What Fees Come With Selling a House?

If you’re finally selling your home, your mind is probably racing with the money you’ll get from your property.  Unlike renting, or leasing, owning a home and paying off a mortgage is all based on the hope that you’ll either be able to pass it down in the family or sell it and make some profit.  Unfortunately, selling your home isn’t entirely about the profit: there are more than enough fees and costs that come flying your way!

Here are the top charges to prepare yourself for.

Taxes

The largest tax you’ll have to worry about is the excise tax.  A type of sales tax, this tax charges you for a portion of the income you make off of your home.  Although it won’t be much compared to how much money you get from your house, it’s still enough to weigh you down if you don’t plan for it.

Escrow Fee

Although it would be nice if the buyer could hand the money directly to you, unfortunately, it doesn’t work this way most of the time.  Instead, the escrow fee occurs when the money trades hands through an intermediary who ensures the deal goes smoothly.  They take care of checks, ensure that any funds are transferred safely, and help the value go on without anyone getting shorted.

Agent Commission

If you decide to use an agent to sell your home, you’ll have to pay them a portion of your earnings.  Most agents charge between three to six percent and take it out after the sale is completed.  Although you can avoid this fee by not hiring an agent, they make the deal go on without a hitch and are highly recommended.

Remaining Mortgage

In most instances, people who sell their homes don’t own them in their entirety yet.  Instead, they still owe a large portion of the home’s worth from when they bought it.  This portion has to be paid off immediately and should be considered when using a seller closing costs calculator.

Title Insurance

Although who ends up paying for title insurance can vary from home sale to home sale, it’s the seller paying it more often than not.  This process protects owners and lenders from any damage or property loss they’d suffer from liens or defects in the property’s title.

Inspection

Every home needs at least two inspections during a sale: one by the seller and one by the buyer.  This inspection notifies you if anything should be worried about or looked at and gives you the chance to make some repairs before a buyer arrives.  You do have to disclose anything your inspector finds, so you must make tangible changes if anything is wrong with the property.

All of these costs may seem a little overwhelming to have dumped on you when you just came into some money, but they’re all necessary.  The only way these costs may get worse is if the buyer tries to haggle and having you pay some of their closing costs too, which unfortunately happens pretty often!

Share

5 Reasons to Add Bitcoin to Your Investment Portfolio

Is there really a way to make money investing in Bitcoin? Some investors have made huge amounts of money using this method. Bitcoin is one of the most famous cryptocurrencies in the world. It is the first decentralized currency. There are lots of ways you can earn bitcoin, and even you can get free bitcoins by using several apps and software. The authority of Bitcoin is still increasing day by day. Though there are many scammers, if you can mark out the best options for investment, you can cut a good profit from here. Besides that, adding bitcoin to your investment portfolio can express your diversified skills and can become a good asset in your portfolio. Here is a shortlist of the top five reasons to add Bitcoin to your investment portfolio.

1. Adoption of Bitcoin

The adoption of Bitcoin is a trend that shows no sign of dying out; instead, it is gaining momentum with each passing day. As one of the fastest-growing areas in the finance industry, there are several uses for digital assets in the corporate realm. Digital Assets’ adoption, commonly referred to as ADA‘s (all digital assets), by large corporations and high net worth individuals alike, shows no signs of slowing down soon. There are many reasons why adopting this newest form of currency will continue to grow, but perhaps the most notable is the use of ADA’s by companies and high net worth individuals worldwide.

2. Risk-Free Investment

When everyone is searching for the best places to invest, people are starting to look into risk-free investments in cryptocurrencies. Several benefits come with investing in this kind of investment option. With the risk-free investment in Bitcoins, you do not need to worry about currency depreciation or fluctuation. This is why this kind of investment is becoming very popular with people. Even if the value of your currency goes up and down now and then, it is still a risk-free investment. This is because, with the technological advancement of the modern world, your money is always safe even when in the hands of hackers.

3. Value Never Decreased

As you probably know, the price of a single unit of bitcoins increases every day. It is challenging to predict where this trend will end or when it will end. People are choosing to convert their units of currency because of the incredible increase in the value of virtual currency over the last three years. Economic analysts expect that it will not only be accepted as a form of payment on goods and services within the next two years but that it will also have a strong effect on the value of all currencies throughout the world.

4. Support from Government

Governments support bitcoin for many reasons. One of these reasons is that they see the potential for using it as a reserve currency. All the governments support the same currency because it offers high-quality security features, and everything about it is trustworthy. Because of the country’s lack of instability that issues the currency and the ease of transactions that occur with it, this is considered the right choice.

5. Powerful Authority

You will find lots of cryptocurrency in the market. But still, Bitcoin has secured its place on the top among them. The reason to increase the authority of bitcoins is their security features. Unlike paper, no central government prints off bitcoins as legal tender. Instead, users generate their own supply using complex computer code. This ensures that the supply is guaranteed and increases this type of investment’s security. This is one of the most appealing features of this type of investment because there is little chance of theft or fraud.

There are several other reasons to invest in bitcoins. These include the high-profit potential outlined above, the absence of a government monopoly, high liquidity, and high security. There is also likely to be an increase in trade due to increased currency awareness. With these benefits, you are likely to make an investment that will turn out to be profitable. The best way to learn more about this digital currency is to participate in the market. By doing so, you will become familiar with it first-hand. This will allow you to understand how it works when it is useful and whether it will have a future worth. Be aware of the risks associated with such an investment. Be wary of websites that offer to sell you the chance to invest in bitcoins at a certain fee. Doing so is not only risky but fraudulent as well.

This is just a brief overview of the reasons to invest in bitcoins. There are numerous other reasons. Be sure to do your research before taking the plunge. Only use your own discretion. If you’re thinking about this investment, take the time to learn as much as possible.

Share

Cryptocurrencies To Trade In 2021

If you are aiming to invest in cryptocurrencies, you are most probably spoiled with a choice since there are approx 7000 altcoins at this moment to trade with. Choosing the best is not an easy task. According to specialists in crypto trading, the year 2021 could be the best year for trading cryptos since the creation of bitcoin in 2009. At the moment of writing of these lines, the value of bitcoin has reached an amazing $20 000.

When trading cryptos, some take a long-term strategy (investors), others a short-term (trader). Either way, here are the three cryptocurrencies to watch out for over the next few months.

Ripple (XRP)

Despite an extremely competitive market, Ripple has stood out among digital assets. It is displayed alongside the most popular digital currencies like Bitcoin. And for a good reason, Ripple is not just a cryptocurrency. It’s also the name of a company and the Ripple blockchain network and also the name of its Real-Time Gross Settlement System (RTGS). Created in 2012 as OpenCoin by Jed McCaleb, XRP aims to provide another alternative to Bitcoin. In 2020, the Ripple has some impressive features when it comes to its weight in the market. Indeed, there are 44.2 billion XRP, 100 billion existing tokens, a stock market value of 8.3 billion dollars and a market capitalization of 18.8 billion dollars. Since all crypto assets are volatile, it is not possible to make reliable predictions, but Ripple looks promising.

Ethereum (ETH)

Ethereum or ETH is the second cryptocurrency on the market and therefore, the main competitor of Bitcoin. Yet, ETH was not originally intended to become a popular digital currency. The creator, Vitalik Buterin, wanted to design a blockchain in 2015. The goal was to create an exchange protocol (smart contracts) to simplify and secure online transactions. Today, Ethereum is worth more than around $ 450. It represents a market capitalization of over 20 billion euros and a total market volume of over 110 million euros. To invest in such a cryptocurrency, one should turn to approved trading platforms. Also, trading Ethereum requires some special skills related to trading strategies and ability to read the technical and fundamental analysis.

Litecoin – LTC

Litecoin could be a good investment due to the high liquidity as well as the large market cap.

Many experts for crypto are forecasting that the Litcoin will skyrocket in next year and in the years to come. Its supplies are limited to 84 million coins. Block reward for litecoin reached 12.5 LTC. That’s quite a high reward compared to the rest of cryptos. It’s not among technically the best currencies, but it has great potential. When it comes to mining litecoin, it takes approx two minutes to mine an LTC block.

Bitcoin (BTC)

Finally, Bitcoin (BTC) is the first digital currency on the market. Created in 2008 after the bankruptcy of the American bank Lehman Brothers which caused a multitude of economic reactions and a global crisis, Bitcoin keeps its first place on the podium. Considered today as a financial asset, Bitcoin also makes it possible to pay for purchases online and in certain physical points of sale. However, for the moment, this method of payment is still not very popular.

You can buy BTC either by obtaining peer to peer tokens or through an online crypto broker. Creating a crypto wallet is essential to store your tokens. Note, however, that Bitcoin is not unlimited, that is to say, that there is an exact number of tokens in the world and that the supply is reduced by 50% every four years during the famous halving. Like gold, Bitcoin is considered a safe haven, hence the fact that investors prefer to store them and not spend them while they gain value, to manage their finances well.

Learn More Before Using

No matter which of these recommended cryptos you choose for trading, be aware of risks that every investment. Don’t rush with your decisions. Before picking up the crypto, you have to do due diligence research of the market. Also, check out the crypto broker and compare their offers. Be sure to learn more about the way of work of the blockchain and crypto market. If you are a complete newbie, choose stable cryptos rather than just emerging altcoins. The coins we mention in this article are all perceived as a safe investment with strong networks and proven history. And most importantly, create your trading plan and achievable trading goals.

Share

Accessing Credit When You Are In Need – Quick Cash

There are many steps you can take when you want to access credit quickly. Most people have found themselves in financial tight spots over the years, and money-related problems can strike at any point. In this article, we will look at the various different options for accessing credit to restore financial harmony and discuss their pros and cons.

Borrowing from Friends or Family

This approach can be effective, but you may also run into problems. Even if you don’t feel awkward about asking friends or family members to lend you money, the other person may feel uncomfortable about it. Asking to borrow money can put a strain on your relationship or friendship, and things can feel even more awkward if they decline your request. No matter how great your relationship is, there are no guarantees that your request will be granted.

Aggressive Budgeting

Making sacrifices can help you raise the cash that you need, but what do you do when you have already tightened your belt as much as you can? If you desperately need the funds to cover an essential purchase and you simply cannot raise the cash, budgeting may not be an option. Most of us find it difficult to raise the cash that we require from time-to-time, even when we have stopped making extravagant purchases and limited ourselves to the bare essentials. Unforeseen events like vehicle breakdowns or health concerns are just two examples of why aggressive budgeting may not work when a large sum of credit is needed.

Selling Something You Own

There are many pros and cons to selling something that you own to get yourself out of a short-term difficulty. If the item that you’re selling doesn’t have much value to you anymore, you might not miss it, but some things are irreplaceable or at least very difficult to replace. You may come to bitterly regret saying goodbye to these goods further down the line, and the process of finding a buyer can be time-consuming. Even if the item that you own is very valuable, there is no guarantee that someone will want to buy it, especially during testing economic times. You may also find yourself accepting an unfairly low price just to raise funds, which is also something you’re likely to regret later.

Online Loans

A faster way to gain access to cash without selling something or asking friends or family members is to take out an online loan. One of the advantages of getting an online loan is that you can normally gain access to funds on the same day, which is ideal for problems that cannot wait.

Just remember, these products aren’t designed for long-term borrowing. When you use short-term loans responsibly and sensibly, you can make them work for you and quickly overcome the financial obstacles you might be facing, but ensure you pay the amount you owe back as quickly as you can. Some lenders actively encourage early repayment of your loan amount without any penalties or additional fees for paying back early. This helps you avoid paying extended interest on your credit.

Credit Cards Or Bank Overdraft

Not everyone can gain access to credit cards or overdrafts. Even if you do have access to these facilities, the terms and interest can be off-putting. Once you start using credit cards and overdrafts, you may find yourself spending excessively and making your financial situation worse, which is why so many people avoid them. In most cases, you will need to pay more back than you borrow when using overdrafts and credit cards. If you don’t currently have access to a credit card or bank overdraft, you may have to wait a while for your application to be approved if you do try and get one. This won’t help you if you need cash today or within the next couple of days.

Share

Things to Consider When Selling Your Home

Getting your home ready to put on the market isn’t an easy task. There are so many different aspects that may never have crossed your mind to do! Wondering what some of the things to consider when selling your home are? Take a look at some of the important items you should definitely check off of your seller’s to do list!

Breaking Down the Work

Before you put your house on the market, you need to focus on four main areas. First, you will need to get your major appliances looked at by a professional. Second, you will need to fix certain things about your home. Third, you will definitely need to clean. Finally, you need to think about curb appeal.

All of these things will definitely help you get the best offers when you put your home on the market. Not to mention make money on your initial investment.

selling your house
via https://www.pexels.com/photo/white-and-brown-concrete-bungalow-under-clear-blue-sky-210617/

Maintenance and Appliances

Unless you are trying to be first time rental property owners, one of the key factors to selling your home is making sure that all of your major appliances are in tip top shape! However, this doesn’t mean that you have to fix them yourself. You simply need to be aware of any major bargaining points buyers may have during an inspection.

If you decide to go ahead and get the appliances fixed, then you may get more money in the long-run. Especially if you provide the buyer’s agent with receipts, as well as invoices if you paid for the repairs!

Here is a list of big ticket items you should have yearly maintenance done on before you put your house on the market:

  • Water heater
  • Air conditioner
  • Central heating
  • Refrigerator
  • Microwave
  • Washer
  • Dryer
  • Jacuzzis, as well as pools if your property has one

All in all, the major appliances should definitely be important things to consider when selling your home! Big companies like Anchored Homes, and other major realty companies, like to scoop up properties that have well maintained appliances and maintenance records!

Basic Repairs for Selling Your Home

Overall, basic repairs to your home should be another thing to consider when selling your home. This can include anything from fixing holes in the walls, to re-caulking toilets, as well as painting trim and walls. However, keep in mind that if you’re not a professional, or have basic handy skills, you should definitely hire someone to help you!

All in all, if you spend money to have professionals do the repairs, you may get more in return with your final offer! These basic repairs may also mean winterizing your home in the winter months, as well as fixing windows and lighting fixtures.

Don’t let yourself be overwhelmed. Simply find a repair service that fits your needs and see if they can do the work for a reasonable price.

Cleaning

You will need to have your home professionally cleaned. This is important. No matter how detailed you are with your cleaning regimen, having your home cleaned by reputable companies is extremely important!

things to consider when selling your home
via https://www.pexels.com/photo/white-wooden-cupboards-2724749/

By hiring out the cleaning, you not only have receipts and invoices to give to realtors, but you will also ensure that all of the nooks and crannies of your home are well taken care of! There are things you may not think to clean that potential buyers will definitely notice.

If you can’t move out of your home while it is on the market, try to keep it as clean as possible while buyers are visiting! Not to mention having it cleaned before you move out.

Curb Appeal

One of the best ways to make more money when selling your home is to up your curb appeal! Make sure your front lawn, as well as back yard, are in the best shape they have EVER been.

Most buyers will have a personal line of credit with a bank, and will be looking to get the most out of their potential home. All things considered, that means the outside of your home should look just as good as the inside!

The Most Important Thing When Selling Your Home is Hard Work!

Getting your home ready to put on the market is definitely hard work. Whether you’re overloaded with a cleaning schedule, doing basic repairs, as well as making your yard look immaculate, it is all hard work! But these things should definitely be done before selling your home, in order to make the most on your financial return!

Share

3 Secrets Of The Pro Traders In The Forex Market

When it comes to the secrets of pro traders in the Forex market, there aren’t really rules or tricks of the trade that can apply to everyone. Because everyone is different. Not to mention everyone has different training and backgrounds and feelings towards trading!

So whether you’re trying to avoid burnout with your current trading strategies, or you simply need a new perspective, here are some secrets that pro traders use every day!

Strategy and Implementation Are Only a Small Part

Having your personal edge, your strategy, as well as learning how to implement those strategies will only be about 25% of your work. You need to educate yourself on the “Ins and outs” of the Forex trading world. Understand terminology, research market behaviors, as well as comprehend the technical analysis of the market.

research secrets of pro traders
via https://pixabay.com/photos/laptop-computer-browser-research-2562325/

Because not everyone has the opportunity to go to school for finance, there are a lot of ways you can do the research for yourself. Firstly, you can use online resources. There are many trading sites where you can read more about Forex trading from professionals. Not only that, but also find audiobooks and e-books written by trading professionals online.

Not to mention you can go to your local library, as well as take online courses. All things considered, there are lots of ways to learn and study the secrets of pro traders!

You Need an Edge

All in all, you can read books on market strategies and understand market behaviors, but when it comes to actually trading, you need an edge. An Edge is a Forex term that means you use all of the tools in your tool belt to create your own personal strategies. The best kept secrets of pro traders can sometimes be something as simple as knowing when and WHY you are trading a stock.

Here are some of the things that can help you create your own ‘edge’ over the market:

  • Technical analysis
  • Support and resistance
  • Researching market behaviors
  • Account management
  • Large portfolio
  • Diversified portfolio
  • Understanding retail and market trends

Finding your edge may mean having a detailed understanding of the retail industry, or reading social media trends, or being in tune with technical analysis of the market. Understanding the difference between investing in Index Funds, as well as understanding WHEN and WHY to invest are equally important!

Because there are so many different ways to get an edge and get ahead with your personal perspective, finding your unique trading style doesn’t have to be hard!

Find a Mentor

Trading can sometimes feel like a very lonely profession. However, one of the best kept secrets of pro traders is that finding a mentor is key to your future success as an individual. Sure, you are the one who will be dealing with your own portfolio, but learning from other professionals is a GREAT resource for your future income.

find a mentor
via https://www.pexels.com/photo/adult-blur-boss-business-288477/

Finding a mentor in this profession doesn’t have to be hard. Here are a few things you should do in order to find someone who will take you under their wing and help you start tracking your net worth and success for the future!

  • Proper Vetting. You can’t just train with some random person off the street! Do the research to find the right professional who will fit your style of trading, as well as someone who is successful in the industry!
  • Pay for Their Time. Finding a mentor isn’t going to be easy. Not to mention it may not be free! So be willing to pay for mentoring sessions, as well as advice.
  • Knowing the Ideology. Find one person, work with them closely, understand their unique ideology, and you can find success.

All things considered, there are a LOT of different approaches you can take to trading. However, finding a mentor that can take you down a singular trading path, and help you be successful is very important! We all aren’t experts overnight.

The Secrets of Pro Traders Just for You!

Now that you’re aware of some of the “secrets” of pro traders, you can start to find success in your trading! All in all, finding the right mentor, knowing your edge, and understanding more about the Forex market will be your best weapons against and ever changing market. Keep these secrets of pro traders close and you’ll find your own success in no time!  

Share

What Is Wealth Management?

“Wealth management” is a term that is often thrown around, but if you’re new to investing, it can be a difficult concept to grasp.

Although there are lots of financial planning tips around, unless you can develop a wealth management mindset and know-how to track your wealth management, you’ll struggle to see the desired returns.

So, here we’ll explore this topic in more detail and discover the ways that you can easily track your wealth management.

The Wealth Management Basics

In simple terms, wealth management is the principle of enhancing or solving your financial situation. The term was coined by finance professionals as the ability to choose the best types of investments rather than just investment advice. Wealth management should consider all aspects of a person’s financial life, so there is a holistic approach where all the services needed to manage money and plan for the future are covered.

Many wealth management strategies are based on specialisation in particular areas of focus. So whether you decide to consult a professional or do it yourself, you may have some aspects of your wealth management outsourced to others to develop the most beneficial strategy.

There are four main areas of comprehensive wealth management. These are:

Each of these areas requires different planning strategies to ensure that you are completely covered.

The DIY Approach

Although JP Morgan statistics show that individual investors make an average of 2.6% per year, far lower than the 7-10% typically enjoyed with the stock market, it is still possible to take a DIY approach to wealth management. Of course, you’ll need to understand the best types of investments for your specific risk profile.

DIY wealth management requires some basic abilities and resources, including having the proper emotional constitution. This means that while you can go with your gut if you feel strongly, you don’t get caught up in an emotional whirlwind of investing. You also need to feel comfortable with numbers, so you can analyze financial reports without falling for any deceptively positive spin.

You will also need to develop the skills to complete present or future value calculations, but there are tools available to assist you with this. It would help if you also made an honest assessment of your unique limitations. This will enable you to start in areas where you feel confident and see help for all other areas.

For example, while you may feel confident about structuring and managing your individual stocks to create a diversified portfolio, if you’re not sure you could accomplish this with bonds, you could use an outside manager to handle these investments.

As your abilities grow, you’ll start to feel more confident that you can bring some or even all of these outsourced areas back under your direct control.

Tracking Your Wealth Management

One of the most crucial areas of DIY wealth management is a way to reliably and accurately track the performance of your financial products and investments. You need to honestly assess how your investment efforts are matching professional portfolio performances to determine if you need to seek help or can continue going it alone.

Fortunately, there are some great tools and apps that can help you to track your wealth management. These include:

  • Yodlee.com: This platform offers a variety of online money management services, allowing you to track all of your investments and accounts. You can not only track investment values but also create budgets, track spending, and even pay bills through this site.
  • MoneyStrands.com: This is a money management tool that can gather all your financial information automatically. This allows you to see all of your investments and accounts in one place, and you can even sign up for personalized financial advice.
  • Money-rates.com: This website allows you to compare interest rates on credit cards, CDs, savings accounts, and money markets quickly. This allows you to maximize the interest you earn on your investments and savings while minimizing the interest charged on any debt. The site also offers tools and information to help you to make informed choices.

Getting Started

The first step to getting started with your wealth management strategy is to get an understanding of your financial situation. You can only start to address investments and financial planning once you have an accurate and reliable picture of your finances. Unfortunately, according to US Bank, only 41% of Americans follow a basic budget; one of the fundamentals of financial planning.

Fortunately, there are lots of tools that can help you to not only establish a budget but also keep track of your expenses and costs. These tools can also be used to streamline your expenses to create disposable income to start your investment journey. These include:

  • Mint.com: This is one of the most popular finance websites to track budgeting and cashflow. It can help you to analyze your financial situation and will even offer some suggestions on where you can save on your expenses. You can also use the site to research bank accounts or credit cards to get the best deal.
  • BudgetPulse.com: This website provides a basic budget system to monitor your savings and spendings. You can also track finances in multiple currencies, so it is ideal for those who frequently travel or have overseas investments.

So, Are You Ready to Start Your Wealth Management?

If you want to have a strong financial future, it is crucial to develop a wealth management mindset and take a more proactive approach to your finances.

Fortunately, there are professional experts and some great DIY tools to help you tackle all aspects of wealth management, from managing your budget to making investments, allowing you to establish a solid portfolio to meet your financial goals.

Author Bio:

Lorraine Halton enjoyed a successful career in the finance industry and now uses this expertise as a professional writer. Through her blog posts and articles, she helps people to improve their financial health. Whether you need to organize a budget, save money or plan your financial future, Lorraine can help.

Share

How Sole Traders Can Separate Their Personal And Business Finances?

Sole traders are more than just individuals; they’re business people who are self-employed and running their own business alone.

As a sole trader, it can be easy for your life to become entwined with that of your business, as it means that your finances become combined and you find it difficult to separate a business expense from an individual one.

This can make your life difficult, particularly when it comes to paying taxes, creating budgets and accurately assessing how much money you’ve spent on your business over a period of time.

To help, here are some practical ways you can divide your business and personal finances as a sole trader and make both facets of your life enjoyable.

Use An App

There are a variety of apps out there that are designed to allow you to track your business expenses, invoices and more, meaning that you can accurately log your business finances in one place and keep them separate from your personal expenditure. This will make accounting easier and allow you to track how much money your business is costing.

Be More Careful With Money

It sounds obvious, but when you become a sole trader you need to be more careful about your spending in general. Learn ways to save money, such as buying some items in bulk and avoiding using tempting, but hard to keep track of spending methods, such as contactless. This approach will help you to save money and keep your business and personal finances under control.

Keep Your Borrowing Separate

In the finance market, there are personal and business loans, but in some cases services like overdrafts and credit cards can make the lines between borrowing for business and personal use blurry. To avoid any confusion, take out dedicated personal and business loans instead of using short term financing options. This approach will save you money and time in the long term. Check out https://www.citrusloans.co.uk/ to find a selection of personal loan options to suit any personal need, so that you don’t end up using your work credit card or dipping into savings designated for your business.

Mark Every Transaction

If you have several transactions in your bank that you are unsure of, then you’ll be unable to accurately plan your spending and completely understand your business’ cash flow. As such, you need to make sure that you label every transaction accurately and are clear about where all of your money comes from.

Create Separate Budgets

Draw up a personal budget alongside your business one, and make sure that you stick to both. This will show you how much money you have to spend, and where you need to be spending it. In both your personal and business budgets, you need to make sure that you leave a little money aside for emergencies, and some to be put into a savings account to accumulate and help you prepare for any serious emergency expenses that you encounter.

Learn To Do Your Accounts Yourself

Doing your accounts might seem time consuming and boring, but it’s an important part of running a business. It will teach you to appreciate the value of money and understand the rate of tax you need to pay for every pound you earn. Whilst it might be tempting to outsource your accounts, doing them yourself will allow you to price your services accurately and learn a valuable skill that will stand you in good stead throughout your time in the business market.

A Business Bank Account Is The Ultimate Way To Separate Your Money

Unlike other forms of business, as a sole trader, you’re not legally obliged to have a business bank account, and as such in the beginning, when you first became a sole trader, you might not have thought it necessary to open one. After all, it was just more hassle and work for you at an already busy time. However, now that your business is up and running, with more transactions, it will be tough to keep your business and personal money separate without a business account. Business bank accounts also offer a wide range of additional benefits for your company, making it easier for you to conduct your business and provide your clients with the services they want.

Separate Your Savings Too

As well as your current account, budgets and borrowing, you should also separate your savings when you become a sole trader. Create a separate account for your business savings, so that you can reinvest your profits into your business and prepare for the future. Alongside business banking options, there is also a wide range of business savings accounts on offer so that you can separate your personal and business savings.

Being a sole trader can be a serious challenge, but by using these tips you can be organised, separate your finances and make your accounts easier.

Share

Small Business Investment Opportunities That Aren’t Risky

There are many business investment opportunities that can give you a chance to be your own boss. Being a handyman is one of them and the best part is that your investment and risk are minimal.

Are you tired of working for somebody else? Well, if that is the case it might be the time to put your entrepreneurship skills and ambition to good use. Many would like to start their own business. However, it is easier said than done. Starting a new business demands funds and specific skills. At first, this might sound intimidating but hold on! Don’t give up before you even started. There are some great small business investment opportunities for you. All these suggestions demand minimal investing, which minimizes your business risk.

How To Put Your Handyman Skills to Good Use?

Some people just have a knack for fixing things. So, why would you put those skills to good use? To be an official handyman you might need to obtain a license and you might need to get registered. These types of regulations are largely dictated by the state that you live and work in. Your startup costs would include tools. In addition to tools, you need to be mobile. The best vehicle for a handyman is a pickup truck.

Appliance Repair Specialist

In order to pursue this business investment opportunity, you need to be a handyman with a supplementary set of skills. Therefore, you would need to have knowledge of appliances and their inner functioning and mechanisms.

Appliance Repair Specialist business

To fix appliances you must have a greater understanding of how they work.

Smartphone Repair Expert

We all have smartphones and we drop them, hit them and do all sorts of things that might damage them all the time. Thus, it is no surprise that smartphone repairs are in demand. Investing in a toolset might be all you need if you have the necessary skills. If not, you might need to take a course. Be aware that the demand is there, but so is the competition. Big producers of such hardware, like Apple and Samsung, will be your biggest competition. Still, you can be very successful in this line of business, but you might need to start off with lower prices in order to attract new incoming business.

Smartphone Repair Expert investment opportunity

People have their entire life on their phones, so imagine their panic when it gets broken. The demand for smartphone demand will only continue to grow.

Business Investment Opportunity in Web Development

Many business owners are too busy to work on their business’ websites. Also, some might not have the skills even if they had the time. You would need to write content, make sure the information on the website is up to date and all other activities that are included in website maintenance. To do this you would need to have some sort of background in this or similar field. The great thing about this business option is that you can work from home, which is a pretty great workplace benefit.

Pour Your Creativity into Your Own Blog

If you are a word wizard, becoming a professional blogger is an excellent business investment opportunity for you. You would write a blog about something that you know and something you are passionate about. For example, if you are an expert in all things beauty related, you will not start a blog on digital marketing. You will write about everything related to beauty. The way you will make money is through direct advertising. The more eyeballs you have on your blog, the more advertisers you will attract. This is another great business opportunity that can come to life from the comfort of your home.

Resume Writer

Your resume is the first thing your future employer sees that represents you and your past business ventures. Of course, you want it to be as impressive as possible. In today’s tough and competitive job market, people are willing to pay good money for professional assistance on their resume. To do this, you must have good writing skills and some type of knowledge of editing. It might take you time to build up a client base, but once you get the ball rolling you will have clients coming at you left and right.

SEO Expert

SEO experts are focused on your website’s content and your SEO ranking. The following obligations fall under this popular job description: keyword analysis, Google Analytics, writing content, staying up to date on current SEO trends and strategies, etc. To be able to run this type of business you would need to have related prior experience. Nevertheless, there are classes that you can take, but you will have extra costs related to your additional education. Once your business takes off you will need a website for marketing purposes. The great thing is that you will know how to work on your website’s SEO ranking.

Wedding Planner

Those that have a background in hospitality or event planning might have a bright future as wedding planners. If you top that with great communication skills and a bubbly personality, you are golden. However, be aware that wedding planners are always on the move. You cannot do food tastings and venue research from home. Also, weddings die down during the winter months. Yet, this is not true for cities like Los Angeles and Miami that are warm all year round. Thus, you might want to move if you plan on seriously entering the wedding planning business. For those that need professional and reliable assistance during their relocation visit movingkings.com.

Wedding planning for small business investment

Put your communication skills to good use and start a wedding planning business.

Professional Photographer

You can be a general photographer, but you can also specialize in something. For instance, you can be a wedding photographer or a fashion photographer. For those that want to dive into this business investment opportunity, but they do not have relevant experience, they can start off as an assistant to a more experienced photographer. Professional equipment can be expensive, but once you invest in it, you will be covered for quite some time. Investing in this type of equipment would be a great way to spend your last bonus check.

Do You Have An Idea on How To Turn Your Skills into Cash?

As you can see there are many small business investment opportunities that do not carry a big risk. It is important to realize that every investment carries a certain amount of risk, so you always need to think twice before diving into a business opportunity. It doesn’t matter how small or big it is, always keep your eyes wide open.

There is no doubt that you will pick the best possible business venture to dedicate yourself too. Make sure you are dedicated, determined, persistent and patient because every business will demand these qualities out of its business owner. Happy investing!

Share

What Is A Personal Line Of Credit & How Does It Work?

A personal credit line can be seen as a loan from the bank that functions like a credit card system. This means that you will have a particular amount of money under the loan, just like the limit of a credit card. You can then use this money for anything that you want.

It is quite easy to secure a personal credit line, as all you will need is proof that you are the kind of person who repays a debt on time. You will also need a credit score of 700 and above to qualify for this service.

Personal line of credit

The Uses of A Personal Line of Credit

There is no limit to what you can use a personal line of credit for. However, the failure to repay a loan at the specified time can result in complicated financial issues.

A personal credit line can be used to tackle your needs at home. However, there are various scenarios that make taking it worth considering, for example, its flexible repayment and interest rate options.

Here are a few ways to use a personal credit line:

Funding Projects with Challenges: Getting funds for projects can be challenging to anyone, especially when an unforeseen project that needs urgent attention comes up. For example, while planning the wedding of your daughter, your roof suddenly needs replacing. You can easily fix these situations with a personal line of credit.

Irregular Incomes: This is for those who have no means of determining the exact amount they earn within a given time. The type of people that usually fall into this category are people who work on commission and those who are self-employed. They can easily pay monthly bills by using a personal credit line as they wait for the next paycheck to arrive.

Emergency Scenarios: Everyone gets into situations that they cannot control. We are all victims of emergency scenarios at some point in time. For example, you were about to pay your son’s college tuition when the credit card and tax bills come up at the same time. A personal credit line can help to boost my credit and consolidate debt.

Advantages of A Personal Credit Line Over A Credit Card

Here are a few benefits that a personal line of credit has above a credit card system.

·         A personal line of credit is a better alternative to the credit card system because it offers a lower rate of interest than the credit card does.

·         It also affords different access to cash instead of a loan for a single purpose or lump sum.

·         If the credit line remains open, you can take loans in increments, pay them back, and then borrow again.

·         It is quite different from a regular loan because you only pay interest on the borrowed balance instead of repaying in fixed installments.

Personal line of credit different from a regular loan

Challenges with A Personal Credit Line

Everything with an advantage has a disadvantage, and a personal line of credit is not exempt.

·         Getting your request approved and the interest rate that banks charge are the two greatest challenges.

·         Banks take a huge risk when giving out loans because all they have from the client is a good credit repayment history. This makes getting one very difficult for those who have a poor credit repayment score.

The bottom line is that a personal credit line often comes handy in emergency situations. If you are in urgent need of some funds and have no idea where to get them fund, a line of credit is a great means to do so.

However, as stated earlier, there are a few setbacks that you may need to consider. Defaulting in payment can have a negative impact on your credit. It is possible that you lose any collateral used in securing the line of credit in the first place.

If you are struggling to gain financial stability, easy access to funds can be a challenge in the long run. Hence, it is important that you develop a payment strategy before securing the credit line.

Share