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Should a Business Use a Line of Credit or Credit Cards for Finance?

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Practically all businesses need money at one point or another. Many financing options exist, but two popular choices are to open a line of credit or get a credit card. Deciding upon the best option may be difficult since credit cards and lines of credit work in a similar way — both allow you to access money when you need it and then you make payments on a predetermined schedule. If you don’t know whether to use a line of credit or a credit card for finances, the scenarios below can help you decide.

What Do You Do If You Have a Difficult Time Getting Approved for a Loan?

Credit cards typically have higher interest rates than lines of credit, but getting approved for a credit card is much easier. All you need is proof of income to get a credit card. A line of credit requires proof of income and collateral. If you’ve previously been declined for a loan, a credit card can be your best option, giving you a better chance of getting approval to borrow the money you need.

What Do You Do If You Need to Get Money Fast?

Getting a credit card is easier and faster than getting a line of credit. Many banks will instantly approve you for a credit card and give you a number to use until your official card arrives in the mail. You could potentially use a credit card the same day you apply for one. If you need money quickly, a credit card is the best option. However, you’ll need to keep in mind that you’ll have to deal with higher interest rates than if you requested a line of credit.

What Do You Do If You Need to Borrow a Large Sum of Money?

Credit cards allow you to receive money quickly, and you can get approved to receive one without much hassle. However, you can usually get approved to borrow more money with a line of credit. If you need more than a few thousand dollars, a line of credit is your best option.

You can turn to almost any bank for a small business line of credit, but working with a company that specializes in this type of credit is better. For example, Kabbage offers unsecured small business lines of credit at competitive interest rates. Additionally, this online lender could qualify you for a line of credit up to $150,000.

What Do You Do If You Only Need a Loan for a Short Time Frame?

In general, getting a line of credit is better than a credit card because lines of credit have lower interest rates. This reality doesn’t matter much if you plan to have the loan only for a short time frame. If you pay off your credit card the same month that you use it, sometimes you can avoid interest entirely.

Never apply for a line of credit or a credit card without a plan for how you will pay back the money. Always consider the terms of the loan and choose the best option for your business. If you still don’t know what to do, talk to a business financial expert.

Money Management Is Essential For Freedom In Day-To-Day Life

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You May Have More Resources Than You Realize

Money management isn’t easy, and it’s hardly taught in schools. Wise allocation and utility of resources can make a rich man out of a meager income. It can even turn something like debt into a “good” thing.

Student debt is often characterized as “good” debt, because if appropriately pursued, it can lead to gainful employment. It can also lead to a lifelong expense perpetually hanging over your head; so be careful to study something that will actually get you employed down the line.

Bad debt would be something like credit card debt, or that which usually develops from getting stuck in a payday loan cycle. This debt drags you down, is usually unnecessary, and can be disastrous to your personal autonomy in terms of finances.

It can be hard to get out of debt if you’ve made a few money management mistakes in your life. But there are techniques, strategies, refinancing options, and consolidation solutions available; you’ve just got to seek them out.

Ways To Overcome Debt

Seek out extensive, experienced, and insightful debt-liberation advice from professionals, such as those at Debt Academy for example. Using services available through agencies like this can provide you information about debt that you likely wouldn’t find on your own. You can get solid advice that helps you make your next step. For example: what kind of expenses can you cut from your regular budget to help pay off existing debts more quickly?

Do you eat fast food, or have a penchant for pricey coffee? Cut that out. If you buy one $5 Starbucks coffee a day, that’s $35 a week, and $140 a month. In a year, you’ve spent $1,680 on coffee. Meanwhile, you’ve got a $200 a month car payment. Between the two, you’re spending $4,800 annually you don’t need to.

Sell the car and turn that money into a more cost-effective used vehicle. If you can recoup $5k from your car, then you can go on Craigslist.com and find a very good vehicle that will last you at least five years if you take care of it. Now you’re saving $4,800 a year that you can use to pay off debt.

Sustainable Energy And Mortgage Sale

Depending on your situation, you may sell your property. If you’re in debt, but have a good piece of property and the ability to spend several thousands before selling, you could increase the money you make in the sale. Firstly, you’ll want to find an organization that can sell a mortgage note.

Once you know who can help you sell your property, it’s time to upgrade it. A $5k investment in solar energy can get you a $5.1 kWh solar energy system which will increase property value between $15k and $20k depending on the state you live in. You may also get a tax break, but collecting on that will depend on when you sell the house.

With the money you make from selling the home, you can pay off your debts and downsize until you can afford a larger property once again.

Everyone’s situation will be different, but one thing is sure: by getting rid of certain lifestyle costs, you can free up resources and transcend debt more quickly.

Avoid These Common Mistakes While Planning For Retirement

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Planning for your future is not always going to be a straightforward process. There will be many twists and turns along the way that might throw you for a loop. This means that you want to have as much advice as possible on how to move forward with your finances. When it comes to your retirement, there is never a bad time to begin the process of saving. Though your actual age of retirement might be many years off, now is the time you want to focus your energy on formulating a solid plan.

One of the best ways to get started is by looking over some of the more basic aspects of the process. There are plenty of mistakes that people make when attempting to focus on their retirements. If you are hoping to see success from the process, take a moment to look over some of the more common mistakes that people make when saving and see what you can avoid along the way.

Delaying the Process

By taking the time to look over these bits of advice, you are already putting yourself ahead of the curve. One of the most common mistakes that people make when planning for the future is waiting too long to begin. There is never a bad time to start saving for your retirement but you definitely want to give yourself as much room as possible. Waiting until the last second to begin saving can make it so that you have absolutely no funds available to you when retirement does finally arrive.

People who fail to save early often wind up having to work throughout their later years. This defeats the entire purpose of retiring. While there are many people who enjoy working and want to find ways to stay busy after retiring, far more people would prefer to just relax and enjoy their later years without fear of financial failure. By starting early, you can give yourself room to learn all of the best options and put your energy into an effort that will yield you the most interesting results.

Going It Alone

Another common mistake that people make when planning for their retirements is attempting to do it all without any assistance. Not everyone is going to be skilled with finances. While you might have some idea of how to save, there is a lot to take into consideration with retirement savings. This means that it will be in your best interest to speak with experts who have a background in this type of financial planning. Advice from investment firms can point you in the right direction for your future.

Being able to turn to a professional when you have a tough question can be a real lifesaver. There are going to come many times when you do not know what the best course of action is for your retirement plan. Taking the time to align with the right financial experts can put you in touch with a large number of fantastic resources that can offer you insight as to how to best secure your finances for when you reach the age of retirement. Getting started early on this task is going to be a wise move.

Employer Assistance

People also tend to make many mistakes when it comes to taking advantage of the retirement benefits offered by their employers. Almost all companies offer their employees various options for retirement. These options can take many forms, like a 401(k), and provide employees with a chance to get started on saving for their future as early as possible. If you have signed up for these services, then you want to be aware of how they will be shaping your finances down the line.

To sort all of this out, take time to speak with the person in charge of your retirement options. Often, this is going to be a person who works in your HR department. Sit down and discuss everything that you are signed up for and what additional options you might have moving forward. Getting your finances in order in this manner can help to focus the rest of your planning moving forward.

Staying Smart

While it might be impossible to see the future, there are some easy ways to get yourself ready for what awaits. Take time to look into how you can begin saving for your retirement now and be sure to avoid the common mistakes that people tend to make along the way.

Is Leverage Considered as a Blessing or Curse

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There are lots of traders in Forex who think of leverage as a way of making a big profit in the market like the hotshots. But leverage is nothing but a marketing policy conceived by the brokers. The professional traders in Switzerland always prefer to trade with low leverage since they know that a high leverage trading account can ruin their trading career. If you know the perfect way to place your trade then you will make a decent income by using the low leverage trading account. There is no need to take excess leverage as it will increase your risk exposure in the trading industry. In our article, we are going to explore the history of leverage and tell you, if you should use it or not.

Leverage is a tool to make brokers rich

Do you know that US Dollar is one of the major currency in the currency pairs of Forex? Though the US Dollar is widely used all around the world, you will find that not many major brokers are not offering their services to the United States. It is not that they do not have money to offer their services, it is because they have to offer a lower leverage than the European markets. The U.S administration knows very well that if the trader’s trade with high leverage then their very human nature will force them to take a big risk. Even if you follow strict trading discipline then after a series of losing trades you might try to recover your loss by taking big size trade. Most of the time the traders make their condition much worse in their recovery attempt. But if you trade with a low leverage trading account then you don’t have the freedom to execute a big trade with the small trading account.

In the European market, the brokers can offer a leverage of 500:1, where they have to lower their leverage offered to 50:1 in the US. It says their profit is lowered in the United States if they offer Forex services. It is one of the major reasons why many brokers who are offering Forex worldwide do not enter the US market. You will find that US citizens are the lowest number of traders in the market. Though there is no ban on trading in Forex, brokers do not like to offer their service as they get a lower profit because of the low leverage. But when you look at the success rate in options trading industry then you will notice that a big number traders are from the United States. They are making money consistently due to their low leverage trading account. Even if they try to risk big amount of money they will be forced to use a small lot due to low leverage.

It will only larger your loss

Using leverage in trying to make a profit will only make your loss larger. There are many traders who have tried to use leverage when they have lost a trade in the market. They could not accept a loss in the market and to make their loss profitable, leverage was a good idea to them. They take high leverage in their trades, lost the trades and risks their capital. As we have said before leverage is not a great blessing to the traders. It will keep them away from their traders’ mindset. If you are not using leverage, you know what to expect from the market and you will make better trades. If you use leverage, you will expect big from the market and take high risks. This market is volatile and you cannot make it, making your profit larger by using leverage in the trading market.

Summary: Leverage is a double edge sword. If you know how to use it then you are most welcome to take advantage of it in forex trading. But if you are inexperienced then it’s better to trade in the low leverage trading account.

Your Guide to Some Top Reviews on US Online Casinos

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Many online casinos operate for US players, and while most of these sites have some amazing games, not many can give you add-ons such as great customer support, an easy credit card approval process, and, of course, a number of exciting bonus offers. Whichever kind of player you are – whether you look at the bonuses offered or whether you just go with the variety or quality of games available – it’s important to choose the right online casino for your needs. Here, then, is your guide to some top casino reviews on US online casinos.

Planet 7 Casino 

Planet 7 Casino is arguably one of the most popular casino sites for US players, and for good reason. One of its advantages is its amazing bonuses and . Additionally, the software on the site is one of the most advanced around, especially when it comes to real-time gaming. The license for Planet 7 is in Costa Rica, but it is available for US customers who want to try their chances with some popular casino games. Planet 7 offers great customer support and clear policies which makes it a good choice for many players.

CoolCat Casino

CoolCat Casino is definitely ‘cool’ especially with its fast approval process for credit cards. Aside from this, CoolCat has an array of choice bonus codes, and it has great graphics and software to boot. But if you’re looking for awesome no-deposit bonus deals, CoolCat is beyond par. It gives a $100 bonus for instant cash, as long as you fulfill the 60-times rollover requirement for table games and the 30-times rollover requirement for slots. CoolCat also offers a 200% bonus for deposits, and this doesn’t come with play-through requirements.

Silver Oak Casino

What makes Silver Oak Casino special is its highly-satisfactory customer service combined with its premium bonuses and great table and slots games. It also runs on the RTG software which both CoolCat and Planet 7 run on, so the games are as realistic and exciting as can be. The site offers a bonus of 400%, and you can redeem this with a deposit of a minimum of $30. If you like blackjack, you’ll feel especially lucky at Silver Oak with its blackjack match bonuses. The payouts at this casino site are also known for their speed, and the approval process for credit cards is fast.

Slots of Vegas

Slots of Vegas is another popular site, although it is only valid for keno and slots. But for slots game fans, Slots of Vegas offers a 250% sign-up bonus, and this bonus doesn’t have any play-through requirement or maximum cash out requirement. It also offers a $25 free chip with no deposit required (although it requires a play-through of 30 times). But another great aspect about the site is that it processes withdrawals and deposits very quickly as well. You can also check out casino online blik.

Learning to Become a Professional Trader

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You might have dreamed for a long time about becoming a professional trader. However, you have no idea about what you need to do in order to pursue this particular career goal. As with most professions, getting a solid education will be a huge key to having success. So where can you go to learn all of the techniques that the best traders use on a daily basis? How can you go about acquiring the knowledge that you will need to get to the top of this profession? Here are the top things you need to consider in order to get a good education that will allow you to get a job as a professional trader.

1. Talk to people who are already working as professional traders.

The first thing you will need to do is get in touch with people who are already where you want to be. Find people who have been working as a professional trader for at least two years. Find out the exact process they went through. Where did they get their investing and trading education? Why did they choose that particular school? How long did it take to graduate? How much did the classes cost? Would these people recommend that you attend the same trading school they graduated from? Find as many people as you can in the trading profession to talk to. Their insight will be very useful to you as you try to decide where to obtain your trading education.

2. Find a trading school that has a great reputation.

Not all trading schools are the same. You need to understand that the education you will receive will vary greatly from one trading school to another. Never make the mistake of assuming that every trading school will give you basically the same quality of training. This is why it is so crucial for you to do some research in order to determine with trading schools are considered to be the best. Reading some Online Trading Academy reviews will show you that this particular trading school is considered to be one of the best. You will be able to find Online Trading Academy Reviews on a variety of websites that discuss topics related to investing and trading.

3. Contact various trading schools to find out their class curriculum.

Do not simply agree to attend a trading school without having a complete understanding of what they will be teaching you. It would be in your best interests to find out the specific curriculum that will be taught at all of the trading schools that you are interested in. This is a great way to compare the quality of the trading and investing education you will be receiving before you spend any money on the courses.

4. Carefully examine the credentials of the instructors who are teaching at the trading school.

It is crucial that you have a deep understanding of who will be teaching you about trading and investing at all of the schools you are considering. Therefore, you will need to contact the schools directly and find out where the instructors were educated. You will also need to learn what investing and trading firms they have worked for and how many years of experience they have in the trading field.

 

How to Save Money on Your Car and Home

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Living in a world that has so many fun things to do and buy can be hard when you are trying to save money. Here, there, and everywhere are ads telling you to buy this car or buy this product for your home. It is hard to not give into the temptation to buy new things, but it is important to be wise when you do. Your home can look great without breaking the bank, and you can drive the perfect car for you without overspending. Keep reading and you will find out how!

Most people cannot live without a car unless they are in a very urban area. Even then it is nice to have a car to get you wherever you need to be. Cars are usually not a cheap and quick purchase, but there are ways to be savvy when purchasing a car. Feel like every time you turn on the tv there are copious amount of commercials promoting different cars? Well some of those commercials are actually promoting deals that car dealerships are currently offering. Make sure to be aware of those when they do pop up! Another thing to be aware of is car salesman. Their job is to be good with words and persuade you to buy a car. When dealing with them it is important to be smooth as well.

Sometimes going from car dealership to dealership can really be a hassle, especially if they are large distances from each other. Plus it can take a lot of time out of your day. If this is the case, head online to cars.com. Cars.com has a multitude of car classifieds that are easy to browse through. If you are in search of a specific vehicle you can easily search for it along with a variety of other categories if applicable. Once you select the car you want, they provide all the details you need for the vehicle. They even have a price comparison tool, so you can see how the price stacks up against other sellers. Cars.com really makes it easy to shop for cars right from your home!

Now when it comes to your home saving money can be easy as well, you just have to be smart. Don’t just become friends with the nearest real estate agent in sight. Just like shopping for a car, it is okay to browse through your options. This will help you make sure to find the right one.

If you are looking to rent or buy a new home there are some great websites out there that can assist in your search. For example Zillow is a great resource for buying, selling, or renting homes. Once on the site you click which tab you are interested in then search by city, neighborhood, address, or zip code. They even have a unique feature called a Zestimate which allows you to estimate your home’s worth before you try to sell or rent.

Not looking to buy, rent, or a sell a home and just looking to fix up your current living space? Well you can do so on a budget if you make sure to stay on your toes. Many home decor magazines out there display expensive pieces of furniture, wall accessories, etc, but the thing is you find similar items for a lot less. It is good to browse through those magazines find things you like, but instead of buying them at the high ticket price, save the picture clippings and go find them for less. For example try out stores like Marshalls and HomeGoods, which carry some great items at prices that you can afford. You will be sure to feel good when you save!

Another great way to save money when buying items to fix up your home is coupon hunting. With the right coupons you can save a lot on different products. If you are looking for some new shades, bedding, appliances, wall decor and much more then check out Bed, Bath, & Beyond. They always have coupons that will be sure to save you money on all your home purchases.

Buying a new car, home, or fixing up your home can take time, but does not mean you have to spend a lot. As long as you are smart with your purchases and do not buy things on a whim, you will be sure to saving more than expected. Just always make sure to do your research, compare your options, utilize discounts and other coupons, and find affordable alternatives.

3 Ways to Build Strong Business Credit

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Being a business owner is kind of like being a fitness enthusiast, in the sense that you’re constantly focused on getting stronger. For example, you want to strengthen relationships with your customers, strengthen your brand, strengthen your reputation, and strengthen employee engagement. Indeed, even if your idea of a nutritious lunch is eating a donut (hint: please stop doing that to yourself), at least in terms of business health, you’re all about getting stronger and stronger. And that brings us to your credit score.

Strengthening your business credit score also needs to be on your priority list — especially if you want to negotiate better terms with suppliers, or get approved for business capital loans or lines of credit. With this in mind, here are three effective ways to pump up your business credit score muscles:

  1. Get a DUNS Number

A DUNS number is a 9-digit identifier from Dun and Bradstreet (D&B). You can use it to establish your credit file, which is what prospective lenders and suppliers will check (among other things) to get a sense of your credit history and overall credit worthiness. And if you’re wondering how much a DUNS number costs, don’t worry: it’s free.

  1. Tell Suppliers and Vendors to Report You to Credit Bureaus

Don’t assume that your roster of suppliers and vendors are reporting your excellent credit behavior (i.e. pays on time, pays in full, etc.) to credit bureaus. While this is a best practice, let’s face it: suppliers and vendors are as busy as you are, and this is just the kind of task that slips through the cracks. As such, be proactive and remind these partners to extol your virtues with the credit bureaus.

  1. Keep Personal and Business Purchases Separate

Sometimes, new business owners – more out of practicality than strategy – use the same accounts or credit cards for personal and business expenses. If you’re among them, then in the very near future put a financial wall between these two parts of your life. That way, when lenders and suppliers ask your bank statements to check or verify your business’s cash flow numbers, you can do so rapidly, clearly and professionally.

The Bottom Line

Just like building strong muscles, building strong business credit doesn’t happen overnight. But if you do the right things the right way, before you know it you’ll be flexing your credit muscles with pride – and lifting your small business onwards and upwards.

5 Habits That Cost You Thousands

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This is a guest post from Pauline of InvestmentZen.com

For as much you may think in the grand scheme of things, your little daily habits won’t make or break your retirement and savings plan, they might. Let’s have a look at how much bad habits can cost you over the long term.

You smoke (drink, eat too much junk food,…)

We all have a soft spot for something we like to indulge in once in a while. But if the habit is too frequent, it can cost a lost of money.

  • At $6 a pack, smoking 10 cigarettes a day will cost you $1,095 a year.
  • A $8 burger meal every week day instead of brown bagging leftovers costs $1,920 a year.
  • $20 worth of drinks every Friday and Saturday cost $2,080 per year.

If you quit smoking, bring lunch to work and have one $5 drink on Friday and Saturday, you can save $4,575 per year!

You carry a balance on your credit card

Paying 18% interest on a $1,000 balance is costing you $180 per year. Oh, that’s “only” $15 per month? Yes, that is one meal you don’t get to share with your friends, or two months of Netflix, just because you are paying in arrears for stuff you have long used or eaten.

If you carry a balance, get a 0% balance transfer card, and what you used to pay in interest can be used to crush your balance instead.

You are lazy

Laziness can cost you a lot of money, because you overpay for convenience. Instead of staying on top of your bills, you forget to cancel that gym membership month after month. And the storage unit is full of things you will never use, but you keep paying for it. You rarely watch TV yet you have a $39.99 cable subscription.

You never challenge your utility bills once the new customer incentive is over. You may be paying hundreds of dollars more every year for the same service, because you didn’t call your provider to ask for a discount.

You get take out every night because you don’t want to cook at home. These habits are easier than you think to get rid of. Start by one little thing. Call the bank to stop the gym payments. Empty the storage unit. Tackling one thing at a time will help you gain momentum and save you a lot of money.

You don’t have a retirement account

Investing for your retirement is something you should start as soon as you enter the workforce. Yes, that sounds crazy, but it is much easier to plan for retirement over 40 years than over 15. Not having a retirement account means your cash is probably earning you nothing on a 1% savings account, instead of being invested in the markets. Opening a brokerage account is much easier than you think, and if you have a company match on your contributions, you should get started right now and stop passing out on the free money!!

Start by funding your 401k and Roth IRA, then if you have any more money, you can invest through a regular account.

You don’t plan ahead

YOLO and being in the moment is a ton of fun, but it makes me want to bang my head against the wall when I see my friends going on the same holiday I am, but it cost them twice as much. Why? They failed to plan ahead. I book my flights and accommodation months in advance to get the best deals when I go somewhere. If I go hiking, I carry snacks and water so I don’t have to pay extra for the convenience of a vending machine. When I pass by a cheap gas station, I fill my tank, so I don’t have to drive 10 miles when the empty tank warning lights up. I buy discounted winter clothes in the spring for the following winter.

Planning properly includes saving for big expenses (Christmas, car repairs,…) in advance so you don’t have to charge your card. Doing regular maintenance on your water heater, AC units, car and other appliances so they don’t break down. It includes having proper insurance so a health emergency doesn’t bankrupt your family.

Not planning means you’ll have to pay a lot more for the same products and services. All that money spent for nothing is money you don’t get to save for the future, and money you need to earn by sitting longer at your desk. How about forming better habits instead?

4 Q&A’s for New Investors

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Sometimes it can be a little frustrating when you are starting something new. But, when a friend reminded me that whenever you start something new, you don’t get to start in the middle, you have to start at the beginning, it helped ease my mind.

Investing is the same way: if you want to invest and have never had any investments before, you are bound to feel frustrated at times. But soaking up as much knowledge as possible can help you with the basics. So, here are 4 questions and answers for new investors that can help you get started investing.

1 What Are Your Investment Goals?

Why do you want to start investing? Are you saving for a college education for your children? Is your goal to have the money to travel in the future? Or maybe you are saving so you can buy a house and get out of the noisy apartment building you currently live in. It could be that your future retirement is the reason you want to start investing. Any of these reasons could determine how much risk you are willing to take in your investments.

2 How Old Are You?

Another consideration when you are a new investor is your age. All investing involves some risks, but your strategy can be different depending on how much time you have to reach your goals. If you are relatively young you can choose mostly higher risk investments and watch those investments grow more rapidly. If you do sustain some losses, you have time on your side to help you make them up. However, if you are approaching middle age you might put some of your money into lower risk investments as a precaution since you would have less time to make up for losses if they should occur.

3 What is Your Schedule Like?

When you are interested in investing, but you don’t know where to start, one thing you can do that might help is to learn about it first. Do some research by reading magazines and books or look for articles on the internet that can help you learn and gain insight about the many different investment options available to you. The more you learn the better your comfort level will be as you start putting your money into different investment options.

Of course, some of us have more time than others in our schedule to learn about investing. If your schedule is tight and you don’t have the time to do research, you could hire an investment advisor, like Betterment, to help you reach your investment goals.

4 How Much Do You Have to Start Your Investments?

Depending on your situation you might have very little to start investing with or a lot if you have saved for a while. If you don’t have a lot to start out with you might consider the fees charged by fund managers because they can rack up pretty fast and take a chunk out of any returns you make. Also, even if you are trading stocks on your own, the more you trade, the more fees you have to pay. A robo-advisor might be a great place to start if your investment funds are limited because they can help you reach your investment goals and have fairly low fees.

Just as a friend once told me, you have to start at the beginning whenever you are starting something new. Hopefully these have answered some of your questions about investing.

Kayla is a personal finance blogger in her mid-20s who loves to write about money topics of all kinds.