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.

All retailers need a pricing strategy for their retail products, however, for many inexperienced retailers, this can prove to be a tiresome task. After thorough research and trials, you may be able to set an optimum price. High prices will give you higher profit margins but can affect your sales. Similarly, low prices can boost your sales but you may not make enough money to balance it out. So, the dilemma is to find that perfect middle spot for profitably pricing your products.

There is no right or wrong way to pricing and, depending on your business model and type of product, you will need to set a pricing strategy accordingly. The two basic factors that you must incorporate into your pricing are the cost of goods and operating expenses. The cost of goods includes any cost that you bear while acquiring or manufacturing the product plus any additional shipping costs. Operating costs are associated with your payrolls, marketing costs, and other overhead costs.

Strategies to Price your Retail Products

MSRP

The ‘manufacturer suggested retail price’ is exactly what the name suggests. The manufacturer of a product sets a standardized price for multiple retailers. The bargaining power of the manufacturer and exclusivity of the product are the two main factors in setting up the price. Retailers now need not worry about profitably pricing their products as the prices are already set by the manufacturer, saving them a lot of nuisance. However, it is hard to sustain an advantage over your competitors using the MSRP pricing strategy.

Dynamic Pricing

A dynamic pricing for your products means that you will need to alter the prices depending on the current market conditions. This type of pricing can be beneficial for you, however, you will need to monitor the market very closely and make accurate predictions constantly. Airlines often opt for a dynamic pricing strategy as it is most optimum for their business model. This allows you to meet real-time customer expectations, however, monitoring the market and correctly predicting it is a tough job and can easily go wrong.

Mark-up Pricing

Mark-up pricing is calculated by adding a definitive profit margin to the cost of retail products. Ensure to keep the mark-up high enough to cover any price reductions, discounts, or other scenarios. It is one of the simplest pricing strategies and can be used variably for each product line. This is one of the preferred pricing strategies for retailers as you can set the mark-up at a point that’s optimum for you.

Competitive Pricing

Because of the availability of so many options to consumers, they are willing to search the market for the best price. Profitably pricing your products can be challenging in such a competitive market as you have the option to either set your product below or above the competition prevailing in the market.

A below competitor pricing strategy would work best if the retailer is able to negotiate the prices with the manufacturer and is able to reduce the cost. For retail products that are priced above the competition, the retail location must be exclusive and the product quality should be exceptional. Also, the customer service should justify the high pricing and customers should be able to associate a higher value with your products.

Psychological Pricing

Have you ever wondered why stores charge $99.90 instead of $100? This is referred to as psychological pricing as consumers are more likely to buy a product in which the price ends with a 9, 7 or even 3. These numbers have proved to appeal the audience as the tendency is to round down the price to $99 instead of rounding it up.

However, psychological pricing does not work well with high-end products as it gives away a cheaper perception. Psychological pricing is a useful way of profitably pricing your products and keeping your customer satisfied at the same time.

Discount Pricing

There is no doubt in the fact that everyone loves sales and discounts. Sometimes the situation demands you to opt for a discount pricing strategy. Seasonal discount offers are quite prominent as consumers are able to buy products at a discounted price and retailers are able to offload the inventory. A large number of customers are attracted to the store when you have put the stock on sale. However, sales and discounts should only be used occasionally as it can give away a bad reputation for your business. You can be labeled as a bargain retailer and people would not shop at your store otherwise.

Anchor Pricing

This pricing strategy for retail products also tends to be more psychological in nature. Both the original and the sale price of the product are listed together for the customer to make a comparison. The original price serves as an anchor for the sale price and customers perceive to have found a great deal. Another tactic is to place a higher priced item next to a cheaper one to attain customer’s attention.

A higher original price compared to the sale price is more likely to result in a sale, however, if the price seems unrealistic and the customer finds out, there is a probability that the situation can turn bad for you.

Conclusion

There is never one perfect approach to pricing retail products and it is recommended that you revisit your pricing strategy from time to time in order to stay germane.

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 home mortgage refinance can be challenging, especially for beginner lenders with strict policies and lengthy approval processes. These factors make it even more difficult to request a loan.

The founder and CEO of LoanDepot.com, Anthony Hsieh, says, “Homeowners today need to be triathletes to qualify for a loan, with great income, great credit, and great value in their home.”

Before refinance your home mortgage, ask yourself the following six questions.

Do I have equity in my home?

Homeowners should ideally have 20% equity in their home to sign up for a loan request without paying private mortgage insurance.  

It may poorly affect any potential benefits of refinancing and may result in homeowners owing more than the actual cost of their house. Vice President of Home Savings for W.J. Bradley Mortgage, Mr. Roy Meshel, says that refinancing without sufficient equity only depreciates the value of a house. Another factor that impacts qualifying for the loan is the borrower’s credit score. It would help to have a healthy borrower credit score to qualify for a refinance loan.

What are my financial goals?

Most homeowners opt for refinancing to reduce their monthly installments. A good mortgage calculator may guide you in deciding on your installment plan and reduce your interest amounts. Patrick Cunningham, vice president of Home Savings & Trust Mortgage, says, “Some people are restructuring their loans to a 20-, 15- or 10-year mortgage, which works well for people with plenty of disposable income, but I worry that people are too focused on paying off their mortgage and not integrating this decision with their overall financial plan.”

What are the terms of my current loan?

When refinancing your home, another important question you must ask is about the terms and conditions of your current loan. Regarding these details, the interest rate and its fluctuation are among homeowners’ most significant financial concerns. Borrowers should stick to fixed-rate loans rather than variable rates. Cunningham explains that some borrowers can benefit by choosing the current ARM.

How long do I have to stay in this home?

While asking to refinance your home, you must be specific about the time you plan to spend in your home. Mortgage professionals, in general, inform the borrowers that a refinance may cost them 3 to 6 percent more than the actual cost. Cunningham makes it simpler for borrowers to understand by explaining that the break-even tends to happen at 15 months, so if you plan on staying in your home for the next five or more years, refinancing is a viable option. However, avoid refinancing if you plan to leave in the next two years.

Am I sufficient with my credit score?

The borrower’s credit score is an essential factor that plays a vital role in getting a reasonable mortgage rate. For any mortgage, it is necessary to have a good credit score because without it, qualifying for a mortgage becomes more troublesome. Ideally, borrowers should have a score of 720 or more. Any credit score under 620 may cause hassles when getting approved for a mortgage.

Do I have a second mortgage or line of credit?

Getting a second loan may cause the borrower additional stress. This loan comes with added complexity, and borrowers may lose track of payment schedules. Cunningham explains this by saying borrowers can pay off the first loan and then enter into the second one. They can also combine both loans by making them into one large loan. It enables the borrower to record their payment schedules better to avoid troubles.

Conclusion

In conclusion, a home mortgage refinance is a financial decision that requires careful consideration and a clear understanding of your current situation and long-term goals. It’s essential to assess your home equity, financial objectives, current loan terms, expected duration in the home, credit score, and any existing second mortgages or lines of credit. Refinancing can provide significant benefits, such as lower monthly payments or shorter loan terms, but making informed choices is crucial to maximize its advantages. By asking yourself these six critical questions, you can navigate the complexities of a mortgage refinance and make a decision that aligns with your financial well-being and homeownership plans.

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.

Budgeting is like following a rigid dieting plan: It seems you cannot escape the unbearable feelings of restriction and deprivation, but you manage to do it anyway as you know you are doing a right thing. In either case, finding a perfect formula that fits your unique situation and financial circumstances is somehow a tough job and proves tougher still to stick with it.

In addition, with all of the needs and requirements of running a house, young families often find it hard to spare some time for household budget preparation – especially when the funds left at the end of the month are less than their needs. You must take budgeting seriously as it is the only way to control your finances; or, they will control you.

Know How You Spend

Knowing where your earnings are going is one of the most important budgeting steps, without which you cannot even figure out from where to start. Although you may be conscious of your larger transactions like utilities and mortgage payments, you need to estimate what you spend on variable items like clothing and groceries.

To understand your spending patterns, track each of your purchases for the next thirty days. There are plenty of online tools like Mint that can help young families record even their smallest purchases, such as candies or filling the parking meter and, over time, give them a comprehensive idea in the form of charts and graphs.

Understand Your Needs

Analyze how much money you require to live on. Your basic needs include utilities, groceries, rent or mortgage payment, and gas for your vehicle. For most young families, it can also include such things as diapers for a new baby and medicine for their mother. Jot down your needs simply by looking at your past three months’ expenses. Then, add all of these up and figure out where you stand every month. The total amount (which considers your needs only instead of comforts and luxuries as well) may be smaller than what you might have thought, which will help you come up with a more flexible budget. This also ensures that you are living within your means that eventually implies that there are no unnecessary spending habits.

 Treat Your Savings as a Necessary Expense

This is one of the most essential budgeting steps that recommends savings as a vital element of your budget creation. Young families must initiate building an emergency fund (if they do not have one already) and contribute a certain portion of their earnings (typically 10% of their income) into it. Although it seems tough to be consistent with it as you have a social life, it pays off a lot when something unexpected happens like when your toddler breaks your laptop. Also, it tends to ensure that you are always able to afford your basic necessities.

Set Goals

Setting goals is one of the most important budgeting steps that inspires an individual to work towards achieving them. Young families should consider their financial goals like owning a new car, buying a big home, and their children’s education when preparing their budget. The bigger and more personal the goals you have, the more motivated you are to stick to your budget-map.

Create the Budget

As budget making takes time and due diligence, you need to set aside a minimum of a few hours. In fact, it is better to wait for the weekend or a day when there are no pressing obligations than to haphazardly scribble a plan that does not work. Once you are aware of your spending habits, have identified your needs and have clarity in your financial goals, then creating your spending, saving, and investment categories for your budgeting will be a relatively simple task. Remember, prioritize all of the categories from most important to least important and allocate your budget accordingly.

Monitor Your Progress

Last but not least, review your budget every month to figure out how well it is working. Whenever you revise or make any changes in your budget plan, go through all other budgeting steps to come up with a precise plan. Making adjustments is a normal aspect of a young family’s budgeting process. Thus, stay motivated by your small successes and persevere towards your goal accomplishments.

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.

Cloud technology was introduced with the same hype and commitment as any other technology trend has until now. It has become sensitive for risk-averse segments, like finance and commerce, to enter the market with monetary and informational security threats. Considering this, many companies choose cloud-based solutions for various business processes, including supply chain management, ERP, procurement, commerce, and CRM.

With cloud-based solutions, you will receive endless opportunities to improve your business’s operational and technical structure. Simply put, cloud-based models are cheaper and faster than any other system model to host various applications. It is a transformational force where businesses can measure customer responses and strengths with less cost, time, and risk.

Cloud proves to be better than traditional approaches to transform business processes with lesser capital investment against long-term implementation. The businesses must be change-oriented and follow the proper practices for successful results.

Legacy Tech Challenges 

Any business’s finance and commerce segments already have an extensive portfolio of technology systems over a period of time. It happens because of the requirement of ample storage of essential information. It limits some existing technology applications to cloud deployments, as they are too old to be compatible with cloud technology. Understanding the limitations before synchronizing with cloud computing systems becomes an essential first step for any business. A survey conducted by Frost & Sullivan declares that about sixty-one percent of financial institutions face the “inability to meet compliance requirements.” It happens because they fail to transform various applications to the cloud.

Implement Best Practices

For successful cloud deployment in finance and commerce, businesses should follow essential best practices tailored to their needs. These practices encompass creating a strategic vision that aligns cloud adoption with broader business objectives, formulating a tactical process plan to detail the implementation approach, making wise choices regarding cloud technology platforms or vendors, involving top management leaders in the cloud initiative, and conducting change management sessions to prepare employees for the transition. These practices ensure a smooth and effective shift to cloud solutions, optimizing the advantages while minimizing potential hurdles.

Strategic Vision

Before embarking on a cloud deployment, businesses should have a well-defined vision aligning with their objectives. Many businesses mistakenly view cloud adoption as a mere technology shift rather than a strategic business decision. To avoid this misconception, companies should define their business goals, ensure IT strategy aligns with these objectives, engage critical stakeholders, consider the long-term impact, and establish measurable outcomes tied to business goals. This approach ensures that cloud deployment serves as a tool for achieving broader business success rather than a technology in isolation.

Crafting a Tactical Roadmap

Again, businesses need to plan a road map that clearly defines the implementation approach. Besides a vision, the business should have a tactical plan describing the absolute purpose of cloud deployment. It would help if you ensured that the deployment is realistic enough to be managed by your team.

Choosing the Right Cloud Platform

When choosing the right technology for your business, you should be sensitive about selecting the right vendor or consulting company. The wrong selection can cause a disaster for the whole initiative. A key cloud initiative requires the right technical skills and a highly trusted long-term relationship between the business, consulting partners, and the technical team.

Involving Leadership

Companies must get the prime management leaders in the loop regarding the cloud deployment approach. If the cloud initiative is only restricted to the IT and Chief Technical Officer, the significance of the cloud deployment may be unrealized and ignored to some extent by other team members.

Get Prepared for Change Management

Introducing new technology to the organization can challenge your employees, particularly those relatively junior. Cloud technology can result in a practical approach for a business. It happens when the users, employees, and other relevant people are well-versed in cloud resources. Change management sessions should be held to familiarize everyone with cloud deployment.

Conclusion 

In conclusion, cloud technology has emerged as a transformative force, providing businesses countless opportunities to improve their operational and technical structures. It has proven a cost-effective and efficient alternative to traditional models, making it an attractive choice for various business processes, including supply chain management, ERP, procurement, commerce, and CRM.

In a world where digital transformation is becoming increasingly vital, embracing cloud technology and following best practices are essential for businesses to remain competitive and adapt to the ever-evolving technological landscape. Cloud computing is not just a technology; it’s a fundamental shift in how businesses operate and deliver value to their customers.

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.

Americans love to boast about their work ethics. After all, working hard is the gateway to achieving the American dream.

According to various stats, the average American puts in more working hours than Germany, Japan, and the U.K. However, if we refer to the Organization for Economic Cooperation and Development (OECD) data, the average American ranks around 12^th for the most working hours per year. People work hard for various reasons, ranging from buying a home, early retirement, or achieving personal goals. However, only some cities have a strong enough economy to provide a fair payback.

To identify the hardest-working cities of America, we have looked at various factors such as labor force participation rate, working hours per week, and average working hours per year.

However, it is important to note that to work hard; there should be something to work for. Many cities missed out on our list because there is no work available in the city. In some cities, the average working hours were below 25 hours per week – primarily because of the lack of work available.

Some U.S. cities have a stricter work ethic than others. However, each contributes in its own way to help build the world’s biggest economy. Let us look at which cities made it to our top 5 list.

1. Arlington, Virginia

Arlington made it to the top of the hardest-working cities’ list for the second year running. Arlington’s average worker spends around 41 hours per week and works approximately 43 weeks per year.

Around 89% of the working-age population contributes to the labor force. The average working-age population contributes over 1,500 working hours per year. With a population of over 210,000 and a land area of 27 square miles, Arlington is United States’ most heavily populated and hard-working city.

2. Anchorage, Alaska

Anchorage came second on our hardest-working cities’ list. One thing interesting about Anchorage is that it puts in fewer working weeks on a yearly basis. The average Anchorage worker puts in around 36 weeks per year, ranking the 17^th most in the country. However, when they work, they work hard. The average employee here works over 42 hours per week and 1,260 hours per year. It seems like Anchorage knows how to balance work and fun.

3. Lincoln, Nebraska

Lincoln is 3^rd on our hardest-working cities’ list, partly because of the large number of the working-age population contributing to the workforce. According to data, around 86% of people between the ages of 17-63 contribute to the labor force. This is the second-highest rate in the country. The famous city, named after Abraham Lincoln, contributes 39 working weeks every year.

Lincoln only falls behind the top 2 because of the lower average, as working hours here are short. Usually, the average workweek is only 36 hours per week.

4. Seattle, Washington

This green city, famous for its rain and coffee, works hard. According to data, they have the fifth-highest labor participation rate. The work hours per week are around 39. One reason behind such hard work is the city’s high living cost, which demands such participation. Around 70% of the working population contributes to the workforce.

5. San Francisco, California

San Francisco’ The City’ has an average of 80% of its working population contributing to the labor force. The city’s working conditions are somewhat like Anchorage’s. People here work about 40 hours per week. However, they compensate for it by working fewer weeks per year. Like other major cities, working here is necessary because of the high cost of living and high-income taxes. California has one of the highest income tax rates.

Conclusion

It is important to note that ‘people working harder’ are not equal to people earning more. According to PayScale stats, the average salary in Anchorage is around $64,000 compared to $77,000 in New York for a worker with experience of less than 9-10 years.  

However, average working hours and average earnings should not be made the basis of any judgment. The culture of working greatly depends on where you live, the standard of living, and other dynamics.

We will see how each city contributes to the next year. We will keep our bookkeeping habit-kicking to let you know who leads the race of 2021’s hardest-working cities in America.

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.