How Have America’s Finances Changed Over 30 Years?
The answer to that lies in remembering just what we were like in the late seventies, and where we are now. There may be many who are not old enough to remember that time, and what our finances were like. Those of us who do, compare these two times with a mixture of nostalgia and good riddance. Let’s look at a slice of life back in the late seventies.
A loaf of bread cost .32 cents, a gallon of gas .65 cents, and the average home sold for around $58,000. We were but two years out of Vietnam, three from having removed a sitting president from office, and Elvis Presley and Bing Crosby both leave this world with tunes still ringing in our ears.
Star Wars brought outer space into our every day lexicon. The average income was a little over $10,000, and Visa and MasterCard are just now entering mainstream consciousness with the advent of electronic payment processing.
Credit card debt was largely unknown as consumers didn’t have the ability or wherewithal to rack up many thousands of dollars in debt, as the cards were not as readily available. After Congress enacted legislation in 1974 to stop banks from sending unsolicited live cards to anyone with an address, the process of acquiring a credit card became a little tougher.
Consumers in the late seventies were by and large cash and carry group, a product of their parents’ generation, when consumer credit accounts were virtually unheard of. They paid cash or wrote a check for their purchases, or they waited until they could afford the item in question. There were department store cards on the installment plans, but credit cards where you could borrow money at will were not part of the scene.
Fast forward thirty years. There are many more credit card issuing banks than ever before, and other types of installment loans are on the scene, making it easier than ever to acquire and use unsecured credit. Now it’s possible to finance startup businesses, make movies, and build additions to your home or almost anything else one can imagine with the inventive use of consumer credit.
A person with a good credit profile and not too much previously extended credit can ratchet up a large credit line and then abuse said line in no time at all, often finding themselves with a debt load unsupportable by their current income. It’s never in history been easier to rack up such a large bill that is largely unchecked.
This has resulted in a generation that has amassed the largest consumer debt in history, and is showing the strain of having to pay all this back at some point. With credit so easily available and debt so ridiculously easy to accumulate, it’s no wonder Americans are struggling under a consumer credit debt load of some $2.44 trillion dollars. It’s clear this is no longer your momma’s credit card!
Why Start An Mlm Business?
MLM is otherwise known as Network Marketing. For many reason, it’s a powerful business concept. The potential income is the most obvious benefit to the network marketer. MLM is a powerful tool that has contributed to the success of many Fortune 500 companies. In fact, some still use this business model as they continue to build their multi-million dollar empires.
Can an average person do the same?
The answer is average people are already working some great MLM home-based businesses opportunities. Are you one of them? If not, now is an excellent time to get started.
In spite of all the negative publicity it has received in the media from nay-sayers, MLM continues to be a huge, thriving industry. Many millionaires have agreed that MLM provides wonderful opportunities for anyone interested in building a home-based business, without working from scratch.
In addition, these successful business people note that MLM is a viable home-based business opportunity that can help build wealth for average people.
Can you use some extra income? Most consumers would probably answer yes to this question. Everybody can use extra income every month. But where is this extra income going to come from?
A second job is one obvious solution. This option can seem to be a good solution, but it’s not always best. You’ll spend a lot of time on your second job and the money you receive after taxes may not be enough to justify the time you’ll miss with friends and family.
Another, better, option is to start working on your own part-time home-based business. Using MLM as your opportunity, you can get started in the industry with almost no cost. That’s a big plus for new entrepreneurs.
How do you get started working at your MLM home business opportunity? It’s really so easy, anyone can get started, even if you have no cash to cover startup costs. You just need to get started, work hard and don’t stop.
Many legitimate MLM home business opportunities will allow you to get started for under $100. You can even find free opportunities with little or no overhead expenses and with great support from other members as well as the parent company.
These companies can provide all the tools and systems that you need. Then, you add your hard work, your commitment and your persistence to make your MLM home business opportunity a real success.
Being truly committed to the company and its products and services is a key factor in succeeding. You should be a bona-fide user of your own products if you want to succeed. Use what you sell, and then you can sell what you know.
Choose a well-established company that offers quality consumable products or services, backed by an excellent management team that supports their distributors.
MLM can be a smart business opportunity for anyone wishing to establish a successful home-based business. It can cost almost nothing to get started, and you have the benefit of working with a proven system. It’s like a franchise company but you’ll see profit in months, rather than years.
If you’re working a 9 to 5 job, but could uses a little more income, or if you want to save for retirement, you can find success with an online MLM business.
Realizing Property Investing Opportunities
As an real estate investor, you should always be on the lookout for property investing opportunities. Every once in awhile, these opportunities might come your way certainly, but for the most part, you must look for them. There is much more to foreclosure investing advantages than a low purchase price. Too many times have investors made this assumption only to find the hard way that an easy purchase is not always an easy sale. Knowing some tips to recognize foreclosure investing advantages will help make your investing much easier.
Property value is one of the first ways of realizing foreclosure investing opportunities. You don’t have to hire an appraiser or a realtor to assist you in figuring out the value of a real estate property. You can use some of the same techniques these professional use to determine property worth. Look up the price of similar properties that have recently sold. Between three and five properties will give you a good idea of the property worth.
Once you have determined the property value, the next indicator of real estate investing opportunities is the amount of repairs the property needs. It doesn’t matter if you can purchase a property for a penny. If it costs need in repairs and similar properties in good condition have sold for $40,000, then it should not be deemed as one of your property investing opportunities.
You can find out the repairs that are needed in one of two ways. The first way is to ask the home owner what repairs are needed. Some sellers will be completely honest, some will not. The second way is to use a bonded contractor. You can get referrals for contractors from other investors or respected realtors.
The amount you can purchase a property for is perhaps the second nearly important factor in realizing foreclosure investing opportunities. The lower you can purchase the property for, the better an opportunity it is. In general, the foremost real estate investing opportunities are those which you can purchase a home for 20% or more below market value. If you can negotiate even lower, that’s better.
At this point you can use an appraiser to tell you the value of the property. Any repairs should be made before the appraiser reviews the home. The object is to have the values as high as possible to help you set your selling price. The selling price, relative to the purchase price, is the practically important factor you can use to recognize foreclosure investing advantages. The higher you can sell the property for, the better an opportunity it is.
There is a fair amount of work required in recognizing real estate investing advantages. The first time you go through the process, it might be confusing and take what seems like a long time. As you get more experience you will learn to recognize an opportunity much decidedly and in a shorter amount of time. This, of course, will come with experience. You might make a few mistakes in the beginning, but these mistakes bring knowledge that will only make you better at picking out foreclosure investing probabilites.
Why Is Budgeting Important For Successful Debt Consolidation?
As you begin to experience the crunch on your wallet because of the troubled economy, you may be looking for a way to decrease your monthly payments and alleviate your debt. Debt consolidation can be an ideal way to adjust your huge credit card payments which may be accumulating high fees and interest rates.
It doesn’t matter if you choose debt consolidation through a company which specializes in negotiating with creditors, by taking out a personal loan or a second mortgage on your home, your payments will typically be reduced and your interest rates should become more affordable. Consolidation of your debts should free up your budget, but debt consolidation is not usually enough to bail families completely out of debt.
People trying to work their way out of debt must train themselves to live within their budget. It’s imperative to calculate all monthly household expenses. Next, sort out how much income you have in a month that’s available to pay expenses. Calculate your total monthly household income minus your total monthly household expenses. If you have more monthly expenses than income, consolidating your debt may not be enough to get your financial situation turned around.
In reality, you need to have money left over after paying all the bills each month. Something unexpected always seems to happen, such as, someone in the household gets sick and has to visit the doctor, your car breaks down and needs to be fixed, or one of the kids needs money for a school activity.
When your monthly budget can cover all of the household bills and your consolidated debt, as well as allow additional cash for unplanned expenses, then debt consolidation might improve your financial circumstances. However, if you work to balance your household expenditures and discover that your budget falls a bit short of where it needs to be to allow debt consolidation to benefit you, it’s important to see if you can find some wiggle room to make the budget work.
If you’ve previously cut down on all the extra spending and decide to go ahead with debt consolidation anyway, you may be successful for a while, however, this type of scenario doesn’t generally work out well. On the other hand, if you can find a little more wiggle room in your budget, then consolidating your debt could be a great choice for you and your family. Staying within your monthly budget is fundamental for being successful with your debt reduction goals. Over time, you may find you’ll need to adjust your budget, but keep in mind that living within your means will improve your chances for a positive financial future.
Maintaining a budget is the main ingredient to managing and eliminating debt. You must plan for unforeseen expenditures, in addition to everyday and monthly expenses. Matching your expenses with the money coming in is a skill that throughout your lifetime and long beyond your need for debt consolidation.
Successful Business Debt Consolidation Involves Employees
Many businesses both large and small run into financial problems from time to time. With small business owners they can be working so hard to build a business they do not keep a close eye on the spending. Large businesses find themselves expanding too quickly, markets going south or trying to please stockholders.
When things get out of balance they often turn to a financial adviser or accountants for some guidance and help in coming up with a plan to consolidate debt. Much like personal debt consolidation it all begins with a plan and the secret is staying on course with the plan until the financial side of the business is back on its feet. However, one must ask the question – if the plan worked, why make changes?
Getting a handle on debt in a business follows much of the same steps as dealing with personal debt. For individuals it means a lifestyle change and cutting out the extras. For business it may seems harsh but the fat must be cut. Every aspect of the business needs a thorough review and cutting the extras. It is either making the tough decisions or watching the business die a slow death and possibly bankruptcy.
The first step in turning the business around financially looks at what you are spending and separating essentials from non-essentials. Buckle up the chinstrap and realize you must cut back severely on expenses to get yourself back on solid financial ground.
Take a look at your staffing and employees and make them aware of the current financial state. They need to know that you will be doing some business debt consolidation. Your staff will realize some things are going to be cut and those cuts must be made for the businesses survival and their future employment.
Some staff may jump ship and look for another job, others who stay need to understand they will need to pick up some slack for any kind of impact during the consolidation process.
It may be difficult to swallow but resist the temptation of replacing every staff member who decides to leave. Give the remaining staff the option of filling in the empty spaces. You may find some real jewels waiting to shine. Explain the debt plan to your top employees, they may be willing to give some extra hours at a lower pay to allow you to put all your focus in the financial turnaround.
Focused intensity will shorten the time to turn things around; the financial condition is short term. Once the consolidation steps are in place make sure you are also doing your part. Asking employees to take up some slack and not doing it yourself is a sure fire way to lose respect and good employees.
Once things have turned the corner make sure you follow up and reward those in the company who sacrificed their time and money for the company.
What Debts Are Exempt From Bankruptcy
Despite the fact that you are declaring bankruptcy, you may be surprised to find out that certain debts are exempt from this process. What this means is that no matter what the outcome of a bankruptcy hearing, you will still have to service or pay these debts regardless. This article will give you some common examples of debts that are exempt and advise how you should proceed if you are contemplating bankruptcy.
One controversial area of debt exemption is that dealing with child or maintenance support. If you are paying or have been ordered to pay these moneys by a court then they are generally considered to be exempt from bankruptcy. Again, this means that you will have to find money to pay these regardless of if you have successfully filed for bankruptcy. This includes all the law chapters, including Chapter 7 and Chapter 13. Sometimes people will file as they see this as a way to avoid their responsibilities but this will not help them. Rather they will have to come up with all the outstanding money.
IRS liens are another common debt that is not protected against in the courts. This occurs when you have to pay back taxes to the IRS but can’t afford to, so they put a lien on your house or take it out of your wages on a monthly basis. Sadly this sum of money can be quite large as it may stretch back many years and is not exempt from bankruptcy.
As we are talking about the government, it shouldn’t be forgotten that any form of government loan is seen as exempt from bankruptcy. This applies to government student loans too, that are a very common and useful way of financing education costs.
Finally, any court orders where you are ordered to pay an individual a specified sum of money are also considered to be exempt from bankruptcy.
This is why you should get informed about the limitations of the bankruptcy laws and your obligations should you proceed. It is incumbent on you to understand what debts the courts can help you with and those that they can’t help you with. After all, there is a certain embarrassment about filing for bankruptcy, that includes losing your credit rating – you don’t want to have all the debt too.
Thus remember to get a firm understanding of your financial health before beginning such a process. You must quantify all you monthly outgoings and long term debts. With this knowledge in hand, you should determine whether your debt or outgoings fall into any of the mentioned categories.
What’s more, you need to find out if there are any court judgments against your name. In most cases you will be notified if a litigation process against you is beginning. Once again remember that the courts will not protect you against these should you file for bankruptcy.
Melini Apartments Cyprus Secrets
Non-Cypriot citizens requires permission from the Council of Ministers to purchase property in Cyprus. If this has not been yet obtained then the purchaser should now apply to the council for the permission. This normally takes between 8 and 14 months to be granted, and without this the Title Deeds of the property cannot be made available to the purchaser.
The contract in then longed with the Land Registry within two months if being signed which will prevent the vendor from selling the property on a second time, and will be a charge on the property pending completion.Application is made at the Central Bank at this time for the necessary permit for the transfer of purchase money. This application is not necessary if both the purchaser and the vendors are foreigners.The transfer of the title deed is then completed, the full price is then paid and vacant possession is given by the vendor.
The transfer of the title can be effective once the Council of Ministers’ permission is obtained along with confirmation of receipt of the foreign funds. Upon transfer and registration in the purchasers name the district Land Registry Office will charge transfer fees which are based on the market value of the property at the time of purchase – as follows: Value up to CY50,000 – 3% CY50,001 – CY100,000 – 5% CY100,000+ – 8%
Try to check whether there is any road or other scheme which affects your property or the locality in general. It is advisable that you buy a recent Lands’ and Surveys’ plan (a whole sheet) for the property you intend to buy, since on these plans many proposed public projects such as roads etc are shown. It is best, if you suspect any schemes in the area you wish to invest, to see the District Inspector (at the District Officer’s Office) and/or pay a visit to the local Planning Office.
The transfer of the title can be effective once the Council of Ministers’ permission is obtained along with confirmation of receipt of the foreign funds. Upon transfer and registration in the purchasers name the district Land Registry Office will charge transfer fees which are based on the market value of the property at the time of purchase – as follows: Value up to CY50,000 – 3% CY50,001 – CY100,000 – 5% CY100,000+ – 8%
Find Rural Property In Cyprus
The Cyprus Property market is one of the fastest growing markets within Europe. Purchasers are attracted by the potential growth in terms of returns on investment of property in Cyprus compared to other countries in Europe and the UK. The climate (340 days of sunshine a year), along with easy access to the UK, Europe and other destinations is also a significant plus factor when considering the purchase of property to buy in Cyprus.
As an indication, one should have in mind that the average construction cost for a house is between C160 to C200 per square metre and the purchase cost of building sites offered for this purpose could range from C1 to C2 per square foot in resort areas, whereas in the towns this can reach C5 per sq. f t.Credit terms on villa/building site/land/cottage acquisitions are normally made and the generally acceptable payment terms are 50% on signing and the rest over a period of 1-2 years (at 9% interest on the reducing balance).
The contract in then longed with the Land Registry within two months if being signed which will prevent the vendor from selling the property on a second time, and will be a charge on the property pending completion.Application is made at the Central Bank at this time for the necessary permit for the transfer of purchase money. This application is not necessary if both the purchaser and the vendors are foreigners.The transfer of the title deed is then completed, the full price is then paid and vacant possession is given by the vendor.
Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They are based strictly on the consumption of each unit. While the cost will vary, approximately CY180 per year can be considered a rough guide.
The best approach in buying your cottage is to visit the village of your choice yourself and seek information from the village muchtar (the chairman of the village parish). Estate agents may prove helpful but use them as a second choice. It is evident that the less popular the village is by foreigners, the lower the cottage’s price.
South Cyprus Property Secrets
It is usual for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement – 1/3 of the total value; during construction – 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion)
Developers usually offer two-storey villas with three to four bedrooms, with two bathrooms, living/dining room and kitchen with breakfast area. Often the option of a swimming pool is also given.Prices vary according to the location and area of land involved.
The seashore protection zone is independent of the town planning zones. It is a zone which extends from the sea and it usually (but not always) has a width of approximately 300 feet. Within this zone no building can be allowed, even a small hut, ice cream shed or a swimming pool. When there are ancient monuments close to your plot, be careful to examine whether the Director of Antiquities has any objections to a building project. If a plot of land is classified as an ancient monument area, the Director’s approval must first be sought.
Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They are based strictly on the consumption of each unit. While the cost will vary, approximately CY180 per year can be considered a rough guide.
If there is a building on the plot you are buying, ask for the building permit in order to make sure that the structure is not illegal, as well as to ascertain the terms and conditions of the building.Please note that most of the above problems do not exist in case you buy a building site (as opposed to a plot of land/field). Even if the title deed registers the property as a building site, however, it is recommended that you go through the motions of checking the various prerequisites for development.
Fha Refinance Programs
Many people do not realize that FHA mortgage rates are equal to and sometimes even lower than a Conventional mortgage. Homeowners who would like to consider lowering their payments or getting out of an adjustable rate mortgage should seriously consider one of the FHA refinance programs. There are three types of FHA refinance loans: Streamline Refinance, No Cash-Out, and Cash-Out.
A FHA streamline refinance can only be used to refinance a current FHA mortgage and it should lower payments. This program will not allow the borrower to receive any money back at closing. The main advantage to this mortgage is that the borrower, under certain conditions, does not have to requalify for the loan. The mortgage may also be done with or without an appraisal.
Loan Type Conversion Allowed:
1. 30 yr fixed rate to 30 yr fixed rate: The new payment must be lower.
2. 30 yr fixed to 15 yr fixed: Payment cannot be more than $50 higher.
3. Fixed Rate to ARM:
4. ARM to Fixed Rate
5. ARM to ARM: Rate must be lower than current loan
6. 203k to 203b
FHA Streamline Refinance “Without” An Appraisal:
The new loan amount may not be more than the original loan amount, OR more than the current principle balance plus closing cost, … Whichever is less. This only applies to owner occupied properties as non-owner occupied borrowers can only refinance the existing balance, and do not have the option of rolling in the closing costs.
Credit verification required is only mortgage payments. Tewlve copies of cancelled checks, front and back will do this unless the underwriter prefers an in file report to verify mortgage payments.
Streamline Refinance “With” An Appraisal:
A FHA streamline refinance with appraisal allows the homeowner to finance the closing costs, points, and prepaids if all fits within the loan to value limits. The loan amount may be the current principle plus closing costs, points and prepaids, OR, the appraised value x 97.75% (97.65%, or 97.15%, high or low cost state). Whichever is less!
Credit vereification is required IF the smallest of these two values is greater than the original mortgage balance.
FHA Streamline Refinance – “Credit Qualifying”:
The loan is calculated based on the previous formulas. Qualifying requires full employment verification, credit report, and debt to income compliance. These loans are used when the new mortgage payment will be higher, deletion of a borrower on new mortgage, or in assumptions involving due-on-sale clauses.
FHA Refinance, “No Cash Out”:
This regular no-cash-out loan may be used to refinance a FHA mortgage, a VA mortgage, or a conventional mortgage and requires the borrower to fully qualify. Second mortgages may be included in the new loan if they are older than one year, if not you must prove that the funds were used solely to repair or rehabilitate the home. If not, paying off or including these loans would be considered a cash-out refinance.
This loan can be used to buy out the equity of a spouse provided it is documented in the divorce papers. This loan is still considered a no-cash-out because the equity is considered indebtedness.
If the home was purchased less than a year ago and is not currently a FHA mortgage, the loan amount will be the appraised value plus closing cost, OR the original sales price plus closing cost. Whichever is less.
If the purchase was more than a year ago and not currently FHA, the loan amount would be calculated the same as a “streamline refinance with an appraisal”.
FHA Refinance “Cash Out”:
This loan can be used to refinance a FHA loan, a VA loan, or Conventional loan. This loan has many advantages: Max loan to value is 90% for conventional loans but FHA loans allow 95% plus a portion of the closing costs.