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Protect Your Business from Legal Issues

When you run a business, making sure that it stays in compliance with the law is one of your top priorities. Otherwise, you could find yourself in legal hot water which threatens the future of your company. And after working so hard to build this up in the first place, this is the last thing that you want to happen. Just because you are a small business owner, this does not make you immune to the law and everything that this entails. So, here are a few of the top ways of protecting your business from potentially expensive and damaging legal complications.

Read Up on Business Laws

Even if you have a legal team on retainer, it still helps to have the knowledge for yourself. Every type of business has specific laws which regulate operations. Financial laws should be one of your first priorities, as well as employment and labour laws. If you run a creative business, reading up on intellectual property law will help you to keep your work protected. And an understanding of marketing and advertising law will also defend you from potential lawsuits in this field.

Back Up Partnerships with Contracts

Even if you are sure of a verbal agreement, it still helps to have your partnerships confirmed by a clearly written contract. This way, both parties are literally on the same page. As well as helping to reduce the chances of disagreements further down the line, you also have something that you can refer back to in the event of a difference of opinions.

Keep Up with Paperwork

Tax filing and record keeping can be tricky for a lot of business people. And if you are not used to it, not only can this by a mundane and boring task, it can also end up being a complicated one. This is why so many entrepreneurs decide that the best course of action for them is to hire a professional to take care of it. You can end up saving yourself a lot of future legal headaches in this manner.

Seek Advice When You Need it

There is no doubt that the world of business can get complicated at times. And depending on what area of business you are getting into, there will be specialists who can help you own with each individual area. Perhaps you are looking for something highly specialised such as debt collection licensing requirements by state. Rather than trying to wing it, you are better off going to a firm which is well-versed in this specific area. Not only will this help to put your mind at ease, it will also free up your time to concentrate on tasks which are more suited to your specific skill set.

Though it may not feel like the most exciting task in the world to protect your business from legal issues, it is one which is necessary to complete to ensure the continuity of your company.  

Can You Recover Financially In Under Two Years?

Are you struggling to make ends meet at the moment? Would you like to turn your financial situation around and recover in less than two years? Then you need to develop a strategy using some of the suggestions from this article. The ideas below should work well across the board, and there is something for everyone. Depending on the nature of your situation and how much debt you have at the moment; you might have to choose more than one of the concepts below to ensure you clear your debt and achieve financial freedom. As you will discover, sometimes you have to think outside of the box to get the best results. Sure, you’ll have to work hard to achieve your goal, but you’ll get there eventually if you keep walking in the right direction.

Get a better job

The easiest way to clear your debt during the next two years is to increase the amount of money you earn each month. You can then use the excess to satisfy those creditors and get back to normal. There are thousands of online job boards these days where companies advertise their vacancies. Take a look at the qualifications and skills you have right now, and then try to work out where you might discover the best-paying roles. Maybe you would like to join a new industry or something similar? You can achieve anything if you impress the right people with your CV and during your interview. So, have confidence, apply for lots of jobs online, and make sure you always answer those calls when the employers respond. Hopefully, you will find the perfect job within only a couple of months.

Pay more than the minimum

If you have credit card debt, it makes sense to ensure you pay more than the minimum amount each month. You will clear the balance much faster than you otherwise would have done. For example, people with a debt of around $4,500 might have to make a minimum payment of about $100 each month. However, that would mean that person can’t clear their debt for sixteen years or more when you consider the interest charges. Now imagine that person decided to pay $150 per month instead of the $100 minimum. The consumer would get rid of their debt in less than five years. Now think about how quickly you could clear the outstanding balance if you decided to pay $200 per month. You get the picture, right?

Downsize your home

People with families might decide that downsizing their home is the best way to get a lump sum of cash and achieve financial stability according to Triton. If you’ve paid a reasonable amount of your mortgage already, there is a chance you could end up with tens of thousands of dollars in the bank when the deal goes through. You just need to find a new home that’s suitable for your family but only half the value of the one you’re in at the moment. You can then sell your property and buy the other house. Make sure you don’t let the money sit in your bank accounts for too long because you will waste it. Instead, you need to pay your debts straight away and ensure the creditors get their money. Real estate agents will help you to sell your home quickly.

Remortgage your property

If you love where you live at the moment, and you couldn’t imagine a life anywhere else; there is another option on the table. You could remortgage the property to gain a lump sum of cash from the bank. Lots of people do that every year, but most spend the money on extensions or renovations. Depending on how much equity you have in your home at the moment; you might get enough cash to clear your debts and pay for some improvements. It all comes down to the market value of your property and the size of your mortgage at the moment. For more information about whether or not remortgaging is the right path for you to walk, book an appointment to see your bank manager. They will take a look at your circumstances and provide you with some advice.

Get a consolidation loan

The experts at National Debt Relief and other organizations claim that more Americans choose consolidation loans these days than ever before. Here’s how it works. Let’s presume you owe three different creditors a total of $10,000. You have to make three payments every month, and so there is a reasonable chance you will forget one of them at some point. That will cause you to spiral more into debt. Thus, a consolidation loan will mean you only have to send one monthly payment, and it’s going to equal less than you’re paying at the moment. Of course, that means you continue to make payments for longer than you otherwise would have done, and you get into a lot of trouble if you miss a single date. Still, consolidation loans have become a lifeline for many people, and so you should consider them.

Sell your valuables

Many people spend their entire lives collecting expensive possessions like artwork or gold. Even more people decide to collect memorabilia like sports items and original toys. If you have anything like that at home; now could be the perfect opportunity to put those assets to good use. There are lots of professional auction houses all over the world where you could list your items for sale. You will always get a better deal on Star Wars figures and things like that at niche events where you know there are a lot of enthusiasts. Thankfully, most of those auction houses operate online these days. That means you can arrange listings, monitor progress, and collect your money from the comfort of your home. If you have anything of value, it doesn’t make sense to keep hold of it while your financial situation deteriorates.

Start a business

Becoming an entrepreneur and launching a new business venture is always a sensible move if you want to increase your income, so you have more money to clear your debts. The best thing about starting a business in the modern world is that you will find lots of opportunities for which you do not require an immense amount of investment. For instance, there are plenty of people who work online from home these days, and some of them earn a small fortune. Maybe you could become a web designer or something similar? You can find work on freelancing websites at the start, and you can then move away from those platforms once you have a decent portfolio. Employ others to do the same thing, and you’ll have a nice little company on your hands. You get the idea, right? The possibilities are endless.

 

Håkan Dahlström Photography

Take advantage of balance transfers

Lots of people seem to forget that credit card companies charge high rates of interest. So, even when you make a payment each month, it can often feel like you’re getting nowhere near the finishing line. However, it is possible to make sure you never pay a dime in interest in you’re smart. Credit card companies tend to offer 0% interest on balance transfers to new customers for the first twelve months. Take out a new credit card that provides that deal, and then transfer the balance from your old cards. You will only have to make the same minimum payments, but you will notice the balance starts to go down much faster than it otherwise would have done. That is a technique every single person who uses credit cards should employ. Take out new cards every twelve months and transfer the balance straight away.

Stop spending!

Lastly, and perhaps most importantly; you need to stop spending! The primary reason people get into debt is that they don’t have enough money for essentials at some point. However, once you start making payments each month; you soon discover you can get that money back (minus the interest) by using your credit card for purchases. That is something you need to stop right now. Cut up your cards if you think it will help, and make sure you start living within your means. Don’t take out any extra loans, and make sure every action you take is aimed at clearing your debts rather than adding to the problem. If you do that; you should find yourself on the road to financial freedom during the next two years.

To answer the question posed in the title of this article, yes; you can recover financially in under two years. However, you need to focus on the end goal and do everything within your power to work towards it. Use one or many of the suggestions from this post to create your winning strategy. Of course, if you can come up with any ideas not mentioned on this page; you should use them too. People who manage to clear their debts will notice they feel happier in their lives than they did in the past. You can also take a break from all that stress!

Seven Things Smart Travelers Do To Save Some Cash

Traveling. It’s the goal for most people to achieve at least once in their lives, whether it’s in the form of several vacations, or a round the world trip that takes their breath away. Traveling isn’t limited to season or month, and your vacation time is yours to do with what you wish. What you should be doing, however, is planning vacations that are perfect for your tastes and bucket list wishes, while at the same time saving you as much money as possible.

The one big problem about traveling is the cost. No matter who you ask in your life, if anyone has that taste for flying across the world, that wanderlust that always brings them back to their last beach picture on their Google history, they will tell you that they can’t go anywhere because they can’t afford it. For a lot of people already living on a very tight budget, this is not going to be far from the truth. However, for those who are able to have some kind of cash surplus every month, traveling wherever they want to go is absolutely within reach; they just need to get smart about how they pay for it. A shortage of funds doesn’t put the kibosh on summer beach vacation plans or winter skiing dreams. Traveling when you can’t quite afford to? Well, that often sucks and doesn’t work out as the relaxing time that you’ve always imagined traveling the world to be. You may have managed the flights and some accommodation, but if you haven’t got the budget for the daily costs and the car hire or decent spending money, you could find your vacation a stressful one.

There are plenty of people that manage a thrifty vacation on a shoestring of a budget, but that’s not for everyone out there. The good news, though, is that you don’t have to wait around for years of saving to make your vacation dreams come true. Valuing travel is a no-brainer for a lot of people and learning how to budget for it is going to take a little time, especially when it’s always more fun to buy something for an immediate purchase that makes you happy – such as a night out or that new dress you fell in love with. However, plenty of people in the world have managed to master the art of a travel budget, and you can save money from the moment you start thinking about the trip that you want to take. These seven tips can give you everything you need to know to be that smart and savvy traveller that you always wished you could be.

Harness Technology.

We are in a digital age that is ever-evolving and expanding at an exponential rate. Taking a moment to sift through your app store or android store for the plethora of money saving apps out there can really open your eyes to the very many solutions that are out there for you to save with. You can use these apps to skim money off the top of your budget, allowing you the chance to save a few dollars and cents at a time. It may not sound like much, but if you’re lopping $20 off the top of your bank account every Friday, over the course of a year you’ve saved over $1000 dollars. That’s a huge dent in your travel budget if you want to go somewhere within the country! It’s totally out of sight, out of mind, too, which means that you won’t see much money missing from your account at any one time.

Actively Save.

You don’t have to add a lot to your savings account but adding $50 a month of your disposable income will add up over time. You will have added to the money already being skimmed off the top with your technology harnessing from earlier. This can mean that you could afford a few extra luxuries that may not have been in your budget before, such as the airport parking you couldn’t have afforded previously. Everyone knows how pricey that can be, so most people choose not to travel to the airport themselves and prefer a taxi service. However, with an airport parking guide like this one, you can learn about how to get the best rates for your vacation parking. Actively saving that money every month can allow you to save for stuff like this, which can make a huge difference to the quality of your vacation.

Borrow, Not Buy.

Luggage is pricey, as are international outlet converters. That vacation shopping trip you love to take to stock up on new clothes, new cases and all the airplane additions that you would normally buy is a fun one to take, but if your budget is saying no, then look to your friends. It’s hardly likely that everyone you know will be off on their vacation at the same time, which means that you can borrow suitcases, nab neck pillows and even don their dresses for the beach. You may only go on vacation once every couple of years, so there’s no need to spend all your cash on new things that you can borrow for free. Don’t forget to wash everything before you give it back; the better the condition, the more likely you’ll be to be able to borrow again for the next trip that you save for!

Save A Latte.

Buying a refillable coffee mug can mean that your $5 a day coffee habit gets changed over, with that money being saved, instead. Eating out is a pleasure, sure, but if you make the change to eat out less at home, you can embrace eating out more on vacation. Everyone loves to eat out in new restaurants and cafés when they go somewhere new, and the novelty is that you’re not cooking for a change. The whole idea of a vacation is to relax, and that’s exactly what saving your lattes allows you to do. You can choose to extend this to pretty much anything that you spend out on regularly but making savings at home is going to make your expenses expand for your vacation.

Side Hustle That Cash!

If you’ve got a hobby that you currently indulge in, look at selling your wares. Crocheting blankets for new babies is a hit on Etsy, for example, so learn to do that and then sell on the side. Not only do you get a relaxing hobby that can earn you a second income, but you have a second revenue stream to feed your travel bank accounts. There’s no need to work yourself to the bone, either, because everyone knows that homemade wares are always valued higher given the work that gets put into it. So, find a niche you enjoy and make it work for you to have another income stream. The good bit about this is that you’re not limited in any way. You could choose to have more than one side hustle, and thus more than one revenue stream at a time; the sky is truly the limit.

Credit Card Perks Galore.

You may not use your credit card much, but it’s time. If your credit card provider offers you mileage as a perk, then the more you use and pay off your card, the more miles you’re going to clock up. Some places offer you a mile for every dollar you spend, and so if you aim to spend $200 a month on your credit card and pay it off on time, you’ll add up 200 miles per month. A domestic flight often goes for just under 18,000 miles, so it’ll take a little time to build but that doesn’t mean that it can’t be done.

Prioritise Travel.

The only true way that you’re going to make room for your wanderlust in your budget, is if it’s what you actually prioritise. It’s all well and good to say out loud that you want to visit the furthest reaches of Thailand, or see the sphinx in Egypt, but you’ll never get there if you keep putting those nights out or tech upgrades in the forefront of your budget instead of travel. Experiences are what give you the memories that last a lifetime, and if you put traveling to the top of your wish list, then traveling is what you will do. You can sell some of the clothes and material things that you have laying around your wardrobe and add the cash to your travel account. One you make something important to you, you can find it easier to achieve it.

Your wishes and your bucket list are yours to control. The better you save, the more places you can tick off and visit. The vacations

that you have as in your life are going to be lifetime breaks that make memories you can always look back on. Be smart, be savvy and save well – you won’t regret it.

Do I Need To Work To Make Money?

It doesn’t matter how much you love your job. Ultimately, if you were to discover that you’ve got a secret fairy godmother, or if you accidentally came across a djinn while rubbing an old oil lamp clean, you know that one of your magical wishes would probably revolve around money. Not out of greed, of course. But because having money can make your life significantly easier. As a result of it, you might come to realise that you don’t need to work anymore. As hypothetically as this situation is, it asks an important question about your career, namely: do you only work to maintain your lifestyle, and more importantly do you need to work to make money?

Launching your own business: Risky and time-demanding

Every freelancer and entrepreneur would be first to admit it; there’s nothing that can beat the chill of launching your own business. However, you need to be realistic. The chances of making sufficient money from your business are slim. You need to work actively at it to make it happen. From setting clear goals for yourself and for your team to ensuring that everyone is appropriately trained, you carry the responsibility of your business. More than half of all companies fail within the first few years. It’s not the easiest and most comfortable path to wealth, and it requires a lot of efforts.

Define an investment plan for your inheritance: Medium risk & reactivity

As you get older, you are more and more likely to receive an inheritance from your grandparents, your aunts and uncles, and even your parents. While the sum may not be substantial enough for you to stop working at all, you can increase your chances of making money by developing an effective investment strategy. With the help of a financial advisor or by yourself, you can find out more about trading requirements, leveraging margins and even trading on prices instead of stocks. It’s fair to say that based on your market understanding, financial investments can carry medium to high risks. However, if you keep track of fluctuations and remain reactive to the market, you can boost your profits.

Cozy up a home to let: low risk, regular income

The buy-to-let strategy can be profitable, even though it won’t make your rich in the short term. For a lot of investors, becoming a landlord is a stressful decision that demands a lot of work. You can, however, make your life easier by hiring a real estate agent to do the hard work for you. You will enjoy a variety of benefits, from regular income to eventual tax advantages if you choose to improve your rentals.

What are your real chances of getting rich without working at it?

It can seem impossible to find a way to make money that doesn’t involve hard work. Don’t be tempted by quick solutions, such as trying to win the lottery. The odds of winning are not in your favour! In fact, you are more likely to be hit by lightning than to win the lottery. In other words, if you don’t work at your wealth, it won’t happen.

The level of investment and effort you need to give in each money-making strategy varies. From time-consuming to low engagement methods, to high to low risk, it’s fair to say that your motivation to make it happen will affect your income. If you don’t work at it, it can’t happen!

Stay Savvy With These Business Services

There are a number of services that your business is going to need if it is going to survive in today’s market. You need to make sure that you have the correct services for every occasion so that you don’t get caught by surprise at any point. It is better for you to have all of the basic services and then a few more than not have the ones you need when you need them. Here are some of the services that your business is going to need.

Marketing

Marketing is going to be crucial to building a customer base for your company. Even if you already have a well-established customer base, expanding that is something you should never say no to. You need to make sure that you have a marketing team who will handle any and all of your advertising needs. You should be thinking about offline as well as online marketing. For your offline marketing, you are going to need leaflets, posters and even billboard signs. Your marketing team will handle this while making sure that you are getting a fair price at the printer. You can then focus on online marketing, targeting the people who spend all day on their phone and don’t look at leaflets and billboards. Set yourself up some social media pages and your own website to give yourself the best chance of reaching a broad audience.

IT Services

If you don’t have IT, you simply aren’t going to be able to keep up with your competitors on the market. You won’t be able to process orders and file data as fast as your competition, and your customers might end up taking their business somewhere else because of this. As well as this, you need IT to ensure that your company is protected from any and all threats. You need to make sure that your business is safe and secure or your clients aren’t going to want to give you any of their personal information. If your clients don’t trust your company, they won’t come back, and they will not recommend you to any of their friends, and this could be disastrous for your company.

Human Resources

Businessman

You are going to need a human resources department for any legal issues that you may face. This could be from employees or a customer, they will handle it all. They will also deal with any in-house problems that you or your employees may be having in the workplace. This includes employee disputes or employee/employer disputes. HR will be there to attempt to diffuse the situation and find a way to sort out any issues that your employees may be having.

They will oversee and advice your business on whether or not it is in line with laws such as labour laws, employment standards and some recruitment/dismissal. They are going to be able to advise you on all of these matters, so you are going to need them around.

We hope that you find these ideas useful and consider using these services within your business.

The Biggest Expenses People Face During Their Lives

Most people lead lavish lifestyles these days, and so significant expenses are becoming more commonplace. However, there are certain milestones that are generally considered as the most significant financial expenditures we will all face at some point. The information below should highlight these events and help you to prepare for them.

Paying for your education

A university education costs a lot of money these days, and it is usually the first major expense people face in their lives. It would be nice if all parents managed to build a college fund to pay for the classes, but that doesn’t happen too often in the modern world, and so students usually have to get jobs to pay for their courses, and they also tend to leave with lots of debt.

Buying your first car

While you might not spend a fortune on your first car because new drivers are more likely to become involved in collisions; you’ll still have to spend a reasonable amount when you consider the cost of the automobile, the insurance, and the road tax.

Getting your first mortgage

As the infographic at the bottom of this page shows, there are lots of different options on the table when it comes to getting a mortgage and buying your first home. That is by far the most considerable expense anyone faces during their life, and most people have to save for at least five years to afford their deposit.

Now you know about some of the biggest expenses you can expect to encounter during your life; you can start putting plans in place that will ensure you find those situations plain sailing. Enjoy!


Infographic by FHA Home Loans