Today, it is easy to be carried away in investments and end up on the wrong side of debt. For that reason, it is important to invest wisely, and for that to be possible, it is vital to take part in an investment project that offers the slimmest chances of making mistakes, and that is where gold comes in. Having said that, who can roll over their investment into a gold IRA?
Rollovers are permitted if one switch jobs or you retire. Having an IRA allows you to turn to a different custodian more quickly. Broad Financial former communications director says IRAs can be invested in a wide variety of investments, such as real estate, stocks, private equity, and bonds. A gold IRA rollover strategy is important as it can provide a soft landing in the unpredictable stock market.
The rollover procedure is similar to other retirement funds. You fill out an account application—on paper or in soft copy. The account will be set up within 24-48 hours of application. The setting up of the accounts and transferring assets should be simple.
Before taking the leap and rolling over, you must consider your financial plans and goals. Consider all viable opportunities for your retirement assets to help you decide the number of your holdings to be invested. However, it is not wise to put all your eggs in one basket since you cannot foresee how the stock market will perform or what prices gold will attract. The prices have been fluctuating in some years.
Sometimes it is good to wait when gold prices are picking up, and you are required to make a choice on whether you would buy or invest. Retirement plans are necessary if you want your old age to be smooth and hustle-free. Your plan has to be rock solid, therefore, getting some basic knowledge on gold IRA rollovers would be advisable.
All the tricks and tips will maximize your savings and improve your retirement plan. You do not need to be old to be thinking about retirement. The sooner you start, the better. You should know the payments associated with the retirement account, in comparison to other forms of IRA.
The payments are such as the seller’s fee, which varies depending on the vendor or gold product. It is a one-time fee. Other payments are such as the retirement account set-up. Like the seller’s fee, it is a one-off payment made to set up your IRA account and may vary according to the institution.
The custodian fees, on the other hand, is guided by the federal law, which states that each IRA is held by a custodian, who is the financial institution that protects and oversees the IRA account assets. In the case of the storage fees, the gold acquired by the gold IRAs is handled by a regulated storage facility, which charges for the service.
In some cases, a consumer may have a Checkbook IRA, which is a self-directed gold IRA and does not require management from a custodian. In this case, the customer may buy Gold Eagles, the US Treasury minted coin, with their retirement funds. They can personally hold them, which will nullify the need to pay the storage and custodian fees. Financial experts say the Checkbook IRAs call for a complicated commercial setup and are in most cases under inspection.
Take time before investing all your savings in one way—whether it is a gold IRA rollover or not. Remember to seek expert advice on all financial moves you make to avoid being in a difficult position in future.
We hear the term “investment bank” on a daily basis. These banks are vilified for their role in the monetary crisis and slammed for the revenues they enjoy and the big compensation packages for their employees. But many individuals have no concept exactly what they are or exactly what they do. Let’s take a look at the function i-banks play in the monetary services industry and the economy at large.
So exactly what is an investment bank? First of all, they are extremely various than the commercial banks we are all knowledgeable about. They do not take deposits like the retail count on the corner. Instead, they mainly help in the purchasing, selling and issuing of securities – that is stocks, bonds and comparable monetary instruments.
They help companies and organizations on “purchase side” and “offer side” activities. The buy side refers to the advising of organizations interested in purchasing possessions and securities. Entities that engage in buy side activities consist of personal equity funds, mutual funds, hedge funds, pension funds and proprietary trading desks. The sell side refers to a broad series of activities, consisting of broking and dealing securities, investment banking, advisory functions and investment research.
The core functions of an i-bank include investment banking – otherwise known as business financing – sales and trading and research study. Some bigger investment banks also perform other services like investment management or merchant banking, however let’s take a better look at the core three.
Investment Banking (Corporate Finance).
Investment banking can be a confusing term since many individuals use it to describe any activities carried out by an i-bank. More particularly, however, investment banking refers to helping companies with raising capital and giving suggestions on mergers and acquisitions.
The business financing department of a bank is the group that deals with a company to put together a going public (IPO). Or, if a business currently has public stock impressive, they may put together a follow-on offering, which is simply an additional issuance of stock shares. The business finance department can also assist business raise capital through private placements, which frequently include securing capital from private equity groups.
Must the ownership of a business look for to offer the entire business, the business financing department can likewise advise on M&A deals. They can assist identify prospective purchasers and work out a sale of the entire business. Similarly, if a company is in the market for getting other business, this group can encourage on acquisitions.
Another service that the corporate finance department might offer is the delivery of fairness viewpoints. In a fairness viewpoint, an investment bank will perform an analysis of a potential acquisition and render an opinion as to whether a reasonable rate is being offered for the target business.
Sales and Trading.
Sales and trading is maybe the primary service that an i-bank can provide. There are typically 2 major departments within sales and trading – institutional and retail. The institutional department buys and sells monetary items for institutional clients such as mutual funds, pension funds, etc. The retail department buys and sells monetary products for retail financiers. Stock brokers fall into this area.
The sales and trading department takes part in market making. Market making involves purchasing and selling monetary instruments in order to make an incremental earnings on each trade.
Sales and trading can likewise take part in proprietary trading. Exclusive trading includes a special group of traders who do not work with clients. These traders take on “principal threat”, which involves purchasing or offering an item and does not hedge his overall direct exposure. By managing the quantity of risk on its balance sheet, an investment bank can maximize its success.
The sales and trading department likewise engages with the business financing department on the issuance of IPOs and follow-on offerings. It is the sales and trading department that develops a book for a particular stock by calling institutional and retail financiers to evaluate the interest for the offering. They then price the initial sales worth on the day of the offering and start selling the new shares to their clients.
Depending on the size of an offering or the wanted mix of financiers for the offering, numerous investment banks might be involved in providing shares to the general public. This group of banks constitute the syndicate and are responsible for selling the shares involved in the offering.
The research study department is staffed by research study analysts. These are the people who often appear on organization news programs and talk about the efficiency of a particular business or stock. The function of the research study department is to analyze business and composes research reports that discuss their efficiency potential. These reports typically consist of a “buy” or “offer” recommendation.
The research department on its own does not create a lot of earnings. What it does do is affect trading volume, which leads to more fees for sales and trading. When a research expert changes his/her suggestion on a stock, numerous investors will then act upon that recommendation and the sales and trading team makes more in trading charges.
There exists, nevertheless, a conflict of interest in between research study and other parts on the investment bank. If an investment bank will release brand-new shares of stock for a business, for example, the research study analyst might put out a strong suggestion for the stock just prior to the offering, and the bank could get a better price and possible earn more charges.
Also, if the exclusive trading division wanted to increase the return on their holdings, they might have research experts advise a few of the stock they held as a buy. There are a number of locations where the research department could be utilized to deceive financiers and make more earnings for the investment bank.
To prevent these conflicts of interests, regulators have actually firmly insisted that investment banks carry out a “Chinese wall” in their companies. The Chinese wall keeps information about the investment bank’s corporate finance and sales and trading activities from passing through to the research study department.
A Chinese wall likewise exists in between the business financing and sales and trading departments due to the fact that lots of corporate financing activities include non-public info that could be utilized to beneficially execute trading methods.
A World without I-Banks.
Without investment banks, business would have a lot more tough time with raising capital. Also, the general public would have a difficult time investing their cash in anything besides a savings deposit.
Without i-banks, only very large institutions or extremely rich individuals would be able to structure the exact same financial deals that occur every day with an i-bank.
In other words, these banks considerably accelerate the flow of capital throughout the economy and enable services – and our cost savings – to grow more quickly. As complicated as all these activities might appear, they just scratch the surface of all the intricacies of these banks.
However the next time you hear that some investment bank advised on the sale of a business or created numerous billing dollars in trading costs, at least you’ll have an idea of what they’re discussing.
Personal finances are complex. In our everyday lives we juggle budgets, savings, investments, business accounting, financial goals, and more. It’s truly no wonder that many often find themselves overwhelmed, disorganized, and caught off guard when the unexpected happens. In order to place organization around our finances, I’m going to break them up into three categories: Daily Finances, Business Accounting and Taxes.
There are two programs, which I use in different ways to manage our everyday finances: Mint.com and Microsoft Office.Mint
Mint® is a great platform to capture and compile bank accounts, credit cards, loans, investments, property (your home and auto values), and even track your credit score. It is also a great platform to track your budget and debt repayment, such as paying off your car as a financial goal. Mint will calculate the remaining payments, as well as how long it will take you to pay off that car, based on your current or additional payments. Mint will even send you a monthly email update regarding your progress.
One of my favorite features within Mint is the charting, which provides you with your monthly spending and net income in a pie or bar chart. The charts are easy to read and great to follow if you want to track your own money trends.
Ultimately, the best part of Mint is that it is 100% free! You can access Mint at www.Mint.com, or within their mobile app on your cellphone or tablet.
Microsoft Office®is one of the most well known suites of programs in the world. Within Office, Excel®is the most valuable program, and one of the most powerful tools you may use. I personally use Excel to manage our Bill Schedule/Budget, Debt Snowball (a method use to repay debt, which slowly builds momentum, as with each debt repaid, one then has more money to place towards the remaining debt), and our Balance Sheet, which details our Assets, Liabilities, and combined Net Worth.
Secondarily, I also use Excel to track additional categories, such as: our emergency fund, college savings, net salaries, and combined interest on debt. Two areas, which I added and calculated for my own general knowledge, were the percentage of net monthly income that goes to bills, and the percentage of net yearly income that goes to interest only. I even took it one step further, and calculated how many days a year I work in order to pay for that interest only.
I think the main reason why I endorse Excel, is that unlike Mint, it can truly be customized to capture and display anything I want.
Lastly, a 3rd option is Quicken®, which may be a little more comprehensive than Mint. I personally do not use Quicken; however, I actually had a friend of mine that wrote a book about how to make money with Quicken, so maybe there is more to it than I am aware. I’m not convinced that you would need it though, if you offset Mint with Excel.
For personal businesses, Quickbooks® Pro 2015
(also by Intuit), is a great platform for capturing your daily business. Within Quickbooks you can track financial, tax and sales reports, while also creating invoices and managing expenses.Wave Accounting
For free small business accounting, Wave Accounting® is available for accounting, invoicing, payments, payroll, personal and receipts. Wave offers the majority of the platform for free; however, in order to receive one-on-one support, premium services must be purchased.
Freshbooks® offers one of the best accounting platforms for iOS and Android apps. Cloud-based and easy to use, Freshbooks has a great dashboard with numerous features that will save you time. Support is also easily accessible for new users.
The drawbacks to Freshbooks are that the main service only offers monthly payment plans, and may have limited availability on additional platforms outside of iOS and Android.
My dad has been telling me for years to try TurboTax®, which we finally used for our 2014 taxes. Overall, I found TurboTax to be very easy to use, as the majority of the questions it asked were clear-cut, and easy to understand. In the sections where I had questions about how to respond, easy to follow examples with helpful information were available should I have needed it.
We did run into an issue when I tried to finalize our taxes. As the vast majority of TurboTax uses a main dashboard to fill out your tax forms, for some reason, parts of the review section take you straight to the tax form and ask you to make changes or add additional information. I found this to be somewhat confusing. Ultimately, I mistakenly selected an option within the review that changed what we had selected through the dashboard and swung our return from receiving money, to then owing $500. Luckily, I was able to call and speak with a customer service support person, who was able to resolve the matter.
At the end of the session, TurboTax offered an option to represent us should we be audited. We found this feature to be a great option and added it to our package.
H&R Block® Tax Software Premium + State, is another option. It is similar to TurboTax for managing your taxes. In years prior to 2014, we had always used H&R Block. The software is easy to follow and readily available. A huge benefit with H&R Block is also that they have physical offices near you. In years past, sometimes our taxes required the assistance of a tax professional. It was convenient to have an office located nearby.
In summary, each of the programs listed above will be able to assist you with the management of your daily finances and financial strategy; although, it may require some trial and error before you find the best fit.
A gold individual retirement account when you move your traditional IRA or 401K to one that is backed by precious metals like physical gold, silver, platinum, or palladium. These are used in place of other more traditional IRA’s that hold paper assets like stocks and bonds. These self-directed IRA’s offer more diversity and one of the main reasons to choose these is to hedge against inflation.
Thinking About Taking The Next Step?
Back a few years ago, as I was getting closer and closer to retirement, I realized that the huge majority of my retirement savings was all in my 401K (except for a bit that was just in my regular bank accounts). This made me a bit nervous so I started researching different places to put my money and that is how I learned about investing in gold and other precious metals.
How Can I Get A Gold IRA?
People have been asking me how to invest in a gold IRA so I wanted to put the steps out there for everyone. In order to start one, you need to follow these steps:
Verify that your existing individual retirement account (401K, etc) is eligible.
Figure out how much your want to rollover into physical precious metals like gold bullion, silver, platinum, or palladium.
Execute the gold IRA rollover and enjoy more financial stability and more money for the future.
What Is The Best Gold Backed IRA Provider?
Over quite a few months, I researched, made calls to gold companies and learned as much as I could about this in order to make sure that I was making the right decision. Ultimately, I did end up choosing a great company when ready to be moving a portion of my 401K to this and after all the research, there seemed to be one company that went above and beyond and made me comfortable enough to do this. Regal Assets (click here for more information) and here is why and my review.
Why Would I Choose Regal Assets Over The Others
First off, they have been in the business for years – around 12 years to be a bit more exact. The good thing about them as well is that they not only can provide you with the precious metals, but they are also great at helping you through the tedious process of rolling over your traditional IRA into a better gold backed IRA. They can make it a lot more simple and painless!
Gold provides a hedge against inflation. Historically, gold increases in value as the cost of assets increase, due in large part to the declining value of the U.S. Dollar (USD). When the Federal Reserve announced that it would effectively print money to boost economic activity, the USD quickly declined in value, causing gold to increase from approximately $800 per ounce in 2009 up to $1800 per ounce in 2012.
Gold is a physical asset that investors can see and hold. It is not traded directly on the stock market, but investors have the benefit of holding something real versus a paper asset. It tends to hold its value over time because of its varied usage in products ranging from jewelry to electronics.
Gold also has the luxury of increasing in value when demand is high, which generally occurs when people feel wealthy. The Federal Reserve’s recent efforts could have that effect once again as global economy recovers. Gold always has underlying demand regardless of market or economic conditions. Some company stocks may decline in value overnight on a bad news announcement, but gold is a precious metal that attracts buyers for a variety of reasons.
Owning gold bullion versus the related ETF can reduce exposure to market risk. When stocks decline due to a market event, portfolio managers may be forced to sell one asset in order to protect their investment in another. In the case of the gold ETFs, that could lead to unnecessary selling simply to raise cash.
Why This is Not a Decision I Made Overnight
This involves my retirement savings that I worked years to save so I definitely want to know that I am in good hands – and because of this, I did all the research I could. I looked at all the top companies and compared them with each other. I looked at all their reviews and how others reported working with each of them. I check BBB listings. I spoke to friends. Everything. I really did a lot of homework here!
The best advice I can give you is, read my review, but call the companies yourself. A lot of the best information is in the conversations you have with the company experts.
More Information On Investing In Gold
As you are about to see, choosing a gold and silver IRA can have a huge impact on your retirement savings and help you:
protect your retirement savings from inflation
save on tax
increase growth potential
and my recommended top rated custodian
I hope this this helps you in your own decision for your retirement savings. Be sure to take a look at my recommendation on the right hand side of this page to see if they may be the right fit for you.
Can I Buy And Have Physical Gold In My IRA?
When I first got started researching this excellent option and alternative to a traditional Individual Retirement Account, I have to admit that I did not know too much about them either. Luckily, in my research I found that basically, it is an individualized retirement funds account that is backed by precious metals. These metals, such as gold, are held at a secure location on your behalf and works just like a regular new account (only like I mentioned, it is backed by gold (in the form of bullion or coins) instead of paper assets).
There are many reasons that owning gold within your IRA is a smart investment strategy. There are two main reasons that I think people need to invest in gold.
Gold is not a company (and therefore cannot “go under”.
No one can print more gold (it is truly a precious, finite resource)
If gold is not currently part of your investing and retirement strategy, then I strongly suggest you think about adding it to your portfolio. You can fill out the form on the right hand side of this page to learn more about a gold IRA rollover plan, how it works, and how it can work for you.
Look Who Is Talking About It:
Is Investing In Gold A Good Idea Now?
YES! Actually, in my opinion, you probably should have already done it yesterday but NOW IS DEFINITELY A GOOD TIME! Here’s why:
Over the next couple years, it is expected that gold may rise to unprecedented levels. People that choose to take action now should reward you with huge gains when this time comes. I know that I wouldn’t want to be left behind….would you?
Can You Buy Gold With IRA Money?
Investors can choose from several ways to purchase gold in their IRAs. Investors can add gold exposure to their portfolio through the stock market in the form of an exchange-traded fund (ETF), such as the S&P Gold Shares ETF (Ticker = GLD), or indirectly by investing in a gold mining company, such as Newmont Mining Corporation (Ticker = NEM), which owns gold reserves worldwide and actively explores for new deposits. These investments offer liquidity as they are actively traded during market hours, giving investors the benefit of owning gold without the added expense of storing it themselves.
Investors can also hold gold directly through a gold Individual Retirement Account, which is designed to purchase and hold actual bullion in the investor’s name. These are purchased directly from gold dealers versus using a traditional advisor or broker. The dealers serve to create a market by connecting buyers and sellers and can help investors arrange how they would like to store the asset. They do so at a price, taking a commission on every transaction that is often much higher than what an investor would pay a stock broker.
1. Why Should I Have Some Of My Retirement Savings In Gold
I encourage you to spend a few minutes watching this short video that explains more:
2. What Percent of My Portfolio Should be Put Into Gold and/or Silver?
If you wanted the video above, this question was answered there but it was gone over kind of fast – I actually missed it the first time I watched the video. Many financial experts are recommending about 10% – 30% of your retirement plan should be put into gold using a self directed individual retirement account and other precious metals.
To add to this, I looked into this a bit more and found that this recommendation is also expanded out depending on how much money you have to invest. People looking to invest more than $100K may want to look at even diversifying the metals and have a good mix up of not only gold, but silver, palladium, and platinum as well.
3. What Are Some Things That I Should Know When Looking At A Gold IRA Company?
When I am looking at a big decision like this, I always like to do my homework and make sure that the company that I choose to purchase from is the right one for me. I already gave you my recommendation above, but what are some other things that you should consider should you want to look at other options?
Look at their Better Business Bureau Rating.
Look at sites like Trustlink.org to find reviews on the different companies that you are looking at. Just like I did for Regal Assets (shown in My Recommendation section earlier in this article.
Look at the types of metals they have available. Especially if you are going to be investing a large sum of money, you want them to have a number of different types of metals available.
Find out how easy it is to liquidate should you need to. Do they offer a buy back program and if so, do they offer a fair value?
Make sure to find out if they have any additional fees for things like setting up the IRA and storing the metals.
4. Is Gold A Risky Investment?
Investing in gold comes with certain risks that may not be apparent when considering it against other portfolio ideas. Compared to stocks and bonds that are traded on the open markets, physical gold is relatively illiquid. Investors would have to find a dealer to help them dispose of their gold assets, and that dealer would charge a fee for finding a buyer. Investors who hold real gold bullion would have to find a way to store it, which can be costly over time. Anything held in a physical location could also be lost, stolen or damaged. While insurance could help recover the value of the lost items, it also comes at a cost.
Deflation or changing economic conditions could also cause the value of gold to decline. Gold has a tendency to fluctuate wildly due to its perceived value relative to other investments. When investors have concerns over the USD or other paper currencies, they may flock to gold due to its value as a real asset. At the same time, if people are concerned about deflation or a slowing economy, they will be less likely to purchase luxury items such as jewelry. The perceived lack of interest in gold could cause its value to decline faster than stock in a company.
5. Who Should Have Gold In Their Portfolio?
All investors should consider adding gold to their portfolio as part of an overall diversification strategy. Since it has a tendency to move with little correlation to stock market movements, gold can help reduce risk over time. Investors should always have liquid assets available for emergencies, so gold should only represent a small portion of the portfolio. Despite its demand, it is not something that investors can dispose of quickly, unless the investor is willing to sell it at a deep discount.
Investors with a long-term horizon would best benefit from owning gold due to its ability to change direction when you least expect it. If a mining company discovers a new method of extracting gold, the increase in supply could cause a rapid decline in gold’s value. The opposite is true if a country looks to stockpile gold and essentially take it off the market.
Owning gold bullion directly or indirectly is not for everyone, but it could make sense as part of your portfolio. Some believe that as paper money becomes more ubiquitous, the global economy will seriously consider moving back to a gold standard for all financial transactions. While that is not a likely scenario, gold remains the oldest form of currency and should continue to attract interest from investors and collectors alike.
6. What Is A Gold IRA Account and How Can I Add Gold To It?
In order to add gold to an IRA, you must work with an IRA custodian who is equipped to handle gold. In fact, most financial companies are not equipped to handle gold, which is why many people will rollover part of their IRA into a self-directed IRA which opens up the world to all kinds of alternative investments (such as real estate, private equity, and of course precious metals).
There are a variety of IRA custodians who handle precious metals accounts, you just have to find one that is trustworthy and has a proven track record.
7. What Does IRA Approved Gold Mean?
It is important to note that the IRS requires that the precious metals you include in your IRA meet certain purity standards. In order for gold and silver coins and bullion to be eligible for an IRA, they must have a fineness of 99.9% pure gold or silver.
Some of the more popular precious metal options to include in your IRA are American Gold Eagle coins, Canadian Gold Maple Leaf coins and American Silver Eagle coins as they all meet the criteria outlined by the IRS.
7. What Types of Investments Can be Rolled Over into a Gold IRA Plan?
There are a wide variety of investments that can you can use to start your precious metals IRA. In fact, most employer plans including 401k, 403b, and existing IRA accounts can be used to fund your new options. In fact, these are some of the most common means individuals use to fund their accounts. Of course, you can also open your account with cash if you choose to do so.
8. Are Gold IRA Rollover Plans Backed by Real, Physical Gold? Where is it Stored?
According to IRS regulations, the owner of the IRA cannot store the gold, it must be stored at an approved precious metals depository by the IRA trustee or custodian. There may be small fees associated with setting up your precious metals IRA and storing them, however these fees are small and may even be waived in the first year for certain investors. Again, this is something you can learn more about by picking up our free investor kit.
So unlike some companies who offer “paper gold” (if you are going to invest in gold, why would you want something not backed by physical gold? That makes little sense) a precious metals IRA through our recommended company, Regal Assets does offer physical gold ownership within your IRA account.
If you are seeking to join many others that took that first leap into investing a portion of their retirement savings into gold, it is easy to start – just visit my recommendation at regalassets.com.
What is private wealth management? Private wealth management is an investment service for those whose incomes are high. In addition, wealth management brings together financial planning and financial services that include estate planning, retail banking services, investment management services and tax advice.
Sustaining and building long-term wealth is the goal of wealth management. Banks and other financial institutions are constantly seeking wealth management clients because the net threshold to quality for these services begins around $20 million. There are many wealth management products to consider; however, the top eight products are: money market accounts, certificates of deposits, bonds, equities, mutual funds, exchange traded funds, private equity funds and hedge funds.
When looking for the right wealth management firm, there are several tips that will help such as first getting a feel for how they operate their institution. By asking a wealth manager about the kinds of clients the company works with, you will have a good idea where their specialty lies and if that works with what you are looking for. Then do some comparison shopping; find out the other kinds of products and services that different firms offer. For example, does one wealth manager only offer investment advice or do they also help with taxes or estate planning?
Most importantly, check the pricing and ask about their availability. In most cases, you will want to contact them on a regular basis. Be sure to also check their track record. Look carefully at their past history and how well they have treated their clients. Checking their online website may help answer these questions.
Besides adding to your income and investments, there are other advantages in considering wealth management plans such as managing your income. Wealth management can give you a better idea and understanding about how much money you will need for monthly expenditure and savings, as well as for tax payments. In addition, wealth management can add to your capital; your overall financial well-being can improve. Also, as part of your financial planning, wealth management can also provide for your family’s financial security.
This can give you peace of mind for you; now and in the future. As part of wealth management, these services can guide you toward the right investments; investments that can fit your needs and goals, both now and for the future. Also, your standard of living can also be enhanced. One example is making sure that you have enough insurance that would replace lost income, should you or your partner be unable to work.
Understanding the real value of assets is another advantage of wealth management. As many know, most assets come with liabilities. By determining the real value of assets, you can better prepare for the future.
To conclude, wealth management is an investment service for those whose incomes are high. In addition, wealth management brings together financial planning and financial services that include estate planning, retail banking services, investment management services and tax advice. Talk with a wealth management adviser soon and find out more!
Whether you are in the market for your first home, planning to replace your old car with a new model or just trying to improve your financial life, it pays to keep your credit score as high as possible. That three-digit credit score impacts your life in countless ways, including some you may not have thought of. From determining how potential lenders view you and your creditworthiness to whether you qualify for a mortgage to whether or not you get the job, your credit score plays a vital role in your life.
If you do not already know your credit score, now is the time to find out what the lenders in your life already know. Checking your credit score is the easy part, but giving your score a boost can be much more of a challenge. Even so, it is possible to raise your credit score quickly, and the tips listed below can help you get started.
Avoid making large purchases that could impact your credit utilization ratio. Lenders look at how much of your available credit you have used, so keep your current balances as low as possible.
Pay off your balances as quickly as possible. Paying down, or paying off, your outstanding balances will reduce your credit utilization ratio even more, so do what you can to retire those balances once and for all.
Leave your old accounts in place. It may be tempting to close old accounts you no longer use, but doing so could actually lower your credit score. The age of your accounts is a factor in determining your score, so leave them in place.
Put your payments on automatic. Using the bill pay feature on your bank account will make paying your credit card bills easier and help you avoid late payments and hits to your credit score. Just make sure you keep enough money in the account to cover the balance due.
Maintain your current payment patterns. Sudden changes to the way you handle credit and pay bills could cause lenders to question your creditworthiness. Avoid sudden changes, like paying less on your balances or missing payments.
Hold off taking on additional debt or opening new credit card accounts. Hard inquiries on your credit file could lower your score, and that is the last thing you want.
Keep your outstanding balances as low as possible. Charging as little as possible will reduce your credit utilization ratio and boost your credit score.
Ask your issuer to raise your credit limit. A higher-credit limit will also lower your credit utilization ratio, which in turn can boost your credit score.
Avoid closing accounts, especially credit cards that you have had for a long time. The age of credit card accounts plays a role in your score, and closing a card could have a negative impact.
Pay off debt. Paying down your debt consistently is one of the best ways to raise your credit score.
Do not open a new credit card account unless you really need it. A large number of inquiries on your account could lower your credit score.
Automate your monthly payments. Missing a single payment deadline could severely impact your credit score, and putting your payments on automatic can reduce the odds of an inadvertent missed payment Review your closing dates and set payment reminder. Know when your credit card accounts close for the month and set a payment reminder to make sure those payments are made on time.
Avoid changes to your payment pattern. A sudden decrease in the amount of your monthly payment could make creditors worry about your financial stability. Keep the same payment pattern, while striving to pay off as much, or more as the month before.
Dispute errors on your credit report. You should be checking your credit report regularly and promptly noting any errors you find. Many credit reports do contain errors that could harm consumers’ credit scores.
Your credit score is one of the most important parts of your financial life, and taking steps to raise it can improve your finances in many different ways. If your credit score is lower than you would like, the fastest ways to increase credit score listed above can help you raise it, so you can get back on track faster than you would have thought possible.
Alternatively, if you are looking for an actual “real life” financial advisor to help you with your money, you may consider this financial planner directory. They have a great list of local money management firms that are equipped to help you in just about anything you need.
Are you looking fro a Bizfi review in order give you more information and help to finance your business for an expansion, new equipment, etc? This may be the right thing for you.
What Is Bizfi?
Is you business in need of an expansion, renovation or new building, new equipment or money for hiring more people? Bizfi may just be the right answer for you. In the last 12 years, over 30,000 businesses have used Bizfi’s business financing options to help grow their business to new levels.
What Kind Of Loans and Financing Does Bizfi Offer?
Bizfi offers a number of different loan options:
Short-term Funding – loans with a term length of anywhere between 3 and 24 months for amounts between $3000 and up to $500,000. Some benefits of this option is that there is no collateral needed and most industries are okay. If you credit isn’t the best, they can work with you as well. Funding can be receive in as little as one day!
Medium Term Loans – this uncomplicated business loan is great for when you need between $25,000 and $500,000 for a term length between one and five years. You can pay it off at anytime with no penalties as well.
SBA Loans – looking for a government baked low interest financing option? If you have been in business for at least two years, you could qualify. Depending on the amount you need, collateral may be required. You can borrow between $5000 and $350,000 over 5 to 10 years.
Financing for Equipment – if you need a certain piece of equipment for your business, you can borrow between $5000 and $1,000,000 over a term of one to six years. You may also quality for a small or even no down payment and may get some tax advantages from this as well. Approved fast and can get your money in less than a week.
Invoice Financing – does your business have outstanding receivables or invoices owed to you? You can get between $5000 and $100,000 in one day for this.
Medical Financing – funding of $20,000 to $500,000 for up to ten years.
Financing For Franchises – loans for between $5000 and $500,000 to get started with a franchise business.
Lines Of Credit – available for amounts between $5000 and $100,000.
How Does Bizfi Work?
It is very simple to get started and it can be done online quickly and easily:
Step 1 – Click here to get started.
Step 2 – Go through the Apply process. Don’t worry, it takes less than a minute!
Step 3 – Review all your options presented to you.
Step 4 – Choose your Bizfi financing option and do the paperwork required.
Step 5 – Get your money!
Bizfi Reviews On Some Other Sites
After doing some research, I found that they got a lot of great Bizfi reviews. Here are some links to other sites that have these reviews. A lot of great quotes from other customers talking about their experience, the level of customer service they had, etc.
I did some research on any bad Bizfi reviews as well and while there are some out there, but the positive reviews FAR OUTWEIGH the negative. It is very good to see. With the large number of reviews out there, you can always expect to see a few bad ones and the bad ones that I did read appeared to be due to the customer not completely understanding everything. So, my recommendation is to make sure that you understand everything Bizfi offers and ask any questions you may have during the process to ensure that you get a great experience.
What Are The Bizfi Interest Rates?
This is going to depend on the loan. Your best bet is to click here and apply for Bizfi to see what you can get.
Would I Recommend Bizfi?
This is really going to depend on your individual situation – but, I would certainly recommend taking a look at all Bizfi have to offer to see if it is the right fit for you and your business.
When we are talking financing a small business, we are potentially looking at a handful of slightly different situations. For instance, a startup needs the initial capital; a business already on the rail needs the money to see itself through the lean period; and, even if you own a business that has started to generate what we may call decent revenues, you will still need money for research and development and for expanding your scope. In this article, as we put down the best ways to fund your small business, we will also touch on these aspects and discuss what options might be the most suitable for you depending on the situation your business is in at current. As always, we recommend that you get the help from a business financial advisor to give you the right advice.
1. Traditional Lending Platforms (Small Business Loans, Friends & Family)
This applies mainly to startups, of course. Small business loan can be a good idea when you need a considerable amount of capital to get started; and when you cannot secure any partial funding (be it through savings or any other avenue) toward that capital. This way you can secure funding at relatively low interest, although the downside is that you may have to end up borrowing more money than you need. According to a Forbes article, you have a better chance of securing this type of loan when you apply to a community lender platform or a credit union instead of a big, centralized bank. The approval rate with the latter for this type of loan is 17%, whereas with the former, it stands at around the 50% mark.
Alternatively, you may also consider borrowing from any member from your close circle of family and friends—someone who has enough trust and confidence in you and is willing to lend/risk his money. However, if you go this route, make sure to get everything down in writing: how much money you are borrowing and what for, whether it is a secured or an unsecured loan, and when you intend to pay the money back and with a fair interest rate that is compatible with current market value. A written loan agreement of this type secures both you and your lender from any potential complications that may or may not arise in the future.
2. Angel Investors
If it’s not a huge amount of money you are asking for (especially if you are a startup), angel investors may often come to your rescue. An angel investor, who is often an experienced entrepreneur himself, lends you the money you need in exchange of receiving equity in your business. An additional benefit of having an angel investor on board is that with all his years of experience, he can provide valuable guidance to help expand your business.
However, angel investors normally invest in enterprises which have already started to generate revenues and show potential for further growth. However, if your pitch is strong, or what’s more, if you have a clear value proposition, you may well count on even more than one angel investor willing to lend you money.
Crowdfunding platforms such as Indiegogo and Kickstarter are specifically designed for starters and are a viable option for budding entrepreneurs. The idea is simple: you pitch your proposal there, and directly solicit funding from common people in exchange of any reward you are willing to offer them. The catch is that unless you have an exciting enough story to sell, it is difficult to raise money this way. Also these platforms charge a steep rate for their service, often as high as 10% of the total money raised. In some cases, however, you get to retain the money raised even if it fails to meet your declared goal. In case of others, if you fail, you fail for good!
4. Peer-to-Peer Lending
P2P lending might not be the best solution if you are looking to secure startup costs. P2P lenders are simply investors who are looking to diversify their investment portfolio and generate income in the form of interest. So understandably, they will not be too keen on investing money on a startup which may have as good a chance of succeeding as falling on its face! However, if your small business is already generating fair revenues—ideally on the upwards of $75,000 annually—and you are looking for money to expand your scope, this is a good opportunity. The loans get approved and funded in quick time and you won’t be maxing out your credit card!
5. HELOCs, Savings, and Personal Assets
This, of course, is the easiest way to raise money and as you will be providing some of your personal assets (be it your home, car, IRAs) as collateral, the interest rates will be lower, too. And yes, you CAN use a home equity line of credit to fund your business—there are no restrictions that say you cannot. But then again, this also is the riskiest proposition when you are putting your home or retirement savings on the line. But if you have no option and if you happen to have enough confidence on your business idea, you may as well try this route.
So, based on our research, these are the Top 5 Ways to Finance A Small Business. But as we have already said, it depends on your own distinctive situation as to which route(s) you will take. So, consider carefully before you reach your decision.