Finance Blogs | Acnugrandmontreal.org

When you make an investment – from a simple bank certificate of deposit to a large shopping mall – you are going to be buying from someone whose greatest skill is employing sales closing techniques. Their skill in closing a sale will not include safeguarding your money or earning you any profit. And their number one priority is to make their sales quota to keep their job. It is only your personal education, experience and due diligence that can protect your money from the numerous people on the other side of the table.

It is a dilemma that in order to invest, you’ll be face to face with professionals who do not have your financial interest at stake – but they will all appear to be. Sales people will appear to be on your side right up until the moment you write a check or sign a commitment. Then any problems are yours alone, their verbal promises go up in smoke, they stop returning your phone calls and the fine print suddenly negates the possibility of getting a single dime back from your investment. In my experience, a salesperson’s top priority is never your best financial interest, and you need to realize this no matter how friendly they are or how polished their sales pitch appears. As you walk into a bank or brokerage office, or call a broker, you need to keep in mind that their personal goal is not in alignment with yours. To see past their sales routine, you need specific education, experience with the industry, and, hopefully, a knowledgeable mentor.

For example, I once received a solicitation from a loan broker who wanted to get me into a triple-net lease commercial building with a million-dollar loan. After a few questions it was clear that he was acquainted with lending, but not very experienced. But continued questioning revealed that his knowledge of commercial real estate would barely fill a thimble. And he was the principal agent trying to slam me into a million-dollar loan so he could collect a commission check and move on to the next deal. Although he sounded quite confident on the phone, his responses destroyed my trust in his ability to maneuver through the numerous issues and problems in my best interest. By studying an industry and talking to experienced players, you’ll be better able to ask questions with impact. And in this case, it was the difference between me keeping my money or locking myself into a contract guaranteed to be a huge financial disaster.

To inoculate yourself against sales pitches, you need to do a lot of comparison shopping or at least become a semi-professional in the industry you want to invest in. Develop a healthy amount of suspicion and skepticism of any sales claim, and hire experienced professionals to assist you on your side of the table. These would be attorneys, accountants, financial and operational experts that are being paid directly from you to assess every aspect of a complex transaction. He or she will support you in areas that you may be weak, and ask all of the confrontational questions that need to be addressed before you sign anything.
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If you’re considering using debt settlement to help you pay off your credit cards, here are 5 tips to help you decide on a company to help you.

Keep in mind that hiring a debt settlement company is no different than hiring any business to perform a service for you – so make sure you find the one that fits your needs the best. Not all debt settlement companies are the same. Like with any industry, there are good ones, and there are the rest.

Unfortunately, when it comes to settling credit card debts, you often hear more stories about people who complain than those who receive good service (and there are many).

How do you determine which settlement company will offer you the best service?

1) Shop around
When hiring a settlement company, you should contact at least 2-3 different businesses and compare the services and terms they offer. Not only will you find the best company to represent you, but you will learn a lot about how debt settlement works, and how it can help you.

2) Check with the BBB
While not everyone with a complaint contacts the Better Business Bureau (so a clean record may be misleading) if there are several unresolved complaints, that is a “red flag” to find out why there are unhappy customers. If the complaints have been resolved, that is a good sign that the debt settlement company offers good customer service. You can search for company records online at www.BBB.org.

3) Check references
While debt settlement is a confidential process, and therefore you may not find many companies willing to give out names of happy customers, it is worth asking. Talking to a former customer will tell you more about a company than any brochure or website.

4) Get all the details in writing first
This is an absolute MUST – you should never agree to anything, sign any paperwork, or send in any money until you get all the terms and conditions in writing. A written contract will help you understand what service you should receive, how much it will cost you, and protect you if an issue comes up.
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1-Make List of Your Debts
First of all know how much deep you are in credit card debt. Many credit card holders are shocked when they know the total credit card debt to be paid. They unconsciously stay away from compiling this list. But you will have to know your total debts. List down lender name, date of debt, total amount to be paid and interest rate. Arrange list according to interest rate. Highest interest rate credit card debts should be shown first.

2-Pay Credit Card with Highest Interest Rate
Now start paying highest rate credit card first. Always pay more than minimum amount. If you are addicted to minimum payment traps then you will never be out of debt for whole of your life. Banks have arranged minimum debt trap in such way that a loan could take many years to be paid off if you are just paying in minimum amounts. Always pay more than minimum. These small extra payments will save you literally thousand dollars.
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The last thing most people think about when starting a business is doing taxes. But proper planning will make doing your taxes much easier – and keep the IRS happy!

Here are 3 simple tips for keeping proper records:

1. Whenever you buy anything for your business, keep the receipt!

Not only will this make record keeping a lot simpler, but if you are ever audited (having your tax return reviewed in detail by the IRS), you can prove your expenses, and save yourself money.

2. Write down all your expenses and income as they happen.

As your business grows, you’ll have more and more activities to keep you busy. The last thing you’ll want to do each April 15 is to organize your records for the year. So, it’s a good idea to write down all your financial activities as they happen. You’ll find preparing your taxes will take much less time if you are organized.

3. Learn how to save money on your taxes.

As you learn about taxes, you’ll find that there are many deductions (expenses that reduce your income, and therefore your taxes) you can take that are not obvious. When using your home office, you may be able to deduct (at least partially) repairs you make around the house, utilities, your home’s value at the time you start your business, and more.

The more you know about taxes, and the more organized you are in keeping records, the more time and money you’ll save at the end of every year!

What happens if you don’t keep proper records?

Individuals with small businesses are the most likely to have their tax returns audited by the IRS. If you don’t have a receipt, you will likely lose the deduction and owe the IRS money.
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