Kaching Blog - Take control of your money

Aug 04

Business for financial reporting software

financial-reporting There is no matter what our company’s name is. There is no matter where we work and sell. What matters is the fact that regardless your company name, size and field, as a part of today’s global international market you need your finances to be perfectly controlled, checked and maintained. As a leading company in our individual sphere – again, it does not even matter who we are and what we do, because every single small company, family business or giant international firm needs it – we have been using financial reporting software for years. And when we compare the results from today with those from days, when we did not know about such software product, the conclusion is more than just clear – we have minimized the risk and we have more profits. And we sure that the financial reporting software we have been applied for all of this time is also a part of the success – not only the the advertising campaign or the new business techniques and strategies we have applied. Because sometimes, it takes a little to gain more and sometimes, the issue is small, but the consequences are giant…Just like with our financial reporting software case.. Here is our short brief story of the experience we have with financial reporting software.

It was somewhere in the middle line of our success. What I means as a chief manager – back then and still now – is that we were yet a little bit afar from the plans we had and close to the beginning of our business. Something was missing and we have decided to hire business consultant. His first words were “You have an amazing staff, but don’t you think that it is too small and it get tired”…Then it hit me! Indeed, all of my employees are quite well, but the work up until late night and in the evenings the worst mistakes are usually done. The consultant made me believe that I do not even have to change my staff or to fire someone. All I needed is to support and help them with a decent financial reporting software. I bought one – I have changed it through the years several times, because newer and better financial reporting software products appear on the market – and in few months these things have changed in my company:

My financial department has always a great base to use facts for predictions
I was never punished for taxes, because all of my financial reports were perfect
In the beginning the profits did not grow, but the expenses were reduced
I have a base to step on to grow as to the profits, as well!
My financial crew was pleased and it got the missing motivation to work harder and harder – as well as the missing physical capacity!

So, I am telling you, guys, with financial reporting software your business will indeed improve! And you will see it very fast!

Jun 09

Mobile financial trading – how to trade on the go

By Kachin | forex trading | No Comments

mobile forex trading Financial trading can get you lots of both – pleasure and money. What you need to do is to manage your trading activity in a most suitable for you and for your schedule way. After all, even if participating in Forex market is now possible to all due to its online transfer, still, there might be some handicaps for you to be always able to make trades. Though, with the expansion of the Forex world and financial trading field in general, new options have appeared for the trader`s convenience, too. Such an extra, for instance, is the mobile financial trading. If you have not tried it yet, now is your time. Though, read our guide as to how trade on the go at first to be prepared enough for this challenge!

What is mobile financial trading?

Some people think that there is something extra special or different about the mobile financial trading. Let us tell you from the beginning – there is nothing so special or different about mobile trading. You enter the website in the same way, you choose the trading instrument in the same way and you even make your trade in the same way. The only difference is the device you use. Desktop ordinary trading is performed online via laptop or PC. On the other side, mobile financial trading is done via tablet or a smartphone. The smartphone should have a strong internet connection and an OS one of the following: Blackberry, Android and iOS (iPad is ok for online mobile trading, too). The biggest benefit behind such an approach into Forex world is that you will no longer be limited by things like time or location. What does this mean? It means that no matter where you are, you can grab your phone and make some trades – especially in those moments, when the market has moved and you need to react in time. Also, you can trade from any place – at work, while you are in the bus or in the store and even, while having a vacation outside your town! Sounds amazing, doesn`t it?

How does mobile financial trading work?

To trade mobile in the financial market, you will need to follow some very simple steps. And to make it even easier for you, here are the guides you can use to begin your financial mobile trading journey:

Choose the best forex broker to trade mobile. Note that your current broker can have a mobile option, too. So on mandatory check out if you can remain on your favorite financial trading environment and still transfer to mobile field.
If your currently available broker has a mobile version, then you can use the same password and username. It means that the broker allows you to use the same account, but in its mobile website. If your broker does not provide mobile trading option, then look for such. Pay attention at factors like safety, good customer support services, bonuses and etc.
Speaking of bonuses, have in mind that when you move to the mobile version of your current broker, you will definitely receive some special welcome bonus again – even though you are an existing client of the financial company.
To start the trading, just install the app for mobile experience on your device and trade on the go!

Mobile experience is the future of financial trading! So try it on mandatory!

May 31

Mailbag: Tips for First-Time Homebuyers

By Kachin | properties investment | No Comments

Another edition of ‘Carmen Answers’ today—Thank you so much for your great questions and comments. Keep ‘em coming!

My husband and I are looking to buy our first house. We know that the market is really difficult for buyers and sellers alike. My question is, are there any programs out there for first time homebuyers with not so perfect credit? Is there anything that we should be doing, other than working on getting our credit scores up; which is what we are currently doing. What should our credit score be, realistically, to even be considered for a mortgage in this difficult time? –Nicole

Nicole—I’m giving you a high five for working on getting your credit together and asking good questions about heading into your first mortgage. And yes, there are still mortgages out there for nearly anyone if you look ‘low’ enough—meaning subprime—but that’s exactly what you want to avoid. You want a straight-up 30-year fixed mortgage or even a 15-year fixed. Adjustable rates and interest only are gambles that most can’t afford to take right now, or ever. Let’s leave funky mortgage products to the pros and set ourselves up with the most solid, sure and recession-proofed thing, a fixed-rate mortgage.

If you check out MyFico.com you can see that a credit score above 760 tends to get you the best interest rate. Anything at or under 600 slams you with substantially more interest (an additional $1,000 or so every month on a $300k, 30-year mortgage). Realistically, I’d love to see your credit score at or above 660 before you start mortgage hunting. And in terms of programs for first-time buyers, head to the FHA which has specific programs to help out first-timers.

home buyers Remember: Don’t buy too much house! Make sure your mortgage payment, taxes and insurance are around 30% or less of your take-home monthly income—more than that and you won’t have enough wiggle room for monthly expenses plus saving, getting rid of debt and investing. Keep me posted! –C

Last year I lost my condo to foreclosure with Wells Fargo. My job was outsourced – I was working at a company handling work for online XERO bookkeepers and I could not recover fast enough. I was wondering how hard it is going to be for me to purchase another home in the future and is there anything I should be doing now to prepare? –Chris

Chris—Keep up the fight. If you stay on any loans or debt you have now–pay everything on time, every time, bring your debt levels down and work on accumulating some cash–you’re going to be in great shape soon. In the past, foreclosure was a 10-year Scarlet “F”. You wouldn’t be able to own a home for another decade. Times have changed and the lending market has adapted. With three million homes foreclosed in three years (you are far from alone)—many not due to greedy borrowers with eyes bigger than their wallets but to personal setbacks or a lack of understanding of terms—foreclosed-on home-buyers are welcome back into owning after two to three years.

Note, however, that you may not get the best mortgage terms after a couple of years because your credit is not the best yet. But at least you’re not frozen out for what seems like a mighty long parole. Time, and diligence, can heal many wounds, including this one. Good luck!

May 31

How to Know If Your Money Is Safe

By Kachin | money management | No Comments

safe money Pictures and news are coming out of California that I never thought I’d see again: lines of people making a run on a bank—a formerly big bank—in a panic about their money. The police were called in as balances and interest disappeared and answers didn’t come fast enough.

Granted, we have a ways to go when it comes to the repercussions of the mortgage lending mess, but we, as depositors, have control over one thing: where we put our money. If you have an account with FDIC insurance, you should never be in a line at the bank to pull your money. Here’s a walk-through of how you can make sure your money is safe:

1) Confirm that your deposits and banking institution has FDIC insurance. If you’re not sure, head to FDIC.gov and check.

2) Know that FDIC insurance is aggregate—meaning, it’s not $100,000 of insurance on each your checking and savings accounts but your holdings as a whole. To find out which of your accounts is insured, and which is not, use the FDIC’s EDIE tool.

3) Know the guidelines: Insured up to $100,000 = savings, checking, CDs, trusts. Insured up to $250,000 = Individual retirement accounts (IRAs) which include 401(k)s, 403(b)s and Roths. NOT insured = investments such as stocks, bonds, mutual funds, life insurance and annuities.

If you have more than the insured limit at a bank or institution, spread your money around between banks such as $90,000 at Bank G and $40,000 at Bank B, etc.

Some folks who made a run for their insured money at IndyMac couldn’t get it all out within a day or so but they will. It is insured. That’s why the FDIC was formed after the Depression—to protect our funds. Banks may do funny stuff (subprime lending, for example) that has an effect they didn’t plan for, but we can make sure that we don’t give them our business beyond what is insured.

Apr 02

Credit Card Debt: Harder to Talk About Than Sex?

By Kachin | credit cards, debts | No Comments

What would you rather talk about to someone you just met: Your credit card debt, your salary or your sex life?

A very telling survey has found that the last thing people want to talk about is their credit card debt. Telling a new acquaintance about a post-Friday night at the bar rendezvous or their marital problems ranks lower in icky-factor than talking about credit card debt. Here’s a survey nugget:

Eighty percent of the respondents said that they were somewhat or highly unlikely to talk about the amount of credit card debt with someone they just met. Details of your love life were a close second with 78 percent of respondents saying they were somewhat or highly unlikely to broach the subject, with salary details right behind at 77 percent. Other unmentionables: monthly mortgage or rent payments (69 percent).
Granted, I’m not about to jabber about my money habits with someone I just met—unless they’re asking for advice, and then my own finances are game—but there is a definite element of shame when it comes to the debt in our lives.

Revealing credit card debt can feel like dropping your pants. It exposes your innards. Your values. Your impulse control. Your levels of responsibility, dependability and stability. Even how trustworthy you are. Few things in our lives show so much about our personal truth than our choice of mate and how we spend our money. We’ve got a lot of control over both. If you don’t like what you see come bill-paying time, think about what that means about you. If you feel out of control when it comes to spending and credit cards, get the help you need to take the control back—and, like yourself enough to say ‘no’ to overspending.

If you’re in trouble, I’ve got an assignment for you: Tell someone about your debt. Not just how much you owe, but to who and why. One person. This week.

Keeping it taboo keeps you from getting the help you need. Talk about your debt if it’s a problem. Hit message boards. Head to the NFCC to talk to a credit counselor—honestly and fully—and write me! Sharing will get you answers, motivation, commiseration, information and guidance. It will also take the air out of that shame-bubble and give you the impetus you need to get your debt in order.

Say it loud and say it proud: “I’m in credit card debt–and I’m going to get out!”

Sep 02

Mailbag: Feeling Overwhelmed By Credit Card Debt?

By Kachin | credit, credit cards | No Comments

Dipping into the mailbag today, I wanted to address some questions that seem pressing on many minds: sinking IRAs, too much debt and love and debt. A New England edition:

Carolyn in Massachusetts asks:

I’m 20 years old and in January I put $2500 in a Roth IRA account. I know that with investing, you lose money along the way, but with the economy the way it is right now and the small amount of money in the account, would it be better to withdraw it and put it in a high-yield savings account until the economy takes an upturn and then put it back in the IRA?

It’s tempting to pull out of investments when you see your values shrinking but the great news for you Carolyn—and anyone else ready to pull the plug—is twofold: If you’re 20 years or more from retirement, you’ve got dollar-cost averaging and the overall growth of the market over time on your side. And second, consider yourself buying at discount right now—the long-time motto is: Buy low, sell high. And that’s exactly what you’re doing if you’re regularly (every month or twice a month) contributing to an IRA. Dollar-cost averaging refers to the exponential ability of money invested over time to grow like crazy—especially the more time there is before withdrawing. In your case, you’re way ahead of many folks your age and you should still keep socking away in that Roth. BUT please make sure that high-interest debt is out of the picture (credit cards) and check into your distribution on the account. Make sure you’re diversified and not too loaded in one sector, like only tech or only ‘growth’, etc.

Renee in Maine writes:

I am drowning under $80K in credit card debt. I am paying all of my bills on time and my mortgage too. But I am getting to the point where I can’t lower any of the balances. My husband is also taking a new job which pays $20K less a year. I know I won’t be able to keep afloat then. Do I file for bankruptcy or call my credit cards and make a deal before I do? My 2 cars are paid off and I have no problem with my mortgage. HELP!

Renee—There are so many people in your position right now. But don’t look to bankruptcy yet. For you or anyone having trouble juggling debt on a limited or lower income, head to the National Federation For Credit Counseling to find a non-profit credit counselor who can sit with you and give you your personal options as well as—only if you need it—negotiate with your lenders and pull together a more manageable monthly payment plan. You’re in great shape in that you’re on top of your mortgage and don’t have car payments. Surely you have room to negotiate and make things better. Good luck! Keep me posted.

Kenya in Connecticut feels overwhelmed:

I am not sure where to begin. I am almost 40, and have HORRIBLE credit. I want to be able to move into the next phase of my life feeling good about myself financially. I feel ashamed and have a wonderful guy who wants to marry me but I cannot accept his marriage proposal b/c of my horrible credit AND I also owe back taxes…… I am feeling extremely overwhelmed, frustrated, ashamed and lost……. what to do? where do I begin? Is my situation hopeless?

Kenya—Do not feel ashamed. And if you do, use it to only move yourself forward. Like I told Renee, above, head to the NFCC for a non-profit credit counselor. They will also be able to give you personal advice about your tax situation. But know that when you get married, your credit remains your credit. The only way you’ll affect your new spouse is if you’re buying something together like a home. In that case, your low credit score and history will bring his down but his good history and score (I’m assuming) will bring yours up. As long as you don’t sign up for any joint credit until yours is straightened out, don’t feel like this is what’s stopping you. Though it’s not a bad thing to want to get your money-life in order before making this move. It’s a good thing so if you do hold off, give yourself a time frame to look forward to. And keep him in the conversation—after all, you’re not only going to be partners in love, but partners in money. Wishing you the best…

Feb 25

Buy or Rent? Learn the Rule of 15

By Kachin | Uncategorized | No Comments

Ever hear of the real estate Rule of 15? I mentioned it yesterday on a segment with Al Roker on the TODAY Show as we discussed a question tossing and turning through many American heads these days: “Should I buy or rent?”

Here’s how the rule goes: Let’s say you’re looking at a 2-bedroom house or apartment:

1) Find the going rent in the neighborhood or location you’re interested in—which you can track down through sites like Zillow.com and Trulia.com—and calculate how much you’d spend in rent a year. Say, $2,000 a month would mean an annual rent of $24,000.

2) Multiply that number—your annual rent—by 15. (in this case: $360,000)

3) Now look up and compare the going price of a comparable space in the same area, to buy.

4) If that number is much greater than your annual-rent-times-15, the location probably still has a way to go down in home value. The bubble here ain’t done burstin’ and you should rent for a while. The last thing you want to be is upside-down on a mortgage—owing more than your new home is worth.

Keep in mind that some bubbles burst more quickly than others. So if you’re going to stay put for 10 to 30 years and you need to buy now, then buy. Just be very well informed about where you’re buying, what property values are and, should you dip into the cheaper well of foreclosures, do your research. You want a ‘merit’ badge in your local market before you buy these days.

You can calculate your own “Rule of 15” numbers using the Center for Economic and Policy Research’s report on ownership vs. rental costs in 100 metropolitan areas. Click here for the PDF.

But just as important as rules and research is the need to clean up your credit score and credit history. The difference between a 680 and a 780 can mean hundreds of dollars in monthly mortgage payments and thousands over the life of your loan. Not to mention that it can bring you to the front of the line when you’re vying for a rental.

If I were to sell my home today, I’d rent for at least a year. And I’m in New York City.

Let me know what snags you’re running into in your housing market in terms of buying and/or renting. Are you having trouble deciding? What’s your timeframe? Write me below!