Tag Archives: money

How to Grow and Make Your Business Successful

Man pointing at a dollar currencyYou have a great business idea and a source of funding for your star-up. You take the plunge, and before you know it, your enterprise is flowing smoothly. Clients begin coming in, and orders are placed in droves.

And then, it begins to plateau. Then it trickles. The initial success is now waning. And you are afraid one day it would just stop. What do you do?

One of the most difficult parts of business is keeping it alive and well. The key is to strategize and know the tricks of the trade. That way, you can grow your enterprise into something that is long-term as it is profitable.

Here are a few key aspects you would want to do to reach your business goals.

Do marketing

Marketing is a crucial part of making any business successful, so make sure you have a plan in place. It covers a lot of things that can get your business rolling, such as marketing online, in radio and TV. It has but one purpose: you need your prospective buyers to know what you are selling.

If done properly, you can say hello to higher sales and a better business reputation. If you are unsure of what marketing strategy to employ, you can contact marketing firms such as conceptmrk.com who can help you figure out what you need.

Keep costs down

One of the most important mottos in the business industry is “keep costs down and profits high.” Find the best way to cut on extra expenditures without compromising the quality of your products. For example, paying your vendors right away can keep you from paying interest.

Avoid paying retail prices as well, always but wholesale. Soon these vendors will become loyal to you and might even start giving you good deals. That way, you get to minimize costs and not skimp on the items you get.

Doing these things, and more, can keep your business thriving for a very long and profitable time. Make sure to invest wisely.

Mortgage Application: Don’t Forget Fees and Penalties

Loan on the monitor of a macbookWhen applying for a loan, most borrowers tend to focus more on their down payment, interest rates, and monthly payments. Many fail to evaluate hidden fees like closing costs and prepayment penalties. If you’re applying for a mortgage and don’t think about them, you may set up yourself for extra expenses before you can finally own your home.

Avoid Surprises Related to Closing Fees

Whether you’re purchasing a home or refinancing a loan, you will need to pay closing costs. A lender or mortgage company should give a Good Faith Estimate (GFE), which lists all related closing costs. Altius Mortgage Group and other mortgage companies in Utah note that these differ based on the type of property, its location, and your loan type. In most cases, buyers pay about 2% to 5% of home’s value in closing fees.

It’s good to know that some fees in the closing costs are unnecessary and negotiable. You can ask your lender to have some of those fees removed or ask them to explain why they are necessary. There is also the no-closing cost mortgage, which may cost you more in the long run. This is because the lender may charge you with a higher rate or include the closing fees into the total loan amount.

Extra Payments and Penalties

Some loans carry prepayment penalties when you may extra mortgage payments. Note that not all loans have this, so it means that you may have agreed on this when you close the purchase. If you’re not sure, it’s best to check with your lender. The penalties could apply if you pay the entire balance (by selling or refinancing) or pay a large amount all at once.

If you, for instance, received an inheritance or get a promotion, making extra payments can reduce financial burden in the long. This also reduces your total payment and helps build equity faster. Before agreeing to a loan, you may want to ask your lender to have this removed if possible. Note that paying extra can also lower the number of interests paid.

Buying a house is a financial decision, so you shouldn’t overlook other fees that can affect your payment in the future. Talk to a reliable lender to learn more about your mortgage options and all other associated fees.

Avoid Committing Major Car Buying Mistakes in 4 Steps

man checking out a car with car salesman behindThe process of buying a car — be it new or used — can be extremely overwhelming. It involves many things including the price, the type of service you want, and the maintenance cost. This is practically the reason many people commit mistakes as they go through the process.

If you’re thinking of purchasing a vehicle, here’s what you need to know to avoid the possible blunders of this transaction:

Do Your Own Research

This is the most basic and essential step for every consumer. Whether it’d be a car or a small item, doing proper research could take you a long way. You can’t simply enter a dealership or a car shop without knowing what you need and want. If you do this, you’ll be more confused and scammers may likely take advantage of you. At least show them that you’ve done your homework and you’re knowledgeable in the field so they can’t push you over.

Test Drive the Car

Whether it’s new or pre-owned, test driving the vehicle would allow you to check the overall performance of it. Get behind the wheel and be sure you put the car into a test. Don’t simply drive in a straight, boring route.

Instead, go the same route that you often travel. This would provide you with accurate insight on the car itself. In fact, most used car dealers in Jacksonville give their customers 100% freedom in testing the car for their customers’ own satisfaction.

Don’t Focus on the Price

Money might be everything, but your search must not simply revolve around it. Although car buying is considered as a major investment, looking into the price of the car will never get you anywhere.

Instead of solely concentrating on the tag, you need to pay more attention to checking the functionality and condition of the car. This is especially true if you’re planning to buy a secondhand vehicle. This way, you’re 100% sure that you’re choosing a ride that would match with your lifestyle and would meet what you need.

Look at Financing Terms

Another major mistake you must avoid is failing to review the repayment terms. Don’t get easily swayed by the big and eye-catching tags, which say 0% interest or big discounts. Chances are they are hidden costs, which lie beneath them. Be sure you look into them thoroughly to avoid surprises. Don’t be afraid to ask questions whenever you want to clarify and know something.

Never skip any of these steps to ensure you’re making a smart choice for your ride. If you think you help, don’t hesitate to consult an expert or an auto mechanic you truly trust to assist you throughout the process. After all, this is all about your own money, comfort, and safety.

The Coldest of Winter: Keeping Utility Bills from Ruining the Homeowning Experience

Man at desk in shirt and tie holding his head and worrying about money.Many homeowners find that the joy of owning a home fades quickly when they are faced with high utility bills every month. The situation arises during the inevitable winter period when you have to turn on the heat or freeze to death.

According to the U.S. Energy Information Administration (EIA), households that use electricity to heat up their home spend an average of $930 during winter. If propane is your go-to heating medium, you are likely to spend $1,437 to keep warm. On the flip side, households that rely on natural gas for heat spend an affordable $578 during winter.

Make the right choice of heating method

Pay close attention to the type of heating system before making a purchase. Systems older than 20 years are likely to cause you grief in the long run. They are often inefficient and could lead you to incur a fortune in energy bills due to inefficiencies that lead to heat loss.

Again, you are likely to suffer frequent breakdowns, which are both costly and uncomfortable. If unsure, have an expert examine the system and advise you accordingly. For instance, you need to understand whether the home uses a hot water or a forced air heating system.

Factor in your creature comforts

Having a fireplace at home is a great way to create a warm and cozy environment for your family. Unfortunately, the idea of stacking logs and idea of having the house smelling of smoke is a deal breaker for many.

Luckily, Comfort Solutions says that you can now have a fireplace in Utah without worrying about the smoke. All you need is to replace your traditional one with a new fireplace that runs on natural gas or even electricity.

With the help of the installation experts, you can convert your old and probably unused fireplace into an excellent source of heat.

Making the right choice of a heating system is the key to keeping your home warm in the dead of winter without incurring a fortune in heating bills. With the help of a credible heating expert, you can make the right choice or modifications to suit your needs.


Factors to Consider When Looking for the Best Mortgage for You

MortgageA mortgage takes many years to pay in full. Thus, you have to make sure that you find one that you can manage well.

Getting the best mortgage rate in Salt Lake City would be an advantage. But, there are other factors to consider. Here are some of them:

Mortgage Type

There are two main types: fixed and adjustable rate mortgages.

Fixed Rate Mortgage – The interest rate remains the same throughout the term of the loan. It allows you to budget your payments. The downside is when there is a general decline in interest rates. Interest on your loan does not go down.

Adjustable Rate Mortgage (ARM) – At the start of the loan, the interest rate for an ARM is often low. It will then fluctuate throughout the rest of the term. You will pay less if the prevailing interest rate goes down. If it rises, you will pay more. 


It is best to compare offers from different lenders. Interest rates and terms may vary from one lender to another. Compare mortgage products with the same features to make sure you are getting the best offer.

Mortgage Rates

Various factors influence the interest rate on a mortgage. These include economic and market conditions, as well as your financial profile. You can qualify for preferential rates if you have an excellent credit score and a steady job.

Mortgage Fees

Aside from interest, other costs come with a mortgage. These may include loan administration and processing fees. Thus, it is also important to consider the “junk” fees when comparing mortgages.

Lock Period

Offers from lenders are only good up to a given period. Interest rates are locked-in during this time. Beyond the lock period, the interest may go up or down, depending on prevailing conditions.

Consider these factors when looking for the ideal home loan to get. This will help you land the right mortgage for you.

Save More: How You Can Save Yourself from Hitting Rockbottom

Saving MoneyEveryone needs money; it’s simply not possible for most — if not all — people to live without it. In today’s economy, you can’t have too much of it. If it’s not you, at least you know someone who’s currently struggling to make ends meet.

Whether it’s you, a friend, a member of your family, or someone you know at the office, anyone can benefit from these ideas on how to stay away from hitting rock bottom.

Pay Your Bills Ahead of Time

Whenever you receive your paycheck, set aside the total amount you need to pay your monthly bills. These bills are always present, so you should always be prepared for them. People who make excuses, saying they can’t handle their bills, are probably not thinking about paying their bills in the first place. How can you miss something so regular?

Avoid using the money to buy a new pair of shoes and justifying the purchase by saying you can skip just one payment on a bill. That skip means penalties or an interruption of service, which means you’ll be paying more and dealing with a hassle you don’t need.

Refinance Your Mortgage, if Possible

Still struggling to pay the bills? You can try checking out the mortgage refinance rates in Salt Lake City. Refinancing typically lets you pay a smaller monthly rate, which means you can adjust your budget to pay for more things every month.

Don’t Make Purchases You Don’t Need

Like that new pair of shoes or that new smartphone, there are things that only count as a luxury. If you want something, open a separate bank account for it. Saving for it means you can still keep up with your expenses; all you have to do is wait a little while longer to buy whatever you’re saving for.

Get a New or Additional Job

If you think you are not getting paid what you deserve, check the market for someone with your qualifications. There might be a company looking for someone like you and which can pay you more. You can likewise get an additional means of earning money like babysitting, dog walking, and freelance writing. Use what you earn from your side job to pay for your daily expenses. What you earn from your main job is what goes to the bank.

Live Within Your Means

Don’t buy expensive things you can’t truly afford, don’t dine in fancy restaurants because your friends do — in short, you must earn much more than what you spend.

Saving money is not a New Year’s resolution; it should be a part of your life. Save what you can today and enjoy what you want tomorrow.

To Borrow and Borrow is Such Sweet Sorrow

Loan ApplicationThose who suffer from financial problems often have one thing in common: they borrow money to borrow more.

For example: using a credit card to buy a new flat screen television. While there’s nothing wrong with buying a new entertainment system using your credit card, problems arise when you use the card and can’t pay it off in full each month because you have exceeded your credit limit.

There’s nothing wrong with borrowing money. In fact, smart borrowing can help you save loads on other finances. But if you overdo it, you’ll fall victim to the endless borrowing cycle.

Borrow to Borrow for Lifetime Experiences?

Getting a loan for depreciating assets like cars is not the wisest decision. Apart from increasing your risk for debt, you don’t get much in return for your personal finances. Since most assets depreciate eventually in the future, what about borrowing money for once-in-a-lifetime experiences?

Good experiences (e.g. luxury cruise) may appreciate over time. But if you borrow money, make sure that your good memories appreciate faster than your debt.

Never Borrow More

It doesn’t matter if you’re buying assets, luxury items or experiences on debt. If you can’t pay the down payment or following interest, then don’t borrow. It’s simple: if you can’t afford it, never risk it.

It’s tempting to buy things on credit because you think you can pay for it in the end. That’s not the case for everyone. Your bank account might fall short of the item that you want. Before you buy, think it over twice and ask yourself: can I afford this or not?

Also, if you’ve already borrowed money, don’t borrow more. It’s a financial trap that leads you to more debt.

Borrowing more is never the solution. If you don’t want to be on the receiving end of an unpleasant bill, it’s best to be a smart borrower now than regret later.

Different Types of Taxes Individuals Have to Pay

Paying Taxes in UtahPersonal income tax is one of the most known taxes, but there are many others that you have to pay. In any given financial year, there are different types of tax that you aren’t exempt from paying. Many people do not love paying taxes, but it is for their own benefit. Below is a list of the different taxes you have to pay:

Personal Income Tax

This is the percentage of tax you pay on the income you receive in a year. This is dependent on the gross income you receive, so those receiving higher gross income pay may have to pay more tax. You have to fill in a form every year to pay these taxes. You can ease the personal tax burden by making the most of the following tax credits: saver’s credit, child tax credit, and education credit. Tannerco.com says that hiring licensed accountants in Utah or anywhere in the U.S. can help you with this if you’re still confused.

Property Taxes

This tax is a computation on the value of your property. The tax collected is used to go to local projects and other related concerns, such as road maintenance and sewage treatment. The percentage paid differs from one state to the other, so make sure you know how much you have to pay.

Consumption Taxes

This is a tax that is pinned to the selling price of an item. For each item you buy, a percentage of the selling price is given to the government as tax. The more you buy, the more consumption tax you have to pay. There are some products that are exempted from tax, however, such as groceries and medications. The rate of tax is usually set by state governments. Tax on items is usually collected by the retailer who passes it on to the government.

It is wise to pay your taxes to avoid penalties, such as jail time. In the end, you will be the one benefiting from the taxes by enjoying better services.