A Basic Introduction To Accounts Receivables Should Your Parents Consider A Reverse Mortgage How To Get Cheap Automobile Insurance Online In Arkansas New Bankruptcy Laws Rich Or Poor Get The Knowledge
If one were to reduce business to the simplest terms, one would probably call it the selling of goods by one person, and the buying of those same goods by another. Thus, whether we pay cash or run up a tab while doing business, money has to change hands during the course of a business transaction.
Accounts receivables is one such type of a business transaction.It refers to the way of dealing with amounts of money that are owed to a business by its customer. On the balance sheet of a company, accounts receivable refer to the amount of money that a customer owes it. Accounts receivables are also referred to as trade receivables, which makes the concept a little clearer. As this is a debt related amount, it appears under the category of current assets on the balance sheet of the company.
An accounts receivables transaction is generally carried out by means of an invoice which is sent to the customer with the aim of informing him of the duration within which the debt amount must be paid off. The term within which the debt has to be paid may be thirty days, forty-five days, sixty days, or even as much as ninety days. However, the duration of the debt depends entirely on the debtor and the creditor.
Various payment practices may be followed. These practices may be determined by the various industry standards. They may also be colored by the financial status of the debtor, or affected by the company’s corporate policy.
Larger business organizations usually have to resort to the development of an entire accounts receivables department to look into the various kinds and amounts of debts that its customers owe it. A sales ledger is usually used to record transactions that pertain to accounts receivables.
Anyone who is starting out on a new business venture would have to learn about the various kinds of accounting terms and practices that are carried on within various industries. To get into a business undertaking without adequate study of the various accounting practices would be committing professional hara-kiri. Accounts receivables is only one of the many kinds of transactions that prevail in a business setting.
No matter what noble work you hope to do through your business, ultimately you would want it to be financially sound. So, you should make sure to find out about the many financial transactions that will enter into the picture once you start selling your products or services.
Are your parents struggling to make ends meet with their retirement income? Many homeowners are taking advantage of reverse mortgages as a means of being able to live more comfortably during their retirement years. A reverse mortgage offers individuals aged 62 or older to tap into the equity in their homes as a means of supplementing their monthly incomes.
Getting a reverse mortgage does not involve selling the home, nor does it require the homeowner to take on a new monthly payment. With a reverse mortgage, instead of the homeowner paying the lender, the lender pays the homeowner. Reverse mortgages can come in very handy for helping with day-to-day living expenses, as well as with unexpected and emergency expenses.
Your parents could receive additional income each month with a reverse mortgage. Some individuals opt to receive their reverse mortgage payments in a lump sum instead of monthly payments, and others choose to set their funds up so they can simply draw against them as needed. A reverse mortgage can help with daily living expenses, or with the unexpected such as medical bills or emergencies such as car or home repairs.
Reverse mortgages are available for individuals who still have a mortgage on their homes, but are best used in situations in which a homeowner has outright title to his or her dwelling. When there is no prior debt on the home, homeowner is able to draw against the full value of their real estate.
Reverse mortgages are still loans, and do have to be paid back. If your parents were to move out of the home, sell their home, or pass away, the loan would have to be repaid in full. Assuming the home sells for the amount owed, or more, the loan is simply repaid from the proceeds. The element of risk comes in here. If the home sells for less money than is owed on the reverse mortgage, alternative arrangements will have to be made for repaying the remainder of the loan.
For individuals in the right situation, reverse mortgages are an ideal solution to post-retirement living. For individuals who plan to sell their home within a few years, it may not make financial sense to take out a reverse mortgage due to the upfront costs. However, if you are parents are in good health and plan to stay in their home for the rest of their lives, a reverse mortgage may be a great solution for supplemental income.
Your parents probably worked very hard to build equity in their home, so it is good to know that they have an option to put that equity to use during their retirement years. The decision about a whether or not a reverse mortgage is right for your parents lies with them. It isn’t your decision, but by becoming knowledgeable about how reverse mortgages work, you can be of great assistance to them as they investigate their options and make their final decision. It is also a good idea to get them to do some research before speaking to a mortgage broker or bank about their options.
Arkansas has a computer system in place that keeps track of the insurance coverage of every registered vehicle in the state. If your insurance coverage ceases for any reason and you do not replace that policy with another one immediately, the state is notified and your car’s registration is in danger of being revoked.
In other words, don’t drive a vehicle on any public road in Arkansas without first purchasing insurance coverage.
This means it is important for many people to get cheap automobile insurance online in Arkansas. But don’t just jump online blindly, thinking you’re going to find the best rate. Before you get online there are a few things you need to consider and a few decisions you need to make that can greatly affect how much you pay for your automobile insurance each month.
If you are thinking of buying a new car, check with your agent first. Some new cars can cost considerably more to insure than others; make sure you can afford the monthly insurance bill before you purchase something that could turn out to be over your financial head.
Your driving record can impact your car insurance rates more than probably anything else. It’s up to you how you drive, but keep in mind that even one speeding ticket or one moving violation can increase your automobile insurance for up to three years.
And a DUI (Driving Under the Influence) or a DWI (Driving While Intoxicated) conviction can send your rates through the roof for a minimum of 3 years and quite possibly longer – not to mention the court costs and fines!
If you are under 25 you are considered a bad driving risk and your insurance rates will be higher. You can knock down your rates by at least 5% and sometimes more simply by staying in school and getting at least a “B” grade point average – this will result in your receiving a Good Student Discount.
Older drivers, those 55 and older, have a way to save an average of 10% on their premium each month. Many companies offer a driver’s refresher course. If your company offers such a course, and you pass it, you can start saving on your premium month after month.
Don’t insure a car with no Kelly Blue Book value for collision or comprehensive because your insurance company won’t pay on any claim even if you do pay for the coverage as they only pay on a claim up to the Kelly Blue Book value of a vehicle.
Now we come to your deductible. This is where most people fiddle around with their savings. Increasing your deductible is a trade-off and you need to seriously look at your finances and decide how much you can afford to pay out of your own wallet any time you have a claim. The more you can pay – the higher your deductible – and the less your insurance company has to pay, the lower your monthly premium will be.
O.K., now you’re armed with the information you need to get cheap automobile insurance online in Arkansas so get online and start comparing polices and prices among the different insurance companies.
It would be nice if you only had to making your comparison on just one website, but the truth of the matter is, none of the websites out there compares every single insurance company’s rates in Arkansas, so if you are really serious about finding the very best rate possible, you’ll need to take the extra time and make comparisons on at least 3 different websites.
Once you’ve done that then you can pick the best policy and the best rate and know for certain that you are getting the cheapest automobile insurance available in the whole state of Arkansas.
New bankruptcy laws are always being proposed in order to protect both people and creditors. Most proposals usually die in committee before ever being voted on by the full congress. Recently however, there have been some new laws that have sided with the creditors.
Understanding new bankruptcy laws is something that the average person might not be able to do. For the best and most accurate information available, a bankruptcy attorney should be sought out. They have the most accurate knowledge of current laws and a great understanding of laws being considered.
Most people cannot even begin to understand all of the new bankruptcy laws because they are extremely complicated. It’s really amazing that the attorneys can keep up with all of it. As the laws change, they become more and more complicated. Part of the problem is that many who make the laws are attorneys themselves.
They try to enact new laws without any loopholes. The new laws become so confusing because of the verbiage used to prevent individuals from taking advantage of bankruptcy laws. There are many sources available to people on the internet that try to make the law easier to understand. The only problem with this is that the information provided on the internet might not be completely correct.
New Bankruptcy Laws and The Public
Lately there have been new bankruptcy laws that have been passed to protect creditors from being taken advantage of. There is now more of a burden being placed on the people who are filing bankruptcy. No longer can people file bankruptcy as a convenient way out of not paying ones bills.
The new bankruptcy laws make it more difficult to cheat the system. There will always be people who need the coverage that bankruptcy delivers. When bankruptcy is needed for people in trouble, nothing has changed to make it harder. With that being said, people must show the need for bankruptcy by opening up for review the people’s finances.
If people are in real need of bankruptcy protection then there is nothing to worry about. What this does is slow down or stop others who might otherwise try to take advantage of their situation. Lastly, if people begin to think that they are heading towards bankruptcy, they should contact there attorney to see what can be done without filing. The attorney can determine if the people can avert bankruptcy or not.
Most people work hard all their lives only to “retire” poor then try to live off meagre savings or a small (rapidly disappearing) Government pension. They are forced to live out their twilight years struggling with constant money problems. Many of them have to buy only the cheapest food and are unable to enjoy the little pleasures of life like going to an occasional movie, eating out or taking short trips. They have to watch every cent they spend.
If only these people had saved, on a consistent basis, just a small percentage of their earnings and set it aside.
George Classon, in his marvelous book called “The Richest Man in Babylon” suggests that putting aside just “ten percent of what we earn and investing it”, is enough to make for a comfortable retirement.
Let me ask you a question. Are you saving a percentage of what you earn or are you like most people who spend everything? Alarmingly, there are new statistics which suggest that most people, in fact, are spending more than what they earn. The latest studies are saying people are currently spending 104% of their income.
It sounds impossible, doesn’t it? It’s not! The advent of credit cards has led to spiraling debt. Multiple credit cards and “store” cards allow people to buy now and pay later. I call this “payment by the twelfth”. I refer, of course to that famous Johnny Mathis song “The Twelfth of Never”. Many use the “roundabout” system of using one credit card to pay for another and so on. This is a recipe for disaster.
I recommend you purchase “The Richest Man in Babylon” and study it. The information it contains can make a positive impact on the way you handle your finances. At least if you read the book and understand it you can make a conscious choice to ignore its wisdom. You are then in a position to decide whether you want to be rich or poor because you will have the knowledge.
There is no better time than right NOW to start becoming responsible with money and investing for your future. What you keep putting off today will eventually return to haunt you when you have a diminished capacity to do anything about it. In other words, the longer you leave it the more difficult it will become. You cannot work forever. Eventually, the day will come when you will either want to retire or you will be forced to retire.
Rich or poor – get the knowledge!
[If you like this article and would like to use it on your own website or ezine you may do so ONLY if the article is not changed in any way and the final paragraph: “About the author”, with all links intact, is included.].
|accounts, advantage, arkansas, attorney, automobile, bankruptcy, business, cards, credit, creditors, days, debt, earn, home, homeowner, individuals, information, insurance, knowledge, laws, month, mortgage, mortgages, online, parents, pay, people, poor, practices, rates, receivables, retire, reverse, transaction, wealth building|