Hope for your financial life and beyond

The 5 Most Important Concerns When You Are Flipping Houses

I’ve written a lot on this site about owning rental property and being a landlord. For me, it’s one of the best ways to earn passive income. There is a good deal of work that goes into purchasing and renovating the home. But once that is done, for the most part, owning rental property can be a hands-off side hustle, especially if you hire a professional management company to take care of it for you. 

A not-so-hands-off side hustle would be flipping a house. For those that may not be familiar with this practice, the term “flipping” refers to a short-term ownership of the home. The buyer (investor) purchases the property with the intent of renovating it and then selling it for a profit. This is done in as short a time frame as possible so that income can be realized to pour into the next flip. 

Flipping isn’t easy. I have some friends who do this and have had some measure of success. But if you are looking to make money from buying and selling property, you will need to be fully aware of what is in store for you. Some of the concerns with buying and long-term ownership of rental homes also applies to flipping homes. However, there are a few additional concerns in particularly related to flipping homes. 

So today, I’m going to take a look at what those concerns are and discuss what you can do to deal with them properly. If you do the following, you will find this is much easier to do.

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What Does God Prescribe for the Handling of Your Personal Finances?

The Bible has a lot to say when it comes to managing our lives in a more wholesome way. Money has always influenced the way people live. However, it does not mean that it should affect the kind of people we are at heart.

If you’ve grown up in a Christian household, you may have heard it said “Practice contentment and don’t covet other people’s stuff” (derived from Exodus 20:17). But the world around us usually says otherwise in the way that it tries to sell us material things by making us want them through various advertisements.

In the modern age, our finances can be affected by just a click of a button. It makes you wonder how we can manage that power and have better control over our finances. Many books have been written and careers made based on the popularity and demand for such help. 

Additionally though, people can and should turn to see the nuggets of advice that the Bible has to offer about how to manage your finances. Here is a quick guide to help us explore what the Bible says about money. 

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What Can I Do to Have a Better Chance at Getting a Mortgage Approval in 2021?

If you’re an aspiring homeowner, then you probably understand how challenging it is to qualify for a mortgage. Many lenders have introduced stringent measures in an effort to cushion themselves from the economic uncertainty brought about by the pandemic. Despite interest rates being at a record low, borrowers are still struggling to get their mortgages approved.

However, there are several tips you can follow to get your mortgage application approved without too much hassle. For starters, you need to find a quality lender, who you will feel comfortable with leaving the process in their hands. In fact, for our Canadian readers, you can get remarkably affordable mortgages from Altrua. Regardless, whether you’d like to get a second mortgage, lower your rate or simply recalculate payments, there are many lenders in your area where you can go to find a good rate.

So, what do you look for when choosing a mortgage lender? These five areas stand out above all others: 

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FACT: The Rich Rule Over the Poor and the Borrower is Slave to the Lender ― Proverbs 22:4

The society we live in today revolves around being in and remaining in debt. Don’t believe me? In the early 1900s, most people owned their house with no mortgage

what does the bible say about debtIt wasn’t until after WWII that debt became a more popular way to make purchases when loan requirements were loosened and lenders became protected by federal law. When the opportunity for mortgages expanded, debt went through the roof. 

At the beginning of 2020, more than 50% of Americans make just enough money to pay their bills each month. If something were to happen and they missed a paycheck, some of their bills wouldn’t be paid that month. In fact, 40% of Americans can’t cover $400 in the case of an emergency.

The questions regarding debt that are the most important have nothing to do with what others are doing or thinking. For Christians, it is important to ask what the Bible says about debt

The four most important lessons the Bible teaches about debt are:

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How to Invest in Stock for Beginners

As I have stated many times on this site before, it is of utmost importance to be invested in the stock market. The earnings you make from your career will be your biggest wealth building strategy. However, second only to that, will be what you invest in. Many people have been able to build significant wealth through investments. 

While you can find many tools and resources on this topic on both online and offline platforms, a beginner may find it hard to know where to start. What should you be looking for anyway? And what are the key things to think about and ask before you even put down money on an investment? This article will give you some tips to get you started as a beginner. Hopefully after reading, you’ll realize that this is not as hard as you may think.

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AI Improving Banks and ATM Technology

AI, or artificial intelligence, is slowly gaining momentum in its adoption into different industries across the world. For some time the financial industry lagged behind. But no longer. Financial institutions are understanding the value of AI and how it can impact their business.

By embracing digital technology, Companies are learning how to offer clients greater and better solutions to solve and manage their real financial problems. One segment of financial services that is taking advantage of AI is the banking industry. 

AI and the Banking Industry

Here are a few ways AI continues to improve banks and specifically, ATM technology.

Cash Costs

Banks are often at the forefront of meeting their customer needs in the best way possible. For example, ATM software solution providers such as Perativ are encouraging its bank partners to rethink the cost of cash. In many cases, banks ignore their rising costs of holding, transferring, and distributing cash because they do not know about the solutions available. Cash optimization experts in the industry are out to change that.

These strategists offer critical insights in real-time to help their clients make strategic decisions for their ATMs, bank vaults, and more. In this data-centric world, new SaaS companies are leveraging colossal amounts of data to allow their clients to accomplish goals such as saving costs, gaining more revenue, and more. 

Related Content: Emergency Fund Basics: The Step on Which all Other Success is Built

Security

Security is a must for any bank. To that end, banks and ATMs are embracing AI in their surveillance systems. This development assures that clients have a safe and better experience while depositing or withdrawing their cash.

AI-powered surveillance tech can offer things like remote monitoring. It can send any pre-determined patterns that might indicate a high-risk scenario like suspicious ATM tampering.

Additionally, AI cameras within the banks boost protection to tellers as well as incoming clients through facial recognition. It’s a chance to ensure that customers get the best service or identify any blacklisted patron.

Finally in regards to security, the installation of motion detection in restricted areas and bank vaults is a chance to note any suspicious entries during or even after bank operating hours. Thus, banks ensure that their client’s valuables are always safe at all times.

Personalized Service

AI technology in banks and ATMs is a great way to offer a digital transforming service into a customized and personalized service. AI can analyze a clients unique behavior patterns, requirements as well as preferences and then tailor and experience for that particular client.

Through personalized service, banks get a competitive edge. It’s also an opportunity to boost compliance while increasing customer engagement. Through service optimization, there’s overall operational efficiency.

A Conversational Banking Technology Experience

AI in banks is an excellent opportunity to offer a more tailored experience to every client. Artificial intelligence technology provides a fascinating way to deal with different clients appropriately. The AI doesn’t only perform a vast array of tasks at once but also reads into a person’s emotions and enables them to solve the problem before it escalates. AI provides valuable insights to phone agents and bankers, thus maintaining consistency with all matters concerning transactions.  

The fascinating beauty of state-of-the-art AI is that it has enhanced customer experience. With AI technology in place, one can think of cash optimization-based solutions across the banking networks. Thus, one can handle all matters concerning their cash distribution network and beyond.

Leave a Comment Below or Answer a Question: What is your most frustrating thing about going to the bank? What services does your bank provide that you really appreciate? How can banks better serve you? 

Borrowing Money with Bad Credit

If you have made some wrong financial choices in the past, that doesn’t mean that you shouldn’t be given a second chance and a way to get back on your feet. And it doesn’t mean no one is willing to do so.

Conventional lenders such as banks or credit unions might decline candidates with poor credit reports because they don’t consider them trustworthy. Even a secured loan may be out of the question. Direct or online lenders may be more open to approving your application, but their terms won’t always be most favorable.

Here are some options to consider if you have bad credit and are looking to take out a loan.

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5 Best Ways to Build Your Credit Score 

Having a top-notch credit score is essential in your every day to day life. More and more people need a good one to access things for their life. It makes a person more desirable to employers, landlords, and mortgage lenders as well as negotiating for lower auto insurance rates and other services. 

But the million-dollar question is, “What can one do to build their credit score?” If you are wondering the best strategies to guild your credit score, you are in luck.  Today we will discuss a few options that will aid you in getting a good credit score.

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7 Best Business Ideas for Veterans

One major dilemma facing our veterans is what to do after they have served their country. For many of them it has been years since they had a civilian job. So moving back into that arena could prove challenging.

Many of these men and women possess skills and character traits that would make them great at running a small business. In fact, according to research conducted by Bunker Labs, 25% of these veterans want to start their own business. With all the military training they receive, veterans will most likely run their business in an organized, efficient and disciplined way.

Making connections to get your business starting may prove difficult. But the good news is that the digital age has made it easier to start a business. There are more support channels now than there were a decade ago.

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The Best Way to Send Money to People

Many people think that a traditional bank is the only safe and convenient way to send money overseas. It is true that banks have best reputation of securing wire transfers all over the globe. Unfortunately, sometimes their services come at a steep price. Additionally, banks are notorious for lower exchange rates, higher processing fees, and fewer options to send or receive cash.

Thankfully, since the revolution of the internet, there are now many other alternatives when it comes to how we can send money to recipients who are far from us. How we send the money and how it is received depends on the delivery mode. Because of this, it can take from minutes to several business days to access those funds.

But, if you know this, its easy to get the money to where it needs to go when it needs to be there. You just have to plan ahead a little bit.

Here are the best ways to send money to people for whatever purpose it may serve.

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Is Gold a Good Investment for an Average Person?

There are many people who believe that investing in gold bars could be the best decision you would ever make. But, equally as many people have faced indecision between investing in gold bullion or stocks and bonds as a way of securing their future. Which is the best option to capitalize on?

The truth is you can capitalize on both of them. Both have upside potential.

So, is gold investing a venture the average person should entertain? For those who answer “Yes”, here are the four main reasons they site.

Why to Invest in Gold

1. The Unpredictability of the Dollar

Although the dollar is believed to be one of the world’s strongest currencies, it becomes hard to figure out when its value is likely to drop. An excellent example of such times was from 1998 and 2008 when gold prices hit $18,000 per ounce.

During this period, the dollar was relatively weak due to the trade deficit and increased money supply into the economy. Individuals who had stored their worth in currencies moved to the security of gold to redeem their portfolios. As a result, the value of gold nearly tripled. Investors who had a gold ira rollover made a large profit out of it.

This is why an average person looking for a long term investment strategy shouldn’t overlook the benefits of storing their savings in gold. You never know when fluctuation of the current currency would strike. Luckily, when such a time comes and you had saved your wealth wisely, you might end up opting for an early retirement because you have gained so much.

2. Supply Constraints

As a general rule of the demand and supply chain, when the demand for commodities goes up, the likelihood of their supply goes down. As a result, this leads to an increase in how much you would have to part with to get the same item. The less their is of an item, the more it is going to cost.

The same principle applies in the gold market. Between the year 2000 and 2007, annual new gold production fell from 2,573 to 2,444 metric tons, according to bullion vaults of the global central banks.

During times like this, those with precious stones are reluctant to sell them. For those who are willing, they end up asking for lots of money. As a result of the decline in the availability of gold, if you had made a move and bought your fair share of the metal, you would be making handsome profits from their sale.

3. Portfolio Diversification

You can never tell when one form of the securities would be outdone by the other. It may sound more lucrative to invest in bonds and stocks. But as an average person, it would come in handy if you diversified your portfolio with some precious metals.

Related Content: The Ultimate Beginner’s Guide to Investing Money the Right Way

4. Geopolitical Uncertainty

Trust in global trade unions keep on experiencing crises. This was most recently seen in the recent case of the European Union, where some countries wanted to walk out of the coalition. Similarly, when nations are against each other, the geopolitical tensions rise. This makes the currency in those particular countries deflate.

Business can become hard to conduct, resulting in global economic burden. The value of the currencies goes down and investors start hoarding cash. At those times, many see the safest place to invest is with precious metals.

Eventually, gold becomes hard to buy due to the shooting up of its demand. For individuals to have their investment in gold, it’s a great time to take profits.

Conclusion

Gold is one of the ways for an average person to diversify their portfolio. With the economic shifts becoming hard to predict, you never know when your money will lose some of its value. Similarly, precious metals are the right way of investing with less risk compared to stocks, which sometimes end up not yielding the much-anticipated returns. Ultimately, gold has been known to be a hedge against inflation, making it an investment strategy you might want to consider.

Questions for Discussion: Have you ever invested in gold? What was your experience like? Do you think their is more risk in investing in gold, stocks or bonds?