Nocomo: Blog Nocomo: Blog https://www.nocomo.org/blog/ Copyright by Nocomo en Nocomo Thu, 06 Oct 2022 00:36:19 -0400 How to Make Your Future Safe and Golden Years Stress-Free We all have to go through the aging process and hence, it is important that we save a good amount of money when we are young. Most aged people don’t want to rely on their children because they want to feel financial independence and enjoy their golden years. Financial experts advise all working people that they should start planning for their old age when they are young. For instance, it is a good idea to get in touch with a financial advisor and look for the right retirement plan.

How can you secure your golden years?

We all are aware of the fact that money is important when it comes to living a stress-free life. However, it can really be hard to plan it wisely. Some of the effective tips are elaborated on below:

Saving as much as possible

Whether you are saving through a saving account or mutual funds, you should keep saving your money without any excuse. There is no other way to secure your present and future. It is not possible to achieve your financial goals if you don’t save a little every month. 

Just think about how your retirement will look like 

Depending on your profession, you can just get an idea of how your retirement may be. For instance, if you are a business owner, you might have some investments that may pay you back. If you are a government employee, you may have some pension plans from the officials depending on your job. Things may be different for a self-employed person. That’s why, it is important to assess your requirements before making any decision.

Know about the employer’s retirement plan 

If you are working in an office, it is suggested to get familiar with the retirement plan that he has to offer to his employees. You can get in touch with the human resource or finance department to understand the benefits for employees when they retire. If you are unable to understand them well, it is a good idea to contact a financial advisor beforehand.

Social security and pension plans 

It is highly recommended to know about social security and pension plans that may be offered to old people pre or post-retirement. If you know them beforehand, it will be beneficial for you to plan your savings and investments accordingly.

The best way to plan your golden years is to contact a good financial advisor, who can guide you better. 

]]>
Uncategorized https://www.nocomo.org/blog/how-to-make-your-future-safe-and-golden-years-stress-free/ https://www.nocomo.org/blog/how-to-make-your-future-safe-and-golden-years-stress-free/ Editor Wed, 05 Oct 2022 04:30:23 -0400
Figuring Out if You Can Afford to Buy a House There are different factors that one has to keep in mind when deciding whether or not they can afford to buy a house.

The first step is to find out how much your monthly income is, and then compare it with the average rent for the area you are looking in. Then, you can estimate your savings and debt payments. If you come up short on either of these two, it could be difficult for you to afford a house.

There are other factors that may also affect if you will be able to afford a house or not such as your credit score, down payment amount, and mortgage interest rate.

With all of these factors, it can be hard to figure out how to prioritize them and make a good decision as far as buying a house. Let’s get into some of the factors we just mentioned so you can determine whether now is the right time to buy a house.

Figure Out What Your Mortgage Will Be

You can use a house payment calculator to see what your mortgage will be. Know that this is one of the most important things to know when you are planning to buy a house.

A mortgage calculator is a tool that helps people to estimate how much their monthly mortgage payments will be. This can help them plan for the future and avoid any surprises. You can also use this tool to see how much you need to save in order to pay off your mortgage faster.

There are many different types of mortgages, but a common type is a 30-year fixed-rate loan with an interest rate that stays the same all the time.

Can You Afford Your Utilities?

First-time homebuyers often have a lot of questions about what they can afford. This can be a difficult question to answer without knowing your current financial situation.

There are many factors that come into play when calculating the cost of utilities in your house, such as where you live and how much square footage you have. It is important to know these factors before buying a house so that you don't overspend on utilities or find yourself in a financial crunch after moving in.

You can save on utilities by using only what you need and buying energy-star-rated appliances.

Property Taxes

Finally, there are property taxes.

You might be wondering if you can afford to buy a house in your new city while paying property taxes. This is not an easy question to answer with certainty, but there are some things that you can do to make sure that you have enough money left over after paying for necessities like food, utilities, and transportation.

Property taxes are a big expense for most people. It is important to know the tax rates in your area before buying a home. Many people get stuck with high property taxes when they don't realize that their county has different tax rates than the state. That's why it's important to know what you can afford so you don't end up with a house that you cannot afford.

]]>
Uncategorized https://www.nocomo.org/blog/figuring-out-if-you-can-afford-to-buy-a-house/ https://www.nocomo.org/blog/figuring-out-if-you-can-afford-to-buy-a-house/ Editor Fri, 09 Sep 2022 04:50:31 -0400
5 Life Insurance Riders to Consider The main component of life insurance is the death benefit, which pays out a substantial lump sum to beneficiaries if you pass away with an active policy. However, every policyholder has different circumstances they need to account for. That’s why insurers offer a variety of life insurance riders, or policy add-ons you can buy to tailor your coverage to your needs. This article will explore five types of life insurance riders to consider if you want to customize your life insurance coverage.

1. Inflation rider

Inflation riders increase your death benefit by a fixed percentage, such as 5%, every year. This can help you guard your death benefit against losing value to inflation. Additionally, if inflation is low, the inflation rider can help grow your death benefit to provide more to your loved ones. Inflation riders increase your premiums, but you can save thousands of dollars from the effects of inflation. Plus, inflation reduces the value of your premiums every year. For instance, if you pay $5,000 per year for a permanent life insurance premium with an inflation rider, that $5,000 will be worth less next year, helping offset the inflation rider’s cost.

2. Return of premium rider

Many term life insurance policies last for 10 to 30 years, so the policyholder may risk outliving the policy and losing the premiums they paid. A return of premium rider prevents this. If you purchase a return of premium rider and outlive your term life insurance policy, the insurer will refund you all premiums paid. You’ll pay higher premiums, but if you’re confident you’ll outlive the policy, the extra cost can be worth it.

3. Child insurance rider

A child insurance rider pays out a death benefit if one of your children passes away while the policy is in force. This can help pay for funeral expenses and related costs, easing the financial burden while you grieve. Children do not have to take a medical exam for these riders, but you may have to provide some of their medical information to the insurer.

4. Long-term care rider

A long-term care rider lets you access some or all of your death benefit while alive if you experience a qualifying illness or injury. You can use the death benefit while alive to cover long-term care costs, such as home healthcare workers or caregivers, long-term care facilities, or nursing home expenses.

5. Family income benefit rider

A family income benefit rider pays your beneficiaries a fixed monthly income stream if you pass away while the policy is in force. It resembles a paycheck, helping your beneficiaries replace your income.

These riders can work well for policyholders who are the sole earners in their families or are worried their beneficiaries can’t manage a large lump sum death benefit. The insurer pays this to your beneficiaries on top of your death benefit, so you may pay slightly higher premiums.

Customize your life insurance coverage with riders

Life insurance providers offer many types of riders to customize your coverage if you pass away. Inflation riders guard your death benefit against inflation, while return of premium riders get you your premiums back if you outlive the policy. Some riders even let you access benefits while alive. The child insurance rider can help cover funeral costs if a child passes away, whereas the long-term care rider can help you pay for illness and injury costs.

Rider availability and costs can vary by insurer. Shop around to find out which insurers offer the coverage and riders you need within your budget.

]]>
Uncategorized https://www.nocomo.org/blog/5-life-insurance-riders-to-consider/ https://www.nocomo.org/blog/5-life-insurance-riders-to-consider/ Editor Tue, 06 Sep 2022 00:33:57 -0400
Do Teachers Get Life Insurance After Retirement? While teaching doesn’t always offer the best salary around, it usually comes with benefits that last you throughout your career and long after. One of those benefits is often life insurance, depending on your location and district. If you’re looking to maintain your life insurance even after you’ve retired, you’ll be happy to know that it is usually possible if a few minimum guidelines are met. Here’s everything you need to know about hanging onto your life insurance policy long after you’ve left the classroom.

Life Insurance for Retirees

Most people of retiring age find it hard to obtain a life insurance policy as rates spike when one grows older and their risk increases. In fact, averages can tip well over $1000 monthly for a medium-level policy amount. Those steep prices are unattainable for most, which makes the prospect of maintaining a pre-existing policy even more exciting.

Requirements for Maintaining Your Life Insurance Policy

For teachers, there are generally a few requirements that need to be met to maintain coverage after retirement. Below are a few to keep in mind but remember to always verify eligibility with your employer and life insurance provider.

Policy Length

Generally, it’s required that you hold your policy for a certain amount of time before retirement to keep your benefits upon retirement. The average length of time is five years, though it can vary depending on the company. The reason a minimum length of time is required is to stop individuals from taking out a policy a month before retirement to enjoy a lifetime of benefits. Instead, it has to be earned.

Smooth Transition

Most life insurance companies will require that you keep your original employer-sponsored group insurance until it’s time to retire and adjust the policy. If you switch the policy before retirement, it may not be eligible for a post-retirement rollover.

Maintaining Your Life Insurance Policy

Remember that your life insurance policy may be able to carry over past retirement but that you’ll likely be liable for the payments. Instead of your employer subsidizing the price or completely covering it, you’ll now need to budget for maintaining that policy when you retire. Some policy providers also reduce your coverage over time. Each year you may find a reduction of a few percentages, and then it continues to depreciate.

Though you may find that rolling over your policy is easiest, in the end, the price and hassle for the same policy through your former employer may be worse than opting for a third-party policy. It’s important to research to determine which price point and coverage suit your needs. A simple search of senior term life insurance quotes or similar will help to narrow down your choices.

The Bottom Line

Teachers looking for life insurance upon retirement have multiple options to meet their needs. Whether it be rolling over a former employer policy or shopping for a new one, there are options that can fit your unique needs. In either case, it’s important to carefully consider which will work with your needs and protect everything you love, especially as you enter the next phase of life.

]]>
Uncategorized https://www.nocomo.org/blog/do-teachers-get-life-insurance-after-retirement/ https://www.nocomo.org/blog/do-teachers-get-life-insurance-after-retirement/ Editor Tue, 06 Sep 2022 00:33:03 -0400
How to Find the Right Lawyer for Your Case Hiring a lawyer for any case is always a big decision. After all, they are going to be representing you and supporting you throughout the case, so making the right choice is critical. No matter what kind of case you are fighting, you want to know that your lawyer is the best professional for your needs, is experienced in the relevant area of law, and has a good track record of winning cases like yours. Some of the main things to consider in your search for the best lawyer for you include:

Law Firm Size

Whether you’re hiring a family lawyer or a mass tragedies lawyer, one of the first things to consider is the size of the law firm. Larger law firms will usually have access to more resources and will have more people working for the team including paralegals and investigators, which can be useful to have in a complex case. A bigger law firm will also usually have more lawyers who have various areas of expertise allowing you to make sure that you are getting the best representation for your case. That being said, this doesn’t mean that you should overlook smaller law firms. In some cases, these might be a better fit as they can often offer a more personal service, charge less due to lower overhead costs, and may be more attentive to your case as they have a smaller case load.

Specialization

There are hundreds of different specialities when it comes to the law, ranging from everything from bankruptcy to criminal law. When you are searching for the best lawyer for your needs, their specialization is going to be one of the main things that you should keep in mind. Consider your case and the specific area of law that it is relevant to when hiring. For example, a medical malpractice lawyer might be the best option for you if you believe that you have been misdiagnosed with an illness, or you may want to work with a personal injury lawyer if you have been involved in an accident that was not your fault. While some lawyers do work in different areas, it is usually best to hire a lawyer who is a specialist in the area of law pertaining to your case, as they will typically be more knowledgeable and more up to date on any changes in that area of law.

Experience

Another factor to consider before you choose the right lawyer for your case is how much experience the have. A lawyer with a lot of experience will have a deep understanding of the law and will know how it applies to your case. Along with this, a lawyer with a lot of experience will have a good familiarity level with the court systems and know how to effectively navigate them to help you get the best results. The more experienced a lawyer is, the more likely they are to have a strong network of contacts who they can turn to for help with your case, all of which will put you in with a better chance of winning.

Cost

Finally, it’s important to bear the cost in mind before you choose the right lawyer. There are lots of things to consider, including that fees can vary a lot between different lawyers and law firms. Some charge a flat fee for the case, while others charge by the hour. Some lawyers work on a ‘no win no fee’ basis, while others will expect payment upfront for taking your case. It is a good idea to have a budget in mind, find out more about the lawyer’s billing practices, and ask about any discounts you may be able to receive, for example, for prepaying.

Finding the right lawyer for your case is crucial to your success. These are some of the main areas to keep in mind as you search.

]]>
Uncategorized https://www.nocomo.org/blog/how-to-find-the-right-lawyer-for-your-case/ https://www.nocomo.org/blog/how-to-find-the-right-lawyer-for-your-case/ Editor Tue, 30 Aug 2022 23:27:32 -0400
Rental Prices Have Increased Across London's Tube Lines, Opening up Investment Opportunities

During the pandemic, many transport links were empty and once-bustling cities were desolate. As a result, rental market values dipped, and yields around the capital were lower.

Post-pandemic, the market has bounced back with decent transport links and a quick commute becoming necessary for many tenants. However, with the increased need for travel, rental prices have soared among London's tube links.

As Stephen Clark, from Finbri bridging finance, say, "With demand in the capital increasing post-pandemic, rental prices have soared, especially in central London where tube lines and transportation are now back to pre-pandemic levels. Buy-to-let developers are now looking for investment opportunities around all the tube lines, including those in Essex, to increase their rental yields."

The most recent market analysis by Rentd has shown that property rental prices in the areas surrounding London Underground stations have climbed by an average of 21% over the past year, with only two stations failing to witness an increase in values.

What is the cost of renting near a tube station?

According to the study's findings, the average cost of renting a property within walking distance of a tube stop currently sits at £2,222 per month, a 21% increase in the last year.

Compared to the annual growth rate of 15% observed in the wider London market, this is a significant difference.

Which area has the most significant rise, broken down by station?

The London Underground rental values have increased the most in the EC4 postcode.

Four stations are located within this postcode, including Mansion House, Monument, Blackfriars, and Cannon Street. Over the past year, the average cost of renting in this neighbourhood has increased by 46%.

Within the IG7 postcode, the average cost of renting has increased by 45% over the last year, making Chigwell and Grange Hill the areas that have witnessed the second most significant increase in rent prices.

The values of rental properties in the neighbourhoods around Pimlico, St. James's Park, Victoria, Sloane Square, Hyde Park Corner, and Westminster are likewise increasing by 39% annually.

Only 0.1% of rent has increased at Manor Park over the last year, while Tottenham Hale (-1 percent) and Chadwell Heath (-5 percent) are the only tube stops to witness a decrease in the cost of renting in the past year. Manor Park had the lowest rate of rental growth.

How much has the rental fee increased by tube line?

With the most robust rental market performance, the Circle line is the most lucrative tube line, with the cost of renting surrounding stations increasing by 28%.

After the Circle line, the Hammersmith and City and District lines have also had some of the highest rises by line, with an increase of 22%. This was followed by the City and Waterloo lines and the Victoria and Bakerloo lines at 21%.

The smallest increase in rental value is the Metropolitan Line has experienced the second-smallest growth, coming in at 15%.

Rentd analysed the local rental market and discovered that, despite the recent inauguration of the Elizabeth line, rentals have only increased by 16 percent annually.

]]>
Uncategorized https://www.nocomo.org/blog/rental-prices-have-increased-across-londons-tube-lines-opening-up-investment-opportunities/ https://www.nocomo.org/blog/rental-prices-have-increased-across-londons-tube-lines-opening-up-investment-opportunities/ Editor Sat, 20 Aug 2022 09:25:05 -0400
6 Things To Remember When Looking For Farm Insurance Did you know that there are around 192,000 active farms in the UK?

While this is great news, this figure has fallen substantially, by more than 100,000 since 1990 in fact, and therefore, this important sector needs protecting.

Though this might require a much bigger conversation and action, each farm can start by protecting themselves and their own land on an individual level.

A large part of this protection is farm insurance, and choosing the right policy is absolutely vital.

But how do you do this?

Well, if you are the proud owner of farmland, you can start by checking out this guide. Below, we’ve put together a list of important things to remember when looking for farm insurance.

Read on for more advice.

1. There are different levels of cover

One of the most important things you need to remember when looking for farm insurance is that there are lots of different levels of cover. Because of this, you can never take for granted that everything you need is covered in one policy.

Instead, you need to make sure you do your research and find a policy that offers full coverage or at least covers the different areas you need. For example, some of the different types of cover could include:

  • Farm property insurance
  • Farm liability insurance
  • Dairy farm insurance
  • Arable farm insurance
  • Livestock insurance
  • Farm equipment insurance
  • Vehicle/equipment insurance
  • Public liability insurance
  • Employer liability insurance
  • Accident insurance
  • Environmental pollution insurance

The type of policy and cover you need will depend on the type of farming you do, what equipment and property you have etc. But either way, you need to make sure that you thoroughly research the different policies and that you get the full cover for your unique circumstances.

Otherwise, if the time comes to make a claim, you might find that you’re not entitled to as much as you thought - or worse, anything at all.

2. Always shop around

It can be tempting just to settle for the first insurance policy you find to get your farm covered quickly, but this can lead to several issues. Firstly you could end up not getting enough coverage, as we’ve mentioned above. Not only this, but you could end up paying too much or not finding the right policy for your farm.

Instead, it’s a good idea to shop around and compare plenty of policies before you settle. You can use comparison websites to get you started; you could also reach out to different providers individually to get a quote.

You could also speak to insurance brokers for professional advice. They will be able to point you in the right direction and help you find the right deal. Once you’ve gathered a few quotes from whatever source works best for you, then you can compare and contrast to find the right level of cover for the right price.

3. It’s important to read the terms and conditions

We’ve already discussed the fact that not all policies are the same, and you need to find the one that best suits your business. However, before you sign anything, you need to double-check that everything is in order by reading the terms and conditions of each policy.

You should never buy a policy without reading the small print, even if it seems boring and time-consuming. This is because you don’t want to get caught out should you find yourself trying to make a claim one day.

Often, certain policies won’t cover certain belongings or eventualities, and these exceptions will be listed in the fine print. You could also come up against other unfair terms, such as misleading clauses about the contract or your legal rights. This is why it is always so important to check.

Plus, when looking at policies, if you have any questions, no matter how small or silly they may seem, you should always ask the provider. This will avoid any nasty surprises and stops you from signing a contract you might regret.

4. Don’t just focus on price

A farm is a business, and therefore it stands to reason that you always have a budget in mind. However, you should never choose farm insurance based solely on price. Of course, this will come into consideration, but it should not be the driving factor.

Otherwise, you could end up with a weaker policy that doesn’t cover you properly. So although the budget must be carefully considered, you need to get the balance right between money and your level of cover.

Often it is the case that when you buy cheap, you don’t get what you expected. The more you pay, the more comprehensive and protected your policy is likely to be. So just keep this in mind when looking for the right farm insurance policy.

5. You can ask for discounts

While we’re on the subject of budget, don’t be afraid to haggle a little or speak with insurance brokers or providers to negotiate on price. Often the price that is quoted is not set in stone, particularly as policies can be adapted and tailored.

Not only this, but some farms will qualify for a discount on coverage depending on the nature of the land and where it is. So it’s always worth checking these things out. This is another way to get a great deal with full coverage.

6. Your coverage and needs might change

Finally, don’t want to fall into the trap of just letting your policy roll over year after year. As some of these policies will be set to auto-renew, this is another thing you need to look out for in the small print.

Instead, it’s a good idea to review your insurance needs every 12 months, perhaps shop around a bit, and you might find you can get the same coverage even cheaper. This is particularly important if you’ve made changes to your farmland throughout the year or changed the activities you do there.

You need to make sure that your insurance policy is up to date with your current needs. It would be a mistake to assume that your existing policy has you covered without checking it. So always mark the date on your calendar and give yourself a couple of weeks’ notice to review your farm insurance policy and possibly find a new one or increase cover where needed.

]]>
Uncategorized https://www.nocomo.org/blog/6-things-to-remember-when-looking-for-farm-insurance/ https://www.nocomo.org/blog/6-things-to-remember-when-looking-for-farm-insurance/ Editor Fri, 12 Aug 2022 00:08:28 -0400
The Taxes You Should Know About When Returning Home As An Expat Expatriate life is not for everyone, but for those that it does suit, there are often lifelong benefits. There are also many different expat roles and it is important to understand the tax implications of each before making a decision. Whether you’re moving back home after an extended period away or just taking a job overseas for a year, there are some taxes you need to know about as an expat. The money you make while living abroad has different implications than the income you receive when you return home again. Even if you don’t currently plan on working outside of your home country, it doesn’t hurt to understand how your taxes might be affected by an extended stay in another country. Depending on how long you plan to live elsewhere and your employment status, there are different types of taxes you need to be aware of as an expat. Here are some of the most common ones:

Residency Tax

If you’ve lived outside the country for a certain period of time, you may be required to pay a one-time “residency tax” when you come back to your home country. This tax is based on how long you’ve lived in the country, and how much money you’ve earned while you were living abroad. While rules vary from country to country, the normal amount of time you need to live in another country before being required to pay a residency tax is around seven years. The exact amount of the tax is sometimes a percentage of your worldwide income, and sometimes a percentage of just the income earned while you were outside the country.

Exit Taxes

If you’re planning on leaving your country of residence, you may be subject to “exit taxes.” However, these taxes only apply to certain people, such as those who have earned a high amount of money while living inide the country. Exit taxes are often based on the amount of money that you’ve transferred outside the country while living there, or the amount of money that you have earned outside of the country while living in that country. Exit taxes vary greatly from country to country, but are typically assessed on a case-by-case basis.

Income Tax and Social Security Taxes

The country in which you earn your income has different taxes that you need to be aware of if you are an expat. If you are working in a country other than the one in which you reside, you will likely be required to pay taxes to that country. You will typically pay taxes on your income at the same rate as the citizens of that country. However, if you’re earning income in a country that has a social security system, you will be required to pay social security taxes. These taxes are typically deducted from your paycheck and go towards the social security system in each country.

Understanding tax implications for expats

The taxes you pay while living abroad will vary depending on your country of residence and the country in which you are earning your income. For example, if you are earning money in another country and residing in the U.S., you will pay taxes to both the U.S. and the country in which you are earning the income. You will pay both U.S. income tax and whatever taxes are required by the country in which you are living and/or earning your income.

For more information see https://gsbcapital.com/private-client/tax-and-repatriation-2/

Conclusion

The taxes you will pay as an expat have different implications than the taxes you will pay when you return home or if you are living in your home country. While living in another country, you will pay taxes to the country in which you are residing, as well as to the country in which you are earning your income. The taxes you will pay as an expat will depend on the amount of time you’ve lived in another country, as well as the amount of money you’ve earned while living in another country. The taxes you should know about when returning home as an expat will vary depending on the country in which you’ve been living and the amount of time you’ve lived there. All of which means you really need to talk to an expert, so you know all about the issues you could face, both before becoming and ‘expat’ and before you start thinking about returning home.

]]>
Uncategorized https://www.nocomo.org/blog/the-taxes-you-should-know-about-when-returning-home-as-an-expat/ https://www.nocomo.org/blog/the-taxes-you-should-know-about-when-returning-home-as-an-expat/ Editor Tue, 26 Jul 2022 09:10:44 -0400
Can You Take All Your Money Out of an Annuity? Selling your annuity can be a feasible solution when you badly need money for things like home purchase, starting or growing a business, or investing. When you get injured and the fault falls on another party, the insurance company will have to pay you compensation. The payment is distributed over several years to help you cover any financial complications related to the injury. If you are about to retire or want money for the above reasons, you may want to access fast cash from your annuities. Let’s take a closer look at selling your annuities.

You have three major options when you decide to access cash from your future annuity payments. You can choose a partial sale, lump-sum sale, or entirety sale. The most critical thing is evaluating the companies that buy annuities and picking one with the best offer and reasonable payment options. You have a unique reason for selling the annuity, but if you want to sell everything remaining in the contract, you need to be cautious.

Taking all the money from the annuity means you will not have access to future payments. The benefits are transferred to the company, like We Pay More Funding. Here are crucial things you should consider.

Surrender Charges

You might face surrender charges if you decide to take out all the money in the contract. The insurance company will require you to pay a fee, usually in the first10 years of the annuity. The lump sum of money in the contract may grow or decline as years go by, depending on the economy. However, any withdrawal before the period set will incur the surrender fee. It is common for people to want the total amount altogether, which is why the surrender charges are higher during the first year than other subsequent years. For instance, you might pay up to a 50% surrender fee of the total money during the first year and only pay 8% if you wait for eight years.

Tax Impact

You may also face tax consequences if you take out all your money. You’ll want to consult a tax professional on this topic as this will vary per the annuity or structured settlement type. It depends on the investment and how long you have the annuity. The withdrawal will attract the Internal Revenue Service (IRS) penalty of 10% depending on the reason for the withdrawal and the age of the contract.

The reason behind this is that IRS considers annuities as retirement benefits, even if they are not included in your retirement plan. Unless you are 59 years or older, withdrawing all the money from the annuity will attract a penalty. You may also be subjected to income tax, which is calculated at your regular income tax rate.

Final Words

If you decide to withdraw all the money from your annuity, it is vital to understand the penalties you will face and determine if it is worth it. You can withdraw 10% of the money if your contract allows. This allowance comes penalty-free. However, anything about this amount attracts an IRS penalty and surrender charges.

]]>
Uncategorized https://www.nocomo.org/blog/can-you-take-all-your-money-out-of-an-annuity/ https://www.nocomo.org/blog/can-you-take-all-your-money-out-of-an-annuity/ Editor Fri, 17 Jun 2022 00:27:43 -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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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. ‍

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
Uncategorized https://www.nocomo.org/blog/how-to-get-started-with-1031-exchange-process/ https://www.nocomo.org/blog/how-to-get-started-with-1031-exchange-process/ Editor Fri, 21 Jan 2022 23:44:52 -0500