Nocomo: Blog Nocomo: Blog https://www.nocomo.org/blog/ Copyright by Nocomo en Nocomo Sat, 28 May 2022 09:58:13 -0400 How to mitigate the risks of CFD trading in the UK UK investors looking to get involved in CFDs need to be aware of the potential risks. However, there are some steps that can be taken to mitigate these risks and make the most of this type of investment.

CFDs, or Contracts for Difference, are a type of derivative instrument that allows investors to speculate on the price movements of underlying assets without actually owning them. It means that CFD traders can take advantage of both rising and falling markets. However, because CFDs are leveraged products, they can magnify losses and profits. UK investors need to be aware of the risks involved before trading.

Here are some tips on how to mitigate the risks of CFD trading in the UK:

Use a reputable CFD broker

Many CFD brokers choose from, but not all are created equal. It's essential to do your homework and only use a reputable broker regulated by the Financial Conduct Authority (FCA). It will ensure that your money is safe and getting the best possible deal.

Set stop losses

When you trade CFDs, you should always set stop losses. If the underlying asset's price moves against you, your position will be automatically closed at the pre-determined price. It can help to limit your losses if the market moves against you.

Use risk management tools

Most CFD brokers offer their clients a range of risk management tools. These can help you to limit your losses and protect your profits. Make sure you understand fully how these tools work before you start trading.

Diversify your portfolio

Mitigating risk is diversifying your portfolio, and it means investing in various assets, including stocks, bonds, and commodities. By dividing your capital across different asset classes, you can reduce the overall risk of your investment portfolio.

Have a long-term strategy

When you trade CFDs, it is vital to have a long-term strategy, and it means thinking about your overall investment goals and objectives and making consistent trades with this strategy. Making quick profits by trading on short-term price movements is generally a recipe for disaster.

Be patient

Patience is a virtue when investing, and it is especially true when you are trading CFDs, and it is essential to wait for the right opportunity to enter a trade. If you try to force trades, you are more likely to make mistakes that cost you money.

Take your time

When you first start trading CFDs, it is crucial to take your time and learn as much as you can about the market. There is no rush to make trades, and if you have a good understanding of how the market works, you can start to increase your trading activity.

Don't over-leverage

One of the most significant risks in CFD trading is over-leveraging your position. You are using too much-borrowed money to finance your trade, which can lead to heavy losses if the market moves against you. It is essential only to use leverage when you are confident in your trade idea and have the financial resources to cover any potential losses.

Manage your emotions

Emotional trading is one of the biggest enemies of success in CFD trading. When you make trades based on your emotions, you are more likely to make impulsive decisions that cost you money. It is vital to remain calm and rational when you are trading.

Have realistic expectations

When you start trading CFDs, it is essential to have realistic expectations. It means understanding that you will not always make money and that there will be losing trades. If you are not prepared for this, you are more likely to make impulsive decisions that can lead to heavy losses.

In conclusion

Following these tips can help you mitigate CFD trading risks in the UK. However, it's essential to remember that there are no guarantees in investing, and losses can still occur. CFD trading is a high-risk activity, and you should only use money that you can afford to lose.

For those interested in testing out these risk management strategies, you can try CFD trading with Saxo. Set up a demo account or begin placing real trades right away.

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Uncategorized https://www.nocomo.org/blog/how-to-mitigate-the-risks-of-cfd-trading-in-the-uk/ https://www.nocomo.org/blog/how-to-mitigate-the-risks-of-cfd-trading-in-the-uk/ Editor Sat, 14 May 2022 04:15:10 -0400
All You Need to Know About Pensions in the UK If you are starting to arrange your own life after your working years, you should firstly try to figure out what a pension is and how it can help you to have a secure economic future once you stop working. As a matter of fact, a pension is a fund where you can deposit your savings to ensure an economically stable future for you and your family. A pension is indeed a long-term saving scheme designed to provide you with an income to which you can peacefully live on. By opening a pension, you are practically investing in your future and in the future of your family, setting aside a small amount each month that can guarantee you a peaceful life after years of work. Nowadays, UK residents have a wide choice regarding the type of retirement scheme to open. Even though all plans available are different, they have in common some important rules to know before opening a fund. First of all, all UK pensions are designed to ensure numerous tax and contribution advantages. Also, the government will always contribute to your future through tax relief. Another important thing to keep in mind is that the money you put in your retirement fund will always be invested by the pension provider. This will give your capital a chance to grow but will also involves risk. Lastly, a date will be set for you to access your money. In the UK, the retirement age is currently set at 55 years old for most retirement schemes, except for the state pension. Let’s have a look on the main types of pensions available in the UK.

What is the private pension and how it works

The private pension is a specific type of individual retirement scheme that you can arrange yourself with the help of a pension provider. Most of the people who choose the private pension are self-employed who therefore cannot count on the monthly contribution of the employer. By opening a private pension you’ll be able to choose your pension provider, how much and how often to deposit on your fund. Nowadays you have a wide choice regarding the many pension providers available in the UK to offer this kind of scheme. For instance, if you’re interested in and you want to know more about, you can check Moneyfarm private pension plan.

What is the workplace pension and how it works

The workplace pension, which is also called company or occupational pension, is the most common type of retirement plan currently available in the United Kingdom. It is indeed a savings plan to which your employer will monthly contribute too. As a matter of fact, in the UK, all employers are compelled to contribute to their employees’ future by depositing a minimum amount every month. The government will contribute too through tax relief. This scheme comes in two different types: by choosing the defined contribution pension scheme you and your employer will have to pay a percentage of your salary every month to build your retirement fund. Then your money will be invested by the pension provider: this means that the amount you get will depend on how well the investments will perform, so be always prepared for the chance to get back less than expected. On the other hand, the defined benefit pension scheme will give you access to a defined amount of funds when you reach your retirement age, which is currently set at 55.

What is the state pension and how it works

Lastly, you can choose the state pension, which is a retirement fund which will give you free access to all your savings once you reach the retirement age, which for this particular type of scheme has been set at 66 years old. In this case, the amount you get will only depend on how much you put on your fund every month and of course on your contributions.

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Uncategorized https://www.nocomo.org/blog/all-you-need-to-know-about-pensions-in-the-uk/ https://www.nocomo.org/blog/all-you-need-to-know-about-pensions-in-the-uk/ Editor Thu, 12 May 2022 04:01:38 -0400
The 5 Most Important Things To Consider When Buying A House A house is a property in Port Andratx that is considered a good investment because it is built to last for a long time. There are many things to consider when buying a house. It includes the location, the size of the house, the number of bedrooms and bathrooms, the style of the home, and the price.

These factors can be negotiable, but some may be more important than others. It is essential to weigh the pros and cons of each factor before deciding which one will be right for you.

If you are in the process of buying a house, these are the five most important things to consider:

1) Location

The house's location is one of the most important factors to consider, as it will affect many aspects of your life. It would help if you considered things like nearby amenities, safety, public transportation options, and local schools. Most prefer to live in a quiet neighborhood close to their place of work.

2) Size of the House

The size of the house is another vital factor to consider, as it will affect how comfortable you are in your new home. If you have a large family, you will need a larger house. If you are single or have a small family, a smaller home may be more appropriate.

3) Number of Bedrooms and Bathrooms

Another critical thing to consider is the number of bedrooms and bathrooms. If you like to entertain guests frequently, you will want to ensure there is enough space for them. Similarly, if you have young children or plan on having kids in the future, you will want to make sure there are enough bedrooms.

4) Style of the House

The style of the house is also an important consideration. It would be best to think about whether you prefer a traditional or contemporary style. If you are not sure, you can always look at houses online or in magazines to get an idea of what you like.

5) Price

Finally, you should think carefully about the price of the house. It will depend on your budget and how much you are willing to spend. It is crucial to get pre-approved for a mortgage before making an offer to know what you can afford.

Different types of properties are available on the market, so it is crucial to find one that meets your specific needs. You should consult with a real estate agent to learn more about the different types of properties available and get an idea of what is available in your area. Some of the types include:

  1. a) Single-family homes: This is the most common type of property, and it usually has three bedrooms or more. It is ideal for families with children, as it offers plenty of space and privacy.
  2. b) Multi-family homes: These properties may include two or more units, such as duplexes or townhomes. They are a good option for families or people who want to rent out part of their home.
  3. c) Condos: These are usually smaller units, and they may be located in a larger building with other condo owners. Condos offer many amenities, such as a swimming pool, gym, and security.

Overall, there are many things to consider when buying a house. By weighing all of these factors carefully, you can be sure to find a home that is perfect for your needs and lifestyle.

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Uncategorized https://www.nocomo.org/blog/the-5-most-important-things-to-consider-when-buying-a-house/ https://www.nocomo.org/blog/the-5-most-important-things-to-consider-when-buying-a-house/ Editor Wed, 11 May 2022 10:08:25 -0400
7 Must-Learn Tips for Selling a Home Have you been planning on how your house will get sold? Are you confused and don't know how to do it the right way?

Selling your own property can be challenging, especially if it's your first time. There are plenty of stressful factors, such as making your home look appealing, pricing it, and finding potential buyers. In addition to those, closing the deal to finally get a successful sale.

However, the process of selling property is not an impossible one. By being smart about your strategies, you can get your house sold at the best price possible.

So today, we've gathered 7 must-learn tips to help you.

How to Sell a Home Property

Your house is not only an investment property that will give you money; It is also a place you once called home. To get the value that it deserves, here are the things you should keep in mind:

1.    Do the Necessary Repairs

It might be costly to do repairs. However, the damages to your house could significantly decrease its market value. So before letting any potential buyer step into your home, make sure that it's perfectly ready for viewing. Fix any plumbing, construction, or other matters that need attention. Besides that, get rid of any unpleasant odours from pets, the kitchen, or anything. As much as possible, make the home ready to give a family a new start.

2.    Avoid Upgrading Too Much

Having too many upgrades is one of the critical mistakes to avoid when selling your home. It is undeniably great to make your house stand out from comparable properties. Plus, people would probably like living in a modern-looking house. However, your investment in the upgrades will also add up to the value of your property. When that happens, it will be so much more expensive. Thus, give your property a touch to make it look better but don't go overboard.

3.    Declutter Your Home

When making a house presentable, just fresh paint is not enough. Remember, the interior look of a property can affect its ambience. You have to ensure that it's totally looking great to attract buyers. Besides that, most buyers probably don't like a messy property when they go for a viewing. Therefore, declutter your home before presenting it to your potential buyers. It will make your space appear wider and give the atmosphere that will push them to go through with the deal.

4.    Post Exceptional Photos

If you post photos to market your listing, you need to make them exceptional. They are what your potential buyers will first see. Great pictures will create a good impression on home buyers and help you find a good deal. So, if you and your agent don't know how to capture professional photos, it would be better to hire a talented photographer.

5.    Create a Video Tour

People don't have all the time for everything. We all have responsibilities to take care of, making it hard for homebuyers to schedule actual visitations. In addition, the pandemic has also limited face-to-face interactions.

But when you create a video tour, you give your potential buyers a chance to see a glimpse of your property. It allows them to decide without having to actually pay a visit physically.

If you will create a tour of your house, make sure that you do it professionally. Keep in mind that it will highlight the best features of your property that will persuade your viewers.

6.    Take Your Pet for a Walk During Viewings

Pets are adorable and sweet, but that's not the case for everyone. There are people who are not really into animals. If you're a furmom or dad, you might not want to hang out with these types of individuals.

However, you still have to respect their choices. Plus, they could still make a great offer for your home. Therefore, when you have a scheduled visit from a potential buyer, consider having someone take your pet for a walk.

7.    Hire the Right Real Estate Agent

Since you are entrusting the selling process with the person, you have to be wise with your selection. Interview a few candidates until you find the most suitable one.

The professional has to be a licensed agent. Plus, we strongly suggest that you choose a local real estate agent. The reason is that local agents have the experience and expertise in the seller's market within your area.

In Conclusion

The house you own probably has so many memories and a great sentimental value to you. So, don't settle for a price that is less than its actual value. Make efforts to get the value it deserves.

If you're having trouble selling a house, especially as a first-timer, just consider the tips we discussed today. Prepare your property, market it well, and consider professional help.

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Uncategorized https://www.nocomo.org/blog/7-must-learn-tips-for-selling-a-home/ https://www.nocomo.org/blog/7-must-learn-tips-for-selling-a-home/ Editor Tue, 29 Mar 2022 04:07:27 -0400
8 Passive Income Ideas For Busy People Passive income is the money we make without exerting any effort. Fortunately, with the advancement of technology, more opportunities have arisen for multiple income streams. Unfortunately, many people do not know how to utilize these opportunities to maximize their income and may even lose money. 

If you're looking for a simple way to start earning money from home, you can use these 8 passive income ideas. This will help you begin your journey to financial freedom and achieve the lifestyle you have always dreamed of. 

Bike-sharing

You can use a bike-sharing service like Spinlister to make money. It allows you to list bikes, surfboards, and snowboards for rent and earn passive income. All you have to do is upload a photo and describe the item. After that, you just need to wait until someone rents your items. After that, you can set your own hourly rate, starting at seven dollars per hour. Depending on the type of item, you can earn as much as $100 per week or $200 per day.

Money Earning Apps

Many people use Facebook to find money-making opportunities. However, not all of these opportunities are as good as they seem. If you're looking for a fast way to make extra cash, you can use the best money making apps to help you out. Craigslist and LetGo are great for selling locally. Still, you can also use eBay if you're interested in selling something outside your area. eBay is a good choice if your item is in high demand and you don't mind shipping it.

Car Listing and Parking

Listed cars are an excellent way to make money. You can list your car for as little as $15 per day, and you will receive money from the people who visit your home. There are several benefits to listing your car for rent. First, you will have the opportunity to earn more than just a few dollars. You can also make from the extra space in your driveway. People looking for storage space will pay good money for your old car.

Renting out items

If you no longer need an item, you can rent it out for a small fee. This can be anything from a truck to a small boat. Even the yard can be rented out to tourists. It is easy to start renting out unused space in your home. Use platforms such as Airbnb to get started. You need to upload a photo of the item you wish to rent, price it appropriately, and let potential tenants know about it.

Ebook

 The most crucial step is to identify your niche. Write a topic that relates to your target market and a book that will appeal to a broad audience. If you have a passion for the subject, consider writing about it. If your target market is the general public, your eBook can be a great lead magnet. 

Vending machines

They can be run on a part-time basis. For example, if you have a vending machine, you can share the profit with the location owner. Another great way to earn money is by selling your photos online. If you have clear, in-focus pictures, people will want to buy them. Finally, if you enjoy playing video games, you can try becoming a gaming influencer.

Affiliate marketing

If you have a loyal audience, you can use your website to promote affiliate products. First, you need to post an advertisement on the internet, and a renter will check it out. Then, you can collect a commission from any purchases that people make through your website. This is the best passive income idea for anyone who loves to work online. 

Blogging

You can also use your influence on social media to promote your products and gain more customers. By sharing your affiliate links, you can build a successful business. These online businesses have a huge market, and the best way to tap into this is to start a blog. It's a great way to earn money without working as hard as you.

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Uncategorized https://www.nocomo.org/blog/8-passive-income-ideas-for-busy-people/ https://www.nocomo.org/blog/8-passive-income-ideas-for-busy-people/ Editor Sat, 26 Mar 2022 08:38:51 -0400
Choosing Multifamily Bridge Loan Lenders Lenders are always looking for the next option to help their clients out as they strive to achieve their life goals. Here's what you need to know when choosing a multifamily bridge loans lender:

  1. They should be reliable. Find out how long the lender has been in business, and ask whether they're consistently profitable. You don't want to invest in a company on shaky financial ground with no experience in the industry.
  1. They should have experience in your market. Ask what type of properties they specialize in, and research those properties to see whether they are similar to yours. For example, if you own a factory, you'll want a lender who has worked with manufacturers before, not one who focuses on large apartment complexes.
  1. They should be transparent about their fees and interest rates. Make sure there are no hidden costs or unexpected expenses down the road from your chosen lender.

Here are tips when choosing a multifamily bridge loans lender:

1. Know Your Needs

When choosing a multifamily bridge loans lender, it's important to know what you need and how to identify the lender who can provide it.

First, you want to look for a lender who can provide the levels of financing you need. Some lenders might be able to offer more than others, so make sure your prospective lender can provide enough capital.

Next, you want to consider what type of financing they offer. For example, do they only offer short-term bridge loans? If so, are you confident that these will meet your needs? If not, you'll probably want to find a lender that offers a variety of loan types.

2. Do Your Research

You will want to look at all of the terms and conditions that apply to your potential loan and make sure that you understand them fully before agreeing to anything. This is especially important if you are considering financing through private lenders, as they tend to have higher interest rates and less flexibility than traditional lenders such as banks.

3. Get Professional Guidance

Working with a professional protects you from predatory lenders and brokers who take advantage of people who don't know better. They'll steer you into making bad decisions and paying too much interest.

4. Ask the Right Questions

When obtaining multifamily bridge loans, you're looking for more than just a loan. You're looking for someone to partner with you in your commercial real estate dreams.

That's why asking the right questions of your lender is so important. Ask them if there is anything specific they want in return for giving you this loan, such as ownership equity or an interest rate higher than what you would get elsewhere.

Our experience with multifamily bridge loans has been nothing but positive. We are glad that we have the opportunity to help you take advantage of this financing option.

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Uncategorized https://www.nocomo.org/blog/choosing-multifamily-bridge-loan-lenders/ https://www.nocomo.org/blog/choosing-multifamily-bridge-loan-lenders/ Editor Wed, 23 Mar 2022 02:50:44 -0400
Personal Installment Loan: What It Is and How It Works Installment loans are popular credit products, and you likely have one or two of them. Installment loans are, also known as installment credit, are closed-ended and paid over a predetermined period. 

These loans are unique because they may or may not have interest. Payments are paid in installments over four to 16 weeks and usually not longer.

How Does an Installment Loan Work?

Are you looking to get a personal Installment Loans Delaware? Note that personal loans are a type of installment loan, and unlike the other loan types under this category, you don’t have to use them for a specific purchase. 

Personal loans can be used for car repairs, bills, and debt consolidation. How does the loan work? When you take a personal installment loan, you get a certain borrowed amount of money all at once. You are then required to pay the amount back through scheduled and fixed monthly payments. 

Personal installment loans are fixed, meaning the amount does not change. More so, loans that are set to be paid over a stretched period attract higher interest. The personal installment account is closed permanently once you pay the amount owed fully. 

What Are the Advantages of Installment Loans?

Here are some of the benefits of installment loans that will help you point out if they are the best option for you.

  1. They are fast and feature predictable payments

Compared to other loan types, installment loans take a shorter time to apply, be approved and disbursed to your account; they are therefore a great option if you are in urgent need of funds. More so, they feature scheduled and fixed payments which create a sense of predictability.

Predictable loans make it easy for you to set a financial budget and stick to a plan.

  1. Great for mitigating financial stress

Whether it is a medical emergency, car repair, debt or an urgent purchase, a personal installment loan will help you take care of it and lift your financial burdens when you need money. Provided you are very intentional about the borrowing and are doing it within your means; you will be free from financial stress. 

  1. Flexibility and an opportunity to build credit

Personal installment loans are flexible as borrowers have the freedom to choose how long they want to pay them back. This flexibility allows you to effectively manage your finances even in the middle of a loan term. 

Personal installment loans also allow you to build your credit as you stick to and honour your payment schedule. 

Take Away

One of the drawbacks of installment loans is a potentially high interest rate. Make a comparison of different lenders to get a favourable rate.

It is essential to maintain a good credit score as it allows you to secure alone and enjoy a reasonable interest rate. As you plan to get an installment loan, ensure that you fully understand the repayment terms. You will be better positioned to know if the terms will work for you with the information. ‍

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Uncategorized https://www.nocomo.org/blog/personal-installment-loan-what-it-is-and-how-it-works/ https://www.nocomo.org/blog/personal-installment-loan-what-it-is-and-how-it-works/ Editor Thu, 17 Mar 2022 23:54:55 -0400
Fix and Flip Loans: All You Need to Know Fix and flip loans are loans explicitly geared towards investors who intend to buy houses to rehabilitate and then sell. These loans can get you into homes that you normally would not purchase due to bank financing requirements.

Why Use Them?

Fix and flip loans allow you to buy a house, renovate it and sell it for a profit. There are many reasons you may want to utilize a fix and flip loan if you want to:

  1. generate income from real estate purchase and renovation
  1. be an entrepreneur by investing in real estate
  1. create your living.

The Benefits of Fix and Flip Loans

They can help you get the cash you need quickly, so you're able to close on your investment property faster.

1. No Prepayment Penalties

You won't have to worry about early repayment fees with fix and flip loans. This means if you sell your property before your loan term is up, you won't incur any fees for doing so.

2. Huge Tax Deductions

Because the interest paid on fix and flip loans is tax-deductible, this can significantly reduce the income tax that needs to be paid at the end of the year. For example, if the interest on a fix and flip loan was $7,000, this can be deducted from taxes owed for up to $7,000 in savings at the end of the year.

How to Qualify for a Fix and Flip Loan

This type of loan is designed for people who have experience in real estate and the funds to purchase a home that can be rehabilitated and sold at a profit. A borrower must meet certain requirements to qualify if:

  1. you have experience in real estate
  1. you have sufficient financial resources
  1. you can show proof of income.

Should You Consider a Fix and Flip Loan?

Before you take one, there are some things you should consider. In this industry, success can be unpredictable. If you're looking for a safe investment, you might want to look elsewhere.

There are many reasons why flipping houses is a risky venture. For one thing, it requires a lot of upfront capital.

It's important to find properties in good locations with lots of potential for renovation profit to lower this risk. In addition, it would be best to determine how much renovating will cost, which will affect your bottom line afterward.

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Uncategorized https://www.nocomo.org/blog/fix-and-flip-loans-all-you-need-to-know/ https://www.nocomo.org/blog/fix-and-flip-loans-all-you-need-to-know/ Editor Thu, 17 Feb 2022 03:17:09 -0500
How to Buy a Home Fast If you are looking to buy a house quickly, there are some steps you will need to take. These include learning how to package your offer, simplifying the process for mortgage lenders, and finally, negotiating with the seller.

Waiving the home inspection

If the house is of the right size, in satisfactory condition, and in an acceptable location then it might be worth considering buying as-is. This means that you will not make an offer based on contingencies and that you’ll be waiving your right to a home inspection prior to closing.

This is risky for both parties. The seller probably wants to make sure they are getting more money than what they would by selling it without fixing it up, and you want to know that if something goes wrong then you won't be left holding the tab. If you bought it with no money down and nothing in reserves, then this could put you at a grave disadvantage. If the house is reasonably priced to begin with, however, or if most of your savings are still untouched, then purchasing a home as-is could be a good solution for you. Keep in mind, however, that if you’re financing your home, your mortgage lender may not allow you to make an as-is offer.

Packaging an offer

Packaging your offer will save you time and money if done correctly. Packaging an offer basically means including something with the offer to the seller that’s hard to refuse. Usually, this happens during your initial offer or counter-offer. For example, maybe you would be willing to pay more money if they made expensive home repairs before closing. Packaging an offer is a way of removing risk from the process and helps to speed it up. It can also help you get a better deal because the seller is well aware of what they are getting into right from the start.

If a seller is unreasonable, however, there is not much else you can do. In some cases, it might be worth walking away from the house in favor of a better deal. If you have been working on your offer all night and can't find anything else that meets your needs, for example, then you might have to accept the fact that there are other houses out there or walk away with time wasted.

You could also make an offer that’s above asking, and sometimes, this can be the fastest way to buy a home. However, keep in mind that you may also be competing with others who are making offers above asking.

Provide detailed information to your mortgage lender as soon as possible

Lenders will be interested in any offer you make and may ask for more information about it. The sooner you can provide all requested information, the more it will help speed things along. These include things like:

  • Listing details
  • A property disclosure statement
  • Declarations, warranties, and indemnities
  • Disclosure of the condition of the home or other information that is pertinent to your application for finance

Whatever you are asked to provide, make sure it's complete and accurate.

Negotiate

You can negotiate anything from closing dates and financing to cash offers and more. You may be required to provide more information about your offer as part of this process. Most of the work involved with negotiating is trying to find out what you can get away with asking for and then convincing the seller that it's in their best interest. This will often require some research on your part as well, so be prepared to do a little digging around before making your initial offer. If the home has been for sale for a while, you may have more negotiating power and the ability to close on the home faster.

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Uncategorized https://www.nocomo.org/blog/how-to-buy-a-home-fast/ https://www.nocomo.org/blog/how-to-buy-a-home-fast/ Editor Wed, 16 Feb 2022 09:21:57 -0500
How Do Joint Bank Account & Consumer Proposals Work?

Joint bank accounts and consumer proposals often go hand-in-hand. A joint bank account is a shared account, usually between two individuals who are in a relationship or marriage. It can also be established among family members or friends. You don't necessarily need to include your spouse's name on the account; however, to make it a joint account, you do need their permission, and they must know (or have reason to know) about it.

Joint Bank Accounts

Bank accounts offer various benefits such as convenience, easy access to cash, even from different locations, and may sometimes provide overdraft protection that allows withdrawals even if there aren't enough funds available in the account at that time, provided that certain conditions are met. The downside of these accounts is that your money is not always fully yours, and if you're the only account holder, you don't have many options in terms of dealing with debt.

For example, suppose you are the only holder of a bank account with $2,000 in it and are sued for debts or legal claims associated with this account, even though the whole point of having a joint account is to share responsibility for any debt on the account. In that case, you may not be able to use that money to pay off the debt since it's technically not your money. Under these circumstances, you can ask to be added as an additional party on that account by your spouse, but they don't have to agree.

When sharing a bank account with somebody else, whether related or not, it is important to understand what that relationship means on a legal level. For example, even if they don't co-own the account with you, their name being on there can be used against you in certain situations, just like your own name might be. This is why any joint bank accounts you have should be discussed thoroughly and agreed upon by both parties unless they're specifically authorized by law.

Consumer Proposals & Joint Accounts

Consumer proposals are essentially formal agreements to repay only a portion of unsecured debts through monthly installments for up to five years at an interest rate the debtor negotiates with creditors prior to filing the proposal generally lower than what they would pay under normal terms. The goal of this process is not only to reduce debt but also to avoid bankruptcy. Once a proposal is accepted by creditors and approved by a Licensed Insolvency Trustee, any payments made under the proposal are legally binding contracts between the debtor and the creditor.

Since you sign your proposal with all your personal information like name, address and social insurance number, it becomes a public record almost immediately through the Office of the Superintendent of Bankruptcy Canada's website. In some cases, creditors may be able to use this public record as leverage against debtors who have filed consumer proposals, especially if their names appear on joint bank accounts as additional parties to those debts. For example, creditors might threaten legal action or try to seize property related to those debts if no agreement is reached with the debtor after a certain period of time.

However, the fact that somebody (including you) has filed a consumer proposal does not mean that their name will automatically be added to all existing joint bank accounts for which they are responsible; creditors cannot simply assume it and must prove it first. Under certain circumstances, an account holder can be added as an additional party to a bank account (for example, spouses/common-law partners who share household expenses). But this process is usually initiated by the debtor because unless you request help from your spouse to have their name removed from one of your accounts, they will remain on it as long as you're both active on that account. Further complicating matters is that if there are any judgments against either of you, the judgment creditor also has the right to request that they be added as an additional party on your accounts regardless of any personal details or bank account agreements you might have made between yourselves.

Summary

Basically, if you're in a relationship with somebody and want to share bank accounts, there are certain steps you need to take to ensure that both parties are equally protected in terms of liability for debt repayment. If possible, it's best not to assume anything but rather go through official channels when transferring responsibility for an account to another person since this can affect how creditors deal with you when making collection attempts.

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Uncategorized https://www.nocomo.org/blog/how-do-joint-bank-account-consumer-proposals-work/ https://www.nocomo.org/blog/how-do-joint-bank-account-consumer-proposals-work/ Editor Sat, 12 Feb 2022 01:56:13 -0500
How to Get Started with 1031 Exchange Process As a real estate investor looking to sell properties you have been holding for years, a 1031 exchange can be a perfect option.

It serves as an investment strategy, enabling you to defer taxes on the sale of properties for as long as you want.

1031 investment is a great strategy to use, but the truth is that they are somehow complex, and it can be vital to consider the following rundowns to get started with the process:

1.     Determine if 1031 Exchange is Ideal for You

While there are many benefits related to 1031 exchanges, ensuring an exchange is suitable for you is vital.

There are several factors, which you need to consider and discuss, including potential tax liability, lifestyle objective, debt considerations, market timing, and structure of property ownership.

2.     Know the Types of Exchange Properties

There are different forms of 1031 exchange properties for investment property owners. The IRS needs 1031 exchange properties to include every type of asset, including commercial, residential, and industrial.

Given that every type of property can be considered for 1031 exchange, you can use the above property categories to compare the characteristics and attributes of 1031 exchange assets. Some of the common types of 1031 exchange include:

  • Fee simple properties
  • Net lease properties
  • TIC (tenant-in-common) properties
  • DTS properties

3.     Enlist Help of QI

Under the 1031 section, any proceeds you receive from selling a property will remain taxable. For this reason, proceeds from sales should be transferred to a QI (qualified intermediary) instead of the seller.

Basically, qualified intermediaries are companies or people who agree to facilitate 1031 exchange by holding finances involved in transactions until they are transferred to a seller of replacement properties. Qualified intermediaries may also have a formal relationship with the party of exchanging properties.

4.     Identify a Replacement Property

Once you complete the settlement of properties and the proceeds are sent to the QI, the identification process will start.

During this time, you need to identify different potential replacement properties. It can be three, four, or more.

You will also need to send a letter with some specific details regarding every property to your qualified intermediary.

Begin the search immediately. It can be a good idea to start identifying potential replacement properties immediately after putting your original asset is under a contract.

5.     Understand the Rules and Timelines

The odds of getting a person with the exact properties you are looking for are minimum. Because of this, most exchanges can either be three-party, starker or delayed exchange.

When it comes to delayed exchange, you will require a qualified middleman or intermediary to hold the funds on your behalf after selling the property and use it to purchase a replacement property. This process is regarded as swap, and you must observe two main rules, including:

  • 180-day rule
  • 45-day rule

The Takeaway!

1031 exchange transactions might help you prevent a short-term capital gain tax and even continue making more wealth in the real estate industry.

However, there are some complicated purchases you will encounter. So you might want to ensure you work with a qualified intermediary and consult tax experts before you proceed.

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Using COT Report For Better Forex Trading

The Commitment of Traders (COT) report is a weekly report compiled by the Commodity Futures Trading Commission (CFTC) that shows the aggregate number of futures positions held by large traders, such as banks and manufacturers.

Savvy traders have long used the COT report as a tool in their trading strategies. Because the largest traders are the ones who drive market trends, it is beneficial to know their position in the markets. Although the COT report only compiles futures positions, this data can be applied to the underlying markets as well.

The COT report is especially useful for Forex traders. Because the Forex market is not centralized, there is no aggregate volume or positioning information available. The COT report can serve as a substitute for this information, as well as a overall indicator of direction for a currency. There are many categories in COT report, for example, COT report for gold, COT report for Bitcoin etc.

The traders in the legacy COT report are divided into three categories: commercial, non-commercial and non-reportable. (The newer disaggregated report separates the commercial and non-commercial traders into further categories, but for our purposes, the legacy report will suffice.)

Non-commercial traders are the most important. These are banks, funds and other large speculative traders. The activity of the non-commercials drive most of the market activity. Commercial traders are manufacturers and businesses who are hedging their interests. Their positions are almost always diametrically opposite the non-commercial traders.

Non-reportable traders are those whose individual positions are too small to be counted in the other two categories. Non-reportable traders do tend to follow market trends, but not as strongly as the large traders, and they do not drive the market like the large traders do.

To determine the overall positioning of traders in the COT report, we need to calculate the difference between the long and the short positions. If the difference is net long, then we can conclude that category of traders are bullish on that instrument (vice-versa for net short).

With this information, the trader can make an informed decision. If non-commercials are net long, and their position has been increasing in recent weeks, then it would be foolish to make a short trade. If non-commercial positions have been declining and are moving toward a net short situation, then it would be a good time to look for a short trade.

The COT report does have several drawbacks. First is the delay in which the data is released. The data is compiled every Tuesday and released the following Friday. This means that the data is not usable until the start of trading next week, although you can get COT report's historical data from services such as Tradingster.

Because the information in the COT report is compiled weekly, it is useless for short-term and day trading. Finally, the underlying market does not always perform according to the COT data. The long-term trends do hold overall, and is still a useful tool for swing traders.

Aside from calculating the information from the COT report yourself, there are numerous COT graphs freely available online. Some trading platforms such as TradeStation, Strategy Trader or MetaTrader also have COT indicators available.

The COT report can complement any long-term trend trading strategy, and it should be an indispensable tool in the toolbox of every savvy trader.

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Uncategorized https://www.nocomo.org/blog/using-cot-report-for-better-forex-trading/ https://www.nocomo.org/blog/using-cot-report-for-better-forex-trading/ Editor Tue, 04 Jan 2022 03:25:22 -0500
What are offer contingencies when buying a home?

When buying a home, you can include contingencies in your offer, which will allow you to walk away from the purchase if the conditions in the contingency are not met. Common contingencies are appraisal contingency, financing contingency, and home inspection contingency. You can read more about these contingencies below.

Contingencies are intended to protect the interest of the buyer, but if you include too many contingencies in an offer and you are in a seller's market, they might impact the seller's choice in whose offer to select. If a contingency is not met within the timeline specified in your offer, you can safely back out of the sale without incurring any losses. However, if all of the contingencies are met, and you still choose to back out of the sale, you will lose your earnest money or potentially face a lawsuit.

In this article, we will look at some of the most common contingencies in real estate.

Home Inspection Contingency

Including a home inspection contingency — also known as the due diligence contingency — in your offer will protect you if the home inspection finds issues that need to be handled. If the damages are too extensive, you can safely walk away from the purchase. You can also negotiate more if repairs are necessary. This can lead to delays in closing on the home sale, but getting these issues fixed now means you will not have to worry about them later.

Even if you feel pressured to skip the inspection contingency, that is highly risky to do if there are any issues that come up. However, in a sellers’ market there are times when a home inspection won’t be tolerated. In this instance, you either have to risk buying the home without a home inspection, or you can try and do a pre-inspection where you have an inspection done before even writing your offer.

Mortgage Financing Contingency

The mortgage financing contingency — also known as the financing contingency — is an important contingency to include if you need a mortgage loan. Being pre-approved for your mortgage loan is not a 100 percent guarantee that you will be able to get the loan. Including this contingency means that once your loan goes into underwriting, if you cannot get loan approval, you will be able to walk away from the sale.

In the mortgage contingency, you will specify a time period for you to obtain financing from the bank. If you are unable to do so, you can back out of the contract or attempt to renegotiate the price of the home.

Home Appraisal Contingency

If you are getting a mortgage loan, your bank will most likely require you to get the home appraised. Without an appraisal contingency, if your offer ends up being more than the appraisal value, you will have to pay the difference yourself. Getting the appraisal contingency will also allow you to attempt to renegotiate the price or walk away if the appraisal value is lower than your offer.

Home Sale Contingency

If you currently own a home that you are selling while simultaneously buying a new one, you can include a home sale contingency in your offer. This will give you a set amount of time, usually between 30 and 60 days, for you to sell your current home before closing on your future home. If the house is not sold in time, your offer will expire, and you may need to renegotiate with the seller or look for a different home.

If you are in a seller's market, this is a risky contingency to include. If your offer is just as good as another person's offer, but you include a home sale contingency, and the other buyer does not, the seller is most likely going to choose to go with that person.

The Kick-Out Clause

If you include a home sale contingency in your offer, a seller can add a kick-out clause to the contract. This clause gives them a little more protection. Under a kick-out clause, the seller can continue to keep their property on the market, and if another offer comes in, then the seller can then give you time to remove the house sale contingency from your offer or to cancel the offer completely. The seller can then sell the home to the new buyer.

About the Author

Auz Burger is a freelance writer who specializes in real estate. She has a BA from Washington State University and has been writing and editing professionally for over a decade.

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Uncategorized https://www.nocomo.org/blog/what-are-offer-contingencies-when-buying-a-home/ https://www.nocomo.org/blog/what-are-offer-contingencies-when-buying-a-home/ Editor Wed, 29 Dec 2021 04:35:49 -0500
Most Effective Ways To Avoid Overdraft Fees Overdraft fees happen when a person attempts to purchase an item that exceeds the funds in their checking account. Your bank will cover the purchase for you at the time but will charge an overdraft fee with an expensive interest rate automatically.

These fees can be costly and frustrating. However, users can avoid them with just a few simple tips.

Unenroll From Automatic Overdrafts

Banks design their overdraft services to be helpful tools that users can rely on if they need to make an essential purchase while waiting for funds to clear. However, banks don’t require their account holders to opt into automatic overdrafts.

Opting out of an automatic overdraft service will mean that your bank can reject the transaction if you attempt to make a purchase without the necessary funds. The positive is that your account will not slip into the negative, and your bank will not charge you an overdraft fee.

Closely Monitor Bank Account Information

Though it might sound simple, one of the easiest ways to avoid overdraft fees is by checking your bank account balance regularly every time you’re planning to make an expensive purchase.

Most banks and credit unions have easily accessible websites and mobile applications that allow users to check their account balances whenever they need. Using those features to your advantage and ensuring that your funds are what you expect them to be can help you avoid overdraft fees.

Transfer Funds With Direct Deposit

Most people will wait to make large purchases until they have received money from their employer, but occasionally, a bank will not receive the payment when they are supposed to. Unfortunately, that delay in funds can often result in accidental overdraft fees.

One easy way to avoid these overdrafts is by transferring payments using direct deposit, which will often allow your bank to receive the money from your employer instantly. That way, you can access your paycheck right away rather than wait for your new funds to clear.

Pay With a Debit Card

Most banks only charge overdraft fees when a person attempts to make a payment with a check. However, for attempted purchases with a debit card, the transaction will simply not go through when a person’s bank account has insufficient funds for that purchase.

In addition, paying with cash during transactions when you are unsure of your bank account status can be a great way to avoid accidental overdrafts.

Link to a Separate Account

While not a universal standard, most banks will allow you to link your primary checking account to a secondary source of funds, such as savings, credit, or secondary checking accounts.

The option to link accounts in this way exists as a layer of protection against overdraft fees. Rather than being charged an overdraft fee when you attempt to make a purchase beyond the funds in your primary account, your bank will simply pull money from the linked bank account.

Since the additional account is your own money, your bank will not charge you any fees if you need to use funds from that account for a purchase.

In Conclusion

Overdraft fees can be costly and unexpected annoyances but are easy to avoid with proper use of resources and a basic understanding of your bank account.

By keeping regular watch over how much money is in your bank account or switching your primary payment and check deposit method, you can drastically lower the instances of overdraft fees. And by taking full advantage of your banking options by opting out of overdrafts or linking your checking account to a separate source of income, you can avoid these fees altogether.

About the Author

Pablo Espinal is a father, online marketer and web designer specializing in advertising and based out of the Brooklyn NY area. You can see more of what he does here: https://saaiconsulting.com/homepage/
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Uncategorized https://www.nocomo.org/blog/most-effective-ways-to-avoid-overdraft-fees/ https://www.nocomo.org/blog/most-effective-ways-to-avoid-overdraft-fees/ Editor Wed, 08 Dec 2021 22:49:32 -0500
Quick Cash Advance Loan - A Quick Fix Solution To Any Financial Problem Quick cash loans are the perfect option for you if you are in a financial crisis and you need an instant solution for that. If you are in a situation like that you do not need to worry anymore and just apply for a fast cash loan. The process is very simple and not complicated at all. Even if you have never gotten alone ever in your life before you will be able to get the hang of it and easily get this loan because it is that simple for beginners as well. As it is clear from its name the loan is a fast cash loan and you can easily get the loan amount instantly in your bank account after your application gets accepted by the lender.

In this article, we will discuss quick cash advance loans and how they are a quick-fix solution to any problem.

 1. Simple Application Process

The first benefit of quick cash loans is that the application process is very simple and you can easily fill out the application form online. The best part is that you do not need to visit any physical office or a financial institute to apply for this loan. You can do this from the comfort of your own home without having to visit any place which is perfect for introverts who have never done this before in financial trouble.

This process is available for you to avail 24 hours a day and 7 days a week without any day off. You can do this by using your mobile phone or computer and then the result will be displayed on your screen within a few minutes or seconds.

 2. Receiving The Fund In 24 Hours

The next benefit of getting a quick cash loan is that you can easily get the loan amount in your bank account in less than 24 hours. There are no other financial services out there that are offering you an instant result like this one. So if you are going through a tough time in your life then you can apply for this loan online and once the application gets approved you will get the amount in your bank within the same day.

 3. Flexible Repayments Are Possible

The greatest benefit of getting a quick cash loan is that you can easily make flexible repayment after getting this loan. You will be given the option to set the amount you would like to pay on every repayment schedule every single month. It is a great feature to have when you are getting out alone because paying it back is not an easy task if you are already going through financial problems in your life. There is no other loan option that gives you this feature and that is why it is the perfect one for you if you are going through a tough time in your life right now.

 4. Possible To Apply With Bad Credit

Quick cash loans are very accessible and convenient for people because even if they have bad credit they can still apply for it. Most of the time loans do not get proof because someone has bad credit but this is not going to be a problem for you if you apply for a quick cash loan.

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Uncategorized https://www.nocomo.org/blog/quick-cash-advance-loan-a-quick-fix-solution-to-any-financial-problem/ https://www.nocomo.org/blog/quick-cash-advance-loan-a-quick-fix-solution-to-any-financial-problem/ Editor Tue, 07 Dec 2021 03:37:43 -0500
Three Ways Your International Business Can Make More Money The barrier between countries is now almost non-existent. People travel from one country to the other every day, make calls internationally and do business together from all over the world. Unlike in the days of old where countries stood alone, economies and unions are now being formed between many nations that allow for inter-dependency. Due to this, many countries have been able to work together as one in any sector.

Although the line is getting thinner, and things are getting easier, it isn't cheap doing business internationally. Many businesses spend a lot of money on logistics such as transportation, storage, foreign exchange, money transfer, and so on. And what better way is there to make more money than to prevent spending much more? Here are three ways to lower the cost of logistics thereby improving how much money your international business makes. 

Use a Parcel Service

This is also called the courier service, and the ones that are engaged in the business of transporting parcels, and packages internationally are called International courier service agents. They make sure that packages get delivered to their destination on time and in good shape. International businesses can take advantage of this service to reduce the cost of sending goods to their customers that are located all over the world. 

There are different companies/agents involved in this business, so you should compare three or more agents before choosing which service is better suited for your business needs. The things to consider when making this decision include the following;

  • How many packages do you send daily/weekly/monthly?
  • How fragile are your goods?
  • Do you require insurance protection on your goods?
  • How many countries do you deliver to?
  • What continents are these countries located in?
  • Who are your customers (other businesses or individuals)?
  • How fast do you need your parcels to be delivered? 

Once you have successfully answer all the questions listed above, you can then decide on what company you want to work with. Some international courier services also offer different delivery options to suit many business needs. 

Different Parcel Delivery Options

The different delivery options include express delivery, export and import cargo, Overnight/Evening deliveries, economy, and onboard courier service. 

  1. Express Delivery is the fastest of all the delivery options because they help businesses to deliver as fast as the same day or the next day. There are times for express delivery and when the time is past, the business would have to wait till the next day to send the goods. Some agents have their express delivery times at 8:00 am, 10:00 am, 12:00 pm and in the evening around 05:00 pm. While others have theirs at a close but different time. 
  1. Export and Import cargo is for the transporting of large-sized loads such as cars, trucks, trailers, and so on. The charges are usually flexible, depending on how fast you want the package delivered, where it is going, and the company you are working with.
  1. Overnight/Evening service is slightly similar to express except that this is done during late-night hours from around 7:00 pm till 5:00 am
  1. Economy courier service is the best option for those that aren’t in a hurry to send their goods. The delivery days are usually fixed (does not deliver every day), and the prices are lower than the other options. However, you have to check to see if the agency delivers to the customer’s country. 
  1. Finally, the onboard courier service is for fragile items such as glass, ceramics, tiles, and so on. These services engage in the use of attendants to help carry the goods by hand to the destination. 

In general, international courier services saves businesses the stress of thinking about sending their goods to their customers, and the cost is cheaper than using many local parcel services or transportation companies (like airports). 

Use a business FX specialist

No matter how small your business is, the exchange of money cannot be omitted. How much more international businesses? There will always be a need to transfer money during buying and selling. And because the business is international, more than one currency is involved. This calls for some knowledge on foreign exchange. 

Converting a currency to another requires an exchange rate, which equates the value of that currency to the other. And most times, a bank is usually in charge of this. This is why most businesses use a bank while transferring money. However, banks are not the best choice because many banks are not transparent about the exchange rate. Some banks place a fixed fee on the conversion which is (most times) higher than the general exchange rate. In the long run, this can cause your business to lose money rather than make more money.

Business foreign exchange (FX) specialists help to lower the transfer fees, give customized advice that is tailored for your business, and help manage your currency risk. There is also a guaranteed speed and transparency that comes with the use of a professional business FX specialist. In most cases, the payments are even processed and completed within the same day (no delay). However, not all specialists are this heavenly. Take your time to compare two or more services before choosing one to work with. But a good business FX specialist can help save your business a lot of money in the short and the long run. You can read how to choose the best option for you in the MoneyTransferComparison.com’s business guide

Create a Local Partnership with Local Storage/Local Services

Another area that eats up money in an international business is storage. Finding where to keep your goods after production can be expensive. But you can save all that money by partnering with a local storage service agency. These agencies are in the business of helping other companies preserve their goods before transportation/delivery. 

The kind of agency you would partner with depends on the kind of goods your business produces, and how long your good would be in storage before delivery to the customers. The local storage service agent would be in charge of receiving the goods from your factory/ industry to their storage facility. Therefore you do not have to worry about transporting it to their facility. 

However, ensure that the agency provides certain kinds of insurance protection to keep your products safe during transportation and storage. Also, double-check reviews, and records of the agency to avoid putting your products into the wrong hands. 

Conclusion

The first step to making more money in your intentional business is to stop losing money. And the fastest way to lose money is during the process of taking care of logistics. Luckily, the three ways mentioned above can help you to reduce how much you spend on storage, money conversion, transportation, and delivery. After few months, step back and check your financial reports. You will see an increase in the total monthly/yearly income of your business. 

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Uncategorized https://www.nocomo.org/blog/three-ways-your-international-business-can-make-more-money/ https://www.nocomo.org/blog/three-ways-your-international-business-can-make-more-money/ Editor Tue, 27 Jul 2021 23:38:10 -0400
4 Mistakes Every Beginner Investor Should Avoid

Investing has long been practiced by businessmen and even average people. It refers to putting in capital (i.e., your money) into a financial channel in the hopes of turning the initial investment into more wealth and reaching certain financial goals.

You can invest your resources and venture a new company or business. You can also invest in various assets such as in the stock market, commodities, real estate, mutual funds, and more. Investing also counts placing your savings in an interest-paying bank account or purchasing an insurance policy that pays you bonuses.

Reasons Behind Common Financial Losses

Although making mistakes allow you to grow and do better, there are a few of them that’ll decrease your chances for positive gains.  These mistakes might even be the reason behind huge financial losses. Considering this, arm yourself with adequate knowledge to minimize your financial risks when investing.

To guide you more, in this article are four mistakes every beginner investor should avoid.

  1. Not Researching Before Investing

As mentioned, investing your money seems to bring promising results that’ll help you move closer to your financial goals. However, if you hop on the bandwagon without adequate insights, you might end up not gaining enough returns.

Knowledge is power, especially when it comes to investing your money. Mistakenly, beginner investors allow their emotions and expectations to take over. Fear and greed may rule your judgment, leading you toward a dud investment.

Considering all these, be proactive in doing your research and exploring your options before putting all your eggs in that basket. This knowledge will also come in handy as to not fall prey from all the surrounding ads about stocks or the seemingly right investment channel for you.

  1. Not Considering A Financial Expert

While most people follow certain financial influencers on the internet, to educate yourself with a certified financial expert or advisor would even be better. With the help of these professionals, you can be enlightened by the intricacies of investments and make an informed decision before you pour your money into certain assets.

When consulting with your expert, you need to be transparent about your current financial assets, streams of income, and savings. Keep in mind that it’s important to be honest about your net worth and to share relevant information that can help you and your agent work together to achieve your monetary goals.

  1. Not Diversifying Your Investment Portfolio

Your financial goals and investment schemes will look different from other investors. This doesn’t imply that you should put all your money in one area. A sudden drop in a certain sector might cause you to lose fortunes in one setting. You can’t ensure that this market or business will continue to thrive despite fluctuations and recessions.

Hence, as a general rule of thumb, it’d be best not to allocate more than 5–10% of your resources into one avenue. Expect volatility—few stocks will bring fewer returns, while others can take a few years to recover.

With your knowledge coming from comprehensive research and talking with an expert, you’ll be able to identify different assets and sectors that can potentially help your portfolio stay afloat. You can mix and allocate your capital into different assets such as property investment, mutual funds, precious metals, stock market, and more.

You can also explore various sectors across and outside the country. For instance, you can allocate your resources to foreign operations. Your choice will boil down to your preferences, targets, and financial road map. By investing in various financial assets and platforms, you can help protect your wealth and withstand various economic downturns and unpredictability. This will help you feel more financially secure and gain peace of mind.

  1. Lack Of Patience

If you’re investing for reasons to gain positive gains quickly, you’re investing for the wrong reasons. Likewise, if you plan to withdraw nearly all your assets immediately, you might not be able to fully receive the full monetary benefits of investing.

While it can be quite exciting to witness how your money can triple over time, investing is a pursuit that requires patience and work. If you’re in it for the long term, you need to shift your perspective and keep your expectations realistic with regard to your timeline. Building wealth will take time. You need to allow the compounding interest or let the market stabilize to do its job for you to yield greater returns.

Final Thoughts

Investing your money to a wide scope of investment channels will help you gradually build wealth and stay in line with your financial roadmap and goals. However, while it can be exciting to get your money moving, take note that it would be best to equip yourself with adequate knowledge and expert, genuine advice from others, especially investment advisors. This way, you’ll potentially avoid costly mistakes when investing.

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Uncategorized https://www.nocomo.org/blog/4-mistakes-every-beginner-investor-should-avoid/ https://www.nocomo.org/blog/4-mistakes-every-beginner-investor-should-avoid/ Editor Wed, 30 Jun 2021 04:57:41 -0400
The 7 Best Reasons to Get a Personal Loan Everyone encounters financial difficulties in their life. This can be caused by your monthly spending exceeding your income, rent increasing annually, the birth of a baby or a medical emergency.

An outstanding debt, such as a student or car loan, can also cause you financial stress.

Getting a personal loan is one strategy you can consider to overcome your financial difficulty.

If you are an Emirati, a personal loan for UAE nationals can be used for practically any need you have that falls within reason and the lender’s given terms.

When to Apply for a Personal Loan

Although you can use a personal loan for anything, it is unwise to get one for a frivolous reason, or just to have a loan.

However, a personal loan can prove to be highly useful when you get it for the following reasons:

1.    Paying Off Outstanding Debts

One of the most common and best reasons to apply for a personal loan is to use it to pay your debts and bills.

Getting a loan is a form of debt consolidation. You can use the proceeds to pay your credit card bills or other existing loans.

When you combine all of your outstanding balances into one monthly payment, you will find it easier and less overwhelming to pay for them.

This is because when you apply for a personal loan, you can look for one with the lowest interest rate. As a result, you reduce the amount of interest you pay every month.

Additionally, you can choose a payment period that you find more convenient. Because of this reason, you can pay your consolidated debt within a shorter amount of time or extend the repayment term.

Another advantage of using your personal loan is that you will be able to free up more of your income to cover your other regular and important expenses.

2.    Financing Home Improvement Projects or Repairs

If you want to give your home an updated look or finance a major repair or renovation, a personal loan can help you cover all the expenses.

A personal loan is a better option than a home equity loan for homeowners who want to invest in a home improvement project. This is because you won’t have to use your property as collateral.

Additionally, since a home equity loan is secured, you are at a higher risk of losing your property in case you fall behind on payments.

Lastly, compared to a home equity loan, you may find it easier and quicker to get a personal loan.

Whether you want to have your plumbing system upgraded, replace your roof, or add a new room to your home, consider getting a personal loan to finance it.

3.    Purchasing New Appliances

Buying a new fridge, dishwasher, washing machine, air conditioning unit, or kitchen hob can put a huge dent in your finances. Whether you are replacing a broken one or upgrading it, a personal loan allows you to purchase them with less stress and difficulties.

Personal loans allow you to buy a major household appliance faster since you won’t need to save for months in order to make a big purchase.

As a result, you can go about your household chores quicker and more conveniently.

Other big ticket purchases, such as an entertainment centre or computer, usually cost more than what you have in your savings account.

Regardless of which appliance you need, a personal loan can help you get it within a shorter time frame.

4.    Paying for Unexpected Expenses

Emergencies, including hospitalisation and the unexpected death of a loved one, can be pretty expensive.

Even common medical treatments, such as dental procedures and physical therapy, usually require a fortune too.

A personal loan can pay for these medical treatments, dental procedures, and the funeral of a loved one. It can also cover ancillary expenses, including medical travel, medications, and veterinarian bills.

Unexpected car and appliance repairs can also be considered emergency reasons to get a personal loan.

Since personal loans can be released quickly, it is another financing option that can help you pay for an emergency or unexpected expense.

5.    Financing a Vehicle

Although getting an auto loan is the most popular way to pay for a car, a personal loan is also another option you can consider.

Auto loans are also secured debts and use your vehicle as collateral. This means that your car can get repossessed if you miss a few payments.

You can also use your personal loan to lease a car if you want to rent instead of buying one.

Aside from cars, you can also use the proceeds of your loan to purchase or hire a motorcycle, trailer, boat, and other recreational vehicles.

6.    Funding a Relocation

Moving, whether locally or internationally, can break the bank. Hiring your movers, buying furniture for your new home, and paying for additional repairs or improvements can cost you a lot of money.

If you don’t have substantial savings, consider taking out a personal loan to pay for your moving expenses.

You can use your loan to cover all moving-related expenses and any unexpected ones. With this solution, you can avoid raiding your savings or emergency fund.

If you are expecting a huge expense when you are relocating, consider taking up a loan to ease your burden.

7.    Budgeting for a Major Life Event

Finally, important events, such as weddings, anniversary parties, or christening parties, can be costly. They could be less expensive if you have access to additional funds, which you can get from a personal loan.

If you are planning a wedding, you can use your loan for various big-ticket and less expensive items, such as rental for the venue, the bride’s dress, cake, flowers, photography, and services of a wedding coordinator.

You can also use the proceeds of your loan to buy your engagement ring.

Your honeymoon can also be more special and memorable if you can splurge on it, which you can do when you have access to additional funds. Applying for a loan can pave the way for this.

If you have always wanted to reward yourself and your family with a luxury vacation, you can also do so without dipping into your bank account or saving for years.

A personal loan can cover your airfare and other travel costs, accommodation, food, entertainment, souvenirs, and any additional costs that come with going on a holiday.

Aside from having a good reason and clear plan for your personal loan, having a digital bank account in the UAE at one of the trusted financial institutions can help you get the funds you need with less stress and work.

Because of this reason, study the different products well and the provider to ensure you get a loan that’ll work for you.

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Uncategorized https://www.nocomo.org/blog/the-7-best-reasons-to-get-a-personal-loan/ https://www.nocomo.org/blog/the-7-best-reasons-to-get-a-personal-loan/ Editor Thu, 24 Jun 2021 03:26:07 -0400
Small Business Accounting Services To Maximize The Company’s Bottom Line Are you worried of about your company’s bottom line? Do you want to hire small business accountants to improve your company’s bottom line? What services can they provide to improve the bottom line?

If you are many business owner and you have less time to focus on your accounts and revenues then you should consider small business accountants to handle your company’s bottom line.

The bottom line of the company means the earning, profit, net income of your business. The reference of the bottom line describes the  relative location of the net income figure on a company’s income statement.

Everything you should know about hiring a small business accountants to maximize the company’s bottom line is down here.

You should hire the business accountant for your company when you need help in collection, analysis and reporting of financial information. Business accountant may help you to make better financial decisions.

Your accountant will ensure that your company’s financial data is managing properly. He will have the responsibility to maximize the company’s bottom line. The accountant will also ensure that the proper procedures are taking place to improve financial crisis of the company.

You don’t have to rush to hire the small business accountants. Make sure you do your homework in finding the best business accountant for your company. You want someone capable and trustworthy. After all you will share your company’s accounts data with him/her.

Ask your colleagues to help you in finding the best business accountant for your company. Accountant should be reliable and he/she should know about the work really well. Ensure that you are hiring a certified accountant.

You can do accounting services by yourself but if you have many businesses then it’s good to outsource the accounting services.

Why You Should Consider Hiring Person For Accounting Services?

The answer of this question is very simple. You will not want hassle in your life by managing many companies with their financial problems. Of course you will need an accountant to handle financial situation and he can also gives you solutions of your financial crisis.

Moreover, hiring an accountant will save your time and stress down the road.

He will help you in all financial related work including data work and giving you advices in the end of every month to improve your company’s bottom line

They provide you enough support. Yes you can trust them if you have hired the trustworthy accountant.

They provide you business support related to finances that whether the decision will be good for your company or not. Your accountant will help you in this as well.

In the end your company’s bottom line is everything you will have at the end of the month. Whether your company is getting profit or facing loss, your life depends on it.  So you can hire a small business accountants for your company to improve its bottom line. I hope at the end you get the enough profit for your company.

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Uncategorized https://www.nocomo.org/blog/small-business-accounting-services-to-maximize-the-companys-bottom-line/ https://www.nocomo.org/blog/small-business-accounting-services-to-maximize-the-companys-bottom-line/ Editor Sun, 20 Jun 2021 22:55:18 -0400
Online Banking: Pros, Cons and Security Tips

Online banking has become very popular for simple banking operations. These banks can make it a lot easier for you to actively manage your financial life. With an internet bank, you can monitor your accounts, pay bills, and transfer money - all with one click.

However, when considering online banking, keep in mind that internet banking is not always a viable substitute for brick and mortar financial services. To help you decide whether to switch to an online bank, stick with a traditional bank, or choose a combination of both, let's examine the pros and cons of internet banking.

Pros of Online Banking

1. Convenience

Direct banking institutions are open for business wherever there is an internet connection. Aside from times when the site is being serviced, they are always open. Your account balance and information can be called up with just a few keystrokes.

- Even if the internet service is not available, customer service is usually available around the clock by phone.

2. Better prices

Infrastructure and overhead costs are minimal, allowing internet banks to pay higher interest rates on savings accounts while charging lower loan and mortgage rates. There are even accounts with no minimum balance or service fees that can be opened without a minimum deposit.

3. Comprehensive services

Internet banks usually have higher quality websites than traditional banks, with more extensive content. This can include functional budgeting and forecasting tools, online financial planners, investment analysis tools, trading platforms, and loan calculators.

4. Banking on the go

Internet banking today almost always includes mobile functions. New applications are constantly being developed to further expand and improve these possibilities on smartphones and other mobile devices.

5. Transfers.

While traditional banks allow funds to be moved via electronic transfer, there are often fees for doing so. Most internet banks offer unlimited transfers for free. This even includes transfers to outside financial institutions. They also accept authorized direct deposits and withdrawals, such as salary deposits and automatic bill payments.

6. Ease of use

Online accounts are fairly easy to set up and require no more information than a traditional bank account. If you do not want to fill out the application online, the forms can be downloaded and sent by post. Online checks are even easier to use as the payee's information is automatically saved for future use.

Cons of Online Banking

1. Personal relationships

A regular bank offers a better way to develop a personal relationship. These relationships can be helpful when you need a loan or other specialized services. Your local bank manager also has some discretion when it comes to removing an overdraft fee.

2. Transaction Problems

Complicated transactions and large cash transactions can be a challenge with an online bank. Most internet banks do not have their own ATMs, although some have started to form network alliances with traditional banks. But for the most part, using an ATM will cost you something.

3. Available services

Some internet banks may not have the full range of financial services that a traditional bank offers, such as: B. Insurance offers and notarial certification.

4. Security

Internet banks must adhere to the same laws and regulations as a traditional bank, and the FDIC insures the bank accounts. However, electronic access to your accounts always carries some additional risk to your data, regardless of whether you use a traditional bank or an internet bank.

Security Tips for Online Banking:

Below are some tips for increasing security of your online banking experiences:

1. Install the latest anti-virus software

When you connect your computer, phone, or tablet to the internet, you are potentially opening it up to a virus that could steal private information from you. To prevent this from happening, you should install an antivirus program and update it regularly. This includes running full virus scans on a regular basis and downloading any updates provided by the provider.

2. Use a VPN when accessing private information online

A free WiFi network can be very convenient. However, it can also be used by hackers to steal personal and financial information from people using the network. Open WiFi networks are not as secure as private networks, so you should avoid online banking or entering your payment or personal information when using a non-secure network.

When necessary, a VPN (Virtual Private Network) can offer additional protection. VPNs can be used for different purposes. For example, people in China uses VPNs to bypass internet blocking (in Chinese, they call it "翻墙VPN"). VPNs allow you to remotely connect to a private network and encrypt your internet connection and any data you send so that no one can access it - including the internet service provider or a potential hacker. There are many VPNs available. You can check VPN recommendations and reviews to choose a good one.

3. Use a password manager to encrypt and store your passwords

You've probably been told a thousand times to change your password regularly and have a different one for each account you use. However, memorizing eight or nine different passwords (if not more) and changing them regularly can be tedious and time-consuming. Instead, a password manager can do this for you. They are free and generate strong passwords with a combination of letters, numbers and special characters. These are then stored in an encrypted account, and if you are logged into the password manager, your username and password will be automatically filled in when asked.

A reputable password manager gives users the ability to use non-guessable passwords (which are usually not memorable either) for their online accounts. It may seem like you're putting it all on one card, but they have very strong security controls and in fact a good password manager never saves your password, only a super-encrypted version of it that only you can access with the key (the password Manager app and password).

4. Never open suspicious links

Whenever you are contacted by someone you don't know, be it in an email, phone call, text message, social media, or even WhatsApp message, always double-check who the person or company is before clicking any links in the message or provide any of your information.

If there are links or attachments in the message, do not open them until you are sure that the sender is genuine.
Once you know the sender, ask again to make sure they intended to share the link and that it wasn't a virus.

5. Check your credit score regularly

Often times, your credit score is the first place to find out that you've been hacked as all of the loan applications show up here. So it's important to check it regularly and contact the credit bureau if you notice anything strange.

All three major credit bureaus (Experian, Callcredit, and Equifax) offer free fraud victim assistance to limit the burden and inconvenience, including contacting the lenders involved on your behalf. 

Conclusion:

As with everything else, there are advantages and disadvantages to both online and traditional banking. Your ultimate solution could be to use both types of banks. Use the points above to consider your own situation so that you can make an informed decision. Also, once you have decided to use online banking, please use the tips we mentioned above to increase security for your online banking experiences.

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Uncategorized https://www.nocomo.org/blog/online-banking-pros-cons-and-security-tips/ https://www.nocomo.org/blog/online-banking-pros-cons-and-security-tips/ Editor Tue, 20 Apr 2021 03:50:33 -0400