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Finance

3 Financial Resources Veterans Should Take Advantage of Right Now

3 Financial Resources Veterans Should Take Advantage of Right Now

 

Most people who enter the military join because of patriotism and a strong desire to serve their country. Some are more looking for self-improvement by learning discipline and inserting a noble purpose into their life. And others are initially drawn in by the financial benefits that come along with enlisting.

This final incentive is one of the proudest traditions of the U.S. military. While no institution is perfect, the government has always pledged to stand by its soldiers and reward those who serve with certain benefits.

What are the top benefits veterans can enjoy after their exit service?

That is definitely something of a subjective question. But the following benefits — some coming directly and some coming in the form of skills that you pick up along the way — are undeniably some of the best financial resources that veterans should all try to take advantage of today.

1. Mortgage and Tuition Benefits

The GI Bill is one of the most famous and revered pieces of law ever passed in Washington. It has changed somewhat over the years. But the goal has always been to ensure that anyone who has served can have the opportunity to pursue any career they want in the future by offering generous tuition assistance. Almost everyone who serves sees this as a primary benefit, and millions upon millions have taken advantage to earn their degrees.

The home loan guarantees available to veterans are another similarly beloved resource. The Financial Resources for Veterans, for example, can allow vets to get into a new house with no down payment, making it much easier for you to put your family into a dream home.

2. Investing in Discipline

Achieving financial security is everyone’s dream, and military members have a leg up on many civilians in terms of actually getting there. This is because investing success comes down to discipline. And who has more of that than people who have gone through boot camp and served their nation?

Investing can become a very low-risk endeavor if you just continually put small amounts of money into mutual funds with good performance history. You may not be seeding the next unicorn startup and turning into a billionaire overnight. But your money is almost certain to grow — slowly but surely — over the next few decades, and the benefits are even better if you’re investing pre-tax dollars into something like a 401k or Roth IRA.

3. Protecting Your Family’s Future

When it comes to managing their money, military families and veterans have another ace up their sleeves beyond their talent for discipline. Current and former members of the military have the entire arsenal of USAA services at their disposal — which offer some of the best benefits and terms of any financial services company.

One great example are USAA life insurance policies. With tiny monthly payments, life insurance is one of the greatest financial deals you can find anywhere. And when the coverage terms are this advantageous, there is no reason not to protect your family’s future financial security by loading up and getting the best policy you can. It will ensure that your children and loved ones are protected no matter what happens to you.

The Best Financial Resources for Veterans

What is the best benefit of serving in the military? Having served. Nothing can compare with this type of experience and the life lessons it teaches to everyone who has ever put on a uniform.

But the perks sure are great! Specifically, veterans will be able to take advantage of the GI Bill for tuition assistance, home loan guarantees through the U.S. Department of Veterans Affairs, the discipline they have learned, and financial perks that benefit their family.

It is hard to imagine any way that a country can truly repay its soldiers for their sacrifice and commitment. But it’s great to know that, at least for U.S. veterans, they will always have access to a wide range of financial resources.

 

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Beauty Lifestyle

We Don’t Get a Second Chance to Make a Good First Impression

We Don’t Get a Second Chance to Make a Good First Impression
Alexander Krivitskiy

 

In a world fixated by aesthetics, it’s always important to put your best foot forward.

While we’d all very much like to be judged on the content of our characters, we really don’t get a second chance to make a good first impression. Creams, lotions, makeup, accouterments, and haute couture can only go so far. When it comes to feeling your best, sometimes appearances really do matter.

The image we project to the world is a combination of our self-confidence and the manner in which the world perceives us. For those of us who are tired of looking less than our best, help is close at hand. Plastic and reconstructive surgery is readily available to a growing contingent of eligible individuals. For those who enjoy being able to upgrade their lifestyles, their appearances, and their status in life, plastic surgery may just be the go-to option.

What About the Costs of Plastic Surgery?

Plastic and reconstructive surgery can run into tens of thousands of dollars, depending on the type of procedure being performed. The eponymous name is a derivation from the Greek‘Plastikos’ which refers to the molding process. For those who desire the surgery for aesthetic purposes, money always factors into the equation. The costs are excessive, but with a Plastic Surgery Loan, many more people are finding this elective or necessary procedure much more affordable. For 2020, a sample of costs was listed as follows:

– Rhinoplasty – $5,400
– Full Body Tuck – $20,000
– Breast Augmentation – $3,500 – $4,000
– Gluteoplasty Augmentation – $4,000 – $5,000

 

We Don’t Get a Second Chance to Make a Good First Impression
Grisha Stern

The aforementioned costs do not tell the full story. There are thousands of dollars in costs for the OR and the anesthesia. For medically necessary surgery, insurance can pay a big chunk of the costs. For elective procedures, it’s all on you.

Various loan options currently exist, such as HELOCs, 401(k) loans, medical cards, personal loans, and credit cards too.

For more info on loans for plastic surgery, check out the data at Best Medical Loans. The list of reputable lenders includes the likes of Prosper, Eloan, and Upstart.

What Exactly is Plastic Reconstructive Surgery?

Plastic Surgery is not about removing body parts and replacing them with plastic components. On the topic, it’s worth pointing out that there are notable differences between Cosmetic Surgery and Plastic Surgery. These are in fact two different disciplines. The objectives of Plastic and Cosmetic Surgery are uniquely different.

On the one hand, Cosmetic Surgery is only focused on making a person look better. It is a vanity procedure and considered elective surgery. Many examples abound, including Body and Facial Contouring procedures, Skin Rejuvenation with fillers, Botox, and laser, and Breast Enhancement. In all cases listed above, Cosmetic Surgery is designed to make you look your best by medically enhancing your body appearance.

Plastic Surgery is a surgical procedure that is expressly designed to reconstruct face and body defects, repair damaged skin, and other dysfunctional areas. Cosmetic Surgery is a cut above plastic surgery’ and requires additional training. Overall, Plastic and Reconstructive

Surgery is performed by the same surgeon. The most common types of plastic surgery include Hand Surgery, Breast Reconstruction, Congenital Repair Surgery, Burn Repair Surgery, and Lower Extremity Reconstruction.

While the US Board of Plastic Surgery includes Cosmetic Surgery as a component, the training requirements include areas like Liposuction, Tummy Tucks, Face Surgery, Breast Surgery, and others.

After a post-graduate residency is completed (3 years general surgery + 3 years of plastic surgery) + 5-year residency program in general surgery + 3 years plastic surgery program.

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Uncategorized

What to Do When Your Debt Exceeds Your Income

What to Do When Your Debt Exceeds Your Income
Photo by Andrea Piacquadio from Pexels

Debt can mount so gradually you’ll hardly notice it doing so — until you realize you’re struggling to keep it serviced. When that happens, things get pretty gnarly. Stress mounts, your relationships suffer and you’re left wondering what to do when your debt exceeds your income.

 

Well, here’s where you start.

 

Stop Charging Immediately

While you might have thought “Well duh!” when you read that, you’d be surprised how many people keep using their credit cards until they hit their limits and issuers cut them off. 

 

Doing this is troublesome for a couple of reasons. 

 

First, it digs your hole deeper in a way that isn’t conducive to resolving your problem. Second, every dollar closer you get to the limit of a credit card is just that much your lower credit rating goes — and you’ll want to keep it as high as possible for one very important reason we’ll go into below. 

Photo by Andrea Piacquadio from Pexels

Take Stock of Your Situation

If you have yet to do so — which is likely, given the circumstances — it’s time to list all of your debts on paper or in a spreadsheet. Include the amounts you owe as well as the monthly payment and interest rate attached to each obligation. Additionally, track all of your spending for an entire month, so you can see where else your money is going.

 

Next, do the same with all of your income sources. Include every penny you earn. The idea here is to find out exactly what your situation is so you can make decisions based upon facts rather than speculation. 

 

In so doing, you might find the gap isn’t as wide as it seemed. It could be you just need to reprioritize a few things to get the situation back under control.  

 

Find Ways to Cut Back

That five-dollar Starbucks stop on the way to work every morning is $100 a month you could be putting toward eradicating your debt. Make your coffee at home if you have to have it — or better yet, wait until you get to the office and drink the coffee the company buys. 

 

In a similar fashion, look for other ways you can reduce your expenses. Dining out, entertainment and clothing expenditures are easily trimmed with no significant detriment to the quality of your life. 

 

Earn More Cash

You might be surprised to discover how many of your seemingly prosperous acquaintances have side hustles. It’s past time for you to go out and get one — if you have yet to do so — when your debt is exceeding your income.

 

Wondering what you can do? 

 

Look for ways to get paid to do what you’re already doing anyway. For example, if you walk your dog, let other people pay you to walk theirs at the same time. 

 

Odds are you also have money in your closet, garage, attic, basement or storage space.  Sell the idle items you’ve stashed in those places and use the cash to reduce the amount you owe. Sites like Craigslist and eBay can liquidate items and put additional cash in your hands within a few days’ time. 

 

Consider a Consolidation Loan

If your credit score is still strong, you can qualify for a consolidation loan from your bank or credit union. This will allow you to bundle your debts into one pot, which could reduce your interest payments as well as your monthly payment, making your obligations easier to shoulder. 

 

Yes, that means you’ll borrow to pay debt. 

 

However, if you do it strategically, paying close attention to the numbers, you can come out ahead. Just be careful to avoid using the consolidated accounts — lest you push yourself farther into the hole. 

 

Get a Credit Counselor

Many non-profit organizations exist to help people in your situation. A credit counselor will look over your finances with the goal of helping you establish a budget within which you can live and service your debts. A credit counselor can also help you figure out how you got into this situation in the first place, so you can avoid making it worse and/or doing so again. 

 

Debt Relief

If things have progressed to the point at which none of the above will turn the tide, it might be time to consider debt settlement. Companies specializing in this area can help you work out terms with your creditors to make your obligations easier to repay. Information such as these Freedom Debt Relief reviews can help you learn more about what to expect from such programs.

 

Knowing what to do when your debt exceeds your income will prevent making the problem worse than it already is. Taking these steps will also help you see where your problem originated and — more importantly — give you the knowledge you need to avoid repeating the mistakes that got you here in the first place. 

 

Categories
Business Finance

Creating A Working Business Strategy For 2020

Creating A Working Business Strategy For 2020
Photo by Helena Lopes from Pexels

2020 is still likely to be a great year for the economy despite what some in the media think is a recession looming over the nation. But there are many changes that have taken place and will continue to take place that business owners should be aware of, and here’s a few strategies they may want to consider implementing for their businesses.

Consider What Kinds Of New Technologies You Want To Utilize

Some businesses are a little reluctant to buy into new technology because they aren’t sure if it’s worth the cost. You definitely need to be able to test new technologies you’re considering buying and research what your potential ROI could be, but if you fail to change any part of your business and adapt to the new technology landscape, your competitors probably will and then pass you by as a result. Many new technologies that are becoming a part of today’s retail spaces are cashless electronic payment systems, advance ordering and delivery, integrating apps into the shopping experience and many new disruptive services. That doesn’t mean you have to do away with all your old legacy systems, but you should be aware of how profitable new technologies can make sales.

Evaluate And Implement A Great Marketing Plan

To begin a phase of growth and get where you want to go, you have to be ready to implement an innovative marketing plan that can bring positivity and enthusiasm about your brand to your customers. Old marketing methods aren’t done yet because after all, customers will still read flyers and brochures if you pass them out, and people still listen to radio and watch TV. But word of mouth also tends to spread online as well, and it’s here that people like to gain information about your business. That’s why you should have a plan to use SEO marketing, social media, email and an online reviews page to get your message out.

Have A Plan In Place For Emergencies

Any business owners will tell you that there will be times where you have to balance your business finances and personal finances. It is wise not to mix both. So, what do you do in the case of a sudden personal financial crisis, such as an unexpected emergency auto repair, when you have invested most of your savings into your business? If you find yourself in times of unexpected personal financial need, but are short on cash, you could consider online loans from direct lenders. Just as in business, there will be ups and downs in life. It’s best not to let your business go underwater to cover an unexpected personal expense.

Have A Plan For Managing Employee Slow Periods

Like every year, 2020 will probably have a few fast-paced and very slow periods you have to get through. This usually means taking a close look at your budget and sometimes having to make cuts or looking at how you can manage your employee tasks a little differently. Sometimes it pays to reassign employees to new tasks when your budget gets a little tighter, and sometimes you have to cut down on temporary or seasonal employees. But using down periods to take up projects that have been put on the back burner and encourage further employee training can help you get through these times.

As 2020 approaches, you can go into it fairly confident about the direction of your business if you’ve taken the time to review your finances and know what kind of risk your growth plan entails. But always be willing to adapt if things don’t quite go the way you had hoped.

Categories
Business Finance NYC

5 Factors That Credit Rating Companies Consider When Calculating Credit Scores

5 Factors That Credit Rating Companies Consider When Calculating Credit Scores
Photo by Bruce mars from Pexels

Your credit score is significant, as it either makes you have higher chances of getting a loan or not. A low credit score means you are more likely to get loans that have high-interest rates. This is the reason why it’s crucial to ensure you continually ensure it improves.

Different items go into calculating your overall score. It is not based on only one thing; there are credit card debts, rent payments, mortgages, auto loans, and such. 

Here’s what goes into calculating your credit score.

1. Credit history

Two significant factors affect your credit score, your bills, and your debt. The length of your credit history significantly affects your credit score. Several factors go into determining the length of the credit history:

  • Age of your oldest account
  • Length of time since you opened your newest account 

If you have several new accounts, they could lower your score.

If you’ve had an account for longer, the higher the credit score. However, what’s also considered is if you’ve had timely payments. It doesn’t cut it to have an old account. The credit history accounts for 15% of the total credit score.

2. Your payment history

One of the most crucial things that make up the credit score is if you can pay loans on time as this caters for 35% of the credit score. Do you pay bills on time for every credit account? Every late payment affects your credit score negatively. It is normal to pay some of your bills late, but how far off from the payment date you pay determines how your score behaves. 

Credit issuers do not start reporting late payments until you miss two consecutive days or after 60 days. How late you paid is what determines how low your credit score goes. 

You could lose 25 to 50 points off your score, which is significant to make you have a low credit score, which may not qualify you to get loans. 

Also, if any of your accounts have been sent to collections, this is a red flag for other possible lenders, which could see you not qualify for future loans. 

Rent payments have started being included in your credit score believe it or not. The newest scoring models, FICO XD and FICO 9, have started including rent payments to come up with your overall credit score, as explained here https://www.crediful.com/rent-payments-build-credit/ and can help build your credit score.

Consider that, somebody who missed a few credit card payments five years ago is seen as a lower threat than somebody who missed a significant payment this year. 

3. The amount owed

Have you previously heard about the credit utilization ratio? You may be making timely payments, but what if they are too much to handle? FICO, one of the credit rating companies, takes into account how much total debt you have in comparison to your credit limits. 

The credit utilization ratio is the amount owed in credit card debt as compared to your credit limit. 

A high credit utilization indicates that you are spending too much on paying debts, which makes you at risk of defaulting. A low credit utilization rate means you are spending less than your limit, which signals you can manage your debt effectively. 

You need to maintain a credit utilization ratio of 30% or less. For example, if your credit card limit is $2,000, make sure your balance is $600 or less. 

To keep your credit score high, ensure you have a utilization ratio of 30% or less. 

4. Any new credit

The amount of new credit you take on accounts for 10% of your credit score. Any time you apply for a new loan, the potential lenders will make an inquiry (often a hard inquiry or a hard pull), which involves retrieving your credit information. These pulls can cause a slight decline in your credit score. 

Try reducing the number of loans you apply for in a year as this may communicate you are experiencing financial problems. 

5. Your credit mix

Another criterion used to determine your credit score is your credit mix. The credit mix is the type of accounts you have that make up your credit score. This could be student loans, auto loans, mortgages, and credit cards. 

This accounts for 10% of the credit score. If you have different lines of credit, you could have a high score. However, don’t just apply for various loans because this could, in the real sense, affect your rating negatively. Only apply for loans if it’s really necessary. 

Your credit score could be the key to getting better lending terms. A high credit score helps you get excellent loan terms with fair interest rate terms. Always make sure you check your credit score at least annually to ensure every information on it is accurate and also to help you work on improving it. 

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5 Reasons why you should start a business in New York

4 Reasons New York Businesses Lose Money (And How to Fix Them)

Categories
Business NYC Uncategorized

5 Reasons why you should start a business in New York

5 reasons why you should start a business in New York
Photo by Vlad Alexandru

Author: Benjamin Lee

With the third-largest economy in America, the state of New York is a true economic powerhouse. On its own, New York’s economy dwarfs that of many countries. Home to a multitude of entrepreneurs, artisans, and dreamers, they are also the home of NFL playoff favorites New York Giants.

New York City or NYC is widely regarded as the world’s business capital. Walking on the streets of this concrete jungle, you’ll be blown away by the scale of the city. From the mad rush of Wall Street to the highrises and brownstones on the Upper East Side, New York City never sleeps.

Being a melting pot of cultures and ideas, it should come as no surprise that many businesses on the edge of innovation call NYC home. In fact, Forbes reported that New York City is one of the best places for small businesses. With millions of visitors flooding the city every year and a burgeoning real estate industry, opportunities are everywhere for the entrepreneur who dates.

Here are just some of the reasons why you should consider starting an enterprise of your own in New York City.

1. The tourism industry in New York City is booming

In 2017, it was reported that approximately 60 million tourists visited the Big Apple; which was an increase of more than 2 million from 2016. Meanwhile, on the home front, about 50 million domestic tourists paid a visit to New York City; an all-time high despite concerns raised by some over how President Trump was alienating a portion of Americans.

5 reasons why you should start a business in New York
New York City by Pexels

With more than 100 million visitors annually, the tourism industry in NYC is most definitely on the up. This provides plenty of opportunities for the entrepreneur to tap into such a massive market. Whether you’re looking to provide a service or pitching your product, there’s certainly room for growth.

2. New York City’s diversity

NYC has always been widely regarded as a melting pot of cultures with people from all over the world calling it home. This diversity has long been regarded as one of New York City’s strengths and can be seen in the diverse number of enterprises operating here.

Besides being a financial hub, the city is also renowned for being the epicenter of art, culture, and fashion. Whether you’re affiliated with the world of finance or introducing a hip, new product, New York City is without a doubt the place to be.

3. The talent pool available

Any enterprise needs access to talented individuals if it is to thrive and expand. With a large college-educated population and several top colleges and universities in the area, New York has no shortage of well-qualified potential employees.

With talent from the neighboring cities of Boston, Chicago and Washington D.C, your business will have easy access to a diverse talent pool. Besides having a large college-educated population, New York City is often the destination of choice for skilled labor.

4. Excellent pedestrian traffic

Most New Yorkers will tell you that it’s nearly impossible to own a car in the city. With the congestion and lack of parking spaces, we can see why. However, for a small business owner, this provides the perfect business opportunity.

It’s no secret that New Yorkers are always on the move and on their feet. Serving up affordable food that can easily be eaten on the move and in a hurry is key here. This also applies if you’re in retail or providing a particular service.

5. New Yorkers take health seriously

Despite living in a massive urban sprawl, New Yorkers are a surprisingly healthy bunch. Given the high-quality of healthcare available and the fact that the inhabitants are always walking, you should have a pretty clear picture now. 

All of this naturally translates into healthier employees who are less likely to fall sick. Along with this, being based in NYC also serves to boost your own general health.

The Big Apple is an exciting place to be and opportunities abound everywhere for the savvy entrepreneur. With tenacity, hard-work and a bit of luck, you too can make it big in the big city.