Debt Management: How to Do It to Buy a House in Less Than a Year?

Buying a home can feel rather complicated, especially when you have to manage your debt. As you start thinking about a home loan and the fact that you want to find a property in the next six to 12 months, you’ll probably have a few questions about your financial situation, including “How can I manage my debts to be able to get the house?” Below, Trademark Lawyers shares the details of debt management and discusses the steps you need to take to be able to purchase a house in less than a year.

Pay Off Debt First

Getting rid of as much debt as possible before applying for a home loan is ideal because it helps you improve your credit score, which mortgage lenders use to determine the interest rate you will receive. Becoming completely debt-free from credit cards might be unrealistic, but still, you should aim to pay off as much debt as you possibly can.

Consolidate Debt to Reduce Monthly Payments 

​Debt consolidation usually means using a single loan, service, or credit card to reduce multiple loans, including revolving debt like installment debt (personal loans) or credit cards. Rather than making several payments to different creditors every month, you’ll make one payment to a certain entity. Debt consolidation can also lower your interest rate and decrease your monthly payment, which, in turn, would lower your DTI ratio.

​One of the most common methods of debt consolidation involves taking out a loan. This kind of installment loan enables you to consolidate several debts, such as medical bills, credit cards, and other types of loans. Once you’re approved for the loan, the lender will either pay off your existing debts or disburse money to you to pay off creditors yourself. After accomplishing this, you’ll make one loan payment at a new rate to a single entity.

Pay Your Bills on Time

Late payments make it more difficult to get rid of your debt because you’ll have to pay a late fee for each missed payment. In case you miss two payments in a row, your finance charges and interest rate will grow. It’s a good idea to enter your payments on a calendaring system on your phone or computer and set a reminder a few days before your payment is due. If it happens to miss a payment, do not wait until the next due date to send it; by then, it would be reported to the credit institution. Pay as soon as you remember that you missed it.

Make the Minimum Payment Toward the House

If you cannot afford to pay anything more toward what you owe, try to make the minimum payment, at least. The sum won’t help you make any real progress in paying off your debt, but it keeps your account in good shape, which helps you avoid late fees. 

If there’s no way you can get the 20 percent down payment for the house, there are a few options you can give a try and several programs that can help you. The programs include FHA, USDA and VA loans, which makes it easier to buy the property if you don’t have the funds. When house hunting, it’s also a good idea to work with a realtor who is familiar with the area where you’re looking.

On the flip side, if you have the cash available, you could pay for points at closing. This involves paying a fee to your lender which can in turn reduce your interest rate. Whether this is a profitable financial strategy depends on how long you plan to live in your home. You can use a mortgage points calculator to help determine your break-even point. 

Have an Emergency Fund

When things are going well for you, it’s imperative to establish an emergency fund as part of your savings plan. It would be best if you try to save sufficient money to cover at least three to six months of living expenses and unexpected events. That way, in case of an unforeseen occurrence, you’ll have some reserve cash to help you navigate the challenge.

Budget for the Move

As you pay down your debt, reorganize your finances and create an emergency fund, it’s also important to budget for your upcoming move. Start by determining which expenses you will likely incur, starting with whether you’re renting a moving truck and doing it yourself or hiring movers to handle everything for you. Obviously, a DIY move will be easier on your bank account, but this comes with a fair amount of stress, and will likely require you to involve friends and family for help. Alternatively, local moving companies will be expensive, but carefully vetted pros can make short work of your move, and get everything transferred safely and securely. Other expenses include any activation fees for services like internet, paying for packing supplies and the cost to rent any moving accessories like dollies or pads. 

Debt Management Before Buying a House

The answer to “How can I manage my debts to be able to get the house?”​ depends on your financial situation but implementing even one or a couple of these tips can help you handle your debts so you can buy the property you want to live on.

How to Launch a Business During the COVID-19 Recovery

Perhaps you realized that you were unsatisfied in your professional life during the COVID-19 pandemic. Or maybe you even lost your job in a round of lay-offs, and now, you’re wondering what your next career move should be. If you’ve ever considered becoming an entrepreneur rather than looking for another 9-to-5 position, it’s time to take the plunge! And with the help of Trademark Lawyers, you’ll be able to navigate your legal responsibilities as a business owner. Here are a few steps you can take to achieve your entrepreneurial dreams.

Define Your Business Idea

If you haven’t quite settled on a business idea, it’s time to clearly define your products and services. Consider which problems your target customer is facing and how your business could help address these issues with your offerings. When you thoroughly understand your customers’ problems, you can tailor your offerings to ensure that you will meet your needs.

Legal Concerns

As a business owner, you will have to fulfill certain legal responsibilities. NerdWallet states that you will need to choose a business entity, obtain proper licenses and permits, and protect your intellectual property with trademarks and patents. In order to ensure that you’re not overlooking any requirements, you may want to work with a lawyer who specializes in helping business owners. Getting a patent can take up to five years, so don’t wait to start the filing process.

Secure Funding

Some business owners cover their initial startup costs purely with their personal savings. But many entrepreneurs need funding for their startup phase. If you plan to seek outside funding, make sure to put together a business plan first. Nationwide recommends using crowdfunding websites to raise money, applying for a bank loan, or presenting your business plan to angel investors.

Build Your Team

You do not have to run your business solo. When you’re financially ready, you can begin hiring part-time or full-time employees. You can also start working with contractors as needed, like investing in the services of a bookkeeper during tax season.

How can you find the right candidates for your open positions? You can start by networking. Not only can you connect with potential new hires and get referrals through networking, but you can also learn about reputable suppliers and get in touch with new clients. Don’t hesitate to reach out to people in your industry, even if it’s been a while since you talked. You can also use online platforms to look up their contact information.

Additionally, Gusto recommends using online job platforms, advertising the position on social media, and even working with a recruiter. During the interview stage, make sure to ask candidates for examples of their previous work. For example, if you’re hiring a web designer, check out websites they’ve already designed. If you need a content manager, request their previous writing samples.

Market Your Business

Marketing your business effectively requires creativity! In your early days of business ownership, you will likely want to rely on marketing strategies that won’t stretch your budget. Look for low-cost marketing methods that will help you reach new customers and provide a good return on your investment. For example, you can create social media profiles for your business on different platforms and promote your offerings, host a giveaway to draw in new customers and reward people for supporting your business, and start a referral program to encourage your customers to refer new people to your company.

Becoming an entrepreneur after working for an employer for years is a big pivot. But if the pandemic prompted you to rethink your professional trajectory, there has never been a better time to make this decision. These suggestions will help you get your business up and running with ease!

Need legal guidance while starting a business? Turn to Trademark Lawyers for your legal needs! Call today at 800-270-8184 to learn more about our services.
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Seniors: How to Get Into House Flipping

Flipping houses can be a lucrative money-making opportunity, and retirement is the best time to pursue a house-flipping business. With the rise in popularity of micro-flipping, there has never been a better time to invest in DIY housing projects. That’s why Wise Laws Trademark Lawyers are happy to share this handy guide on how to get into house flipping as a senior. 

Pick the Perfect Property

Research is vital in house flipping. You must consider the state of the neighborhood, access to shopping, schools, and transportation, and any upcoming developments. Conduct extensive market research and understand all the different factors that may affect housing prices before settling on a house to flip. 

Expert house-flippers recommend that you avoid houses that require too many repairs or renovations, like those with bad plumbing, weak foundation, or structural damage. Homes like this take longer to finish, which cuts into your profits. The best houses to flip are ones that you can significantly improve with new flooring, paint, landscaping, and maybe knocking out a few walls. 

Collect Funds

Unless you plan to buy the house in cash, you will need a loan to purchase and renovate the home. There are multiple financing options, all with different interest rates and requirements. It’s important to look into each to see which is most suitable for your situation. 

There are a few things you can do before you apply for a loan to increase your chances of approval. First, improve your credit score by paying any debts and resolving any issues that you can. Second, create a detailed business plan to show investors that you know what you’re doing. Finally, apply for the appropriate loan. 

Hire the Right Help

The key to a successful, timely house flipping business is a good team of contractors. Find a general contractor with experience in house flipping. Ensure they have a crew of good subcontractors (like plumbers, painters, drywallers, etc.) so you don’t have to worry about those areas. Check ratings, reviews, and certifications. 

Stay in Contact with Your Contractors

In 2021, it’s essential to stay connected with your crew. Project management applications like Asana and Trello help you collaborate with your team and share information instantly. Plus, they are easy to use and can sync across all of your devices! Also, don’t neglect the little things; make sure you always have a reliable means of keeping your device charged so that you don’t lose contact at a critical moment. 

Financial Tools for Managing Payroll

With contractors and subcontractors, you are going to have a relatively complex payroll system. However, as a business owner, it’s your responsibility to have a secure and accurate way of paying your contractors and employees. 

Online account software can be a great financial tool for automating payroll, streamlining accounting tasks, and organizing payroll documents. Plus, with online accounting software, you can easily share and save information from anywhere.

Advertising (and Expanding) Your Business

Especially when you’re just getting started, you probably won’t have a massive advertising budget to deal with. Luckily, you still have plenty of options. Spread the word via social media. Also, use a free logo maker app to create an eye-catching design that won’t break your budget. With a design that conveys your new brand, you can unify your message across multiple channels. 

Also, down the road, you might decide to expand. By then, you’ll already have a good amount of experience in the field, but there’s always more to learn. So give yourself an edge by going back to school for a business degree. In addition to giving you the inside track, online classes offer flexibility so that with a little time management, you can continue flipping houses even while you’re studying.

Should You Flip Houses?

Flipping houses isn’t easy, but it can be extremely rewarding. Brightening up an old home and giving it new life is a fantastic way to preserve the American Dream. If you pick the right property, line up funding, hire the right help, manage your contractors well, and make good use of financial tools, then you are sure to succeed in your house flipping endeavors. 

Wise Laws Trademark Lawyers is one of the fastest growing and expanding law firm companies on a local level.  The reason being for our growth is because we pay attention to our customers and consistently provide the best legal service in America. Call Us Today at 800-270-8184.

7 Practical Ways to Get Your Business Started and Running After a Financial Setback

Being a successful business owner often means learning from those who have already reached their goals and have attained a certain level of knowledge that would also help others become successful. Having a mentor is a fantastic benefit, but not everyone can find one in person. So what do you do when you’re hesitant to accomplish your dream because of previous financial challenges?

A Prospective Entrepreneur’s Strategies to Succeed

Being an entrepreneur requires a particular skillset, and while you might naturally have some of these abilities, others can be learned or developed through repetitive practice. Understanding the qualities required and strategies you need to adopt can help you start and grow your business to reach success. Read on to find some of the essential practices you should consider when starting and building a company from the ground up.

Take Risks

One of the most adventurous parts of being an entrepreneur is the exhilaration and thrill you get from seeing if something risky works. You’ll never know the outcome of your efforts unless you dare to do it. In the end, you’ll not regret failure, so ensure you take calculated risks and get used to having to keep taking them.

Start a Business You Are Passionate About

Running a startup can be pretty challenging, so pick something that excites and motivates you. Avoid businesses or sectors that you know nothing or very little about as the high learning curve may hinder your success. 

Also, when starting, make sure you thoroughly research all the business structures available so you can choose one that best suits your startup and doesn’t cost you everything you’ve worked for so far. 

Research the Competition

Ensure that you are carefully analyzing and researching competitive services or products in the marketplace, and stay up to date with the latest developments and upgrades from your competitors. A simple way to do this is to set up a Google alert to notify you whenever new information about your competitors appears online.

Stay Productive

A major priority from the get-go should be finding ways to keep your team productive. Look for time-tracking software that simplifies managing your employees and tracking their time. Quality software will allow you to predict job times and costs, manage your payroll, and subsequently boost productivity and profits.

Network

Networking can bring about mentorship opportunities, help you learn from people who are already successful, and strengthen your connections. It’s essential to meet your peer group, learn from them, and network with them. 

Prepare for Financial Challenges

Although you’ve experienced financial setbacks in the past, which perhaps made you reconsider starting a business, you need to know that these are part of running an enterprise. Cash flow is most businesses’ most significant challenge, but you can deal with it by saving for a month’s worth of expenses or finding creative ways to lower your overhead. You can give clients a discount or incentive if they pay a deposit or the total amount. Whatever strategy you adopt, ensure you’re extremely careful of debt — one of the major killers of small business success worldwide.

Raise as Much Startup Funding as You Can

For many, it’s more challenging and takes longer to raise financing for a business. You need to make sure you have a cushion for all the product or service development and marketing expenses that will appear. Don’t concern yourself with diluting the ownership percentage in the company because creating an excellent product or service takes time and money.

In a Nutshell

Being a successful entrepreneur takes work, a clear vision, and plenty of perseverance. Still, with these tips, you’ll be able to get started and run your dream business — avoiding challenging issues and being prepared on all fronts. Make sure to ally yourself with businesses that look out for your overall success.


Do you need an intellectual property lawyer to help with your business? Call Wise Laws Trademark Lawyers and Legal Team today at 800-270-8184 to get started.

Practical Procedures To Protect Your Profits

People start businesses for many reasons, including to have flexibility and engage with their community. However, a business ultimately has to turn a profit to make these goals a reality in the long term. The following information can help you keep your cash flowing toward its rightful location: your bank account. 

Safeguard your intellectual property.

Intellectual property consists of products and ideas that you generate. Your business name and logo are considered intellectual property. It’s crucial to trademark these and other proprietary services and products to protect yourself from copycats capitalizing off of your good name and pulling profits in a different direction. An intellectual property lawyer (such as the experts at Trademark-Lawyers.org) can keep you safeguarded under the law and will ensure that you have a legal standing to enforce your intellectual property rights. Costs vary when hiring an intellectual property lawyer, but many offer payment plans and flat rates for certain services.

Establish your business entity before you get too big.

The ultimate goal in any business is growth. To perpetuate sustainable growth, establish your business structure early. While some single-person entities can operate as a sole proprietorship, forming a corporation will give you some cash benefits. To understand the difference between a C Corp vs LLC startup, you must first understand that a corporation, according to ZenBusiness, is a legal entity that will remove some liability from you, a stockholder. Corporate debts aren’t considered part of your personal debts. There are three primary types of corporations, including S Corp., C Corp., and nonprofit. An S Corp. avoids double taxation, while a C Corp. offers the highest level of legal protections. A nonprofit Corp. is exclusive to charitable organizations and, unlike other types of business, does not require taxes to be paid. 

Eliminate profit-eating products.

If you’ve ever been to a restaurant with a lengthy menu, you’ve likely wondered how they can afford to maintain stock of every single ingredient needed. Apply the same thought process to your business. You do not have to have dozens of options, and a few quality products or services can sustain you, especially when business is down. To determine what products should stay, calculate your profits. Keep only those that offer the highest profit margin. Do keep in mind, however, that this does not necessarily apply to loss leaders, which Accounting Tools explains are products that you sell near cost to encourage your customers to spend money on higher profit pieces.

Spend money on good employees.

It might sound counterproductive, but to safeguard your profits and the best way, plan to pay your employees competitively or better. This will attract the best talent and, considering that money is a huge motivator, is just one of many ways you can encourage employee longevity. Remember that the employee acquisition and training process is an exponential expense, and it can take six months or better to break even on a single new hire. LinkedIn also points out that paying a low wage can damage your brand’s credibility while a generous paycheck will excite top performers. If you are not quite sure which roles you need to fill, consider hiring a freelancer in each area of your business first. This way, you can decide which position is most valuable. And, if your freelancer shows promise, they may be willing to take on a permanent, full-time job.

Everything you do when you run a business affects your bottom line. The above tips, including maintaining your intellectual property rights, forming your business entity, ditching those products that don’t turn a profit, and spending money on the right staff, are all excellent ways to ensure that your cash continues to flow in the right direction.

Wise Laws Trademark Lawyers and Legal Team is your affordable trademark attorney.

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How to Avoid Going Broke When the Baby Comes

How to Avoid Going Broke When the Baby Comes

Becoming a parent means spending less money on yourself and more money on others. A baby or toddler could mean hiring a nanny, a cost that could be an entire full-time salary. Even without full-time child care, raising a family can get expensive if you don’t plan for it. Below are common expenses for parents, followed by some tips on how to earn extra income.

Food

Feeding a baby is cheap if you’re breastfeeding, but every year after that, there’s an extra mouth to feed. Now you’ll have to start thinking about adding a few hundred dollars to the monthly grocery bill and an extra $5-20 per person every time the family goes out to eat. You can save money and make better nutritious choices by packing their lunches for school and not ordering sodas at restaurants.

Shelter

An expansion in the family means an expansion in the home. You might be able to get away with a one-bedroom apartment for the first year of your child’s life, but as they get older, they’ll need their own space. As your family gets bigger with more children, you’ll need even more space. Prepare to spend an extra 15 percent for a bigger place.

Life Insurance

You’ll need to factor life insurance into your budget now that you’re going to have a family. As unpleasant as the topic may be, budgeting for life insurance is one of the most important things you can do for your family. They’ll be given a monetary payout upon your death, which can be very helpful for any debts you may leave behind. A term life policy, which comes with a fixed term length, may be the best option for you. Depending on your health and age, you may qualify for affordable term length coverage options. It’s best to obtain a quote from an insurance provider to learn what specific options are available to you.

Healthcare

Many adults get sick and simply wait for it to pass, but sick kids usually need medical attention. They’re exposed to more germs at daycare and their immune systems aren’t as strong as ours during their developing years. There’s also the possibility of a common illness developing into something more serious if it’s not treated properly. Your insurance premium will go up when you add dependents to your healthcare plan, and your deductibles and copays will add more costs to your family medical bills. One way to offset some of this is to open a flexible spending account (FSA) or a health savings account (HSA). 

Education

Education can be free, but college isn’t. Sometimes lower education isn’t free if the public schools in your area aren’t the best. College tuition keeps increasing, and tuition will be the same as a full-time income by the time your children are in college. Start saving for their college fund early by setting aside a little each month and putting cash gifts into the fund.

Clothing and Other Supplies

Under the umbrella of clothing comes diapers, shoes, backpacks, sports uniforms, swimsuits, etc. Imagine how much you spend on clothes each year. Now add another person to that budget and imagine having to buy even more for them because they continue to grow. The next time a friend or relative asks if your kids need anything, ask for clothing. They don’t need toys, but they always need to be clothed.

Extracurricular Activities

There’s no doubt that a child costs more for day-to-day living, but let’s not forget about the extras. Sports, clubs, scouts, birthday parties and theme park visits cost money. When you go on an annual family vacation, you’re now paying double for flights and eating out.

How can you save?

You can try to increase your income by asking for a raise or getting a temporary second job. Alternatively, if possible, you can make investments or buy a second home to use for rental income. In fact, by taking advantage of conventional mortgages, which are perfect for second homes and investment properties, you can pay for your mortgage and set aside some money while collecting rent. It helps, however, to put down at least 20 percent of your down payment, which will help you get lower interest rates and eliminates mortgage insurance payments.

Many parents, however, are opting to have stay-at-home jobs. Remote work can include freelance writing, designing, website building, and social media. It can also include starting a blog and building a following. Find something you’re an expert at and write about it. It could be fitness, cooking, sewing, politics, science, fiction, beauty, crafting, or even simply being a parent.

As you plan for the baby’s arrival, have a financial plan in place. Set up your childrearing fund while you set up the nursery so you’re prepared for the extra costs. Staying on top of your finances can improve your all-around health, and your overall happiness will benefit. After all, having a family should be the happiest times of your life, not the most financially stressful.

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