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Posts Tagged ‘cash’

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7 Last Minute Christmas Shopping Tips

December 21st, 2009 by Matthew C. Keegan | 6 Comments | Filed in Consumer Tips

With Christmas at the door, maybe your presents aren’t. In other words, you still have a few gifts to buy and send which means you’re almost out of time.

Christmas CartLast minute shopping means last minute shipping, a costly, but possible endeavor. Indeed, even the United States Postal Service (USPS) can deliver a package on Christmas day, but for a price. A steep one at that.

Don’t let the lateness of the shopping season distract you – you can still finish up in time to make sure that your gifts are found under faraway trees on Christmas morn. (see The New York Times | Last-Minute Help for Those (Mostly Male) Holiday Shopping Slackers)

1. Shop Today – Yes, today is December 21st which means that most retailers use this date as the cut off for when items can be purchased, wrapped, packed, and shipped. Choose two-day delivery to assure enough time for your gifts to be processed and sent. Don’t bother choosing back order gifts at this point because they won’t ship until after Christmas if ever.

2. Christmas Cheer – If your gift recipient enjoys wine, you can stop by your local wine seller, pick up a few bottles and hand deliver them. If they live faraway, you may be able to ship these items from the store or you can ask them to package everything and take it to the USPS for delivery.

3. Holiday Home Baking – Your prized Christmas cookies are the delight of your family and friends. Why not whip up a batch of cookies, place them in a festive cookie tin, and send these off at once? These days, so many people don’t take the time to bake. Your gift beats out store bought any day.

4. Tickets or Passes – Tickets to a play, opera, or movies can be a nice gift to give. Also, consider passes to a ski resort, theme park, or museum. Some places allow you to order your tickets by phone or internet and can be picked up by the recipient on the day of the event. Find out if they’ll send a confirming e-message to your recipient too. (see Kiplinger | Give the Perfect Last-Minute Gift)

5. Magazine Subscription – Why not give the gift of reading this Christmas? Magazines are welcome especially for shut ins. Discount sites dominate the internet, making it possible to send a three year subscription for the price of one year. Most will send out a subscription card announcing your gift too.

6. Gift Cards – You know who their favorite retailer is, but you have no clue what this person wants. Besides, you can’t imagine yourself rubbing shoulders with influenza influenced shoppers this time of year. Instead, head over to the website of their favorite retailer and order the card online. Macy’s, for example, allows customers to order and customize cards right online. Add a photo if you like or order an e-card as late as December 24th (1 p.m.) to arrive in time for Christmas.

7. Cash – Some people think that giving cash or writing out a check is tacky, while others are grateful for your generosity. Teenagers love receiving money because that means they can decide what they want to buy and where they’ll buy it. It sure beats receiving an unwanted or inappropriate toy!

In the event that the weather socks you in or you just can’t get to the store today, go ahead and contact the USPS, UPS, and FEDEX for their last minute shipping options. You’ll pay more, but at least your package will arrive in time for Christmas. (see The Wall Street Journal | Holiday Shopping Tips)

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Return of the HELOC?

November 18th, 2009 by Matthew C. Keegan | 2 Comments | Filed in Home Financing

Pity the poor HELOC. Ostracized by some as demonstrating what is wrong with the American consumer, the HELOC fell out of fashion when credit tightened and the financial markets collapsed in 2008.

But, much like the fabled phoenix which rose from the ashes, the HELOC is back though not looking quite the same as it did before – yes, its wings have been singed, if not a bit clipped.

home loanHELOC Defined

Oh, what exactly is a HELOC you ask? That would be Home Equity Line Of Credit, a method for consumers to borrow money off of the value of their homes. Popularized throughout much of the past decade, HELOCs allowed homeowners to reap the rewards of their rapidly increasing home values by borrowing money to finance $100,000 kitchen renovations, enjoy expensive vacations, pay for their children’s college education, and more.

Critics hated HELOCs, blaming these types of loans with helping to push up the price of housing, encouraging predatory lenders to jump in, and putting millions of homeowners in a vulnerable position, with many people losing their homes when property values plummeted and jobs were lost.

Careless Consumers?

And you know what? The critics do have a point: a number of people were very careless, borrowing more money then they needed and foolishly spending it on stuff they didn’t need. Still, a HELOC does offer a number of benefits which is why they’re still being written by lenders and grabbed by eligible consumers.

If you’re considering a HELOC, some things HAVE changed over the past few years including:

You must have very good credit – Even if you have a sizable amount of equity in your home (and for many homeowners this no longer holds true), expect lenders to carefully look at your credit history and only offer you a HELOC if your credit score is very good.

You can’t borrow the full amount – Previously, many lenders allowed homeowners to borrow the full amount of equity in their homes. This means that if the consumer had a house valued at $300,000 and owed $220,000 on the first mortgage, then a lender would consider a $80,000 line, in some cases even more than the home’s worth. Today, you’ll be lucky to get $20,000 because few lenders are willing to let you borrow more than 80% of the value of your home.

Emergency Line

Perhaps one of the best reasons for homeowners to consider a HELOC is this one – an available line of credit to handle life’s emergencies. The last two years offered many challenges to Americans, certain thing which even worsened when funds dried up. By having access to a HELOC and using it wisely, you can borrow funds when needed to cover a crisis.

Adv. – Have you considered a HELOC? Carefully weigh your options before securing a line. Rates are low, lenders are willing and a line could help you complete important renovations to your home, including replacing your roof, windows and doors, add a room, and more. Get a HELOC quote today!


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What Is The Value Of Your Business?

November 16th, 2009 by Matthew C. Keegan | 2 Comments | Filed in Business Services

Business owners may wonder what the recession has done to the value of their enterprise. Sales are down, market share may have eroded, and demand for your products may have changed dramatically since before the recession officially got started in December 2007.

balance sheetEven though the federal government has declared the recession over, the residual effects of high unemployment, changing customer tastes, and continued market uncertainty has many people carefully weighing their purchases.

Business Valuation

If you were to sell your business today, how much do you think you would get for it? Obtaining comps of recent sales for businesses like yours is one approach, but ultimately the value of your business is determined by one thing: what someone is willing to pay for it.

According to Krayton M Davis of the National Association of Certified Business Brokers (NACBB), “If the buyer perceives that the value of business is great, they will pay a higher price. That will be dependent on the buyers needs, strategy, and resources. That is why you should target your selling strategy to those buyers who will perceive your offering at a greater value.”

Mathematical Formula

In other words the valuation is more psychological then based on a mathematical formula.

Certainly, having some sort formula based on modified cash position, asset holdings, market strength, and company valuation can be helpful in giving you a ballpark figure but the price is ultimately determined by what a customer is willing to pay for your business as well as what you’re willing to sell it for.

Estimating Business Value

One way to quickly estimate your business value is to take a modified cash position and times it by a factor such as 2, 2.25, 2.5 or more. For example, if your modified cash position is $50,000, then your business might be worth $100,000, perhaps as much as $125,000 or more.

Of course, that factor will vary by industry which is why a professional valuation is the best approach when determining your modified cash position and worth.

Value by Current Assets and Cash Flow

For a more precise estimate, you’ll want to consider your assets and accounts receivable. To determine that you’ll need to add in current assets, current receivables, and current cash flow to come up with an estimated value.

Again, this formula isn’t perfect which means that if you’re wanting to get the most for your business, then you should seek professional guidance to determine its value.


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Budgets And Why You Need One

November 3rd, 2009 by Matthew C. Keegan | 1 Comment | Filed in Consumer Tips

One of the most despised words for some people is the word budget as it offers to them certain negative connotations such as restrictiveness and deferment. True, a budget will put a check on the way that you spend and when you spend, but it can also help you save money in the long run.

Precise Budgeting

piggybankThere are some budget plans out there which are extremely precise, wanting you to track all of your expenditures including that pack of gum you bought at the convenience store or the newspaper you picked up on the way home from work. But, those kinds of budgets often discourage the reluctant budgeter who may be tempted to simply give up.

Here’s some things you should consider when establishing a budget:

Budgets are a help, not a hindrance – Certainly, there is a measure of restrictiveness and deferral when creating a budget, but a budget should help you learn how you’re spending money, where your money is going and tracking your progress as your reach your financial goals.

Budgeting shouldn’t be a drag – The more precise you are, the better you’ll be when it comes to tracking how the money comes in and where it goes. But don’t go crazy for the sake of hunting down a few missing dollars. Forget the small change, but do keep an eye on those things which tend to add up: the $8 lunches, impulse purchases, scenic Sunday afternoon drives, etc.

Necessities v. luxuries – Basic cable may be all that you need, while having 500 channel access, HBO and movies on demand may strain your budget. Evaluate how and what you’re spending your money on, making a decision to stick with those things you really need.

Pay yourself too – In addition to setting aside money for your church and favorite charities, are you also saving money for yourself? Make a plan outlining where you want to donate money over the next year and stick with that plan. In addition, set money aside for the following funds: home improvement, new car down payment, college and retirement funds, vacation and Christmas accounts, and more.

Stick with limits – One surefire way to get into a financial mess is to spend what you don’t have. While credit cards can be helpful, you may end up spending more than you should for your purchases. Even if you pay off your card every month, you may be buying more than what you need. Evaluate your spending habits!

Bank the pay increase – If possible, bank your pay increases instead of spending the extra money. This can be hard for young, growing families to do but if you are in a position to live on less, then save more. You’ll increase your savings faster and have more for retirement.

Get some help – Use budgeting software to help you get started and to track where you’re going. If your financial problems are severe, meaning a budget isn’t doing the trick, seek professional guidance to help you move forward.

Financial Picture

With even a basic budget in place you’ll have a better grasp of your financial picture, which is important these days given the challenges of today’s economy.

Adv. — Colder weather is here, but do you have the clothing that you and your family need for the winter months? Shop the value retailers to find quality goods at bargain prices.  The Baby Outlet, Boden, Be Wild and Greek Gear offer stylish fashion choices for chilly days.


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