Blog Blog Copyright by en Sat, 13 Aug 2022 19:58:42 -0400 How do Consumer Proposals Work? A consumer proposal is an alternative  and less severe alternative to bankruptcy. This debt solution allows you to consolidate your unsecured debts and pay all or a portion of it back in interest-free monthly installments. A consumer proposal is prepared by a Licenced Insolvency Trustee (LIT) and sent to your creditors in order to negotiate your terms. If you choose to go with a consumer proposal, you will protect your assets from creditors.

The terms of consumer proposals, the amount you would have to pay back is negotiable. In some cases you have to pay back 100% of your debts but typically creditors will agree to a proposal that gives them a percentage of what you owe since consumer proposals allow them to get more back than they would if you filed for bankruptcy.

In order for the proposal to be successful, your LIT will work with you to figure out how much you can afford and how much your creditors might be willing to accept, based on your financial circumstances. Your creditors will then vote whether or not to accept your proposal. In most proposals, the amount you have to pay is made in monthly payments to your LIT over an agreed-upon period of time that is no longer than five years. However, you can make a lump-sum payment or a combination of a lump-sum payment and monthly payments.

But it’s important to bear in mind that not all consumer proposals are accepted all the time. Your LIT will work with you to assess your unique financial situation, and figure out how much you can afford within your budget and how much your creditors may be willing to accept. You will need a majority vote of your creditors saying yes in order for your proposal to be accepted.

This is only the tip of the iceberg when it comes to how consumer proposals work, below we will go through the process of consumer proposals more in-depth.

What is the process for consumer proposals?

There are three main steps when it comes to the process of how consumer proposals work.

1. Your LIT will meet with you, begin drafting your proposal and submit it

In the first step, you will meet with your LIT and begin discussing your financial situation. Your LIT wil take notes on what debts you owe, which debts qualify as unsecured debts (your mortgage and car loan are not included), your income and what assets you have. After drafting your proposal, your LIT will file it with the Office of the Superintendent of Bankruptcy (OSB).

Once your proposal is filed, you no longer have to make direct payments to creditors. In addition to stopping your payments, if your creditors were garnishing your wages or have filed a lawsuit against you, these actions are also stopped.

2. You LIT will send your proposal to your creditors

After filing your proposal to the OSB, your LIT will also send your proposal to your creditors. Your proposal will include a report on your personal financial situation and the cause of your financial difficulties.

3. Wait for a response and fulfill your obligations

Your creditors will have 45 days to either accept or reject your proposal. If your proposal is accepted, there are some conditions that you have to follow which include attending two counselling sessions, be responsible for paying all your payments to the LIT who will then pay the creditors, and be required to adhere to any other conditions outlined in the proposal.

What debts can be included in a consumer proposal?

The only kind of debts that are included in a consumer proposal are called unsecured debts. Unsecured debts aren’t like a mortgage or a car loan which is secured by a collateral property. Type of unsecured debts can include but are not limited to:

  • Credit cards
  • Lines of credit
  • Personal loans
  • Payday loans
  • Income taxes
  • Highway / Bridge tolls
  • Student loans (as long as you’ve been out of school for more than 7 years)

Normally, secured creditors are not affected by consumer proposals, in most cases you will have to continue making your payments as usual under your agreed arrangements.

There is an option in the consumer proposal to surrender and return your secured assets, like your vehicle or house, to the lenders and stop making payments for those assets. IDepending on provincial laws, the sale of these assets will be held by the secured creditor and included in your proposal.

Uncategorized Editor Sat, 23 Jul 2022 23:28:53 -0400
5 Things You Must Know About Physician Contract Reviews

If you don't have a private practice as a physician, you'll have to sign employment contracts from time to time. Most contracts have twisted and demanding clauses that can make your practice burdensome.

It's imperative you understand every provision of the contract to ensure it matches your expectations. In this article, you'll find 5 things you must know about physician contract reviews, including:

  1. Restrictions
  2. Work expectations
  3. Compensation and benefits
  4. Contract termination provisions
  5. Negotiation

Let's dive in.

What You Should Review in Your Physician Contract

  1. Restrictions

Physician contracts are bound to end, meaning you'll move to a new employer at some point. Some physician contracts include a non-compete clause that prevents you from working with competitors for a specific period when the contract ends.

Though this agreement favors the employer, it may prevent you from earning income in specific areas for some time. Before signing your contract, you have to understand the following:

  • The clause differs from state to state- Not every state enforces a non-compete clause. For those that do, time could extend up to 2 years.
  • The restriction should be time-specific- The contract should specify the time you are forbidden to work with your employer's competitor. It should be proportional to the contract length.
  • The agreement should be geographically defined- The restriction distance should be specific in terms of mile radius from your employer's office.
  1. Work Expectations

Most physician contracts make unclear provisions of what the employer expects of you. They may use vague terms that seem okay until you start working. The demands become more, and your practice becomes unbearable.

  • A good contract should have the following:
  • A clear time when you're supposed to report and leave
  • Number of patients you'll see
  • Number of procedures you'll carry out
  • The vacation time allowed

     3. Compensation and Benefits

The most exciting part of the contract that physicians never miss is compensation and benefits. However, while some contracts allow you to negotiate your salary, others don't. Which means you'll receive a standardized compensation.

Always research the policies of the employer to know their compensation terms. You should also consider benefits because they can boost your income. Some benefits that employers offer include:

  • Health insurance
  • Disability insurance
  • Paid time off
  • Retirement contributions

     4. Contract Termination Provisions

Every contract should include a termination clause stating how the employer can end the agreement. This section should have specific and concise terms and should cover:

  • Termination with a cause- The employer should state clear reasons why they can end your contract.
  • Termination without cause- This provision allows the employer to end the contract for no reason. However, they should give you notice of 30-180 days for you to look for other opportunities.

     5. Negotiation

Physician contracts have legal implications, and you need to read and understand all the clauses before signing. Whether you have practice experience or it's your first job offer, a physician attorney can help you negotiate and review the contract.

Though you'll incur a cost, it will save you from legal battles and set your career for success. Nowadays, attorneys market their services, making it easy to find one. But, ensure the attorney is licensed to work in the state where you'll be working.

Final Thoughts

A physician contract does not only revolve around compensation. Many provisions can affect your practice, and you should research and understand them. If anything is unclear, the best option is to hire an attorney to guide you through the process.


Naomi Olson [Website TwitterHeadshot]

I am a CFP® (Certified Financial Planner).

I have a severe phobia of bridges and dirty balance sheets.

Hobbies: blogging, meditation, and loving Bull Market (my dog).

Uncategorized Editor Fri, 24 Jun 2022 09:05:28 -0400
Everything You Need to Know About the British Tax System It often happens that British citizens struggle to understand how the UK tax system works, wondering how much and how often they have to pay taxes. The UK tax system is in fact really intricate and difficult to figure out for a regular citizen, for it is a complex plan of tax bands, relief schemes and allowances. The easiest way to understand how the system works is to keep in mind a very important rule: the amount of tax you have to pay generally depends on the way you earn your income and on how much you earn every month. As a matter of fact, you have to base all your calculation on your job situation, for the many tax rules that have been set by the government will change according to one’s circumstances. If you’re and employee, your tax situation will be a lot different from that of a self-employed person, a director or the owner of a business. To complicate this matter, there’s the Personal Allowance, which consists of a variable amount of funds that workers can earn every fiscal year before paying income tax. This allowance is set by the government and will be different according to one’s economic and job situation. It might also vary from one fiscal year to another. As for the timing for paying taxes, the question is quite simple. The UK government has indeed set up fixed dates. Just write them down and remember to pay in those days. In fact, the UK tax year runs from April 6 to April 5. If you’re moving to the UK and you’re worried you won’t be able to learn how the British tax system works keep reading. In the following paragraphs we’ll go deeper into this matter.

Income tax: how does it work?

Let’s have a closer look on how the UK tax system works. Basically, income tax is charged on different kinds of income, like wages and salaries from work. The government also charges income tax on profits (for instance for people who run businesses), pensions, rents (for instance if you run a property) and interest and dividends from all types of investments and savings. The purpose of income tax, which is collected by the HMRC on behalf of the government, is to help grant funding for all public services, such as welfare, education, the NHS, road construction, housing, construction of railways and any other kind of investment aimed at the realization of public projects. There are also some cases in which you won’t have to pay any income tax. This could happen if you’re entitled to an allowance, which consists of a tax-free income you can earn every tax year.

Personal Allowance: what it is and what it is for

So, to recap, although everyone has to pay income tax according to their taxable salary received during the tax year, some people are entitled to a personal allowance. What is it about? The personal allowance is a flexible amount which is deducted from your income before you start paying your taxes. In the UK, everyone is entitled to this kind of allowance. As previously mentioned, it is a really variable amount, which value can vary depending on your job and tax situation. Some people are in fact entitled to a higher personal allowance, for instance if they request marriage allowance or some kind of disability allowance. The amount may vary from case to case and the government will decide how much you owe based on your situation. Nowadays, the standard personal allowance is currently up to £12,500, which will be reduced for people who earn over £100,000.

Uncategorized Editor Mon, 16 May 2022 04:12:45 -0400
4 Effective Ways to Make an Investment in Real Estate When making an investment in real estate, the key goal is to put your hard-earned cash to work now so that you can have more of it tomorrow. The return or profit you generate on the investment you make should be capable of covering all the risks you take and other costs of owning properties, like insurance, maintenance, and utilities.

Investing in real estate can be simple, especially when you are familiar with the basics related to risks, economics, and investment. You buy properties and earn cash by renting them in order to buy more.

However, know that simple doesn’t always mean easy. If you end up making any mistake, the consequences might range from major disasters to minor inconveniences. This is why you might want to be familiar with the following ways so that you can successfully invest:

1.     Purchase Multi-family Homes

For most people, multi-family homes are one of the first properties they invest in. When you purchase properties in Santa Ponsa with two or three units, you will have the dual benefit of owning a house to stay at and investing in units that you may rent out.

If you have plans to live in one of the units, you may use any kind of mortgage so as to finance your multi-family home.

2.     Flip Properties

Flipping of properties involves investing in real estate in underpriced homes that require a little love and renovation and reselling it at a profit.

But there is an element of risks since there is a lot of math behind flipping, which needs an accurate estimate of how much it will cost to do the repairs.

So the most experienced experts suggest that you try looking for a reliable and experienced partner to flip properties. This can be a good contractor who is great at managing projects and estimating total expenses.

3.     Wholesaling of Real Estate Properties

Among the fastest ways of investing in real estate is to consider wholesaling. This strategy encompasses securing properties under the market value and assigning them to the end buyer to buy the contract.

In the real sense, wholesalers don’t own properties. Rather they make cash by adding some fees to the contract.

The key goal of wholesaling is to create a strong list of buyers. Essentially, this is a list of reliable investors who are searching for different deals.

Usually, wholesalers run lead generation campaigns so as to identify prospective buyers. That involves advertising their business through direct mail, social media, or emails.

4.     Buy REITs

A REIT (real estate investment trust) enables you to make real estate investments without being a landlord. So basically, REITs are companies with around 95 investors who own commercial estate properties, such as retail spaces or office buildings. These companies use money from investors to buy, operate, and sell all the income-producing properties.

REITs fall into two major categories: mortgage REITs and equity REITs. Mortgage REITs specialize in residential or commercial, or a mix of both. On the other hand, equity REITs focus on investing in specific types of properties.

The Takeaway!

Investing in real estate properties is definitely a great idea since the investment properties have a combination of more chances of generating more income, steady cash flow, and safety.

Whether or not you are a new investor, it is important to constantly read real estate books from professional investors who made millions of money by investing.

Uncategorized Editor Mon, 09 May 2022 23:32:35 -0400
5 Reasons to Invest in Rental Property in 2022

Are you looking for a profitable investment opportunity to secure passive income? This article is perfect if you've been debating the pros and cons of expanding your portfolio to include real estate. Right now, the market is prime for new investors and seasoned experts to cut another slice of the pie. In the following paragraphs, we'll highlight the top 5 reasons to invest in rental property in 2022.

Besides, if you're worried about the financial implication of investing in real estate, there are ways around it. You can even save money when buying a house with some ingenious solutions.

 Why is Now a Good Time to Invest

1.   Rent is a Valuable Means of Income

As you know, the payoff for investing in rental property is rent. Thanks to inflation skyrocketing in 2021, and a more gradual build-up in the preceding year, rent is at one of its all-time highs. That means property owners are witnessing a high ROI on their rentals. There's an obvious solution if you're concerned about efficient rental collection and avoiding late payments. Choosing the right property manager can save you from the hassle and ensure tenants promptly pay their rent.

2.   Vacancy Rates are Low

Rent prices aren't the only thing picking up steam in 2022. House prices are also increasing, making owning a home an expensive alternative. Thus, more families are opting to become tenants for the foreseeable future. As a result, vacancy rates are also low. Consequently, if you were to invest in real estate today, it's unlikely your units would be empty for long. Since vacancies are often a menace for landlords, this trend is effective in managing landlord risks. Besides, lower vacancies rates tie closely with the increase in rent prices. That's because a high demand triggers a subsequent rise in cost. Thus, property owners stand to make more money.

3.   Technological Trends Make Rental Management Easier

One of the reasons investors stay away from real estate is management problems. When you're a landlord, you have to keep up with several issues like maintenance, repair, and tenant needs. This role can take a toll on property owners who aren't ready to sacrifice the time and energy to run a successful rental business. However, in 2022 many innovative tools can make this job more manageable. There's at least one solution to any task, from automated services to collect rent to 3D tours for housing viewing.

4.   Mortgage Rates are Still Low

Despite the Federal Reserve withdrawing the cap on interest rates, these numbers are yet to climb back up to their normal state. Savvy investors are jumping on these record-low rates to buy rental properties. Besides, since rent prices are already high, you stand to gain more when you invest at a significantly lower rate. That way, you enjoy the benefit of a higher buying power while reaping the rewards of supply in a scarce market.

5.   Property Investments Fend off Inflation

Finally, property investments are valuable to acquire because they battle inflation effectively. Real estate has progressively proven its ability to maintain and even increase value over the years. Inflation can hit your savings or other ventures hard, but property tends to go up with the economy. Thus, it is one of the safest and wisest opportunities.

Current Market Conditions

Current market conditions are prime for new real estate investors. One of the 2022 rental market trends you should leverage is the rising rental demands. Thanks to inflation, buying a house is more expensive. Thus, more people would rather fall back on rental apartments. Besides, an increased number of financially independent Millennials, retiring elderly, and stay-at-home professionals are now looking for SFUs in the suburbs.

Potential Risks of Investment to Consider

  • Negative cash flow: No investment comes without the risk of loss, and real estate has its fair share. One of the first is a negative cash flow when expenses exceed income. This scenario occurs when landlords fail to properly account for their costs, like repairs and property taxes.
  • Vacancies: Another fear investors have regarding rental properties is vacancies. Empty units eat into your profits and are damaging in the long run. Although we've highlighted that vacancies rates are at one of their lowest, it isn't so across the board. If you invest in a high-vacancy location or your units aren't up to standard, you'll struggle to find tenants.
  • Problematic tenants: Lastly, troublesome tenants can make rental properties hard to manage. It can be frustrating when you have a difficult tenant, but it can also make it harder for you to recoup the cash. For example, if they fail to pay their rent or are destructive, you'll have a smaller than expected cash flow.


That's it! After reading this article on the 5 reasons to invest in rental property in 2022, we hope you feel confident in your decision. Between low mortgage rates, high rent prices, and efficient management tools, property owners stand to earn a lot. However, if you need a little guidance, don't hesitate to contact a reputable property manager.

Uncategorized Editor Tue, 19 Apr 2022 23:31:01 -0400
How Does Mortgage Refinancing Work in Canada?

With interest rates at an all-time low, now is a great time to refinance your mortgage. When you refinance, you take out a new mortgage with a new lender at a lower interest rate than your current one. This allows you to save money by paying off your mortgage faster and get cashback from the transaction in the form of any difference between your old and new interest rates. But there are many different lenders, and it can be hard to know which company will give you the best deal for your needs. There are some special considerations you should give to mortgage refinancing in Canada.

The Basics of Mortgage Refinancing

The purpose of refinancing is to reduce the interest rate on your mortgage. Your new mortgage will replace the old one, and you'll start making payments on it. You can either keep the same amount of money coming out each month or choose to pay off your debt faster and save more in interest payments over time - this depends on which type of loan you want. There are two main types of mortgages:

Fixed-Rate Mortgages: With a fixed-rate mortgage, you know exactly how much money will come out of your bank account each month for a set period (usually five years).

Variable Rate Mortgages: If you have a variable rate mortgage, then your monthly payments will depend on what interest rates are like when the loan starts and when it finishes. Variable-rate mortgages have been increasing after being slightly less popular than fixed-rate mortgages in recent years.

No matter what type of mortgage you have, there are three ways to refinance:

  • Extend your term length by 10 or 20 years
  • Move to a lower interest rate without changing anything else about your mortgage
  • Move to a lower interest rate while making higher monthly payments

How to Find the Right Lender

There are many lenders out there, and it isn't easy to know which one is the right one for your needs.

It's important to do your research before making any decisions. Visit each lender's website and review the information they provide. Pay close attention to the rate of interest and ask yourself a few questions:

  • Do you want a fixed or variable rate?
  • How long do you want to keep your mortgage?
  • What type of payment schedule do you want?

It would help if you also compared rates to get the best deal for your needs. This will give you a clear picture of the best offers from different lenders in Canada. You can then choose based on what suits your budget and lifestyle best.

What Happens During the Consolidation Process?

The consolidation process is a little more complicated than refinancing. If you want to consolidate your debt, you will need to contact all of the lenders to whom you owe money and negotiate with them to lower the interest rates on your loans. You can also switch from variable interest rates to fixed ones, which many people prefer because they know what they are paying each month, and it is not changing.

When consolidating your debt, you need to be very careful not to borrow too much money. This is especially important if you have bad credit or are self-employed. When consolidating debts, make sure that you do not borrow more than 35% of the value of your assets (including equity in your home). Otherwise, this could negatively affect your credit rating and lead to problems down the line.

Understanding Your New Interest Rate

One of the most important things to consider when refinancing your mortgage is your new interest rate. Your lender will provide you with an estimated interest rate for the first five years of your refinance, as well as a lifetime estimate. This means you'll know what you can expect to pay in interest throughout your loan. But it's not always easy to tell which lender will give you the best deal on your new interest rate.

One way to compare the different lenders is by looking at the difference between their advertised and actual rates. If a company announces a lower rate than their competitors, they may have a higher APR (annual percentage rate) on their existing product. You may also be able to save money by choosing a lender with a lower administrative fee or one that doesn't charge any prepayment penalties if you make extra repayments on your mortgage.

Reducing Your Monthly Payments

One of the best reasons to refinance your mortgage is to reduce your monthly payments. You can lower your rates and get a smaller amount every month by refinancing. This will help you save money in the long run by paying off your mortgage sooner. For example, if you have a $200,000 mortgage with a 4% interest rate and you plan to pay it off in 25 years, you'll end up paying $1,000 per month. However, if you refinance the same amount and get a 2% interest rate for the same term, then you'll only be paying about $500 per month! That's half as much as before!

When it comes time to refinance your mortgage this year, make sure that monthly payment is one of your top considerations. It makes sense to look into different lenders and rates so that you can find the best deal for yourself and save money in the long run.

Now that you know what you're in for, are you ready to refinance?

We hope this guide has given you all the information and resources you need to make the right decision for your specific situation. Whether you're planning on it or not, it's important to have all the information available so that you can make an informed decision and get the best deal possible.

Uncategorized Editor Wed, 06 Apr 2022 23:57:25 -0400
Will My Credit Score Be Affected by a Consumer Proposal?

If you’re considering filing for a consumer proposal, one of the things you may be wondering is how it will affect your credit score. A consumer proposal is a formal process through which you can negotiate with your creditors to repay a portion of your debt over a period of time.

It is not bankruptcy and will not show up on your credit report as such. However, a consumer proposal will have a negative impact on your credit score. The extent of the impact will depend on many factors. Here are questions to ask yourself to determine how much a consumer proposal can help your credit score.

How Long Have You Been in Debt?

The period of time you have been in debt will be a factor in how much your credit score is affected. The longer you have been carrying a high balance, the more significant the impact of a consumer proposal will be. With a consumer proposal, you are indicating to creditors that you are unable to pay your debts as they come due. This will be reflected in your credit score. The good news is that once you have completed your consumer proposal, your credit score will start to rebound.

How Much Debt Do You Have?

The amount of debt you owe is another factor that will affect the impact of a consumer proposal on your credit score. The more debt you have, the greater the negative impact will be. This is because you are indicating to creditors that you cannot manage your finances effectively.

What Is Your Credit Score?

Your credit score will also be a factor in how much your credit score is affected by a consumer proposal. A lower credit score will result in a greater negative impact than a higher credit score. You are considered a higher risk to lenders if you have a lower credit score.

What Types of Credit Do You Have?

The types of credit you have will also be a factor in the impact of a consumer proposal on your credit score. If you have a high percentage of debt that is considered revolving debt, such as credit cards, the impact of a proposal will be greater. This is because you are considered a higher risk to lenders.

How Many Inquiries Are on Your Credit Report?

The number of inquiries on your credit report will also be a factor in the impact of a proposal on your credit score. If you have a high number of inquiries, it indicates to creditors that you are high risk. You’ll see a negative impact on your credit score. The impact of a consumer proposal on your credit score will be less if you have few inquiries on your credit report.

Have You Had Any Late Payments in the Past?

The number of late payments you have made in the past will also be a factor in the impact of a proposal on your credit score. If you have a history of late payments, it indicates to creditors that you are not a reliable borrower. Your credit score won’t benefit from that.

What Is the Length of Your Credit History?

The length of your credit history will also be a factor in the impact of a proposal on your credit score. The longer your credit history is, the less impact a proposal will have. You are considered a low risk to lenders if you have a long credit history.

What Is the Amount of Your Credit Utilization?

The amount of your credit utilization will also be a factor in the impact of a proposal on your credit score. If you have a high amount of debt compared to the amount of credit you have available, it indicates to creditors that you are high risk. It won’t help your credit score.

What Is the Type of Debt You Have?

The type of debt you have will also be a factor in the impact of a proposal on your credit score. If you have a high percentage of debt that is considered unsecured debt, such as credit cards, the impact of a proposal will be greater. This is because you are considered a higher risk to lenders.

Have You Had Any Collections or Judgments in the Past?

The number of collections or judgments you have had in the past will also be a factor in the impact of a proposal on your credit score. If you have a history of collections or judgments, it indicates to creditors that you are not a reliable borrower.

A consumer proposal will certainly have a negative impact on your credit score, but it’s not the end of the world. Because you are indicating to creditors that you are unable to repay debts in full and on time, you will not be able to enjoy the same credit as those who do. But it’s better than doing nothing. It shows you’re proactive and looking to pay what you can. And by talking to someone who can help you file a consumer proposal, you stand a much better chance of recovering from your debt.

The greater the amount of debt you owe, the more negative the impact will be. Your credit score will also be a factor in how much your credit score is affected by a proposal. A lower credit score will result in a greater negative impact than a higher credit score. If you have a high percentage of revolving debt, such as credit cards, the impact of a proposal will be greater. The number of inquiries on your credit report and the length of your credit history will also be factors in how much your credit score is affected by a proposal.

Uncategorized Editor Wed, 23 Mar 2022 00:21:39 -0400
How to Save Money When Buying a Home The average American family spends $12,000 to $25,000 on a down payment for the purchase of their first home.  That's not chump change. And now with real estate prices skyrocketing, it's easy to read about friends and family who bought fabulous homes years ago and are now sitting on all sorts of equity.

And this is why people often ask, "How can I buy a home for less?"  First of all, there's technically no such thing as buying a home for less.  Homes sell for what they sell and there's little anyone can do about that.  But while you can't control the market prices on homes, you can control how much cash you need to bring to the table.

So yes, there are strategies that you can use to buy a home for less than the average down payment costs, and this article outlines five of them.

Not buying all at once

The two biggest reasons why people spend more than they should on their down payment are 1) they stop making their regular monthly house payments for a time to save up, and 2) they use credit cards (or overdraft protection).  Neither of these is the best way to go.

The first reason—stopping your house payments—is not only costly, but it also wrecks your credit score.  Your loan payments are reported to the credit reporting agencies, so if you stop paying your bills, they will appear on your credit report and they will hurt your credit score. And this brings us to reason number two—using credit cards or using overdraft protection with your checking account to save up for a down payment.  You have to have a good credit score to buy a home, so it's time wasted if you're building up your credit ratings at the same time.  If you're interested in buying a house right now, you need to start making your regular monthly payments again—even if it means getting another job or borrowing money from family/friends.

If you can't bring all the cash to the closing table, you could face difficulties obtaining a mortgage.

Buying in your "sweet spot"

The average down payment for first-time homebuyers is $12,000 to $25,000, but let's say right now you have $700 in your checking account.  That means you need to come up with a down payment of approximately $13,000 to get a standard conventional loan on a house.

And what happens if the home you want is listed at $150,000?   You can't buy that house unless someone gives you the difference between $150,000 and $13,000!

Here's the simple strategy: buy a home in your "sweet spot," which is typically somewhere between one-fourth and half of your monthly income.  For example, let's say you make $3,333 a month after taxes.  You should try to find a house that costs no more than about $1,000 a month in mortgage payments. You would need to spend half your monthly income or less on the down payment for this house.

Buying with a family member

One way to buy a house is to ask your parents, siblings, or relatives if they will help you out.  And this isn't as crazy as it sounds, either.  According to the National Association of Realtors, about one-third of first-time homebuyers have some form of family assistance with their purchase.

The benefit here is that offerings from your relatives tend to be lower than what you might find on the open market.  Also, they are usually willing to work with you on the financing.  And if your credit score is too low to qualify for a conventional mortgage, maybe they are willing to co-sign for you.

Having 100% financing

Sometimes, sellers are willing to finance part of your down payment for you through private mortgage insurance (PMI).  This often happens when the purchase price of a home is less than 20 percent of the market value.

Keep in mind that PMI on a $60,000 condo is going to be considerably cheaper than PMI on a $1 million house.  Also, if you can find a bank or credit union willing to finance part of your down payment instead of charging PMI, you will probably save even more money.

Another option is using a no-down-payment loan called an FHA loan. An FHA loan requires only 3.5 percent down and includes mortgage insurance (although not as much as their conventional counterparts).  Keep in mind that getting an FHA loan does mean you'll have a slightly higher interest rate and closing costs.

Compare all options

Working with a local realtor and mortgage broker can be the best way to not only explore your fnancng options, but help you find good property deals in your area. With these two resources, you should be able to hopefully buy a home for less. Good luck!

Uncategorized Editor Wed, 16 Feb 2022 09:19:56 -0500
Can a Consumer Proposal Be Rejected?

When you have filed a consumer proposal, there are many reasons why the Trustee may reject it. One of the most common reasons is that you did not include all of your debts. Another reason might be because you claimed assets that do not belong to you.

For example, if you obtained an advance on your wages or employment insurance payments through fraud or deception, these funds cannot be used as part of your consumer proposal. If this was an error and the Trustee discovers it during their verification process, they will reject your proposal. This rejection will likely cause serious problems since the money you owe will come due immediately.

Another way that your consumer proposal may be rejected is if you did not include all of your creditors or if you failed to disclose an asset that has significant equity (for example, a second property). The Trustee will interview your creditors and review your financial records to determine this. If they discover any potential problems, they may ask to meet with you for an interview. At this meeting, they can clarify any issues. If there are still unresolved issues after this meeting, the Trustee could recommend that the debtor reject the proposal.

The Trustee's decision must be in writing and give reasons for it. If the Trustee rejected your proposal because you did not list all of your creditors, you should make sure that you add all of them to your next proposal. Suppose it was rejected because of a discrepancy in the information provided (for example, an undeclared asset), and you believe this is not a major problem (such as one dollar in your bank account). In that case, you should consider submitting another proposal that deals only with these issues.

The Trustee will mail you a copy of their decision regarding the consumer proposal. It will tell whether they recommended it be approved or rejected and what reasons led to their decision (if applicable). This letter will also explain how to ask for a review if there are any errors in the Trustee's decision.

Another reason why your consumer proposal may be rejected is that you could not make the required payments. If this is the case, the Trustee will provide you with a brief explanation as to why it was rejected and what your options are now. For example, if you were unable to pay during the first year of your proposal, then they will recommend that you resubmit a new one once you have enough money saved up. You can then submit a new proposal to either begin paying again or extend the length of time over which your repayments are spread out.

If there are major errors in your consumer proposal, such as the total amount owed being incorrect or forgetting to list some creditors, then you should submit another proposal. This time, make sure that the total debt amount is correct and that you have included all of your creditors. The Trustee will then review this new proposal before deciding on whether to accept it or not.

If your consumer proposal was rejected by the Trustee, then there isn't much you can do except resubmit a new one with accurate information. The sooner you can fix any problems, the better since interest continues to accrue even when your proposal is being reviewed.

You might want to contact an authorized trustee if they recommend rejecting your current proposal because of debts that are not yet due. You may be able to work out a deal with them to pay these debts off over time.

The Trustee's decision regarding your consumer proposal is final and cannot be overturned. If you wish to appeal a decision, you must do so within 30 days of receiving their written decision. You would have to submit a new proposal if your current one was rejected because there were major errors or because the Trustee believes that the creditors would not accept it.

If you have already made payments to creditors under your proposal, another creditor may try to garnish or seize payment from you after your proposal has been rejected. If you believe this has happened because of an error on the part of the Trustee, then you should contact them immediately to resolve the issue. You may need to begin making payments under your proposal again or submit new ones for these creditors in order to avoid garnishments and seizures.

Please keep in mind that any amounts which are not wiped out by a consumer proposal will become debts once again, but interest will continue to accrue on them during this time. Once they are discharged by bankruptcy, they cannot be collected anymore.

Uncategorized Editor Sat, 12 Feb 2022 01:53:07 -0500
6 Day trading strategies for the stocks market The stock market is a complex field with many different facets to explore. If you are interested in day trading, you probably already know that the average stock trader has between zero and three per cent success rate, where successful trades are defined as making back more than they lose (you can check here).

It's true for traditional investing and day traders who work within after-hours time frames. However, some strategies can help increase your chances of finding profitability significantly; here are ten useful ones.

1. The 30-minute rule

Most financial professionals recommend holding stocks overnight unless their price is likely to move beyond 1% or 2%. Generally speaking, it's not advised to keep any stock for less than half an hour because, by that point, all critical information that could affect the price will already have been released and reacted to. However, if you can be patient for half an hour and not worry about missing out on quick profits, then the following strategy might work for you.

2. The 1/4 rule

This one requires a little more patience than the 30-minute rule. While still only holding stocks that are likely to move less than 1% or 2%, wait around half an hour again before taking your trades. If the stock is within 20 cents of its previous quarters closing price, it's an excellent time to buy. This one has a 96% success rate, according to financial professionals.

3. Measure twice, cut once

Before you take any trade, make sure you know how much money it will earn you. Once you see this number, figure out how many shares of a particular stock you need to buy for the profit from the trade to equate to that amount. For example, if it's going to make you $150 and the minimum trading volume is 50,000 shares, then you're going to need to purchase 3,333 of them. It will allow you to scale up or down depending on your level of risk tolerance while still allowing for consistent profits over time.

4. New highs or new lows?

In general - or at least according to experts - a stock's price will continue rising once a particular milestone has been reached. That means there should be more buying pressure than selling pressure, so prices should go up faster than they would if the trend was downwards. Conversely, when a stock's price falls to a new low, it indicates that the sellers have taken over, and the downtrend is likely to continue. So what do you do when you're not sure?

5. Wait for confirmation

Day traders need to read charts and understand market indicators to make informed decisions. One common technique is called 'confirmation trading'. It means waiting for two or three indicators to agree before taking a trade. For example, if an RSI (relative strength indicator) is telling you that a particular stock is overbought, but the MACD (moving average convergence divergence) says it's still undervalued. It's worth waiting for another signal before taking the trade.

6. Capitalize on volatility

According to industry experts, volatility is the key to successful day trading. If you can get in and out of stocks quickly enough while they're still moving their prices, then you will win more of your trades than if you waited for the stock to calm down before entering into it. Some traders use advanced algorithms that earn profits almost exclusively by buying low and selling high at regular intervals; these are called 'trading bots'. A more straightforward method of capitalizing on volatility is to buy when there's blood in the streets - i.e. when everyone else is panicking- and sell when everyone else gets greedy—i.e., no one wants to leave any cash on the table.

In conclusion

Many different strategies can be used when day trading stocks. It's essential to find one or two that work well for you and stick to them while always remaining aware of the risks involved. With a bit of luck and perseverance, you could be on your way to making a healthy profit from the stock market.

Uncategorized Editor Wed, 22 Dec 2021 02:06:46 -0500
Can Bankruptcy Help Get Rid of Joint Debts in a Divorce? It depends on the bankruptcy and the divorce as to how it will help get rid of joint debts. If you file for bankruptcy first, you and your spouse will only have to pay one filing fee and can share the legal fees of your bankruptcy attorney. Filing for bankruptcy first can also make the property division portion of your divorce case simpler. Typically in a divorce, the court will divide both the assets and the debts. However if you and your spouse secure a discharge of your unsecured debts through bankruptcy, neither one of you will have to pay them after you receive the discharge. Therefore the court will not need to divide them.

It is also important to note that if a judge orders your spouse to pay a debt that you share, the court’s order will not impact the creditor. Since the creditor is not a party to your divorce, it can go after either you or your spouse to collect payment. If you do not obtain a discharge of a debt through bankruptcy, the creditor can seek to collect what is owed regardless of the family court’s orders. If it is discharged in a bankruptcy that you and your spouse file before you file for divorce, the creditor may not engage in any further collection activities for that debt against either you or your spouse. If it is discharged in a bankruptcy and only one of you filed  before you file for divorce, the creditor can seek further collection activities against only the spouse who did not file bankruptcy.

Filing for bankruptcy before your divorce also has a few disadvantages. If you plan to file for Chapter 13 bankruptcy instead of for Chapter 7 bankruptcy, it may be a better idea for you to wait to file your bankruptcy case until after your divorce is finalized. This is because of the differences between these two types of bankruptcy. By contrast, a Chapter 13 bankruptcy is a type of bankruptcy that involves you entering into a repayment agreement that will last between three and five years. If you and your spouse file for Chapter 13 bankruptcy before your divorce, it will be a long time before your shared repayment plan is completed. Unless you and your spouse are very amicable, it might not be a good idea for you to file this type of bankruptcy before you divorce.

It is generally never a good idea to file for bankruptcy during a divorce for multiple reasons. This is because both your divorce and bankruptcy cases will impact each other, causing the cases to be delayed. When you file for bankruptcy, your non-exempt assets will become a part of your bankruptcy estate. This means that the judge in your divorce case will not be able to divide your assets until your bankruptcy case is concluded. It is best to file either bankruptcy or divorce first instead of filing them at the same time. It is always suggested to talk to your divorce lawyer in Montgomery or wherever you live about when to file each case.

Some people choose to file for divorce first and then to file for bankruptcy after their divorces have been finalized. This might be advantageous if you either plan to file for Chapter 13 so that you can retain more of your property or if you don’t qualify to file for Chapter 7 bankruptcy because your income is too high. However, if you and your spouse both need to file for bankruptcy, waiting until after your divorce is final means that you will each have to pay your own filing fee for your bankruptcy petitions, which means that you will ultimately pay more in legal fees. Waiting until after your divorce to file for bankruptcy protection may also be beneficial if you and your spouse cannot get along. This can allow you to seek a discharge of your debts without having to depend on your spouse working together with you in your bankruptcy case. One issue that can arise when an ex-spouse files for bankruptcy after a divorce is the division of debts that was previously ordered by the family court in the dissolution case.

If the bankrupt spouse was ordered to pay a joint debt in the divorce case and subsequently obtains a discharge of that debt, the debt does not simply disappear. If your ex-spouse was ordered to pay an unsecured debt such as a credit card or medical bill that is in both of your names and subsequently has it discharged in bankruptcy, the creditor will not be allowed to try to collect on the debt from your ex-spouse. However, the discharge that your spouse obtained will have no impact on the ability of the creditor to come after you to collect on the debt. You also will not be able to enforce the family court’s order to your ex-spouse to repay that debt because the bankruptcy court’s order for the discharge supersedes the family court’s order.

Uncategorized Editor Sun, 14 Nov 2021 22:46:08 -0500
How Personal Expense Management Software Companies Can Save Your Business a Bundle in Taxes What are taxes?

A tax is a compulsory financial charge imposed on an individual or legal entity by a governmental organization to fund government spending and various public expenditures. Failing to pay, evading, or resisting taxation is a crime.

Most countries charge a tax on an individual's income as well as on corporate income.

To be successful, a business needs to keep accurate records. You need to have a business plan or business model you are following, the right business type, a working accounting method, a good bookkeeper, and the ability to collect all this information in one place and then use it to your advantage. Part of this process includes the retention of receipts and invoices.

This is where personal expense tracking software becomes invaluable.

The importance of receipts

A receipt is a document, originally in print but now some businesses deliver electronic receipts. The receipt confirms that a transaction took place between two people. It is written proof that a seller received monetary compensation in exchange for a product or service provided to the buyer/customer. 

Without the business receipt and the information it contains, there is no official record of the shift in ownership following a purchase, or a request for a refund or exchange. Proof of ownership is one of the most important details to be able to prove when resolving taxes.

Receipts help you track spending

Another reason to keep your receipts is to see where your money is going. It's hard to know whether you're staying within your budget if you can't see the total of what you're spending.

Keep or scan your receipts and add up the totals at the end of each month. If you're over budget, review the receipts to see where you're overspending. Then, make a plan to plug those “˜holes' in your budget.

Receipts contain the following information

  • Information about the buyers and sellers: names, addresses, phone numbers, etc.
  • A list of the goods and services provided
  • A breakdown of the fee paid: prices, discounts, promotional codes or credits, taxes, etc.
  • The total amount paid
  • The method of payment employed

Which receipts should you keep for tax purposes?

Do you really have to save every receipt of every personal and business expense for taxes? 

No, you do not.

But which receipts should you save to comply with the IRS? Which can you part with, to help your bookkeeping remain clear and concise?

It's important to learn which receipts are short-term keepers, and which ones are to remain in your possession for long-term, tax-related reasons.

For the short term

When you’re running a small business these are important to keep track of as they are often tax deductible and added up they may lower the bottom line of your tax costs by a fair measure. Things like office supplies, dinners with clients and small expenses.

For the long haul

The more expensive your personal transaction is, the more important holding onto receipts becomes. This, in case the warranty needs to be enacted (with the receipt serving as proof). But long-term receipt storage is even more critical when it comes to business expenses and tax purposes.

Do you own your own business? Records pertaining to unreimbursed work-related transactions, self-employment expenditures, donations, and even childcare and medical expenses, can be used for tax deduction purposes. Be sure to hold onto all business expense receipts for seven years, in case you’re audited.


  • Keeping accurate records of your receipts and payments is essential to your business’s success.
  • Proper receipts will help you separate taxable and nontaxable income and identify your actual deductions.
  • Receipts protect both the buyer, the seller, and their business against uncalled-for recourse. They inject much-needed transparency into the transaction.

Monitor your business’ progress:

Creating, collating, and collecting records throughout your business enterprises is an essential tool in keeping track of your business’s successes and failures. Accurate records are vital to a business of any size. You need to know how you are doing to increase your ability to succeed.

Prepare financial statements: 

To keep a proper balance sheet, you need your receipts to let you know of profit and loss. 

Identify the source of receipts: 

While in business, you may work with many different companies and end up with money coming from many sources. Doing business with many companies will also significantly increase the number of receipts you get from varied sources. Keep the receipts you receive and the invoices you give.

Prepare tax returns: 

Business receipts help recreate a snapshot of your tax year. To reconstruct this picture and come out with the most accurate accounting return, you need to keep your receipts. 

Support items on your tax return: 

KEEP RECORDS! You must always have records that back up your tax return. The IRS frequently audits businesses, and you need to have documents that support your tax return.

What Other Business Records Should I Keep?

  • Invoices from Business transactions
  • Receipts from expenditures
  • Payroll records
  • Previous tax returns
  • Travel, entertainment, transportation, and gift expenses
  • Employment taxes
  • Assets and business property
  • Canceled checks and bank statements
  • Credit card statements
  • Salary records

How Long Should I Keep These Records?

The IRS states that you must keep these records for as long as they may be needed for the administration of any provision of the Internal Revenue Code. 

Generally, you should keep most records for three years. If you have employees, those records should be held for four years or longer. Some experts recommend keeping all tax records for at least five years after assessment. If you want to be safe, you can hold them closer to seven years.

You may have further questions about taxes. Do not hesitate to reach out and ask for help.

How do I keep these records?

All of the electronic receipts you receive you should send to yourself and save under an e-mail file. 

By saving your receipts when the end of the year comes you have a swift, simple way to provide all of your needed information.


John Brody is a content manager at Wellybox.. He is an experienced journalist who has covered finance, technology, psychology,  marketing and education.

When he isn’t writing John enjoys being a devoted uncle, a professional chef and an old-school gamer.

Uncategorized Editor Mon, 12 Jul 2021 04:58:50 -0400
What You Need to Know Before Starting a Gold IRA Investment Account A gold IRA is an excellent investment vehicle for those who want to diversify their portfolio with something other than stocks or bonds. Many companies offer this service, but how do you find the best one? In this article, we'll discuss what a Gold IRA is and how to choose the right company.

What is a Gold IRA? How does it Work?

A gold IRA is a retirement plan that invests in gold and other precious metals. It also allows for tax-deferred growth, meaning you don't have to pay taxes on the money until it's withdrawn from your account.

There are two types of gold IRAs: the Self-Directed and an Authorized Participant. With a self-directed IRA, you can choose how to invest your money by purchasing various precious metals from any eligible party, including dealers or banks. An authorized participant is selected by the company that administers your account. They will buy physical gold or gold securities for you and will charge an annual fee.

An additional benefit of a gold IRA is that it reduces your risk in the event of inflation by allowing you to invest in real assets like physical gold, silver, platinum, palladium, and other precious metals. It may also be helpful as part of your retirement plan if you are looking for a way to diversify your portfolio. When you purchase gold, the price of gold will be set when it is physically delivered to you, so there is no fluctuation in value as with paper currency or stocks.

The Pros of Investing in a Gold IRA

Gold IRA's offer a variety of benefits which include:

  • Gold is a safe investment because it is a physical asset and not an investment in stocks or paper currency.
  • Gold can be customized to meet your needs for retirement, college savings, investments, and other long-term financial goals.
  • A gold IRA does not incur capital gains taxes because the IRS considers gold as collectibles rather than assets like bonds or stock shares taxed.
  • Gold is a hedge against inflation, meaning that when the value of the paper currency and stocks declines due to inflation, gold will maintain its value.
  • You can diversify your portfolio by investing in other assets such as bonds and stocks while also using gold for long-term financial security.
  • The gold market is one of the few places where you can find predictable volatility, meaning that it does not fluctuate as much as other markets.
  • This is because gold prices are driven by many outside factors, all of which affect the value of this precious metal from time to time.
  • Gold and silver's values do not correlate with each other like how stocks or bonds might be related on an index chart; instead, they act independently, so when there are global economic uncertainties its normal for both metals to increase in price at different rates - what some people refer to as a haven against uncertainty or stagnation.

Why a Gold IRA is a Solid Investment Vehicle

A gold IRA is a solid investment vehicle, as it will not decrease in value like stocks and bonds. You can also make monthly contributions to your gold IRA throughout the year without needing to wait until December 31st like you would with an individual retirement account (IRA).

Additionally, when you buy tangible assets such as gold or silver for an IRA type of account, they are easy to store. This means that if something ever happened to your home - be it by natural disaster or theft - the items inside of your safe deposit box at the bank would still be protected under federal law, whereas 401k accounts have no protection from this sort of risk.

Lastly, gold has many benefits, as listed above. It is immune to inflation and, therefore, provides a hedge against market fluctuations and also protects your savings from the risk of devaluation.

How is Gold Stored?

Gold is stored in the vaults of banks or allocated storage.

Banks' vaults are often located in the basement, and they have multiple compartments to store gold bars. The vault is secured using several locks (physical key, digital code). Gold can also be stored as allocated storage - which means that it's not being used by anyone else at the time of purchase. The allocated storage is often at the back of a bank vault, and it's secured similarly to how the banks store gold bars in their vaults (with multiple locks).

How to Find a Reputable Gold IRA Company Online

Before investing in a gold IRA, the most important thing to do is research and find the best gold IRA company that can offer the best services.

You want to find a gold IRA company with its vault, is insured, and offers the best rates. You also need to make sure they are reputable because taking care of your investments shouldn't be easy as falling off a log. Finally, you need to know what kind of account you will open with them, so read more about our various types before deciding which one suits you best.

List of Gold IRA Custodians

There are many Gold IRA custodians today. Here is a list of some reputable ones:

  • American Bullion
  • BitGold, Inc.
  • GoldMoney Group Limited (holding company of BullionVault)
  • JMBullion, L.L.C.
  • Kitco Pooled Precious Metals IRAs (formerly called Pampas Capital Services, LLC.)
  • North American Precious Metals, Ltd.
  • Schroder Investment Management North America, Inc. (holding company of GoldMoney)
  • TradeKing is a custodian that offers both traditional IRAs and Roth I.R.A.s for gold investments. In addition to its standard brokerage service offerings, TradeKing also provides self-directed IRA services as

As discussed earlier, it is important to do a background check before you decide to do business with a gold IRA custodian.

The first thing to do is check the company's reputation. It should have a strong following with loyal and satisfied customers, which will be evidenced by high customer reviews on independent sites such as Yelp or Consumer Affairs. You can also find information about how safe they keep your gold in their vaults from third-party sources such as the Better Business Bureau.

Uncategorized Editor Wed, 05 May 2021 09:50:04 -0400
How Do Consumer Proposals Work in Canada?

Nobody likes being in debt. Whether it is financial debt or just owing someone a favour, debt has a way of turning unpleasant very quickly. It can lead to stress, anxiety and tough decisions. In the worst cases, it can take quite a long time to remedy and may require sacrificing privileges and luxuries.

Still, with the help of financial professionals, like Licensed Insolvency Trustees (LITs), there is a light at the end of the tunnel. LITs help individuals rein in their debt through a government process called consumer proposals. Join Reynolds and Associates as we break down the complete process below.

Choosing Your LIT

Did you know that filing for bankruptcy and consumer proposals both require an LIT to complete? As a result, the first step in a consumer proposal is finding a Licensed Insolvency Trustee (LIT) to perform the task. These trained and qualified professionals are licensed directly by the Office of the Superintendent of Bankruptcy (OSB), which is a branch of the federal government.

Additionally, to become an LIT, individuals must agree to a specific code of ethics, which prevents them from offering bad advice, cutting corners or exploiting loopholes or vulnerable individuals. Therefore, you will be hard-pressed to find an LIT that can’t meet your needs. Instead, you can choose based on personality, comfort and willingness to help.

Gathering Information

Once you have chosen and met with your LIT, you will have to gather relevant financial information. It is critical that you share all pertinent debt and asset information with your LIT so they have a complete picture of your financial situation. This includes any vehicle and property information, as well as credit card, student loan, line of credit and other debt records.

Drafting the Consumer Proposal

Now that your LIT has all of the necessary financial information, they will advise you on the plan moving forward. This involves drafting a consumer proposal, which will be sent to each of your debtors for approval or rejection. Once the document is sent, several actions occur at once. These include:

  • reducing your total debt owed
  • stopping collection calls at all hours of the day
  • combining all your debt into a single payment plan
  • ending rage garnishments
  • lowering your income taxes
  • stopping interest from accruing

Debtor Acceptance or Rejection

As part of the consumer proposal process, your debtors will have a deadline to accept or reject the proposal. Additionally, the proposal will be automatically accepted by all debtors if more than half of them agree to the proposal. In almost every case, the debtors accept the consumer proposal, with very few being rejected due to clerical or administrative errors.

Many reasons exist for this favourable situation, but one is more obvious than the rest. In the eyes of a debtor, some money is better than no money. If they do not accept the proposal, your only option is to file for bankruptcy, which would eliminate all your debt and leave your debtors penniless. Therefore, most find it preferable to take a reduced sum than no money whatsoever.

After the Consumer Proposal Process

After the consumer proposal process is complete, you will have to attend financial literacy training. This may be conducted by your LIT directly, or it may be through a third-party educator. In either case, you will learn valuable skills for handling your finances through budgeting, saving and planning.

Uncategorized Editor Sat, 17 Apr 2021 11:17:06 -0400
Professional Guidelines to Learn Currency Trading Business Forex trading is so popular nowadays. If you are looking for a potential opportunity to earn money, this profession is surely for you. So, it is very important for investors to learn basic things about Forex trading. Most experienced and professional traders suggest managing risk after involving yourself in this profession. To manage the risks, traders should know about the different methods and market conditions. A successful career is mostly dependent on the ways that traders managing the trade setups. Today’s article is about the ways to learn about Forex trading properly. Novice traders will massively benefit from this article if they read it and follow it carefully.

Best ways to learn Forex trading properly

Feel the importance to get educated

If investors want to manage their deals in Forex trading effectively, they should have basic knowledge about this profession, along with some basic skills. Spend some time learning the market condition, the active hours, managing the risks, etc. Every profession requires you to build experience and Forex is no exception. Experience is the best teacher and way to get a better outcome. If investors are willing to make some trade setups, they should possess the basic education and skills.

A demo account can help with this issue. A good technical foundation and mechanism for this industry will be easy as the platform is available for everyone. Fundamental knowledge can be gained in many ways. There are a lot of options for how to do this like YouTube, online articles, financial journals and different courses to learn basic skills. Those who are new to the options market, should choose a demo account to get a proper education. Feel free to get it from Saxo as they provide the best possible learning environment. Use their free resources and gather knowledge about the trading profession.

Use the micro account

Using a demo account is helpful and effective for continuing deals. But a micro-Forex account is also useful for a better result. It will allow the small trade setups and variation of the different trade sizes. Trading a small amount will be so effective for managing the deals as there is a smaller risk for the investors. At the very beginning of your career, if a huge loss has occurred, the whole process will be in danger. Many investors leave their profession due to the loss of money.

Try to learn about the currencies

There are a lot of investors in this sector from all over the world. Different types of currencies are used here. If you do not know about those currencies, you will be unable to know which one is best-suited for you. There is a huge difference if you start when you know the currency pattern and starting when you don’t know about the currency details. Your performance will be better if you know something about the deals beforehand. Trading currency is sometimes a good opportunity to use leverage.

Managing the risk

When investors feel greedy, they make mistakes. These mistakes can create some risks for their career. Looking at the chart patterns, you can easily make some logical decisions during crucial moments in a trade. It is not a matter of excitement. Try to control the emotion and get some basic skills and knowledge about this sector, and the risks will be controlled very easily. Risk and money management are the most important issues to address to continue valuable, smooth trade setups.

Follow a suitable strategy

To make sure their performance is smooth, investors need to follow a specific strategy. There are different kinds of strategy, like scalping, position trading, day, and swing trading, etc. 

Traders cannot use the same strategy for multiple trade deals. That is why they should know about suitable strategies. Follow the tips mentioned in this article and maintain strict discipline. Never lose confidence in the learning stage. Devote yourself to learning and you will become a successful trader within a short time.

Uncategorized Editor Tue, 09 Feb 2021 04:03:29 -0500
Why Bookkeeping Services Are Great for Medium-Sized Businesses

Getting into any type of business can be a very scary venture. People who start businesses are investing a whole lot of money, their time, and often their credit and their reputation on an idea, hoping it takes off and becomes profitable. If that’s not scary enough by itself, add to those factors the fact that the majority of all new businesses fail within their first year of operation, and you’re looking at something that can be truly terrifying. Not only does it take savvy, cunning and intelligence to make it in business; it also takes courage. You might not think so, but it’s actually the scariest for mid-sized businesses. While they’re a little larger then startups, they still don’t have the cache of big businesses or corporations, so they’re always teetering on the edge, and always in danger of falling off a cliff. That’s why mid-sized businesses need every advantage they can get, and professional bookkeeping might be something that sets them over the top.

Professional bookkeeping services just might be the boost a mid-sized business needs. Any business of any size could definitely benefit. But for many mid-sized businesses, they get stuck in a sort of limbo and can’t seem to climb the ladder, as they spend most of their time and resources just trying to avoid falling down the rungs. So here are a few benefits that mid-sized businesses can experience from professional bookkeeping.

The Best Benefits of Professional Bookkeeping for Businesses

Keep Detailed Records

The first big benefit is in keeping a detailed recording of all records. A professional bookkeeper is very thorough and detail-oriented, and he or she will take a complete recording of all business transactions. This provides easy access to records when you need your financial statements or need to create some business models to help your business profit more. Any data you need will be neatly recorded and stored for your access.

Stay Compliant with Laws and Regulations

Business owners and managers have all sorts of things to keep up with, so they can’t exactly study the entire tax code of a nation and a province every single year. A bookkeeper does, however, and bookkeeping services make it their business to know all about the new changes to taxes and expenditures and everything else that may trip you up if you’re not 100% compliant. It’s part of their job description to be able to guide you through all of this code and its frequent changes.

Plan a lot Easier

Mid-sized businesses spend a lot of their time planning for the future by creating different sorts of goals and strategies. In any sort of business plan, money is a huge factor, perhaps even the main factor, as a business is going to have to spend on advertising, employees, and much more. Bookkeeping makes it much easier to plan out these processes and to hit the ground running. Having that thorough data that can be easily accessed allows you to move a lot quicker with fewer resources spent.

Report Instantly

With a professional bookkeeper, you will always have an updated balance sheet so you can see exactly what’s going on with your business. If any party is interested, such as investors or potential partners, you will have this data available instantly to show them your latest financial reports. Businesses often do business with other businesses, and this sort of reporting is a requirement. Bookkeeping gives you instant access to updated reports.

Build Better Relationships

Mid-sized businesses are typically busy trying to forge relationships with banks, investors, vendors, suppliers, other businesses, etc. Let’s say that you need to take out a loan or a line of credit. What is the lender going to want to see? They will demand all of your updated financials, and they will want to see your history and even your projected profits. This is all really detailed stuff that many businesses just don’t have access to because they don’t have a professional bookkeeper. So they end up having to scramble to collect all of this data, which typically results in losing the investment or the loan.

Faster Response Times

One thing that separates the big businesses from everyone else is their fast response times when something’s going wrong or needs to be changed. Big businesses are able to get in there and change things that aren’t working. How are they able to do this? They have bookkeepers who are keeping this detailed data for them at the ready, so if something starts to go wrong, they can access this data and see what’s happening and quickly change things around. A bookkeeper gives you the ability to act much quicker in changing strategies.

Efficient Analyses

Bookkeeping proves to be incredibly efficient in many respects, such as the fact that it’s generally a lot more affordable than having some big-wig accounting firm. Though it’s also a lot more efficient for you when it comes to overall analyses of what’s happening with your business. The detailed records include the data from things that you have been trying, different schemes and campaigns, etc. You can easily receive an analysis that looks into something your business has been doing in order to reformulate your approach. The biggest benefit here and what makes it so efficient is that the analysis will be thorough and up to date.

Easy Audits

It can be really annoying to own a business sometimes. Just when you think things are going smoothly, some government official swoops in and demands to see your financials and wants to see if everything is operating legally. Of course, outside of the moment, you can understand this. Though when it’s happening, you just want them out of your hair so you can get back to business. With the right bookkeeping, you’re able to provide a quick, accurate report for them so that the audits are easier and much shorter.

With all of these benefits listed, and many more you can experience, there’s no reason that every business shouldn’t have professional bookkeeping. For mid-sized businesses, it’s something that can help them achieve a lot more success.

Uncategorized Editor Sat, 30 Jan 2021 22:18:00 -0500
Save Money While Planning a Safe Road Trip During the Pandemic Planning a road trip during a global pandemic is no easy task. There are many ways travelers can keep costs low while enjoying a safe trip. Ensuring the vehicle is in good condition, registration and insurance are current, and having an emergency action plan are ways travelers can be proactive in planning for a safe trip. Researching the routes and rest stops in advance, packing snacks, and maintaining safe driving behaviors can help to keep costs low during travel.

Car Preparation

Prior to taking a long trip, the car should be thoroughly cleaned and sanitized, and all maintenance procedures should be done ahead of time. Taking the car to the mechanic for a tune-up, oil change, and tire rotation will minimize unpleasant surprises. The spare tire should be inflated and in good condition. A set of jumper cables, a gas can, and extra wiper fluid are essential things to have in the vehicle. This helps to prevent accidents, long roadside delays, and costly damages.

Car Registration and Insurance

Up to date proof of insurance and registration are necessary when setting out on a road trip. In the event of a traffic violation or accident, drivers will need to have easy access to these documents. Driving without current insurance or registration can lead to costly penalties for travelers.

Plan and Research Online

Researching a trip ahead of time can allow travelers to seek out the most budget-friendly places to eat, gas up, and get rest. Understanding the time between destinations can help road trippers to plan for breaks accordingly. Additionally, purchasing attraction tickets and hotel rooms in advance often provides the opportunity for greater discounts.

Drive Carefully

As a result of the pandemic, there are fewer motorists on the road. Some drivers may be over-enthusiastic and drive at an increased speed, while others might drive slower than usual. When planning for a safe road trip, the driver must observe traffic rules, drive at the required speed limit, and keep a safe distance from other cars on the road. This will help travelers to avoid motor vehicle crashes and prevent serious injuries.

Comfortable Driving Position

It's essential for the driver to maintain a comfortable driving position during long trips. If the car doesn't have a comfortable seat, a cushion can provide the needed adjustment for a relaxed posture. Good posture will help the driver be comfortable and alert on the road.

Prepare for Emergencies

Even a well-planned road trip can go awry in the event that an emergency occurs. Flat tires, dead batteries, severe storms, and car accidents are situations travelers may face while on the road. It is important for drivers to have an emergency action plan prepared in case a trip gets derailed. Emergency kits for cars, extra water, and warm blankets are essential items to have in case travelers end up stuck at the side of the road.

Sanitizer and Snacks

Staying safe is a priority for travelers, especially during a global pandemic. Items such as hand sanitizers and clean face masks are essential items for traveler health and safety. Additionally, individuals will handle high-contact items such as doorknobs and gas pumps. Sanitizing wipes can help drivers to reduce exposure to viruses at these hot spots. Snacks and water are important for energy and attentiveness while on long trips. Preparing meals and snacks ahead of time helps keep costs low and reduce fast food spending.

The travel industry is on a slow rebound, and people are enjoying road trips once again. Preparedness can keep travel costs low and prevent accidents illnesses, and injuries while vacationers embark on a journey.

Uncategorized Editor Mon, 23 Nov 2020 23:21:47 -0500
Don't Let Construction Defects Drive You Into Bankruptcy Since costly repairs, diminished property value, the cost of temporary housing, and medical bills for associated injuries can quickly add up when construction defects exist, some victims turn to bankruptcy to relieve their financial burdens. However, property owners may be able to file a claim to recover compensation to cover these costs. A developer/builder is responsible for repairing the defective conditions within a property and paying for any losses the defects cause.

What Is the Process of Filing a Claim for a Construction Defect?

There are steps that the owner of the property can follow when claiming for a construction defect.

  1. Identify the defective condition.
  2. Get a qualified expert to inspect the property and access the defects.
  3. Issue the Chapter 40 notice, informing the developer of the defects
  4. The developer and subcontractors are given time to fix the defects

If the developer fails to complete the repairs and pay for the victim's losses, the case may proceed to litigation.

What Is a Construction Defect?

A ‘construction defect' is defined as a flaw in the design, landscape, or construction of a building that;

  • Violates codes or ordinances
  • Is not completed in accordance with the generally accepted standard of care in the industry
  • Causes unreasonable risk to a person or property
  • Causes physical damage to the property

Asserting a Claim for Losses

When asserting a claim, the claimant needs to identify the problem, similarly to how people would determine what is likely to drive a couple to divorce. The proposed fix must be permanent. Some conditions are apparent, such as large cracks on the walls or the floor. These conditions are known as patent defects, and claimants have six years (time is counted from substantial completion) to file such a claim.

Some problems may not be apparent to the property owner, and they are known as latent defects, such as design defects. The owner must file a claim for latent defects within eight years from substantial completion of the project. If the builder knew or reasonably should have known about the defects at the time of construction, the property owner has ten years from substantial completion to file a claim.

Who Can File a Claim for Construction Defects?

Any individual/entity whose interest has been harmed by the defect can assert a claim. A subsequent buyer of the house may also claim; however, there is a limitation in cases where property possession took place when the buyer was aware of the defects.

A Home Owners Association (HOA) or an owner of a condominium may also sue for construction defects in common areas and damage to an individual's interests when the damage is caused by defects in areas the owner or association is required to maintain.

Who Is responsible for Construction Defects?

The claimant can claim damages from the builder, developer, or subcontractors. However, in most cases, it may be better to seek recourse from the builder/developer. The builder/developer may have responsibility for all defects, even if the defects were caused by a subcontractor or manufacturer of the defective materials.

When the Responsible Party Files Bankruptcy

In some instances, the builder/developer may file for bankruptcy protection. Filing bankruptcy may protect the builder from incurring some costs, but it does not insulate the insurance company.

The bankruptcy court can allow the lawsuit to proceed if the recovery is limited to insurance policies' proceeds.

What Are the Remedies Available for the Property Owner?

The homeowner may be compensated for;

  • The cost of the repairs
  • The reduction of value in the property
  • The additional costs, such as temporary housing, investigation costs, and attorney's fees
  • The loss of use and enjoyment of land

Property owners cannot claim for everything, for example, if they purport that the defects caused financial burdens that were a cause of divorce.

Uncategorized Editor Fri, 20 Nov 2020 22:32:55 -0500
What is the algorithm to generate CVV? Each issuer has its own. There is everything from algorithms that encrypt card information with secret keys that only the issuer knows. Generating a hash (as far as we know, the most common), to randomly generated key-value tables. As far as we know no one has broken these algorithms, so there is no way to:

- Generate a CVV (Card Verification Valuefrom the PAN.

- Check if a CVV Code is correct (no check digits) without calling the card issuer.

CVV management:

If with the PAN, we already recommended you never to process it, because the measures imposed by banks are very large, with the CVV, we already advise you to completely forget about the subject. There are very strong restrictions regarding CVV:

Any computer equipment through which the CVV Code passes (such as a server or a router) or any equipment that generates code (such as javascript) through which a CVV will pass must comply with very strict security measures.

In the case of complying with them, the CVV cannot be stored anywhere:

Never on disk, not even in logs:

It cannot be stored in memory when the transaction is finished. Be careful to destroy the object or release the memory it was in. The data is still stored in memory. You have to proactively delete it (overwriting with zeros or nulls, for example).

You cannot send it to any system that does not comply with all this.

CVV processing is very severe. It is not worth keeping it encrypted. Nor nothing alike. If we do, we are committing fraud. In addition to assuming a very high risk, because if it is stolen, the attacker's capacity for fraud would be very, very great.

CVV Safety:

Removing the CVV, whether of type 1 or 2, never guarantees that the operation has actually been carried out by the owner of the card. Since it is very easy protection to overcome.

Type 1 CVV is on the card's magnetic stripe, so any reading from the stripe, and duplicating it on another, will copy not only the PAN but also the CVV. So, this data is of little use.

The CVV2 is almost easier to copy. A few seconds with the card in hand and a hidden camera and we will have everything copied: PAN, expiration date, and CVV2. So, beware of releasing the card in restaurants.

The industry knows this, so a CVV payment is not 100% guaranteed not to be a fraud. 

Uncategorized Editor Thu, 12 Nov 2020 01:01:42 -0500
Pros and Cons of Getting Equipment Loans If you are confused whether to get equipment loans or not then this article has got you covered with the complete guide. There are a number of factors which go into your final decision and that is why it is vital to not only weigh the pros of getting equipment loans but also the cons.

Pro of equipment loans:

Many times several businesses are well established but still do not have a good amount of money reserve to spend on equipment. In that case an equipment loan can come in handy. Equipment business loans will allow you to borrow money in order to pay for the equipment so you don't have to wait to have cash in your hand. The best part is that such loans are also given if you have to make a repair for an equipment. Having money for equipment will not only improve your overall company's revenue but will also help you in other crucial operations of the business.

Spreading the Purchasing cost

Business owners are often concerned with the constant cash flow. If the business will bend towards purchasing the equipment then this will make the cash flow  more complicated. So by availing the business loans you will be able to solve the cash flow problems.

No Complication

Many times if you are applying for the other types of loans then you are required to submit any vehicle or real estate.But if you will be going for equipment loans then there is no such requirement which can possibly complicate the whole process. So you don't have to go through any complex process or hassle which could possibly waste your time.

Boosting profits

Equipment loans have the potential of boosting your business sales.

these equipment  loans will  make you more productive and productivity

Will overall help you in getting ahead of competitors. You will be operating the order as much faster than previous times and this will enable you to take more clients. By getting an equipment loan you are actually helping your  business to thrive in the long run.

Cons of getting equipment loans:

You cannot use the loans elsewhere.

As the name suggests these loans are solely for equipment. This restriction is imposed on you which will limit your possibility of expanding. You cannot spend them on rent or anything else. Even if your company is in need of financing the construction aspect of the equipment even then these loans will not apply. So these have a great drawback of being less flexible.

High rate than traditional loans

You will not appreciate the interest rate which they offer because they are higher than the conventional loans.

Depreciation value

You need to realise that if you're taking loan for the equipment then the equipment will depreciate with time. Leasing in that case is a much more viable and wise option. Remember that you will be borrowing money for something that will depreciate relatively quicker. So the wise option is to go for a long-term approach and lease instead of owning permanent equipment.


Uncategorized Editor Mon, 09 Nov 2020 09:27:07 -0500