Author: Complete Controller

A small startup business requires expenses such as desks, equipment, or employees, which means that the capital needed to open a business is usually significant. Thus, a startup business owner will likely need to seek a business loan known as a commercial loan.
Small startup business owners use this type of loan to generate funds to get the business all physical needs to launch the business successfully. This loan can be taken from banks by entrepreneurs, big corporations, and small companies. A business loan can be taken to fulfill the commercial and professional needs of the company. Some business owners take loans to expand current operations or install new equipment.
Small Business Administration offers a variety of loans for small business growth. They usually provide loans on low-interest-rate by offering favorable terms. SAB typically provides loans to start up new ventures and to recover money. SBA offers the Community Advantage Program and Microloan Program as a startup business loan. SBA makes sure that startups invest 30% of their money to make them partially self-financed. A strong credit score is the main requirement of getting a loan.
Microloans are the other type of loan that SBA offers. Microloans are the smaller loans for around $10,000. Accion is a non-profit provider of microloans and is open to working with startups and struggling business owners. But Accion makes sure that the borrower must have the ability to repay the loan. However, a perfect credit score is not required in this case. Before applying for the loan, the business starter must demonstrate a complete and professional business plan to get a loan.
However, when these financing sources are unavailable, entrepreneurs usually turn to private sources, such as business and investment banks, private investor groups, wealthy people, and venture capital funds. Loan assignment requires a debt, participation in the company, or a combination of both.
The most common way to raise capital is to get a bank loan – a debt – and pay over time with interest. As in the case of new businesses, the chances of failure are high. The assets of the entrepreneur’s business or assets are required as collateral.
Another way to raise money is through loans from investors, who ask for a share of business and profits. The degree of that participation depends on a negotiation that must consider how much the company is worth at the moment and how much it will be worth in the future.
Entrepreneurs always want more money in exchange for a smaller share, while investors expect otherwise, making a correct assessment of the business’s value is essential to define the correct proportion.
There are few successful businesses without a detailed and well-crafted business plan, which recognizes the current situation. For instance, where it is intended to arrive tomorrow, what problems may arise along the way and how to overcome them.
A complete business plan also identifies the capital needed to open a business and sustain it at subsequent times. This is essential when seeking investors, be they banking institutions or the so-called angel investors.
One of the main mistakes entrepreneurs make when looking for loans is to ask for less capital than necessary. Having little money at the start of the day is the same as starting with empty bags, a car falling apart, and a half tank of gasoline. In these conditions, you can also reach your destination, but the chances of its success are small.
That’s why you must have a good idea of ​​what capital is necessary when you design the business plan. The plan is always the worst and the best possible scenario but be prepared for the worst.
If you do not get enough money to open the business, it will be harder to do it when sales are few or facing emergencies. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Why are people reluctant to start their businesses instead of spending their careers working in a company? People prefer working as an employee rather than owning a business because they fear business failures. History has millions of stories of giant corporations that were once exceptionally profitable but later went bankrupt. If multinational corporations can fail, what are the chances that a small business will not? However, it is crucial to understand that businesses fail when business owners make impulsive decisions. This article discusses some of the common mistakes that startup businesses make, which leads to their failure.

Not addressing issues on time

Often entrepreneurs ignore the problems faced by the business and delay decision-making. This adds to the problem and can make it worse. On the contrary, if issues are addressed in a timely manner, issues can be resolved effectively. For example, if sales are declining, the entrepreneur needs to identify the causes of the decline as soon as the decline is observed. Addressing the issue on time gives one the opportunity to rectify the mistakes and develop strategies to resolve the emerging problem effectively. However, if the problem is ignored, more efforts and strategies are needed than when the problem initially started. By this point, it is often too late to handle the situation effectively. 

Ignoring the competitors

Entrepreneurs and small businesses often assume that they do not have any direct competitors; therefore, they do not develop competitive strategies to beat the competition. Competition is often ignored when a new and unique product is introduced in the market. It is assumed that since the product type is presented in the market for the time, there is no competition as of yet. However, the market already has an alternative solution to the problem being addressed by the new product. The existing solution is a direct competitor. The target market is already comfortable with the solution. Without addressing the competition, a company cannot make its way to the market and is likely to fail.

Starting the business at the wrong time

Most businesses fail because the product is introduced too early or too late. Think of Nokia; once an unbeatable market leader, it is nowhere in the competition because it failed to adopt the Android technology and did not pay attention to changing consumer needs. It is crucial to analyze the market and industry trends before introducing a product or starting a business. The target market may not be ready for your product, or maybe it is too late for the product. Also, businesses are responsible for creating the demand for the product, especially if a new product is being introduced. 

Being afraid of taking risks

Entrepreneurship demands risk-taking. Often businesses must make tough decisions because higher risks generally bring higher profits. However, entrepreneurs prefer to be on the safe side but avoiding risks means that they are compromising on the potential profits. Companies that have introduced new and creative products took the risk of testing the market; therefore, they could mark their place in the industry. This, however, does not mean that small businesses should take risks aggressively. The key is to take calculated risks such that the project’s failure will not negatively affect the survival of the entrepreneur or the company.

Entrepreneurs have unlimited liability, and the failure of a business directly impacts their wealth. Therefore, people are inclined towards working in companies owned by others than in running their own businesses and taking on those risks. Since entrepreneurs are often new to the business world, the chances of them making mistakes are higher. They may blindly follow their gut and ignore the industry statistics due to a lack of experience. Therefore, the stories of business failures demotivate potential entrepreneurs. However, making smart and timely decisions and avoiding the mistakes mentioned above will decrease the chances of business failures. Also, one business failure does not mean that you cannot be a successful entrepreneur! 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Many people working nine to five are often feel fed up with doing a thankless job and adhering to a strict daily schedule. There is a buzz that goes around people doing jobs, especially around those who think that they are not even getting paid enough for their services, that they will quit their jobs and start a venture of their own. People don’t need to want to leave their job and start their businesses because they are fed up with it and feel underpaid. Many people prefer doing a job during the early phase of their professional lives to gather enough funds to start their business later. The idea is always there; it is just that they lack funding. 

Entrepreneurs are often eager, ambitious, and full of talent but not skilled in running a business. They lack proper direction, and their skills could improve with little help from some great advice. That is where the advisors play their part. Before starting a business of your own, you should seek counsel from an advisor. A professional who has been where you are and knows how to run a business. But aside from hiring a professional, here are four must-dos to succeed in your industry.

Be Unique!

Entrepreneurs must start small and then gradually attain higher goals. Many professional advisors suggest that you should know what you will do to elevate yourself and your products or services before starting your business. Even if you have a common product or service, you have to find a way to stand out and be unique. If you look at products and services that are the same, you will notice that the most successful ones will find a way to make themselves stand out and be considered the choice for customers wanting what they sell. 

Network Like It Was Your Job!

It would be best to build your network as though your business depends on it because it does. Networking is vital to your business’s building and growth and can differentiate between success and failure. Even when you have reasons that make it difficult to network in person, you should look for ways to stay connected through social media and the internet. However, you should always try to go to events or social gatherings to build essential relationships in your network. You never know where you will meet people to help you take your business to the next level.

Watch Out for Obstacles!

There can be many obstacles to starting, growing, or running your business successfully. If you know that these obstacles exist, you are already halfway to defeating them as they come up. Challenges are to be expected, but preparedness can combat these challenges and defeat them. Obstacles can be anything from financing to industry competition. Don’t be discouraged by the obstacles that come but look at them as opportunities to grow and shine. 

Pay Attention to Your Credit!

In a business downturn, entrepreneurs often aren’t dealing with their credit. You have to call lenders and rework your installment plan or request that they work with you on the loan fee. Great credit is likewise principal to get your loans approved quickly. In many cases, your business can be in a position where you need to put in a large amount of capital and short notice. In such cases, you can always rely on creditors. That is why you also need to keep your relationship with your creditors healthy. 

There are many other factors that one must keep in mind before starting a business of their own. Pricing your product correctly, keeping an eye on your future potential profit margins, keeping a separate budget for the research and development department, timely bill payments are a few of them.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Our world has transformed, and adapting to these transformations should be your top priority. We all wish to become better versions of ourselves, and what better way than becoming an entrepreneur?

If you did not already realize, starting an entrepreneurial venture has innumerable benefits. The domain is extensive, and your business may only get bigger and better in the years to come. However, most do not realize that becoming an entrepreneur is no walk in the park. You cannot simply dive straight in without first organizing your objectives and perfecting your strategies.

Whether you are in the initial planning stages or beginning the daily operations of your business, ensuring your brand achieves its’ goals demands extensive efforts. It would help if you had a clear picture of your brand’s vision, objectives, and mission. Not to mention, your entrepreneurial venture should be something you are passionate about for it to soar!

Here are a few reasons why you should become an entrepreneur!

It has no limitation

Having the ability to work freely is one of the most attractive benefits of becoming an entrepreneur. You can explore new horizons without any boundaries attached. You get to become your own boss, with no one to restrict you or hold you back. One of your “craziest” ideas may actually turn into something successful, depending on your strategies.

However, you must take care to research your target audience. Ensure your project idea has a demand in the market. However, if it does not, create one through promotions and campaigns!

Keeps your creativity alive

Entrepreneurial ventures give you the chance to be creative. Dive straight in and excavate your incredible ideas! Chances are, you may find your dreams coming true while also paving the way for more successful ventures in the future.

For instance, if you want to start a salon but do not have the means to, you may consider strengthening your digital presence. If anything, promote your brand with your captivating campaigns. Utilize your creativity, and the results may take you by surprise.  

Robust returns

Your venture may make you a billionaire. However, this scenario is rare and slightly extreme; the results may still shake you. Even if you are skeptical, have some faith and take the plunge. Face your fears and have an optimistic approach. If planned properly, your entrepreneurial venture has the potential to bring more outstanding results than you can ever imagine.

Bid farewell to your mundane life

Is your nine-to-five job making you tired and unmotivated? The mundane routine may exhaust you, and there may not be any vigor left in you. Consider bidding farewell to the monotony and start an entrepreneurial venture if this is your situation.

We all have that spark of creativity within us that can open doors to greater opportunities. We are better equipped than ever to make our dreams a reality with innovations seeping in. Whether it is a project idea or a vision you have set for yourself, you are fully capable of achieving everything you have ever wished for. However, take care to research and plan for your goals properly to ensure you are always headed in the right direction.

Bottom line

Entrepreneurial ventures may demand extensive efforts from your side. The long days and little initial profits are not for the faint of heart. But with patience, stamina, and faith, you are well on your way to reaching new horizons.

Nevertheless, if your venture does not pan out like you thought it would, you still dared to push past your fears, and that is something to be proud of. If that is not all, you were able to expand your portfolio by adding “business owner” to your list of accomplishments. So, the next time you are fearful, push through it to take that next big step towards your dream career.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

According to Allianz Women, 51% of women operate as their family’s “CFO (Chief Financial Officer).” While every adult family member, can take the lead in financial management, many time it is the women who ends up taking the lead. In any case, there are various reasons why women are considered proficient directors of funds. To better understand the reasons why ladies can viably oversee family funds, a complete rundown is below:

Ladies are less likely to risk: 

Men often take more risks because they are confronted with financial troubles when overseeing family funds. Ladies tend to be less adventurous and, this way can save more money to satisfy family needs. Ladies, by in large, take after the approach of “less dangers, less opportunities to lose,” while men typically have the “what will be, will be” mindset. With these mindset differences it is easy to see why women a families money management would fall to the female. Following this train of thought can have some disastrous financial results and create harsh circumstances. Subsequently, spending necessary funds often creates deficiencies that cannot be satisfied.

More cautious: 

By and large, ladies are more cautious regarding what they do and do not know for certain and in terms of things they can and cannot control. This approach provides security against incautious purchasing decisions and is often required for better administration of family funds. Conversely, 21% of men conceded that they had made hasty decisions for business purposes. This demonstrates men are generally more idealistic when a financial decision needs to be made. Undoubtedly, confidence in a decision is vital and depends on solid reasons and actualities. Without facts, the idea is just an “unrealistic expectation” as it can result in poor choices, especially for families on a budget.

Shared condition: 

With regards to overseeing family funds, it is essential to understand what the needs are of immediate and extended family. The best way to do it is to give family members an opportunity to let their financial needs be made known. Women often assume this responsibility since they are heavily involved in the needs of all family members and understand the financial obligations of those needs.  

Self-assurance: 

Any individual that manages family funds must have self-control in terms of spending. It has been noted that ladies typically possess a fortification against taking unnecessary risks, thereby allowing them to make realistic financial decisions and cutting costs when necessary. Keeping in mind that the end goal is to create a sound financial plan, it is imperative to consider the factors essential to a household budget. Because they are generally closest to the needs of each family member, ladies are attuned to the necessities and needs of a budget. In this manner, they ensure that the family’s spending plan incorporates all needs.

Significance of reserve funds: 

It has been observed that men will spend a financial bonus or prize as opposed to saving it. On the other hand, women are more intrigued by investment funds since they believe that reserve funds will assist them in coping with financial hardships or unexpected circumstances in the future.

Ladies are stressed moreover monetary outcomes: 

It has been noted that when two people are stressed with respect to monetary responsibilities, women often have a higher level of concern. According to Ledbury Research, around 69% of ladies are concerned enough to secure and implement a budget for their family. This is primarily due to the conception that women are deliberate and tend to make financially conservative decisions, especially when they have children. Ladies who have kids are more concerned about making a monetary choice and recognizing it will directly impact the entire family.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

In today’s world, women’s economic status is changing fast. Women are more inclined to prioritize careers and self-development. Over time the role of the woman has changed dramatically, and it seems they are, quite literally, taking over the world with their unmatched skillset. Women enjoy their freedom, reshaping their identity, and making a big impression in the professional sphere. You can see them penetrating different fields and achieving milestones like never before. While some prejudice statistics and gender stereotypes depict an otherwise different picture, the real positive changes happening in the world keep us looking forward to better days to come.  

However, there are still several different factors to be considered by career women when it comes to their overall health. In some cases, physical and mental health are not prioritized due to strict schedules and inadequate work-life balance.

If you find yourself in this position and do not wish to leave your thriving career behind, here are a few fitness tips to keep yourself healthy and fresh with very little time and effort.

A perfect diet

First and foremost, many people may not be aware of how deeply they are affected by poor physical and mental health. Improper diets that are lacking in vitamins and minerals may keep you unsatisfied and cause you to feel hungry more often. This leads some to potentially starve themselves due to the fear of weight gain and other health problems.

Additionally, facing continuous health problems may incite a significant amount of fear, which can create mental and emotional issues. However, the solution may be as simple as a few dietary changes that can greatly improve your overall health. These changes may prove to enhance your health, keep your body in shape, and help keep you present and functional for the many day-to-day tasks at hand.

For instance, ensure that you eat meals that contain the right proportions of the proper nutrients. Your meals should be high in protein and contain the appropriate balance of carbohydrates and other vitamins. Research conducted in 2014, it was found that a diet high in vegetables and fruits, legumes, beans, cereals, nuts, whole grains, fish, and unsaturated fats may lead to a reduction in depression and induce feelings of well-being. Prioritize a healthy diet plan to keep yourself balanced and productive.

Work on your mental state

Most of us ignore our mental health until it negatively affects us. However, a positive state of mind is the first step toward consistent success. When you cultivate a strong and positive mindset, you will surely achieve more milestones than ever before. In case you are one of the many women who do not believe in the idea of looking after your mental state, consider changing your perspective. Chances are, you are only sabotaging your health in the long run.

Change in lifestyle

• Ensure to prioritize the things that matter most to you. Refrain from ruminating over worst-case scenarios that have not happened yet. Chances are, they may never take place.
• When you are eating, relax your mind and try not to think about your day-to-day problems. Even if your life is crumbling down into pieces, never eat in a rush. Keep mealtimes sacred and utilize this time to take a break from your hectic schedule.
• Organize yourself as much as you can. Keep yourself disciplined throughout the day and delegate set times for every task you are expected to perform.
• Try going for a stroll every morning to absorb the scenic and picturesque views nature has to offer.

Bottom line

As you can see, it is imperative to prioritize the relationship with your mind and body along with your career goals. Your health and fitness will lead you to be more productive at work as well as within your household. Keep your diet healthy and straightforward, and try giving yourself grace so that you may find yourself relaxed even on days when there seems to be no light at the end of the tunnel.  

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Covid-19 has affected the way we work. Working from home or remotely is nothing new since technology has allowed it to be more mainstream. Many companies moved to have employees work remotely to save on overhead and expand their hiring pool before the unprecedented pandemic sheltering measures were in place. Working from home can significantly benefit both the employee and the employer, but as with anything, there are advantages and disadvantages to working remotely. Here are four advantages and disadvantages to working remotely.

Higher Attendance Rates

Working from home has higher attendance rates due to the normal reasons people can’t come into work being removed. Whether it be an illness that has you feeling okay enough to work but could be contagious to others or having to take care of your kids at home, working remotely removes these as work obstacles. Due to the removal of stressful morning routines and commutes, people are happier and more ready to work. Along with that comes the disadvantages of having distractions and being pulled away from work to deal with them since you are in the home, but that can be overcome with some discipline and boundary setting.

Higher Production

Those in the workforce often produce more and higher quality when they are comfortable in their work environment, and working from home can provide that comfort. However, if you get too comfortable, you may start finding yourself losing your motivation. It is imperative that if you work from home, you have a place to do, which is separate from your household. It is also important that though you should dress comfortably, you should also steer away from pajamas or what you lounge around in when binge-watching your favorite series. Your mentality has a delicate balance between production and shut down, and you need to be mindful of it.

Tax Breaks

You can write a portion of your bills off on your taxes when you work from home. This could mean more money in your pocket at tax time. This tax cut can be especially true if you use your equipment and supplies though many companies still provide equipment and supplies to those working from home. To take advantage of these tax breaks and write-offs, you should hire a professional accountant or tax preparation expert. These professionals will ensure you get the maximum tax benefits and write-off from working at home. Even if you use company equipment and supplies, you can write off part of your mortgage or rent, utilities, and internet services. 

Saving Money

There are several ways you can save money by working at home. The first and most apparent savings in gas money due to the lack of daily commute. You will also save on lunches and clothing allowances. You can also save money on your yearly budget when you can write off your household costs. While you will save money by working remotely, you have to ensure you don’t gain in other ways. You need to watch your health as being at home can make you eat more and be less active. So it would be best if you focused on discipline when it comes to your health, or you can find yourself gaining weight or getting into unhealthy habits.

More Time with Loved Ones

Not working in an office will give you much-needed time with your family and loved ones as you will interact with them when you take breaks. You will also get more time by cutting out the commute, which in some cases adds an hour or two to their workday. It is shown that time with loved ones is good for mental health and overall happiness. The only disadvantage is that you may not get some much-needed breaks from your family or loved ones we all need on occasion. So while this is an advantage, it can also be a disadvantage depending on who you cohabitate with and how they fit into your life. 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

A subprime mortgage contract is one that is ordinarily given to borrowers with low FICO scores. These loans are used when a traditional home loan isn’t offered because it sees the borrower as having a more likely than-normal risk of defaulting on the credit. Loaning establishments charge interest on subprime contracts faster than on prime home loans to make up for conveying more risk. These are regularly movable rate contracts (ARMs) too, so the financing cost can conceivably increment at determined focuses as expected.

Subprime doesn’t refer to the financing costs regularly connected to these home loans yet instead the FICO rating of the individual taking out the home loan. Borrowers with FICO financial assessments under 600 will regularly be left with subprime contracts and their relating higher loan fees. It tends to help individuals with low FICO ratings to hang tight for a while and develop their financial records before applying for a home loan so that they may fit the bill for prime credit.

The financing cost of a subprime contract relies on four variables:

• FICO rating
• The size of the initial installment
• The number of late installment wrongdoings on a borrower’s credit report
• The kinds of misconducts found in the report

A subprime mortgage is a loan to buy a house, specifically for borrowers who do not meet the standard mortgage criteria. Subprime is a description of the creditor, and is an indicator of poor credit ratings, usually 600 and following. Prime customers describe borrowers with a credit rating of 700 and above.

Because of the higher risk with low credit scores, mortgage lenders charge higher interest rates on a subprime mortgage than on a standard mortgage. Although there is no competition in this industry, the rates are consistently higher than those available in traditional financing.

Within the subprime mortgage industry, two product lines are exclusive to this market; Adjustable-rate mortgages and 100% financing. An adjustable-rate mortgage is when the initial interest rate is close to first for a certain period. After that time, the rate increases for the rest of the life of the mortgage. The options are 28.02 – two years at an introductory interest rate and 28 years at a higher rate – or three years at a lower rate and 27 years at the highest rate.

Borrowers often plan to repair their credit during the two or three years of the lower interest rate and then refinance with a traditional lender before the higher rate comes into effect. Credit scores can be improved by maintaining a good payment history, paying bad debts, or allowing time to pass bankruptcy, or the proposal of consumers to be removed from the report.

The mortgage financing at 100% allows the borrowers to make no payments but instead finance the mortgage’s total cost. It will enable borrowers who cannot save the minimum deposit of 5% of the purchase price to buy a house.

Although not unique in the subprime mortgage industry, longer terms have increased the number of borrowers who qualify for mortgages. A traditional mortgage is in the U.S. it is 25 years old. However, lenders have offered mortgage terms up to 40 years to reduce monthly payments to an affordable amount for a larger group of borrowers. This long-term significantly increases interest payments throughout the life of the mortgage.

Subprime mortgages have a higher default rate than standard mortgages. Besides, subprime mortgage lenders often charge additional rates to qualify and include buyout clauses. A penalty is due should the mortgage be paid ahead of time by refinancing with another company at a lower interest rate.

The subprime mortgage industry aggressively markets its products to consumers. A common practice is to blanket a specific neighborhood with information and sales presentations aimed at consumers who are unaware of their credit score.

Well-qualified buyers can agree on a subprime mortgage based on the presentation of sales. However, they would qualify for traditional financing. This practice is very common in ethnically concentrated areas, where traditional lenders systematically deny borrowers credit.

• Borrowers who can not meet the terms of their mortgage can face a bank foreclosure.
• Subprime mortgages are made to borrowers who can not obtain a traditional mortgage because of their credit rating.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Every responsible adult should have savings in their budget, but the truth is most people don’t have anything saved, nor do they budget. There is a psychology to budgeting and finances that has people worried they would have to give up a lot or make significant changes in their lifestyle to stay out of debt and go further in the budget to save. Most hard-working adults live paycheck to paycheck with no safety net and don’t think there is anything they can do to change that without giving up what they are working hard to do.  

While making a budget is crucial, it is just the beginning. There are many areas where you can make changes or try new ideas that will boost savings without living a boring life with no fun or luxury. Here are three ways you can make your savings account grow.

Rework Your Bills

Many people don’t realize they can renegotiate some of their bills. Even utilities. What? Yes, you can negotiate almost everything. Call your utility companies and see about paying a fixed amount usually taken from an average of past bills for that address. If you overpay the actual bills by the end of the year, you get money back, or if you used more than expected, you might have to pay the overage at the end of the year. If you are diligent about keeping it within this fixed amount, this can save you big! If you are a good driver, you can get insurance companies into a bidding war to get your business. They want customers paying in premiums that are low risk ever to make a claim. They will make excellent offers to get you. You can also call your cable company and ask for the deals they offer new customers. If they say they won’t give that to you, their loyal customer, let them know you will go to another company. You can do the same thing with your phone carrier, find out what offers they have, and negotiate them yourself. 

The bottom line is, you should try reworking all of your bills, getting better interest rates after you have been paying on time for a period, or getting fixed payments. The most that any company you are trying to negotiate with can say is no, but maybe they will help you boost your savings.

Better Banking

Your banking institution will generally offer you bank accounts that will cost them nothing. Do your research and make sure you look into every type of bank account provided. Some bank accounts offer debit cards using cash or higher interest savings or checking accounts. Don’t settle for the plain bank account with no frills you are offered. Research and save! 

The recent trend is banking institutions offering what is called a hybrid checking account. This checking account is a checking and savings account in one, and it provides a higher interest rate. This will add up, especially if you steadily deposit into this account.

Good Investments

You are thinking you barely make enough to cover bills. How can I even think about investing? There are a few ways. First, if your company offers a 401(k), contribute as much as you can. If your company matches a certain percentage, contribute that amount, so you get the most bang for your investing buck. Micro-investing is a trend that is also an easy way to invest when you don’t have a lot of wiggle room in your budget to invest. These spare change investment apps won’t make you rich or able to retire early. What they will do is give you the money you can use to pay down debt or put into more significant investments.

When you go for more significant investments, make sure you have paid down your debts and first an emergency fund. Your priority should be getting out of debt and having the ability to cover emergencies and loss of income, then investments.

Conclusion

The truth is any changes, large or small, can help boost savings. These three ideas are simple and don’t cost you significant changes to your lifestyle or spending. Try them out, and when you see how easy it is, you can get bolder, and before you know it, you will have great retirement savings to rest upon.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

It seems innovations are taking the world by storm. In our ever-changing world, there is no denying you must prioritize growth every step of the way. After all, the world is your stage, and nothing should stand in your way from your dreams becoming a reality. Whether becoming the entrepreneur, you have always dreamed about or leaving your nine-to-five job, think big! Nothing should come in your way of achieving your goals. Take a stride through the memory lane and see how much you have conquered this far. Take pride in your efforts and keep that stamina up to expand to new and better horizons.

Are you motivated enough? Now, please look at our guide to become an entrepreneur and live out your dreams!

What is Your Project Idea?

Before you proceed with anything, it is necessary that you have an extensive idea of your project concept. You may want to jot a few questions down on paper. For instance, what would be my business? Why should I start my business (my mission)? Where do I see myself in the next few years, etc.?

These questions will keep your goals and plans aligned and give you a more in-depth awareness of what you are trying to achieve with your business.

Define your Niche

Now that you are done defining your project idea, you may delve into the nitty-gritty. This analysis should include your product’s niche market, target audience, customer base, etc. This is where your flush out your business concept. Do not avoid attending to your intuitions. This will only keep you restrained, and you will find yourself confused throughout the process. Take care to do proper research and plan accordingly—every detail matters.

Plan Your Goals Beforehand

Planning keeps you on track and focused. It helps you align your steps while ensuring you are not missing out on anything. From organizing your goals to setting a foundation for your business’ vision and mission, proper planning of your goals is exceedingly essential.

Have the Right Mindset

When starting a business, having the right mindset is quite pertinent. You must be optimistic but vigilant to avoid any inconveniences. Additionally, it is crucial that you hone your risk-tolerance skills. The truth is that you are, most likely, not going to make any profits in the initial stages. In fact, you may not even make any returns in the first few years. So, you must be sure not to put yourself under any additional stress. You may also consider having a side hustle to make ends meet. Chances are, with patience and the right strategies, you may only unveil success for both your business and you.

Promote Your Business

Your public image is everything. However, it is no walk in the park, and you must be highly adaptive if you wish to reap benefits from proper advertisement. With the rise of digital marketing, you may hop onto the bandwagon and enjoy the returns from this innovative way to promote your brand. From utilizing the right marketing platform to the devising the right campaigns, you may find yourself only steps away from having your venture turn into a skyscraper.

Adapt to the Latest Tools

In today’s world, innovation takes center stage. Adapting to the latest tools and technologies can make a world of difference in the success of your business. Ensure that you are incorporating these advancements to meet the needs of your business. This will surely benefit you in the long run.

Bottom Line

Starting on an entrepreneurial venture is no easy feat. Your decisions and strategies must be the best you can offer, and still, there is uncertainty. However, with proper research, planning, and the implementation of helpful tools, you will be well on your way to achieving success and the career of your dreams.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.