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Preparing Yourself for a Property Purchase

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Deciding to buy a new property is challenging. You need to consider several things since you are spending quite a massive amount of money. You will get a mortgage that could take years for you to pay. There are things you can do to prepare for buying a property and avoid having problems in the long run. Here are some of them.

Clear your debts

You are embarking on a new endeavour, and it entails a massive amount of debt. Therefore, you need to clear all other debts before you start a new one. Besides, if you have continuing obligations, banks and lending firms could reject your loan application. Having no commitments before getting a new loan will also give a positive impression since you have been responsible in handling your finances so that you don’t have debts right now.

Prepare your proof of income and other documents

Before you apply for a loan, you need all the documents required. Your proof of income is the most significant document since the bank will use it to decide if you can pay the loan or not. You will also need other documents to back your application. Have all of them ready ahead of time so that when you are prepared to get the loan, your records are good to go.

Prepare your down payment

In most cases, if you give a more significant deposit, you will receive better rates. You will also have more choices for mortgages. Therefore, you need to have enough savings for your down payment and worry less about the monthly payments that you will make for the remainder of the loan.

Straighten up your credit record

Ask about your current credit score, and make sure it is good enough. It will also be another document that banks will use to decide if you will receive the loan or not. If you have a low score right now, find a way to fix it. Pay your debts, or make a deal with your creditors. Applying with a low credit score comes with a risk. You will have limited options. Banks with extremely high-interest rates are willing to offer loans to you, but you don’t want this choice as it could be too risky.

Find a mortgage broker

Going through the entire process is not easy especially if it is your first time buying a property. You need someone helping you understand what you need to do. You also need a broker to match you with the right bank that is most suitable given your financial situation. Without a broker helping you, it is like deciding without any knowledge at all. You will fall into the wrong hands and suffer the consequences. A specialist mortgage broker, for instance, has specialised knowledge of property purchase, so you can’t go wrong with this person.

Don’t rush into buying property since it is a challenging endeavour. Take your time until you are ready to purchase the property.

Using Technology To Transfer The Way You Manage Money

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Money is important and essential for living. Unfortunately, not everyone is like Bill Gates, and has billions of dollars to spend. This is why it is important to budget, and manage your money efficiently.

Moneyfarm’s infographic on the wealthiest people in history shows the many different ways that people of inspiration like Bill Gates, and Oprah have built their wealth and success.

See what you can learn from some of the wealthiest people in history from past to present and in what ways they spent and managed their earnings.

If you’re interested in learning more about how you can manage your money like the icons in Moneyfarm’s infographic and in what ways you take advantage of technology in relation to your money, simply continue reading to discover 4 tips on how to harness the power of technology in order to positively affect your savings!

Using technology to transform the way you manage money:

  1. You can set up automatic payments within minutes, with little hassle

As an example, if you want to ensure that you save a reasonable portion of your income, you can set up your primary bank account to transfer a set amount of money to your long-term savings account. Which will make it far easier for you to save a portion of your income, which you can then choose to invest if you’re not happy with the interest rate which your bank currently offers you.

  1. You can use an app on your phone in order to quickly and effortlessly transfer money to your friends and family members

As an example, if you go out for dinner with friends and the restaurant asks your group to pay your bill as a single bill, you’ll easily be able to transfer your portion of the cost to your friend’s chosen bank account using your chosen bank’s app on your smartphone. Which means that you’ll never have to walk to an ATM in order to get out cash, in order to pay a friend back for money which they’ve spent on you, ever again.

  1. You can use Paypal in order to pay for any goods and services which your purchase online

If you ever feel comfortable giving out your bank details or your credit card details to online companies, it’s well worth signing up for a free Paypal account. As a large portion of online stores now offer Paypal as a payment option. You can even use Paypal to pay for any eBay auctions which you win.

Better yet, if a company doesn’t send you the item which you purchased or there is some kind of dispute with a purchase you’ve made through Paypal, you can contact Paypal’s friendly customer service team you’ll be able to reverse the charges which have been made. Which means that you should always select Paypal as your preferred payment option, in order to decrease your chances of being scammed online.

  1. You can keep up to date with your expenses on a daily basis

While in past decades you may have had to wait for a printed bank statement to be sent to your home address in order to see all of the transactions which you’ve been made, in today’s day and age you can log into your internet banking account as often as you’d like. Which will give you the chance to cut back on your spending, if you find that you’ve already exceeded your weekly budget. Which will help you keep on track of your monthly expenditure.

In conclusion, it’s well worth using all of the four tips listed above in order to harness the power of technology in order to help you manage your money better today!

Save Money By Avoiding Common Car Maintenance Problems

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Cars today come in a greater range of sizes and shapes than ever before, the choice is simply mind-boggling, and becomes greater every day. However, one common theme runs through them all, and that is increased complexity. In response to our demands for more power, more luxury and more gadgets, the cars manufactured today are more complex than ever. Most are run by powerful computers, and problems are diagnosed by them as well, making it more and more difficult to repair them yourselves!

In turn, the motorist of today is much less well educated about car maintenance than the driver of 30-40 years ago, simply because in that time they broke down so often you had to know how to fix them! Despite the DVLA adding in more mechanical parts to the driving test, such as changing oil and other fluids, it seems we are even more clueless that ever. Some might say this is a general theme with the younger generation, who are far more adept on their phones and online that with their hands!

However, despite the complexity of the modern car and the seeming lack of interest of the modern driver to fix them, there are still basics that everyone should know in case of emergency. These include simple fixes, but also what to look out for in order to diagnose more complex problems, which might turn into a serious accident if not fixed. We have compiled the most common car problems and some simple advice of what to do:

Won’t Start
– If the car wont turn over at all, the battery is likely dead. Jump start
– If the car does turn over but wont start, it could be the starter motor or a problem with the fuel. Call a garage

Steering
– If the steering feels very heavy, you may be low on fluid. Check power steering fluid, wheel alignment and tyre pressure
– If the steering feels light, check tyre wear and pressure

Braking
– If the brake pedal is stuck down or up, the brake booster likely needs work. Call a garage
– If the brakes feel spongy, check brake fluid levels
– If the stopping distance increases, or the car veers off to one side under braking, brake pads may need replacing

The AA has an excellent reference section on their website to diagnose simple car problems, and this infographic from Autodoc gives more detailed information and is a handy take away guide to possible braking problems.

Nearing Retirement? Make Sure You Won’t Run Out Of Money

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Are you nearing retirement? Wondering how to make sure you won’t run out of money during your old age?

The simplest recommendation is most likely the idea of waiting until you’re 70 to claim Social Security and then use the IRS’ required minimum distribution table to know how much you could withdraw from your savings each and every year. Based on information provided by a research scholar from Stanford Center on Longevity, this might be the best approach for people who have saved anywhere between $100 000 and $1 million.

The traditional way has long been that you should withdraw 4 percent of your retirement savings in the first year and increase the amount yearly depending on rate of inflation.

Some people try not to use the money at all, using it only as an emergency fund and some people do pretty much the opposite, using their retirement funds as a checking account. Neither of these versions are too reasonable.

Whether this recommendation is the way to go for you, we can’t really say. It could be great but we couldn’t give you a definitive answer. However, it is definitely reasonable to make a retirement plan and think through it all logically. That’s the very minimum all of us should be doing, independent of the age. Financial planning is important to make sure you don’t run out of money too soon, or to make sure you had any in the first place.

Working during your first theoretical retirement years is also a good idea, especially for some people who are used to and still capable of being active, for them to keep doing some work is the best idea. Not just because of money, but just to keep themselves active. For other people, like me, can i buy powerball tickets online might be the first question that comes to my mind when I start thinking about financial planning. Meaning, I would usually just think about anything else than planning and money and hope to get lucky.

Sadigh Gallery – The Rulebook For Purchasing Ancient Artifacts

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Purchasing ancient artifacts is one of the most complicated and difficult things to do in the art world. There are so many forgeries and so many legal pieces in the marketplace that even a skill  Authenticator will be hard-pressed 2 verify a piece.

If you are interested in purchasing ancient artifacts, there is a methodology that if strictly adhered to will greatly diminish the chances of your purchasing an illegal war forged piece. Here are some guidelines for you to use:

Never Purchase Ancient Artifacts Online

Unfortunately most ancient artifacts listed for sale on the internet are forgeries or do not exist. Knowing this fact, you can understand that avoiding purchasing artifacts on the Internet is a smart thing to do. Additionally, it is impossible to tell the validity and authenticity of an ancient artifact online. Pictures and even video cannot accurately display all of the things that you will need to understand about the piece of art. Further depending upon who is selling the ancient artifact, you will need to have an independent expert verify the piece when sure that it is neither counterfeit, nor stolen. If you see a piece online and you are very interested in purchasing it, you should make the purchase in person after you have had an independent expert completely review, authenticate and check the provenance of the Peace

Always Purchase from a Reputable Dealer

Reputable ancient artifact dealers like Sadigh Gallery go through international certifications in order to have made available to them the Antiquities they sell. These galleries will employ archaeologists, authenticators, and other experts who can both track the history of the artifact and verify is change of ownership. If there is any discrepancy or missing piece of important information regarding the ancient artifact, a reputable dealer will reject that artifact rather than sell it. They also appreciate and understand that many artifacts are stolen causing not just lost money from the owners, but in some cases loss of a national treasure. There are many countries throughout Africa, South America, and Southeast Asia who struggle to locate and have returned ancient artifacts that are legally owned by them. By working with a reputable ancient artifacts dealer you’re guaranteed to only view authentic and legal ancient artifacts for purchase.

Check the Provenance of the Piece before You Purchase

It is imperative that you check the Providence of any ancient artifact you intend to purchase. If the piece is more than a few hundred dollars you might need to bring in your own expert. Although determining the maker of the antiquity may or may not always be possible, an expert will always need to determine an artifact’s authenticity via the chain of ownership: who owned it first, and then through the chain of ownership, and how did that piece make its way to the present owner? If there’s a gap in that chain creating time periods where there is no record meaning they don’t know who owned a particular artifact for a decade or century, there is a possibility that the object was forged.

 

Golden State Financial Group Helps to Avoid Foreclosure Through Home Loan Modification

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It is increasingly common for people to look into home loan modifications this day. The real estate market is still quite volatile, which means people are looking for better deals, or options that cost them less. Refinancing used to be the traditional method of doing this, but Golden State Financial Group has found that there continue to be a lot of people in negative equity, which means this is not an available solution. That said, the home loan modification needs to be taken seriously and not seen as a quick way out of some financial distress.

Golden State Financial Group Explains Home Loan Modifications

Two key types of modification programs exist and they have different application and acceptance criteria. The first is an in house modification, which means you must follow the guidelines as set by your lender. The second is the Making Homes Affordable Program, whereby a lender has to lower what you pay each month to no more than 31% of your gross income.

How Making Homes Affordable Works

Lenders have three key ways in which they can lower payments to 31% of your income:

Reducing the interest rate. This is the preferred method, because it is quite easy and means you still pay back the principal and some interest. Some lenders will lower the interest far below the current standards.

Extending the home loan term. Because interest rates are still at historical lows, reducing the rate may not be enough. Instead, they will extend the term. They could add an extra 10 years to the overall mortgage. While this does mean the borrower has to make payments for much longer, those payments become more affordable and everybody is happy.

Reducing the principal. This is very rare, but it means that the lender agrees to essentially write off some of the money that is owed. Naturally, it is a last resort option for the lender.

There are millions of people who need a home loan modification. Unfortunately, only a few thousand have been able to qualify. One of the reasons for rejection is because many people already have mortgage payments that are less than 31%. This is one of the few situations, therefore, where having a high debt to income ration is the best way forward.

If you want to apply for a home loan modification, you may consider enlisting the services of a company like Golden State Financial Group. They have a lot of experience in helping people be accepted, as they understand what lenders are looking for and what is realistic or not. In so doing, they have helped many Americans to avoid foreclosure. They will help contact the lender, write the necessary hardship letter, provide the paperwork, follow up on progress, and more.

Too many people continue to hope that if they simply ignore a problem, it will go away. The reality is that this head in the sand attitude could cost you your home. Before that happens, consider a home loan modification.

Patrick Dwyer Merrill Lynch Explains why Family Wealth Management Is so Important

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Wealth management, Patrick Dwyer Merrill Lynch’s area of specialization, is something that concerns every family in the modern world. A lot of things have an impact on wealth and how it grows or contract. It is very important to work together with a wealth manager, and particularly one that is experienced in family wealth, for those who want to make sure it grows. These professionals understand not just investments, but also the gamut of other financial services. Family wealth in particular is all about long term financial growth. While it may be stable in the present day, there is no guarantee that it continues to be so stable, and that is what wealth management concerns itself with. The factors that influence it include where the money came from and how it is used. For instance, some people inherit wealth, which is often invested in estate programs and trusts. In those cases, management is relatively easy becomes it is set as per the trust or program. However, even those need to be reviewed regularly to ensure they continue to be fit for purpose.

Patrick Dwyer Merrill Lynch on Newly Acquired Wealth

When someone hasn’t grown up being wealthy, or has never had to manage their money themselves, suddenly being landed with this responsibility can be difficult to deal with. It is not unheard of for people to squander all their money away. For instance, people who have won the lottery have often been declared bankrupt within just a few years. This is simply because they didn’t receive sound advice from wealth managers on how to stabilize their finances and ensure it continues to grow.

Good wealth managers are those who have a lot of experience and who have a range of financial specializations. They go above and beyond what a financial advisor does and it is therefore very important that people properly consider who they entrust with their wealth. Commonly, wealth managers work in teams, with each individual having experience and expertise in a different element of finances, such as banking, investments, or insurance. They also have the necessary links with other professionals, such as brokers and real estate trusts, with whom they can ensure the money is invested properly and that it can grow.

True wealth managers know that they do not know it all. Instead, they seek out the people who do know all there is to know about different elements of wealth and bring it all together. This is why someone who is new to wealth should avoid working with a single financial planner, choosing a wealth manager instead. In so doing, they will ensure their money works for them and will continue to grow. Additionally, it will ensure that the rights investment opportunities are chosen for them from the perspective of their own personal financial needs. Essentially, it is the only way to truly secure a stable financial future. Should you have come into money, therefore, make sure you find a wealth manager to help you manage this.

Forklifts Financing: The Benefits Of Leasing

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As anyone who works in manufacturing will testify, purchasing new equipment is by no means cheap. If we hone in on the topic of today’s article, forklifts financing, it starts to become even more obvious how costly it can be to fund such machinery.

This is where a more creative approach is required. Paying up-front for these tools is asking for trouble; it’s something that’s going to give your business some serious cash flow problems (unless you are one of the biggest companies in your field).

One of these creative options comes in the form of leasing. We will now take a look at some of the benefits of leasing forklifts, in a bid to save you and your business a lot of money for years to come.

The ability to conserve cash

The first benefit is probably the most obvious; the ability for your company to conserve cash. If you were to purchase a forklift outright, you would be paying tens of thousands, and potentially more in some cases, in cash. This is cash that could have otherwise been spent on different areas of your business.

With leasing, you are effectively renting. This means each month you are paying only a small amount, meaning that you have plenty left over to spend on further growth.

Have access to all of the mod cons

This is one of those benefits which a lot of people don’t expect. Again, when you purchase equipment, you tend to be tied-in for the long-term. Due to the fact that you have parted with so much money, it means that you almost feel committed to use the machinery for as long as it is useful for. As well as this, you are also financially committed – and it’s rare for a company to be able to constantly purchase new equipment (unless they are huge in size).

With leasing, this problem can be navigated somewhat. You can commit to a shorter lease, and by the end of it you can then opt for a newer piece of equipment. This often turns out to be a much better approach than hanging on to old equipment, which is difficult to sell towards the end of its working life.

The balance sheet factor

For those businesses that at least need to appear better on paper, this benefit is for them. As we all know, if you purchase a piece of equipment outright, it’s immediately regarded as long-term debt. In other words, it’s going to remain on your balance sheet for years to come.

If, on the other hand, you opt for a lease, this is simply regarded as an expense. To some people, the difference will only be aesthetic, but for others it could make or break their business. It might make it more attractive to potential investors, who are keen to look at balance sheets in a bid to identify a healthy business. The less debt you have, the more chance you have of appearing as one of these.

Credit Repair 101: What Happens To Credit When Filing Bankruptcy

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Financial health is considered as one of the most important aspects of a person’s life. However, there will be instances when your financial standing is not as good as you wanted it to be, no matter how hard you try. This could be because of the long list of monetary obligations you owe to your creditors and you do not have sufficient financial resources to pay them back. Scenarios like these may usually lead you to file for bankruptcy as you may view this as the best alternative to end your misery of paying debts. Sure, you will always have this option but you should also remember that filing for bankruptcy is not all good. When you file for bankruptcy, your credit score may be seriously affected. If you still don’t get the connection between your credit and bankruptcy, read on to know more:

  1. Bankruptcy Damages Your Credit Score A Lot – There is no better way to describe the possible negative effects brought by filing a bankruptcy to your credit. During these times, you have to expect the worst that may possibly happen to your credit score, you can learn more here: https://www.crediful.com/bankruptcy-on-your-credit-report/. This financial hardship is said to be one of the worst scenario cases that may occur when dealing with your financial obligations. It may drop down your good credit score depending on the actual value involved in the process. In this sense, the higher your credit is, the higher the decrease is. For example, when you possess a credit score of 800 or above, it may fall down to 200 or 300 points. At some point, it may appear impossible to rehabilitate your financial health and difficult to handle the major decline of your credit. The damage is obviously huge that it would require you to improve how you manage your financial goals.
  2. Filing For Bankruptcy Might Mean Financial Difficulties For You – So you think that when you file for bankruptcy, everything is resolved, right? You’re wrong! Because even if you file for bankruptcy, you are still required to shed off a certain amount of money. You need money to pay for all of the filing fees so you can ensure that this process will be as smooth as possible. Aside from the filing fees, this process also requires you, to take a financial management course and credit counselling – yes, this means that you have to pay for all of these. If you don’t have any savings the moment you filed for bankruptcy, your only option to pay for all of these is by acquiring credit and acquiring too much credit is never good for your financial standing. You might be able to pay for all the requirements before and after the bankruptcy but you might be covered in another set of credits after everything is done.
  3. Bankruptcy Helps in Weakening the Negative Effects on Your Credit In The Long Run – The filing of bankruptcy will most likely hurt your credit score the moment you file for one. This might also have adverse effects with how you plan and restructure your current financial well-being. But this result is only temporary as it may also become a way to rebuild your credit score over time. The record of the filing for bankruptcy may affect your credit score value as it can be seen in your credit report but its influence may decrease as time passes by. You may gradually see how bankruptcy will slowly restore your good credit. This transition will only require time before your credit will be back on the right track. This is primarily because you are no longer in a difficult state of satisfying your financial responsibilities since you do not owe numerous debts anymore. As a result, your credit utilization rate will be enhanced. You just have to wait until your record of bankruptcy will be removed from your credit history because by that time, your credit will be restructured again. However, you have to endure the 10-year period of low credit score value until it will gradually bring to a sound financial status – this is certainly something that is worth waiting for!

These are few things that may happen when you file for bankruptcy. This situation is usually regarded as a desperate move when the need arises and when you’re in a washed up situation. But the negative effects of this financial move can be lessened by knowing how to restore credit. Rebuilding your credit is one of the best options to take after a tremendous financial downfall for several months. Filing of bankruptcy may lead you to re-establishment of new credit accounts after the lapse of ten years. By that time, it is suggested that you design and plan your credits well to avoid the dilemma of having to file for bankruptcy again. For instance, paying off your financial duties on-time and having the money saved to do so each month may eventually increase your credit score. This is the essence of constructing a positive payment record and providing an optimistic information in your credit report. As soon as you have gotten your new line of credits, make sure to create a progress plan so that you’ll be able to see and evaluate your credit performance. With this, you may prevent yourself from getting into monetary problems which will spiral over time.

Where to Find Tips On Budget Home Makeover Ideas

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Having seen pretty much every cent that I had on buying me new home this time 2 years ago, I had nothing left in the pot to actually decorate the place, I barely had enough to cover the furniture to be honest. Whilst understanding that this is part of the journey of being a homeowner, around 6 months ago I’d had enough of wood chip walls and lino, and decided to do some home design work, with a limited budget. I knew that I wasn’t going to turn my house into some Gary Friedman masterpiece like what you’d see on his Restoration Hardware website, but I thought I’d give it a go. The first thing that I needed, was a little inspiration, and here is where I went to find it.

Pinterest

Social media app Pinterest is absolutely brilliant for anyone looking to find hacks on decorating their home on a budget. There are some highly intelligent people out there with an eye for design who have kindly shred their wonderful ideas on making your home look great, while saving money. Admittedly, looking out on Pinterest can be tough because for every person posting budget hacks, there is someone posting incredible things which they have done in the home, most of which are far from being classed as ‘budget’. If however, you can sift through the masterpieces, you can find some great ideas to make your home look great on a budget.

Facebook

I use Facebook a lot but I had never really considered using it to find decorating ideas, how wrong I was. In fact there are many Facebook groups which have been set up that are wholly dedicated to sharing top tips and budget hacks to help you get some inspiration for your home design. If you have a browse through the groups you’ll see a great many of them, some private, some open. Even the private groups accepted me straight away and I had some great conversations with people who really wanted to help me get the look I wanted in my home, and save money whilst I was doing it.

Planning Your Time

Looking around the shops can give you some inspiration in terms of what kind of looks and colors to go for, but the prices still remain the same. With this in mind then, I would recommend that you go to the shops just after Christmas, or as the seasons change. When this happens, this shops start clearing out all of their old season looks and styles, to usher in the new season. This is the perfect time for anyone who is decorating on a budget, to pick up some great bargains. Let’s be honest, whilst the shops must care about whether their stock is in style or not, us consumers are far less worried about it and we can use this opportunity to pick up some great budget pieces.