The McDaniel Corporation has a professional staff of dedicated, experienced, knowledgeable and highly competent personnel who are trained and licensed to offer a broad range of financial services. The firm and its staff are directed and supervised by its president; Craig M. McDaniel.
Address: 6156 St. Andrews Road, Ste. 108 Columbia, SC 29212
Phone: 803-750-4848
Website: https://www.mcdanielcorp.com/
Insolvency - Stay on Top With Smart Financial Tips
In the current day and age, many people incur outsized debts and are unable to repay them. This urges them to declare their insolvency. After declaring insolvency, they have only a few choices left with them in order to pay off their debts. Many people get the alternative of IVA, and it proves to be extremely helpful for improving their credit profile. You can even opt for the alternate of bankruptcy. However, the option of Individual Voluntary Arrangement is more rational than filing bankruptcy.
Individual Voluntary Arrangement is extremely beneficial as compared to filing bankruptcy. Nowadays, more and more folks are opting for this option in order to improvise their financial state. If you want to stay on the tip even during your insolvency, then the smart financial tips from the Consulting would help you a lot. this is just like a boon for all those who have been declared insolvent.
Insolvency services availed from these consulting would help you to a great eminence, for bailing you out of your awful current condition. The business consultants and insolvency practitioners at this consulting would bestow you with their professional and practical ideas, which would assist you throughout your insolvency. The advices bequeathed by the Insolvency Service are solution oriented. The professionals at the Insolvency Service would also provide various strategies, so that you can stay on the top even during your insolvency. The implementation tips offered by this Consulting for insolvency are of a great assistance.
The insolvency practitioners are extremely qualified in the field of insolvency. They would assist you with a affable approach, so that you can easily share all your grievances with them regarding your insolvency. Even their perspective is highly contemporary. You not only gain augmented profitability after approaching this Consulting, but also you can attain various helpful business solutions from them.
Consulting bestows the services of portfolio reviews. This service is very supporting for the loans that are underperforming. Reviews regarding the divesture and acquisitions are also offered by Insolvency Practitioner. The reviews regarding Viability provided by the Insolvency Practitioner are extremely crucial in the current day and age. For the financial disputes, Insolvency Service also proposes investigative accounting. Negotiations with the lenders and creditors would be done on your behalf by the Insolvency Service. Approaching Consulting would not only improve your profit but also the performance of your business would gradually augment.
Therefore, if you are really interested to stay on the top during your insolvency, you should definitely avail the smart financial tips from these Consulting. These smart tips would definitely help your business to perform better and your profits would escalate to unthinkable distinction.
Nine Financial Tips For Property Investors
We invest in property in order to build wealth, have a retirement plan, acquire tax benefits and enhance our capital. As an investor, your goal should be long term, having a seven to ten year view especially if your method is to buy and hold.
Finance is important when it comes to selecting the right property. The amount of finance you can obtain will determine the value of the property you can acquire. Read on to learn top financial tips for property investing:
1. Utilize various lenders - While it is more convenient to borrow money from the same lender, it can reduce the amount you are able to borrow as well as enhance the risk of your one lender to evaluate your property as a whole rather than individually. The use of various lenders will allow you to find the best deal, enhance your borrowing capacity as well as maintain control over your assets.
2. Cancel unused credit cards and reduce the limits of the credit cards you use - If you have credit cards that you do not use anymore, you will want to cancel them since lenders assess both used and unused credit cards when computing the amount you can borrow. Decreasing the limit in your credit card can help in the amount of cash you can borrow for your property.
3. Have A Plan - This is a common tip but sadly many fail to create a plan or strategy. You need to treat property investing as a serious business and should come up with a comprehensive business plan containing the strategies to develop your property portfolio, the finance needed to achieve this and the cash flow analysis of how the debt and other expenses should be handled.
4. Consolidate Personal Debt - Make sure to look for ways to consolidate your personal loans that have a bigger interest rate as these can allow you to spend more in interest as well as affect your borrowing ability. This includes all interests acquired on store cards from a department store.
5. Interest only versus principle and interest - Forming your investment loans with 'interest only' enhances your borrowing ability as well as allows you to pay the principle if you want.
6. Review Your Security Regularly - Providing lenders with too much security can highly restrict your investment capacity. Evaluate your property values yearly and if ever there is a significant increase of 7%, have your property values re-valued with the bank. In time, you will have the capacity to remove the security from your property or from one of your investment properties.
7. Make Sure To Have the Appropriate Loan Structure Prepared - A wrongly structured loan portfolio enhances your risk profile, decreases your flexibility as well as can build reporting and tax problems. It enhances your risk profile if you have not divided your home and investment lending. It decreases your flexibility through cross securitisation. It will not sufficiently separate tax non-deductible and deductible expenses which in turn could result to losing out on deduction.
8. Have a Line Of Credit or Redraw Facility - Hope for the best but be prepared for the worst. A lot of the investors ignore this advice and they acquired no security on their cash flow in case times get tough. To have a peace of mind, make sure to have a cash reserve prepared from the start through a line of redraw or credit facility.
9. Make use of a seasoned mortgage broker - Lastly, find a mortgage broker or real estate agent who is adequately connected as well as has the right experience. The broker should have comprehensive skills in investment properties. Try to get in touch with a financial advisor and learn all there is about making property investing easier.
Generation X - Top 5 Financial Tips
Gen X is also known as the "baby bust" generation and is sandwiched in between the massive baby boomers and their offspring, the echo boomer generation (sometimes known as gen Y). As a generation X myself, I find it funny when I look back at my high school years and the few wild things I remember like "hair" bands, muscle cars, leg warmers, walkman's, MTV and using tin foil to steal the pay per view channels. Back then the big debate was VHS versus Beta and if you knew the DOS operating system...you might have been called a geek. According to the US Census Bureau of 2009, Gen X statistically, is still the highest educated group of all current and past generations. This seems to make sense because when we entered the work force we needed an extra edge to compete with the boomer generation for jobs. Not helping much was the fact that there was also a pretty bad recession during the mid 80's. I think we might have even been coined the professional student generation. Today we are probably at or are entering into our peak earnings years and though we may still feel like we are young, there is no denying that we might be at the mid point of our lives (if we're lucky). Therefore it's important to take stock of our financial situation while we still have time to work out the kinks.
Top 5 Generation X Financial Tips
1) Take stock of your financial inventory
Calculate your net worth (assets minus liabilities) to determine how far you've come. Make a plan to tweak your personal balance sheet by either focusing on paying down debt or increasing your savings level. Determine which assets you have that will be the ones that end up providing an income for your retirement. If your house is your only asset, you may want to start diversifying your savings into more liquid assets while there is still time for growth.
2) Get professional help
I don't mean mental help. I mean utilize the professional resources that are available such as accountants, financial planners, lawyers etc. Getting the financial details right at this point in your life is important. Having an extra set of eyeballs on your financial health can uncover mistakes or things you didn't know about. Generation X is the sought after client for many professionals, so it's safe to move up the ladder of expertise available and move on from the inexperienced, "no shirt no service" sort of attitude we have been used to getting in the past.
3) Protect your assets
Insurance is usually the method used to protect income or assets in the event of illness or pre-mature death. Use a licensed professional that can do a "full needs" analysis. I stress this because at some point, as we age, we might end up having to pay too much for insurance or we might even become un-insurable and then it could be too late.
4) Wills and Power of Attorneys
Once you've checked your financial net worth and insurance policies, it becomes time to figure out how all the assets would get distributed in the event of an un-timely death. Check which assets would have to be sold, the tax consequences, any joint assets, and of course decide on the guardianship of any small children. It might also be a good time to check whether your parents also have a will and power of attorney's set up too, especially the power of attorney for property and health wishes.
5) Invest Properly
At this point, proper investing is an important key to preserving and growing investable assets to reach any goals you might have set. There are various financial advisors that can add value to an investment plan, but there are also many that lack experience and knowledge that can actually become a set back on your finances. Go back and read point number two where I stress the importance of finding true experts. Investments at this stage, need to be monitored on a regular basis, fees reduced, and quality enhanced. Research on the internet is mainly free, but the quality is not always there. Some of the excellent financial research available is actually not free at all. In some cases it's very expensive and out of reach for the average individual investors. Some advisors can spend over $1,000 per month for in-depth research to help enhance the quality of client portfolios. For example my blog articles, which are free, hardly skim the surface of what I know about this business. They are merely written to give people a general idea of what I believe is important.
10 Financial Tips To Teach Your Kids
Teenagers are faced with so many new learning experiences, that it is hard to believe that one of the most important aspects of their adult lives (personal finance) is not adequately covered for most kids prior to their high school graduation.
More than three decades after my teenage years have passed, I find myself trying to determine what information I need to share with my teenagers. In today's hi-tech, hi-text, super charged video game era, it's difficult to get your kids' attention long enough to get them to clean their rooms not to mention learn something about finances.
After lots of trial and error I found 10 Financial Tips to teach kids and a few creative ways to get their attention while doing so.
1. Banking 101 - Open a savings account for your child at birth and start developing your lesson plan for teaching money matters. During their teenage years open a checking account but do not give them full reign on this account. Start by teaching the basics of deposits and withdrawals using checks and deposit slips. Teach them how to reconcile the account, noting that the balance on the online system may not be their actual balance. Add a debit card, when appropriate, but be very careful with this part of the lesson. It can be very costly if they get carried away with ATM / debit transactions that are not tracked properly.
2. Talk About Money Matters - Years ago it was considered taboo to discuss your personal finances with your kids. In today's financial times, it is imperative that you discuss the basics and more. Making your kids comfortable with the topic starts with you getting comfortable discussing money matters first. Start with basic conversations about savings, budgeting and banking. Use your real life experiences such as bank fees that you notice on your bank statement. Share your strategy on how you plan to reduce or eliminate those fees going forward. You'll be surprised how much children engage when you start including them in what use to be considered a "grown ups only" discussion.
3. Basic Budgeting - Start teaching kids basic budgeting skills early and as they grow, progressively grow the lessons to the point of developing their own budget. Basic money management requires that you track your spending and identify where your funds are going. This is one of the biggest tips you will teach your children. This is a simple process that once it becomes a habit, will prove to be very beneficial to them over time. Be sure to teach them to "Pay themselves first".
4. Needs vs. Wants - This can be challenging because teenagers think everything they want is a need. Help them identify the basics of food, shelter and clothing (not the latest fashion). Although they may be able to get an item that they want but don't necessarily need, make sure they understand that it should be included in their budget in order for them to be able to make the purchase.
5. Credit Card 101 - Teach your kids that credit should be used with care. Help them understand how buying something they want, but don't necessarily need, on credit now could result in acquiring too much debt leading to problems later. Use the credit card statement as a teaching tool to share the concept of simple versus compound interest. Show your teens that only about 15% of each minimum payment goes toward the principal balance and the remaining 85% goes towards interest. They need to understand that a $3000 balance could take close to 40 years to pay off if they paid the minimum payment each month. OMG!
6. Understanding Credit Scores - Most people, not to mention teenagers, are clueless about credit scores and how to establish and maintain good credit. Credit scores reflect how well you manage your credit. The scores are similar to the grades that students receive in school. Teach your children the types of credit relationships to establish and maintain, primarily with banks. Encourage them to always strive for A credit by paying their bills on time and not obtaining too much credit.
7. Invest Now - Investing is a tool that can be taught early. Teach your teens that people have ownership in various companies such as Walmart, Xerox and the local cable stations. They can also have ownership in these companies by purchasing stock. As an assignment have them research different companies or industries of interest. Have them investigate various investment options like mutual funds, stocks and bonds that might allow them to gain ownership into some of their favorite industries or companies. Now make monthly investments that should prove to be very fruitful by the time they reach 30 years of age.
8. Securing Valuables - Teach your teens that their identity is just as valuable as the items or cash that they try to safe guard and protect. By now, they may be in a position to complete applications or forms that require their social security number. Explain the importance of not sharing their social security number, account numbers or personal identification numbers with others. Sometimes kids think that sharing this information with their best friend is okay. Explain that this is not negotiable. Identity theft is prevalent in today's society and they don't want to become a victim.
9. Keep It Interesting - To help keep your teaching moments interesting consider playing games like Monopoly which teaches the advantages of owning property and shows them how their assets will start to work for them. While you're at it, teach your teens how to make change without depending on a cash register or calculator.
10. Get Allowance; Pay Your Own Way - Ever notice how fast kids can spend your money? Give your kids the responsibility of paying their own way and watch the spending decline. Allow them to earn an allowance and require them to be responsible for a bill such as their cell phone or weekly lunch money. Make sure you enforce the budgeting process to ensure they understand their role. You will be amazed how those spending habits change when the money comes from their wallet.
As adults we all want the best for our children. Ensuring that they are prepared for life is one of our biggest roles as parents. I plan to spend as much quality time as I can with my teens. The exercises above give me another opportunity to spend some of that quality time teaching one of life's lessons.