industry.

Statistics of the Woodwork Industry

The manufacturing sector of wood products has a geographic distribution close to that of other manufacturing industries. Many manufacturing facilities are concentrated in the Southeastern, Great Lakes, Mid-Atlantic and Western regions. Industrial manufacturers usually choose to locate near upstream industries like sawmills and millwork producers.

 

Therefore, establishments are located near major wholesale and consumer markets, as households eventually buy a considerable portion of industry goods. Production is dominated by the Southeast, comprising 24.0 percent of industrial establishments.

North Carolina and Georgia are the major producers within the region, while business establishments are widely spread across the region. In 2014 Woodworkers had about 237,200 jobs.

The industries which employed the most woodworkers were as follows: Other wood product manufacturing–23% Wood kitchen cabinet and countertop manufacturing–21% Household and institutional furniture manufacturing–11% Sawmills and wood preservation–10% Office furniture (including fittings) manufacturing–10%.

Although a few jobs are hired by many smaller shops, the manufacturing plants can have as many as 2,000 employees. The conditions of employment differ according to the specific duties. Workers sometimes have to handle heavy, voluminous materials and they may experience noise and dust. As a result they wear hearing protection devices, safety glasses, and respirators or masks on a regular basis.

 

Woodworkers are exposed to hazards like harmful dust, chemicals, or fumes and often need to wear a respirator or mask. Others may face excessive noise, and wear hearing protection devices. The bulk of injuries are sprains, back pain, carpal tunnel syndrome and hernia.

These injuries or illnesses are caused by excessive amounts of awkward bending, reaching, twisting, and excessive or repetitive effort. During regular business hours, most wood-workers work full time.

Is a Woodworking Company Worth Starting from Scratch or Buying a Good Franchise?

There is much discussion as to whether it is better to start a new woodworking business or buy a woodworking business on the marketplace for sale. Both retention approaches have their advantages and disadvantages. Buying an established woodworking company is more practical for first-time business owners than trying to build one from the ground up.

 

Established woodworking businesses are already equipped with the resources and processes which struggle to acquire new business owners. The aim is to find a company for sale that closely matches your ownership philosophy and business goals

Franchising is not a recipe for some success, but it makes it much easier. Before starting a woodworking business, you may want to evaluate whether franchising can make it easier to get started.

Challenges in the Woodwork Business

The woodworking industry is extremely complex and includes a wide variety of companies, skill sets and job sites. While some woodworkers are skilled in architectural ventures, most woodworking entrepreneurs are hobbyists interested in turning their passion into an opportunity for full-time employment.

  • Having the wrong mindset
  • Getting a hobby approach
  • Improving business skills
  • Fostering Management
  • Knowing Your Responsibilities as a Business Owner

Best legal agency for a wood business

If you try to open a woodworking company, you have two legal entities available-the sole proprietorship and the LLC. It is important to understand the definition of the terms in order to understand the tax obligations for each. As the name suggests, a sole proprietor business structure is a firm with a single owner.

 

Three-quarters of all businesses use that structure. This retains the shareholder in charge of the business and has the easiest initial design. When the company has grown significantly, a limited liability corporation, or LLC, is often created for partnerships. An LLC has the benefit of more growth opportunities and tax advantages.

Because of the liability issues, many people would rather create an LLC than a sole proprietorship, but that takes money to plan the incorporation document. Payment options need to be considered, a bookkeeping program needs to be in place, and all of this takes extra money that takes away the funds needed to buy the supplies for making the products.

To generate a name for your business, check out this article: Business name generator

Wood staff companies have a great deal of versatility. At a customer’s house or place of business, you may be doing all of your work on site. You could create your creations in the comfort of your own wood-work shop. No matter how you choose to do it, there are a number of potential pitfalls that can cost your company large amounts of money. Prepare for potential problems and hazards by ensuring you have the right types of insurance coverage for small businesses.

Carry out your Market Research

You know many different companies, as a trained woodworking worker, who supply the necessary materials and equipment. Such companies can offer the business customers competitive wholesale terms. Research online companies to find out their wholesale discount policies, minimum purchases and payment terms, or contact them directly.

 

 

 

You should also study vendors who do not sell directly to consumers but only wholesale products directly to business owners. Such companies may be more difficult to find and may have stricter requirements for forming wholesale accounts, but they may provide a wider range of better quality products at lower prices.

Create a business plan

You will start to develop a business plan once you have an idea of what kinds of products you want to sell and have an idea of the cost of manufacturing. Even if you want to keep your business small, business plans are important. First of all, the corporate plan can help you keep to your objectives. Therefore, you need to create a business plan in order for funding sources to determine how to deal with you if you decide to expand your company and want to receive financing from investors or creditors.

Your business plan should include an overview of your project and your goals. It should also have financial projections for the coming years, outlining the cost of getting your business started as well as projected sales to the point that your business will break even. Eventually, information about the demand and the competition should also be included for the kind of goods that you hope to sell.

Build a Laboratory

Your work-space is your place of business. The establishment of a productive craft company also requires a dedicated workshop:

Maintain safe tools and materials

An independent, secure workshop will protect your tools and equipment from robbery and vandalism. Note that articles such as hand tools, wood and other materials can be sold without difficulty and make them all very attractive for thieves.

Balancing work-life

Most people who operate their own businesses find that having a separate area for work activities allows them to achieve a good balance between work and life.

Professionalism

With your own workshop, you can develop your expertise and increase client trust in your business practices if you plan to work in clients in individual items or orders.

Enterprise, Licensing, Insurance

Speak to your lawyer about the best way to set up the legal structure for your company. Single ownership, partnership, Limited Liability Company or even a regular corporation are choices. Your attorney will review your plans and goals and recommend a policy that protects your assets while you expand your company in woodworking.

 

Once you’ve organized your business, you’ll want to obtain suitable licenses and operating permits. This will in most cases be a straightforward process, especially if you plan to work outside of your home. If you are unsure of what licenses and permits you need, please contact your local Small Business Administration branch.

Another consideration is that of insurance undertaking liability. While it is unlikely that your goods could hurt someone, liability insurance will protect your home, assets and family in case a problem arises. Additionally, business insurance will cover you if a customer visiting your office gets injured. An experienced business insurance agent can assist you in selecting policies or policies that meet your requirements.

Research Sales Venues

You’ll need to find locations to market your goods. Most craftsmen, like woodworkers, are starting to sell directly on the craft markets to customers. Certain choices include local retail shops selling home decor and online platforms like Etsy. Firstly, you might need to try to sell can multiple platforms to decide which one works best for you and your goods.

Create Marketing Materials

 

Business cards can be the most powerful marketing tool which a craftsman has. If someone sees your work and enjoys it, give them a card and let them know you’ve got a contract. It’s also a wise idea to create a website with high-quality, professional photographs of your work.

 

When you plan to sell your products at events, make sure you get contact information from people coming by your booth. You can let them know when you will be at another show, either by email or by snail mail. While this strategy can take time to bear fruit, ultimately you will be able to develop a customer base that not only buys your goods but also refers you to new businesses.

 

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All you need to know about your Employer ID Number https://latestmata.com/employer-id-number/?utm_source=rss&utm_medium=rss&utm_campaign=employer-id-number https://latestmata.com/employer-id-number/#respond Thu, 23 Jan 2020 23:08:43 +0000 https://latestmata.com/?p=3689 Any company that has workers is expected to have an Employer ID number (EIN), but you may need an EIN even if you have no employees, at least when you start your business. Effectively it is the Social Security number of your company. The word “Employer ID Number” is something of a misnomer because it …

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Any company that has workers is expected to have an Employer ID number (EIN), but you may need an EIN even if you have no employees, at least when you start your business. Effectively it is the Social Security number of your company. The word “Employer ID Number” is something of a misnomer because it is often found that even companies without workers need one.

You might want to think about getting an EIN just to be on the safe side — it’s going to be there if you’re ever asked to provide one. It costs nothing so why not make your time a small investment?

What’s an Employer Identification Number?

 

An EIN is a number issued to classify a company for tax purposes by the Internal Revenue Service. You must include the tax ID on applications for bank accounts, income tax forms, and employment tax reports and payments for your company.

A corporate tax Identification has the same functions as an individual’s Social Security number.

What makes an Employer ID Number different from a TaxPayer ID Number?

 

The words “EIN,” “employer ID,” “tax ID,” and “taxpayer ID” are broadly thrown around, but actually there are distinct differences between these concepts. The IRS has meanings which are precise.

The general term is “taxpayer registration,” which could be one of the different numbers. The employer ID is a corporate taxpayer ID, whereas a Social Security number is an employee taxpayer ID. The “Personal Taxpayer ID” is another form of tax Identification. This is used for people who do not have a Social Security number.

Do you need a Business ID number for your business?

 

When you have employees, or you file certain types of taxes, your business will need an EIN. If your business is taxed as a corporation or partnership, it will need one too.

If your company is a sole proprietorship — you are not registered with your state as an LLC, a corporation, or a partnership — you may not need an EIN for tax purposes, and you have no employees. In this scenario your Social Security Number is your EIN.

But when you start your business you might need an EIN and apply for a checking account. If you are applying for a business license, you might need one too.

How do I complete the Employer Identification Number application form using SS-4 form?

 

Please use IRS Form SS-4 to register for an EIN. Go to the IRS website and print the form, first answer the questions even if you intend to apply online.

IRS Form SS-4 is IRS-free, and can be completed online or by phone. You don’t really have to pay for an online service to help you complete it, and most of this “assistance” is highly priced, and could even be a scam.

 

The application asks a series of questions about your company, such as whether you have employees or will have them, and when the fiscal year or financial year ends. One of the frustrating parts for single-member LLCs is how you want the LLC to be categorized.

The online application process takes just a few minutes, and you will receive your EIN immediately upon completion and submission of the application. During its service hours, go to the “EIN Assistant” page on the IRS website.

 

Since 2012, the IRS has limited the submission of Form SS-4 to one per day, and this rule covers all submissions, whether made online, by fax, or by mail from the US.

When do you need a new Employer ID Number?

 

Simple changes to your company typically do not require a new EIN, but if you change your legal business structure, such as from a corporation to another organization or from a sole proprietorship to a corporation, you might need a new one. If your company changes you will contact the IRS, and the IRS will inform you if you need a new EIN.

 

If you made a mistake in your EIN application or if you sent the wrong person as the responsible party in item 3 on the form, send a letter of request for correction to the correct IRS site.

 

When you simply change your business name or address you don’t need a new EIN.

Tax-exempt entities

 

To tax-exempt entities special rules apply. The IRS recommends making sure that the business structure of your organization is firmly nailed down before you apply for an EIN.

This is because if you make such errors within 3 years, such as failing to file a return, you will lose your tax-exempt status. The calendar starts with the day you get your EIN.

Your EIN cannot be renewed

 

The EIN is your period of … ONE. It’s like your fingerprint, tax / legal. If your company ceases to work it will not eventually end up with another business. It is not going to expire. It’s gone forever, when you’re done with it.

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4 tips on how to save Money on an engagement ring https://latestmata.com/save-money-engagement-ring/?utm_source=rss&utm_medium=rss&utm_campaign=save-money-engagement-ring https://latestmata.com/save-money-engagement-ring/#respond Wed, 22 Jan 2020 11:30:57 +0000 https://latestmata.com/?p=3681 If you’re reading this post you’ve already found the person with whom you want to spend the rest of your life. Maybe you’re considering coming up with the question to your partner early, or you’re just starting to explore the Money that will be spent on an engagement ring so you can start to save …

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If you’re reading this post you’ve already found the person with whom you want to spend the rest of your life. Maybe you’re considering coming up with the question to your partner early, or you’re just starting to explore the Money that will be spent on an engagement ring so you can start to save up.

 

No matter what brought you here, all you need to know about buying an engagement ring will be shared by this post. They cover how much you should spend on an engagement ring, how to save up to pay for the ring, creative ways to cut costs when budget is an issue, and how to determine the best shopping style for your partner.

Look at purchasing your engagement ring as part of a stress-free wedding planning process.

How do you save money on engagement rings?

Why The Two Months’ Salary Rule doesn’t always work

 

Did you hear that spending the equivalent of two months ‘ salary is a good rule of thumb about what you should spend on an engagement ring? We’re not sure exactly where this figure came from, but just be free to ignore it.

 

Similar to the recorded “ordinary” wedding budgets publicized by the mainstream media, they are promoting this in order to convince the public to spend any amount. Who is looking to gain from the dissemination of these reports? Of all the jewelers and the gem firms!

 

And how much do you have to spend on an engagement ring? Next, consider what you can afford and the ring type your partner likes. The key is to strike an equilibrium between those two areas.

 

The financial situation of everybody is different, their stylistic preferences and their long-term goals and priorities are different. You’ll have to balance all of these to choose the right ring for your partner to buy when you pop up the question.

 

Look at your monthly budget and the real savings you make. How much can you put right now towards a ring? How much can you save to put towards the ring every month? Then, when combined with your current savings, factor in those monthly payments How long will you save to pay in cash for the ring of your partner’s dreams?

 

After the engagement, don’t forget; you’ll also have to save to pay for a wedding. Don’t leave yourself in debt

How to buy a decent engagement ring?

If you want to ensure that you buy a unique engagement ring that your partner loves while also staying within your financial means, research, intelligence and dedication will be required. Below we will explain the specifics of how to choose the right engagement ring and ensure that you get the best price.

Why do Rings of Engagement cost so much?

Thanks to a popular ad campaign by De Beers in the 1940s: “A Diamond is Forever,” engagement rings have become synonymous with diamonds in modern times. In many ways, it was a brilliant campaign designed to increase diamond sales due to a steep decline during the Great Depression.

This smart marketing campaign created an emotional connection between eternal love and diamond, which has ever since become the gold standard for engagement rings.

 

And why are diamonds so costly to themselves? Who makes for such a good diamond?

Historically, diamonds were quite hard to find, making them seem rare, and thus more expensive. Through owning the largest diamond mining field in South Africa, which they owned for most of the 19th century, De Beers also had a hand in the scarcity of diamonds. The company limited the number of stones released each year to maintain the illusion of limited supply to make them look rarer.

 

A wider global supply has been discovered in recent decades as new mines opened around the world, as well as the increasing popularity of diamonds produced by laboratories. Several factors still contribute to the cost of diamonds.

The Five C’s of Diamonds that contributes to its Cost

If you are wondering what you should look for when you buy a diamond engagement ring, you can begin by considering the diamond Five C’s. The GIA identified these features to standardize diamond valuation.

 

The aim is to keep things fair and ethical. The following five facets contribute to a given stone’s cost:

1. Carat

Carat refers to the apparent size of a diamond and is just one of the factors contributing to the cost of a diamond. One carat is about 200 milligrams. Each carat is split to 100 points. The average reported diamond in an engagement ring is around one full carat, for about $6,000 in cost.

2. Clarity

Clarity refers to the overall quality of a gemstone. A flawless diamond is free of visible inclusions, surface defects or imperfections. However, most diamonds do have small inclusions or tiny defects, meaning they are completely unable to be seen with the human eye. Because of that, saving experts say clarity is the least important factor when choosing a gem.

3. Color

Diamond color refers to the actual visual tone of the stone and is graded on a scale of D (colorless) by Z (light color). Although fancy colored diamonds such as pinks, yellows and blues are considered rare and desirable, transparent diamonds are most common for engagement rings. The finer a diamond is in color, the more precious it becomes. Diamonds with a slightly yellow color are considered less attractive and thus appear to be less costly.

4. Cut

A diamond cut refers to the form and technique used to shape the diamond to its final state. For a diamond there are many different popular cuts, such as round, brilliant, princess, oval, emerald, asscher, marquis, pear, etc. Round is by far the most popular form for a center diamond with a princess.

5. Creation

Is the diamond mined from the earth, or was it made in a laboratory?

Lab-grown diamonds have in recent years skyrocketed in popularity. Not only are they chemically the same stone as diamonds commonly mined from the earth, but they are also conflict-free and more accessible. You can save 30 percent by selecting a lab-grown diamond over a natural gem, so it’s a bit of a no-brainer.

On a stone of the same quality as a traditionally mined rock, you could decide to save 30 percent, or you can make your money go further. For the same expenditure you might choose a larger or higher quality stone as you would pay for an earth-mined stone.

 

Other Factors to put in Mind when getting an Engagement Ring

The setting is the other big factor in the cost of an engagement ring. Once you’ve selected your diamond (or another gemstone), you’ll need to decide how you’d like to present that stone.

 

From these days there are more designs than ever to choose from, from simple solitaires set in white gold to micropavé halo bands covering the entire ring with tiny diamonds. Ultimately, setting your engagement ring might cost more than your diamond centre, depending on what you choose.

 

Tips to saving money when getting an Engagement Ring

If you’re on a small budget, you may be looking for tips on how to lower the engagement ring costs. Below are some tips to help you find a lovely piece for your partner while keeping your expenditures in check.

1. Pick a low Clarity Stone

Look for a lower in clarity stone. When described above, with the naked eye, internal inclusions and imperfections are typically untraceable, and could only be seen under a microscope.

 

Choosing an internally flawless diamond will cost you more, or maybe force you to choose a smaller stone to provide that level of clarity. You’ll likely be able to afford a larger stone by choosing a stone with a lower clarity ranking.

2. Choose a substitute to Diamond

If diamonds are too expensive for you, you might consider an alternative diamond such as Moissanite, made of silicon carbide crystal, instead.

 

You could go completely nontraditional as well, and opt for a colored gemstone if your partner would love something a little more unique.

3. Consider a lab-made Diamond

As described above, as compared to natural diamonds with identical requirements, Lab-grown diamonds will save you 30 per cent or more. For that reason, diamonds produced from the laboratory are a very budget-savvy option. Many consider them a more environmentally friendly option for a wedding or engagement ring, since they are less harmful to the earth when created in a laboratory.

4. Pick Gold over Platinum

Over recent years, Platinum has gained popularity as the top choice for an engagement ring or wedding band, but the metal is not as durable as gold, and it’s more costly as well. Through opting to set your rings over 14k white gold you’ll save substantially.

 

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How to go about your home Construction loans? https://latestmata.com/home-construction-loans/?utm_source=rss&utm_medium=rss&utm_campaign=home-construction-loans https://latestmata.com/home-construction-loans/#respond Mon, 20 Jan 2020 01:17:43 +0000 https://latestmata.com/?p=3672 It may sound like a dream come true to create a brand-new home to your exact specifications. But home construction can get pretty complicated, especially if you have to take out loans to pay for it. From construction time tables to the different types of build-specific loans available, here’s all you need to know about …

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It may sound like a dream come true to create a brand-new home to your exact specifications. But home construction can get pretty complicated, especially if you have to take out loans to pay for it.

From construction time tables to the different types of build-specific loans available, here’s all you need to know about getting funding.

What is a home Construction loan?

A home construction loan is a short-term, higher-interest loan that provides the funds needed to build a residential property, OceanFirst Bank senior vice president Janet.

Unlike personal loans requiring a lump-sum payment, the lender is paying out the money in phases as construction progresses on the new home.

Typically, borrowers are only required to repay interest on any funds drawn up to date until construction is complete.

Building loans have variable rates which move up and down with the prime rate, she added. And the rates for such loans are higher than those for traditional mortgages.

Why are rates on construction loans higher? Your house serves as insurance, with a traditional mortgage. The bank will seize your home if you default on the payments.

The bank does not have that option with a home construction loan, so they see these loans as greater risks.

 

To obtain such a loan, typically the lender needs to see a timetable for construction, detailed plans, and a realistic budget.

In order to obtain construction loan funding, the applicant will need a builders contract including the draw schedule of how construction funds are supposed to be advanced by the contractor, a detailed budget detailing the expense or allocation for each construction item, and the timeline within which the project is to be completed.

 

Once approved, the borrower will be placed on a draft bank or draw schedule that follows the construction phases of the project, and typically only interest payments will be expected during construction.

When funds are sought, normally the lender may send someone to verify the progress of the work.

Types of home Construction loans?

1. Construction –to-Permanent Loan

Building to permanent loans also provides the funds to build the dwelling and your permanent mortgage.

 

In other words, under a construction-to-permanent loan, you borrow money to pay for the cost of constructing your home, and then the loan will be converted into a permanent mortgage once the house is full and you move into.

 

The advantage of this approach is that you only have to pay one set of closing costs, reducing the overall fees you will be paying.

There is a one-time closure so that you don’t incur double settlement fees.

Once it becomes a fixed mortgage — with a loan term of 15 to 30 years — then you will make payments that cover interest as well as the principal. You may apply for a fixed-rate or variable-rate mortgage at that time.

2. Construction only Loan

 

A construction-only loan provides the necessary funds to complete the construction of the house, but the borrower is responsible for either paying the loan in full at maturity (usually one year or less) or securing a mortgage to receive permanent funding.

The loan funds are disbursed based on the percentage of completed project, and the borrower is solely responsible for paying interest on the money borrowed.

Building-only loans are almost always bound to a prime rate plus a margin. For example, the current Wall Street Journal prime rate of 5.25 percent plus 2 percent higher could be your rate. These loans are subject to interest rate changes each time the prime shifts.

 

Eventually, build-only loans can be more costly if you need a permanent mortgage too. That’s because two separate transactions will be completed and two sets of fees will be paid.

These are two distinct loans that are completely separate from each other. Two loans, two full sets of expenditures on funding.

Another thing to keep in mind when this process is being considered. If, for example, the financial situation worsens during the construction process because of a job loss, you might not be able to qualify for a mortgage later on which you can actually move into your new house.

3. Renovation Loans

 

A renovation loan may come in a variety of forms depending on how much money the homeowner spends on the project, explained Rick Bechtel, head of TD Bank’s U.S. residential lending.

 

The loan size range will determine what might be the right product, and what alternatives might exist.

If you need just $10,000, you might opt for an unsecured (personal) loan, using a credit card or taking out a credit line of home equity (HELOC) against the current equity in your property.

Any of those types of products could be a construction loan. But, as the dollar figure grows larger, the more the product becomes like a mortgage.

The problem with smaller projects requiring either unsecured loans or HELOCs is that the review process isn’t as clear or uniform as it is for a construction loan.

 

The bank evaluates the builder as well as the customer with a construction loan, to ensure the builder is a good credit risk. A clear, professional process is in place.

In comparison, a renovation loan, especially smaller loans, does not require a budget to be submitted to the bank. It is not necessary to draw schedules, plans and specifications. The owner can simply write to a builder a check up front.

In the world of construction loans, the bank manages the process to some extent including the builder and the customer.

The homeowner does the whole thing with the contractor in the construction room, and the bank is often unaware of what is happening.

4. Owner-Lender Construction loans

Owner-builder loans are construction or build-only loans where the borrower also acts as home builder.

 

Most lenders won’t let the borrower act as their own builder because of the complexity of building a home and the experience needed to comply with complex building codes, Bossi said. Usually, borrowers only require it if the borrower is a trading approved builder.

5. End Loans

An end loan is a different name to a mortgage, Bechtel said.

 

“There is a construction loan that lasts from 12 to 18 months, and is for building purposes only. That loan gets repaid when the house is done. And then you have to go out and get a normal mortgage end loan. This happens after the building has been finished.

How do building loans work for a new home?

Know that you have a more difficult road ahead of you if you want to build a new home than if you’ve chosen a conventional mortgage for an existing home.

 

You would provide the bank with all the same paperwork and materials for a construction loan if you were just buying a house — tax returns, bank statements, and pay statements.

You will give us the same documents whether you are constructing a house or buying a house.

But in a construction loan you also sometimes send us plans and requirements, budgets and the financial information of a contractor.

There are three construction-loan underwriting jobs taking place. You (the homeowner) are underwritten by the mortgage, the project itself and the contractor too.

 

“We are assessing the project. The Bank and buyer are on the same side in this context. The bank must review the contract with you, the client, to decide whether the costs that the contractor has given appear right.

The bank is reviewing the project to make sure the cost of the market actually is what the contractor told you what the cost would be. Or vice versa, we’re checking to see if the builder doesn’t properly account for project costs.

When seeking a construction loan, it’s important for the homeowner to have a significant cash cushion, just in case the project runs over budget, which could be caused by the builder underestimating costs.

 

If you’re not eligible for a home construction loan right now, focus on increasing your credit score and building your investments so that you can build your dream home later.

What does Construction loans covers?

A construction loan for new-build homes is used to cover the cost of labor and materials. Some of the items that you can finance with a building loan include permits, contract labor, cost of home and roof framing, cost of interior finishing and many of the other costs involved in building a house.

 

However, one of the things that can’t be financed with a construction loan is removable items, like furnishings.

 

For example, a construction loan could include landscaping, trees, and grass, “Bechtel said. But it can’t be outdoor furniture.

How to get a home Construction Loan?

Not all that different from getting a mortgage is applying for a home-building loan. Nevertheless, since construction costs often escalate as work progresses, the applicant may need additional funds.

 

Until applying for a building loan, a borrower should have consulted an architect, drawn up plans and specifications, and signed a contract with a contractor that represents the overall building costs so that a loan amount can be set.

 

In addition to a thorough review of the plans and specifications, lenders will review a borrowers ‘ employment history, savings, income stability and the ability to repay the loan.

A property valuation to affirm the value of the collateral will also be provided.  Your house serves as insurance, with a traditional mortgage.

The bank will seize your home if you default on the payments. The bank does not have that option with a home construction loan, so they see such loans as greater risks.

 

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What you need to know about Roth IRA https://latestmata.com/roth-ira/?utm_source=rss&utm_medium=rss&utm_campaign=roth-ira https://latestmata.com/roth-ira/#respond Fri, 17 Jan 2020 23:29:25 +0000 https://latestmata.com/?p=3660 When you think about retirement planning, you may feel right, particularly if you contribute part of your monthly paycheck to your 401(k) program funded by your employer. You may even have dreams of growing old by the ocean or tapping some global travel into your bohemian side. But instead of scraping the bottom of your …

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When you think about retirement planning, you may feel right, particularly if you contribute part of your monthly paycheck to your 401(k) program funded by your employer. You may even have dreams of growing old by the ocean or tapping some global travel into your bohemian side.

But instead of scraping the bottom of your savings accounts, you need to be well trained to truly live the retired life you dream of. While a 401(k) is a great start, there are other resources you can use to diversify and optimize your savings on retirement.

It is here that a Roth IRA comes in.

Not only can this tax-friendly retirement account boost your retirement money but it can also help relieve your future tax burden. An IRA comes with a few rules and some eligibility requirements added to it. But, when used wisely, it can really work for your good when it comes to retirement time.

 

We’re going to take you step by step through everything you need to learn to ensure you’re eligible and use a Roth IRA to its fullest.

What does a Roth IRA mean?

A Roth IRA is an individual pension account you are contributing after-tax dollars to. Which means you won’t be able to take a deduction as you would with some other retirement accounts, the year you contribute.

 

Then, when you withdraw funds during your retirement, you get to avoid paying taxes.

 

This can be extremely beneficial as the money you are adding to a Roth IRA will expand (ideally substantially) between putting cash in and starting to take it out. But since you paid taxes about it the first time around, you don’t have to do it again, even though it’s a bigger amount.

You can choose the assets to put your Roth IRA funds in, such as: Individual stocks, Mutual Fund, Shares, Options (although this would be part of a more aggressive investment strategy)

How does a Roth IRA work?

A Roth IRA comes with many tax benefits, which is why these days it is so common. Even if you’ve got a 401(k), that’s a wonderful tax-advantaged contribution to your pension plan. And if you are self-employed or do not have a 401(k) at work, then investing in your retirement goals is a good start

How much can you put into a Roth IRA?

So long as you meet certain income requirements (which we’ll talk about in the near future), you can contribute up to $6,000 a year to your Roth IRA. If you’re at least 50 years old, that number jumps to $7,000, helping you catch up financially and get ready for retirement quicker.

 

Plus, when you reach 70 1⁄2 you don’t have minimum Roth IRA contribution limits so you can use the Roth IRA as a way to give your family an inheritance.

 

Ready to take early retirement? A Roth IRA could help.

Once you hit the traditional retirement age you will start making tax-free and penalty-free IRA contributions because you have already paid taxes. Nonetheless, you do have to pay taxes and probably fines on your income if you take your money out early.

When you hit 59 1⁄2 and have had the account open for at least five years you can take tax-free withdrawals on all of your assets.

 

Besides, Roth IRAs are not only for retirement purposes.

 

You can also use the funds to spend on professional education without having to pay fines or taxes. So you can help pay for the college tuition of your own or your child just as you would with (or besides) a 529 program.

 

Although there are contribution limits, when you choose a Roth IRA you get plenty of flexibility. And when you have financial goals at any stage of life, flexibility is important.

What makes a traditional IRA different from a Roth IRA?

Whether you know the retirement terms at all, you may have heard of an IRA before. But a few key differences exist between a Roth IRA and a conventional IRA.

 

Traditional IRA vs Roth IRA

When you pay your taxes the biggest difference is. A conventional IRAs, unlike Roth IRAs, allow you to take a tax deduction the year you actually make a contribution. So if you’re trying to drop your overall tax bill into a lower tax bracket or increase it, your typical IRA contribution will help you do that.

 

There’s one catch, of course.

If you start taking deductions if you retire, you will have to pay the full amount of taxes–including your earnings. But that is not a bad thing, necessarily.

 

You may expect your annual income to drop when you retire if you are established in your career and already earn a lot of money. You probably won’t withdraw all of your balance at once, so your tax rate may not be that high compared to where you are now.

 

When it comes to making withdrawals from your account, you will start taking the required minimum distributions once you reach 70 1⁄2 years of age. The minimum amount is based on an IRS formula which compares your age with your life expectancy.

If you want to take money out of your traditional IRA before you reach the age of 591⁄2 you will have to pay a penalty of 10 per cent in addition to your income tax.

 

Still, like most investments, having a diverse mix of goods is good to help you now and in the future. You might want to consider having both a traditional IRA and a Roth IRA, particularly if you want to start lowering your federal tax burden annually.

What are the requirements to be eligible for Roth IRA?

Sadly, limitations are imposed on opening up a Roth IRA especially for high-income earners. You may be limited on how much you can contribute, or you may not be able to make any donations at all, depending on how much you do. You can also just add accumulated money to a Roth IRA.

 

Where do cutoffs begin, then? Let’s look first at the single tax filers.

 

You’ll be allowed to make the maximum contribution for single tax filers and household heads if you receive no more than $137,000. If you earn between $122,000, and $136,999, you can contribute a reduced amount. Nevertheless, if you receive $133,000 or more you can not make any contributions to the Roth IRA.

Let’s look at those married filing together now.

 

When you earn up to $203,000, and a reduced amount when you earn between $193,000 and $202,999, you will make the maximum donation. When your annual income hits $203,000 or higher, you are not eligible for anything to contribute. Your updated gross adjusted income (MAGI) is used to determine eligibility for IRA.

 

It may be worth opening a Roth IRA as soon as possible, depending on your expected income trajectory over the course of your career. In this way, not only do you ensure that you contribute as much as possible while still meeting the requirements, you also give your investments as much time as possible before you are ready to make their withdrawals.

And as you can use a Roth IRA for a wider range of reasons than other forms of retirement accounts, in the future you will be allowing yourself greater financial versatility. It’s not just about setting up and making one donation every year until you retire. Alternatively, a Roth IRA can be an active part of your financial plans for the short and long term, such as going back to school or early retirement.

How do you open a Roth IRA?

You’re doing your financial business just about anywhere, whether it’s in a bank, credit union, online broker, or even a robo advisor. Compare your options to ensure low fees and good customer service are available.

 

Additionally, look for commission-free mutual funds with no transaction fees and ETFs. Many financial brokers also charge these fees at high prices, so it’s important to make sure you choose one that will save you money in the long run. After all, those fees can really begin adding up to handling your Roth IRA over decades.

Some brokers do allow you to roll other accounts (both conventional and Roth) into your IRAs. If this is a service you may need somewhere down the road, make sure your IRA broker is adequately professional to handle that.

 

For example, other robo-advisors may not consider rollovers. And if you’re leaving a job where you’ve had a 401(k), then you’ll want to make sure you’ve got to place it somewhere once you’re home.

 

You will find a convenient, low-cost way to manage your Roth IRA over the years, with a bit of research and contrast.

Where do you open a Roth IRA?

You will need to pick a brokerage firm to open a Roth IRA. You might be able to do this at a financial institution that you are currently working with, or you might be able to explore other choices. Online banks as well as brick and mortar may act as brokers. It really depends on where you want your investment to be located and what kind of fee structure you want.

 

Start with a bank that you are already using, but don’t be afraid to compare its services and fees with other financial institutions. Maximizing your earnings is critical, so that you can retire comfortably.

How do you keep your Retirement Account under control?

How exactly do you need to do when you have a Roth IRA opened? You want to continue with making contributions, obviously. You can use a conventional 401(k) or Roth IRA to rollover savings, but you will be required to pay taxes on that money so make sure you can accommodate the extra financial burden.

 

Remember also that prior to the tax filing date of the next year you can still make a contribution and still have it credited for the previous year. For instance, if you don’t contribute the full $6,000 to your Roth IRA before December 31, 2019, you actually have to make your 2019 contribution before April 18, 2020 (the day the federal taxes are due).

It’s time to decide how you want to invest that money once you start investing your Roth IRA, just like you would with any other fund. The level of risk and diversity that you choose should be based on your own risk tolerance and your age. You will choose much more aggressive investments if you are in your 20s than if you are in your 50s.

 

Experts recommend either index funds or ETFs for a low cost strategy, which allows you to buy stocks and bonds that mirror broader markets.

 

In Conclusion

A Roth IRA can be an effective part of your pension strategy, especially considering all the tax benefits that come with it. Consider all of the options available to you for the most successful retirement savings plan, then see how each piece fits into the puzzle. When you reach retirement inch closer and closer, constantly reassess how you spend your money.

 

For example, if in the next couple of years you expect an increase or promotion that will knock you out of the income range to contribute to a Roth IRA, it may be prudent to maximize your contributions as long as you can. If you are getting a job with an employer that matches your 401(K) contributions, make sure that you take full advantage of that opportunity.

 

Constant reassessment is necessary to ensure that you benefit as much as possible from your retirement resources. And you want to make sure you are looking after your investments now and in the future. A Roth IRA is really a choice, because no matter where you are in today’s life, you can allow yourself plenty of space to move around anything that comes in life.

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What you need to know about your 401(k) https://latestmata.com/401k/?utm_source=rss&utm_medium=rss&utm_campaign=401k https://latestmata.com/401k/#respond Wed, 15 Jan 2020 23:05:56 +0000 https://latestmata.com/?p=3652 Your 401(k) can make you one millionaire. Here’s a simple, 10-step 401(k) strategy for 20- to 30-year-olds that will help you get the most out of your pension savings. Your 401(k) can easily turn you into a millionaire. Your savings will grow tax-free over 30 or 40 years by making small, regular investments starting in …

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How to go about your 401(K) plan?

1. optimize your match with your employer 2. Using Roth IRA to complement the 401(k) 3. Hold your 401(k) in order 4. Do not get too engrossed with your stocks 5. Hang around for a better 401(k)

Your 401(k) can make you one millionaire. Here’s a simple, 10-step 401(k) strategy for 20- to 30-year-olds that will help you get the most out of your pension savings.

Your 401(k) can easily turn you into a millionaire. Your savings will grow tax-free over 30 or 40 years by making small, regular investments starting in your 20s or early 30s.

While opting in is the most important step you will take to make 401(k) contributions, using a sound 401(k) plan can boost your returns and help you hit the $1 million mark faster.

Sometimes it’s best to put your money on the autopilot. You will never worry about running a paycheck to the bank if you have direct deposit. If you have an automated bill payment you will never miss the due date of a credit card or utility bill

Yet autopilot is definitely not the way to go when it comes to your 401(k)—even if your employer takes deductions from your salary you barely know. That’s because 401(k) plans rely on their asset allocations to expand, and hundreds of thousands of dollars will increase your lifetime earnings by just a few hours of education and application.

Here we detail a 401(k) plan in 10 steps

1. Also optimize your match with your employer

No-one would, in principle, turn down free money. But that’s just what many People do when an employer offers them to drop the ball on matching retirement funds.

Most employers can contribute up to 50 percent (or at times 100 percent) of the money you, the employee, put into your 401(k), up to a specified maximum percentage of your salary.

Ignoring this advantage by either not opting into your 401(k) or refusing to contribute to the amount it will suit your employer practically leaves a portion of your earnings on the table.

2. Using Roth IRA to complement the 401(k)

Some 401(k) employers are suffering from a lack of investment options. This is where a customized retirement account (IRA) comes in handy.

And if your employer does not match contributions, you may choose to forgo your 401(k) entirely, says Ned Gandevani, program coordinator and professor at the New England College of Business’ Master’s of Science in Finance program. “If your employer does not contribute to your scheme there is no need to participate in it. Through investing in a limited package, you end up paying too much without your employer getting any benefits.

3. Hold your 401(k) in order

Stocks might be the most risky investment you can make, but if you want an average annual return of 8 percent (or more) they’re also your best bet.

The key is to make sure they fill your 401(k) with them.

You will be given a worksheet or guided to go online to choose how to invest your money when you apply for your 401(k).

Unfortunately a lot of investors blindly pick.

That’s wrong, because most of the 401(k) programs offer somewhat specific purpose-based investments. Some will be bullish equity funds designed to maximize long-term gains, but others will be cautious funds with mostly bonds and cash holdings.

Such funds are meant to minimize losses, thereby creating a much smaller annual income. If you’re close to retirement, that’s good, but not so good if you’ve got 30 years to spend.

Amy Merrill, a principal with TrueWealth Management in Atlanta, suggests holding onto US stock funds, international stock funds, and real estate stock funds when choosing investments in your 401(k). “Look at the choices made by your fund and try to find a fund that is more like a category stock index”

4. know when to spread out

Young investors in their 20s and 30s are mainly looking to invest in stocks. Yet this does not mean that you can ignore other types of assets such as shares and alternatives. A stock-to-bond ratio of 80/20 sets a strong benchmark for investors aged 30 and younger.

Another thing to consider for more hands-on investors is valuing asset classes at the time you invest. Also if you shouldn’t try to time the market, you might fairly look at the S&P 500’s recent run and be cynical about its upcoming near-term results.

Because you’re investing for 30 years or more, that’s definitely not a reason not to invest in stocks, but it might make you consider allocating some of your funds to struggling assets that will come back with time, like those in Europe

5. Do not get too engrossed with your stocks

Although taking advantage of discounted employee stock purchasing plans is wise, the retirement portfolio should not be dedicated to more than 10 per cent.

Nonetheless, your portfolio should not be heavily concentrated in any given stock. But if you lean too heavily on employer stock, if your business goes bust you might suffer a significant investment loss.

6. Always improve on your inputs

A lot of investors only contribute enough to their 401(k)’s to get the match for the product. That is typically not enough to guarantee your retirement sadly. Experts recommend a range of 10 to 15 per cent. However if you cannot start there, it’s a good idea to increase your 401(k) if your employer gets a pay hike.

7. Hang around for a better 401(k)

Your 401(k) is sometimes low, because your employer has not done enough with the overall plan.

“I will let you in on a trade secret: participants are terrified of program sponsors,” says Brandon Grandbouche, a senior investment analyst with WealthHarbor Capital Group in New Orleans. “Employers are often engaged in running the day-to-day business affairs and may find it difficult to keep up with all the fiduciary duties of running a plan.”

If you are disappointed with the investment options or fees in your 401(k), talk to your plan sponsor or HR department about possible remedies.

8. Equal retirement savings and debt repayment

Saving for retirement is most definitely not your primary financial target. Far be it.

You’ll also have to balance your 401(k) investments with paying down debt or saving for other goals such as a house or family.

That’s all well. Don’t just use competing goals as an excuse to forgo 401(k) contributions. To make your 401(k) a million-dollar nest egg, you’ll miss out on the prime years. Even if you have debt, make sufficient contributions to your 401(k) to get your employer match. Then, as you clear money out of the debt pile, redeploy the funds through payroll deductions into the retirement pile.

9. Never take likely your compound interest

Starting a retirement account at age 20 versus 30 with steady contributions makes all the difference in the world.

“Albert Einstein once called compound interest’ the most strong force in the universe’ and he was a pretty smart guy,” says John McFarland, organizer of the Virginia Commonwealth University School of Business Financial Planning project. (Note from the editor: there’s no proof that Einstein ever said that, but it’s become a personal legend of finance.) Let’s say a 20-year-old starts plunking down just $45 a month with a 50 percent bet. When she raises donations by the same amount as any pay raises that she receives, by age 65 she will have more than $1 million.

10. Leverage on Professional advice

70 per cent of participants said in a survey of Schwab Retirement Plan Services in 2014 that they would be somewhat or highly confident in making 401(k) investment decisions with professional assistance. That’s compared to just 39 percent who had the same confidence when making their own decisions.

 

But it’s not just about feeling safe-it’s also safe. “We have found that nine out of 10 therapy takers stayed the course during the financial crisis of 2008,” says Catherine Golladay, 401(k) Participant Services vice president of Schwab. “The outcome was they were well positioned to take advantage of the rebound from the market.”

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7 Ways to invest in Real Estate without buying a property https://latestmata.com/real-estate-property/?utm_source=rss&utm_medium=rss&utm_campaign=real-estate-property https://latestmata.com/real-estate-property/#respond Mon, 13 Jan 2020 23:05:41 +0000 https://latestmata.com/?p=3643 So many different ways (not even to buy property) to invest in real estate are available that almost everybody can be a real estate investor in one way or another. Can you really be a real estate investor and not own a property of your own? When people think about investing in real estate, they think …

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So many different ways (not even to buy property) to invest in real estate are available that almost everybody can be a real estate investor in one way or another.

Can you really be a real estate investor and not own a property of your own?

When people think about investing in real estate, they think about the mom-and-pop investor who owns so many rental properties and spends their free time fixing and dealing with tenant problems.

While this is certainly a possible and profitable approach, there are many other options to invest in real estate. The process of buying a property is one of the biggest hang-ups people encounter when considering investing–they don’t have enough money, or there’s too much risk, or they don’t know what they’re doing.

Methods of investing in real estate without property

1. Try investing in REIT

A Real Estate Investment Trust (or REIT) is a real estate holding and operating company. You can buy shares in a REIT and thus own a small part of the real estate company

Your capital is combined with funds from other investors and is used to buy property. The REIT owns the properties, and you are getting the benefits of the cash flow and value created by the REIT owned physical property.

REITs come in many forms, and they often specialize in a particular type of real estate like:

  • multifamily housing
  • Industrial
  • Office Structures

 

And if you are interested in getting a general exposure to real estate in your portfolio, there are even index funds that track the overall real estate market (similar to an index fund for S&P 500). One example is VGSIX-the Real Estate Index Fund for Vanguard.

 

2. Real Estate Crowding

Private equity investment in real estate used to be a part of the super-rich and well-connected. But crowdfunding has allowed average investors to take part in real estate in a way that was previously impossible

 

Crowdfunding is akin to a REIT. Fund managers are pooling the money to purchase either a single property or several properties. The proceeds from the construction, service and eventual selling of the real estate are split among the owners. Generally there are two parts–a dividend (paid from operating cash flow periodically or annually), and equity growth (from appreciation, expressed in share price).

 

There are dozens of crowdfunding platforms for real estate, but two are Fundrise and DiversyFund which focus on helping unaccredited (i.e., not super-wealthy) investors get involved in real estate.

They all allow you to start with as little as $500 and invest your money in a diverse real estate portfolio.

 

  • You can choose your risk tolerance and balance towards cash flow or appreciation from Fundrise with an annual return of 10.8%.
  • DiversyFund is also a crowdfunding player. They began in the year 2017. But they have produced an impressive annualized return of 17.7 per cent from their strategy of investing exclusively in multi-family value-added housing.

 

3. Loaning hard cash

You can “become the bank” if you have the cash to lend money to house flippers or tenants who need to do serious work on a property before they can get a standard bank loan.

A hard money loan is usually a short-term (one year or less) loan that is issued during the construction process on a house.

For instance, I lent money to an investor who purchased a house planning to do a complete renovation and then resell the property. I gain 13 per cent interest plus 2 points (a point is an initial payment of 1 per cent of the loan’s value). I loaned a total of 75 per cent of the repaired value (ARV), and it is secured by the property itself.

You reduce your risk by using conservative numbers, and using physical real estate as collateral. Personally, I just want to lend on properties that I don’t mind owning if the worst turned out to be the worst and I had to foreclose.

One way to get interested in online hard-money lending is through a Groundfloor website. Groundfloor produces the loans for the property flippers, and you can pay as little as $10 to own a portion of the loan and earn the interest.

You won’t earn as much as you could by building yourself relationships with flippers and landlords, but with Groundfloor you can make about 12 percent per year in my personal experience. Most platform loans are in the interest range of 7-14 percent.

4. Get yourself started in being a “ Money Partner”

Many people want to invest in real estate, but they don’t have the cash alone. Although you get 80% of your loans from a bank, you can easily repay $20,000 – $50000 with the other 20% plus the amount of budgetary renovation.

Like the hard money loan scheme, you are a financial partner, and the other party takes the deal (and usually continues to refurbish or run the property). the money is brought to your table. You become an equity partner and will make those shares of your total profit at the end of the day rather than a loan at a fixed interest rate.

For instance, a flipper might be given a hard money loan to cover 70% of its total buying and refurbishing costs but it still needs the other 30%. You’re moving in here. In exchange for the remaining 30 percent of the funds, the renovation and sale of the house (the 50/50 share of profit is common) will give you a certain percentage of the profit.

Almost all terms can be pictured in the form of these forms of collaborations. it’s best to work with someone you know and trust from my experience.

However, the terms of the partnership should even be established and agreed in advance and preferably reviewed by a lawyer. There are many things that can go wrong in a deal, and you want the best possible protection for your hard-earned money.

5. Wholesales

Wholesale is a way to get started and to to invest in property to build up cash reserves to buy more properties.

If you’re unaware of it, the basic premise is to go and find the property, put it under contract, and then sell the contract for a fee to another real estate investor.

Wholesale treatment is not passive, to be clear. You must be prepared to do the work to find really great deals. These are usually caused by people who suffer financially or otherwise.

Either the house itself is in a state of distress – too much work is needed for the normal channels to sell – or in the life of the owner something happens that you must quickly sell for cash. They can face bankruptcy, or their taxes are behind them.

6. Get a license for your real estate business

I believe that getting your license can be a good way to make extra money if you already have an interest in property. Most work takes place at night and at weekends, so it can be done even when you get a day’s work.

When you decide to take this path, you have to maintain your license for a reasonable amount of money.

7. Offer Freelance Real Estate Services

You will learn a lot by providing a service to real estate agents or buyers if you are interested but are not yet ready to buy property.

Freelancing is an easy way to get extra funds and, from my knowledge, everybody can learn how to make $250 per day with their skills.

There is a whole property industry (i like to call it that) built in order to provide for those in real estate with financing, marketing, software and other services. Nearly any independent service you might think can be targeted at the real estate area.

Here are some examples of freelance services:

  • Transaction co-ordinator -Once a deal is signed between a customer and a seller, property brokers also pay someone else to arrange the completion phase to insure that all of I and “t”‘s are protected by paperwork. You can quickly learn to make 200-300 dollars per deal to arrange and get it to completion.
  • Bookkeeper- Real estate investors and agents must maintain good financial records like any other business. You will learn how to become a bookkeeper for the real estate market if you have a good look at detail and passion for numbers. Many fields (such as reading, and classifying property closing statements correctly) can be taught that separate you from every old bookkeeper.
  • Marketing coordinator- If you have a marketing experience or a desire to learn, you can run Facebook ads, mailing campaigns, or social media profiles for agents and investors to help increase leads.

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5 Keys to managing your personal finances successfully https://latestmata.com/personal-finances/?utm_source=rss&utm_medium=rss&utm_campaign=personal-finances https://latestmata.com/personal-finances/#respond Sat, 11 Jan 2020 23:05:12 +0000 https://latestmata.com/?p=3635 Wouldn’t it be great to have a magic formula or a simple trick that allowed you never to worry about money or control your personal finances again? Although that may not be possible, there are a few simple things that you can do to change your money situation right now. Take these five measures to …

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Wouldn’t it be great to have a magic formula or a simple trick that allowed you never to worry about money or control your personal finances again?

Although that may not be possible, there are a few simple things that you can do to change your money situation right now. Take these five measures to have your personal finances handled effectively. One more bonus? When you stick to these five tips, your financial issues will begin to diminish, and you may continue to enjoy the lower debt benefits, save for the future, and a solid credit score.

1. Detail Your financial objectives

 

Take some time to set down concrete, long-term financial goals. You may wish to travel to Europe for a month, buy an investment property or retire early. All those goals will have an impact on how you plan your finances. For instance, your early retirement goal depends on how well you are saving your money right now. Other ambitions will all be influenced by how you handle your money, including home-ownership, starting a family, moving or changing careers.

When your financial targets have been written down, prioritize them. It means you pay the utmost attention to the things that are of the greatest importance to you. You can also list them in the order you want to achieve them, but a long-term goal like retirement saving requires you to work towards it while working towards your other goals as well.

Below are some tips on how to make your financial goals clear:

  • Set long-term goals such as getting out of debt, buying a home or early retirement. These targets are separate from your targets for the short term.
  • Set short-term goals, such as budgeting, cutting spending, paying down or not using the credit cards.
  • Prioritize your goals in helping you build a financial plan.

 

2. Spell out your Strategy

 

A financial plan is necessary to help you achieve your financial goals. Several steps or goals should be at the schedule. A sample plan could include the development of a monthly budget and spending schedule, and then the debt relief.

Once you’ve completed these three things and have been implementing your new plan for a couple of months, you may find that you’ve got extra cash, and the money you remove from your debt payments can be used to meet the next round of goals.

Once again, determining which goals are most important for you is crucial. Keep working diligently on your long-term retirement goals, but also begin concentrating on the most significant short-term goals you have set for yourself. You want to go on an extravagant journey? Getting started investing? Buy a house or start your own business? These are all things you need to remember before you decide on your next move.

Together with an emergency fund, your ambitions will help you stop making fear-based financial decisions, and help you gain control of your situation.

Remember these things when drawing up a financial plan:

  • Your budget is crucial to success. It is the device that gives you the most influence over your financial future. The budget is the key to getting the remainder of your plan completed.
  • You will continue to contribute to long-term goals, such as retirement savings, no matter what stage of your financial plan you’re in thereby contributing immensely to your personal finances
  • Creating an emergency fund is another key factor for both financial success and reduction of stress.

 

3. Make and adhere to a budget

 

Your budget is one of the greatest tools that will make you financially successful. This allows you to create a spending plan, so you can distribute your money to help you achieve your goals.

You can make your budget as high or as comprehensive as you like, as long as it helps you reach the ultimate goal of spending less than you raise, paying off any loans, filling up your emergency fund, and saving for the future.

A budget will also help you decide how to spend the money in the months and years to come. Without the plan, you may be spending your cash on things that now seem important, but don’t offer much in terms of improving your future and also hurting your personal finances.

Some people get caught in this hustle and bustle because they don’t hit the financial goals they want for their families and their own lives

Don’t forget to celebrate little triumphs along the way. Felicitate yourself once you pay off your debt, for example, or reward yourself when you stick to your three-month solid budget, or when you pad your emergency fund successfully.

If you’re married, you and your partner need to work together on the budget so that both of you feel equal, and both of you have the same level of commitment to achieving it. This can go a long way to help you avoid disputes relating to land.

Below are some ideas for couples who want to put together a budget:

 

  • Consider switching to an envelope budgeting system using cash for areas of expenditure that require more discipline.
  • Use Mobile App budgeting software to enter spending in real time.
  • Prepare ahead to avoid over-expenditures.

 

4. Paying off debt

 

Debt is a huge impediment to many when it comes to reaching financial goals. That is why you should make it a priority to remove them. To help you pay it off more effectively, set up a debt repayment program. Of instance, when making minimum payments on all of your debt accounts, you spend some additional money at a time against one debt.

After paying off one debt account, move to the next debt all the money you paid on the first debt and continue from there, creating a “snowball effect” debt-paydown.

Once you are out of debt altogether, make a commitment to stay out of debt. Leaving them home with credit cards can be a wise strategy. Save an emergency fund to cover unexpected expenses so you are not tempted to cover them with a credit card.

Use some tips to help you pay off debt faster:

  • To find extra money to add to your debt repayment program, sell unused or unwanted things in your house.
  • A second job may help speed up the process and may be needed if you want to improve your situation quickly or lastingly.
  • Look for areas where your budget can be cut to increase the cash available for debt payments.

 

5. Don’t be scared to seek for advice

 

If your investments have expanded and you want to start investing to maximize your income, talk to a financial planner to help you make wise investment decisions.

A good consultant will share the risks associated with each investment and help you find goods that suit your level of comfort and invest in return expectations while helping you to achieve your goals as quickly as possible. You can also be supported by a financial planner with your budget, which is another bonus.

Investing is a long-term strategy that will help you build riches. Financial help can also be found elsewhere, such as:

  • A local church or community center offering courses or seminars on personal finances and budgeting that are free or low cost. Banks and credit unions also offer courses, too.
  • A mentor who would be willing to help you plan your first few months and work through your budget. That can help if the budget process overwhelms you.
  • If your parents or other family members are good with money, think of asking them about what they had done and what they had done financially.

It doesn’t have to be a difficult experience to get debt paid off, money saved and progress made towards the financial goals. Invest in yourself and your financial future so you will never again have to worry about your finances.

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5 Profitable Ways to increase your income https://latestmata.com/increase-income/?utm_source=rss&utm_medium=rss&utm_campaign=increase-income https://latestmata.com/increase-income/#respond Thu, 09 Jan 2020 23:41:39 +0000 https://latestmata.com/?p=3624 If all you need is a quick cash fix, there are short-term revenue solutions, like taking a second job. The downside is you’ll probably have to increase your income sooner than expected. However, if you know you need to get through with a higher income, you need to look at long-term solutions to the issue. Below …

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If all you need is a quick cash fix, there are short-term revenue solutions, like taking a second job. The downside is you’ll probably have to increase your income sooner than expected.

However, if you know you need to get through with a higher income, you need to look at long-term solutions to the issue.

Below are five practical ways that can help you boost your income.

1. Start a business on the side

One way to increase your income is to start a side business that you enjoy. While this will probably start as something you’re doing part-time while you’re still working on your original job, if you’re smart about it, you might be able to make it something you’re doing full-time.

Find something that you love doing or something you believe in and try to start working at it. Having a business plan helps. You’re always going to want to make sure you don’t put more money into the company than you take out.

There are a variety of business options to suit your skills and interests. If you open a business similar to what you’re doing for your job, you’ll need to make sure you don’t break any competition agreements and see if there are rules to take customers with you so you don’t run into issues later.

2. Get more creative and smart

If you are serious about boosting your income, the acquisition of knowledge should be taken seriously. The better you are in a feed, the better you are, and the higher your chances of being hired.

This may mean going back to school to get higher degrees if you work for corporate organizations. With most degrees, as you move from bachelor’s to masters to doctorate, you can increase your earning power in your profession.

You need to do a little homework because not all areas are this way, and you want to make sure you are researching an environment that will give you a return on the money and effort that you are investing into your education.

Some organizations provide financial support to the training of their workers (both public and private). It is essential to check whether you are qualified through your work for tuition reimbursement or any other financial assistance program that can make it easier to return to school.

On the other hand, if returning to school for an additional degree is not a good fit, consider returning to obtain additional certifications for your current field of work. Or, get certificates for other skills that you can monetize; it can be less time-consuming and less expensive and help you earn more money.

3. Turn your hobbies to profitable sources of income

Do you have anything you want to do? If so, by transforming your hobbies into a successful business, you might be on your way to increasing your income.

Many people would rather complain about their finances than make good use of the things they love to do in their free time. There are plenty of ways to cash in on your hobbies, and if you’re creative, in your free time you can make a lot of money.

You can start selling your crafts or artwork by opening an Etsy store or other classifieds websites. Make sure you charge enough to cover your materials as well as your time. You can also sell them to people and other designers if you can come up with patterns or designs on your own.

Another way to take advantage of your hobbies is to create a hobby-based YouTube channel or series. You will demonstrate how the products you frequently use can be created or checked.

You can even do walk-through videos and share with your mates if your hobby is gaming. Development of a follow-up will take time. If you stick to it and are consistent with it, however, this can turn into a great way to make extra money.

4. Find a way to construct a passive income stream

Building multiple passive income streams is another great way to increase your income. Passive source of income includes: blogging or website, writing books, videos from YouTube, real estate, etc.

It takes time to build passive income sources, and a lot of effort to start earning real money. The trick to passive income is building a solid foundation that will generate income for you over and over again.

5. Ask for an increase or upgrade

You can increase your earnings as an employee simply by asking your company to increase it or promote it.

When searching for a raise, you need to apply the best practices and avoid these common mistakes when requesting a wage increase.

In the event you are unable to increase, once you have additional work experience, you may want to look for a better job in another company.

The employer may offer potential managers a training program or give you the opportunity to complete training to develop the job skills. This is a great way to increase your profits if you love the line of work in which you are.

Loving your job isn’t enough. You’ve got to love the pay as well. If you don’t, I think your family will. So, don’t be afraid to look for a new job if you don’t make enough money to cover your expenses.

Being in a job where you feel stuck or under-appreciated may be frustrating. Take the time to regularly search for a new job.

In Conclusion

What you have in terms of income has an impact on how quickly you reach your goal, whatever your financial dreams or aspiration.

Many people are going to tell you to live below your means, which is the best advice. However, it is better advice to increase your means of living better.

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10 Top Business and Finance blogs in Nigeria https://latestmata.com/business-and-finance-blogs/?utm_source=rss&utm_medium=rss&utm_campaign=business-and-finance-blogs https://latestmata.com/business-and-finance-blogs/#respond Tue, 07 Jan 2020 23:21:43 +0000 https://latestmata.com/?p=3612 If you want to grow your finances, keep up with these blogs. Financial freedom is the dream of every entrepreneur and business owner, even the 9-5 workers also want to live this kind of life. But how can you get there? Times are difficult and it is important to gain more knowledge about how money …

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If you want to grow your finances, keep up with these blogs.

Financial freedom is the dream of every entrepreneur and business owner, even the 9-5 workers also want to live this kind of life. But how can you get there?

Times are difficult and it is important to gain more knowledge about how money works in these difficult times. Why are you getting more of it? What are you saving? How do you control your spending? How are you investing in and building wealth?

If you want to learn about Money, Investment, Finance, Business Management and many other things relating to money, then you need to check out these blogs:

1. Latestmata

This is a business and finance blog targeted at entrepreneurs who want to start, grow and scale up their business.

It is owned by Komolafe Timileyin who is a seasoned expert in financial intelligence with years of experience.

This should be your number 1 go to blog for anything relating to finances and Money Management.

You can reach out to him on his social media handles

Instagram: tim_cor

2. MyNairaJourney

This is a personal finance blog with most of her user base in Nigeria.

The mission at “My Naira Journey is to help you create wealth. But it’s also their job to tell you there are no quick fixes. It’s a road to become financially free.

We want to use this blog to pay attention to what you’re earning: how you save it, how you spend it, and how you’re investing in the future. You should be responsible for your wealth, not any other person or thing — family, spouse, luck and anything else. It’s all about you and all of you.

We’re going to do our best not to write the article in the way you want to sleep. Rather, we’re going to write it in a way that helps you achieve financial freedom as soon as possible.

3. Money Matters

Nimi Akinkugbe owns Money Matters. According to Nimi, achieving ranks of financial security as a major source of anxiety and seeking to empower people with regard to their finances.

Under the guise of the company “Money Matters with Nimi,” through speaking events, radio and tv interviews and social networks, the Monopoly Board Games and her new book, ‘ A – Z of Personal Finance, ‘ Nimi offers straightforward, realistic tips to build a greater awareness and education of personal finance and wealth management issues.

4. MakeMoney

MakeMoney is a website dedicated to the growth of internet entrepreneurs and aspiring internet entrepreneurs. If in any way you’re trying to make a living online, then you’re an internet entrepreneur, this platform has been built for you.

Makemoney.ng can teach you a lot of ways to make money especially online, as making money is the most important part of personal finance.

5. Nairametrics

Nairametrics is a leading Nigerian-based financial services company with a special emphasis on financial literacy and advocacy for investors. We provide up-to-date business, investment and financial information from the largest economy in Africa to our visitors and customers.

Nairametrics blog provides business news, investment guild, personal finance and financial literacy, financial management, data analysis, social media.

6. Proshare Nigeria

Proshare Nigeria Limited is a niche financial information service center focusing on markets, industry, technology, legislation, MSME, personal finance and economic development.

The mission of Proshare is simple: acting as a vital link between investors and markets. Nevertheless, the mandate reaches beyond the delivery of accurate, reliable and timely financial information on a 24-hour loop through an institutionalized network of researchers, analysts, contributors and content owners.

7. Business Daily Online

BusinessDay news report provides decision-makers with useful and accurate information on the business finance situation in Nigeria and beyond.

8. Nairabarter Blog

For all Nigerians, Nairabarter Blog is a digital guide to finance and business investment. The platform offers the breakdown of news from the financial industry—focusing on forex markets, stock markets, capital markets, crypto markets, and value investment.

Nairabarter itself, apart from the site, provides Nigeria Naira with regular exchange rates for major foreign currencies, making it a great alternative to AbokiFx and the like.

9   Invest Advocate

Invest Advocate one of the top financial and investment news websites in Nigeria with a focus on the capital market. The company is poised to ensure that our credible, timely and highly informative online media platform keeps the Nigerian financial sector and investors happy.

InvestAdvocate helps Nigerian Capital Market stakeholders to use its online information service to conduct their business and achieve highly positive business outcomes.

10  Entorm

Entrepreneur Platform is a platform for business and entrepreneurship that aims to help young and old entrepreneurs build better and sustainable business of any kind. There are tons of articles and videos about Business on this blog, Advertising, Software, Blockchain, Finance, Startups, Growth, Development, News and Events. The online company Hub and Magazine aims to help Africans

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