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Monthly Archives: March 2009
Foreclosure Of Homes Offers A Good Opportunity To Invest In The Property Market
Author : Cindy Heller
If you follow the economy and business news, you will know that foreclosure of homes is increasing rapidly when the economy enters recession Many people are losing their jobs when the economy is in crisis and consequently homeowners cannot meet their mortgage payments If you manage to control your personal finance and still have spare money to spend, this situation can become a good opportunity for you to invest in property
You may think that you should not do this thing because you are taking advantage of other people misery However, you should understand that foreclosure of homes happens not only because this single misfortune reason Some people are facing foreclosures because they bought homes with the purpose of profits in mind They miscalculate, fail to turn the investment into profits, and miss the mortgage payments, which lead to foreclosures Others are forced to go to foreclosure because of their own mistakes They are not responsible in managing their finance and spend their money without thinking ahead In the end, they cannot pay their mortgages and foreclosures are unavoidable
As you can see, there are many factors that can cause foreclosure of homes It is difficult to determine why a particular house is sold through a foreclosure auction Therefore, you should not think too much and just see this situation as a given opportunity that you need to grasp Furthermore, if nobody buys the foreclosed properties, squatters may take advantage and stay in those places They can increase the crime rate in the area Empty houses are also not good for the surrounding community because they will decrease the values of surrounding houses By buying these properties, you are actually contributing to the community
Buying foreclosed properties
Even when the economy is great, foreclosure of homes still happens If you want to get information on foreclosed properties, you can check local newspaper and real estate agents You should try to contact some banks to get information Banks are running a money lending business, not property management Therefore, they are happy when someone wants to buy their foreclosed homes
It is a normal practice to sell foreclosed homes much lower than their actual values This is the reason why this is a good investment opportunity You have to negotiate strongly with banks so you can get a good deal You have to remember that you should never make decision directly when you see a cheap home You still need to see the property and make sure that they are worth the value If you need to spend a lot of money to do repairs and improvements, then it may not be a good investment Perhaps you can hire a professional appraiser to assess the value of the home before you decide to buy one
Cindy Heller is a professional writer. To learn more about the foreclosure process, please visit Free Foreclosure Help.
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Is It A Good Idea To Pay Points On A Mortgage
Author : Joseph Kenny
When you go to closing on a mortgage, you have a number of options available to you One of these is to pay points so that the interest rate can be reduced Here is what you need to know to help you determine if you should pay points on your mortgage
A mortgage point is equal to 1% of the total cost of the mortgage So, if you are getting a mortgage for $150,000, then it will cost you $1,500 per point For each 1% of interest, there are 8 points In other words, it will take 8 points to bring down the interest rate one full percent Each point paid will reduce the interest percentage by 0 125% Usually, you can see some savings if you bring it down even one point
Paying points at closing can reduce your interest and bring you savings, but not everyone can benefit from it Generally, you would need to stay in your house for a number of years – it really will not help if you are not going to stay long
The reason for this can be seen in the following example This will show you how to determine how long it will take to break even If you buy a house for $100,000 at 7 5% interest, then you would be paying around $700 per month If you spend $1,000 to buy one point, this will reduce your interest to $7 375%, and now you will have a payment of about $691 The difference in your payments is now around $9 By taking the $1,000 that you paid, and dividing it by your amount saved ($1,000 / $9), that will give you an answer of 111, which is the number of months you need to live there in order to break even
In the above example, you would need to live in that house for 9 years and three months to break even This is why it is necessary that you want to live in your home for a while before you begin to realize any savings
If you plan on staying for a shorter time period, then you may want to reduce your costs other ways This can be done through paying a larger down payment, making sure your total indebtedness is low and your credit score high, or by simply paying more each month In order to know which approach would be more beneficial, be sure to go online and find some good mortgage calculators to help you find out
Also, when you go to get your mortgage, get a number of quotes from different lenders and find out which one offers the best deal All you need to do is to compare them carefully in terms of interest rates, fees, total cost, and what options you have Before long, you will find that choosing the best of the offers will enable you to save possibly thousands of dollars over the lifetime of the mortgage
Joe Kenny writes for the Loans Store, offering UK mortgages, or Nationsfinance.co.uk cheap mortgages. For US residents try Mortgages from Rebuild.org
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Creating Wealth How to Get Intimate With Your Money and Why You Should
Author : Nickolove Lovemore
Creating wealth by getting intimate with your money may seem like a strange concept However, consider any relationship The more time and energy you invest in it the greater the return on your investment
“If you spend quality time in your intimate relationships, if you connect with your families and your friends, those relationships will flourish ”
Anthony Robbins
Yet, many people invest little time or energy in their money apart from the time that they actually spend it And, for many people, even when they spend money there can be a degree of dissociation, a touch of indifference or perhaps some other negative emotion
For instance, when some people pay a bill such as a utilities bill they may feel resentment If you fall into this category bear in mind that although rates may be high, at least you’re in a position that you have electricity, gas, running water, etc There are many people who are not in this position Also, think about what these things allow you to achieve on a daily basis and the quality of life you’re able to experience So why not feel a sense of gratitude when you pay such bills
At other times, when some people spend money there appears to be little emotional attachment to the act Picture a man throwing down some change on the bar counter after he’s had a few drinks Or think of a woman who goes to a restaurant to enjoy a meal with some friends She pays the bill without giving it too much thought However, it’s not because she’s flush with cash Her situation may be quite the opposite She may not have enough money to pay for the meal and so she puts it on a credit card and decides to worry about the payment later
Even how someone shops at a supermarket is a telling way of how that person treats their money Some people pay close attention to the prices of the items they’re buying Others simply pile items into their trolley, buying what they need but also ending up with lots of items that they don’t need When they get to the cashier they don’t keep their eye on the screen displaying how much each item costs and they don’t check their receipt afterwards
In fact, many people have no idea of how much money they spend on a daily, weekly or monthly basis They are in a financial haze
So how intimate are you with your money? Do you carefully file your receipts and keep a record of your spending? Or are your receipts carelessly tossed aside, if indeed you keep them at all?
In order to improve your money management you need to keep careful records of how, when and where you spend your money This act alone will give you greater awareness regarding exactly how and where your money is spent It will also help you to identify where you can make savings And I’m not talking about budgeting Often once you complete and maintain this detailed analysis of your outgoings you can identify several areas where your money is simply being wasted And even small areas of wastage over time can add up to huge financial losses
You may experience times when your finances may not be at their best These are the times when your intimacy with your money needs to be at its greatest Yet, during times of economic crisis there’s a tendency for many people to turn a blind eye to their finances and hope that somehow it will get better
When things look bleak it’s better to have a complete financial picture and keep your financial goals in mind no matter what your current position is Aim to spend 5-10 minutes a day on your finances and gradually increase that time to 15-20 minutes and then perhaps 25-30 minutes These small investments of time in your money management will pay huge dividends in the long-run
The bottom line regarding creating wealth is that the more intimate you are with your money the more money you’ll attract and the more your money will stick around
For a FREE report other money mistakes you may be making visit http://www.AchievingFinancialIndependence.com. And to learn more about the psychology of wealth visit Millionaire Mind.
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Small Business Taxes What is The 1 Reason You Pay Too Much Tax
Author : Wayne Davies
What is the Number One reason you pay too much tax? Let’s brainstorm We all pay too much tax because:
1) Our elected politicians created the complicated and convoluted monster known as the U S Tax Code, and this monster takes our money away
2) Public Enemy #1 (The IRS) takes our money away
3) Tax preparers are too busy preparing tax returns to help us take advantage of all the complicated and convoluted tax loopholes, leaving us to fight a losing battle against The Monster and its evil watchdog, the IRS
What do you think? Are we on the right track?
I’d like to suggest one more reason, and it is really the only factor that you and I have complete control over: Bookkeeping
There’s not much we can do about Reasons #1 and #2 And there’s a limit to how much we can do about Reason #3 But there is a tremendous amount we can do to maintain better tax records — and this, more then anything else, is the Number One reason why small business owners and self-employed people pay more tax than necessary
Let me now prove it to you by asking this question: How did your business do last year? (By “business” I’m referring to any type of small or home-based business venture, full-time or part-time, including self-employment activities of the typical sole proprietor ) Did you have a profit or a loss? Do you even know whether you had a profit or loss?
If I called you up on the phone right now and asked you how much profit (or loss) you made in your business last year — at least 5 people out of 10 wouldn’t have a clue If I asked you right now to tell me how much profit (or loss) you made last month, I know for a fact that 9 out of 10 couldn’t tell me
And chances are that when tax time rolls around each year, you won’t even know how much profit you made last year for at least a month or two — after spending days and untold stressful hours trying to fix your record-keeping nightmare
I deal with this scenario regularly: The typical small business owner or self-employed person is stressed out about taxes because his/her records are in a shambles You know what I’m taking about, don’t you? Receipts scattered in five places, and you’ve long forgotten what they were even for Hand-scribbled notes in your day timer A checkbook Twelve months worth of receipts from three different credit cards
And now you’ve got to figure out how to put it all together in the next few weeks so you can prepare your own return or give it all to your accountant without him laughing in your face because of the total disaster your records are in
And most folks wouldn’t even dare think about what would happen if the IRS came calling for an audit The IRS would laugh all the way to the bank at the record-keeping disaster they find
Most self-employed folks use a variation of the “shoe box” method — they throw all their receipts, cancelled checks, bank deposit slips and anything else business-related into a box and then come March or April they dump it out and try to figure out what the heck was what — for about 5 days straight Is this any way to run a business?
Isn’t it time you got organized? And the easiest way to do that is to automate your bookkeeping You are using a computer right now, correct? Then do yourself a favor and throw away any manual bookkeeping system you’ve used before and start keeping records on the computer
There are several good programs on the market — Quicken and Quickbooks are the most well known If you have little or no bookkeeping experience, try Quicken Quickbooks is for those with a background in accounting
If you are self-employed or run a small business and you do the books yourself, Quicken is the program you need Nothing fancy or confusing Fairly easy to learn You’ll save hours with this program, and when you’re done, you’ll have all the info you need to do your tax return If you take your “tax stuff” to an accountant, he’ll love you for using it
Not only will tax time be much easier, but you’ll finally know how your business is doing at any point during the year No more guessing about the bottom line
Never forget this simple fact: Most people pay more taxes than they should And the #1 reason is unreported deductions When your record-keeping system is messy, you end up paying hundreds and even thousands of dollars in taxes that you should not have paid
With a program like Quicken, it will take you a fraction of the time to get everything organized And since it is specifically designed for the small and home-based business owner like yourself, it is easy to get started saving time and money
Wayne M. Davies is author of 3 ebooks on small business tax reduction strategies. For a free copy of his Special Report ‘How To Instantly Double Your Deductions’, visit www.YouSaveOnTaxes.com.
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Mortgage ARMs Become Attractive Again
Author : Ki Gray
Rates on 15 and 30 Year Fixed loans have been pretty stable the last month In contrast mortgage rates on 5 and 1 year ARMs have been falling 1 Year rates fell from 5 22 to 5 06 this week This is the lowest 1 Year Arms have been since early March Its a little weird considering banks are losing a lot of money on ARMs from people going into foreclosure when they reset
One would think that banks would be discouraging people from getting 5 and 1 year ARMs due to the problems they are having from people that got ARMs over the last few years Instead with a full point difference between 30 Year Fixed and One Year Arms they seem to be pushing ARMs on potential borrowers Below is a history of mortgage rates for the last few weeks
June 5,2008
30-yr 6 09 15-yr 5 65 5-yr 5 51 1-yr 5 06
May 29,2008
30-yr 6 08 15-yr 5 66 5-yr 5 62 1-yr 5 22
May 22,2008
30-yr 5 98 15-yr 5 55 5-yr 5 61 1-yr 5 24
May 15, 2008
30-yr 6 01 15-yr 5 60 5-yr 5 57 1-yr 5 18
May 8, 2008
30-yr 6 05 15-yr 5 60 5-yr 5 67 1-yr 5 29
May 1, 2008
30-yr 6 06 15-yr 5 59 5-yr 5 73 1-yr 5 29
Using a mortgage calculator lets run some numbers and look at what the rates would translate into today and a month ago The 15 Year Mortgage is higher because the loan is paid off in a shorter period of time In contrast the 5 year ARM has a interest rate that is only fixed for 5 years but is designed to be paid off in 30 years
June 5th
30-yr $1210 69
15-yr $1650 11
5-yr ARM $1136 83
1-yr ARM $1080 98
May 8th, 2008
30-yr $1205 53
15-yr $1711 46
5-yr ARM $1157
1-yr ARM $1109 36
A few months ago it seemed to make sense to get a 30 Year Fixed over a 5 Year ARM because there was not a big difference in the monthly mortgage payment you would be facing As of today that is no longer true On a 200k loan there is a $73 86 difference in the monthly mortgage payment between a 30 Year Fixed and a 5 Year ARM ARMs are still a problem because your mortgage payment can reset when you are not ready for it For instance I have heard stories of people losing their jobs a week before their mortgage interest rates resets to a higher number But with the large difference in today’s rates makes it hard to ignore the cost savings one would get with a 5 Year ARM
If you consider getting an ARM I would advise saving the difference of $73 86 a month and setting that aside for when the ARM resets That way if the ARM resets to a higher rate the cash reserve that has been built up for the last 5 years can be used to pay the potentially higher mortgage payment If you sell before your ARM resets you can just consider that savings a bonus
Ki works at a small independent brokerage covering Austin Texas real estate. They have information on mortgage interest rates along with a free mortgage calculator.
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How To Apply For Health Insurance For Your Business In Texas
Author : Pat Carpenter
If you own a small business in Dallas, Houston or anywhere else in Texas and are looking for a health insurance provider for your employees, here’s a standard list of business data you’ll need to provide:
- Employer name The legal name of your company
- Address of your business Insurers need the street address, not a P O Box, to determine your region or service area
- A list of employees you plan to cover Not all employees will be eligible
- Tax identification or employer identification number This is the EIN (sometimes called FEIN) you obtained from the IRS when you started your business
- Business background Depending on the size of your business, you may have to provide:
- Date your business started
- Payroll records
- Standard Industry Code (SIC or NAIC), informing the insurer what industry you’re in
- Quarterly salary and wages for the past two quarters
- Employee census information Insurers use this to estimate the health care costs your group is likely to incur A census does not include health status, race, religion, sexual orientation (even if applying for domestic partner benefits), Social Security number, or U S citizenship/immigration status In order to quote you a rate, insurers will ask you to complete a census form for each of your employees with this information:
- Name
- Age or date of birth
- Number of dependents
- Zip code
Creating a Schedule
Next, you’ll need to finalize these scheduling details early in the process of shopping for an insurance plan:
- Effective date of coverage This should be at least six weeks ahead, so you’ll have time to complete the administrative steps, but no more than three months ahead, so the quotes don’t expire Most employers choose the first of the month to begin coverage
- Plan cycle Many plans operate on a calendar-year basis (January – December) Some plans operate on a different 12-month cycle, or your company may have specific busy seasons when you don’t want to deal with insurance issues
Establishing a Budget
Once you finish creating a schedule, you’ll need to determine how much money you can afford to spend for coverage, and then calculate the cost:
- By percentage of payroll Calculate an amount as a percentage of your total monthly and annual payroll
- Per employee per month Calculate how much you could spend per employee per month Determine a bottom-line maximum figure, without worrying about such variables as employee contributions or dependent coverage Based on your budget, you can figure those variables later
- Consider cash-flow issues
- Monthly premium commitment Most insurers require payment on the first day of the month covered You would pay for April coverage on April 1, May coverage on May 1, and so on If you’re buying coverage for the first time or replacing existing coverage, the insurer will likely ask for a month’s premium in advance
- Grace period Most insurers offer a 30-day grace period on paying premiums If you’re a few days late, your policy isn’t likely to be cancelled Ask about your insurer’s grace period and notification policy regarding cancellation
- Cancellation/reinstatement If you’re habitually late with payments, your insurer has the right to cancel your group insurance Most insurers have their own procedures for reinstating canceled polices, so be sure to ask
- Premium increases Most premiums are renewed annually, which means the insurer can adjust the price once a year Some plans allow insurers to increase premiums every six months By law, you must be given at least 30 days’ notice of a proposed increase
How to Find Your Health Insurance Plan
Now that you’ve gathered your information and put together your schedule and budget, it’s time to start looking for a plan
Brokers Versus Agents
These licensed professionals can help you find and choose the best plan for your business They know:
- The best products available, and
- State and federal regulations to protect your business from liabilities
- They’ve also satisfied licensing requirements that require them to keep up-to-date on Texas’ insurance market
A broker can direct you to products offered by a range of providers An agent works with only one company and promotes that company’s products Both may be referred to as “agents” and are licensed professionals in the state of Texas
The broker or agent will help you:
- Shop for the right plan for your company and provide one or more premium quotes
- Discuss alternatives to help you understand your plan options
- Implement the plan you select
- Service the account, including solving problems with billing, eligibility, and claims
- Do the legwork so you don’t have to spend the time
- Get the most from the coverage you purchase
- Expedite the renewal process
Online Options
The online world is changing rapidly and the number of consumers and employers using the Internet to research or purchase health insurance is dramatically increasing The Internet makes it easier to shop for health insurance, you can learn about your options from the comfort of your home or office and on your own schedules – without pressure to buy
Implementing the Plan
Review the various plans you’ve chosen for your business:
- Weigh the benefits against the plan costs
- Research the insurers for:
- Financial stability
- Ease of administration
- Overall quality of service
- Consider cost-saving strategies
- Review at least two to three health insurance carriers and plan options
Action Plan Checklist:
- Sign the contract before the quote expires, usually within 30 days
- Communicate plan choices to employees
- Distribute and collect enrollment materials for those people covered
- Copy and return all original materials for enrollment before the requested date
Pat Carpenter writes for Precedent Insurance Company. Precedent puts a new spin on health insurance. Learn more at Precedent.com
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Should You Go Into Business For Yourself
Author : Katheryn Hoban
Should I start my own business? At many times in a person’s life he or she will ask that very same question The answer to that question can only be answered by you Many times the answer is obvious It is based on a few key things The first is your personality If you are determined, organized, tenacious, enthusiastic, driven, self-motivated, and a person not easily moved from your goals, and can manage things fine by yourself then perhaps you would do well as a self-employed person You have to have a belief in yourself and your product that is unwavering
The second is your circumstances Many successful business owners found their way into businessownership because of a lack of employment in the area that they live Some found an absolute need that was not being addressed and set about to fulfill that need in the neighborhood Others found out very quickly that they don’t have the personality to work with any sort of boss
Still others do business on their own because it’s convenient to their schedule or they want or need to be at home and the need for more income
Another point to consider is collateral or working capital How are you going to supply yourself? For an example if you are making bread you need to buy the ingredients each day Sell your bread and buy more flour, eggs etc Do it over the next day
Where do you get the first dollar to make the first loaf of bread to sell? If you don’t have capital then you need a source for a loan or credit Many successful business owners have gotten their first loan from a family relative or friend The successful
business person also has at least one person who
says you can do this Who are the people in your life who encourage you?
If you’re a parent it could be your child, spouse or partner It could be your parent even if your parent has passed away and you still hear a word of encouragement in your heart Who motivates and encourages you when you feel like giving up?
You have to be tough to have your own business You conduct your business whether you feel up to it or not If you have to deliver goods, you do it in all the extreme weather conditions, or if you or your child is sick or your truck broke down You have to get your goods to the buyer or you don’t earn your money No money no rent paid
Lastly you have to determine what you are good at
What is the need that you want to fulfill? Who will buy from you? How will you get it to your customer?
Where do you set up your work place? Where do you get some money to begin to turn your idea into a business? There are a lot of businesses that don’t require a lot of investment For an example if you’re good at sewing, you only need your sewing kit and a place that your customers can come to have their clothes altered
You can expand your services as more customers are asking for more things to be done If you want to sell information on-line you need a website, e-mail account and other people informational products to sell or your own Most of your money will be in the advertising of your website and that product
So if you still think you should be in business for yourself, Ask yourself Why do I want to go into business? What do I like to do? What do I have to offer? Is there a need for it? Can I sustain myself? Do I have someone who encourages me? Do I have the toughness to see it through? If all the answers are yes, you should follow your dream and open your own business
Remember slow and steady wins the race
R-U New to Business gives FREE practical steps running your own on-line or off-line business, start to finish. Tips to know to succeed, freebies, and more. Receive a FREE report on MANIFESTING
http://www.runewtobusnews.com
http://www.runewtobusiness.com for more information
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Five Steps for Creating Loyal Patients
Author : Cathy Warschaw
1 Be Generous Have your team develop a loyalty program for frequent buyers It can be as simple as offering a special offer that you give them a complimentary product or services I knew of a practice that had a great system in place They decided that if a patient of theirs referred a friend or family member to them that they would take them out to dinner The doctor understood the value of creating long term relationships
Another dental office had a page in their records donated only to recording patients interests They called it the PASSAGE PAGE and made it a priority to select ten patients each month to send things of interest to them The entire team rallied behind this system and would email the patients articles, or often times mail them books on the topic of interest
2 Be Thoughtful Send a handwritten note to every patient at least once every six months If you see their name in the press, send a note If you see an article about their industry, send it along with a note Let them know you are thinking of them, and be sure to include your business card
Many offices are surprised at how many patients have been inactive for several years A great question to ask is, if we had been more thoughtful in the past would we have lost this relationship?
3 Be Loyal Be a good customer to your patients by using their services and products when possible And be a good friend by referring others to your patients You will probably see more referrals coming your way as well As you interact with your patients update their information to reflect job status, hobbies or special interests they have
4 Be Consistent Send a newsletter or an email on a regular basis I can not tell you how many dental offices still are NOT asking for their patients email addresses
A majority of the patients spend their day in front of a computer screen An electronic newsletter is a great way to stay in touch with your current patients as well as attract new ones Stay current with the times and consider using an electronic newsletter Each issue of our monthly e-newsletter generates calls and emails from our students and graduates Bottom line it is inexpensive and it gets results
One of the funniest conversations I overheard was a dentist who complained about being slow, but in the next sentence said, “I can not put out an e-newsletter because it takes too much time” Okay help me to understand this, did he not just say he had a lot of openings in his schedule? And, he is not making any money, but he does not have the time to market his practice! Ah my head hurts Interesting choice of words!
Our philosophy is to keep investing in your team Team turnover can be devastating to a small business By investing in their education and development you will be able to send out a consistent message to your patients Practices that have high team turn over ALWAYS have retention problems
5 Be a Good Communicator I am amazed at how often existing patients do not know about new services that are offered Most businesses continue to evolve but sometime they forget to let existing patients know how their growth translates to new solutions and benefits for them Your patients can not buy from you if they do not know what you are selling
Make it a priority to do a chart audit as it will reveal a great deal of information to you The process of reactivating records can be time consuming but the rewards to you as a business owner can be significant One of the most heartbreaking things we have heard too many dentists express is “I have 2000 physical charts but only about a third of them are participating in my practice”
Keep in mind the following saying is relative to relationships First people drop out of your relationship intellectually, second they leave emotionally and thirdly they leave you physically
Good luck relationship building it is the foundation of your practice!
(c) 2009
Cathy Warschaw, Director
Warschaw Learning Institute
http://www.WarschawLearningInstitute.com
Dental Office Management Online Courses
(888) 822-0917
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