Author: Stephen Huck

Asking for a mortgage may seem like an arduous and tedious task, but it will not be so much if you take it seriously and are prepared to face the negotiation of the bank loan with the necessary tools. It is better and more accessible to request a mortgage in five simple steps if you are clear about how to request a mortgage.

Get Informed

If you are considering buying a home with a mortgage, you should take the first step to document yourself to make the best possible decision. Get up to date on the mortgage market: search, compare, and study all the offers you can. It is a good idea to prepare a table with the pros and cons of each proposal.

During this first phase, it is advisable to write down any doubts you may have and then ask the professionals. For example, the terms of a mortgage contract may sound foreign if you are unfamiliar with some words.

Also, consider which mortgage best suits your needs and your profile. Remember that it is a loan for several decades, and you must face monthly payments. Analyze the repayment term, study your savings, and add some margin for unforeseen expenses. 

Interest Rate Options

There are three interest rates, among which you can choose when applying for a loan. In fixed–rate mortgages, the monthly installment you must pay and the interest rate will not change during the life of the loan. You will pay the same monthly amount, even if interest rates vary.

In the United States, variable–rate mortgages are linked to a benchmark, often the prevailing interest rate published by financial institutions. This rate mirrors the average at which American banks lend money to one another for short–term transactions. Understanding that your monthly mortgage payment will vary based on shifts in this benchmark rate is crucial.

Understanding Interest

It is time to consider the mortgage cost and the meaning of the terms Nominal Interest Rate (TIN) and Variable Annual Rate (APR). There are several critical differences between TIN and APR.

The Nominal Interest Rate (TIN) is the fixed percentage you pay in exchange for receiving a loan for a specific period. It does not consider other expenses associated with a loan, such as commissions or other related payments.

Analyze Commissions

Analyzing bank fees is an essential step before asking for a mortgage. The commissions are free, and each bank establishes what it deems appropriate. In your comparison of loan offers, it is advisable to add a column for commissions. There is an exhaustive catalog, but the most common are three.

Opening commission. You pay at the beginning of the loan as compensation to the bank for the formalities of the mortgage, and it is calculated on the total amount you are requesting.

You have an associated account commission. Some banks charge a commission to open an account to manage monthly mortgage payments if you are not a regular customer of the entity. If you are already a customer, it does not usually exist.

Commission for partial or total amortization. The bank charges you this fee if you want to repay the loan in advance, in part or the total you have left to pay. They consider that it covers the administrative procedures of the entity and what they cease to enter in the interest of the money that remains to be returned.

Consider Linking Products

Mandatory bonding is the last element you should consider before applying for a mortgage. The bank values ​​the relationship with you that involves a long–term loan. Therefore, it will try to hire other products, such as a payroll account or insurance, that are sometimes part of the mortgage grant.

Remember that the deeper your relationship with the bank, you can get better conditions for the mortgage.

Conclusion 

In conclusion, while requesting a mortgage may initially appear daunting, it becomes far more manageable when approached with seriousness and the right tools. The key to a successful mortgage application lies in these five essential steps.

Approaching the mortgage application process with these five steps will significantly enhance your ability to navigate the complexities and secure the best possible mortgage for your needs. Remember that preparation and understanding are your allies in this financial endeavor. 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 financial planner is a professional in money management and investments. Just as the architect of the house of your dreams does more than draw lines and create structures, the financial planner’s work goes beyond helping you get more return on your investments. 

A good financial planner is a financial partner, a trustworthy person who will help shape your economic future and improve your relationship with money. Here are five ways a financial planner can improve your financial health.

Save More

Without savings, there is no possibility of achieving financial freedom. Whether you already save or not, a financial planner will help you balance your budget and save more for your financial goals.

The first thing the financial planner will ask you to do is create a budget that will allow you to know the flow of your money and help you save more. Knowing how you spend your income will allow you to make informed decisions. In addition, the financial planner will ask you to allocate some of your money to savings directly.

Tracking Your Finances

A financial planner will help you track your finances through budgeting and bookkeeping. Most people who work without a budget have no idea where all their money is going. Therefore, you will know exactly where every penny of your income is going with a budget and bookkeeping.

Financial tracking will also let you and your financial planner see where you are wasting money and perhaps need to make changes.

Avoid Big Financial Mistakes

A financial planner will help with budgets, allocation, savings, and investments, but it can also help you avoid making big financial mistakes. Depending on how much you rely on your financial planner, they can save you from making large purchases or overspending on vacations or loans. 

A well–rounded financial planner can help you with every aspect of your financial goals. Their expertise will lead to savings, setting you up for financial freedom that will last you the rest of your life if done right.

A financial planner can also help you avoid investing in ruinous businesses. A financial planner may not be an expert in all companies, but they understand financial management. They can give you an educated opinion on the business you want to undertake and if your finances can support it.

Investment Planning

A financial planner will tell you whether or not you are investing your money well and will help you get more out of your savings to take advantage of the power of compound interest. They will create a plan tailored to you and tell you what products you should invest in based on your objectives. 

A financial planner will evaluate the investment proposals and assess whether you should invest. They help you to know what risks to take at each stage of your life. They base their advice and planning on the investments you want to make your finances, and other factors.

Achieve Your Financial Goals

A financial planner will help you organize your financial objectives according to your priorities. While considering these goals, they will make recommendations that may sometimes differ from your plans. 

Once they help you establish a plan according to your goals, they help you stay on the path to financial freedom. If you lose focus, they can refocus you and help you correct any mistakes. Ultimately, a financial planner gives you the peace of mind knowing that your savings are professionally managed. 

A financial planner goes beyond budgets and investments. They are professionals who can help you with all aspects of your financial goals. Many people believe financial planners are too expensive. However, the cost will be covered with the amount of money they will save you. 

Conclusion

In summary, a financial planner is a professional in money management and investments and a trusted partner in shaping your financial future and fostering a healthier relationship with money. They offer many benefits, such as helping you save more, tracking your finances, avoiding major financial mistakes, offering expert investment planning, and assisting in achieving your financial goals.

This financial expert guides you through budgeting, bookkeeping, and financial tracking, enabling you to make informed decisions and avoid wasteful spending. They provide invaluable insights to help you steer clear of significant financial blunders, saving you from impulsive purchases and ill-advised investments. 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.

The conditions self-employed individuals face remain significantly distinct from those of traditional employees. There is still considerable progress to be made in creating policies that genuinely bolster self-employment and small enterprises.

I advocate for the establishment of a tax and contribution system that doesn’t burden self-employed individuals before they even start for two compelling reasons:

Many individuals resort to off-the-books or underground economies not out of ill intent but out of necessity. This informal economy plays a vital role in supporting a fundamental component of our nation’s economic engine: microenterprises. The brutal change of habits and even the lifestyle that it supposes, you have another obstacle to saving when you look at your head. It is unnatural because wealth is generated only from what overflows, not what is scarce. However, we must remember that a good part of what you earn, fortunately, goes to services we all benefit from.

Furthermore, the drastic shift in lifestyle and habits imposed by these financial obligations is an additional barrier to savings. Taxing them heavily from the start hinders their ability to cover immediate financial burdens, impacting their ability to invest and grow. Wealth is created from abundance, not scarcity, but we must remember that our earnings also contribute to essential services. However, we must not forget that most of our earnings contribute to services that benefit us all.

While I’ve addressed these concerns, it’s important to recognize that although the system’s flaws exist, it shouldn’t be the sole focus of your thoughts.

Embrace the Essentials

You determine your focus, and your energy and determination lead to results. Suppose you spend too much time dwelling on the fairness or unfairness of the current system when starting a business. In that case, you’re expending energy that could be better directed toward acquiring more customers.

Shift your focus to self–improvement. As you enhance your skills, you’ll achieve better results, translating into increased income, enabling you to meet your tax obligations and lead your desired life.

I’m not suggesting that you disregard your business’s legal and fiscal aspects. In this regard, it’s advisable to consult with a professional who stays updated on legal changes and provides guidance tailored to your specific situation. Employing an advisor saves you time on paperwork and offers peace of mind, knowing that you won’t make costly mistakes.

Legitimacy Equals Reputation and Success

Operating within the bounds of legality enhances your reputation and brand. This reputation is your assurance of conducting sound business and attracting serious partners and clients. You’ll find more opportunities to collaborate with reliable individuals. Everyone will want to work with you, and the chances of working with worthwhile people will increase. 

If your income is currently modest, it’s advisable to consider registering with the tax authorities so you can begin issuing invoices. It is a better approach than operating in the shadows, as legality can provide opportunities. You should establish and grow your business in step with your income level.

If you’re uncertain whether to register due to limited income, a temporary solution is to register with the treasury to issue your initial invoices. It is far more beneficial than remaining hidden, as legality often unlocks doors. The key is not to set up a company with expenses beyond your means but to progress gradually. Your tax status should align with your income level—each step at the right time. Hopefully, governments may introduce progressive tax schemes in the future, but in the meantime, you should keep moving forward.

Pain Fuels Progress

Pain serves as a powerful motivator. The discomfort of financial scarcity compels you to move beyond excuses and strive for increased earnings. When we’re comfortable, we often settle for less.

A substantial portion of your income may be allocated to business expenses and tax obligations. Business costs are essential for nurturing and refining the machinery that generates income. Tax contributions are indispensable for delivering the services we all rely on and are obligated to support.

Conclusion

In conclusion, the disparity between the self–employed and traditional employees persists, underscoring the need for policies advocating self-employment and small businesses. I advocate for a tax system that alleviates the initial burden on the self-employed, understanding that many turn to underground economies out of necessity, supporting the vital microenterprise sector.

While the challenges are acknowledged, it’s crucial not to let them consume our focus. Redirecting our energy toward self–improvement and skill development is the path to achieving better results, increased income, and the ability to meet tax obligations, enabling us to lead the life we aspire to. 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 general ledger keeps a record of all the financial transactions within a business. The transactions recorded are then used for bookkeeping and accounting purposes. The general ledger includes all the data needed to produce the company’s income statement, balance sheet, and other financial reports.

Generally, the general ledger will be kept current by the business owner, a professional accountant, or a bookkeeper. All the data in the general ledger must be current and accurate daily as it is crucial to business operations.

Before the digital age, the general ledger was a book where daily accounting information was recorded and balanced by hand. Today, the business accounting person will use accounting and bookkeeping software to record the data and produce financial reports.

Handling the finances of a company can be challenging. While hiring an accounting or bookkeeping professional is suggested, every business owner should understand the general ledger and its function. Here is everything you need to know about a general ledger.

How Does a General Ledger Work?

The general ledger is created to organize data and keep records of each financial transaction of the business. Transactions are posted to individual sub-ledger accounts, as defined by the company’s chart of accounts. Each account is closed at the end and is summarized on the general ledger.

The final balance is then used in the trial balance by the accountant. The general ledger is created by the double-entry method. In the double-entry method, an entry to one account requires an opposite entry to another to balance debit and credit balances.

General ledger accounts are also known as “T accounts” due to the way they are formed. The transactions are first recorded in the journal, known as journal entries, then transferred to ledgers. The most common ledger accounts are sales journals, purchase journals, cash receipt journals, and cash payment journals.

There are many other accounts, but these are the four main journals. The purpose of double-entry accounting is to make sure the primary accounting equation balances. The primary accounting equation is Assets = Owner’s Equity + Liabilities.

Why is a General Ledger Important?

The general ledger is vital to the financial operations of the business. The data provided in the general ledger ensures that your trial balance calculations are accurate. It also makes filing tax returns easy because you have expenses and income in one place. Additionally, the data provided helps you spot unusual transactions immediately and prevent fraud.

Can Accounting Software be Used to Create a General Ledger?

There is accounting software made specifically to create a general ledger. General ledger software provides a complete record of the financial management of a business, including transactional records.

Using accounting software is beneficial as it is quick and easy. The general ledger software automatically posts entries from respective account ledgers and calculates the current balances according to the specified date. The best accounting tools to create a general ledger are QuickBooks Desktop Enterprise Software, Dynamics 365 Software, Xero, Wave Accounting, Happay, and Brokermint.

Understanding and creating a general ledger in your business accounts is imperative as a general ledger is the foundation of the other accounting activities. A general ledger follows the basic accounting equation, which is:

Assets = Owner’s Equity + Liabilities

The importance of a general ledger is that it provides an accurate record of all financial transactions, and it helps you compile a trial balance so your books balance. It is a way of preventing errors and locating frauds to keep the finances in the business safe and secure.

The data used in the general ledger is used in the business’s income statement, the balance sheet of the business, and other financial records. After completing the general ledger, a trial balance is created to ensure all the transactions recorded are correct. If the trial balance is not balanced, another “T account” is created for bad debts.

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 business owned by a woman was an unfamiliar practice in the near past. But in 2016, it was estimated that there were 11.3 million women-owned businesses in the United States of America. This estimate is a forty-seven percent increase in women-owned businesses since 2007. The scenario can be different in other countries. The success rate of women-owned businesses in America is because of the policies and grants that the federal government provides to women-owned businesses. The rate of turning away women entrepreneurs to get small business loans by the banks has also increased alarmingly. However, it is the government with specific policies and grants to give credits and assist in flourishing women-owned businesses nationwide. Women entrepreneurs are making a marvelous impression on the small-business landscape countrywide.

Understanding Grants

Small business owners want to turn to grants because they think grants are free money and they will not have to pay them back. But these small business grants come with conditions. First, you must find a grant for which you are eligible as a small business owner. Then, you must comply with the application guidelines and wait for its approval until you get an entitlement for the grant. After approval, you still must report on the use of money afterward, genuinely.

Finding Federal and State Grants

Many small business owners think that government grants for small or woman-owned businesses are just a click away. But that is not true. Though there are federal grants in medical research, science, education, and technology progress, no such grants exist, especially for women-owned businesses. Some projects empower women, but these projects are to fund non-profit organizations and not-for-profit companies.

If you are searching for a women-owned business grant, visit the state’s website nearby. Each state website has a business section. Find grants and funding opportunities for women-owned and minority-owned businesses from that business section.

Women Owned-Business Opportunities

When there is more than 51% ownership in a business by a woman or woman, then there are individual facilities and assistance for such companies. Not all female business owners try these options, but many do.

Registering your business as a women’s business enterprise (WBE) will lead to several opportunities. Local governments, states, and federal governments have special programs for women-owned businesses.

The WBE certification process requires the following:

• A woman or women hold more than 51% of ownership
• The business has been in the market for the last six months, at least
• The owner must be a U.S. citizen. If ownership is with a woman who has not received U.S. citizenship yet, she must be a legal resident in the U.S.
• The proof is compulsory to show that the role of capital from the female business owner is genuine and in ratio to her ownership interest
• The female business owner must direct management and business decisions

If you try to pose a male-owned business as a female-owned business

If you are a male-owned business but give your wife 51% of the shares to declare the company as a women-owned business, ensure you will not be getting the benefits of a women-owned business. Auditors will check if the male’s office is more significant than the female’s or if the women are not in direct management and business decisions are not by women.

Loan Options for Female-Owned Business

Pilot Loan Programs assist prospective debtors in developing loan applications and obtaining loans. A Women’s Business Development Center or a Small Business Development Company are examples of such programs.

Private grants for women

Here are a few links to private grants for a woman-owned business.

1. The Eileen Fisher Women-Owned Business Grant Program
2. FedEx Opportunity Knocks Small Business Grant Contest
3. Idea Café Small Business Grant
4. Innovate HER: Innovating for Women Business Challenge
5. Small Business Innovation Research
6. Small Business Technology Transfer Program
7. Zions Bank — Smart Women Grants

Conclusion

The government has particular policies and grants to give loans and assist in flourishing women-owned businesses nationwide. Suppose male entrepreneurs are paving their way and impacting the business economy. A company is a woman-owned business when a woman or woman retains more than 51% of ownership, and the women are the right decision-makers in the industry.

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.

Desiring you to quit your day job is the first stage to possessing your own business. Figuring out what kind of business to start comes next. To get new business ideas rolling, ask yourself what you are doing and what you like to do.

Exactly How to Monetize Your Hobby

Hobbies that could be monetized and turned into businesses include painting, woodworking, baking, web design, dog training, and anything that delivers value to others. The problem is that many of us are afraid to act, even when we know we have a marketable skill because we fear failure. We dread that if we attempt to monetize a hobby and fail, we’ll no longer feel joy or satisfaction from the activity, or others will regard us contrarily. This monetization can be frightening and may avert many talented individuals from pursuing their dreams. Trying to monetize a hobby isn’t easy, but on the other hand, it certainly isn’t rocket science. With a little planning and strategic bookkeeping execution, you can enjoy a positive result. Listed below are a few guidelines:

Create a plan

To begin monetizing your hobby, you have to develop a game plan. This plan will need adjustments along the way, but it’s valuable to have a strategy in place. This strategy may not be your particular game plan, but you need one of some kind. There’s nothing brilliant about diving in recklessly and hoping things work out.

Get your first sale

You don’t need to go from hobby to million-dollar business in a matter of days. Your first objective in the beginning stages is getting your first sale. Whether that means making a $5 sale or signing a $5,000 retainer, your first sale is the most robust and significant sale you’ll ever make. There are plenty of bookkeeping strategies for really getting your first sale. It all depends on the merchandise you’re selling. If you’re retailing a service, you may want to start by offering a free trial and producing some word of mouth. Proper product placement and marketing in the right places can lead to a sale if it’s a product.

Maximize your time

Working a full-time job and spending extra hours pursuing a hobby isn’t practical for many people. You don’t have enough hours between kids, a significant other, friends, and social requirements. In the preliminary phases, you’ll have to get inventive about how you use your time. Maybe you need to wake up an hour earlier than you’re used to and get some stuff done before your regular job. Alternatively, it could mean including your kids in your hobby to spend time with them while still achieving new things.

Build an online presence

In business today, everyone needs an online presence to produce activity. This activity means creating and maintaining a website, social media profiles, and everything else that imprints yourself as a professional.

Network

A few people will stumble across you online. A lot of business success happens via word of mouth and networking. You must also be ready to be active on this side of self-promotion. Find clubs, conferences, and groups in your specialty that cater to other specialists in the niche. You’ll learn a lot on these occasions and socialize with people at the same stage as you, preferably a little further.

Treat it like a job

The final piece of advice is to treat your hobby like a job. If you want it to become your primary source of income someday or at least a second stream of income, you must give it the devotion it deserves. Carve out time to work on your hobby, read about the industry, learn about sales and marketing, and dedicate yourself to steady improvement. This dedication is how to achieve positive results.

Conclusion

There’s also something to be said for learning through trial and error. If you’re decent at what you do and there’s a market for your hobby, then there’s no reason you can’t monetize it and earn a second stream of revenue. Plunge in and see what happens.

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.

Fear, insecurity, and self-doubt are the natural feelings people face when they think about starting something new. It’s a terrifying feeling. Entrepreneurs of all stages and kinds face some inner resistance.

Such resistance is not limited to new businesses. Anything significant that requires you to break out of a mold confronts inner resistance. Fear is a natural response to a threat, not limited to humans. Every person experiences some anxiety; that’s how we evolve. Fear creates real change in our minds and body. It can force us to run away, hide, and stop our actions. Fear is not always visible. It often surfaces in the shape of confrontation and, at times, in the form of avoidance or procrastination. Identifying the fear and not mixing it with other feelings is essential.

As an entrepreneur, pressures come from fear of the unknown, but pressure from peers and investors also plays its part. However, the most prominent pull comes from the challenge of proving it to yourself. A good entrepreneur is one who continually proves themself wrong.

Below, we have identified some key ways to counter some of the biggest hurdles that come our way when starting something new.

Set Realistic Targets – Overlook Your Hidden Perfectionist

If we look for one thing in common among all entrepreneurs who made it to the top, we will find that their ability to set goals sets them apart. Benjamin Franklin stated, “If you fail to plan, you are planning to fail!”

Planning comes from setting realistic goals, not that you want to be a millionaire – that’s not a goal; it’s a wish. Start by finding out your business’s ultimate objective. Then, divide it into smaller achievable chunks that can serve as stepping stones. Most entrepreneurs are considered perfectionists; you must understand that not everything needs to be perfect. Throughout your journey, you will pick up many ideas that will bring you closer to perfection – but for that, you need to start doing. Also, Bookkeeping is a good habit; establish it from day one to effectively measure your progress.

The Constructive Attributes of Fear

Fear allows us to evolve, so it can’t be all bad. Fear is a survival instinct, and our natural concerns are rudimentary. We fear to fall. We fear deafening sounds. These are deep-rooted responses that prepare us for something dangerous. So, how does fear help in business? Nurture it and use it to identify sensitive points that can put the existence of your business in danger. Once fear points are identified, develop your business plan around it. The critical thing here is balance, and that’s not limited to fear only. Everything we do instinctively serves a purpose. Find that purpose and use it for your benefit.

Find Your Ideal

Think of someone who you admire in your related field. Once you’ve identified someone who ceaselessly inspires you, you will discover specific examples from their experiences that match your needs. This match will bring much-needed motivation, and we all need encouragement. This motive is based on facts and not on soft dialogues.

Look for yourself in other successful entrepreneurs because there is always ‘One’ like you. Learn from their experiences and mistakes.

Where There’s a Will, There’s a Way

It’s crucial to understand that failure isn’t the end when setting off on a new endeavor. You don’t fail in business. Either you succeed, or you learn. The most successful business owners have failed enterprises in their past, but that fact didn’t dim their success. If anything, it made success a lot sweeter.

Moreover, from our experience, we can tell you with 100% surety that there is no other way to learn than to learn on the job. You will never start if you plan to wait for a perfect moment or when you’re comfortable.

Uncomfortable is good. Embrace it, love it, nurture it. It pushes you to be better and fuels your inner hunger to learn. If you’re easily content, you will be left behind really quickly. Don’t dread the fear; use it to bring out the best possible version of your business and yourself.

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.

Investing in rental properties and real estate requires making intelligent decisions and thinking outside the box with the resources available to you. It’s an excellent investment opportunity because no investment is too small or too large. Regardless of the amount of funds you have, the potential for growth is limitless. Owning rental properties has numerous benefits, so don’t let the fear of failure stop you from building a solid foundation for your future investments. Although mistakes will be made, they’re an essential part of the learning process and help you grow as an investor.

Rental Properties and Real Estate – Start with Single-Family Homes

Many forms of rental estates include industrial buildings, multi-purpose homes, office buildings, residential housing, and many others. All of these have different sizes and prices. However, it is better to consider single-family houses as they offer the most rent with the least distress for starting investment options. Also, there are a few basic things that you must consider before buying any property if you want it to be a worthy investment.

Property Type

Before buying rental properties, specifically single-family homes, you must consider living in them for a while. This living arrangement means it is a rental property from the first day. Most of the property’s documentation will already have been completed.

Moreover, many crowdfunding forums allow you to invest in any property you desire with as little as $1,000. Whether you want to invest in commercial real estate or residential property, the crowdsourcing forums are a great way to start with minimum risk.

Pick a Great Location

A great location is crucial to the growth of any rental property. Any property close to major roads, universities, or public transport tends to have higher rental rates than others. Do your research about other rental properties in the area you are interested in. You will know if the investment is worth it. Many people make the mistake of overestimating the worth of their properties, leading to vacancies. No one would rent a property higher than the market value unless you offer extra perks.

Run the Numbers

One of the most significant contemplations for real estate investors is estimating the rental income and the expenses associated with leasing or buying the property. If you invest in more than one property, treating each one as a separate business is essential. Run the numbers individually for each property and estimate their rate of return.

1% Rule

Remember that rental properties should pay you at least 1% of the total investment to bring positive cash flow into the business. However, this is not a hard and fast rule, and many commercial properties pay you a higher rate of return than that.

Correctly estimate your expenses as well while running the numbers. Insurance and maintenance are two of the potential costs. Real estate often has ups and downs, and vacancies come with the deal. Therefore, you must always allow for losing at least one month of rental income to such unforeseen scenarios.

Don’t Spend Too Much on Renovations

Please don’t spend too much on renovations as it will need maintenance anyway. Frankly, the renter will not treat the house as their own, so there is a substantial likelihood of damages and repairs that you will need to make. Set out some minimum standards and always meet them, but don’t go over them. You can also hire maintenance services for rental properties at an annual cost. They offer a warranty, and the prices are spread out over the year, saving you the trouble of dealing with high maintenance costs.

General maintenance should be part of the rental agreement; however, a certain fee should be for significant renovations of condos or townhouses.

Appreciation Market or High Rentals

Appreciation is a critical decision you have to make while choosing a real estate demographically. Some locations have a beneficial appreciation rate for properties, but the rentals are average. Other features pay you high rents but do not appreciate in land value over time. The right decision depends on many factors, including your preference and long-term plans for the property.

Choose Renters Wisely

A final decision is to decide about managing the property. If you choose to manage it yourself, ask yourself whether you are prepared to stay on top of the tenants. With all of the benefits of owning rental properties, a troublesome occupant can make it hard for you to manage it. Also, it would help if you were prepared to deal with a variety of customers. Some will pay late, and others will make unnecessary noise. If you are ready to deal with these situations, get into real estate renting. If not, it may not be for you.

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.

The American passport wields considerable sway, and being an American does have its perks. American society offers greater freedom and versatility, along with a standard of life that is not comparable to other countries. The money an average American makes vary from state to state. However, being American’s earnings from New York differs profoundly from someone living in California. Recent studies have shown that the extent of this earning varies for each state. The contributing factors to see how well Americans are doing in each state are median household income, earnings of each gender, and per capita personal income.

The results can vary significantly from state to state. The results also indicate a significant impact on the achievements depending on the state in which you reside. It does help to live in the right place. What the average American makes can be easily be understood from the details mentioned below. However, the salary, revenues, earnings, assets, etc. all make up the combined success factors in a person’s life. There are other indicators of a person’s lifestyle that foretell their success or failure, such as cars, homes, higher education, etc.

Wyoming

• Median Household Income: $58,252
• Per Capita Personal Income: $55,303
• Median Male Earnings: $51,926
• Median Female Earnings: $35,652

Wyoming is considered the best state to retire in the US blissfully. Regarding how much the average American makes in this state, the median household income per month is higher than the national median, which stands at $53,482. The household income per capita personal income does make up for its median gender earnings.

Vermont

• Median Household Income: $54,447
• Per Capita Personal Income: $47,864
• Median Male Earnings: $46,911
• Median Female Earnings: $39,322

With stats above-average, Vermont sits well in regards to median household income. The income of people in Vermont is $1000 lesser than the national media, which is among the 20 best in the country. With a small difference between gender earnings, it’s the best place for equal opportunity employment. The average American makes enough here, regardless of gender.

District of Columbia (Washington DC)

• Median Household Income: $69,235
• Per Capita Personal Income: $71,496
• Median Male Earnings: $68,932
• Median Female Earnings: $61,718

Being the capital of the United States of America, the District of Columbia enjoys the best numbers, according to national surveys. The per capita personal income is the highest, which places it at the top of all states. It also has the best gender earnings potentials. The potential to live a reasonably good life standard depends on the income or salary of an individual.

Alaska

• Median Household Income: $71,829
• Per Capita Personal Income: $55,940
• Median Male Earnings: $57,318
• Median Female Earnings: $46,288

The average American in Alaska, in comparison to other states, makes more money. Alaska’s employment levels, however, are low, which makes living standards harder to improve. Raising a family isn’t easy, given the state of the economy. It’s the third-highest median household, and the per capita personal income is the seventh highest. Gender income median earnings are almost identical.

North Dakota

• Median Household Income: $55,579
• Per Capita Personal Income: $54,376
• Median Male Earnings: $50,624
• Median Female Earnings: $36,087

In North Dakota, unemployment is an issue like that of Alaska. It ranks well regarding income but has a giant problem with gender earning a difference. The average American makes more here as it’s per capita personal income is the 10^th highest while the median household income is currently in the top 25 states. The employment rate is 3.2, but the financial statistics about male and female earnings are discrepant.

South Dakota

• Median Household Income: $50,338
• Per Capita Personal Income: $45,002
• Median Male Earnings: $42,034
• Median Female Earnings: $32,048

South Dakota has humble numbers and is average on our scale of earnings of Americans by state. The only contributing factor to its portfolio is employment. The job rates are super low, with unemployment standing at 2.5%. This state is middling when talking about what the average American makes here.

Delaware

• Median Household Income: $60,231
• Per Capita Personal Income: $47,662
• Median Male Earnings: $50,976
• Median Female Earnings: $41,278

Delaware residents earn more than $6,000 above the national median, which is the 13^th highest number of the country. That’s impressive, but the gender pay scale gap doesn’t fit in well. However, it is smaller than others, if compared.

Montana

• Median Household Income: $46,766
• Per Capita Personal Income: $41,280
• Median Male Earnings: $42,679
• Median Female Earnings: $31,696

Montana, the Big Sky State, doesn’t rank high with incomes, and the household median income rank is low. However, to understand what the average American makes, it has an excellent unemployment rate, which is relatively lower than most states.

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 grocery store sells perishable and non-perishable products to individual customers or the general public in bulk. At a retail store, customers have the freedom to choose their own desired products for household consumption. This freedom means that the power lies in customers’ hands and that whatever they have planned to purchase for the month is at their disposal.

However, store owners use different secret tactics to lift their sales by luring customers towards unwanted products through various discounts or value-added offers. These offers help retail store owners maximize their profits or boost their sales volume and profitability. On the contrary, there are ways in which you can save time and money and help increase foot traffic in the store.

Grocery Store— the Growing Retail Industry in a Single Snapshot!

Groceries are an unavoidable expense! They eat up a large portion of our monthly paycheck, leaving us no money by the end of the month. According to the Bureau of Labor, statistics report that food is the third-largest household expense after house rent and utility bills. Retail or a grocery store business is one of the safest and highly profitable companies in the world. It offers a wide range of opportunities and positive returns to people, which encourages them to step into this industry without overthinking. No matter how sharp retail owners may be in implementing practical tactics to draw visitors and engage them in impulse buying, there are ways to save time and money at the grocery store.

It is a human tendency to fall for attractive and well-displayed products on the shelves. Even the most organized shoppers fall prey to flashy discount offers or distractions in a grocery or retail store. These offers drag them into buying more and more, and they usually leave the store with at least a dozen more items than planned.

8 Tips that can help Save Time and Money at the Grocery Store

Don’t Shop During Peak Hours

Shopping hours or time play an essential role in your grocery shopping experience. In peak hours, you may be in a rush and end up buying more than planned and vice versa. Shoppers who choose to shop during non-peak hours are more productive than those who shop during peak hours. They have more time searching and sorting the exact product they want without distraction, which will save time and money at the grocery store. So, to remain time and cost-effective, try picking a less popular time for shopping.

Go Alone

According to a study concluded by one of the top marketing science institutes, people end up buying more when accompanied by someone. It further revealed that nearly 70% of shoppers engage in impulse buying when a group influences them. This influence signifies that it is better to go shopping alone so that you are more likely only to buy those truly needed products.

Make a Budget

A monthly grocery budget may be considered a necessary evil. It helps you save a lot of time and money. Different marketing experts have argued and recommended that shoppers not to go shopping without a budget or a plan. With so many items to choose from, without a plan, you will probably end up buying unwanted products, which would ultimately exceed your budget limit. So, to stay within the budget and save time and money at the grocery store, you must strictly follow the list and stick with the allocated budget.

Don’t Shop with Empty Bellies

Don’t forget to eat correctly before indulging in any purchasing because an empty belly often finds everything attractive. Shopping with an empty stomach will encourage you to buy more, which may be hard on your budget.

Shop in Familiar Retail Stores

It’s a better shop in stores with which you are familiar. This familiarity allows you to save a lot of time and energy. You will know every section of the store beforehand, which would enable you to buy products in quick succession.

Be Wary of Cart Size

You may not be aware of it, but, yes, the size of your cart can make you buy more products. Some grocery stores use this secret tactic to manipulate customers and encourage them to buy more. According to a study, nearly 80% of shoppers don’t notice their cart size and end up buying more than planned. If you expect to save time and money at the grocery store, then you should pay attention to the cart size and focus on items that are on your grocery list only.

Don’t Shop at Eye Level

Store owners strategically place products at eye level to draw the attention of shoppers. Usually, the items displayed at eye level along with discounts or value-added offers sell to clear out stock or inventory. You need to stay vigilant and careful throughout your visit to the store.

Get in The Fastest Exit or Checkout Line

To save time and money at the grocery store, you need to get in the fastest checkout line. Checking out is the point where time-effectiveness and cost-effectiveness make a difference. Get in the checkout line that has little or no traffic.

Summary

Making a monthly budget is essential if you expect to save time and money at the grocery store. Moreover, a monthly budget will restrict you from buying unwanted products, which means you will not get distracted and stick with the grocery list. Optimal use of time and resources defines whether or not you are sincere with your monthly paycheck.

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.