Wise Money Tips

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UNIVERSAL/MOTOWN RECORDING ARTIST JR GET MONEY GRINDING IN THE STREETS [PROMO VIDEO]

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JF (Jim) Straw straw.2fortune.com The eldest son of a farmer/aircraft worker, born in Oklahoma and reared on farms in Oklahoma, Missouri, and Kansas, Straw began his long, successful career in business at the age of nine; when he sold his first cans of Cloverleaf Salve and copies of “GRIT” newspaper. Even at that early age, he had the unique talent of recognizing an opportunity, implementing a plan, and making a profit. Straw’s career has progressed through direct selling, service …

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With the increasingly chaotic investment climate for residential financing in the United States, more residential real estate investors are exploring commercial property and business finance opportunities. It is important for prospective business owners and investors to educate themselves about options for the business loans and commercial mortgages they will be needing.

Environmental requirements for business finance will be a complex issue for numerous business investments. Environmental issues involved in a business loan will primarily depend upon the commercial lender as well as the type of business. More extensive requirements can impact both the cost and timing for a commercial mortgage loan.

Tax returns and financial statements for a business loan are likely to be a concern for all commercial borrowers. Whereas residential mortgage financing is likely to involve only personal tax returns, most business financing will include a review of business tax returns as well. Business financial statements and personal financial statements will be required for certain kinds of business opportunity financing and commercial real estate financing.

Secondary financing will often be a means of acquiring desired commercial loans. The use of seller financing or secondary financing is a prudent business financing strategy to reduce capital requirements for the borrower. Secondary financing will not be accepted by all commercial lenders.

An unexpected requirement for many commercial loans involves sourcing and seasoning of funds. When purchasing a business, some lenders will require that borrowers document where the down payment is coming from (sourcing) and how long the funds have been in that location (seasoning). If a borrower cannot adequately provide this documentation, the choice of commercial lenders will be more restricted.

Collateral and cross-collateralization for business loans will be an insurmountable obstacle for some commercial borrowers. Collateral requirements for business financing will depend on many factors such as down payment, type of business, credit scores and the type of financing needed. Cross-collateralization refers to lender requirements involving personal collateral such as a home used as collateral for a business loan.

Any requirement for a business plan when obtaining commercial mortgages is likely to be expensive and time-consuming. A business plan is not always required for a business loan, but when one is required this will add significantly to the cost and length of the loan process.

An increasing problem for commercial borrowers seeking refinancing is an unreasonable limitation for getting cash out of the new loan. Commercial lenders differ significantly regarding restrictions imposed on the amount of cash out to the borrower when refinancing. Some lenders will not permit any cash out whatsoever while others will limit cash received by the borrower to a particular amount. The preferred approach is to use a lender that will allow cash to be paid out up to an agreed loan-to-value (frequently 75%).

It is important to to thoroughly analyze business financing lockout penalties. A lockout penalty is much more severe than a prepayment penalty in that such penalties can effectively prevent a commercial borrower from selling or refinancing during a prescribed period (often two to five years).

In addition to the issues noted above, numerous other key business finance and real estate mortgage issues will also be important to evaluate. Commercial mortgage requirements are very different from residential financing requirements in the United States. We have prepared several other business finance overviews addressing additional factors that will be significant for most commercial borrowers. Separate report topics include SBA loan refinancing, business opportunity financing, stated income business loans and commercial appraisals.

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Here are my weekly money savings tips:

1. Maintain a good credit score! It will save you thousands of dollars in the short and long term when you need to borrow money to buy a car or a home. Creditors will give you an interest rate and the loan amount based on your income and credit score.

2. Large sums of money should NEVER be left in a checking account or even a low-interest bank savings account. Rather, put the money into a high interest savings account (like an ING savings), money market fund, or other forms of short term high interest investments with a fixed return.

3. If you have an employer matching 401K plan, maximize your contributions, so that you double your money!

4. Set aside 10% of your paycheck towards some form of long term savings account, like a money market account, mutual fund, retirement plan, or 401K. As you pay amount increases, your contribution will also increase automatically. 10% will also ensure that you stay ahead of inflation.

5. One of the best investments you can make is to first pay off all your high credit card debts. Credit cards typically carry a high interest rate and by paying off these debts, you get one of the best returns available which also is tax-free.

6. If you are losing sleep over an investment, whether its a stock, mutual fund, or retirement plan, its not worth it! Your lack of sleep is probably a good indication that it may be too risky, too good to be true, or just not the right invesment for you.

7. If an investment is projecting returns that are just too good to be true, they probably are. Unless you are intimately involved in the investment or are an insider, an investment that sounds too good to be true is probably too ambitious, too risky or just a scam.

8. Before you invest in something, always do your own research. Consulting with others and getting a second opinion is good, but you need to investigate for yourself. The internet is typically the best source for lots of information but make sure you read enough or get relevant data.

9. Always negotiate for commissions or fees paid for financial or real estate advice. Don’t be misled by standard commissions and “non-negotiable fees”. It is your money and the experts work for you.

10. Can’t get out of debt? If you are having problems meeting your debt payments each month and feel like you are digging a deeper hole, go talk to your creditors and banks to find a solution to get out of the mess. Beware of debt consolidators as they could charge higher interests in the long term and get you even deeper into debt.

If you like any of these tips, have questions on some, or have some feedback, I would like to hear from you. Visit this article by clicking on http://www.financialresource.org/blog/10-money-saving-tips/ and Post your comments. Look for more money saving tips each week!

Happy Springtime and be Money Smart!

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Premium financing is a process wherein the permanent life insurance policy premiums are being paid by some of the third parties or third party lenders and it is an excellent marketing idea. In other words it can also be put forward as premium financing is a process which aims to increase your insurance needs by the method of financing the insurance. Thus premium financing enables individuals, business firms and the large companies to purchase the insurance without having to sell or lock up the various assets.

The working of the premium financing works in the following way consider for example you are owning an insurance policy worth X amount of dollars and you can use the value of your insurance policy as a mode of collateral security which will enable you to finance other insurance policies. Thus in this way premium financing allows you with a wide range of insurance options open to you. There is no doubt that premium financing is very much cost effective. It is a very favorable financing option as you can secure a huge loan amount against the life insurance policy. It is quite important to understand that you are going to get a much better option or in other words you will get much better rate of interest and the term of loan for the secured and the unsecured financing. However it is important that before getting a premium financing option you need to have a look at your financial needs and get proper advice before you go on with a financing option. There is this one question which many people have as to will it be required for them to purchase a new insurance policy or can they get the service of premium financing on their existing  insurance policies. Well the answer to this simple question would be that at the time the practice of premium financing came into existence it was a requirement that you will have to purchase new insurance policies, but now this is not the case as you can get this option of premium financing on your existing insurance policy and there is no requirement for you to take the strain of going for a new insurance policy. This will again provide you with a very much better option that would not ask for your valuable possessions to be given as collateral security.

Some other people who really take the benefit of premium financing are the wealthy investors or the business owners. It is an extremely good option for the companies that do not want to tie up their assets to purchase the large amount of insurance policies. It is also a technique which is offered for the employees to be offered as a part of their wages. It allows the firms to attract new employees and help them retain their valuable employees. Premium financing is also used as a technique for estate planning, company expansion, attracting new employees and retaining their valuable employees.

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My husband and I are having some trouble juggling our finances, and getting into the swing of things as a financial couple. We didn’t share a bank account before the wedding. Is there a program I can get online, or some templates i can print out and keep in a binder that can help us get things a little more organized. Any info will help. I will vote for best answer tonight.

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