Sep 21, 2015

We’re only a few months away from another new year. Of course, starting the next one while being in the green is not advisable but basic common sense. Here are 3 financial suggestions to consider from bonafide financial planners: 1: Increase Your Savings Rate You can still increase your savings rate that can be added into your employment-sponsored retirement account by the end of the year. Those under the age of 50 can contribute up to $18000 – an increase by $500 from last year. As for those above the age of 50, an additional $6000 is allowed. For this, make sure you check your accounts to see how close you are to the maximum and then increase your contributions accordingly. No matter what, put away as much as you can. 2: Convert Your IRA If your income has dropped during the year – probably due to a gap in employment – convert your money in a traditional IRA to a Roth IRA. Doing this will mean that you end up paying taxes only on that income when you’re in a lower tax bracket. One advantage is that Roth conversions have a deadline of Dec. 31 instead of Apr. 15 for regular Roth IRA contributions. It is the best opportunity to pay taxes according the tax bracket that you’re in. 3: Rebalance investments Given the recent market volatility, rebalancing your investments is the ideal thing to do. For this, consider assets that are above your target percentage. Now, sell what you have too much of and buy what you have too little of. This is usually done every quarter by professional money managers but doing it once or twice a year should be enough. Of course, if you’re selling positions at a loss from a taxable account, remember to get a tax write-off for...

Sep 17, 2015

Since 2008, investments in financial technology have nearly tripled over time. The industry has grown substantially, such that nearly half of all of London’s work force is employed by a fintech company at some level. Fintech offers solutions for finance that big banks simply cannot respond to, and these will be some of the hottest trends in the coming years. Machine Learning Machine learning isn’t necessarily a new concept (algorithm trading has existed for many years now), but it has grown substantially as our understanding of AI has evolved. Machine learning now powers much of our fraud protection efforts, and provides consumer finance advise through so-called “robo advisors”. Perhaps one day, machine learning will truly offer real-time financial updates that banks can use to improve their services. Crowd Funding Another major change to the world of finance is the idea of crowd funding, and peer to peer loans. Banks aren’t equipped to take the time to underwrite and serve these kinds of loans. Certain high risk business proposals are better suited to a crowdfunded effort, where investors without large cash reserves can contribute to helping a product get to market. Crowdfunding in the future might see groups of individuals banding together to buy commercial real estate, or to help startups distribute their goods in a brick and mortar store. Crypto Currency Crypto currency is a new idea that seeks legitimacy. The most popular form is called “bitcoin” and it’s an anonymous transaction that is publicly recorded on a ledger. The currency is a new form of exchange bordering on the experimental, and it’s generated a lot of hype behind the idea. One potential application, which has the potential to lower capital costs for banks and businesses, is transmitting money across international borders. As we become a globalized workforce, crypto currency may provide a better solution to pay workers what they’re worth. Bio: Firoz Patel is a leading executive behind AlertPay Inc. Firoz Patel is a globally recognized name in the ecommerce space, and he currently oversees development of the Payza...

Aug 21, 2015

Whether it is not being able to make payments or even the loss of a job, being strapped for cash is hardly the way to go. If you’re in such a position, then you might feel as if there’s no place to turn to. While there are a number of options that are available, it’s best to save for a rainy day instead. Still, here are 3 other emergency options just in case you haven’t given it much thought: 1: Personal Loan You have both secured and unsecured personal loans at your disposal. Banks and other financial institutions offer these two options. Of course, it depends on your credit score. The higher your score, the better the interest rate obtained. Personal calculators are available to find out how much you want to pay every month and totally based on the loan amount. Yet it is important to know the difference between payday and personal loans. 2: Peer Lending There are a number of P2P sites that allow you to borrow from strangers in the form of a personal loan. But keep in mind that the interest rates on the loan you do get is based on your credit score. Of course, you’ll have to show recent pay stubs in order to prove your income. Also, be ready to deal with late fees and credit mark downs if you’re late in paying your installments. 3: Home Equity You can use your home as collateral so as to finance large expenses. Keep in mind that you will risk foreclosure if you cannot pay the loan back. But it’s very easy to qualify for and the interest rates are very low. One thing to keep in mind is that this is a complex financial product. Ensure you know how it works before signing on the dotted...

Aug 4, 2015

Written by: Lyle Charles Consulting Any commercial construction project will need to stick to very tight deadlines if the project is to come in under budget, but project managers can’t control every aspect. Permits, for instance, are the mercy of the review process. If there is a problem at any point in the project schedule, workers have to scramble to make sure things get done properly. Recruit Help The first instinct of project managers is to add overtime hours to the project, but this may not be the best approach. If workers have been working long hours leading up to crunch time, they may not be as sharp and acute. If they happen to slip or drop tools, that could injure someone else or themselves. It is sometimes more cost-effective to bring additional help onto the site. Claims Construction delay claims try to sort out who is responsible for a delay, because those delays cost money. Every change to a plan, order unfulfilled or worker who calls out contributes to this ever growing list of potential problems. It’s crucial that project managers document everything to protect themselves from liability. Especially in commercial construction, where the stakes are significantly higher. Disputes The worst part of a delay is that a legal challenge can contribute to the problem. It’s normal for legal challenges to stop the process when more money has to change hands, but the work stoppage only contributes to the problem. Construction mediation solves that problem with a meeting of two parties before a neutral third party. Each party voices concerns and airs grievances, and the mediator brainstorms a mutually beneficial solution. Bio: Lyle Charles is an expert in commercial and residential construction, and a certified mediator and expert witness for the construction...

Jul 21, 2015

Retirement has always been thought of as a time to relax and do nothing at all. Yet it is becoming a time when retirees do more than ever. Which makes retiring early an excellent idea. But you still require resources. For this, a financial plan must be in place so as to retire early. So, put pen to paper and run the numbers. Make sure that all the variables such as inflation, taxes and spending patterns are taken into account. Here are 3 things that you must think of so as to retire early: 1: Live in a Smaller House A person’s home can be the biggest expense. Retiring with a large mortgage can be an expense that you can do without. So, if you get a smaller home, you might have a relatively smaller (or no mortgage) to shoulder when you retire. This should enable you to leave your day job sooner than you think.   2: Move to a Low-Cost Area Some places are far more expensive than others. For example, Fairfax, Virginia can be an expensive place to live. So, it makes sense to move to a rural or low-cost area. Some people tend to move to other states such as Tennessee, North and South Carolina or even Florida. Yet before you decide, rent a place in that area for a few months before you decide to set up shop. 3: Work Part-Time If You Must Finding part-time work which involves something that you like is important. This will also help you bring in part-time income that can help you leave your full-time job sooner than possible. There’s nothing like having a part-time job that is a part of your passions. It keeps you...

Jun 24, 2015

Given the little time we have, it’s hard to think about saving money. Clipping coupons or hunting for deals takes time. So, how do you save money if you can’t keep up with the hectic pace of Life? That said, here are 4 simple ways to save money in no time: 1: Review Your Budget Take 15 minutes to review your budget every month. Look for areas where you have overspent and think about reducing costs. You can use programs such as Mint.com to help you track your costs. Doing this will ensure that your money is working for you. 2: Set Goals Setting savings goals for short and long-term expenses can serve as a financial cushion. This way accidents, repairs and illnesses won’t eat into your regular earnings too. Also, review your calendar for upcoming expenses and put aside money each month. In fact, booking flights and hotels in advance can save you money too. 3: Shop For Groceries Smarter Preparing ahead of time can help you save money with grocery shopping. Make a list of things that you need and items that you’ve run short of. Avoid any signs or displays. Pick up what you need an leave as soon as possible. Also, cook more over the weekend, store and serve it over the week. 4: Get Rid of Unused Memberships or Services Whether it’s your unused gym membership or any recurring costs, get rid of them. Cable shows, magazines or even that land line you don’t use can drain your budget. Cancel them and use the extra money for something more...