Mind of Money

Why is California Among the Top 10 States for Business?

California Business District An analysis ranked California as the eighth best state for businesses in the country for 2018 based on three factors.

Despite having the fourth most expensive business costs, the state’s business environment and access to resources ranked second best nationwide. Companies, including those eyeing to open a second location or acquire new equipment, also have easy access to resources such as a business loan for a restaurant.

Business Survival

The survival of companies largely depends on a strong business plan, but other factors should also be taken into account. The U.S. Bureau of Labor Statistics said many firms don’t last beyond their first anniversary, while those that survive are bound to fail before their fifth year.

For this reason, choosing the state where you plan to do business will be a key influencer for the success of your venture. In California, the wide availability of financial lenders and a stable network of business investors led it to rank among the top 10 states. If you’re planning to grow your own business empire, for instance, the idea of opening a restaurant chain may have crossed your mind.

Dining Sector

Those who have taken care of funding should now focus on handling certain legalities and food safety standards in the state. You can show proof of compliance with these rules by obtaining licenses and permits, including the California Food Handler Card. You will also need to have a liquor license from the California Department of Alcoholic Beverage Control if you plan to serve alcoholic beverages.

Don’t forget about business insurance for property damages and personal injury to customers or staff. It’s best to have a comprehensive policy that covers different scenarios from broken plates to an employee who slips on the kitchen floor.

Any firm requires capital, so you should look for a licensed lending company in California when planning to start and grow a business. Find one that specializes in your chosen industry, whether it’s the food service or health and wellness sectors.

August 4, 2018 at 1:00 amMind of Money

You Don’t Want to Regret Homeownership, Do You?

Newly built homeWhile the majority agrees that homeownership is part of their dream, there is an alarming number of millennials and first-time homeowners who reportedly regret their purchase. Several factors make the home purchase worth it, even after a couple of years, so if you don’t want to be part of the statistic, you need to sit down and carefully weigh the pros and cons.

Here are just some things to look into when you think you’re ready to buy a home:

Your Current Finances

You have a stable job, but is it a contractual setup? How secure are you about your source of income? Not only will this affect the kind of loan lenders will be willing to give you, but it will also affect your ability to pay for the loan in the future. That home loan calculator exists for a reason, and Utah residents are advised to use it to see how much they can really afford to put into a home purchase while living comfortably.

Your Source of Down Payment Funds

If you’re thinking of dipping into your retirement funds to pay for the down payment, think again. It’s an alarming move, according to experts, and it might be an indicator that you don’t have a handle on your finances. If your savings cannot cover the down payment right now, perhaps it’s wise to delay your dream of homeownership until your bank account can support it. Otherwise, you’re putting your future at risk, and you won’t feel the fulfillment that should come with homeownership.

Ownership Costs

Renters know they have to call the landlord to have a problem fixed, but that’s all on you if you own the house. If you’re not a handyman, that means getting help, which is not free. This is just one of the expenses associated with homeownership. Even the maintenance of the lawn and the electricity and water bills can surprise you if you buy a house that’s too big all because you wanted to show off to people your age.

There are a lot of points for regret when you buy a home without thinking things through. Don’t let your indecision dampen the joy of homeownership.

August 1, 2018 at 1:00 amMind of Money

3 Main Benefits of Joining a Credit Union

Credit Card UnionCredit unions are well known for having lower fees than banks due to its non-profit nature. There are no stockholders to watch over your ROI, and it is mandated to serve its members without the capitalistic end.

Credit unions in Fort Worth, Texas are not as many as banks and other financial institutions, so it would be easier to compare. If you are interested in seeking loan or savings services from one, check out some of its major benefits.

Better interest rates

Apart from cheaper fees, credit unions have better interest rates than banks and financial institutions. Since it is member-owned, it allows for higher rates of return on savings and lower loan interest rates. With no profitability objective, a credit union can direct surplus money to its members through fewer fees, lower rates, and higher dividends.

Easier to join

To join a credit union, you only need to ask a family member, a neighbor, or your employer. The process is straightforward with low minimum balance requirements. Technically, the only standard requirement is that you live in the area.

Credit unions offer the same services as banks. However, they are more accessible on all levels. Since they are small and local, they easily connect with the community.

Democratic and inclusive

Management-wise, credit union members elect their board of directors voluntarily. The members have a voice in who they want to lead. Essentially member-run, they are free to make decisions for everyone’s benefit, not please a group of stockholders or executives. Inclusivity is also apparent in credit unions as family members of union members can join.

Credit unions are socially inclined institutions that operate in a system where profit is not the overriding objective. It serves a community where everyone is close by. If convenience is a factor for saving money or making a loan, a credit union is the right choice.

July 31, 2018 at 8:54 pmMind of Money