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...

Jun 4, 2015

By Phin Upham John Oliver recently did a bit about payday loans, which the show implied was a predatory scheme. It’s unsurprising that LA Weekly ran a similar story about payday loans. The short-term loans are painted as unethical, with obscene amounts of interest. Yet there is surging demand for this industry. Are payday loans evil? Is anything so cut and dry? The Scary Stuff About Payday Loans If we’re going to discuss payday loans with any level of seriousness, we need to move past the outrageous talking points. It’s true that some payday loans carry interest rates that can be in the 1000% range, however that’s annualized percentage. The loans themselves are meant to be short term, so ideally the 1000% interest rate the media enjoys as a talking point would never apply because the loan would never default. These loans are voluntary too, and they serve both parties. What makes payday loans “bad” is what happens when people default. It’s important to understand that usury is not a “bad” word or concept. Usury certainly wasn’t viewed as evil when the federal government created the Federal Housing Administration, which was designed to loan money and stimulate home ownership in the lower income brackets of society. Payday loans represent a $6 billion industry with demand that can surge across state lines in an effort to get around laws against the practice. Lenders can act in an unethical fashion. That has never been in dispute, but the loans themselves are incapable of carrying a distinction as “good” or “evil.” Payday loans have benefitted low income households all across America. About the Author: Phin Upham is an investor at a family office/ hedgefund, where he focuses on special situation illiquid investing. Before this position, Phin Upham was working at Morgan Stanley in the Media and Telecom group. You may contact Phin on his Phin Upham website or Twitter...

Jun 4, 2015

By Samuel Phineas Upham Today’s bookkeeping is a process most involved or interested in finance take for granted, because the thinking feels so basic to us. The truth is that the practice of trading and storing money or goods has evolved over the course of centuries, and will continue to evolve well past the technology of today. Early merchants were akin to barters, trading either goods or services for something of equal value. People kept ledgers, which were necessary during legal disputes, but they looked very different from the balance sheets of today. In fact, those balance sheets are a fairly new concepts (just over 200 years old, which is a blink in the grand scheme of finance). When someone needed to make a trade or an exchange, the transaction involved recording what was traded and what was received. So Farmer Jake might trade one chicken each month for six months in exchange for a new cabinet or a table for the kitchen. This transaction would be recorded, with each man named along with his promise, and the agreements were expected to be held to. Various civilizations developed currency throughout the centuries, like the Romans, but bookkeeping stuck to this fairly rudimentary form because few empires lacked the kind of authority to develop a currency recognized the world over. This method of bookkeeping also doesn’t account for all the time and effort that goes into producing goods, and so was not a true measure of value so much as a measure of what one could negotiate. Samuel Phineas Uphamis an investor from NYC and SF. You may contact Phin on his Samual Phineas Upham website or Facebook...

May 23, 2015

Ever since the 2008 financial crisis, Americans are unhappy with their banks for putting their shareholders’ interests over their customers. Given this general sense of negativity, poor customer service and high fees can make matters worse for you. But that’s not all – here are 4 reasons why you might just hate your bank: #1: ATM Fees A number of banks charge you an amount if you withdraw money from an ATM outside their network. According to Bankrate, the average cost of doing this amounts to $4.35 for every transaction. This is also the same amount that banks charge non-customers for using their ATMs. #2: Overdraft Fees Fees for an overdraft protection program are the highest and amounts to $32.74 for every occurrence. If you don’t opt for this service, you could possibly be declined for having insufficient funds. Yet the ridiculousness of this type of product is that the bank charges you an additional fee based on the temporary loan that they offer you just in case you use these extra funds. #3: Minimum balance requirements This is yet another fee that is charged by banks towards customers who cannot maintain a minimum balance in their accounts adding insult to injury. Of course, most households now live from paycheck to paycheck and in having to maintain this minimum balance is always a reminder that they don’t have enough of it. #4: Monthly Service Fees Most big banks charge their customers monthly service fees just for owning a checking account. Of course, this fee is very less if you own an account with a community bank or even a credit union. In fact, less than 40% of non-interest checking accounts and 4% of interest checking accounts are completely free of...

May 5, 2015

By Phineas Upham Elisabeth Berenberg is notable as being the first female to serve as a partner to the Berenberg Bank that carried her namesake. She served for ten years, the first time in the family’s history of being in business. She was a Hamburg heiress who became a merchant banker, an uncommon profession for women of the time. Her family had come to Hamburg as religious refugees from Antwerp in 1585, and they founded a merchant house with the money they’d managed to take with them. They had partnered with another family, Hanseaten, which was one of two of the most prominent families in the city-state. Her father owned the bank during the 1700s, and her great grandfather had been instrumental in forming the bank during its early years. Her family was essentially comprised of the most prominent merchants and bankers of the time, even after the exile. She became the bank’s partner succeeding her late husband, and managed the firm for 32 years with her son-in-law. Her late husband was a marriage of convenience. Elisabeth was not known for her beauty, but she was known for her kindness. She spoke Latin, along with a host of other languages, which made her an adept conversationalist. She was a devoted wife and mother, and retained large sums of money with her family company until her death. She eventually stopped her activities with the bank in the year 1800, retiring to let her sons run the establishment. Phineas Upham is an investor from NYC and SF. You may contact Phin on his Phineas Upham website or LinkedIn...

Apr 23, 2015

Bad habits tend be to easy to catch, especially when in the 20s. Some of the worst habits listed among millennials, as per a recent study includes aspects such as racking up credit card debt, overspending and undersaving. With some simple actions, these bad habits can be effectively transformed into good initiatives. Track your spending Keeping track of spending helps to avoid overdrawing from an account. Many people often get tripped by the fact that weekend purchases from debit cards are not recorded until Monday. This falsely cause them to believe that they have a higher balance than what they really have, resulting in overdrawn accounts. As per data collected from the Consumer Financial Protection Bureau, 1 out of 10 millennials have an overdraft as least 10 times a year. This constitutes of about $350 in overdraft fees. Plan ahead for big expenses In case of a planned big expense, such as a vacation or wedding, using a credit card could prove to be risky. This is because interests on these accounts tend to grow up quickly. Moreover, penalty fees for late or missed payments can adversely affect your credit score which could in turn make securing a loan difficult. Set up an emergency fund Having at least six months of living expenses saved up for emergencies is often recommended. This would ensure that you would be able to cater for any unexpected expense and be able to fend for yourself in the event that lose your...