As a nation, America’s student debt load is reaching crisis proportions. The New York Federal Reserve puts the total student loan debt at over $1.52 trillion, with the delinquency rate over 11 percent.
Is your personal student loan situation nearing a similar crisis? Consider these five warning signs to assess whether you are handling your student loans responsibly or are on the road to potential default.
Borrowing money can help you achieve several milestones but the process is not easy. When taking out loans, mistakes can be expensive and cause your loan to be rejected. If you want to borrow money, you need to know the type of loan you need in advance:
You first need to figure out the loan that you need. The most common loans include:
– Education loans
– Auto loans
– Personal loans that you can use for any purpose
– Business loans for expanding your business
– Home loans
Borrowing a loan that matches your specific needs keeps your costs low and improves your chances of being approved.
Decide Where to Borrow
You need tomatch your loan application with a lender to increase your chances of being approved. This means that you have to shop around, but the type of loan that you want will limit your choices. For instance, some lenders do not provide student or business loans.
You should start your search by looking into the institutions that offer the cheapest loans: credit unions and banks. Check with different institutions to compare the costs and rates of interest. You should also visit websites that list several lenders to make your work easier. As long as you choose reputable websites, borrowing online is very safe.
If you decide to borrow from friends, you should know that this might cause a rift in your relationships. If you have been turned down several times, it would be easy to take what you get. However, this will not be worth it because you will find yourself in a cycle of debt.
Understand Your Credit
To get a loan, you need to have credit. This means that you have to demonstrate a history of borrowing loans and paying them back. If you do not have credit, you have to borrow less and pay more until you develop a strong credit history.
Once you have a strong credit history, lenders will be more willing to lend you more money at affordable rates. You should get free copies of your credit report to see what the lenders will see when you borrow a loan. If you have a good credit history, you can go ahead and fill out your loan application forms.
On the other hand, if your credit history is nonexistent, you should work on building your credit by adding loans to your history in a gradual manner. If you spot any mistakes in your report, you should work on fixing them before you approach any lender.
Understand the Loan
Make sure that you understand how the loan works before you apply for it. Will you be able to repay it? You need to understand what you are getting yourself into: what are the rates of interest? Do have to pay it back a certain way? Ensure that you do your own calculations before you get a loan.
You can use several online tools to calculate how much it will cost to take out a loan. Once you do all the right calculations, it will be easier to take out a loan that you can afford. Figure out the percentage of your income that will go towards repaying your loan: known as the debt to income ratio.
If you do not like the calculations that you see, you can always borrow less money. Most lenders prefer applicants with a ratio of 30 percent or less.
All signs point to market volatility increasing rather than ebbing — at least until after the fall 2018 U.S. elections. Since algorithmic trading is one of the reasons why markets have increased in volatility — can you better weather this storm by accessing the same technology the only way individual investors can, through robo-advisors? Continue reading →
Self-made millionaire and co-founder of AE Wealth Management David Bach tells millennials that if they aren’t prioritizing homeownership, they’re making a costly mistake – and, the single biggest mistake this generation tends to be making. Buying a home, he says, even with the tax law changes, is the quickest path to wealth in America.
While owning a home has long been a dream for many Americans, as the housing market continues to roll up and down like a roller coaster, does it really make more financial sense for millennials to get a mortgage rather than rent a house? In Bach’s bestseller, The Automatic Millionaire, he writes:
“As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing.
But it’s not all that black and white.
The Pros of Renting
When you rent a home, your monthly costs are typically fixed, though your fixed, monthly rent may or may not include utilities like gas, electric, Internet or cable. What you won’t have to worry about is unexpected repairs and replacements as your landlord will be responsible for paying and fixing any problems like that, from a burst pipe to a leaky roof.
If you find yourself in a situation where you have to move, perhaps for a job, it’s far easier to get out of a lease than to sell a home. If you aren’t sure how long you’ll be able to live in the area, or if you don’t know if you’ll be able to afford maintenance and/or repairs, renting may be the way to go.
The Pros of Buying
As Bach maintains, buying a home can be an excellent investment. If the home prices in your area have been rising, purchasing now means that you may be able to stay in a neighborhood you love but could be priced out of in a few years. Even if you don’t end up staying long term, when property values rise sharply, it can mean rather significant profits.
One of the keys to success is to choose the right lender that can help you understand what you can afford and how purchasing rather than renting can better improve your financial situation in the coming years.
Buying as an Investment
Millennials who purchase a starter home may be able to take advantage of the opportunity to convert it into a rental property. That can be an excellent source of additional income when buying a home for the long haul in the future. Hard money loans may be ideal for this situation. While they aren’t right for every investor or investment, they can be an outstanding starting point that allow you to buy property with very little money of your own. Then, once you’re at least somewhat established as an investor, it will be easier to secure a line of credit from a bank with a much lower interest rate rather than taking out a hard money loan.
If you are starting your own business, you will know how difficult it can be to handle all costs. Cutting parts of your expenses here and there can greatly improve your monthly profit. So, be smart with your money.
Here are five tips on how to save costs in the very roots of your business:
Work from home / virtually
If your business doesn’t need an office, then don’t have one. You can work from home and stay in business, as today connections are performed mostly by the internet. You can arrange a space inside the house, but even a shed in a backyard can be wired up for work with little effort and creativity. Not only you will be relaxed, but you will reduce many of your costs like paying rental, heating, technology and supplies.
Another financial benefit is that you cut your commute costs. There is no train tickets or gasoline bills. Wireless communications have pretty much paved the way to allow more and more people to work from home and cut down on commuting costs.
Minimize time waste – Time is money!
The best way to save time is to track it for a while. A couple of weeks should be enough to give you a complete insight into points in a business where you have most of the time leakage.
Going to a post office to send mail or packages can be time-consuming if you have to do it often. Buying or renting a franking machine will not only save your time but also prevent you from guessing or overpaying the price of the mail or packages you need to send to customers. You can prepare a letter or package whenever you need it from your office, without a need for a Post Office to be open. There is a large variety of types of franking machines, and you can check franking machine prices here.
Meetings can also be very time-consuming. Compare time spent on meetings with efficacy and benefits that those meetings have brought to your business. Reducing time spent on meetings which don’t add value to your business can save you money and provide you the time which can be spent on other activities which are profitable.
Hire freelancers and capable employees with little work experience
Hire in-office employees only if necessary, because having permanent employees means you must provide work continually so that their productivity is more than what is being spent on them. If you don’t have as much work, you can hire part-time employees, but hiring freelancers and having home-based employees is a good solution for startups. Additionally, if you hire freelancers, you cut costs of management, training, and benefit packages of permanent employees.
If you still need permanent employees, you can hire capable employees with little work experience who are willing to learn and work well for a lower salary than experts with great work experience.
Bartering, or exchanging products and services is one of the excellent ways of saving costs. It has evolved into a sound strategy for finding goods, conserving cash, trading services, locating excess production capacity and moving inventory. It helps to expand your professional network while getting the things you need for your startup at the same time. Again, it may take a bit more time and effort to find a company you will barter with, but on long terms, it will save you money.
Use Free Software
Today, in the era of the internet it is easy to find different free software to run your business. There is no need to pay for bookkeeping, word processing and presentations because you can find an open source or cloud version for most things you need to do. There are various available programs which can help you manage your finances, track your customers, plan your projects, and much more. Also, do not hesitate to use free trials of software to determine if you really need it.
These are just a few suggestions for cutting costs of your startup, however, as you run down the road of having your own business, you will discover that there are numerous other ways to improve your monthly profit and keep your company running on long terms!
Sure we all know of Lebron James and a few others, but if you are not a basketball fan, you might not have heard of Kyle Korver. He comes off the bench for Cleveland, and Kyle Korver’s net worth sits at $20 million.
Korver was traded to Cleveland during the middle of the 2016-2017 NBA season. He is now playing in his second championship series with the Cavs.
A former second round draft pick in the 2003 NBA draft, Kyle is currently playing in his 15th season as a professional. The 6’7″ Korver excelled in the early 2000’s as a member of the Creighton Bluejays basketball team. In his senior season, he averaged nearly 18 points per game and shot 48% from three-point range and over 90% from the free-throw line.
He was selected 51st overall by the New Jersey Nets (now the Brooklyn Nets) but was eventually exchanged to the 76ers where he began his career. While in Philadelphia, Kyle became a part time starter. In the 2006-2007 season, he averaged a career high in points per game with 14.4.
Kyle has played for a total of five NBA teams. The teams include the Philadelphia 76ers, the Utah Jazz, the Chicago Bulls, the Atlanta Hawks, and the Cleveland Cavaliers. Only on one of these teams did he become a full time starter, and that was with the Atlanta Hawks.
Despite coming off the bench for the Cavs this season and being 37 years old, Korver’s numbers are right up there with his career averages. His career averages in three-point percentage, 43%, and free-throw percentage, 88%, rank him among the top all time in the NBA. In fact, in the 2009-2010 season while playing for the Jazz, Korver set and still holds the NBA record for highest three-point shooting percentage in a regular season.
It is no big secret that hard times can come quick. And, they usually come when you least expected it. In an economy like the current one it might even be safe to assume that you have already tapped into some line of credit. Maybe you already took out a loan from the bank to make an unexpected repair on the car. Now, you are looking at a leaking roof. Where are you going to turn? Well, many individuals always have the option of borrowing money from their employers when faced with harsh realities or unexpected emergencies, but is this really a good ideal? Of course, the whole situation comes with some pros and cons and that is what you are going to learn about below.
Building Loyalty And Trust
Fostering a good relationship with your employers is key to a happy and stress free work life. Well, it should be well known that taking out a loan from your employer and paying it back in a timely manner will not only show that you are responsible, but it will build trust. In addition to this, employers that lend out money to employees know that these employees are probably going to stick around longer and try to do a better job, because the feel committed. Just remember that if your current employer doesn’t offer loans, you always have the option of seeking online assistance at https://kulutusluottoa24.fi/.
More Focused On Work
A financial burden hanging over you head can be a huge setback and employers know this. If you have a family member that needs medical treatment or you have a big hole in your roof that needs repaired, how are you going to solely focus on your work and do your job to the fullest? Employers understand this and that is why many of them are willing to lend money to their employers. Not only could this improve your focus at work, but it could increase your productivity as well. This could be the motivation that you need to work harder.
Paying Back The Loan Can Be More Stressful
Borrowing money from an employer is almost like borrowing money from a neighbor or family member. These are individuals that you know on a personal level and interact with on a daily basis. If you are already struggling to make ends meet there is a good chance that another monthly payment is just going to make matters worse. In fact, your best option might be to seek some sort of financial assistance or counseling from Iltasanomat.
Getting Turned Down Might Hurt Your Work Relationship
While there are tons of employers out there that offer loans to employers, there are certain types of criteria that you may be required to meet. If you are turned down for a loan by your employer this could create harsh feeling of resentment, which could make it even harder to come to work every day. And, the days that you are at work, you might not feel like doing your job to the fullest.
How do you plan to fund your children’s education? You’re probably counting on scholarships and grants, right?
Reliance on scholarships and grants is the highest in a decade, while college savings is on the decline, according to a new report from Sallie Mae.
Savings covers less than one quarter of collegiate funding for the typical family. As a result, one of the strongest educational savings programs – 529 plans – is being underutilized. Continue reading →
Where You Can Make the Best of a Bad Credit Situation
It’s no fun having a bad credit score. You pay higher interest rates for your credit – if you can get credit at all. You have little room for financial error. A small, unexpected bill can cause big problems.
At least your hardships may not be as bad if you live in certain states.
RewardExpert, a site that helps users optimize credit and debit card reward programs, examined factors that affect residents with poor credit – such as typical expenses, usury laws to limit predatory lending, and the status of debt collectors – and how those factors vary in each state.
Where is bad credit more tolerable? Consumers with bad credit should avoid the coasts and stick to the Midwest – not surprising, given the typically high costs of living in coastal areas. Continue reading →
Instagram is one of the most popular social media platforms ever to have been invented, and is estimated to reach 1 billion users by the end of 2018. Most people use the app to look at pictures or videos while they’re waiting in line at the doctor’s office, at a store, or anywhere else.
As with other networks, Instagram is a great opportunity for marketers and brands, especially. Approximately eighty percent of all Instagram users follow at least one company. The shocking thing about the app is that 6 out of 10 users are adults, so it’s actually less popular with kids.
Since adults are capable of making spending decisions, brands have to set up an Instagram account and nurture their audience as best as possible. Here are several tips that might be able to assist new companies to tackle the challenges of the platform.
Optimize your bio and bio link
Your bio has to be short and sweet and tell people exactly what you can do for prospective customers. While some marketers advise against it, sometimes it is a good idea to use hashtags in your bio. The link needs to be valid, and that’s why you have to check it once in a while. Otherwise, you might risk losing important clients if you don’t pay enough attention.
Creating unique posts on Instagram can be difficult, and that’s because most people want their photos to have the right lighting and look just as good as those posted by more prominent brands. However, what you should never try to do is imitate other companies in your field, particularly visually. Sure, you can learn from them and analyze the way their representatives interact with customers, but your posts have to be authentic.
Keep tabs on the right hashtags
Even before setting up your account, do a bit of research to know just what hashtags you can use depending on the area of your expertise and your industry. We said it before, and we’ll repeat it. Learn from the best of your competitors.
Contests are a great way of gathering followers. Although the practice of launching a call and asking people to follow your page so that they can be considered in a contest might be frowned upon by both Facebook and Instagram, it is an effective technique of broadening your audience.
Spotlight your customers
If you’re in the industry of making motorcycle fairing speaker systems and you’ve noticed that there are folks who have installed and used the ones you manufacture, and taken pictures of them, all you have to do is re-post their photos. Make sure to tag them, though, because they will likely feel appreciated and flattered that a manufacturing brand has showcased their pictures. The shots don’t have to be professional, and they won’t ruin the overall looks of your page. This practice might be good for your budget, too, as it’s a free way of telling folks that you care about your customers.
Whether you manufacture or sell something, the fact of the matter is that Instagram Stories can make the difference when it comes to communicating with your followers and potential clients. If you take video of something you’re working on, people will know how the things or services you offer are really done.