Mind of Money

You Should Know These Things By The Time You’re 30

A young lady with a piggy coin bankIf you’re still in your early twenties, it could be easy to enjoy your new job without having to save much. This is especially true if you’re still receiving support from your parents. However, you need to realise that to be a reliable adult, you’ll have to do things on your own. Ideally, you should be able to do the following by the time you hit thirty.

Apply for a Loan

Mutual Marketplace would agree that applying for loans is crucial for any young adult living on their own. You can get a loan by asking a bank or a credit union to lend you some funds, which you promise to repay in full by a certain period.

Drive A Car

Learning how to drive is also an important adult life skill, especially if you’re the only able-bodied one in the house to do it. You can drive your family members to school, work, or wherever they need to be. You can also do tasks like doing the groceries.

Monitor Your Bills

Whether it’s for water, light, or the rent, it may not be enough to pay your bills. You also need to monitor them in case there are unpaid or overpaid bills.

Book Doctors’ Appointments

Going to the dentist may have been scary when you were young, but you’ll have to learn to book appointments with doctors once you’re older. This will benefit you in case of life-threatening emergencies. Most clinics and hospitals now have websites that have each doctor’s contact info and schedule.

Handle Your Taxes

If you’re employed, your company’s human resource team usually takes care of your taxes, as well as your healthcare plans. If you’re self-employed, you’ll need to handle taxes on your own, which can be done by hiring an accountant.

A Thing Or Two For Twenty-Somethings

In summary, you’ll need to learn a thing or two for you to function well as an adult. These things include applying for loans, driving a car, or talking with doctors. While you’re in still in your twenty’s you should be learning these, so you’ll be ready by the time you have a family of your own or if you’re living on your own.

June 13, 2018 at 3:42 amMind of Money

3 Reasons to Get a Mortgage While You’re Young

House model and keys on top of documentsThey say most young people don’t buy homes because they’re too busy chasing careers in several cities. That’s not always the case. There are many young people who see the value in investing in real estate early.

City Creek Mortgage cites some of the reasons to get a mortgage and buy a house while you’re young.

You have more than one source of income

This is a case-to-case basis, but chances are if you’re young, you may have a lot of things going on and you most probably have more than one source of income. That’s one of the advantages many millennials today enjoy. They always look for more than one way to make a living. It could be a contractual project, a side hustle, an online job.

If you have many sources of income, then you can save up for the down payment on a home faster than others can.

You’re not settling down for now

Many young people choose to rent because they don’t know when they’ll settle down. They are too focused on chasing their dreams, career, or people that buying a home in one city doesn’t really appeal to them until they’re old. If you have the capacity to buy, invest in the property through financing and enjoy it later.

You’re thinking of investments

Real estate is one of the best investments you can make because it’s something that increases in value as the years go by. If you want to see a forecast on the home’s value after 20 years or so, ask a mortgage company for a quick computation and run the numbers in your head.

You can really have it all, as long as you know what, when, and where to invest your money in. So, go through the list and see if you can start early with your plan to own a house. You’re never too young nor too old to get a mortgage.

April 27, 2018 at 7:10 amMind of Money

When Does Invoice Factoring Make Sense?

View of an invoice form from a man's laptop screenInvoice factoring is a financial transaction that turns your receivables into real dollars in no time. Unlike accounts receivable financing, the factoring company would buy your outstanding invoices in this deal. It may not always be suitable for all financial situations, but it’s one of the better ones in terms of value and convenience.

When should you turn to an invoice factoring firm? Here’s when it makes absolute sense:

You Have Creditworthy Customers

TAB Bank shares that one of the qualifications for online invoice factoring is customer creditworthiness. If the suppliers that owe you money have a good history of paying bills, you can get the most money because the other party would feel confident purchasing your unpaid invoices.

You Need to Expand Your Working Capital Immediately

Unlike traditional commercial loans, invoice factoring offers a speedy and straightforward process. You can receive the funds in a matter of days. The approval of business loan applications takes a while because borrowers come under scrutiny. If you need the money ASAP, you can increase your liquid assets without building an excellent credit rating first.

You Want to Use the Money Without Restrictions

You can use the invoice financing proceeds in whichever way you want. There’s no need to come up with an elaborate presentation about how you intend to spend the money. The invoice factoring company only cares about how fast your customers can pay it. Your spending choices are entirely your own business.

You Like to Avoid Debt Collection

Debt collection can strain the years of business relationships you’ve built with your suppliers. Debt collectors are notorious for relentless contact attempts, which might antagonize your customers.

On the other hand, factoring companies don’t do anything that might cause debtors to ignore their financial obligations. If they frustrate debtors, they will suffer because they would solely absorb the losses from non-payment.

Invoice factoring is a smart way to rid your company of receivable. Do your due diligence to find a reliable factoring firm you can quickly deal with.

April 17, 2018 at 4:32 pmMind of Money