Posts

A business’s bookkeeper or accountant records financial transactions in the ledger using the double-entry accounting method. This means that for every debit transaction (which increases assets or expenses, decreases revenue or liability), on the left side of the ledger, there is a corresponding credit entry (which does the exact opposite) on the right side—hence the term “balancing the books.” The general ledger contains all the information you need to create financial statements (i....

In addition to a property’s market value, one of the first things you’ll want to do as a real estate investor who’s considering buying a purchase is determine is its operating income and costs. This information will tell you if the property meets your cash flow and profitability goals and expectations. The Cap Rate Cap rate represents your anticipated return after one year as if you had bought with cash....

Many lenders, especially mortgage and auto lenders, use your debt-to-income ratio to figure out the loan amount you can afford based on your current income and the amount you’re already spending on debt. For example, a mortgage lender will use your debt-to-income ratio to figure out the mortgage payment you can handle after all of your other monthly debts are paid. You can easily calculate your debt-to-income ratio to figure out the percentage of your income that goes toward paying down your debts each month....

Here’s what you need to know about choosing the right mortgage lender for you. Types of Mortgage Lenders There are various types of mortgage lenders, including banks, credit unions, and traditional mortgage lenders, each with their own requirements, rates, and terms. Banks Using a bank can be a strong option for borrowers who want all of their finances in one place, according to Brad Jones, chief marketing officer of Newrez and a licensed loan originator....

Is In-Home Care an Option Instead? Before you decide that long-term care facility is the only option, have you considered in-home care? If your loved one is recovering from an illness or needs primary care and help, in-home care is available and covered by Medicare. Also covered by Medicare is in-home hospice care should your loved one reach that point. The benefit of in-home care includes cost, preserving the person’s dignity, and allowing them to keep some sense of freedom that they may not feel in a facility....

The regulations governing auto insurance companies vary by state, so the reporting and claims process can vary. While the exact steps may differ, here’s an overview of what you need to know to file a claim with a car insurance company. Calling 911, Towing, and More Before Filing a Claim First things first: If someone has been hurt or you’re in a potentially dangerous situation, call 911 to get help as soon as possible....

You can find foreclosures through your real estate agent, websites of bank-owned properties, and government agencies. Popular home sites like Zillow will also list some foreclosed homes. If you’re looking to buy a foreclosure or government-seized house, keep reading. Foreclosed Homes Many homes that were originally short sales end up as foreclosures, which eventually are deeded to a bank. Buyers may refuse to purchase a short-sale home due to some of the following situations:...

In some cases, the hiring manager may only be interested in where you worked most recently. In others, the company may want an extensive employment history going back many years. If you’ve been working for a long time, this may sound like a daunting task, but it is something you can recreate yourself even if you don’t remember exactly when you worked at each job. Once you’ve confirmed the details, you can keep track of subsequent positions moving forward, so it will be easier to provide the information to prospective employers....

When it comes to this kind of interview, you may have a lot of questions. For example, what’s the best way to prepare for a coffee interview? What should you wear, and do you need to bring anything along? You may also be wondering who’ll pay for the coffee and what your next steps are if the meeting goes well. Here’s the scoop on informal interviews held at a coffee shop, restaurant, or online....

Why You Should Not Mix Business and Personal Funds These reasons illustrate why it is not a good idea to mix business and personal funds: It doesn’t look professional: If you are dealing with a vendor or customer and you pull out your personal checkbook or credit card to pay a business expense, you are giving the impression that you are not a real business owner. In the same way, lack of separation shouts “hobby” to the IRS....

Will-Based Estate Plans Become Public Court Records When you decide to make a last will and testament, the questions that you will need to answer include who should get your personal effects (including jewelry, collectibles, and artwork), who should get your cash, investments, real estate, and business interests, and who should be put in charge of making sure that the plan you have put together is actually carried out. But one important thing that is often overlooked is the fact that in order for the written instructions that you have put in your will to be carried out, it will have to be filed with the local probate court....

What Is a Roth IRA? A Roth IRA is a type of individual retirement account that allows you to pay federal (and usually state and local) taxes when you make contributions, rather than later when the money is withdrawn after you retire, after the account owner reaches age 59½, or due to disability or death. In addition, the account owner must have had a Roth IRA open for at least five years at the time of withdrawal....

Aside from the convenience factor (and just being cool), there are several practical reasons to make payments with a mobile device. Security is one of them: Mobile payment tools can provide more security than traditional magnetic-stripe cards, which are susceptible to skimming and data breaches (although this benefit diminishes as chip-and-PIN cards take over). Plus, if you keep multiple cards open, it’s easier to choose the payment method you want without having to carry a quiver of cards around....

Occasionally, however, companies will request that applicants provide a list of references when they initially apply for a job. This tends to happen more in conservative industry sectors like the legal profession, jobs in childhood education, in the building trades, and on federal job postings. Academic roles may also request references with the application. What Are Job References? References are people who can answer questions about your education, work history, skills, abilities, and work style....

However, it’s the nature of the game. No gig is forever, and sometimes, you’ll be the one to decide that the job no longer meets your needs. When to Quit a Freelance Job The trick is to know when it’s time to go, and to make the parting as pain-free and professional as possible. That’s important, because it’s a small world, and you never know when you’ll see them again, or whether they’ll turn out to know people at your next big project....

Get an Idea of Your New Income Knowing your updated monthly income will give you some idea about the lifestyle you can afford and what you can afford to put towards getting your credit back on track. Keep in mind that you’ll have taxes or other benefits deducted from your paycheck, so your actual take-home pay might be 30-40% less than what you’re expecting. Your first paycheck will give you a true idea of what you’re going to make each month....

Since hard inquiries have only a small effect on your credit score and they go away after two years, you shouldn’t waste your time trying to get them taken off your report. The wiser action is to limit the number of credit applications you make over a short period of time. Credit Inquiries or Credit Pulls Businesses that extend credit—including credit card issuers and mortgage lenders—check your credit when you make an application for services with them....

When It Is Acceptable to Quit Your Job via Email There are some circumstances when quitting in person is not possible. Sometimes, personal circumstances require you to leave a job on short notice, or with no notice at all. If you have a family emergency, for instance, and need to leave immediately, you may need to resign by sending an email message to your manager. Perhaps a face-to-face conversation is not possible because you work remotely in another state....

Learn more about the workings and features of the SEP-IRA to decide whether it may be right for you. Benefits of a SEP-IRA Compared to a 401(k) retirement plan, a SEP-IRA is relatively simple to start and manage. It’s easy to set up and operate, and administrative costs are low, according to the Internal Revenue Service, and no annual filing is required. Plus, annual contribution limits are much higher than you’ll find in most other retirement plans....

No matter the reason, if you’re thinking of selling your life insurance policy, you have options. Make sure you know how the process works, what’s at stake, and how to make choices that you won’t regret down the line. How Does Selling a Life Insurance Policy Work? Just like when you first bought your life insurance policy, when you decide to sell it you enter into a legal contract. You agree to sell the full deal to a third party, and the death benefit that comes with it, in exchange for funds that you both agree to....