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Malcolm Quigley

Should You Invest in a Personal Finance Software?

Little do people think about the real importance of a personal finance software. Today, technology has gone a long way in revolutionizing the lives of most people out there. This includes the financial aspect of an individual. Gone were the days when people would have to utilize a pen and a paper so that they may be able to document their finances, spendings and earnings. These are not the thing now. What should you know about personal finance software then?

A Closer Look at Personal Finance Software

Home finance software speaks about the financial tool which gives you the chance to prepare a budget, track spendings and check the entire finances you usually perform. Today, there is no longer a valid reason why you must be disorganized with all your endeavors. As a matter of fact, there are tons of good personal finance programs out there that can be utilized so that you may track your money. When you do this, you are given more control to your finances. Who would not want that?

Once you own a laptop or personal computer, you consider yourself lucky because you are given the chance to access good home finance software. You can purchase one without spending a fortune, that is for sure. Most application programmers out there have the ability to address the high demand for applications. This goes to show that they may now come with many functions and capabilities that will, in turn, save you time, effort and money.

How It Works

Without aid, you may now be able to analyze your finances. This type of analysis can be way easier most especially if you come with a background in accounting. The finance software will be responsible for analyzing your important financial details. These details may be about your monthly expenses, and what usually happens when they stick out.

What is even good is that there is a tenfold of personal finance applications that would enable you to customize. If there is a certain aspect that you want to discover about your finances, it would only do well to create a specialized analysis. The programs are usually reliable when it comes to monthly analysis. This is an excellent way to view your actual spending and how you are to do it on a monthly scheme.

The Creation of Budget

The essence of a personal budget is not a secret to many people. However, to come up with a real budget that you can stick to is not that easy. It has always been a challenge. This only shows that you may have to look for a personal finance application that has the ability to create a realistic budget which you may use. This only asks for the simple entry of basic information. This must be directed towards the software. A simple budget may also be present here.

There might also be instances when you may not be able to settle your bills. When this occurs, you can expect interest rates. They will shoot up, that is for sure. Regardless, always see to it that you avoid such in happening.

What to Remember about Commercial Real Estate Loans

A commercial real estate transaction will not be closed unless the loan has already earned approval. Basically, you may improve your cash flow once the interest rate on your loan is low. This only implies that when you are more knowledgeable about commercial loans, the more you are capable of coming up with a better decision for your investment. This is how it usually works.

The Qualification of the Loan

Anyone who has applied for residential loans is surely aware of the process for this commercial real estate loan. You will be in-charged in providing lenders the following:

  • Tax returns so that income may be verified.
  • Brokerage or bank statements so that down payment and liquid assets may be checked.

Generally speaking, when you are capable of obtaining more personal income, you are most likely to qualify for a higher amount of loan. This is the simple premise here. There are even times when you might be eligible to borrow almost 95% of the purchase price for the 1-unit principal resident. This may transpire for those who are with sufficient income. It really depends on your condition.

As far as the commercial loan is concerned, the amount which a lender approves is calculated from the net operating income or NOI of the property. This is not intended for the personal income. This is considered to be the fundamental difference between a commercial loan and residential qualification. Thus, once you purchase a vacant commercial building, you might have a hard time seeking a loan approval because the property does not incur any rental income. However, there are exemptions to this. These are the following:

  • Occupy almost 51% of the space for the business. This is a chance to apply for the SBA loan.
  • Earn a sufficient income which may be obtained from a different commercial property. This may be utilized as a collateral. There are just lenders out there who might take interest in your business. This may occur as well.

It is known for most commercial lenders to be way conservative when it comes to loan to value or LTV. This means that lenders will only loan the amount including NOI to the mortgage payment for the loan. Such is sometimes referred to as the Debt Coverage Ratio or DCR. Or there are instances when it is referred to as the Debt Service Ratio or DSR. This can be 1.25 or even way higher. This requires for the NOI to be 25% more than that of the mortgage payment.

The aforementioned implies that the desired loan amount may be obtained provided that you have a positive cash flow of at least 25%. This should be directed towards the mortgage payment. This means that when you buy a property that goes with a low cap rate, you will be asked to own a higher down payment so that you can meet the DCR of the lender. This usually transpires as well. Do not forget to consider.

Why Research is Important in Hiring Payday Loan Providers

When it comes to cash emergency, a short-term loan may be the answer. However, it can take time finding the best direct payday loans lender. This is when your decision is really required. To whom should you borrow from? Well, the truth is that despite their number, payday lenders and companies are unique on their own. They are not the same.

These payday loan lenders are different from one another. They are not like the traditional banking institutions we are accustomed to. They are also far from credit unions. As this is the idea, it will help a lot that you perform some research first before you make business with them. This should help you identify the fees, rates, and even lending terms which are perfect for most financial institutions. You must do this so that you end up with nothing but the best payday lender. There are many to select from out there. You may ask for assistance, most especially if you only require a temporary financial help.

When you are bound to borrow money, you must be knowledgeable in dealing with these companies. You also have to learn about the method of repayment. Good thing, there are guidelines for payday lending companies that you can follow. They are given in general. At one looking they may appear the same. However, they vary from one lender to another. You have to make the payment your priority here. You also have to only get the amount of money you can repay eventually. If not, it will cause you much problems.

What to Know about Payday Loan Providers

Like any other endeavors, research is the key in order for you to successfully borrow money from a company. You should take time on doing this. This is your assignment. What are the important tips to remember in order to make this work? Here are some of them:

  • You must learn about the difference of lenders. This is the first step even prior to entering a particular financial agreement. You have to be comfortable of the whole transaction. As you spend time reading reviews online, you will have an idea about who is the most reputable lender you can work with. This is important.
  • You have to draw the line between a direct, and a non-direct lender. This is a crucial step in the process. For a lot of times, direct lenders are known for handling a loan which is done from start to finish. This includes funding as well. The information that you need to submit the direct lender payday loans are not going to be sold. Such happens if you are not careful.
  • You have to ensure that you are provided a payment plan before venturing on a commitment with them. Everything has to be disclose there – including the fees. If not, you will be in the brink of trouble. Do not let that happen. Know your prerogatives. Properly agree about the payday loan.

What does it mean to be Money Motivated? Advice on How to Get Money Motivated

Successful people try doing more new things and they do not feel afraid of failing.  Less successful people might give up when they are confronted with failure.  But, what if you planned for possible failure?

To be motivated is not a naturally inborn skill; you have to work on becoming motivated.  There will be days when your dreams and plans will be great and positive, and this is where motivation starts.  In everything, you need to know the feeling of failure, to be able to anticipate the feeling of success.  This is where motivation begins.

To get money motivated, consider the following tips:

Plan and Anticipate for Failing:  With proper planning in place you can actively start trying new things to make money with the knowledge that if you fail this once, you have a plan.  With this proper plan you can expect success the next time or the next; keeping you motivated and thinking about the next time, working towards success.

Create a Vision Board or Goal Calendar:  Setting goals and visibly dotting them down on your calendar or board will keep them in your sight.  Describe what you want and intend to do, and when you want to do it.  Use numbers, dates and words in your description.  Check your visions and goals regularly to keep on track with your planning.

Keep Focusing on your Goals:  Even trying your very best to stay focused can be thwarted when something or anything, different comes along.  Your focus can be derailed by lots of things, normal habits you are used to can compromise your progress.  Learn to put certain ideas on the back burner and keep focusing on the goals you dotted down.

Banish all toxic thoughts.  You can put yourself up for certain failure when harbouring fatalistic thoughts, such as “I will never be able to pay off all my debt”, or similar types of thinking.  Find a positive type of mantra, like, “I know I can, I know I will.”

5 Financial Tips and Rules to Follow and Live By Throughout Your Whole Life

Tips and rules are not perfect solutions; they are simply given to guide you through your financial highs and lows.  They will help you make the right decisions when decision time comes, and will enable you to see danger lights flickering before you make the wrong kind of turn.

5 Tips and Rules that can help you to Financial Freedom:

  1. Start a Savings Plan; pay yourself first. If you wait until all the bills are paid and all the other obligations met, there might be nothing left.  The result may be that you will never have a savings account.  Decide to set aside a 5- to 10% of your earnings that goes to a savings account.  Do this before you start to pay your bills.  This savings account should be separate from your other accounts.
  2. Build an Emergency Fund; that will have at least the amount of money saved that will be able to carry your expenses for three months. This can help when your car breaks down or you lose your job.  An emergency fund will ensure that you have funds available to cover the extra costs or pay the bills.  This account should be easily accessible but strictly used for only emergencies.
  3. Check your Insurance and Life Insurance Policies; many people pay too much on their disability and life insurance because of adding this and that to the original policies. Rather check what you have, make sure what will be enough, and stop what is not needed.  You should have a policy that should cover at least 6 times the worth of your household’s entire income.
  4. Make a will and keep it updated; a lot of people do not have a will. When you have dependents, write a will.  It does not matter how much you own, you have things and earn money, and you need a will.  A Will, will protect your loved ones.
  5. Keep a Good Record of Everything; set up a system and use it throughout the year. Everything will be together when tax time arrives.  No scrambling to find items and information needed to submit your tax returns.  Without a system you might miss items that could save you money.

If you are not doing at least these 5 things, you should start making improvements.  Choose one tip or rule at a time and start implementing them.

5 Money Habits that you need to Stop Immediately

You can have the best of intentions and still get yourself into trouble where your money is concerned.  If you struggle with your financial everyday workings, look at this list of bad habits to make sure you are not harbouring one of them.  You may be sabotaging your own finances without knowing the reason why.

5 Bad Habits to you need to immediately quit:

  1. Buying on Impulse; has to do with your emotions. When you see something on sale and it immediately is something you absolutely must have, not something you needed a moment ago, it is called “Impulse Purchasing.”  You bought it before you think clearly about affordability and if you really needed it.

Curbing impulsive purchases, you need to force yourself to wait before you buy.  The waiting could be a day or 30 days but it will give you time to think rationally about the purchase.  There is a very big chance that you will realize you do not need the purchase and maybe do not even like it that much.

  1. Rely on your Credit Cards; to live a more luxurious life than you can afford will turn out to be one of the worst influences on your finances. If you cannot pay the whole of the balance each month, you should not use your credit card.  Your purchases will cost you much more with the interest you have to pay each month.  You might still be paying for purchases you cannot even remember making anymore.
  2. Loving Convenience; when you find yourself making purchases for convenience’s sake, you are just being lazy. Every now and then, treating yourself to a nice convenient purchase is all right.  Fast Food everyday will cost you eventually.  Do that little extra work to cook yourself a meal, or pack a lunch bag, or brew your own cup of coffee before you leave home, will have you saving lots in no time.
  3. Not working on a Budget; if you do not learn how to plan your budget and how to stick to it, you will not get ahead financially or stay afloat, for any time. Your budget will enable you to see how much money you have to pay bills, how much you have left, and how much you can actually spend.  You can see where to make changes to possibly save more money and also avoid going into the red.
  4. Vices; this includes habits like smoking, drinking, and gambling. But it can also include other things like shopping for no reason, eating out a lot, or anything that you really do not need that tempts you to spend money can be called a vice.  Anything you know you shouldn’t spend money on, but you still do, that is a vice.

It would be best if you quit any of these bad habits, it will be good for your life, and it will be good for your wallet, leaving you happier and financially stronger.