Sunday, May 24, 2015
Top Entrepreneur News

Sun, 24 May 2015 13:30:00 -0500

A treasure trove of curious tidbits torn from the pages of Backrub's -- oops, we mean Google's -- company history.

Sat, 23 May 2015 17:00:00 -0500

Thou shalt not use serif fonts or more than three complementary colors.

Sat, 23 May 2015 16:00:00 -0500

Alan Regala is so good at home improvement that he reached the $1 million revenue mark his very first year.

Fri, 22 May 2015 23:00:00 -0500

Jim Kelly battled two bouts of cancer, but with his teammates by his side, he was able to stand tall.

Fri, 22 May 2015 22:30:00 -0500

You may think your company is too small to get noticed. Think again.

Fri, 22 May 2015 22:00:00 -0500

Four questions to ask to ensure you're going after the right type of loan.

Fri, 22 May 2015 21:30:00 -0500

A short list of some of my favorite business leaders and where to read their insights.

Fri, 22 May 2015 21:00:00 -0500

When you invent with the market in mind, you set yourself up for success.

Fri, 22 May 2015 20:30:00 -0500

With so much to contend with nowadays, be sure to follow these four tips to make sure eyeballs are directed your way.

Fri, 22 May 2015 20:15:00 -0500

For entrepreneurs to bring the most value to their company, they need to focus on putting the organization and its best team first -- ahead of their own ego.

Fri, 22 May 2015 20:00:00 -0500

Time is money. Ask yourself what you're looking for before you commit to networking events.

Fri, 22 May 2015 19:30:00 -0500

The success of new Americans confirms our faith in what can be achieved with a clear vision and hard work.

Fri, 22 May 2015 19:00:00 -0500

As travelers turn to Twitter to complain about airline snafus and hotel hiccups, businesses are staffing up their social media teams.

Fri, 22 May 2015 18:30:00 -0500

Planning ahead and following up make business travel more beneficial and much less frustrating.

Fri, 22 May 2015 18:15:00 -0500

Learn what type of monetary outlay comes with owning and operating a mobile food business.

Fri, 22 May 2015 18:15:00 -0500

When your company has grown and technology is beyond your means, it's time to get help. Here are three signs.

Fri, 22 May 2015 18:00:00 -0500

Days off are different for harried entrepreneurs but making the most of Saturday and Sunday doesn't mean constant work.

Fri, 22 May 2015 17:30:00 -0500

If the people closest to you won't support you, why should investors?

Fri, 22 May 2015 17:25:00 -0500

Transportation researchers analyzed how long it takes workers in the biggest cities to get to and from work.

Fri, 22 May 2015 17:15:00 -0500

To grow as an organization you need to develop not only the systems and processes that support product demand but also the right people that contribute to its growth.

Fri, 22 May 2015 17:00:00 -0500

From closing the loop to setting your intention, behavioral-science expert and author James Clear explains at an 'Entrepreneur 'event how creating habits can help you get where you want to go.

Fri, 22 May 2015 16:46:00 -0500

There was an overwhelming call to keep them in the classroom.

Fri, 22 May 2015 16:34:00 -0500

Judging by their autographs, Bill Gates is unpretentious, Tim Cook is whip-smart and Mark Zuckerberg is super private, that is if you buy into graphology.

Fri, 22 May 2015 16:30:00 -0500

The most successful franchises have a few strengths and strategies in common. Here's how they play to win.

Fri, 22 May 2015 16:15:00 -0500

The growth of the sharing economy shows no signs of slacking, largely because entrepreneurs continue to innovate.

Fri, 22 May 2015 16:00:00 -0500

As CEO, you have the power to make a difference in how staffers view your workplace. So, exercise that power.

Fri, 22 May 2015 15:30:35 -0500

The additions serve to honor popular requests as well as fill existing gaps.

Fri, 22 May 2015 15:30:00 -0500

What does your audience really want? That's what you need to find out.

Fri, 22 May 2015 15:00:00 -0500

These men and women's strong personal brands act as positive beacons for their companies.

Fri, 22 May 2015 14:32:00 -0500

The New Jersey cook spat on an overly demanding customer's roll.

Fri, 22 May 2015 14:30:00 -0500

Companies have personality traits just like people. What's your company's personality?

Fri, 22 May 2015 14:15:00 -0500

Your clients might not expect to hear these phrases but they can help your bottom line.

Fri, 22 May 2015 14:00:00 -0500

Why you should stop chasing the perfect job and start creating it.

Fri, 22 May 2015 13:30:00 -0500

Business-card swapping isn't about networking. It's about power. Here's how to assert yourself.

Fri, 22 May 2015 13:15:00 -0500

A raft of other promising technology compatriots could quickly join them in a revival of public capital-raising.

Fri, 22 May 2015 13:00:00 -0500

Google enters the e-commerce game while Los Angeles may lift its minimum wage.

Fri, 22 May 2015 13:00:00 -0500

For any of your decisions to have a chance at being successful, the actions that follow those decisions must be founded on confidence.

Fri, 22 May 2015 12:51:28 -0500

About six to seven banks are expected to be part of the facility, according to a report.

Fri, 22 May 2015 12:30:00 -0500

Whether you're just starting out or have been around a while, these counterintuitive career lessons will help you get to the top.

Fri, 22 May 2015 12:00:00 -0500

In order for companies and brands to excel at responding to their audience in a genuine way, they must first excel at social listening.

Fri, 22 May 2015 11:30:00 -0500

Being your own boss requires the discipline to start and finish work, even when nobody else cares if you don't.

Fri, 22 May 2015 11:00:00 -0500

Gratitude, a generous spirit and goals to work toward are the foundation of lifelong happiness. It's all within reach.

Thu, 21 May 2015 23:00:00 -0500

Tutor Doctor has the structure and strong support team that appealed to a 22-year Navy duty officer.

Thu, 21 May 2015 22:30:00 -0500

Have you had a close encounter with the people buying your product?

Thu, 21 May 2015 21:30:00 -0500

The number of startups and investors are exploding due to generous government support and a "cultural renaissance."

Thu, 21 May 2015 21:00:00 -0500

Tech companies, notorious for their lack of female diversity, have the most to gain from encouraging women to pursue tech careers.

Thu, 21 May 2015 20:30:00 -0500

If you ignore these concepts, you risk finding yourself plagued with penalties and poor rankings.

Thu, 21 May 2015 20:29:00 -0500

Josh Newman is known for his work in venture capital, film and fitness – and now, allegedly, for defrauding investors.

Thu, 21 May 2015 20:24:00 -0500

From puppy mills to beauty standards, the themes of these commercials provoked polarizing reactions.

Thu, 21 May 2015 20:15:00 -0500

Those office devices you don't give much thought to may actually be a drain on your resources.

Thu, 21 May 2015 20:00:00 -0500

From establishing industry expertise to giving new life to existing content, long-form content can be extremely beneficial to your content marketing strategy.

Thu, 21 May 2015 19:45:00 -0500

While private market valuations are going through the stratosphere, overall deal making tells a different story.

Thu, 21 May 2015 19:30:00 -0500

The story of my not-so-subtle leap into entrepreneurship, and how you, too, can bust a gutsy move.

Thu, 21 May 2015 19:15:00 -0500

The Small Business Administration is crisscrossing the nation to educate entrepreneurs about how to apply for grants focused on early stage companies.

Thu, 21 May 2015 19:02:44 -0500

It's huge for public transportation users.

Thu, 21 May 2015 19:00:00 -0500

Running low on battery? Follow these tips to juice up quicker than usual.

Thu, 21 May 2015 18:45:00 -0500

Companies are eager for cloud-based HR tech that allows for mobile devices and leverages social media.

Thu, 21 May 2015 18:43:00 -0500

'We made a safety video starring the Internet,' the airline says.

Thu, 21 May 2015 18:40:00 -0500

Like to complain about McDonald's? You'd fit right in at the company's shareholders' meeting.

Thu, 21 May 2015 18:30:00 -0500

Like a business, a relationship needs constant maintenance to be successful.

Thu, 21 May 2015 18:00:00 -0500

Our phone screens have become the main pinboards for our 'favorites' as we mobilize our lives.

Thu, 21 May 2015 17:45:00 -0500

Celebrities can add a lot of value to a burgeoning business, but the wrong partnership can lead to widespread embarrassment and actually devalue your brand.

Thu, 21 May 2015 17:15:00 -0500

The tech entrepreneur and investor explain how he keeps anxiety at bay and his eye on the prize.

Thu, 21 May 2015 17:00:00 -0500

A look at what you should strive for as the leader of your business.

Thu, 21 May 2015 16:45:00 -0500

This entrepreneur uses the 'Daily Gabe' method to stay on track.

Thu, 21 May 2015 16:38:03 -0500

A majority of parents said that working part-time would be the ideal scenario, according to a new study courtesy of Care.com and Yahoo Parenting.

Thu, 21 May 2015 16:35:00 -0500

During each walk, Wag provides owners with a photo of their dog, a map of the walk, and a 'pee-poop' status update.

Thu, 21 May 2015 16:31:00 -0500

Global cosmetics giant L'Oréal is giving its product testing process a high-tech facelift, using 3-D printed human skin.

Thu, 21 May 2015 16:30:00 -0500

The rapper and entrepreneur explains a surprising partnership for SMS Audio and why it helps set his headphone venture apart from rivals.

Thu, 21 May 2015 16:30:00 -0500

There's only one industry positioned properly to penetrate event audiences and move to the next frontier of sponsorship activation.

Thu, 21 May 2015 16:00:00 -0500

With over 302 million active users, Twitter is a platform you need to get in on.

Thu, 21 May 2015 15:30:00 -0500

Focusing on Big Data can be a big waste of time and money if you don't know how to mine it.

Thu, 21 May 2015 15:15:00 -0500

Opportunity makers earn unbreakable trust by adding value, are adept at spotting patterns and constantly explore industries outside their own.

Thu, 21 May 2015 15:00:00 -0500

Bitwage bills itself as the world's first payroll startup to incorporate the cost- and time-saving benefits of Bitcoin.

Thu, 21 May 2015 14:45:00 -0500

Listening to unhappy customers is a hard but valuable way to learn how to improve your business and better than them disparaging you on social media.

Thu, 21 May 2015 14:30:00 -0500

Many entrepreneurs are finding the thrill of making their fortune can only be matched by the gratification of philanthropy that makes a lasting improvement.

Thu, 21 May 2015 14:15:00 -0500

The near ubiquity of smartphones and the irresistible lure of social media are upending how retail is done, all over the world.

Thu, 21 May 2015 14:00:00 -0500

Don't let the memories and money you've invested in your home get taken away. Find out how to protect your home from business creditors.

Thu, 21 May 2015 13:45:00 -0500

While gaming may make you more attentive visually, that might be outweighed by the negative effects on your brain.

Thu, 21 May 2015 13:30:00 -0500

To be at ease with yourself is the greatest success.

Thu, 21 May 2015 13:15:00 -0500

Values are an important part determining how great a company's culture can be.

Thu, 21 May 2015 13:12:00 -0500

An increasing number of privately-held players are going from garage to grocery store in fewer than five years thanks to an erosion of barriers to entry within the food industry.

Thu, 21 May 2015 13:00:00 -0500

The lowdown on helping with other people's problems.

Thu, 21 May 2015 12:30:00 -0500

This entrepreneur uses the 'Daily Gabe' method to stay on track.

Thu, 21 May 2015 12:00:00 -0500

Shifting gears on the weekend to relaxing and rejuvenating activities is essential for any successful entrepreneur.

Thu, 21 May 2015 11:30:00 -0500

There is much more involved in running your own business, but there is also great potential for reward.

Thu, 21 May 2015 10:30:00 -0500

After eight years as an Air Force officer, Tammy Tubbs decided to open up a Papa Murphy's franchise.

Wed, 20 May 2015 23:00:00 -0500

Power poses? Relaxation breathing? They're not just for yogis anymore.

Wed, 20 May 2015 22:30:00 -0500

Regular, expected work and payments are a fine thing -- until they're not.

Wed, 20 May 2015 22:00:00 -0500

Build up your legacy with this advice from the musician behind "God Bless the USA."

Sun, 24 May 2015 12:06:00 -0500

The profile of the typical American worker is changing. By the end of 2015, Millennials will outnumber their Baby Boomer co-workers. So, what does this mean to the workplace environment? On the surface, Millennials and Baby Boomers seem to have a starkly different work ethic; however, surveys seem to show that the contrasting values between these two groups may not be as large as we thought.

Sun, 24 May 2015 08:25:00 -0500

In 1998 I went to Brazil on behalf of IMD to give presentations on China and globalization with possible ramifications for Brazil and Latin America. My first stop was in São Paulo. The chair of the meeting commented during discussion that the subject was interesting, but of course “quite distant [...]

Sun, 24 May 2015 05:30:00 -0500

While many have questioned the relevance of individual metrics, or the wisdom of insisting on particular process metrics, Gardner is actually making a different, and I think even more important point here: you can’t look at individual metrics in a vacuum. There’s an opportunity cost each time we’re compelled to comply with specific metrics, and so even if each of these metrics individually makes sense, there’s an interaction effect, and collectively, something is lost.

Sat, 23 May 2015 23:26:00 -0500

Here are five deadly personal branding mistakes to avoid!

Sat, 23 May 2015 22:33:00 -0500

I don't particularly like the comic book character known as Deadpool. I mean, I think he's fine, so far as Deathstroke parodies go. I think he can be used well, and I get his appeal, even though I don't personally find him all that appealing. But hot damn if his [...]

Sat, 23 May 2015 15:00:00 -0500

Back before the internet existed, one of the preferred ways to buy an airline ticket was through a travel agent. With expert knowledge in airlines, schedules and the systems used for indexing and selling tickets, travel agents could help consumers comparison shop and find the right airfare, all for a small [...]

Sat, 23 May 2015 00:11:00 -0500

This week’s Android Circuit highlights a number of stories including the low sales of the Samsung Galaxy S6 family, the early arrival of the Samsung Galaxy Note 5, early reviews of the Sony Xperia Z4 tablet, Microsoft Office preview for Android, the new OnePlus 2 handset is benchmarked online, Android Wear updates, MixRadio arrives on the platform, and the release of AdBlock's Android browser.

Fri, 22 May 2015 15:26:00 -0500

With Amazon finally lifting the kimono and admitting to the world that its Amazon Web Services (AWS) division is a massive (and fast growing) part of the business, it is interesting to look into what all of that $6 billion worth of revenue is being spent on. This is all the [...]

Fri, 22 May 2015 13:56:00 -0500

The world’s third-richest man weighed in on the national debate over rising levels of income disparity in the United States yesterday, saying that while the gaps between the country’s haves and have nots are definitely increasing, it is not the fault of those at the top. Nor will it be [...]

Tue, 19 May 2015 13:53:00 -0500

Updated data from NASA satellite instruments reveal the Earth’s polar ice caps have not receded at all since the satellite instruments began measuring the ice caps in 1979.

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5 Chaldean Home Buying Power Tips
By Salam Abbo :: Wednesday, March 14, 2007 :: 11689 Views :: Article Rating :: Business & Finance

Michigan, USA - It is a seller’s market in many Chaldean concentrated states.    While the economy is doing great in states like Illinois, Nevada, Arizona, and California, Michigan’s economy continues to free-fall.  In Michigan the real estate opportunities are far and wide as the buyer market continues to heat up as homes are foreclosed, residents move out of the state, and businesses close.  Chaldeans can seize on the opportunity of depressed Michigan economy by finding and securing an undervalued piece of property. 

There are many advantages of becoming a home owner.  This includes the appreciation, tax benefits, a higher quality lifestyle, a more stable family life, and obviously the investment.

Chaldeans are able to better prepare themselves when planning to purchase a home.  For such occasions consider these 5 Chaldean home buying power tips.

1.  Understand your Debt-to-Income Ratio
When a lending company determines a Chaldeans’ ability to qualify for a mortgage, a lender looks at what is called the "debt-to-income" ratio. A debt-to-income ratio is the percentage of your gross monthly income (before taxes) that you spend on debt. This will include your monthly housing costs, including principal, interest, taxes, insurance, and homeowner’s association fees, college loans, and other forms of debt or recurring expenses. It will also include your monthly consumer debt, including credit cards, installment debt, and car payments.

For example, suppose you earn $5000 a month and you have a car payment of $400. Using an interest rate of 8.0%, you would qualify for approximately $55,000 less than if you did not have the car payment.

In short the debt-to-income ratio affects your buying power.  Your debt to income ratio is a simple way of showing what percentage of your income is available for a mortgage payment after all other debts are met. The ratio is one of the key things a lender considers before approving your home loan.
Conventional loans are sometimes expressed as debt limits like the 28/36 qualifying ratio. Those numbers refer to two percentages that are used to examine two factors of your debt load.

The 28% Number: (PITI)

This number indicates the maximum percentage of your monthly gross income that the lender will allow for housing expenses. The amount will include payments on the loan principal and interest, private mortgage insurance, hazard insurance, property taxes, and homeowner's association dues.

The 36% Number:

This number is for the recurring debt.  This is the maximum percentage of your monthly gross income that the lender will allow for housing expenses.  Recurring debt includes credit card payments, child support, car loans, and other obligations that will not be paid off within a relatively short period of time (6-10 months).

Doing the Math:

Yearly Gross Income = $45,000 / Divided by 12 = $3,750 per month income

$3,750 Monthly Income x .28 = $1,050 allowed for housing expense

$3,750 Monthly Income x .36 = $1,350 allowed for housing expense plus recurring debt.

Chaldeans should keep in mind that not all loans are the same.  For example, the FHA loan ratios are typically 29/41, allowing a higher debt load for both housing expenses and recurring debt.  This translates into FHA allowing $1087 for housing and $1538 for housing plus recurring debt.  For a VA loan, the debt to income ratio should not exceed 41% of your monthly gross income.

2.  No Major Purchase of Any Kind
Even if you feel you can afford a major purchase like a new car, the car payment will impact your ability to purchase a higher valued home.  Remember mortgage companies approve your mortgage based on their guidelines, not yours. Do not get discouraged, however. You should still take the time to get pre-qualified by a lender.

However, if you have not already bought a car, remember one thing. Whenever the thought of buying a car enters your mind, think ahead. Think about buying a home first. Buying a home is a much more important purchase when considering your future financial well being.

3.  Don’t Move Money Around
When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.

If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.

The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.

Perhaps you become exasperated at your lender, but they are only doing their job correctly. To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds. Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document.

So leave your money where it is until you talk to a loan officer.

Oh…don’t change banks, either.

4.  Changing Jobs May Affect Home Buying Power
For most people, changing employers will not really affect your ability to qualify for a mortgage loan. For some homebuyers, however, the effects of changing jobs can be disastrous to your loan application.

Salaried Employees
If you are a salaried employee who does not earn additional income from commissions, bonuses, or over-time, switching employers should not create a problem. Just make sure to remain in the same line of work.  Hopefully, you will be earning a higher salary, which will help you better qualify for a mortgage.

Hourly Employees
If your income is based on hourly wages and you work a straight forty hours a week without over-time, changing jobs should not create any problems.

Commissioned Employees
If a substantial portion of your income is derived from commissions, you should not change jobs before buying a home. This has to do with how mortgage lenders calculate your income. They average your commissions over the last two years.

Changing employers creates an uncertainty about your future earnings from commissions. There is no track record from which to produce an average. Even if you are selling the same type of product with essentially the same commission structure, the underwriter cannot be certain that past earnings will accurately reflect future earnings.

Changing jobs would negatively impact your ability to buy a home.

Bonuses
If a substantial portion of your income on the new job will come from bonuses, you may want to consider delaying an employment change. Mortgage lenders will rarely consider future bonuses as income unless you have been on the same job for two years and have a track record of receiving those bonuses. Then they will average your bonuses over the last two years in calculating your income.

Changing employers means that you do not have the two-year track record necessary to count bonuses as income.

Part-Time Employees
If you earn an hourly income but rarely work forty hours a week, you should not change jobs. There would be no way to tell how many hours you will work each week on the new job, so no way to accurately calculate your income. If you remain on the old job, the lender can just average your earnings.

Over-Time
Since all employers award overtime hours differently, your overtime income cannot be determined if you change jobs. If you stay on your present job, your lender will give you credit for overtime income. They will determine your overtime earnings over the last two years, then calculate a monthly average.

Self-Employment
If you are considering a change to self-employment before buying a new home, don’t do it. Buy the home first.

Lenders like to see a two-year track record of self-employment income when approving a loan. Plus, self-employed individuals tend to include a lot of expenses on the Schedule C of their tax returns, especially in the early years of self-employment. While this minimizes your tax obligation to the IRS, it also minimizes your income to qualify for a home loan.

If you are considering changing your business from a sole proprietorship to a partnership or corporation, you should also delay that until you purchase your new home.

5. Delay Buying a Home in Certain Circumstances
Assuming you have the financial resources and the desire to eventually own your own home, there are very few good reasons to put off the purchase. You can miss out on years of appreciation if you do.

The main thing you want to avoid when buying a home is being put in a position where you will have to sell it too soon. If you have to sell a home before it has appreciated enough to cover the costs and commissions of selling, you could find yourself in a financial bind. This is especially true for those who buy a home with a down payment of ten percent or less.

Real Estate commissions traditionally run around six percent of a home’s sales price. The seller’s closing costs generally come to about one and a half percent. You can see how this can easily exceed the first year’s appreciation. If you made a minimal down payment, you could actually have to come up with cash out of pocket to sell your home.

New to the Area
Chaldeans are becoming more mobile and moving from one state to another.  Especially in Michigan where the economy has become deplorable and with governor Granholm talking about raising taxes the state can expect harsher economic conditions.  

Before moving into a new state you might want to get as much information as possible.  If it is another strongly concentrated Chaldean state you might want to contact the nearby church and speak with members of the parish council to get some insight. 

It makes sense to rent for a number of months before deciding on exactly where you want to live.  Taking out an ad in the church newsletter or contacting a realtor in the area to help identify a rental option before purchasing a new home is always a very smart move.  

Uncertain Job Future
You could be right out of college or expecting a promotion and a transfer. Or your company has announced an impending "restructuring." If any of these apply, it might be best to wait to buy a home. When you have a more accurate picture of what your next few years will be like, that will be the time to buy.

Marital Problems
Real estate agents see a lot of life unfold before their eyes. One of the saddest occurs when former clients divorce and are forced to sell a recently purchased house. It happens all too often when a family in turmoil decides that buying a new home may help resolve their problems. Perhaps it is inevitable that such problems occur, but selling a home before it appreciates can create an additional financial burden in an already difficult situation.

 


 

 Salam Abbo is a Century 21 realtor, who has achieved the prestigious 10 million dollar sales club.  The sales club honors realtors who have demonstrated leadership in real estate measured by their sales.  Mr. Abbo lives and works in Michigan with real-estate partnerships in Chicago, Phoenix, and San Diego.  Mr. Abbo has been married for over 25 years and has three college educated children.