Tuesday, April 21, 2015
Top Entrepreneur News

Tue, 21 Apr 2015 14:00:00 -0500

As a new business owner, you may be confused about what you owe in business taxes the first year out. Read this guide to get it done right.

Tue, 21 Apr 2015 13:30:00 -0500

Sixty-seven percent of women rate mentors as extremely important. So why have 63 percent never had one?

Tue, 21 Apr 2015 13:00:00 -0500

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Tue, 21 Apr 2015 12:30:00 -0500

These marketing hacks aren't easy, aren't free and aren't even failsafe. But they are awesome.

Tue, 21 Apr 2015 12:00:00 -0500

Email is a highly effective online marketing tool, if the recipient opens and reads it. The subject line makes all the difference.

Tue, 21 Apr 2015 11:30:00 -0500

Pessimism is contagious. Have a plan to shield yourself from the people who know no joy.

Tue, 21 Apr 2015 11:00:00 -0500

For Leslie Kuban, franchising offered a way to be her own boss without taking on the same risks of starting her own business.

Mon, 20 Apr 2015 22:30:00 -0500

The success of many companies rests in their teams' understanding of one very crucial business factor: returning patrons.

Mon, 20 Apr 2015 22:15:00 -0500

For many founders, raising money is the single most stressful part of getting their startups off the ground. Here's how to fix that.

Mon, 20 Apr 2015 22:00:00 -0500

Put yourself in the right mindset -- otherwise, you'll spend most of your time struggling to keep your head above water.

Mon, 20 Apr 2015 21:45:00 -0500

Behave as if losing a single patron will put you out of business.

Mon, 20 Apr 2015 21:30:00 -0500

Here are a few tips that will help you write a description for your mobile app that has the potential to hook users into downloading.

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Which companies came out on top? Find out here.

Mon, 20 Apr 2015 21:15:00 -0500

After successfully starting a franchise in the home inspections industry, Bill Redfern launched a second franchise in the home health care sector.

Mon, 20 Apr 2015 21:00:00 -0500

One of the most important aspects of running any successful business is creating a work environment where good people actually want to work.

Mon, 20 Apr 2015 20:45:00 -0500

If you want to go out on your own, there are a few things you must do before you dive in head first.

Mon, 20 Apr 2015 20:37:00 -0500

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Mon, 20 Apr 2015 20:30:00 -0500

What you can do right now to discourage and maybe even stop hackers cold.

Mon, 20 Apr 2015 20:00:00 -0500

There are several simple things you can do to cut costs and find what is, essentially, free money.

Mon, 20 Apr 2015 19:45:00 -0500

"Be yourself" has new meaning in today's workplace culture; make sure you practice it.

Mon, 20 Apr 2015 19:30:00 -0500

Baseball, the most statistics obsessed sport, can teach business owners important lessons on measuring employee contributions.

Mon, 20 Apr 2015 19:00:00 -0500

Allowing yourself to quickly burn off frustration and move on from stressful situations is an incredibly valuable attribute to refine.

Mon, 20 Apr 2015 18:30:00 -0500

If you want to guarantee a more effective strategy, follow these tactics and avoid ones that will do more harm.

Mon, 20 Apr 2015 18:15:00 -0500

Nothing accelearates learning more than being tutored by an expert committed to your progress.

Mon, 20 Apr 2015 18:09:00 -0500

For a high-end brand, too much exposure can be a risk.

Mon, 20 Apr 2015 18:00:00 -0500

A recent report revealed the most-followed Twitter accounts by innovation leaders, along with what sources they use to share information.

Mon, 20 Apr 2015 17:40:00 -0500

Justine Musk reveals what she observed, from her courtside seat, about those destined for great success.

Mon, 20 Apr 2015 17:30:00 -0500

More sales generates more revenue and this leads to faster company growth.

Mon, 20 Apr 2015 17:15:00 -0500

The Motor City offers a trained workforce and, soon, gigabit speed Internet along with very affordable real estate.

Mon, 20 Apr 2015 17:00:00 -0500

Hint: Appeal to their heightened sense of adventure -- and their desire to be trendsetters.

Mon, 20 Apr 2015 16:39:00 -0500

OMG, like, no way. Yes way. #DeliasForever

Mon, 20 Apr 2015 16:30:00 -0500

Going a whole winter without a coat is only the start. Here are four ways to rise above adversity.

Mon, 20 Apr 2015 16:26:00 -0500

As the joint employer battles causes waves throughout the franchise industry, a new Tennessee law affirms franchisor and franchisee employees as separate entities.

Mon, 20 Apr 2015 16:15:00 -0500

Technology allows us to work all the time from everywhere and that creates leadership challenges often solved with more technology.

Mon, 20 Apr 2015 16:00:00 -0500

Found out how this franchising couple weathered the tough times and found success.

Mon, 20 Apr 2015 15:55:00 -0500

The U.S. arms maker is buying the network security provider as cybersecurity continues to grow as a market.

Mon, 20 Apr 2015 15:38:05 -0500

The investigation is expected to take place next year, but a strategy document has already been drafted.

Mon, 20 Apr 2015 15:30:00 -0500

Many startups offer free meals and ping-pong but employees most value open communication.

Mon, 20 Apr 2015 15:03:00 -0500

Scientists at Columbia University created a prototype of a self-charging camera. Take that, Selfie Stick.

Mon, 20 Apr 2015 15:00:00 -0500

Why we're seeing so many members of this generation ditch the nine to five job for work freedom.

Mon, 20 Apr 2015 14:45:00 -0500

So many entrepreneurs make the same mistake: Focusing on the wrong things without figuring out the product they plan to sell.

Mon, 20 Apr 2015 14:30:00 -0500

Starting April 21, Google will incorporate a site's mobile-friendliness into its ranking algorithm.

Mon, 20 Apr 2015 14:30:00 -0500

Business is, at its core, a give-and-take process. The more you invest, and the more you're willing to part with, the more you'll reap in rewards in kind.

Mon, 20 Apr 2015 14:29:00 -0500

To celebrate its 25th anniversary, the chain is hosting its first ever Free Jamba Giveaway on April 23.

Mon, 20 Apr 2015 13:45:00 -0500

As individual employees, we have the same responsibly when it comes to managing our careers as CEOs have when it comes to managing their companies.

Mon, 20 Apr 2015 13:30:00 -0500

Making keystrokes matter has grown in importance as communication and the text that powers it become increasingly inseparable. This is an abridged guide to writing with clarity and substance.

Mon, 20 Apr 2015 13:15:00 -0500

There are plenty of good ways to feed your pipeline but one of the most satisfying methods is often ignored.

Mon, 20 Apr 2015 13:00:00 -0500

Learn why Google is looking beyond degrees from Harvard and Yale on its candidates' resumes.

Mon, 20 Apr 2015 12:30:00 -0500

Nobody wants to work with a self-interested, self-absorbed, self-serving self-promoter. If you think about it, neither would you.

Mon, 20 Apr 2015 12:00:00 -0500

Here are seven stories that turn the conventional wisdom, that life experience is what makes a great leader, on its head.

Mon, 20 Apr 2015 11:30:00 -0500

Free books that aren't and gaming the best seller lists are deadend paths for entrepreneurs intent on making a living as authors.

Mon, 20 Apr 2015 11:00:00 -0500

Get more out of your day by taking care of yourself at night.

Sun, 19 Apr 2015 18:00:00 -0500

How you dot your 'i's and cross your 't's can provide a window into your approach to business -- and beyond.

Sun, 19 Apr 2015 16:00:00 -0500

These organizations have used design to create truly robust brands.

Sun, 19 Apr 2015 14:00:00 -0500

Improve your health and well-being at the office by not staying seated all day long.

Sun, 19 Apr 2015 12:00:00 -0500

The late Apple CEO turned the product launch into an art form, and leaves a legacy for public speakers to follow.

Sat, 18 Apr 2015 20:00:00 -0500

How do you measure the value of a pre-revenue company? Here's a bit of insight.

Sat, 18 Apr 2015 17:00:00 -0500

Practicing mindfulness not only improves your ability to focus and feel joy, but it can also change the chemistry of your brain.

Sat, 18 Apr 2015 14:00:00 -0500

After two decades of running operations for Pizza Hut and Wendy's, this pizza guy is his own boss -- for 42 Donatos locations.

Sat, 18 Apr 2015 12:00:00 -0500

Without working on your own ambition and happiness, you can't possibly be an effective leader.

Fri, 17 Apr 2015 23:15:00 -0500

Assembling the right players can make all the difference in advancing your company and seeing real success.

Fri, 17 Apr 2015 23:00:00 -0500

Four guidelines for advising and guiding without taking ownership of an entrepreneur's vision.

Fri, 17 Apr 2015 22:45:00 -0500

Small business ideas for kids.

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

What if -- instead of thinking of your life's work as a monolithic activity -- you chose to see it as a complex group of interests, passions and activities?

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

The true aim of marketing is not to sell stuff, but rather to create balance and wellness for people.

Fri, 17 Apr 2015 21:30:00 -0500

Predictive analytics technology, on the other hand, is alive and kicking.

Fri, 17 Apr 2015 21:00:00 -0500

Perhaps this is the start of what will become a niche market for customized cars.

Fri, 17 Apr 2015 20:30:00 -0500

The creators of the classic cartoon made some pretty spot-on predictions.

Fri, 17 Apr 2015 20:15:00 -0500

To be sure, I'm not advocating becoming a cult leader who advocates acts of domestic terrorism.

Fri, 17 Apr 2015 20:00:00 -0500

With Facebook being a huge player in the online world, you better have your marketing strategy down pat. Otherwise, it is a waste of time and money.

Fri, 17 Apr 2015 19:30:00 -0500

With apps like Meerkat and Periscope recently making their debut, giant publishers are looking to real-time engatement with their digitial communities in the form of video streaming.

Fri, 17 Apr 2015 19:15:00 -0500

AI isn't the "demon" it's made out to be; inherently it's useful and will allow us to affect change like we never have before.

Fri, 17 Apr 2015 19:00:00 -0500

Some professionals view managing interns a hassle, while others find them extremely helpful. Here is how to best utilize an intern so you both get something out of the experience.

Fri, 17 Apr 2015 18:45:00 -0500

Nurturing a business requires a tolerance for uncertainty and an endless willingness to adapt to circumstances beyond your control.

Fri, 17 Apr 2015 18:30:00 -0500

What could noncompliance cost you? Here are seven questions -- and answers.

Fri, 17 Apr 2015 18:29:00 -0500

Though the two worked in different departments at InfoCision, an Ohio teleservices firm, 'they would come in contact around the building and during events,' a company spokesperson said.

Fri, 17 Apr 2015 18:15:00 -0500

Attention frequent fliers: Those smaller seats could be harming your health in more ways than one.

Fri, 17 Apr 2015 18:00:00 -0500

Here's how to avoid them.

Fri, 17 Apr 2015 17:44:00 -0500

The transition from the hammock to the cubicle doesn't have to be a total drag, not with these pick-me-up tips up your sleeve.

Fri, 17 Apr 2015 17:30:00 -0500

Here are three things you should be doing right now to prepare for 2016.

Fri, 17 Apr 2015 17:15:00 -0500

If you want to live the life of an inventor, you had better develop yourself into an inventor.

Fri, 17 Apr 2015 17:00:00 -0500

Here are some of the best ways to acknowledge a job well done.

Fri, 17 Apr 2015 16:30:00 -0500

Sometimes there's no way to convince other people of your potential. You simply have to know it yourself.

Fri, 17 Apr 2015 16:13:00 -0500

EFactor, a resource site for entrepreneurs, bought the New York City-based alternative finance platform.

Fri, 17 Apr 2015 16:08:49 -0500

Users can now submit ideas for toys, games, baby gear and preschool products that will carry the toy giant's iconic monikers.

Fri, 17 Apr 2015 16:00:00 -0500

Find out what beacons are, how they work, what they cost and more.

Fri, 17 Apr 2015 15:45:00 -0500

By allowing more flexibility, Verizon hopes to lure customers away from cable rivals and upstart Web TV companies.

Fri, 17 Apr 2015 15:30:00 -0500

Two brothers have put together a curriculum for teaching science and math, now they are making a franchise business of it.

Fri, 17 Apr 2015 15:25:00 -0500

A financial team that's laid the right foundation will be able to move forward when market conditions are ideal and the timing is right.

Fri, 17 Apr 2015 15:15:00 -0500

Science has concluded that workplace friendships, far from being distractions, are essential to being effective on the job.

Tue, 21 Apr 2015 11:36:00 -0500

Twitter just opened the floodgates...

Tue, 21 Apr 2015 11:28:00 -0500

This morning, a Burlingame, Calif.-based startup called Color Genomics is announcing that it will provided genetic testing for breast and ovarian cancer – the same genetic tests that led Angelina Jolie to have her breasts and ovaries surgically removed – at one-sixteenth the cost of the main test that is [...]

Tue, 21 Apr 2015 10:30:00 -0500

It hasn't been a good week for Dr. Mehmet Oz, the popular TV host and self-styled "America's doctor." Last Thursday, a group of prominent doctors called on Columbia University to drop Oz from its medical faculty. " has manifested an egregious lack of integrity by promoting quack treatments and cures in [...]

Mon, 20 Apr 2015 14:30:00 -0500

Pacquiao has signed a series of deals with blue-chip companies, like Nike and Nestle, leading up to his 'Fight of the Century' with Floyd Mayweather.

Mon, 20 Apr 2015 13:01:00 -0500

The 49-year-old woman had had three melanoma growths removed from her skin, but now the disease was spreading further. A several-centimeter-sized growth under her left breast went deep into her chest wall. Some of the tissue in the tumor was dying because of lack of blood flow. Doctors at Memorial Sloan [...]

Mon, 20 Apr 2015 12:45:00 -0500

The most important thing I've read recently is this University of Maryland study that found the pressure to spend so much quality time with children stresses moms out so much that it may actually make us worse parents than if we just focused our time on making more money, and less on frontal-lobe development and deep [...]

Mon, 20 Apr 2015 11:30:00 -0500

Everyone has been measuring the size of power plants wrong, using Nameplate capacity instead of produced power. The biggest power plant in America is the Palo Verde Nuclear Generating Station in Arizona that produces over 30 billion kWhs per year. Not the Grand Coulee Hydroelectric Dam that only produces over 20 billion kWhs per year. The largest power plants in the United States are nuclear because they have such a high capacity factor (cf), that is, the amount of electricity actually produced divided by the maximum amount that is possible if the plant ran at capacity every hour of every day. Nuclear has an average cf of 90%. Coal is 65%, natural gas is 50%, geothermal is 70%, hydro is 40%, solar is 20%, and wind is 30%.

Sun, 19 Apr 2015 16:34:00 -0500

While a great business plan, marketing strategy and team are essential components of a winning company, the best entrepreneurs are masters of their inner beings as well, according to health and spiritual expert Ron Williams.

Sun, 19 Apr 2015 12:19:00 -0500

Corporations are finally waking up to the fact that they need to engage all their people in social media. The impact of social media on a company’s brand is monumental, and it affects everyone throughout your organization – from the entry-level millennials you just hired to your CEO.

Sat, 18 Apr 2015 19:56:00 -0500

Sometimes, when you write about video games, it just feels good to be excited about something. When I first learned about Dark Souls II and Bloodborne I felt the hype hit me hard, and I was okay with that. I've warned about oversaturating oneself with hype in the past---whether you're a consumer or a critic---but [...]

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5 Chaldean Home Buying Power Tips
By Salam Abbo :: Wednesday, March 14, 2007 :: 11492 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.