Should you borrow money from family and friends? 

Money

 

Borrowing money from family and friends is one of the oldest and most popular ways of getting access to finance. On a daily basis, it might start with borrowing $10 here and there for drinks or tickets to a show, but on a larger scale, it is one of the main sources for funding big purchases, especially from parents to children, who may be helping to buy a new car, a new property or for starting a business.

But it is also widely known that money amongst friends should not mix – and if not handled well, it can lead to conflicts, falling outs and even legal action.

With this in mind, we give you some of the key things to consider when borrowing money from family and friends.

When is borrowing money from people you know a good thing

Borrowing money from family and friends certainly has its place. In times of need such as funeral costs or household repairs, the trust and bond that you have between close family and friends can help you get through a difficult time.

For these kinds of expenses, the lender is also likely to be a lot more patient and considerate in terms of repayment – and they would not be lending out the money if they expected it back quickly or at all. It is purely because they want to help.

Similarly, when your parents give you money to buy your first car or get on the property ladder, there is no real expectation to repay and no doubt your parents receive joy from helping you during this important milestone in life.

Furthermore, if the person has been turned down for a loan due to various reasons, such as bad credit or no credit – this can be a better loan option than using a loan shark, payday loans or high cost loans, which are very prominent in areas such as Nevada, Texas and California.

When borrowing money turns sour

Borrowing money from people you know can turn ugly if the expectations are not met. Whether it is a small or large amount, it can get a bit hairy if the lender is expecting repayment and this does not materialise within the expected timeframe.

The purpose of how the money was spent is also key here. If it was used for a personal or emergency expense, this is likely to result in more patience and need for fast repayment.

If the reason for borrowing is not disclosed and the borrower is seen living a lavish lifestyle or making poor life decisions e.g alcohol, drugs – this is likely to cause resentment and lead to an unhappy friendship or relationship.

Should you have a contract?

If you are lending out money to a friend and expecting repayment, there is an argument to put a contract in place, even if it is just a one-pager or written up casually on a piece of paper.

This achieves to formalise the agreement and above all, it manages expectations including the amount borrowed, when repayment is expected and any interest (if this applies).

Even just a basic email that highlights the terms is something that can legitimise the transaction and there is nothing wrong with this amongst friends. Although, you should probably avoid a lengthy agreement sent by your lawyer!

Make sure you manage expectations

Overall, borrowing amongst family and friends is just about managing expectations. You want to avoid conflict and any bad feelings, and if it works out, maybe even borrow money again. But knowing exactly the purpose of the loan and when repayment is expected are the most vital things to ensure that the transaction goes smoothly and the relationship remains strong.

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What to Do When Your Reverse Mortgage Becomes a Financial Burden

Finance

Did you take out a reverse mortgage? Many seniors consider reverse mortgages to deal with financial issues that they encounter during retirement.

There can be a lot of great reasons to take out a reverse mortgage. However, they are not without their own issues. You need to be aware of the potential pitfalls that you are going to encounter when you have a reverse mortgage.

Some of the problems with reverse mortgages might creep up on you over time. Fortunately, there are ways that you can deal with them.

Here are some things that you can do to offset any issues that were created by a reverse mortgage.

Consider refinancing your reverse mortgage

According to All Reverse Mortgage, “You can also refinance your reverse mortgage if you don’t like the interest or other terms associated with it. This might be your best option if you think that you will need to sell your property in a few years.” Refinancing will keep you from losing a large amount of money and interest. It would also be ideal if you want to make sure that your kids or other people inheriting your estate will get more.

The process of refinancing your reverse mortgage is very similar to that of refinancing a traditional mortgage. The only caveat is that you generally need to wait at least 18 months after taking out the original reverse mortgage before you can refinance it.

You should take a close look at your credit history before submitting a refinancing application. Your payment history keeping up property charges is going to be the most important factor for qualifying for a better HECM in most cases.

If your credit has improved since you took out the last reverse mortgage, you will possibly be able to qualify for that terms. You can also try to take steps to improve your credit score if you want to take preemptive measures to get a better deal. You should start by looking at your credit reports and seeing if there are any errors on them. Around 20% of all credit reports contain errors, which could be hurting your score. You should also take a close look at any outstanding debt that you have. If you still have a large amount of money from your reverse mortgage, then you should use it to pay off high interest debts, such as credit card bills. This will both boost your credit score and minimize your long-term expenses. It will be a win-win, especially if you get a cheaper read on your reverse mortgage.

You should also settle any possible liens on your property. They could be hurting your potential of getting a better read on your reverse mortgage.

Lease your home instead of selling it before you move

When you take out a reverse mortgage, the bank is going to give you money that will later be taken out of the value of your home. Unfortunately, you have to hold onto the property if you don’t want to pay the reverse mortgage loan back.

You might end up in a situation where you really can’t stay in your home. You might feel like you are a prisoner to your loan, because it is keeping you from relocating if you can’t afford to pay it back.

You might not have been concerned about this when you first took out your reverse mortgage. You probably thought that you would never relocate. Unfortunately, problems happen. You might get an unexpected divorce. You might develop health problems that prevent you from living in an area with bad weather or excessive pollution. Your kids might take new jobs in another state, which forces you to move as well if you want to be close to them.

Before you bite the bullet and sell your home to repay your reverse mortgage, you should explore other options. One idea that you might want to consider is leasing out your home and using the cash from it to pay for new housing wherever you want to relocate.

This might give you the best of both worlds. You get to keep the money that you secured from your reverse mortgage and have the flexibility to relocate at the same time. You don’t even have to physically deal with your tenants if you are willing to outsource that obligation to a property management company.

Explore property tax relief services

Property taxes are among the reasons that people when face problems with their reverse mortgages. You might be required to repay your reverse mortgage if you stop paying your property taxes.

You might be able to get ahead of the problem by seeking property tax relief services. The terms of these services vary between jurisdictions, so you should pay close attention to the requirements. The governor of Idaho recently signed a property tax relief bill, which is an example of how these services work. If you are eligible, you might avoid property tax problems that could trigger a requirement to repay your reverse mortgage.

Make sure that you are reverse mortgage is a benefit rather than a liability

There are a variety of reasons that reverse mortgages have become popular in recent years. They really do offer a lot of benefits. However, there are some situations where they could become a burden, so you need to take steps to avoid that from being the case.

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Robert Testagrossa – Why NFTs Work So Well

Finance

NFTs are a hot topic at the moment and we are seeing many companies set up by experts like Robert Testagrossa which are focused towards the rising success of NFTs. This isn’t necessarily a new idea, it is in fact one that has existed for a number of years now, but in recent months we have see an enormous focus on this aspect of the blockchain.

Today then we are going to take a look into what NFTs are and why they work so well for all parties involved.

Breaking Down an NFT

To those of you who aren’t sure what an NFT is, this stands for ‘non-fungible token’ in layman’s terms this means that it is a digital product which is not fungible, or transferrable across the blockchain. We can use NFTs in artwork, music, event tickets and many other forms of token. Those who buy an NFT, in whatever capacity it takes, will be the sole owner of that token. This can be resold by the owner, but the address for the NFT will always remain the same.

Security

One of the biggest reasons as to why NFTs work so well is that they are an incredibly secure way of passing on and storing information. Back in the European Championships in 2016 we saw tickets being delivered as NFTs, which made them much more secure that paper tickets or even emailed tickets. This can also greatly help with concert tickets, which are often bought and sold by scalpers who drive the ticket prices up, and restrict people from having tickets. NFTs is a great way to solve this problem.

Control For Artists

In the world of art and music we are seeing time and time again that artists are not making the money that they should do from the work which they are completing. There are so many record companies for example who rake a huge cut from the artist’s work, as well as art houses who take a slice of artwork created. Using NFTs mean that the artists no longer need that third party in order to get their work out there. This gives them the power to release as many NFTs as they like, and it means that they will end up with an overwhelming proportion of the money which is made from sales.

Increased Demand

And finally, as more and more people learn about what NFTs are, and more and more professionals jump onto the possibilities of NFTs, we are going to see a huge increase in demand. This has already started of course and many NFT artworks are being snapped up each and every day, by people who perhaps usually wouldn’t. This increase in demand is great for everyone involved with NFTs.

The possibilities for this technology really are endless and in the coming years we are certainly going to be seeing big changes within the world of NFTs. What do you make of this new technology?

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Businesses Which Equipment Financing Companies Can Help

Business

Equipment financing companies offer businesses something slightly different when it comes to helping them secure funding. What these companies specifically do is offer funding solely for new equipment for the business. This means that your company can free up capital which it was going to spend on equipment, to keep for other aspects of the business. Furthermore using these funds you would still be able to get lines of credit elsewhere. Another reason why many will look towards equipment financing is that they are much more likely to be approved, based on the fact that the money loaned is going directly towards a tangible asset. 

So what exactly kind of businesses could benefit from this kind of financing? Let’s take a look. 

Restaurant Business

As anyone in the restaurant business will tell you, equipping a kitchen is no small ask and that is why they will often need funds to help them get their kitchen equipment up to scratch. The cost of ovens alone are enough, and that is before you factor in any additional equipment such as pizza ovens to support the business. For this reason this is often an industry which will seek out equipment financing. 

Adventure Companies 

Another type of business which requires extra funding to get set up are adventure companies, which of course have to rely on pretty pricy equipment in order to get things off the ground. Whether it be the buying of ATVs, jet skis or even an airplane, there is absolutely no doubt that these kind of companies desperately require some additional support in order to offer their customers the very best experience. These companies will often rely on the specific financing for these kind of vehicles. 

Manufacturing 

No matter what you happen to be manufacturing, there is absolutely no doubt that getting things set up and off the ground is going to be expensive. The sheer volume of machinery inside these factories is incredible and that is why they depend on this kind of financing in order to get going. One thing which these companies in particular can count is the fact that those machines are incredibly powerful and owing to the volume of output it isn’t long before they have paid for themselves more than once over. 

Brewery 

In recent years we have seen microbreweries become incredibly popular and if we take a look at just some of the equipment which they use in their industry, the costs are pretty high. Most microbreweries are small operations and they simply don’t have the funds to invest in all of that equipment. Having said this, in order to get set up they are required to invest in so much of the equipment otherwise they just can’t produce what they would like to. This is yet another industry which relies on this kind of funding to get things rolling. 

This is a fantastic option for businesses to consider when it comes to getting themselves started.

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3 Tips to Being a Smart Small Business Owner

Business

For many individuals, the idea of owning their own small business can be quite appealing.

From making your decisions to setting a schedule around your needs can be appealing.

That said operating a business takes smarts, good money management and even some luck.

With that being the case; are you cut out to be a good small business owner?

What will it Take for Success?

In looking at what it will take when it comes to operating a business for years to come, here are three areas of focus:

  1. Money management – How good of a job you do with money management will go a long way in determining a level of success. With that in mind, do you tend to do a good job of overseeing your finances? If not, now is the time you need to focus on that. Bad money management can doom a small business from the start. Given challenges small businesses face, especially in the early years, be on top of your money. That actually starts before you even open up your business for the first day to customers. If you are looking at acquiring a startup company, make sure you do your homework. Doing so will help you to find the right startup at the right price. Know that there are services online to help you with the search. By having that help, you are in a better position to find the right small business venture to move ahead with. Once running your company, look for good deals in working with vendors. Also be smart to avoid running up sizable debt. Make it your business to manage finances the right way.
  2. Overseeing employees – If you will need to hire people to help you operate a business, make the best hires. While some bad hires here and there tend not to be the end of the world, you do not want it to become a habit. Knowing you have the most qualified folks and they give you their best efforts each time out means a lot. Of most importance, it means your customers are getting good service. As a result, many are likely to stick with you for years to come. Also make it a point to treat your employees well. In doing so, you build a level of trust and most will go the extra mile for you.
  3. Promoting your brand – Last, how successful can you expect your business to be if too few consumers know it? That is why it is so important to get the word out from day one. Make sure the consumer world knows all about you and your brand. Use all the resources at your side to help spread the word to consumers. You might even want some customers to do some testimonials, tell family and friends about you and so on. Of all the key jobs you have to do in running a small business, being a good promoter is one of the critical ones.

When a small business is a big part of your life, how good of a job will you do in running it towards success?

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Saving for a rainy day? 4 ways you can look after your money and save it

Finance

We’d all like a little more money each month. But in today’s financial climate it’s certainly not easy to save for a rainy day and it’s only going to get harder. If you’re isolating at home, you may be feeling a little uncertain about your job security and your future, which is why saving as much money as possible has never been more important.

Whether you’re in between jobs, waiting for your benefits to kick in, how long does it take to get SSDI back pay? (Click the link to find out) if you’re wondering if you’ll have a job to go back to when all this is over, here you’ll find some useful saving tips that will help you make the most out of your current financial situation.

Do you really need new clothes?

We all have our vices and for some of us, spending money on clothes that we don’t need is certainly a habit that needs kicking. Whether you want a new outfit every time you head out with friends, or you like to have several pairs of gym leggings to choose from each day, clothes spending can quickly spiral out of control. Instead of spending money on new clothes, take better care of the ones you have! Consider the following:

  • Having damaged clothing repaired
  • Following the care instructions so they last longer
  • Shop second hand or swap for other items

Food, glorious food

Food takes up a huge chunk of our monthly budget. Saving money on food is easy, but believe it or not, you don’t have to stop eating the things you love to save money. Consider the following ideas:

  • Always shop with a list and a specific budget
  • Never food shop when you’re hungry
  • Create a meal plan for the week
  • Buy ingredients like rice, pasta, chopped tomatoes and sauces in bulk
  • Make freezer friendly meals

Go through your bills

We can all make savings here and there on our utilities and other expenses. Price comparison websites are your friends here. But don’t forget to compare the following:

  • Your broadband
  • Phone package
  • Water, electricity and gas
  • The items on your food bill
  • Your home, contents and car insurance

Sell, sell, sell!

Old clothes, toys, books, games, DVDs and other household items. If you don’t want them, someone else might. So, place these unloved items online and see how much money you could earn.

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Reaching Financial Freedom Through a Side Hustle: Things You Can Do to Change Your Life

Finance

Reaching financial independence is something many of us dream of, and people often fantasise about the luxury of being able to never worry about money. However, this is only practical if you’re motivated and have the time to do something on the side. Side hustles have been something certain individuals do without even thinking, while others simply stick to their day job. There is absolutely nothing wrong with not wanting to earn more money and spending time with your family at home rather than taking on another work commitment. Still, one of the best ways to create financial stability for yourself and your family is to do something else that can help towards special occasions and luxuries. 

Certain side hustles will cost nothing other than a get-up and go mindset, whereas others require the initial start-up capital in order to make it successful. Regardless, you should think about the side hustle you’re starting before you decide on what will work best for you. Only do a side hustle you’re passionate about and know will bring you financial stability in the long-term to keep you going.

  1. Start a Business

There are difficulties and complexities when it comes to starting a business, but if you’re determined enough to make it succeed, you will! Start a business with an idea you feel will benefit others and something that you’re passionate about at the same time. It’s not difficult to think of ideas either, especially with the availability of the internet and countless opportunities on there. Ensure you officially set up your business with HMRC if you’re serious about making some good money from it, as it’s a legal requirement to do so. 

Whether you want to sell some custom made jewellery or you think a recruitment business is the best way to go, get started and set up a business plan. After you’ve done it, get going with your plans and ensure you put all your efforts into it. Bear in mind, if you’re starting a business as well as having a full-time job, you will be busy at times, but that’s why this is ideal for people who love to keep active and motivated!

  1. Invest in Property or Stocks and Shares

Investment has long been considered one of the top ways to make money and reach financial independence. It is, for this reason, we have added both property and stocks and shares investment into this side hustles list. With property investment, you can take a hands-off approach, which means you’ll effectively make money passively and won’t have to worry about tenant demands and issues. However, with investing, despite what you’re investing in, you will need some initial money to use. Property company RWinvest have a range of guides, blogs and podcasts to help you with any initial research you will do before investing. Their website is full of interesting and innovative ideas for you to make use of. As an investor, you need to be sure you’ve got a good company and team behind you in order to succeed, which is why conducting due diligence is vital before handing any money!

  1. Start Freelancing

Do you have a skill or talent you could offer out as services to people who may need your help? Freelancing has become somewhat popular in the last few years as people need more money for luxuries and wish to save for other aspects of their life. Freelancing may not get you to the point of financial independence in the short-term, but if you’re persistent and make the most of all the opportunities that come your way, you can save up your income and eventually have a pot of savings to use if any emergencies occur. The best freelancing websites such as Upwork and Freelancer are great for starting your career as they offer a start-up platform for people who may never have freelanced before and don’t know where to begin. 

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How Did Online Forex Trading Become So Popular?

Finance

Using different styles of financial trading has long been something that people have done as a way to invest or generate a secondary income. However, one of the most popular forms of online and mobile trading in the modern world was actually relatively unheard of until fairly recently. While almost anybody with an interest in financial markets, economics, or current affairs these days is familiar with forex, it wasn’t so long ago that currency trading simply wasn’t accessible to normal people. Rather, it was something only done by banks.

Today, advances in the internet have made forex a part of modern trading for everybody who wanted to try it.

Currency Trading Before Mainstream Internet

Louis Hernandez Jr highlights that there have been mechanisms in place to change money between currencies for about as long as organized currency has existed. However, up until the mainstream internet really took hold, it wasn’t possible for ordinary people to get prices on international currencies and make instant transactions in a way that could really leverage currency pair fluctuations. Banks were able to work with different currencies thanks to their infrastructures, but for the average person, the only time they were really concerned with changing money was to obtain currency when they traveled abroad, usually from a bureau de change or, later, by using cards at foreign ATMs and letting their bank handle the prices.

There was certainly no way to trade currency in any meaningful or profitable way.

The Biggest Advances to Help Forex Gain Traction

Forex trading online became possible because the internet made it possible for people to access trading platforms, hold online accounts, and make transactions. This was possible even in the late 1990s, however, it still wasn’t really something people found reliable. With slow dial-up internet speeds and problems with connectivity, it was hard to trust that your transactions would go through at the price you were seeing. Equally, there just wasn’t the knowledge and technology in terms of online security that there is now. Essentially, it wasn’t until broadband internet became widely accessible that forex trading online began to really ‘work’ as most people wanted – and to be trusted.

The Mobile Revolution

The second big change after broadband was the smartphone revolution. With apps that can connect people to trading platforms and forex resources, the 24-hour nature of forex became more accessible. Traders were no longer tied to their computers for a session and could be notified when conditions they have set up as triggers for them to act are met, allowing them to be available to trade and to avoid missing out on profitable transactions. Between mobile and fast internet speeds, people can now get the most out of forex trading and can also use a lot of analysis and news tools on their mobile devices to help them become more effective as traders.

As you can see, forex has come a very long way in just two decades and it will be interesting to see how its popularity continues to grow moving forward.

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Do You have Money-Anxiety Disorder? Ask Yourself These 7 Questions

Money

Ever think twice about reaching for your wallet in an overpriced cafe? Feel a momentary rush when you go to check out of a retail store? Experience decision paralysis when shopping for everyday purchases?

None of these are all that uncommon in our society. However, they all indicate some level of anxiety associated with money. What’s worse, “money-anxiety disorder” doesn’t merely concern our financial lives. It can also affect our relationships, living conditions, personal character, and of course, mental health.

Many people struggling with money-anxiety disorder don’t even know they’re suffering from it. Here are seven questions to gauge whether your money is giving you anxiety.

Do You Engage in Retail Therapy to Calm Yourself?

According to a Credit Karma survey, 52 percent of U.S. consumers admitted to impulsively shopping to relieve feelings of stress, anxiety or depression at least once. This doesn’t have to mean going to a high-scale department store and purchasing shoes in every color. Retail therapy could be as innocuous as going to the thrift store and buying things you don’t need. Pay attention to how you feel as you’re shopping, especially as you approach the checkout line to pay. A spark of excitement, a feeling of joy, an adrenaline rush—any mood-boosting emotions could mean shopping gives you an unhealthy relief.

Do the Holidays Heighten Thoughts About Money?

Per the above Credit Karma survey, 82 percent of people get stressed about holiday spending, with another 31 percent listing it as “very” or “extremely” stressful. The holidays force us to spend money traveling, cook large meals, and buy gifts, often in a much shorter time frame. This leads to a lot of stress and subsequent spending as evidenced by reviews of Freedom Debt Relief.

Do You Struggle to Make Decisions Involving Money?

We don’t know what the future will hold or what our financial standing will be down the road, and that can cause worry when we need to decide on how to spend our money.

Of course, it’s good to be frugal — to think about how our purchases provide purpose and value to our lives, to exercise moderation in our consumerism. However, it’s not a good thing to “let money run the show” or overthink our every purchase. But that’s what happens when frugality is taken to the extreme. People forego life’s small joys and larger experiences because the thought of spending the money is too uncomfortable to bear.

Do You Have Credit Accounts in Poor Standing?

It’s no secret Americans have a lot of debt. In fact, U.S. household debt increased for the 16th consecutive quarter in 2018 Q2 to reach $13.29 trillion. Not all that debt (and the interest rates) are created equal, though—particularly when it comes to credit card balances.

May 2018 Federal Reserve data shows a staggering $1.04 trillion in revolving credit card balances. A staggering 71 percent of credit card balances revolve each month. Payment lapses and collections calls certainly qualify as poor standing, but treading water paying the minimum and 15–25 percent in interest should be equally discouraging signs.

Do You Think You’re Earning Enough?

After money, work is Americans’ second-biggest source of stress, according to the 2018 Stress in America survey. This is no surprise given how intertwined the two are. And contrary to what some may think, any level of income can lead to money anxiety. The feeling is only exacerbated if we happen to also feel slighted in our pay. Considering we spend the majority of our waking hours either at work or involved in some money-related matter, it’s easy to fall into a vicious cycle of unwanted thoughts.

Do You Have Trouble Letting Go of Possessions?

One of the more subtly frustrating things in life is when you randomly need something that you recently threw away. After all, we never know when we might need one of our belongings. It’s this mindset, paired with a general worry about personal finances, that contributes to hoarding behavior. But it can also stem from the opposite: people make habits out of shopping to relieve anxiety but can’t get rid of the stuff later on, leading to an emotional, and literal, wall.

Has Money Affected Any Personal Relationships?

Have you lied about money to a friend or family member? Do you use money manipulatively in a relationship? Relationships are the third most-common source of people’s stress, and the ways that stress is managed affects the best of relationships. Whether the result is financial infidelity, enablement or controlling behavior, it’s worth reflecting on the role money plays in your personal relationships.

Answering yes to a question doesn’t necessarily mean you have money-anxiety disorder, but if many of the above things resonate, it’s worth working on getting to the root of your emotions about money. After all, if you’re going to work for it, you may as well enjoy having it.

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Wonga compensation claimants may lose money

Money

The behemoth payday loan company, Wonga, went into administration in August, marking the end of the road for the largest payday loan lender in the UK.

This was largely as a result of a deluge of compensation claims the business received regarding loans being sold irresponsibly, as well as payday loan caps that were implemented in 2014, introduced by the Financial Conduct Authority, that saw all interest and fees capped at 0.8% a day on all high-cost short-term credit loans.

However, there are now concerns that are being raised that claimants with compensation claims outstanding with the lender could end up losing money that they are entitled.

These fears have been voiced after a letter in October from the accounting firm, Grant Thornton, which is overseeing the administration process, told creditors that an automated ‘adjudication tool’ may be used.

This automated, computer based tool is being created to cut down on manual processing costs, and to deal with the huge influx of compensation claims Wonga has received. The accounting firm is legally obliged to assess every single one of the claims. With the letter revealing that since Wonga had collapsed, it had been receiving an estimated 200 to 500 compensation claims each and every day.

This is not including the 24,000 customers complaints that were outstanding prior to the payday lender going into administration, nor the 9,500 complaints which had been escalated to the financial body, the Financial Ombudsman Service.

Taking this all into account, why is the automated system attracting criticism? There are fears that the software may not end up fully processing individual factors and circumstances when deciding to give compensation or not. The head of policy at financial campaign group positive Money, David Clarke, spoke in further detail about this matter to The Guardian:

“After having been mis-sold loans by automated software, Wonga customers may now be forced to appeal to a similar automated system,”

“Just as Wonga’s algorithms failed to account for individual circumstances when making loans in the first place, there are risks that this technology will again fail to take all the relevant factors into account when processing claims, leaving many customers out of pocket.”

In addition to this, Grant Thornton revealed in the same letter that until Wonga’s assets have been sold, it still remains unclear how much compensation will be available for claimants, nor a timeframe in which this money would be provided to customers.

To find trustworthy payday loans companies, consumers are encouraged by the FCA to use price comparison websites, following a recent rule that states every lender should be placed on at least one comparison table. In addition, high cost lenders are moving away from a 30 day product to offer alternatives and longer-term products repaid over 3 to 24 months.

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