2017 BOOKS AND RESOUE GUIDES


2017 SOFTWARE


Tips to Effectively Pay Off Your Debts

By Janet Smith 

Outstanding debts can inflict severe dents in even the best retirement plans which have been carefully crafted over a lifetime. Incurring a debt is seemingly unavoidable in the modern age, as a result of both higher cost of living and consumerism.

With each passing year, more and more Singaporeans are diving into the debt pool as they struggle to cover their daily expenses and make ends meet. As of December 2016, the average Singaporean household incurs an estimated $55,000 of debt, which is a 3% increase over 2015. Easily 75% of this household debt stems from unresolved mortgage loans. Some of this unsettled debt may even force retirees to expend their assets to cover their debt rather than passing it on to their beneficiaries.

However, there are several ways to effectively settle outstanding debts to ensure it doesn't put a crimp on some of those best retirement plans you've come up with.

1. Establish a Budget and Track It

Creating a proper budget is a great way to analyze and plan finances. By allocating a set amount of money towards a specific expense per month, the amount of expenses can be monitored more stringently and precautionary steps can be swiftly undertaken if the expenses overshoot the stipulated budget. It is only through proper budgeting can individuals or households create the necessary surpluses to pay off any existing debts.

Certain financial tools, such as Excel spreadsheets or even Mint.com, are particularly useful in keeping track of a personal or household budget.

The main problem for an individual who does not keep track of his/her monthly expenditure is that he/she does not know if he/she ends the month with a net reduction in savings, i.e., spending exceeds income and eats into savings. Knowing the amount of leftover balance is crucial since a continuous negative balance might lead to the creation of new debts. It is this type of debt that is the most dangerous as it rolls over at seemingly manageable interest rates month after month. Before the individual knows it, he/she would have made hefty payments on interest alone.

Tracking tools are thus crucial in identifying areas of weakness in one's monthly spending habits, but an individual must take affirmative action to reverse the negative balance situation. This can be done via listing out the monthly expenses and employing necessary cut backs on certain expenditures. Discipline is the key.

2. Laddering Debts by Interest Rate

Laddering debts is another technique used in settling outstanding debt. It involves listing out all current debts by interest rate, starting from the highest interest rate to the lowest interest rate. The debt with the highest interest rate costs the most money, so this debt needs to be settled first.

By paying off the most expensive debt first, the overall debt will be reduced significantly faster. Some individuals who incur multiple debts per month and employ laddering in their finances usually settle the minimum payment required for each debt, and use the balance cash from their payments to settle more of the debt with the highest interest rate.

For example, let's compare two debt instruments: one, a credit card with an outstanding balance of $4,000 with an interest rate of 24% and another, a credit line with an outstanding balance of $8,000 with an interest rate of 16%. Ideally, the minimum monthly payment required to settle each debt would first be made, and any leftover finances would be funneled to repaying more of the credit card debt even though the amount owed may be lower.

Laddering is especially useful in tackling multiple debts while avoiding the accidental creation of another new debt. Laddering also instills a sense of financial discipline that is good in tackling unresolved debts and preventing those debts from inflicting too much harm on those retirement plans you've kept in mind.

3. Balance Transfers

Balance transfers is another tool used to cut back on interest expenses whilst settling an attempt to pay off a debt over several months.

For example, given the competitive nature of the unsecured credit market, banks often provide very low teaser rates for clients who transfer their existing unsecured debt from other banks. The effective interest rates could be as low as 4% p.a. versus the normal 24% p.a. one pays on credit card balances. However, the catch is such promotional rates lasts only for a certain period, for example 6 months. Nevertheless, balance transfers can lower the interest costs of an existing debt.

Balance transfers do carry their own risks. Individuals transferring balances must remember to either settle the debt after the transfer or look for another such opportunity before the lower interest on the account to which the balance is transferred expires, otherwise he/she risks paying an even higher interest rate.

Individuals using the balance transfers may also fail to address the continuous build-up of debt, thus wiping out any benefit from such a strategy. In the end, despite this cost-saving strategy, individuals end up with even more debts that impinge on savings, not to mention any future retirement plans.

4. Contacting Consumer Credit Counseling Services

If a person is having immense trouble settling their debts or even coming up with the minimum monthly payments, they should consider engaging a consumer credit counseling service. In Singapore, this service is aptly named as the Credit Counseling Singapore ("CCS") and offers solution-based credit counseling for individuals beleaguered by financial debt.

The CCS's debt management services only cost $130 and pairs up debt-laden individuals with a credit counsellor. The credit counsellor will assess the indebtedness of an individual's situation and assist him/her by making a financial estimate of the debts owed, identify available resources which can be used to cover the debts and even plan a monthly budget which incorporates all living expenses. Solutions to tackle the debt problem and monthly negative balances will be meted out to alleviate the burden of debt.

If one is concerned over how his/her debt would affect his/her retirement plans, contacting the CCS would be the right way to go. If the retirement plan has already taken the old debt into account, proper financial restructuring could reduce the interest and installment payments that need to be made.

Even the best retirement plans may be in jeopardy in the face of unresolved debts. By adopting better financial habits such as establishing a budget, laddering debts and transferring balances, an unsettled debt situation might become easier to handle. If a debt problem persists, the CCS can be engaged to work out a solution to stave off unresolved debts. Financial advisers may also be consulted to better streamline finances and handle monthly expenses, thus ensuring a more secure and better retirement in the future.

Financial Alliance is an independent financial advisory firm that provides its clients with sound and objective financial advice to protect and grow their wealth. Providing top-notch services to both corporations and individuals, Financial Alliance is a trusted brand in Singapore and has been navigating its clients' financial future for 15 years. For more information about Financial Alliance, click on the link: http://www.fa.com.sg/.

"Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customized to their specific financial objectives, situations & needs."


FINANCIAL EDUCATOR CLAIMS JAY-Z'S ALBUM 4:44 IS THE MOST IMPORTANT PIECE OF WORK FOR THE ADVANCEMENT OF BLACK PEOPLE

-- Also creates financial curriculum & college tour to teach wealth building concepts in album --

BlackNews.com

Many are applauding Jay-Z’s 13th studio album 4:44 for its transparency and shedding light on personal issues such as infidelity, the infamous elevator fight, and his mother’s sexuality, however others are calling this a huge step toward Black liberation. In fact, acclaimed author, motivational speaker and financial educator, Ash Exantus better known as Ash Cash boldly claims that "Jay Z's 4:44 is the blueprint to bridging the wealth gap & solving economic inequalities for African-Americans!"

Exantus states, "When Jay proclaimed 'Financial Freedom is our only hope' in the album’s debut song 'Story of OJ' he wasn't exaggerating. A recent report titled 'The Road to Zero Wealth' looks at the past 30 years of wealth accumulation across racial lines, as well as what the future will bring if current trends continue; it comes to the conclusion that by 2053, just 10 years after the country is projected to become majority non-white, Black median families will own zero wealth and twenty years later, Latino median families will follow suit. White median families will continue to own six figures. The key words here are: 'If current trends continue!' That/s why it/s imperative that we get our collective economic lives together!"

The Wake Up Call: Financial Inspiration Learned from 4:44 + A Step by Step Guide on How to Implement Each Financial Principle is a curriculum created to teach people how to use the financial principles in 4:44 to create true economic freedom, break the cycle of poverty, and build generational wealth. Exantus, a fifteen-year banking executive who travels the country spreading the message of fiscal responsibility, is on a mission to help build our community financially.

    "Jay-Z is becoming a leader in the economic development of our people." -- Minister Louis Farrakhan

The 4:44 inspired Wake Up Call curriculum will teach participants everything they need to know from credit, how to buy real estate and the power it holds in the wealth creation process to cooperative economics and how to start a business the right way. The curriculum also tackles spirituality and discusses how "This Spiritual S#@t Really Works" especially when it comes to finances. Exantus, launched the first round of workshops at NJCU in New Jersey and is scheduled for stops in the Bronx, NY and Washington DC later this month with more dates to follow.

For more information on booking a workshop, please visit www.IamAshCash.com/444wakeupcall or email Amina@IamAshCash.com

About the Author

Ash Exantus aka Ash Cash is a speaker, bestselling author, personal finance expert, business consultant, and spiritual adviser to entrepreneurs, celebrities, athletes, and executives. Ash has established himself as a thought leader and trusted voice with Corporate America, Colleges, Churches, and Community based organizations. Ash is best known for helping people maximize their full potentials by giving them the inspiration, tools, and resources needed to live their best lives. For more info on Ash, please visit www.IamAshCash.com


Is Invoice Finance a Credible Alternative to Bank Loans?

By Permjit Singh 

Invoice finance (IF) is not considered a credible source of finance among some business owners because of its relatively high cost and onerous terms. Is this perception justified? I will argue it is not with the introduction of single invoice finance.

What is invoice finance?

It is the sale of a company's sales ledger for cash providing an ongoing source of cash as invoices are issued to customers by the company. The company might retain the collection of cash or transfer this and the associated credit risk, to the funder.

Some conventional IF facilities can impose numerous types of fees and charges, and require security and a commitment from the company to sell the its entire sales ledger to the finance company.

Some companies offer a refreshing financial alternative, offering to buy just a single invoice and charging as few as just one fee and generally offering a more flexible funding alternative.

What is single invoice finance?

As its name suggests, it is the purchase of one invoice for cash from a company. The company does not need to sell any further invoices so single invoice finance can be used by companies to raise cash as they need it. Also, they might not need to provide security such as a debenture or a personal guarantee.

Single or multiple IF are effective tools for cash management because they liquidate illiquid assets i.e., they convert debtors into cash. The cash realized can be reinvested by the company in profitable projects or used to pay back expensive debt.

Some borrowers might argue that on an annualized basis, the cost of invoice finance is high compared to a conventional loan. That comparison is like comparing apples to oranges because the two financing instruments work differently. A loan is a continuous source of finance whereas single invoice finance is discrete - providing finance for up to 90 days or less. Annualization of the cost of invoice finance is not therefore consistent with its use.

Though the interest rate on a loan might look relatively attractive, the cost of arranging and administering it must also be factored in, such as the arrangement, commitment, non-utilization, and exit fees, plus servicing charges and legal costs of documentation. There might also be costs to pursue and recover bad debts, or to pay for credit protection. Invoice finance has its own arrangement and administration costs that might be more or less than a bank loan.

Invoice finance is therefore a credible alternative to a loan because:

    it converts a company's debtors into cash that may then be reinvested to potentially generate positive return for the company.

    the company can transfer debtor credit risk.

    it avoids using up a bank's limited credit capacity for a company and

    it diversifies the company's sources of funds so reducing its reliance on the banking sector.

    companies can use it to raise cash as needed

    security might not be needed

Dr Singh specializes in asset-backed finance and has a PhD in asset securitization. His company, Cash for Invoices Limited, http://www.cashforinvoices.co.uk is based in London and buys single invoice finance from sole traders, companies, and social enterprises. It requires no security no commitment to sell invoices, and charges one fee.. Invoices from GBP250 may be bought. Perhaps uniquely, the company can also buy an invoice off a company and give the company up to 60 days more time to pay.


Quicken Loans Community Investment Fund launches 'Neighbor to Neighbor' campaign to connect residents with tax foreclosure resources

-Block clubs and community groups encouraged to join the effort-

The Quicken Loans Community Investment Fund (QLCIF) has partnered with the United Community Housing Coalition (UCHC) and eight community development organizations to launch an extensive education effort addressing the pervasive issue of tax foreclosure in Detroit. This door-to-door outreach will attempt to reach all 60,000 residential properties behind on property taxes and connect residents at risk of tax foreclosure to resources. Underutilized tools to prevent foreclosure include a property tax exemption for owner occupied homes and an option for disabled veterans. The "Neighbor to Neighbor" program, funded by the QLCIF, is now accepting applications for additional community groups and block clubs to join the peer-to-peer effort and help those at risk of tax foreclosure with the goal of reaching all residents facing this challenge.

"No one organization can do this work alone," said Laura Grannemann, vice president of investments for the QLCIF. "We need everyone working together to connect Detroit residents with the tools that will keep them in their homes and allow them to continue building equity as the city grows."

Program Background

In May 2017, the QLCIF partnered with UCHC to knock on the doors of 3,300 occupants of Detroit homes facing the 2017 tax foreclosure auction. The outreach effort helped the residents of 2,100 homes ultimately avoid tax foreclosure and remain in their homes.

Due to the success of this work, the QLCIF has announced this $500,000 "Neighbor to Neighbor" fund to expand the work and engage additional local organizations in outreach efforts. Canvassers will be paid hourly out of the QLCIF grant.

The following community groups will participate in the first phase of the rollout:

    Cody Rouge Community Action Alliance

    Central Detroit Christian

    Eastside Community Network

    Grandmont Rosedale Development Corporation

    Live6

    Osborn Neighborhood Alliance

    Bridging Communities, Inc.

    Black Caucus Foundation

Other organizations that would like to join the program and receive funding for tax foreclosure awareness outreach should visit foreclosureoutreach.org to fill out an application. Applications will be accepted through Friday, November 10, 2017. A QLCIF representative will respond with next steps.

The Quicken Loans Community Investment Fund is a for-more-than-profit enterprise that has a passion for investing in people and place to open doors to opportunity for Detroiters. This program is the latest addition to the Quicken Loans Family of Companies' long legacy of supporting solutions to systemic challenges facing Detroit's neighborhoods, like widespread blight, tax foreclosure, and access to affordable housing.

There are roughly 60,000 homes behind on their property taxes in Detroit. Many of these homeowner's may qualify for a full or partial property tax exemption. Families facing financial hardship, residents living in poverty and disabled veterans may be eligible to stay in their home.

This program is part of a wider initiative to maintain the integrity of Detroit neighborhoods and ensure Detroiters have the opportunity to build equity as the city continues to grow. Other work includes:

    Rehabbed & Ready—Quicken Loans made a $5 million commitment to rehabbing publicly owned homes in partnership with the Detroit Land Bank to boost home values, increase access to financing, and reactivate Detroit homes.

    Affordability—Bedrock, a full-service commercial real estate firm within the Quicken Loans Family of Companies, signed an agreement with the City of Detroit committing to dedicate 20 percent of its residential portfolio to affordable housing. This agreement includes the development of new housing, as well as preservation of existing affordable units.

    Blight Removal Taskforce—Dan Gilbert, founder and chairman of Quicken Loans, co-chaired the Blight Removal Taskforce, which brought stakeholders together to provide resources and leadership toward increasing data access regarding blight, advocating for Hardest Hit Funds, and bringing partners together to address blight in our communities.

    Renter to Owner—Quicken Loans Family of Companies made it possible for 80 renters to become homeowners this year. Using funds donated by QLCIF, families in these homes facing displacement because their landlords failed to pay property taxes were given an opportunity to purchase their home for $2,500 - $5,500.

About Quicken Loans

Detroit-based Quicken Loans Inc. is the nation's second largest retail home mortgage lender. The company closed more than $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city's urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked "Highest in Customer Satisfaction for Primary Mortgage Origination" in the United States by J.D. Power for the past seven consecutive years, 2010 – 2017, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.

Quicken Loans was ranked No. 10 on FORTUNE magazine's annual "100 Best Companies to Work For" list in 2017, and has been among the top 30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine's "100 Best Places to Work in IT" the past 13 years, ranking No. 1 for eight of the past 12 years, including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert's Family of Companies comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.




Money Saving Tips

By Ezbon D Lobaton

Living from paycheck-to-paycheck, many neglected the value of having savings until unforeseen circumstances arise that made them not look at money the same way again.

But why let an unfortunate happening occur in your life just to learn its lesson and meaning when, by doing small but frequent steps, you distance yourself to such impending trouble, perceived or otherwise.

Here are some money-saving tips that could save you from any future calamity involving money:

1. Open a Dedicated Savings Account

Like any first step towards the path of making some savings, opening your own for savings-only account is a must. Unlike your primary banking account which you use to deposit and withdraw money from, this dedicated savings account is strictly for money depositions only.

For optimum benefits regarding interest rate, look for a bank which offers "higher-than-inflation" growth rate, which is something you might have to personally ask, if not endorsed to you.

Savings Account

2. Cut Out Unwanted Expenses

Be it a monthly service subscription you no longer see as beneficial to you or a habit that just drains your money, many are guilty about spending on something on a monthly basis that they can really live without.

Part of keeping yourself free from unwanted expenses is by knowing which expenses are worth keeping from which are not and do the necessary steps in trimming those that are from the latter.

3. Be Systematic

If you are still unused to the idea of making a saving out of your every income, chance is good that your first few attempts at stashing some money on the side may be inconsistent and irregular at least.

But if you are serious in saving some money for future considerations, sometimes sticking to a tried-and-tested formula may be a good start at disciplining yourself about money.

One such popular formula that is becoming a cliché among money-conscious individuals is the "80-20" rule which suggests saving 20% of your every income, regardless how small, while freely spending on the 80%.

expense

4. Learn How to Invest

Let your money work for you. Don't go into get-rich-quick investment scam and promised very high ROI (Return of Investment). It's possible to get high return in Forex trading and stock trading but there's no guarantee that you will continuously gain due to up and down of the market.

There's always a risk in every investment. Read books, attend seminars and courses about investing. Try to learn short term and long term investment, high yield investment, stocks, mutual fund, UITF.

Know the difference between Investing and Trading. Investing is long-term, you will buy, hold and sell after several years. Trading is short-term, which means if I buy today then sell after few days, weeks, months. In Forex trading, other traders buy and sell within seconds, minutes and hours.

invest

5. Earn Some Money on the Side

With so many channels you can tap-online, mobile devices, or in real-life scenario-making money has been made easier so long as you have access to these means.

When you are having trouble making ends meet so as to give way for savings, sometimes generating multiple income streams may be the better option just to save.

Tap on whichever is accessible to you such as selling no longer used goods or offering service as a freelance and make full sure that no matter how much you are earning, you keep some for your future self to benefit from.

https://www.facebook.com/ezbon03



The Importance Of Financial Means

By   

They say money can't buy happiness. That is not entirely true. In today's world in America and all around the globe, money is the predominate means to attain the necessities of life. Whether to buy food, pay for shelter, or just about everything associated with existing in today's world all depends on the availability of having enough money to do so. In many instances the lack of financial means puts individuals in very stressful situations. We can conclude having the financial means could very well equate to a person being somewhat happy. This is because when one has financial support behind them the stress level should dissipate. Were not saying that this is true for all individuals but, having money puts a person in a capacity to be able to use that resource to reduce stress associated with not having enough money to pay for such essentials as housing, food, or medicine.

In our fast-paced world where the basic necessities of life are becoming more expensive than ever, one would think that all the technological and scientific marvels at our disposal would somehow reduce many of those costs. That is not the case today. In fact, in Flint Michigan for example, access to fresh, clean, safe potable water is actually money driven. But it is not only those in Flint, Michigan that are having water woes; all across the country water rates continue to spike. And, like everything else, it is the poor that continue to suffer just because they lack financial support.

It is a very sad commentary for our times when so much wealth is hoarded by so few. Much of the world's anguish would be avoided if there was a lot more balance in societies everywhere. Someone once asked what money can't buy. When we say it can't buy happiness or health, think again. Just look at the mortality and obesity rates of the poor compared to those few at the top of the income ladder. Also, look at the emergency room where millions of people flock to just for minor health issues. They are there because they can't afford health insurance. Money, or lack of, plays a vital role in every one of these issues.

Without access to living wages society especially in the United States today breeds a whole slew of problems. It was Dr. Martin Luther King that stated giving people the financial means like establishing a Universal Income for all would reduce poverty, reduce crime, and pretty much ease the burden of parenthood. In fact, the greatest economic boost for any society comes from that society being able to achieve the "Williams Theory of Economic Evolution." That being having more people with enough disposable income to spend, pay down debt, and to save at least 10 percent of that income.

We have to always remember that money is basically a tool not just for the wealthy but for everybody. Used wisely, it can be an invaluable asset and if used carelessly will cause more problems. But when our society, where the majority of the population doesn't have enough financial resources at their disposal, we see the results. And they aren't good either. In every major city across the country, the plight of the poor, the impoverished, and the destitute are painful reminders of how out of balance our whole society is today.

The health of any nation depends on the health, vitality, and overall well-being of its citizens. When the majority don't have anyone of these attributes, that nation experiences a decline. In the United States today, we are in decline just because of the enormous imbalance of our society. The wealthy are already getting wealthier while the majority of Americans are getting poorer. If this trend continues, the fate of the United States is in grave danger.

Now the question is how to achieve that balance in our society where millions of Americans will have the financial means to live a healthier and productive life. It starts with what Dr. King said many years ago about establishing a Universal Income. That along with the much needed governmental reforms that are detailed in National Economic Reform's Ten Articles of Confederation. Only by implementing these reforms will the people of the United States be able to live healthier and more productive lives. In doing so will secure this nation's future.


How to Stay Out of Bankruptcy

By  

Many want to use the law surrounding bankruptcy to avoid paying off their debts. In the long run, however, what does it achieve other than a bad reputation? People that have a history of such are tainted and may find getting loans and things from banks harder if not impossible. Clever business people use bankruptcy because they profit from it when moving money into positions where it can't be touched. That is not the right thing to do.

Some billionaires have risen above others by avoiding payment to contractors and others who have supplied them with goods, such as buildings or vehicles. They moved their money into trust accounts or created off-shore accounts where such was drained off over time. Some also use a spouse or partner to gift money to while their business was operational.

The problem is they have left others to face bankruptcy who they then refused to pay. These are usually the contractors and their sub-contractors that usually involve small family businesses that cannot sustain big losses.

Money is an invention for power and some think that the world owes them so they don't care who they hurt in their rush for the biggest slice of wealth. So how does the little guy avoid going into bankruptcy.

Years ago this was a problem faced by me when a shift in the economic security of Australia saw an inevitable depression hit my business. It was heightened, however, by a break-down of marriage and three teen-age children dependent on me. The situation was extremely dire as I owed money to many that could not be paid back.

Working my way through it was the first step. Securing a job that took me inter-state and gave me the opportunity to avoid debt-collectors and others allowed me to repay all the debts over several months. Because of making good on them no one pursued me. That is probably the best lesson one can learn from being honest.

My father reared me with this thought "if you never tell a lie you won't get into trouble." To me bankruptcy when one could and should repay people is a lie. The ones to whom my business dealt were honest, hard -working, and responsible folk. What right does anyone have to deny them their just rewards?

Before one declares bankruptcy think of the consequences. If everyone stops paying their bills the world of finances will also cease. While money is an invention it is the basis on which the World Order stands. If it crumbles so does everything about our civilisation. So instead of bankruptcy choose a better way and repay debts, even if it takes months to do it.

Norma Holt has researched to establish why Money is the root of evil. It is largely based on the work of 666. He enforced the powerful weapons of heaven and hell to dominate the establishment he put in place.



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