The Finance Blog

What are the methods of financing your own business I was thinking VC’s but I need details?

admin — Mon, 03 May 2010 17:42:24 +0000

ALSO why do VC’s provide financing at all I mean say you need money for your business and I give it and I want a 51% stake in the company as the venture capital firm but I am PAYING FOR THE WHOLE THING how does this help me?

I’ve always financed things with the local small bank as they give the best terms. There are now some finance companies backed with wall street money but their terms will be in between bank and VC firms.

The answer to your second question is purely R.O.I. or RETURN ON INVESTMENT. If a VC firm lends $50,000 that returns $25,000 a year to them, why wouldn’t they do it? They realize there are plenty of entrepreneurs out there with great ideas and they want to piggy back on your success. These people have money, but they need your ideas, and you’ll also be doing the work. They are just lending money, and they can’t make much lending it out in the traditional fashion like banks. If you start the next Yahoo or Google they don’t care how much money you make as long as they make it right along with you.

What is the base minimum of insurance required in Colorado?

admin — Mon, 03 May 2010 17:42:20 +0000

I know that we need liability insurance, but is there a minimum on other types of insurance? Specifically, house insurance, RV insurance and boat insurance. Oh, and motorcycle insurance. Thanks.

Auto liability, and workers compensation.

Any vehicle on a public roadway or public water is required to carry liability. Any employer is required to carry workers compensation. Besides that, everything is voluntary.

So, there’s no law that says you have to carry homeowners insurance. HOWEVER. If you want to borrow money to BUY that home, your LENDER will require it, and you’ll agree to carry it, or you won’t get the loan.

How do I go about consolidating my credit card debt?

admin — Mon, 03 May 2010 17:42:17 +0000

I have a good credit score, last time I checked about 6 months ago it was about 720-730. Recently I have acquired a big credit card debt, about $9,000 on one credit card (with a limit of $10,000) and about $3,000 on another one (with a limit of $5,000) for many different personal reasons. After the whole spending money ordeal was over, I was left with all this debt on my credit cards. Since then, I have cut back on all unnecessary spending, besides the obvious things like food, gas, etc. I have never been late on payments and have never been over the credit limit. I Also try to pay an extra hundred bucks on top of the minimum payment due when I can. Are there any good ideas on how to consolidate these two credit card debts and help me out with all this? Thanks!

First of all, consolidating the debts wont really change anything. In fact may adversely affect your credit score.
You need to do the following:
1. Evaluate you interest rates. If you are paying more than 12%, then think about finding a new credit source to consolidate. With your credit score you are probably getting teaser rate offers in the mail. (Beware of a teaser rate that rests after 6 months, as what you save wont be that much) Look for a credit card that will allow you transfer the balances for a long period at a low rate. Many cards offer rates of 5.99 or less for up to 2 years, but also check if there is a transfer fee. This can be as much as 4%)
2. If you find a good card and rate to transfer, then transfer as much as you can from the higher of the two rates you currently have. If you able to transfer all of 3000 debt, do not cancel that card. (Just make sure you dont use it) Having a zero balance and available credit actually improves your credit score.
3. Make a plan. Figure out how long it will take to pay off each card by taking the minimum payment amount (principal only, not interest) and divide into the amount owed. Lets say on the 10,000 card the principal payment is $277, that means it will take 3 years to pay off that card.
4. If both cards have the same rate of interest, but different pyoff dates, put all your extra monthly payment towards the card with the highest % to the credit line (in this case the 9,000 card as that is at 90% of your limit, vs the 3,000 which is at 60% of your limit). The lower the % owed the better for your credit score.
Finally, do not use the cards. Pay cash for everything. (This is very important if you end up consolidating to a lower interest card. Those cards will apply all of your payments to the low interest balance first, and start accruing a high rate on the new purchases. that will go on until the original amount is paid off).

Should I file for bankruptcy or work with a debt management agency?

admin — Mon, 03 May 2010 17:42:12 +0000

My husband was out of work for almost a year and I lost my job. We have almost 30k in debt on credit cards. We have never been late with payments but it is starting to get tight. Should we file bankruptcy or contact a debit management agency?

The ability to file bankruptcy is not determined by your debt, but by your ability to repay your debt. Since you say you have enough to make your current payments, you may not even qualify for a Chapter 7(liquidation) bankruptcy.

To determine if you qualify there are two means tests you must pass first. The first is if you earn more than the average for your state, the second is if you have at least $100 a month of disposable income. If you fail either of these you may be forced into a Chapter 13, which is basically a repayment plan. If you do happen to qualify for a Chapter 7 bankruptcy this remains on your credit for 10 years.

Now, if you get on a debt management program they may be able to get you on a budget and work with your creditors. If this is the case you can probably be debt free in about 3-5 years. After that you are debt free and have no lasting marks. If you go this route be sure to go with a reputable organization. You can check out http://www.nfcc.org for a list of organizations that can help

did you know Obama has Written 890 Bills and Co-sponsored Another 1096 since he started serving in the senate?

admin — Mon, 03 May 2010 17:42:07 +0000

That’s for all of those who claim he hasn’t done anything

Amendments, that have all passed:

S.Amdt.159 to S.Con.Res.18 – To prevent and, if necessary, respond to an international outbreak of the avian flu.

S.Amdt.390 to H.R.1268 – To provide meal and telephone benefits for members of the Armed Forces who are recuperating from injuries incurred on active duty in Operation Iraqi Freedom or Operation Enduring Freedom.

S.Amdt.670 to H.R.3 – To provide for Flexible Fuel Vehicle (FFV) refueling capability at new and existing refueling station facilities to promote energy security and reduction of greenhouse gas emissions.

S.Amdt.808 to H.R.6 – To establish a program to develop Fischer-Tropsch transportation fuels from Illinois basin coal.

S.Amdt.851 to H.R.6 – To require the Secretary to establish a Joint Flexible Fuel/Hybrid Vehicle Commercialization Initiative, and for other purposes.

S.Amdt.1362 to S.1042 – To require a report on the Department of Defense Composite Health Care System II.

S.Amdt.1453 to S.1402 – To ensure the protection of military and civilian personnel in the Department of Defense from an influenza pandemic, including an avian influenza pandemic.

S.Amdt.2301 to H.R.3010 – To increase funds to the Thurgood Marshall Legal Educational Opportunity Program and to the Office of Special Education Programs of the Department of Education for the purposes of expanding positive behavioral interventions and supports.

S.Amdt.2605 to S.2020 – Expressing the sense of the Senate that the Federal Emergency Management Agency should immediately address issues relating to no-bid contracting.

S.Amdt.2930 to S.2349 – To clarify that availability of legislation does not include nonbusiness days.
S.Amdt.3144 to S.Con.Res.83 – To provide a $40 million increase in FY 2007 for the Homeless Veterans Reintegration Program and to improve job services for hard-to-place veterans

S. Amdt 41 to S. 1 To require lobbyists to disclose the candidates, leadership PACs, or political parties for whom they collect or arrange contributions, and the aggregate amount of the contributions collected or arranged.

First legislation, the HOPE Act, which increased Pell Grants to $5100, and later joined Senator Kennedy on the Higher Education legislation that passed July 20, by a vote of 78-18. That legislation also included funding for Predominantly Black Colleges to assist with counseling, tutoring and other needs of low income students. It also creates the Teaching Residency Act which will create a school-based teacher preparation program in high needs schools to provide each teacher with a mentor, content instruction, classroom management skills, a master’s degree and state certification, and a 2 year follow-up program.

The Coburn-Obama Government Transparency Act of 2006
is an act that requires the full disclosure of all entities or organizations receiving federal funds beginning in fiscal year (FY) 2007 on a website maintained by the Office of Management and Budget.

The Lugar-Obama Nuclear Non-proliferation and Conventional Weapons Threat Reduction Act
Authored by U.S. Sens. Dick Lugar (R-IN) and Barack Obama (D-IL), the Lugar-Obama initiative expands U.S. cooperation to destroy conventional weapons. It also expands the State Department’s ability to detect and interdict weapons and materials of mass destruction.
Signed into Law on January 11, 2007.

The 2007 Government Ethics Bill

The “Democratic Republic of the Congo Relief, Security, and Democracy Promotion Act.

Summer Learning demonstration project to provide summer learning grants and encourage new teaching methods

Obama’s Global Poverty Act of 2007, passed out of committee just a few days ago
WASHINGTON, D.C. – U.S. Senators Barack Obama (D-IL), Chuck Hagel (R-NE), and Maria Cantwell (D-WA) and Congressman Adam Smith (D-WA) today hailed the Senate Foreign Relations Committee’s passage of the Global Poverty Act (S.2433), which requires the President to develop and implement a comprehensive policy to cut extreme global poverty in half by 2015 through aid, trade, debt relief, and coordination with the international community, businesses and NGOs. This legislation was introduced in December. Smith and Congressman Spencer Bachus (R-AL) sponsored the House version of the bill (H.R. 1302), which passed the House last September.
I only wrote a few of the ones that have actually passed
Now what has Sarah palin done?
No, thothose are in the US senate, not the IL state Senate
by the way i posted the bill numbers so you can go check them
No Darling, not exagerated, just took a while to research, which not too many people are willing to do
sorry but the research was not from the DNC it was from the Senate
no, the ones I wrote have all passed, there is more, but I got tired of writing

Meanwhile Palin was smoking weed(she admitted this) while being Ms. Wasilla. Yeah I know. Obama!!!!!!

How to Finance a Business : How to Get Start-Up Business Financing

admin — Mon, 03 May 2010 11:23:11 +0000

In order to finance a start-up business, banks may require a guarantee from the Small Business Administration. Investigate business financing with tips in this free entrepreneur advice video from a professional business consultant.

Expert: Emily Gasner
Contact: www.tmcworkingsolutions.org
Bio: Emily Gasner is the program director for Working Solutions in San Francisco. Working Solutions is a 501(c)(3) nonprofit organization that provides business advice to under-served micro-entrepreneurs.
Filmmaker: Sam Lee

Duration : 0:2:34

Technorati Tags: business management, entrepreneur, funding a business, home business, investment, investment capital, start-up money

Life Insurance – Cool Cartoon

admin — Mon, 03 May 2010 11:23:08 +0000

Visit http://www.aniboom.com for more Animation an Cartoons.

insurance agent attempts to take on one of mankind’s greatest enemies – time and fate.
Created by Roy Iddan

If you wanna chat with me:
facebook: http://www.tinyurl.com/aniboomfanpage
MySpace – http://www.myspace.com/aniboom
Twitter – http://www.twitter.com/aniboom

If you liked this animation, don’t forget to subscribe, you know you want to .

Duration : 0:6:31

Technorati Tags: 2d, aniboom, animation, cartoon, cool, funny, insurance, jazz

Dave Ramsey – Credit Card/Debt Collectors are SCUM

admin — Mon, 03 May 2010 11:23:04 +0000

My hero, Dave Ramsey, tells of abusive practices and the violation of Federal law incorporated by debt collectors – particularly credit card debt collectors. Most people do not know that they have rights guaranteed to them by the Fair Debt Collection Practices Act (FDCPA) and debt collectors knowingly and habitually break these laws in order to frighten them into paying.

IT IS NOT AGAINST THE LAW TO OWE MONEY!

Do not allow yourself to be lied to (example: “You’re going to go to jail if you don’t pay this” is one of their favorites!) or treated without the dignity you deserve.

KNOW YOUR RIGHTS UNDER THE FDCPA:

Collectors can NOT call you before 8 am or after 9 pm

Collectors can NOT threaten to have you arrested or charged with a crime if you dont pay

Collectors can NOT continue to call after you have indicated you want them to stop (record your conversation with them, tell them you ARE recording it, write the date and time down in a journal, and follow up with a certified letter stating they may no longer call.)

Collectors can NOT call friends, family members or colleagues repeatedly in order to get you to pay (they may call your acquaintances ONCE in order to track you down and may NOT mention that you owe money or give ANY information that would lead someone to believe that they are attempting to collect a debt.)

For more information on your rights under the FDCPA, please visit my website at www.myarrp.com (click on the “Help With Credit” link at the top.)

To the scum debt collectors reading this: We’re mad as and we’re not going to take this any more! We the People are being educated as to your tactics, garnering strength and numbers, and proposing legislation. We’ll be in touch with you…

Duration : 0:5:56

Technorati Tags: Act, Advocate, america, American, assistance, bank, cards, collection, collections, collectors, Consumer, credit, Dave, debt, discover, Electric, Express, Fair, Fargo, GEMB, General, help, MBNA, money, of, Penney, Practices, Ramsey, Scum, Sears, Wachovia, Wells

Debt Management: Credit Boot-Camp™: Mission One,Get Your Free Government Credit Report

admin — Mon, 03 May 2010 11:23:02 +0000

http://www.debtwarriors.com: There’s a truly Free Credit Report some people don’t want you to know about. Under the Fair Credit Reporting Act [F.C.R.A.] you are allowed to get a free copy of your credit once every 12 months via email. This video shows you what you may not know about getting your truly Free Credit Report.

Don’t Go To Court Alone! Hire an affordable Attorney in your state. For more info call 866-576-4996 – or go to www.prepaidlegal.com/hub/jeromeford

Duration : 0:1:31

Technorati Tags: annualcreditreport.com, business, credit boot-camp, debt education, debt management, debt warriors, Free Credit Reports, Personal Finance

Debt Relief & Management Tips : How to Get Out of Debt

admin — Mon, 03 May 2010 11:23:00 +0000

The best way to get out of debt is stop using credit cards and plan a spending budget. Eliminate debt with tips from a consumer credit counselor in this free video on personal finance management.

Expert: Maria Enomoto
Contact: www.gotdebt.org
Bio: Maria Enomoto works as a credit counselor for Consumer Credit Counseling services in San Jose, California.
Filmmaker: Bing Hu

Duration : 0:2:41

Technorati Tags: bankruptcy, business debt, business loans, credit, credit card, debt, finances, government aid, grants, loans, money, scholarships