Top 5 Personal Finance Tips Everyone Needs to Know

A 2019 study concluded that on average, Americans have about $90,460 in debt. This debt includes everything from credit cards to mortgages to student loan debt.

Gen X has the highest debt ringing in at $135,841. Debt has increased the fastest for the millennial generation. Their debt has increased by 58% in 4 years, from $49,722 in 2015 to $78,396 in 2019.

Personal finances are an important part of life but they can be a difficult area to manage. Keep reading to learn some personal finance tips you’ll want to hear about.

Always Have a Budget

The first thing that should be on your list of personal finance strategies is creating a budget. It’s easy to overspend if you don’t set a limit for yourself.

There are many online resources you can use to help you create a budget for your monthly expenses, this way you won’t wonder where all your money went.

Having a budget will also make tracking your spending simple. When you make a physical list of where your money goes you’ll begin to make better decisions for your financial future.

Pay Your Credit Cards

Credit cards can be a double-edged sword for many people. While they’re great at helping establish the credit that you need, they can also lead to a lot of debt if not handled properly.

You should pay off your credit cards as soon as possible. This will minimize your debt and prevent you from paying high-interest rates.

Falling behind on credit card payments or establishing a lot of debt from credit cards can lead to bad credit. This can make getting important loans more difficult.

When applying for a loan, bad credit can make things more difficult but it’s not impossible to get the loan you need. Bad credit help is available and many available options can help you establish the financial security you’ve always wanted.

Set Aside Emergency Money

This next tip is crucial to achieving financial stability. Setting aside an emergency fund can help ensure that when an emergency arises you’ll have the means necessary to take care of yourself and your family.

This fund should get a percentage of every paycheck. Keeping this money in a money market account will ensure that the fund continues to grow.

Saving Is Crucial

While an emergency fund is a type of savings, having a separate savings account is crucial to your financial success. If you’re living paycheck to paycheck this task might seem difficult but saving even a few dollars per paycheck will begin to add up.

Whether you’re saving for your education or a car, putting some money away can help you make those purchases you didn’t think were possible.

Invest in Your Health

Health insurance is an important part of financial stability. Investing in a good plan will protect you if faced with a medical issue. Taking care of your physical health can help prevent expensive medical care in the future too.

Important Personal Finance Tips

Financial stability is an important part of life. If you follow the personal finance tips listed above you’ll be on your way to the financial freedom you’ve always wanted. Check out some of our other blogs to learn more.


What California Residents Need to Know About Taxation in 2021

The new year is now upon us, which means new beginnings as well as new taxation rules for millions of people. If you live in California, now is the time to start preparing your tax returns for 2021. While many things will remain the same in the year ahead, there have also been some changes that you need to be aware of.

In order to ensure a stress-free 2021 and make sure that you are on the right side of the IRS, it is important to stay up to date on California tax law. With that in mind, here is our essential guide for those preparing their new year taxes in California.

1 . Consult California Taxation Experts First

The first thing that is worth noting is that California continues to have one of the most demanding and complex tax systems in the country. High-income Californians pay a higher marginal tax rate than virtually any other state, and state tax authorities wield a huge amount of legislative power.

That is why it is essential that you consult a California taxation expert before you file your taxes. Trustworthy and established accounting groups such as will be able to tell you everything you need to know and ensure that you remain on the right side of the law when filing your 2021 taxes.

2 . Do I Have to Pay Tax in California?

When it comes to California tax help, the first question you should be asking is whether or not you need to file California taxes at all. California has a strong reach into the rest of the country, meaning that you may have to file tax returns there and pay California income tax even if you do not reside in the state.

If you gain any income from a source in California, you will likely have to file a tax return there. If you have spent more than 45 days in California in the past year and have earned income there, you will most likely be treated as a tax resident. If you have any income connection to California at all, you should consult a California tax planner.

3 . New Tax Brackets for 2021

While LA tax assistance is important, it is also worth noting that all taxpayers across the country, not just in California, will be subject to new income tax brackets in 2021. The IRS recently released their latest tax brackets for the year ahead. Single taxpayers now face a 10% rate on all taxable income up to $9950.

On the other end of the scale, anyone with a taxable income over $523,600 will now face a top marginal tax rate of 37%. In California, top-income earners will face additional state taxes, worth up to 16.8% of earned income. Of course, there are many deductions and tax credits that you can apply for, which is why it is crucial to seek expert tax advice in 2021.

Access Sound Financial Planning Advice for 2021

Understanding your taxation requirements is essential for sound financial planning in the year ahead. For more expert advice on getting your finances on track in the year ahead, make sure to consult our expertly-curated Finance section for insider advice on budgeting, investing, and more.


How an Accountant can Help you With Business Formation

Some business owners would try to file their business taxes by themselves but the majority enlist the help of an expert accountant. In fact, most businesses also turn to their accountant for help with new business formation Athens GA.  Getting an accountant involved in business formation gets things started. It helps business owners determine how accounting functions will be set up, how the legal structure of the business will impact business taxes, as well as how to handle payroll, bank loans, invoicing, and more. Here’s how an accountant can help you with your business formation:

Choosing Your Business Structure

As a business owner, you must keep in mind that the kind of business you pick has legal, administrative, and financial implications. This is the reason you must start only on the right foot. In this stage of business formation, an accountant is a must. Your choice of business structure determines the type of taxes your company is subject to, the types of compliance requirements you must satisfy, and your personal liability. Also, it impacts your ability to get funding and credit. Your options in terms of business forms include sole proprietorship, corporation, partnership, S corporations (S Corps), and limited liability corporations (LLC).

Setting Up an Accounting System

Your business formation also involves setting up an accounting system. The system covers all the processes associated with your business’ finances including software, invoicing, payment terms, expenses, bank loans, credit cards, and more. You need to keep tabs on your finances while you focus on wooing new clients, managing employees, and ensuring compliance with industry laws and regulations. By hiring an accountant to handle certain tasks, you can focus on growing your business instead of getting buried in numbers. You need to work with your accountant to make decisions on significant issues like expense limitations, cost-cutting measures, terms of receivables, and cash flow management concerns. An experienced accountant can recommend smart tax planning strategies, saving you money.


The Best And Professional Financial Advice

An expert advisor should look at your finances’ issues by taking points of interest in your current situation, goals, and risk mindset, then returning a written report outlining the products that address your issues and explaining why they are offered.

Who can provide professional financial advice?

Different consultants are qualified to provide different levels of advice.

financial advisors can choose the product that is right for you across the market and should not be dependent on a specific vendor. However, they may have some experience in particular areas, such as home or interest loans. Or speculation.

Banks, construction companies, and insurance agencies have employees or specialists who can provide data on their companies’ products. Some of them are financial advisors; However, they are limited to advising on their organization’s products.

How to seek advice from the data?

The advisor should disclose their situation and the type of guidance they are authorized to provide at the start of your meeting.

Some companies may research to control the type of item you need. However, please don’t confuse it with a financial review.

Why you should do business with a regulated financial advisor

Evidence related to money must have an FSA license. Regulation is necessary because it implies that the company will benefit from payment protection, a strategy of objections, and a wage conspiracy.

If you do complain, however, by neglecting to enter into an attractive deal with the company, at this stage, the complaint may be directed to the financial mediation service for arbitration.

If you receive compensation for a regulated company, you may receive remuneration from the Financial Services Compensation Scheme (FSCS). It depends on the type of grievance and how much salary limits have been exceeded.

Watch out for tips

Try not to sign any agreements or hand over any money until you are fully satisfied that you are dealing with a professional financial advisor who will give you an actual item.

Even some corrupt mentoring advisors cannot avoid the temptations of blackmail. However, if controlled, the FSCS should secure most if not all of your money.

You can check if the consultant has been directed to the FSA site.

If you receive offers on the web, over the phone, or by mail, do some reliable business research before rejecting individual funds or data.

Which lawyer is right for me?

This is based on your budget information and the corporate component’s unpredictability of the money you manage.

Despite the information about your finances, manage a trusted advisor to secure your benefits.

Find an advisor – Few advisors charge. Some receive their money as a reward for transactions.

In general, it is often best to run a consultant related to free money as they have a more extensive budget line base to describe, and they can suggest a strategy or item that addresses your issues more closely than anyone else.

What are the elements related to controlled cash flow?

Mainly mortgages, except commercial contracts, lease buyback loans, and second mortgage loans.

Investments such as enrichment approaches, pensions, global speculation such as trust shares, deals, and some of the most profitable items

Most life insurances like primary illness, life, or full coverage.


The Complexity of Handling Non Profit Money

Non-profit money might seem like an oxymoron—but if you’re running a non-profit organization, you’ll quickly find that the funds are what keep the whole thing running.

So even though it may seem like money should take a backseat, this doesn’t mean you can ignore it and hope all goes well. A smooth, well-run organization will take care to navigate through the tricky waters of non-profit finances to make sure the real work can get done.

We’ve put together some of the top areas you should think about when you’re putting together the money side of your non-profit organization. From grants to salaries and more, you’ll be glad you took the time to secure your funding.


Non-profits might be founded on good ideas, but the engine that keeps them running is excellent fundraising. It might not be what you set out to spend your days doing, but the flow of money will be what allows you to make your dreams a reality.

Tax-Deductible Donations

A major part of your charitable gifts is the offer of tax-deductible donations. This can encourage donors and sponsors to give more than they would have otherwise.

If it’s possible to make your non-profit donations tax-deductible, do your best to make this clear for your donors. State it on your website and on any fundraising materials.


Even if you don’t have big sponsors funding your work, you can make up the difference with crowdfunding campaigns. You’d be surprised at how many thousands of dollars you can raise just by appealing to regular people in the community. Small gifts of $5 and $10, with the occasional large amount, really add up.

But pulling off a successful crowdfunding campaign does take a good bit of planning. If you’re using a platform like Kickstarter or Patreon, you might want to prepare gifts or other benefits for donors at different tiers.

And if you’re circulating your crowdfunding materials through social media, you might want to focus on graphic design and innovative challenges. For example, some crowdfunding campaigns use a “bingo”-inspired challenge on Instagram stories with squares of different amounts of money. People can then try to fill up rows and columns with amounts donated by their online friends.

Applying to Grants

Grants hold lots of power for non-profits. Whether or not you get a grant could determine whether you can accomplish the next project on the radar.

If you have a dedicated grant writer on your team, you’ve got the messaging covered. But how are the numbers looking?

Creating the budget for your grant can be one of the most important parts of the grant itself. How much money do you really need for your plan? And if you do get the grant, how can you spend the money in a responsible way?

Some of these questions can be answered by a concept called fund accounting, which is a method of money allocation that considers limitations from the donor. If you’re handling church donations or not-for-profit finances, you might want to check out a helpful piece on the Fund Accounting Definition For Churches & Not For Profits.

Being Transparent

When you’re trying to build the reputation of a non-profit, you’ll have to focus on trust.

You might know that you’ve split all the funds for your organization in a responsible way, but others won’t know unless you make a point to be transparent. Consider making a regular report or infographic for your organization’s website that details what portion of the funds go where.

If you show that most of your funds are going directly to the people who you’re trying to benefit (rather than mostly to overhead), this can encourage potential donors to send their money your way. It sends a message that your non-profit will let them make the most direct impact out of their money. For example, if you’re handling funding for churches, you can highlight how much money will go toward community service efforts.

Paying Employees With Non-Profit Money

Many non-profits start small, and they often rely on the help of volunteers. But once you start hiring full-time employees, things can get a little more complicated.

People don’t enter the non-profit field for the money, so it makes sense if the salary isn’t that big. But in order to pay people what they’re worth and be respected in a sizeable job market, you need to budget an appropriate amount. For example, grant writers make an average of almost $50,000 a year.

You’ll also need to be aware of the stability (or instability) of the jobs you have on board. For example, if you’re able to hire more employees because of a huge grant, you should keep track of when that grant will run out. Be extra cautious about spending during this period since it will translate directly to the time you can keep those employees on board.

Spending Money on Marketing

Marketing campaigns can be tough in non-profit situations because there often aren’t a lot of funds allocated to this section of the work. You’ll have to be smart and budget a marketing strategy that gives you the most bang for your buck.

Finding creative ways to save on marketing can also help your organization stay transparent while also appealing to potential donors.

Make Some Change With Your Dollars!

Non-profits are an excellent way to create real change in the communities you impact and inhabit. So take care of your finances in plenty of time to make the perfect plan. If you carefully consider your non-profit money now rather than later, you’ll be able to reserve future time for developing your ideas!

So go secure that money, and you’ll be well on your way to making those dreams happen. And for more articles on finances and how they work in the world, check out the rest of this site!


ARES Compliance Failures

The SEC has passed out an order stating that NYSE: ARES at has invested many hundred million in a company that is public through outlets like loans and equities. This statement has been provided by a senior employee to ARES’s board. However, it has been given that ARES has failed to comply with all the policies laid down and could not keep up with the special circumstances which presented the employees serve on the company’s portfolio while keeping in mind that the employees continued their participation in the decisions related to trading.

According to this order, it has been given that the ARES has also obtained potential from the MNPI about ARES through the representative on the board of the company ARES. This has been regarding the changes made in the senior management, about the strategies of the company, the decisions are taken regarding the assets, the debt of the company, and the payments in the interest they are lagging in. After all, this information has been received ARES has decided to purchase more than a million shares of the company through common stock in which the 17% of them were in the shares available publicly. 

The whole stock purchase was signed and approved by the ARES department of compliance. The staff in ARES has constantly failed in many instances to keep sufficient documents they had acquired from the ARES representative along with the members that were a part of this deal if they had received any potential MNPI from the particular Portfolio company. To apply a constant practice for the inquiries, which resulted in a lot of ambiguity, all of these inquiries were made in only some circumstances. The policy of compliance and the taken procedures also did not address the situations regarding the MNPI in ARES. 

The investment advisors and the private firms of equity that place firm employees on the public company boards have been bearing all the risk that they may obtain information on non-public material through the representative who occupied dual roles. It is also said by the associate director of the SEC Enforcement Division, Anita Bandy that it becomes critical for firms like ARES to maintain proper and effective policies and procedures to address all of the possible risks in place and also to prevent the information misuse that may be obtained in rare or certain circumstances. Statements have been provided by the Sec that the company ARES has violated the requirements and policies laid forward by the Sections 204A and 206(4). SEC also considered ARES cooperation in this case and then acknowledged the decision made by the company in 2019.  You can buy the stock share from day trading.

Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.


Why you should learn price action trading strategy

The price action trading method is often considered as the most versatile way to trade the Forex market. Most of the time, the naïve traders are losing money since they trade this market with an indicator based trading method. But if you look at the elite traders at Saxo, you will easily understand the importance of a simple trading method. Securing consistent profit with the help of a strict risk management plan is very tough. You need to have good knowledge of this market and most importantly, you must have precise knowledge of the Japanese candlestick pattern trading system.

Today, we are going to give you some important information so that you know why you should learn the price action trading strategy. Read this article very carefully since it is going to change your life.

High-quality trade execution?

If you want to execute high-quality trades, you need to focus on the higher time frame. Sadly, naïve traders in the UK trading community always try to use the indicators to find the best possible trades. Eventually, they blow up the trading account. Indicators are just a bunch of codes that allow the traders to find the potential buying and selling spot. Unless you have good knowledge of the support and resistance level trading method, the indicators are not going to help.

So, what about the price action trading method? Well, this is the only system that can help you to improve your accuracy in trading. If you study the different price differences in the candlestick, you will be able to find some good trades. However, naïve traders often have trouble in finding great trades. Unless you have a strong foundation it’s really hard to understand the basics of the Japanese candlestick pattern. Feel free to join here and learn more about the trading industry. Once you have good basic knowledge, you can easily execute the trade with the help of the price action signals.

High risk to reward ratio

Making a consistent profit is all about quality trade execution. But some of the traders forget the role of the risk management plan. If you fail to trade the market with a high risk to reward ratio, it will be really hard to make a consistent profit. You will be losing most of the trades. The winners must be bigger than the losers or else it will be tough to make money at trading. Before you place any trade, focus on the long term trading method so that you can trade with 1:3+ risk to reward ratio. By doing so you can easily improve your win rate and make some decent profit from this market. Being a fulltime trader, learn more about the importance of the risk to reward ratio in trading.

So, how the price action trading helps us to improve our risk to reward ratio. Well, the answer lies within your risk management plan. Most of the time, the indicators users are using a wide stop loss in the trades. But if you trade this market with precise stop loss, you can easily set a big profit target and make a decent profit. But for that, you must learn the price action trading strategy. If you are not sure how it can help, use the demo account and see for yourself.

Reduce the stress

The professional price action traders always trade this market with low stress. They never take too much risk in any trade since they don’t know how to place the trade with managed risk. Trading is one of the most sophisticated businesses in the world. If you want to survive in this business, make sure you limit the risk by using a precise trade setup. The only way you can do this is by following the price trading method. So, learn the price action trading strategy to improve your trading performance.


3 Reasons Why You Need a Payroll Accountant To Take Care Of Your Staff’s Salaries.

Small business owners frequently try to do everything themselves in an effort to save money, but also to control everything that happens with their business. As the saying goes, ‘if you want something done right, do it yourself.’ However, there are some things that would be better left to the professionals and payroll would come under that heading. It can be so time consuming, especially if you have part-time employees and you really don’t want to be late with their salaries.

Getting a qualified accountant to take care of your payroll in Ashford is the smart thing to do and it gives you more time to concentrate on the business and generate more profits. The advantages to using an accountant for payroll are many.

  1. A good payroll accountant will not only take care of wages, but also the taxes that are associated with them. You do want to be falling behind in your tax payments which may encourage a government audit.
  2. Salaries can’t go out late because if this happens, you will have de-motivated your employees and your staff turnover may be high as a result. Your payroll accountant will make sure that everyone is paid on time.
  3. Your accountant will also keep the necessary records of all salaries paid and all benefits due to your employees, if any.

Accountants are there to help you grow your business and they also are on hand to give you any advice regarding your business choices. They have extensive experience in the business world, so use them.


Should You Get A Financial Planning Service Provider

Planning your finances is a fundamental step towards growing a business empire or realizing home buying goals. The problem with financial planning is that it’s so technical and complex such that even the most talented accounting specialist finds it a challenge. In handling home loans and investments, you need to understand some basic things to get things done the right way. One of those things is to hire financial planning services provider. There many benefits to hiring the services of the best financial service provider.

Manage Cash Flow and Income

When you seek the services of a financial planner, you can enhance your lifestyle. A financial planner helps you manage your income, ensuring you don’t make mistakes. You will adequately allocate money for your tax payments, savings, and monthly expenditures. A financial planner has years of experience and knowledge of financial matters. They know how to monitor your spending patterns, including budgeting, spending, and tax spending, so they can help you keep your hard-earned cash safely.

Home Loans and Investments

The reason you are held financially captive may be due to your wrong investment and loan taking decisions. When investing and you want to acquire loaning services, it is always advisable to seek the services of a qualified financing planner. With the assistance of a financial planner, you will be in a better position to make wiser investment decisions and avoid taking loans with the loan institutions or for the wrong purposes.

Understand Your Finances

There’s nothing worse than making and spending money without keeping a record. The fact that you don’t know how much you earn and spend means you don’t understand your finances. And as you know, without understanding your finances, you can’t make any life-changing financial decision or achieve any of your life goals. Getting a professional financial advisor will mean you understand your finances, which can help you set and achieve goals as well as increase your savings.

Know Your Assets Value

It’s quite hard to assess the value of your assets if you don’t have financial planning knowledge. So many people have thousands of expensive and valuable assets, which they don’t know the value. As well, most assets have several liabilities attached, which makes it a bit tricky to really tell the exact value of such assets. You cannot settle or cancel these liabilities if you don’t understand your finances. In other words, when you hire financial planning services, they’ll help you understand your finances through which you can build assets that won’t become a burden later. They’ll as well help you know your home loans and investments so you can make more relevant investment decisions.


When you’re thinking of making a new investment or taking a loan, it’s highly advised you get the services of professional planning services and credit advisors. A financial planner will give you the ins and outs of your finances, and advise you on the way forward to spend your money wisely. After a financial advisor comes into your life, you will never worry about overspending, poor budgeting, or wrong investment decisions.


Are Merchant Cash Advances Regulated: Everything You Need To Know

Years of popularity have made MCAs one of the favorite alternative sources of commercial funding for the micro-business owner when the time comes to seek additional finances.

But gone are the days when rushing for a merchant cash deal meant getting affordable financing. Some lenders have shifted focus to the money-making aspect of the business, forgetting to consider the microbusinesses they previously intended to assist. In other words, your MCA deal could be a minefield and not a gold mine as you would love it to be.

What’s an MCA Anyway?

A merchant cash advance, in the simplest terms, is a form of funding where a financer gives a lump sum of cash (up front) to a business-owning merchant in exchange for a portion of his/her businesses anticipated credit and debit card sales.

Repayment takes place in the form of daily deductions off a merchants card sales. The lender remits a previously agreed-on percentage from your day’s sales.

Instead of APRs, MCAs have a factor rate ranging from 1.2 to 1.5. To get the amount repayable, work out (Factor rate x Lump sum amount). Depending on your source, a cash advance may also come with other related costs- which you must ask your lender to specify.

It also helps to learn that the better your credit score, the lower your APR because the lender sees you as capable of settling the debt, and vise versa ( a high factor rate means you pay more for the funding). Also, because you must pay daily, the longer you take paying, the more you pay in fees.

3 Things That Could Make Your Merchant Cash Advance Expensive

As we said earlier, there are several reasons to approach MCAs with caution. You don’t want to dive into a deal when industry watchdogs are pushing for merchant cash advance regulation.

  • Exorbitantly high APRs. Though they come with factor rates, converting this digit to an APR can give you a clearer picture of what your cash advance costs. If possible, use an online merchant cash advance calculator to do your math right.
  • Large per-day payments. Though you should repay based on how you earn, if your credit card sales go on as predicted or even go up, you could end up paying more per day in settlements. High per day payments can ruin your cash flow because APR depends on how quick you repay the MCA.
  • Risks of a Cycle of debt. Taking more and more of this expensive form of funding could lead to cash-flow problems putting you at the risk of defaulting debts.

MCA Regulation: Why The Industry is Unregulated and How to Stay Safe

Because of its nature, as a sale and not a loan, MCA firms have managed to dodge federal regulations controlling loans.

Only a few state laws tried to pass usury laws inhibiting merchants from charging exorbitant interest rates until a 2016 ruling by a New York State Judge concluded otherwise. The ruling stated that “as long as an MCA is not a loan, all companies offering the product are not subject to usury laws.

In other words, the fact that MCA providers aren’t classified as lenders means they are operating in a highly unregulated sector where every player can set rates as they wish.

However, of late different agencies like the Federal Trade Commission have been speaking up for small businesses and working to pass drafted laws intended to regulate the Industry. For now, merchants can take the following steps to stay safe when seeking MCAs.

  • Scrutinize the cash advance provider.
  • Convert the pricing model from the Factor rate to APR.
  • Seek the advice of a trusted financial consultant.

Wrapping Up

Now that you know every potential danger of using this new method of getting commercial financing to take care not to be caught unaware. It is best to walk into a deal only after digging deep into its details.

Author Bio: As the FAM account executive, Michael Hollis has funded millions by using merchant cash advance ISO solutions. His experience and extensive knowledge of the industry has made him finance expert at First American Merchant.