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Financing Your Home Renovation

Jun 08 2022 Published by admin under Uncategorized

From minor updates to major rebuilds, there are many types of home renovations and just as many reasons homeowners want to do work. You may want to save energy and reduce your utility bills, you may need to make room for a new addition to the family, or you may want to increase the value of your home. Even if you just want to update the look and feel of your home, renovations can be a costly endeavour. Fortunately, there are also many available options for financing your home renovation.

Still, before you start planning your renovation, you should speak to a financial advisor. Regardless of whether you plan to finance the renovation on your own or you’ll need to borrow money, a financial advisor can review all your options and advise you as to the best way to finance your renovation. From this stage, you’ll be ready to make a realistic plan and budget for your project. Ideally, your financial advisor will discuss a number of options including your own resources, credit cards, personal loans, lines of credit, home equity loans, and mortgage refinancing.

Personal Resources

Whether you are pursuing small, inexpensive renovation projects or you have considerable savings behind you, you may want to consider funding your project from your personal resources. However, you should still speak to a financial advisor to ensure you have appropriate funding, especially if you are inexperienced with home renovation projects.

Credit Card Funding

Credit cards are a common source of funding for renovation projects because they are easily accessible and the funding is available immediately. For small projects, or minor costs, credit cards may be an appropriate choice but you should be careful to consider your interest rate as many major credit cards come with annual rates in excess of 17%.

Personal Loans

Personal loans have the benefit of regular repayments and a set interest rate for a specified term. Alternatively, you may also be given the option of fixed or variable interest rates depending on the size and term of the loan. Personal loans typically have lower interest rates than credit cards, so with appropriate planning personal loans are a better choice.

Line of Credit

Another way to finance your renovations is a personal line of credit. Many homeowners prefer this option for long-term renovations as you can access funds at any time. Moreover, regular repayments and monthly statements help you track your renovation expenses. While lines of credit usually have lower interest rates than credit cards, they may be higher than those on personal loans.

Home Equity Loans

This type of loan allows you to borrow against your home’s equity. These are typically economical loans that have the best interest rates, but they often require more planning and set-up costs. For example, before being approved for a home equity loan, you will like need to pay legal and appraisal fees.

Mortgage Refinancing

Mortgage refinancing is only an appropriate option when you are undergoing major renovations. This type of financing allows you to spread the repayment for the renovation over the lifetime of your mortgage while also allowing you to access the lowest interest rates. Still, once again there are initial costs that may include legal and appraisal fees.

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Common Home Renovation Mistakes

Jun 08 2022 Published by admin under Uncategorized

Home renovations can be time consuming and costly. Nevertheless, whether your home décor has grown tired, or your home is just in desperate need of an upgrade, home renovations can revitalize your living space. Still, when it comes time to renovate, there are many pitfalls along the way. Whether you are a do-it-yourself home renovator or you are hiring a professional, you will want to avoid these common home renovation mistakes.

Unrealistic Grand Plans

Not only have you got to consider your budget before you start renovating, but you also have to consider the time and effort you have to put into that renovation. Even if you are hiring a professional, you should consider how the renovation is going to impact your home life. For the do-it-yourself renovator with a full-time job and family commitments, home projects can quickly become overwhelming. Similarly, when you’re working with professionals, you need to be sure that your home can be lived in during the renovations. Carefully plan your renovations and be realistic about how much time and money you can commit to the project.

Going Cheap

There is certainly nothing wrong with trying to get the biggest bang for your buck. Finding a great deal on renovation supplies and materials is one thing, but purchasing the cheapest products you can find is quite another. Prices vary for building materials for a reason. Typically speaking, higher quality materials with better durability are going to be more expensive. So, you always want to make sure you’re buying the right tools and materials for the job or you’re going to face problems with your renovation in the future.

Improper Measurements

With any home renovation project, you’re going to have to measure rooms, furniture, and materials at multiple points in the project timeline. One of the biggest mistakes novices make is making incorrect measurements which are essentially the basis for pricing, cutting, and managing materials and resources for your renovation. Take careful measurements, and always double check them to make sure they are accurate. Otherwise, you’ll find that you’ve ordered too much or too little material that your furniture doesn’t fit in the renovated room, and other problems.

Hiring Contractors

As handy as you may be, you’ll probably need to hire contractors at some point in your renovation especially if you are doing work that affects the heating, plumbing, or electrical systems in your home. Always vet contractors carefully. You obviously want to choose an affordable contractor, but you’ll also want to find somebody who is trustworthy and experienced. Speak to friends, coworkers, and family members about contractors they can recommend, and always ask potential contractors for a quote and a list of references.

Permits

Depending on where you live and the type of renovation you are doing, you may be required to have permits. Laws differ from country to country and even from one state or province to the next. Moreover, without proper permits, you may face problems when it comes to the sale of your home. Essentially, home buyers will want to be sure that all renovations are done according to building regulations.

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Easy Ways to Find Finance for Your Home Renovation

Jun 08 2022 Published by admin under Uncategorized

The burning question on the minds of many Australian homeowners is – will I “Renovate” or “Relocate”? So, if you are one of these home owners, you may have also realised that the high cost of purchasing a new home and selling your current home far outweighs the challenges of renovating your current home. However, you should only renovate if the renovations will:

>> Add value to your home

>> Result in an improved standard of living

>> Be used to perform emergency repairs or full home extensions

Do Lenders/Credit Providers impose Restrictions on the Type of Renovations?

Subject to their credit policies and lending guidelines, most lenders/credit providers will let you borrow the funds to improve the value of your home for any worthwhile purpose, such as if you need to:

>> Add another bedroom, or any other room

>> Renew/update your bathroom or kitchen

>> Add a pergola and outside recreational area

>> Install a swimming pool

>> Extend your garage from a single garage to a double

>> Construct a secondary dwelling on your existing property

>> Any other structural or non-structural construction

What Methods of Finance can I choose?

Here are some examples of the popular methods to ensure easy home renovation:

Home Equity Loan – This financing arrangement is perhaps the most common way for Australians to finance their home renovation projects. A home equity loan works where you borrow the money against the value of your home. To illustrate this I have provided the following example:

>> The example assumes your home is worth $700,000, and

>> Your mortgage loan is $300,000

From the example illustrated above, you will have $400,000 equity in your home, which you can use to fund your renovation project.

The recent rise in-house prices has resulted in many Australian homeowners having acquired considerable equity in their property, this can make getting a home renovation loan easier for these people and reduces their need to dig into their own cash reserves.

Personal Loan – This financing arrangement is a suitable option for you to consider if:

>> You do not have any equity available in your home, or

>> You only have to complete some minor renovations

By choosing a short-term personal loan, you will find that:

1. The personal loan interest rate is much higher than a home equity loan, and

2. You may be limited to the amount you can borrow (e.g. from $5,000 to $50,000)

Construction Loan – This financing arrangement is available for you to complete large-scale renovation projects that require council approval and the services of a licensed builder. The lender/credit provider will impose the following restrictions when they are considering a construction loan for home renovation:

>> The lender/credit provider will not fund the full loan amount upfront to you

>> The lender/credit provider will release the money to you only in stages as the renovation progresses

Can I afford to Re-build my Home if it was destroyed?

You should already have normal home and building insurance in place, but you need to increase your building insurance to cover the costs associated with your home renovation project. So, if you cannot afford to rebuild your home if it were destroyed by damage from fire, or from any other natural disasters, you should ask yourself the following questions:

>> Do you have building insurance?

>> If you have building insurance in place:

1. Is the amount of insurance cover adequate?

2. What does your building insurance plan cover?

3. Does your insurance plan include Total Replacement cover or Sum Insured cover?

Don’t Delay and Take Action Straight Away

So, if you are thinking of renovating your home without any stress, you should seek advice from a professionally qualified and expert home finance broker who is a specialist in home renovation loans and, has helped numerous home owners when they had considered renovating their property.

He/she can arrange finance for your renovation project. A loan broker will provide you with a wide range of finance options and products after creating a budget for you. But, remember that you should be clear about your future plans as it will help you in choosing the right finance option.

Now that you have read this article, I sincerely hope it will help you to understand the easy ways of renovating your home with a professionally qualified and specialised finance broker.

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How To Choose A Home Renovation Contractor

May 08 2022 Published by admin under Uncategorized

Home renovation not only boosts the value of the home, but also improves the home appeal drastically and renders it a much comfortable place to live. In order to carry out the renovation of your property, you will require a renovation contractor. Owing to the large number of renovation contractors available in the market, it becomes quite difficult to opt for the right one.

An efficient renovation contractor is a must for carrying out successful home renovation. As per the renovation experts, it is always good to have a clear plan of action for reaching the right terminus. Hence, it is extremely important to be acquainted with the basic requirements well in advance while opting for the home renovation contractor. For selecting the best renovation contractor for your home, make sure you adhere to the following three crucial steps:

Request testimonials from various authentic sources:

The appropriate approach of figuring out the best renovation contractor for your home is to seek advice by the recommendation of authentic sources such as your relatives, friends, neighbors, etc. Moreover, it is extremely important to adjudge the extent and budget of your project while finalizing the expert for your home. Apart from seeking advice from your relatives and friends, you can seek valuable guidance from various advertising boards and hardware shops. This will help you in taking the final decision. Moreover, some of the insurance firms also offer essential advice pertaining to the home renovation experts. You can also resort to the advice of local contracting institutions as the information furnished by them is authentic and reliable.

Preparation of a potential contractor bid for your home renovation project:

The bidding procedure is one of the best methods of selecting the services of a reliable and efficient renovation expert for your home. During the process of renovating your home, you must bid for at least 3 renovation experts. This will allow them to develop the best plan for your dream home. In order to widen your scope for the selection of renovation expert, you can bid for more than one expert and thereafter choose from the available alternatives as per your preferences.

Confirmation of the contractor information:

In order to assure the reliability of your home renovator, it is always good to verify and talk about the authenticity of the expert. Ranging from their job location to previous clientele, you should inquire about every minute detail. You can also seek for referrals and even call them up for obtaining the right reviews of the project undertaken by the company in the past. In order to verify the legitimacy of the company to a greater extent, you can also verify the permit of the service provider and the date of expiry. You can also cross check the details of the company enlisted in the organization from which the company is affiliated.

A slight mistake while selecting the renovation expert for your home can lead to disastrous results. In order to obtain the best results, it is highly recommended that you follow the above listed tips and avail the reliable services of a home renovation expert.

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Choosing Your Next Home Renovation Wisely

May 08 2022 Published by admin under Uncategorized

Deciding to renovate your home is a big decision, and can be an expensive one depending on the type of renovation to be done. As with many walks of life, home renovations can generally be divided into those that we need, and those that we want. In life, we need air to breathe, but we want chocolate gâteau to eat. Sure, we could choose the chocolate gâteau in favour of the air, but we’ll soon start to regret it. And so it goes, albeit on a less life-critical scale, for home renovations.

According to the Merriam-Webster online dictionary, the verb “to renovate” has two meanings:

1. to restore to a former better state (as by cleaning, repairing, or rebuilding)

2. to restore to life, vigor, or activity: revive

They are slightly, almost imperceptibly, different – and one definition is generally much more important than the other for the homeowner when considering how to spend their hard-earned renovation budget.

We often think of a home renovation as something which brightens up our living space, gives us more room, or makes us more comfortable. Consider an addition, or a fresh coat of paint, or a new bathroom. These renovations fall squarely into definition number two. They are restoring life to our home, and have the ‘wow’ factor which we love to share with our friends and family. These renovations also tend to add value to the price of a house, and people will talk about the return on investment that goes with them i.e. what the cost of the renovation is compared to the increase in price if the house were to be sold.

However, there is sometimes a far more important home renovation to be considered, and that, unfortunately, falls into definition number one. It is the maintenance renovation, the “restore to a former better state” renovation, the boring renovation – and the ratio of financial cost to “wow” factor absolutely stinks. This type of renovation includes things like a new roof, foundation repairs, pointing, insulation, and wiring – normally renovations you can’t see – and are generally the top priority of any home owner, no matter what situation they are in.

Take the case where the home-owner is happy in their home and they want to stay there to raise a family – they love the community spirit of the neighbourhood, it’s close to work, and there are ample facilities nearby. What is more important long-term? Stopping the basement from leaking, or getting a new kitchen? The answer should be obvious of course – renovating (restoring to a former better state) the basement is not only a necessary preventative measure from potentially significant damage to the house, but is also a requirement for peace of mind.

What about when the home-owner is trying to sell their house? It is well-known that a new kitchen has the best return on investment and can boost the value of a house significantly. It may be tempting to renovate this little profit maker first to get more money and to make the house more attractive, but there is a downfall – if there are any outstanding structural or major maintenance issues, the potential buyer, if they have any common sense, will find them when they have a structural survey performed. Depending on what the issue is, there could be one of several outcomes: a request for a reduction in price, a request for the work to be completed and re-inspected at the homeowner’s expense, or, as is quite often the case, a permanent retraction of the offer. It’s a hard pill to swallow for the seller, because typically a realtor’s price evaluation of their house has not taken into account the cost of this additional work, and yet by having the work done, there seems to be no benefit in terms of increasing the house value. In fact, of course, there is – it’s just that the evaluation was too high in the first place.

That said, there are always house buyers who will not do the proper ground work, so the required maintenance renovations are missed when the home is purchased. The seller, if they knew about the issue (as they often do), has gambled and “gotten away with one”, and the buyer has foolishly taken on someone else’s problems for the sake of the cost of a structural survey. A note to potential buyers: always, always, get a full structural survey done unless you are an expert yourself in such matters because the short-term additional cost will be far less painful than finding significant issues and having to deal with the associated heart-ache (and anger) after the purchase is complete.

So how does the average homeowner know if there are maintenance renovations that require attention? There are a few ways to find out, and sticking your head in the sand is not an option. That would be akin to not going for a regular check-up at the doctor or dentist – if no-one tells you there’s a problem, then there is no problem, right? Wrong.

The first thing to do is to call upon your gut instinct. You probably have a suspicion if the electrics might be an issue (there’s a spark when you plug appliances in, for example), or if there’s damp in the basement, or if the attic insulation is insufficient; after all, you’re the one who lives there. Take a look around the outside of the house for any signs of worsening damage – are cracks bigger than you remember them? Does the roof look patchy? Do you have an effective water management system – one that drains run-off water away from the house foundations?

Back this up by pulling out the home inspection that you had done when you first bought the home and going over it again (after you’ve blown off the dust). Make a list of the possible issues and prioritize them into those that are urgently needed and those you can live with. A very basic risk assessment would look at each item and give it a score of high, medium or low for the two categories of likelihood and consequence. Those that come out high-high, high-medium or medium-high are the most urgent and should be dealt with first.

The next step is to confirm your suspicions. It may be that you don’t need to do this if the problem is obvious – for example, if every time it rains you have a bath because the bath fills up from a leak in the ceiling, (a high-high issue in most people’s books), a call to a roofer sooner rather than later would be in order. On the other hand, there might be issues which you are unsure of such as visible cracks in the brickwork possibly due to a sinking foundation. This would rate in the medium-high category where the likelihood is unknown but has some supporting evidence (the cracks), and the consequence is financially significant (the house falling down). In a case such as this, or whatever your case might be where you are unsure of the cause of an effect, it’s time to consult with others. You may consider talking with family or friends who may have had similar issues, but this tends to leave more doubt as people’s natural reaction is to guess and err on the negative side. It is much better to talk to an expert in the field you are concerned with – if it’s the roof, talk to a roofer; the brickwork, talk to a stonemason; an electrical issue, an electrician. Go about the process as if you were intending to get have the work done (you may well have to) – get three quotes and therefore three separate opinions, and ask lots of questions. It may turn out that the cracks in the brickwork are merely superficial and become a high-low case, that is, the cracks are definitely there, but will cause no further problems. The low significance cases, regardless of the likelihood, are generally aesthetic and can be resolved at any future time you wish. As for low likelihood cases, they should, in general, not make it to your list.

A note about the risk assessment: if there is an effect you are observing you will have to think about all the possible causes and rate them accordingly. For example, a stain on the ceiling could be due a leaky roof, but it could also be due to a leaky pipe. Be sensible though (you have to stop somewhere) – it could also be spilled tea from a squirrel tea party, but it is quite unlikely.

If it turns out that there is a significant issue, don’t panic. Work on a plan and a time-frame to get it done. Talk to the contractor you choose to find out if the situation is extremely urgent or can be sat on for a couple of months or even a year or so. Understand that the money you are spending is buying you peace of mind and saving you long-term financial heartache, and know that there’s always time to have your gâteau once you’re certain you’re breathing properly.

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How To Lower the Cost Of Home Renovation

May 08 2022 Published by admin under Uncategorized

Home renovation is a fantastic opportunity for upgrading your home, improving the quality of life, and lowering the cooling and heating costs. However, the high costs of home renovation projects hold people back from undertaking one for their dream home. Although, the basic labor and material costs will remain the same, one can lower the renovation costs significantly by choosing less expensive lumber, fixtures, and other amenities.

Listed below are some of the basic tips which can help you lower the cost of your home renovation project.

Prepare a budget

Although it is the repetition of the same old word you hate, but the creation of a budget for your home renovation project is extremely important. You need to spend much more when working without a budget for home renovation. Budget creation must be the foremost step when going for home renovation. Analyze the estimated costs inclusive of the labor, permits, material, etc., clearly. Moreover, most of the renovation projects go over the budget. Hence, add an extra 15% to the estimated cost. After the addition the budget for your renovation project is ready.

The DIY sessions:

Carrying out some of the renovation tasks on your own can help you save a lot on the costs. However, you need to be aware of your skills and opt for the tasks accordingly. For example, if you have never engaged in the task of crack filling, you better leave this task to the professionals until you are willing to learn during this crucial time. Moreover, most of the people feel quite comfortable with the not-so-technical tasks such as painting. Therefore, carefully analyze your skills and thereafter opt for the task of your choice. However, in your attempt to save the money by doing the task yourself, never compromise with the quality and standard of work.

Invest in discounted shopping

Cutting down your home renovation costs doesn’t mean you have to compromise with the quality of work. As you are preparing for renovating your home, make sure you keep a watch on the local store sales and flyers. Many times, companies come out with discounted prices for their over stocked products. However, buy only those products that you need and don’t get swayed away by the heavy discounts. Moreover, you can also talk to your friends and relatives, who might have huge stocks of renovation products lying at their place. They might be willing to sell off their extra stuff at reduced prices. Some might even donate the items to you willingly free of cost.

Analyze the worth of investment made

Make sure you analyze that the investment made by you in your home renovation project is worth it. Will the renovation project render your home more valuable and help you reap huge benefits while selling your home off? Honestly, not all the renovations bring worthy returns in the long run. For example, by investing in bathroom renovation, you can get a payback varying between 75 and 100%. However, from flooring you can get a payback of only 50 to 75%.

On a whole, a home renovation project can be costly. However, if you pay attention to some of the basic tips, you will be able to reduce the renovation costs drastically. Till then, happy renovating!

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Universal Basic Income: Visionary or Wishful Thinking

Dec 08 2021 Published by admin under Uncategorized

Universal Basic Income, also known as UBI, social credit and Basic Income Guarantee, is not a new concept. However, it is being looked at newly by the State of Hawaii as a solution to how AI (artificial intelligence) is likely to take over many of their jobs.

Having lived in Hawaii, I understand why the concern there may be greater than for other places. My experience showed me that the income disparity between wealthy mainlanders who bumped-up real estate prices in Hawaii, and everyone else who had to work for a living, was crazy severe. To survive a cost-of-live higher than the San Francisco Bay area at minimum-wage levels, I observed that most locals had to work more than one job just to survive. Today, I imagine this disparity is even greater.

UBI is a dividend-type proposal similar to the one in Alaska since 1982 via the Alaska Permanent Fund Corporation distributing an annual share of oil revenues to each resident of the state (including children in the family). In 2007, the amount to each resident was $3,269 and in 2016, only $1022.

Former Democratic Congressman, Dennis Kucinich, a proponent of this economic strategy for every American, not just Alaskans, said after former Treasury secretary Henry Paulson announced the 2007 $700 billion bank bailout:

“Since the bailout will cost each and every American about $2,300, tomorrow I will offer legislation to create a United States Mutual Trust Fund, which will take control of $700 billion in stock assets, at market value and not higher, convert those assets to shares, and distribute $2,300 worth of shares to new individual savings accounts in the name of each and every American.”

According to another UPI proponent, Richard C. Cook, former Treasury employee and author of the book, We Hold These Truths, (for which I wrote the forward) one of UBI’s most recent sources is Scottish Major C.H. Douglas. In 1918 he was an industrial engineer who authored the book, Economic Democracy, which addressed the gap of purchasing power for the average person, and therefore the need for government-distributed dividends.

Cook, in a Global Research article, discusses “Credit as a Public Utility: The Key to Monetary Reform,” asserting that social credit “should be treated as a public utility, like water, electricity, and clean air.”

“A citizens’ dividend could work wonders in rebuilding the economy from the bottom up, including small business and local agriculture. To assure that dividends are spent for necessities, they could be issued initially as tax-free food, fuel, and housing vouchers from a government recovery account not dependent on taxation or borrowing. Rather the backing for the vouchers would be the productive potential of the economy. This way new economic production could be generated without bank loans. The vouchers, when spent, could be funneled into a network of community savings banks that would re-lend the money at zero percent interest.” (Richard C. Cook, “How to Save the U.S. Economy,” Global Research)

At the time, in 2007, when Richard Cook asked me to write the forward to We Hold These Truths, the social credit concept sounded good to me: a practical solution to the purchasing-power gap Americans had continued to suffer in the early to middle 2000′s. That said, in 2017 I am no longer a fan of social credit having had the time to look into it more deeply.

Would this government strategy create economic justice providing a spiritual basis for the economy as Cook and others suggest? Or would it simply be the next step towards larger government and its increased control over matters of our personal lives? And how exactly would social credit affect the national debt? The UBI, in my view, is short-sighted; it would enhance, not end, the grip financial elites already have on Central Banking, a system destined to underwrite a world government with a world currency.

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Actions to Do If You Want Your Personal Finances to Improve

Dec 08 2021 Published by admin under Uncategorized

At the turn of each year, we all have our dreams and we possess new energy levels to achieve them. This individual expectation is like a cycle. Everybody wants to succeed, at least in their minds but not everybody will. Below is a list of 25 actions you should take if you want to improve your personal finance this year.

1. REVIEW THE PAST YEAR: The first thing you should do is to analyze the past year. Research has shown that of the lots that make ‘new financial resolutions’ every year, less than 10% actually get to follow those resolutions through the year. Does it not bother you that at the beginning of last year, you also made resolutions that you failed at? Why turn around in cycles every year? Take a pen and paper, sit down and review your financial activities for the past year; from your income earnings to spending. Break everything down into tiny bits and you will have a clearer picture of why some of your financial desires didn’t come to pass. It could be that your total expenditure outweighs your income.

Simple Guide: Create a ledger of credit and debit. Every of your income, no matter how little, should come to the credit side while expenditures come to the debit. Sum each side up. If your debit is over 30% of your credit, do you still wonder why that financial dream of yours was out of reach in the past year?

2. CREATE A CHECKLIST OF ALL YOUR FINANCIAL MATTERS: The second step is to create a checklist of all your financial matters, while including ‘Emergency’ as the last in the checklist. This is because emergency situations will always arise and can dent your plans, if you are not adequately prepared.

The best way to create this checklist is to break each financial matter down into months. Many people go through the year with false belief that they have everything sorted out in their heads. The more reason they fail because human beings are susceptible to memory loss. Sort them out in black and white instead, and a new level of motivation will come on you each time you look at the checklist. Alternatively, tools such as PocketGuard and Spendee can help you do this.

3. SET SPECIFIC FINANCIAL GOALS: After creating the checklist, the next step is to set your financial goals complete with specific dates. That is only when your wishes become goals since the dates act as deadlines thereby putting you on delightful pressure to beat them. Any goal without a specific date of achievement is not a goal. You are merely wishing. Sadly, this is what many people do.

By specific, I don’t mean you saying you will make a million naira in August 2018. Be more specific with date. Rather, say ‘August 30, 2018′ for instance. Then it becomes a goal that you can wake up every morning and chase around.

4. KEEP A FAITHFUL BUDGET: The failing of many people is that they are never faithful to their budget. This shows indiscipline. Learn to set and work within budget. That way, you can meet most of your financial plans and obligations. Going beyond budget will only put you in bad debt and make you miserable. If you cannot plan your budget in black and white, there are wonderful digital tools such as Wallet and Personal Capital that enables you to do this and carry your budget around in your phone. Some others like PocketGuard even alert you that you are already spending beyond budget. Take advantage of these tools for better living. One thing you must never do is to simply budget in your head.

5. SPEND WHAT IS LEFT AFTER YOU HAVE SAVED: Learn to live by this rule today. For every dime you earn, save at least 10% of it. Now, this is the difficult part: many people aren’t disciplined enough to do this. The key to achieving this is to separate your business income from your personal finance.

6. LEVERAGE ON GOOD DEBTS AND AVOID BAD DEBTS: Everybody should like debt. This is a principle of the wealthiest people in the world. They like good debt and abhor bad debt. Good debt brings you more cash flow and if well managed, sets you towards financial freedom. Bad debt on the other hand, brings you unneeded luxuries, put serious pressure on you and can make you miserable. If you must boost your personal finance in 2018, try to avoid bad debts.

Good debts are incurred towards fulfilling rewarding financial obligations like the purchase of businesses, investment and stocks or real estate; these are things that will compound your financial interests over time and make you independent. Bad debts are taken out to buy non-essential luxuries such as cars, holiday trips and best proposal dinner. These luxuries don’t compound wealth. Rather, they take what you already have. Decide which one you want.

7. PAY OFF YOUR SMALLER DEBTS FIRST: By now, you must be saying ‘but I am in debt already. My debtors are breathing down my neck’. All well and good. Make it a point of focus to liquidate your bad debts. Start by making a list of your bad debts in order of their sizes. Then settle the smaller debts first. Any debt that is fully settled should be cancelled out before moving to the next.

The logic behind this is simple. The smaller the debt, the easier it is to pay off. With each debt cancelled out, the more confident you will become of liquidating the bigger ones. This confidence brings with it desire not to keep going through the show of cancelling out debts every year. In other words, you’ll become a better manager of your finances.

8. LIVE YOUR MEANS: This must be a strange one. I have heard many people advocating that people should live below their means in order to have reasonable savings. Well, I actually believe people should live their means. If you can afford to conveniently buy out a business, why not? The key to living your means is convenience.

In measuring your convenience level at taking on situations, you must be truthful to self about your financial situation. You might be on a 100, 000.00 Naira per month wage and feel you can live in a two bedroom apartment in town. You should calculated the other supervening expenses like monthly feeding, clothing, welfare and transportation to know how much you are left with to contribute towards the means you want to live.

A simple rule I advocate is this: if a personal financial project is more than 10% of your actual income, then you might be better off living below your means.

9. AVOID HAVING ENTITLEMENT MENTALITY: As a major, nobody owes you anything in life. So quit that lazy mindset. In business as in your personal finance, you are solely responsible for the decisions you make; for your successes and failures. Once this is firmly ingrained in your mind, the zeal not to fail will become a greater motivation that pushes you towards making smart financial choices. You will learn the act of taking responsibility. The most successful entrepreneurs don’t sit down and wait for goodwill from some family members or friends. They struggle their ways through web of failure until the elusive success is captured. Then they work harder to keep the success. You should also have that mindset.

10. AVOID THE LOTTERY: This might not go down well with some lottery lovers but if you don’t have firm control of your personal finance, then stay off the lottery. People ask and I tell them lottery is business of luck based on correct punditry or guessing of a given situation. You expend money time and time again in the hope of becoming lucky and hitting the jackpot. But what if you don’t? Let us even assume you win. Have you taken stock of how much you have contributed to the lottery over the months and years and if what you won is up to your contribution? A few will be lucky to hit it big. However, a vast majority of people won’t. The wealthiest people know that waiting for some big manna from heaven is a lazy way of understanding the concept of luck. They know that luck is a deliberate effort of an individual therefore they diversify their portfolio before engaging in lottery.

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Benefits of Credit Card Machines for Business

Sep 06 2021 Published by admin under Uncategorized

Other than credit card machines, technology has produced many notable effects, including the credit card machine. In the 21st century, people open themselves up to technology from the very center of their being. It has the added benefit of leading to an increase in the use of credit and debit cards. Additionally, the coronavirus’ arrival has also contributed to the increased use of contactless transactions. EMV cards are replacing magistrate premium cards. EMV chip cards give you the ability to make contactless payments. The merchants must have advanced payment terminals to accept such payments.

Credit and debit cards are used almost exclusively in today’s business world. To take your business to the next level, you must associate it with a credit card machine. The processing and payment services you need for online sales include a merchant processor that provides you with an online payment gateway. There will always be online modes that people will prefer to use, regardless of the volume of transactions. As a result, you have to use an advanced piece of equipment, such as a credit card machine, in tandem with your business.

Advantages:

Just because we’re living in the 21st century, it’s impossible to conceive of life without modern technology. A large number of businessmen prefer to stick to established business models. However, sometimes you have to alter your plans according to the current situation. This means that you need to be one step ahead of everyone else in the business. You will lose customers otherwise. An establishment that gets access to a credit card machine will enjoy countless benefits. Listed the benefits; so, don’t miss the following:

Obtain Legal Recognition for Your Company:

Accepting card payments using digital payment terminals is a legitimate business practice, so it should help your company a lot. The card brand name will be printed on the POS, and thus the customers will have no problem noticing it. This logo will be featured on the same online marketplace as well. The greater the number of customers from outside the country, the more money you’ll make.

Increase Your Profitability:

To accept various forms of payment, like credit cards, Google Pay, Apple Pay, and more, use a credit card machine at your business. Creating a positive impression on your customers is quite simple, but it also keeps your customers loyal. A credit card machine, thus granting flexibility in the ecosystem of online payment, provides customers with many payment options, thus allowing them to pay bills in various ways.

How to stay ahead of the competition:

Many businessmen have not yet fully embraced digital equipment, making small-business models in the early stages of transition. To accept online payments, your business equipment must be upgraded. If customers are no longer carrying cash, you can outpace your competitors. Research has shown that when customers use their cards to make a purchase, they spend more. Additionally, because you will make a substantial profit from accepting card payments, it’s highly recommended that you do so.

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Super Visa Insurance Monthly Pay North York

Aug 06 2021 Published by admin under Uncategorized

Note: SV is Super Visa

What is a Canadian Super Visa?

It is a Visa for parents or grandparents. It is a temporary resident permit that allows parents and grandparents to stay for up to 2 years in Canada per visit. Issued for parents and grandparents of citizens or permanent residents in Canada. It has validity for up to 10 years. A regular multiple-entry visa is also valid for up to 10 years, but only allows stays of up to 6 months per visit.

What is the processing time of a Super Visa?

The approximate processing time of a SV is short and takes almost 8 weeks. There are also specific requirements that one must meet before applying for a SV.

What Are The Mandatory Requirements To Apply for This Visa?

The govt of Canada has laid down some mandatory rules for parents and grandparents to apply for a SV. Those rules are,
1) Proof of their relationship with the child or grandchild who must be a Canadian citizen or a permanent resident.
2) A copy of the child’s or grandchild’s birth certificate.
3) A proof of medical examination document.
4) An official document naming the applicant as the parent.
5) A satisfactory evidence of a private medical insurance from a Canadian insurance company valid for one year from the date of entry.

Can The Parents Or Grandparents Work With A Super Visa?

No, the parents or grandparents are not permitted to work as their visa has the same restrictions as a visit visa holder.

What is a SV Insurance?

With the above information provided, now we know to whom a SV is issued and who apply for a SV. Not only the parents and grandparents require a SV, but also a medical insurance before entering Canada. The medical insurance should be no less than CAD $100,000 in coverage for health care, hospitalization and repatriation. This step is mandatory for the SV applicants.

SV applicants have to submit a proof of purchasing a medical insurance from a private insurance company.

There are a lot of medical insurance companies in Canada and North York has also got the best ones. People can go for SV insurance monthly pay North York. This facility of monthly pay gives a convenience of paying insurance charges monthly. This facility of monthly pay gives a convenience of paying insurance charges monthly.

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