I work for myself and earn more than I could working a lot of different jobs around here. I pay all of my self-employment taxes and other taxes. I do not have a business checking account. I just have a personal checking account. All of the money left over after I pay my business bills is my profit. It varies from week to week, but it keeps my rent and other stuff paid. I was asked to show my pay stubs for proof of pay. I found a real paystub maker online to do it. I do not actually get an actual paycheck, but I know how much each week is leftover after paying my business expenses and taxes. So, technically I had the info I needed to make paystubs. Read more …
Americans love cars. It is one of the reasons why America is amongst the world’s top car-owning countries. Every year, Americans spend several thousand dollars on auto loan payments. If you are looking forward to buying a car, make sure that you follow S.M.A.R.T. tips. The tips will help you save money and ensure that you do not opt for exorbitant auto loans.
Follow the S.M.A.R.T. Tips and Save Money
When car buyers have to make a decision about auto loans, logic takes a backseat and emotions become a controlling factor. It is the reason why car buyers say yes to financially harmful auto loans. To save yourself from the possibility of a financial damage, you must follow the tips.
S – Specific
The car is a huge asset. So, it is essential that you understand your requirements before buying a car. It is important that you have a specific image of the type of the car that you want. It will help you stay away from an impulse purchase. Consider the list of following factors because it will help you in choosing your perfect car:
1. Total number of passengers
2. Gearbox – Automatic or manual gearbox?
3. Cargo capacity
4. Vehicle performance
5. Driving conditions
6. Gas mileage
7. Safety features
8. Technological features
9. Parking space
M – Money
Remember that even if you opt for an auto loan, you will need to make a down payment of at least 10 percent of the total price of the car. Down payment is beneficial because it helps in reducing the loan amount. If you do not have money for down payment, do not worry. You can trade-in your old car and ask the dealer to deduct its value from the price of the new car.
A – Affordable
Selecting a specific car will be of no use to you if you cannot afford to buy it. Remember that car expenses are not limited to down payment. You will have to pay money for monthly loan payments, fuel charges as well as maintenance expenses. A general rule is to allocate no more than 20 percent of your total monthly income for car-related expenses. Keep this rule in mind and choose an auto loan that does not exceed your budget.
R – Reliable
There was a time when car buyers applied for an auto loan with the local bank only. Today, there are several ways of obtaining an auto loan. You can apply with a bank, a credit union, or an online auto financing company.
No matter what option you choose, you must ensure that the lender is a reliable one. If you opt for an online auto financing company, check the website’s security certificate. If the website doesn’t have one, stay away from it and save yourself from a potential identity theft.
T – Time
Car buyers are afraid of rate shopping because they believe that multiple credit inquiries will damage their credit score. But, do not refrain from rate shopping instead, finish it within 30 days. Why?
A time-bound search for an auto loan will ensure that you do not harm your credit score. FICO does not consider inquiries made in the 30 days prior to scoring. So, if you are able to get a loan within 30 days, it won’t affect your score. This span of time can change to 14 days if the lender uses older versions of FICO and can increase to 45 days if the lender uses the newest formula.
Car buying is one of the most expensive purchases that Americans make. If you do not pay attention to your auto loan, you can make the worst financial mistake of your life. So, avoid making a bad decision and follow the S.M.A.R.T. tips.
The Internet is a testament to the fact that there are DIY approaches to practically every need for which one might have traditionally requested another’s assistance. Financial planning is no exception. Those looking to start investing in careers often tend to believe they are capable of creating their own success. While individual success is not completely unheard of, it is rare. Services to expand financial gain are no longer exclusively for the wealthy. In fact, according to many experts, hiring help could drastically improve one’s chances of coming out on top financially in the long run. Still, many find it difficult to initiate the process. Here are some tips from a seasoned financial advisor for beginners.
Admitting It Is The First Step
Like with any significant self-improvement, determining whether or not you need assistance is the key to financial success. Unless you are a natural at portfolio management, you probably could benefit from the help of an expert. Deciding to allow someone to help create your monetary triumph is crucial. There is no shame in needing their expertise, especially when it has become so easy to do so affordably. Many modern companies have significantly lower minimum account requirements than previously held by traditional firms. Financial advisors have never been more accessible to new investors.
Decide to Invest
According to a seasoned financial advisor, the heart of financial planning can be summed up pretty simply: “You either have a plan, or you don’t.” Those without a specific approach often fail. After recruiting assistance, dedication to investment is crucial. Realize that attention to the status of your current portfolio is an investment into the status of your future portfolio. Decide that you are going to take a guided, methodical path to a more comfortable financial end. Sporadic, overly passive investment approaches are common pitfalls of individual investors who fail when attempting to go it alone. A solid strategist will encourage your desires by motivating you to remain dedicated to your plan. Remember-the sooner you begin planning, the longer your plan has to succeed.
Focus On The Future; Be Aware of The Present
The end goal of investment is the future increase. Trends in finance are constantly changing. A financial advisor can be of great assistance in this area, being more knowledgeable of these changes in a way that will increase the probability of multiplying your returns. Vigilant monitoring of the current climate is vital. Be sure that you have enlisted the assistance of someone who is dedicated to such surveillance. While your strategy might not necessarily always be comfortable, keep in mind that your future will be.
With the widened availability of financial advisors, it is more realistic than ever to begin investing. Regardless of the account size bracket into which you fall, there is undoubtedly a service for you. Realize that hiring a partner and having a plan are ways of presently managing your future. In the wise words of an experienced CFP, “The first step in planning is deciding to have one.
When you are planning for filing for a Bankruptcy, it’s essential to know about the fees or the Attorney associated with filing the claims. Contrary to the popular myth that the fees for bankruptcy claims are decided by the court, it mostly depends on the type of bankruptcy claim and the law firm handling the case. Most of the times, there is a flat fee for filing, but it may vary depending upon the nature of the case and the legal aid being availed for filing such cases.
Let’s look at some of the types of costs and fees that may be asked by your Law Firm while assisting you for filing the popular bankruptcy claims under Chapter 7 or Chapter 13.
Average cost for Chapter 7 fees:
If you are going for filing Chapter 7, the fees of your attorney will largely depend upon the complicacy of the case. For simple bankruptcy claims, there may be a flat fee, but for complicated cases, it’s the law firm that decides your fees and cost of arbitration. Also, if you are falling into a higher income group and your assets are more than the state median for a similar household, you may be asked for a higher fees as compare to the person who has no or negligible assets. Also you have to pay the fees upfront in most cases before filing.
Typically will charge something in between $500 – $ 3000 depending upon the complicacy of the case. Bigger and popular firms may charge you a bit higher as compared to individual legal practitioners. Similarly you can also expect comparably less fees from a new Law firm as compared to a well-established one. It’s always advised to check with a few from your area to know about their specific fees structures before hiring them. Also if you are looking for a cheaper Bankruptcy Attorney, you must check their specialization and experience and not only the fees.
Average estimation of Chapter 13 fees:
Most of the courts in various states have set a guideline for average fees for Chapter 13 Bankruptcy Attorneys. Unless, otherwise justified, no Law Firm will charge you more for filing Bankruptcy under Chapter 13. For different judicial districts the fees vary and its typically around $2000 – $5000 in different districts. There is always a facility to pay the fees in installments and you don’t have to pay it upfront.
In most of the cases under Chapter 13 Bankruptcy, there is a upfront fees that is asked by your Bankruptcy Attorney and the remaining amount is asked through a convenient repayment plan scheduled over a few months. It’s always advised to be ready to pay almost half of the fees in advance and the remaining through installments, if someone is going for Chapter 13 Bankruptcy.
Depending upon the nature of the case, you may be asked for an hourly fee by your Bankruptcy Attorney.
Depending whether you are filing a Chapter 7 Bankruptcy or Chapter 13, your Bankruptcy Attorney may set a flat fee for the case filing.
If at any time someone thinks that the fee asked by the Bankruptcy Attorney is unusual and not justified, he/she may seek courts approval for any such fee structures. Approvals can be taken from the court for a justified amount of fees and that can be paid to the Bankruptcy Attorney upfront or in installments as decided by the court.
Are you tired of the phone calls and voice messages asking you to call some 1 800 number so you can be reminded; how many payments you are behind? Perhaps you are like I was, hesitant to open the mailbox for fear of seeing a notice to appear in court. If you are you are either hoping for a miracle or wondering if filing for bankruptcy can keep the creditors from taking all of your stuff please read on.
The good news is that for the most part, creditors don’t want your stuff. They just want their money plus interest. If you give them their money, they will go away for good. If you don’t pay them, they will be relentless in their efforts to get you to pay up. There are times when folks are forced to liquidate their assets to help pay off their debts. It depends on the case and the circumstances surrounding the debt.
The bad news is that most creditors have money and time on their side to wait for you to pay up. When they get tired of waiting they may sell the debt to someone else who will patiently but methodically try to get you to pay.
Now in fairness to the creditors they are not sharks. Outside of the unscrupulous Lenders, most creditors are fair and not seeking to crush you mentally, emotionally and financially. It just seems that way when you are dealing with financial difficulties.
So can filing for bankruptcy stop the harassing calls and letters?
Well, to be quite honest, you can in most cases stop the harassing phone calls without filing for bankruptcy. You simply need to do 2 things to get the calls to stop. First, tell the company calling that you no longer want them to call you and if they do you will file a harassment complaint. Second, write them a letter and reiterate the request for them to only communicate with you in writing. It worked for me and the calls stopped immediately.
Now keep in mind that just because the calls stop it doesn’t mean that your problems are going away. It does mean that your phone won’t be ringing off the hook and you won’t have to listen to endless messages asking you to pay up.
Now what about the creditors seeking to collect on the outstanding debt that you owe? Can filing for bankruptcy stop them? The answer is maybe. It depends on your assets, liabilities, income and types of debt you owe. The key is to figure out the following;
The positives and negatives associated with filing for bankruptcy
How will you be filing i.e., with or without an Attorney
What options do you have if you don’t file for bankruptcy
Is it better to file and have some of your debt wiped out or let the creditors sue you to collect what you owe them (the problem is law suits may have you in court more days than you could imagine
Are you ready to travel down the road of filing for bankruptcy
I know that financial woes are stressful and considering filing for bankruptcy is difficult. For most cases, once you file for bankruptcy the creditors go into a wait and see mode. They will wait and see if your case goes through or gets dismissed. So the sharks will still be in the water waiting to see if they will get a chance to bite at you again or be forced to swim away.
Many consumers wonder is credit repair legal? YES, actually it’s your right as a consumer to make sure your credit report is accurate, so there is nothing illegal about it!
There is also a huge misconception that credit bureaus are some type of government entity, they are not. In fact your local bar is just as much of a government agency as a credit bureau. A credit bureau is a business pure and simple, they have one purpose, which is to make as much money as possible. They don’t want to help you- they just want to make money! Making sure you have a low score helps them make cash, how?
Credit bureaus are essentially a lead source for lenders. They get paid by lenders so they can run your credit files when you want credit. They also sell thousands of leads everyday to lenders all over the country.
You know those “pre-approved” credit card offers you get in the mail? Well those are directed to your mail box from information sold by the credit bureau to the credit card companies.
I’ll give you one guess what type of consumer commands the highest lead price?
No it’s not the ones with excellent credit, they already have a good credit card and probably have money! You guessed it, lenders earn the highest profit off consumers with bad credit! Why?
If you have between a 580-680 you are the most profitable client for a credit card company or lender because you can still qualify for a loan and usually your willing to pay high interest for the privilege.
You might think this sounds crazy, aren’t those with bad credit a higher risk? Well not really because these lenders take out insurance to cover their loss in the event you don’t pay. If you have over a 600 FICO score they can get insurance on your account. Then if you don’t pay they collect the insurance and sell the debt! When you take into consideration the high interest rates you will pay most likely the lender would never lose a cent on your account.
Lets compare the lenders income possibilities for the following clients:
Good credit: Paying Bills on time, low interest rates, no late fees, low risk but low profit as well!
Bad Credit: Paying late fees, paying higher interest rates, needing more credit, cash advance fees. Higher risk but way higher profits!
As you can see over the life of the customer the bad credit client will always be more profitable. So its sad but the credit bureaus actually have an incentive to keep your score low!
You have the legal right to challenge anything you might feel is not accurate on your credit report. There have been laws written regarding your credit: how it’s reported, how long it can be reported, the accuracy of the reporting, and so much more. These laws are written to PROTECT THE CONSUMER!!!
Here are the main groups of laws and a short description of some of what they do:
The Fact Act (FACTA) – This act entitles you to a free credit report every year. It also forces the credit bureaus to disclose the factors that are affecting your FICO scores.
The Fair Credit Reporting Act (FCRA)-This act forces the credit bureaus to maintain accurate information on all its clients.
The Fair Credit Billing Act (FCBA) – This act is for original creditors. It forces them to bill correctly, notify the consumer correctly, handle disputes properly, and report accurately.
The Fair Debt Collections Practices Act (FDCPA) – This act is for debt collection companies. This act spells out exactly what collectors can and cannot do when attempting to collect a debt.
In simple terms we can define Bitcoin mining as the process of adding transactions to your ledger. The process aids in confirming that enough computational effort is devoted to a block. The process also creates new Bitcoins in each block.
To mine you should take a look at the transactions in a block and then verify their validity. You should then select the most recent transactions in the header of the most recent block and insert them into the new block as a hash.
Before a new block is added to the local blockchain, you have to solve the proof of work problem. This is a problem that is designed to ensure that the new block to be created is difficult and the data used in making the block satisfies the laid down requirements.
Bitcoin uses the Hashcash proof of work; therefore, for you to solve the problem you need to create a hash.
How to create a hash
If you know how to do it it’s very easy to produce a hash from a collection of Bitcoin blocks. The unfortunate thing is that you can’t work out the data by simply looking at the hash-you need to test different blocks.
Hashes are found at the blocks and you have to combine them to prove that your data is legitimate. There are some miners who try to take the easy route by trying to fake a transaction by changing an already stored block.
You should note that each hash is unique and specific to a given block; therefore, when you manipulate a given block, you change the hash. When a given miner runs a hashtag function on the manipulated block, the block is found to be fake, and you won’t get any rewards.
When you successfully solve a proof of work, you get a mining reward. The number of Bitcoins in the reward depends on a number of factors such as complexity of the problem. For you to make more money you have to solve many problems. You also need to have high speed computers to enable you to solve as many problems as possible.
Currently, mining pools have sprung up and are found on a very simple concept. Here a group of miners come together and work on a number of blocks. Once the problem is solved, the miners share the rewards.
With the right information and tools Bitcoin mining is not only rewarding, it’s also a fun and safe way to transfer money across the internet. To make as much money as possible you need to have the right software and powerful computer hardware.
Effective financial management is necessary for staying out of the red. But not everybody knows how to handle their money properly. For example, how is an average person who has virtually no knowledge on financial management supposed to take care of his cash? If you’ve been wondering but haven’t yet figured out how, here are 5 simple ways to manage your finances and stay above the line by yourself:
1) Start budgeting.
Planning how to spend your available money, or budgeting, is a great way to stay on top of your finances. Not only will you be able to keep track of your funds and cash flow, but you’ll also be effectively preventing yourself from spending more than you should. To monitor your comings and goings as clearly as possible, make a list, create a spreadsheet, or use an online budget planner.
2) Stop making unnecessary expenses.
Once you know how and on which things you spend, start cutting back on those you don’t really need. There may be a lot. For instance, do you have a grande latte at Starbucks every morning? If you do, not including the money you spend on gas or the transport fare, that’s nearly $900.00 a year. Making coffee at home yourself will cost a lot less. The fewer frivolous expenditures you make, the less likely you’ll get into debt.
3) Don’t use or stop using credit cards if possible.
While convenient, using credit cards could be a slippery slope down to incurring debt. It makes spending money too easy. It lets you spend even if you haven’t got the money yet, which could encourage you to spend more than you should. Pay with bills as often as possible instead. Apart from keeping a close eye on your available funds, you’ll be able to prevent yourself from spending too much. According to a study, the more money-especially crisp bills-people handle, the less we’d like to spend.
4) If you need a credit card, apply for one with a low interest rate, but make sure to understand the agreement before signing.
If you need a credit card for, say, your job or doing business, apply for one that won’t require you to pay a high interest rate. The lower the interest, the more money you could save. But there might be other expenses in the agreement, so go over it carefully before signing to make sure that you aren’t biting off more than you can chew.
5) Consolidate your debt.
Once you have a low interest rate credit card and you have a large, high-rate balance, consolidate it, or transfer it to the credit card. The manageable interest rate will allow you to pay your debt easily and possibly within a short period. Do the same if ever you incur another sizable debt, which could ensure that you’ll never get buried in debt.