Money Archives - A Million Lives

December 12, 2019 by Greg Underwood

Top 5 Reasons to Invest in Penny Stocks

Penny stocks have made quite a buzz for all the right reasons. Anytime the topic of investment is mentioned, there is a good chance that the name penny stocks will come up. Do you want a share of the rewards but do not know where to begin? Well, an excellent place to start is first to understand a few compelling reasons why investing in penny stocks is worth it.

1. You Only Need a Small Startup Investment

Images via Flickr by GotCredit

The price tag of penny stocks is what makes them enticing to most people. These stocks also referred to as small-cap stocks, are the cheapest you can find, and this means that your investment risk is also lower. Usually, each share will cost you $5 or lesser, so you do not need to make a major financial decision to get started.

Additionally, the stocks are often attached to fairly new companies. This increases the chances of making massive profits or at least not making significant losses.

2. Quick Moving

Even though penny stocks are not guaranteed to move fast, most of them move fairly quickly when compared to standard shares. In most cases, you will see movement in the value of the stocks within a short while, sometimes even days.

3. Create a Bigger Portfolio

As mentioned previously, penny stocks are cheap. Even without spending a fortune, it is still possible for most investors to diversify their portfolios. With regular stocks that tend to be more expensive, even the financially endowed are forced to invest in just a few stocks.

Diversifying your portfolio will ensure you do not keep all your eggs in one basket. The best way to win even as you do this is to choose classes of investment that have little or no correlations. This way, the fast-moving stocks can counteract the effects of the slow ones.

4. The Potential of Major Returns

Ask anyone who has invested in penny stocks for more than a year, and they will tell you that these stocks are the next big thing. They indeed start cheap, but their growth potential is unmatched.

Think of it this way; penny stocks are attached to new, smaller companies that are still under the radar. With each expansion, partnership, and product launch, your penny stocks grow in value. To get it right, you merely need to find hot penny stocks allied with companies that have concrete business plans and objectives.

5. Virtually Stress-Free Investment

Standard stocks involve analyzing large companies that always have a range of moving pieces at any point. This means more effort and time is needed to protect yourself from significant losses. With penny stocks, you do not need to get stuck on your computer screen all day. While keeping watch is necessary, you do not have to be overly concerned with typical day to day market fluctuations.

If you desire to get started as an investor, penny stocks are the way to go. The risk is lower, and yet the rewards can be outstanding. If need be, seek guidance to identify the most promising penny stocks.

August 13, 2019 by Greg Underwood

5 Lessons You’ll Learn at a Financial Retreat

Source: Unsplash | Adeolu Eletu

Financial retreats are popular options for those looking to gain control of their finances and their lives. Financial independence and responsibility can open up a whole new world of opportunity, and give you peace of mind when it comes to things like your monthly or company budget or your credit score. Here are five lessons you’ll learn at a financial retreat.

Perspective

Let’s say you’re having trouble gaining perspective on your personal or company finances. You simply don’t understand how they work or what you need to do to improve your part in them. This can be achieved by visiting a financial retreat.

Here, you’ll gain perspective on your personal finances and how they’re affecting your overall quality of life. You’ll learn exactly how much eating out four times per week costs you, or how much your addiction to subscription boxes is damaging your wallet.

Often, it can be difficult to take a step away from our finances and take an unbiased look at what we spend our money on. Each one of us has a justification for why we purchase the things we do, and while those justifications aren’t necessarily “right” or “‘wrong”, they can sometimes be nothing more than excuses. A financial retreat will help you identify these justifications and help you truly question their validity.

How to Plan and Budget Better

Do you struggle with financial planning and budgets? A financial retreat can help you form a financial plan or budget that works with your lifestyle and financial resources. You’ll even be able to factor in the things you love (like your morning coffee) as an expense if you so desire, while still planning to reduce your monthly expenses and increase your overall budget.

Financial retreats are headed up by some of the best financial advisors and experts available, so you know the advice you’ll be receiving is solid. Sometimes, the simplest solutions are the best, even for complex situations, while other situations will require a more in-depth approach. Whatever the case may be, you’ll learn the skills necessary to navigate the financial landscape and create a plan that will work for you long-term.

Company retreats can be an excellent opportunity to introduce financial planning to your employees. They’ll appreciate the information, and you may even learn something you weren’t previously aware of. Choose a Hudson Valley retreat for a beautiful, serene environment that is sure to stimulate the senses and encourage learning all around.

How to Stick to Your Plan(s)

Once you make a plan or budget, it pretty much means nothing if you don’t stick with it. The temptation can be intense when you come across your favorite items, but a financial retreat will teach you how to avoid and resist these temptations to stick to your financial goals.

It can be incredibly challenging to remain steadfast in the wake of endless advertising and reminders that our favorite purchases are just a short car-ride or mouse-click away. That’s why it’s so important to have a written plan for your finances. You can refer to this plan when temptation is high, fortifying your resolve by reminding yourself why you’re avoiding those items to begin with.

Sticking with your plan ensures the success of your efforts and can even help boost your confidence. Think how good you’ll feel once you reach your financial goals and begin to sever the ties to debt and overspending.

How Money Works

The most important thing you’ll learn at a financial retreat is how money works. You’ll probably be quite surprised by how much you actually don’t know about expenses, profits, net income, and more. These concepts can be easily explained in an understandable way, giving you a perspective you never had prior to the retreat.

With a better understanding of how money works, you’ll never look at your finances the same way again. The best way to get better at something is to understand that something, and practice it. Learning how to control your money is vital to any success in financial planning, and you can’t learn to control your money until you know how it works.

The Benefits of Financial Responsibility and Independence

You’ll also learn just how great financial responsibility and independence can be for your overall mental and financial health. Many people’s number one concern is money; either the lack of or inability to properly manage it. Wouldn’t it be great to learn how to manage your money, stick to a budget, and start putting more into your savings account?

You’ll also learn who can help you once you leave the retreat. Everyone from financial advisors to financial planners will be discussed, and once you know what each of these professionals can do for you, you’ll have an easier time choosing the right one for you. The top financial advisors in Houston are only a click away for those readers in Texas, and can help you better understand your month-to-month expenses and budget.

Conclusion

Financial advice works best when it comes from the experts. Attending a financial retreat can help remove yourself from everyday life for a more focused look at your financial situation and how your money works. From there, you’ll be able to plan and budget accordingly in order to maximize your financial freedom and responsibility. There is no greater feeling than total financial freedom, and the possibilities it can open up to you are truly endless.

August 12, 2019 by Greg Underwood

6 Fool-Proof Ideas for Personal Gifts

Every time a birthday or anniversary rolls around at home or at work, you might find yourself breaking into a full-blown panic sweat. But you’re not alone.

That’s because women spend, on average, 14 hours looking for gifts for their significant other, while men spend an average of four hours — and that doesn’t include gifts for children, parents, co-workers, bosses, nannies or neighbors.

Enough with the stress-induced sweating around gift-giving and all the time it takes to shop. Here are six thoughtful gift ideas that work for almost everyone so you can spend your time celebrating your loved ones instead of stressing about what to give them.

1. Commemorative Book of Newspaper Front Pages

For the history buff in your family or circle of friends, opt for a gift with substance that harkens back to simpler times. Order a custom birthday book that features the newspaper front page for the day they were born, plus every year after that.

This commemorative book of newspaper front pages is ideal for birthdays but could be used for other important dates like anniversaries. Newspaper options include The New York Times, The Washington Post or the The Chicago Tribune.

2. Trendy Accent Pillow

It might seem a little unconventional to buy someone else home decor, but most people can appreciate a good, cuddly throw pillow. (Except maybe Thanos. He would probably disintegrate it.) Bonus: accent pillows are not too personal to gift to a co-worker.

Color block and faux fur are universally appealing options for unique accent pillows, as they’re easy to wrap, lightweight enough to lug around, and many people won’t splurge on a pillow for themselves, all of which makes accent pillows a great gift option.

3. Night Sky Constellations

Honor an important date with a beautiful piece of artwork like a personalized map of the night sky. Your child’s birth, your engagement, your first kiss or any other significant day in your relationship can be commemorated visually on elegant art matte paper and hung in a prominent location. The simple design and timeless black and blue color options match any home design.

4. Family Tree

For a sentimental nod to a close family member, gift a customized family tree wood block. The rustic style is memorable, personal and works perfectly for a Mother’s Day or Father’s Day gift, birthdays or Christmas.

5. Travel Map

Travel aficionados always appreciate a way to commemorate their travels without seeming too brag-y. With that in mind, give them the opportunity to show everyone else how sophisticated they are with a personalized travel map.

While traditional travel maps come with pushpins, a more unique option is a scratch map that allows the traveler to scratch off their destinations and reveal beautiful locations underneath.

6. Throwback Music Gift

Music fans of all ages can enjoy a classic rock combination on an era-appropriate cassette tape, so look no further than Guardians of the Galaxy: Awesome Mix Vol. 1. Alternatively, opt for classic, music-themed home accents like a record clock or vintage radio in retro blue or walnut.

Consider Any Number of Unique Gift Ideas

It’s time to put gift cards back on the rack or at least save them for a true gift emergency, like your far-away nephew’s high school graduation. Indeed, the next time you need to give something meaningful to someone in your life, consider a personalized book or artwork, travel map, vintage-inspired music gift or stylish home decor.

June 26, 2019 by Greg Underwood

Choosing the Best Broadband Package: What You Need to Know

Most of us take modern technological marvels such as Internet connectivity for granted. We assume that pages will load correctly, that downloads will not be interrupted and that streaming HD videos will not present an issue. This is due in no small part to the fact that broadband connectivity is faster than ever before. However, choosing the right type of contract is important if you hope to save time as well as money. What are a handful of top tips to keep in mind and are there any worthwhile suggestions to embrace during the selection process? Let us take a closer look.

Determining the Appropriate Contract Length

The first metric to determine involves the length of the contract in question. From a very general perspective, terms can range anywhere between 12 and 24 months. Keep this in mind, as cancelling a subscription early will normally result in termination fees. If you are planning to relocate to a different home or apartment in the not-so-distant future, it may be wise to select a contract length that will not present a problem during such a transition. In the same respect, determine whether or not your monthly fees will increase when the contract is eventually renewed.

Data Allowance

Most providers will offer so-called “unlimited” broadband contracts. In other words, there is no cap in regards to your monthly data allowance. It should nonetheless be mentioned that some firms are still associated with specific thresholds. While this might not be important if you utilise the Internet sparingly, it is extremely relevant for those who regularly stream high-definition videos or share large files with friends and family members. In the event that such a limit is exceeded, you will incur sizeable monthly usage charges. It is therefore always best to choose an uncapped plan.

Initial Installation Fees and Warranties

Some providers will charge you an up-front service fee when installing physical hardware such as cables and wireless routers. While this is not normally a massive amount, it is still important to know whether such fees are able to be deducted from your first monthly bill.

It is just as prudent to examine the type of warranty associated with these physical devices. For instance, will you be provided with a new router in the event that it accidentally falls off of a shelf? Should a new model become available, can you obtain an upgrade without incurring additional charges? If these questions are not clear within the terms and conditions, it is best to contact a customer service representative. This brings us to the next point.

All About Word of Mouth

It is always critical to appreciate what others have to say about the broadband provider in question. Never rely solely upon the claims of the official website (remember that they are attempting to market a product). It is much wiser to compare and contrast different offers with the help of third-party review sites such as Broadband Choices. You can also visit online forums and similarly objective sources in order to determine what previous and current customers have to say about their personal experiences. If you find that the company has received a consistent amount of negative feedback, it is best to look elsewhere.

Whether referring to monthly usage limitations, wireless connectivity or the available customer service options, taking these factors into account is the best way to make a sound decision when the time is right. The good news is that there are many reputable providers, so finding one which suits your needs is normally quite easy.

June 13, 2019 by Greg Underwood

Say It With An Award

Awards have been used to recognize achievements for centuries. They are a way to show appreciation and can be a morale boost. Awards are given for many different occasions. They are used to show recognition in the workplace, they are used in a sporting event, and they are also used to award academic success. Everyone enjoys the feeling that they get when they receive an award.

The History of Trophies

Trophies have been given out since the ancient Greek era. It was common for Greek troops to fashion trophies after a successful battle. They were often made of armor and even the arms of captured opponents were a trophy. Twisted olive branches were also used to crown victors at the famous Olympic games in Greece. These awards symbolized high stature. A great feat that was accomplished was recognized by receiving an award.

These days, trophies are made of many different materials, but they are still used to congratulate a big accomplishment and to make the recipient feel good about how they have performed, either in a sport, in school or at work. It is still a tradition to present someone with an award or trophy to this day, although the materials used to fashion an award are quite different.

Awards Boost Morale

The recipient of an award feels appreciation and also feels as if all their hard work is recognized. When someone feels valued and that their efforts have been recognized, they are motivated to keep working hard. It also helps to boost leadership skills. Giving an award to an employee is a great way to get them to “keep up the great work” and to excel. Even a small recognition can go a very long way to boost someone’s motivation. An award can be displayed and is a constant reminder and motivator.

Custom trophies may not seem like an extravagant thing, but it can do wonders to boost morale in the office so that your employees will work harder and be motivated to work harder. You can even host a special ceremony to make the presentation more special.

Recognizing someone’s efforts can motivate not only the recipient to excel in their efforts, but it can also motivate others in the office or school to work harder as well.

An award is anything you want it to be. It can be given at a formal event, or it can be humorous. They can be given at a family function, such as a family reunion, or that can be given out at a business party.

Awards Are Customizable

Awards come in many different styles and materials so you can find the perfect award for every occasion and every recognition. There are trophies, medals, and plaques. They can be made of glass, crystal, acrylic, and can be branded. You can customize an award and get creative with it.

Awards Are Ideal for Every Situation

There are awards for retirement, teamwork, and individual achievements. They are often used for sports, school events, and pretty much any function. You can present many people with an award to recognize different talents because they are fairly inexpensive, or just award one employee or student with an award to make them feel special. Trophies are often used to recognize hard work, but they can also be used to recognize the special quirks or personality traits that people have, such as class clown or tallest person. You can choose a trophy template that is already designed, or you can design one from scratch to suit your needs perfectly. You can have them engraved as well so that you can add a personalized message.

Since there are so many options available, you can find one or a few to fit into your budget. Trophies range in price from $10 to $250. You could even make your award ceremony an annual event.

Staff morale, as well as student morale, helps to improve many things. It helps to improve productivity, performance, creativity, and also increases the quality of work.

An award is the best way to tell your employees, students, or athletes that they have been noticed and that they are doing a good job. Nothing really beats receiving an award that you can display and keep forever.

May 18, 2019 by Greg Underwood

Huawei Smartphone Deals 2019

Source: Wikipedia

Huawei phones can no longer be ignored. They are now competing with smartphone companies such as Samsung and Sony with their premium smartphones available on the market. In Fact, they manufacture and sell a lot of different types of phone. Some of its flagship devices in the Mate and P series are outselling some companies such as Apple Globally. We have searched the latest and current smartphones to get you the best offers to ensure that you own one.

So are you looking for the best and latest smartphones available? Well, there are many excellent devices that range from mid-range to cheap low-end devices from the company. Here are the best flagship devices from Huawei that have the best and affordable prices.

Huawei Deals

It is no secret that the P and Mate lines are the best smartphones that you can grab out there. The P series is a little bit mainstream while the Mate phablets are more photo-minded, but either way, the two series are excellent phones.

The eagerly anticipated P30 and P30 Pro devices were launched in 2019. If you are looking for the next-level of photos, loads of power and a touch of slick experience then you should really get one of the P30 model phones. The P30 128 GB and P30 Pro 256 GB cost £699 and £899 respectively.

P30 128GB Model

There are amazing offers and plans on this model. They include a fully unlimited plan without any upfront cost in a 36-month contract for only £ 49 with Virgin Media TV or broadband. With Three, you get unlimited data by paying £49 upfront and £ 48 per month. In Addition, you will be given a Huawei GT fitness tracking watch for free.

With Vodafone, you will have to pay up an upfront fee of £ 29 and another of £ 61 every month. With this offer you will get a 100 GB of data and an additional 24 months subscription to the prime video, Now TV, Spotify or Sky Sports. Another cheap offer with Vodafone is a payment of £ 75 upfront and another of £ 26 per month you will be getting 5 GB for 24 months while paying for the phone during that period. Moreover, you may win a gift card from the Curry PC World worth £ 1000.

Alternatively, with Vodafone, you can also pay an upfront fee of £ 175 and £ 20 per month. You will only get 2GB of data. With this plan, you will save £44 and get the phone at only £655. You can also win the gift card from Currys PC World also worth £1000.

With EE, there is no upfront cost and you only pay £32.75 per month and get an incredible 50GB. You will be offered 24 months of free BT Sports and Amazon Prime Video for six months.

With the Virgin Media, there is no upfront cost but you will have to pay £ 300 per month for a total of 36 months. You will also get 100GB, unlimited texts and 5000 minutes.

Lastly, with the O2 there is no upfront cost but pay £36 per month. You also get unlimited minutes and texts. You can also pay £ 175 upfront, £21 per month and get one GB of data with unlimited minutes.

P30 Pro

O2 offers a plan of no upfront cost with £41 per month, £192 cashback by redemption and get a 60GB plan. Another plan worth considering is paying a high upfront fee of £ 260 and £26 per month. The plan comes with free three GB and saves you £15. They also offer 100GB for £69 per month with an upfront of £29.

With Virgin, you get a 36-month plan at no upfront cost but with a fee of £38 per month. You will get 5000 minutes and unlimited texts.

Also, you may consider £29.99 upfront fee with £39.99 per month and get 1GB from iD.

You can compare these deals and much more from the Compare My Mobile platform where you will definitely get the best offers on all types of phones.

May 18, 2019 by Greg Underwood

Getting Value Back on Your Previous Generation iPad

The joy of Apple tablets is that there is always a new generation on the horizon that promises better features. However, one problem comes up when you want to upgrade to a new version of the iPad is what to do with the old one. It can be difficult to get rid of your now unused device, especially if it’s lacking some features or damaged in some way. With the right trick, you can make cash off of your previous generation device and recoup some of the money you put in. Selling your tablet to tech recyclers is an effective way to dispose of an unwanted device. Sell My Mobile is one of the most reputable services that will help you find the best market for your Apple device and get a fair price while at it. Why should you consider a resell, though?

Get Cash for Unwanted Devices

Just because a tablet has stopped working doesn’t mean it is entirely useless. Tech recyclers have many ways to get value from electronics. With this option, you get rid of a device that no longer serves any purpose and get paid for it. A resell can save you the stress of trying to repair your iPad, which may cost too much. The money generated from reselling can go a long way in helping you upgrade to a better device. Reselling is a simple process; you only have to find the right recycler and send your device.

For a business that uses Apple products for official tasks, reselling to recycler can turn out to be lucrative. When employers upgrade to new generation devices, that the store will have a lot of handhelds just sitting around with no use. Through reselling, a company can get back a percentage of what it spent on those previous generation devices.

Environmentally-friendly Disposal

A common mistake that people commit when they are done with their old electronics is to leave them lying around the house. Eventually, they end up in the waste bin. Devices such as tablets need proper disposal because they can leak toxic chemicals into the soil and water. Recycling is an effective way to reduce the number of electronic waste in the environment. When you resell your Apple device, you contribute to eco-friendly disposal methods, which is a huge bonus.

Know What Your Device is Worth

Even though it might be old and useless, you still have to make certain that a recycler is giving you the best quote. With Apple releasing so many products, it can be a tad difficult to keep up with the cost of different models. The price of a previous generation device will depend on various elements. Buyers will consider the model of the device. For example, an iPad Air will fetch a higher price than a model 2 because the former is a newer generation.

The condition of the device matters. An old but undamaged electronic might be more valuable than a late generation model with severe damage. Recyclers will assess all of these before quoting a price. A huge plus point for using a comparison engine before picking a recycler is that resellers can weigh their alternatives carefully. You can look at the different prices that recyclers are paying for particular Apple handhelds to see which offers the best one. The whole process of offloading your device to a tech recycler is straightforward. Compare quotes, send your device to your chosen buyer by mail and wait for the payment.

Upgrading to a new iPad doesn’t always mean that your old device is worthless. At Sell My Mobile, compare prices from tech recyclers and resell your old generation tablet. Get the best value from a broken or unused device and enjoy some extra cash.

May 13, 2019 by Greg Underwood

Top birthday gift ideas for music lovers

It’s inevitable that you will at some point this year need to purchase a birthday gift for that special someone. If they’re into music it may have been difficult to outdo other gifts from years past. With the upturn in cool, trendy and 50s-esque style, there are a lot of really unique musical ideas out there today which you easily source from online music equipment stores like Rockit. If you’re on the hunt for one of those gifts that will really wow this year, check out this awesome list of gift ideas for music lovers that will impress even the most discerning of recipient.

A Day Out

Days out are sometimes the best gift money can buy. After all, in a world full of growing minimalist-loving people, experiences are slowly but surely gaining more value than things and so spending time with your loved one doing something fun and exciting can be the best gift money can buy. Whether you engage in an adrenaline-pumping activity or you simply enjoy each other’s company, a day out of many different kinds such as to music concert or a music like the Australian Music Vault would be ideal for a music lover.

Something Trendy

Is your friend or loved one into trendy stuff? Do they have the ultimate in chill zones but it’s missing that special something? Check out stores like Rockit for awesome ideas where it comes to vinyl records – a huge trend that is gaining popularity quickly again having disappeared in the 80s thanks to the invention of things like 8-tracks and such. If your friend needs a bit more equipment, check out these Crosley record players – the perfect addition to any cool space, taking the chill and mellow to the next level.

A Useful Gift

Every music lover loves something they will actually use – whether it’s a great new instrument, a turntable, bluetooth headphones, or something for their house like a chimes. Useful gifts can range from being functional with everyday usage to an item that the recipient only uses occasionally but still provides a huge amount of value to their lives. It doesn’t need to get used everyday to make it a useful, valuable gift.

When In Doubt…

Gift cards! gift card idea when you just don’t know what else to get someone who is really into music. Not only is it versatile and easy but it allows a great deal of flexibility in terms of what people can do with it. Gifts cards can be used to pay for a whole host of items from online stores like Amazon and gives someone the ability purchase something they’ve wanted for awhile – it’s honestly giving the person exactly what they may have needed or wanted in that moment in time!

So whether it’s a friend, an acquaintance or a beloved family member, gift giving is a time honoured tradition that can bring people closer together and create joy and happiness in relationships. Whatever you decide to get a friend or relative this year, hopefully this list will help you make a decision that works for your budget while giving the best gift possible!

April 27, 2019 by Greg Underwood

TIPS FOR SUCCESSFUL PROPERTY VIEWING

Source: Flickr

Are you looking for a better place so you can move out? Have you been checking apartments for sale in Downtown Dubai? Well, this article is just for you!

If you are trying to find the house/apartment of your dreams, you can make a quick five-minute look around the property and then leave. Who would want to make one of the biggest purchases and decisions of their life based on a quick judgment? No, sir!

This property viewing must be effective, a well-spent time, or you could end up missing something that will probably make you regret some of your decisions in the future.

So, here are some tips so you make sure your property viewing was a total success!

1. TAKE YOUR TIME

Top real estate brokers in Dubai recommend to take your own time in property viewings and try not to book many viewings within a small time frame, so you don’t feel rushed while checking out your future home.

The recommended time to check the inside of a property ranges from 20 to 30 minutes, and even more (if you really need to), and another 20 minutes to look around the outside and taking a walk around the area. Don’t let the real estate agents rush you, take your time.

2. DON’T GO ALONE

The more pairs of eyes you have available looking around your potential investment, the better. Going alone to a property viewing usually ends in the customer getting led around by the realtor and listening all the “great” features the property may have.

Even if you’re planning to buy a property by yourself, taking someone with you is always a good plan.

3. DON’T THINK OF IT AS YOUR HOME

Leave any emotions you may feel about a property at the doorstep and start thinking in terms of what’s better for you and your interests. You will have a hard time having an objective opinion of a place if you already feel some attachment or emotions towards it.

Don’t force yourself to like a property, you have to make sure everything is right and what you’re looking for, which takes a critical eye.

4. VIEW AT DIFFERENT TIMES OF THE DAY

Top real estate brokers in Dubai also recommend that you should have more than one viewing of a property, so you make sure you are absolutely in love with the place.

Book one viewing for the daytime and one for the evening, as it will allow you to see how the property is at different times of the day and give you a better impression of what the neighbourhood is like in the evening. Viewing the property at multiple times also give you the chance to ask any questions you may have after your first viewing.

That apartment in CityWalk Dubai or the other one at Meraas Bluewaters residences which you’ve been eyeing since a long time is waiting for you! Just remember some of the tips above and you’ll find the home of your dreams.

March 26, 2019 by Greg Underwood

Transform Your Passion into a Business With a Loan Calculator

ithout assistance. As such, most new businesses rely on small business loans to pay for startup expenses.

Finding a small business loan, however, can be a difficult process.

How much does a business loan cost?

Which lenders offer the best terms?

Without understanding how much you can afford and how to calculate your monthly payments, you could end up taking out a loan that you can’t pay back.

Fortunately, you can use a business loan calculator to easily calculate exactly how much you’ll end up paying for your small business loan.

Here’s why Business Loan Costs May Vary

How much a business loan costs depends on a number of factors.

Are you able to make a down payment? Can you put up collateral? Do you have good business credit?

These are a few of the main factors lenders will use to evaluate how much they are willing to lend you, what your interest rate will be, and how long you have to pay back the loan. Higher down payments, valuable collateral, and good credit will significantly your chance for approval and provide you with much better offers.

The three primary factors that determine the total cost of the loan are principal, interest, and repayment term. Interest rates, in particular, can dramatically increase or reduce the total amount that you will pay over time.

These three factors are what business loan calculators use to calculate how much your loan will cost.

It’s time to get to know all the numbers with a Loan Calculator

Business loan calculators are online tools that help potential borrowers to calculate the total cost of a loan, including interest.

After deciding how much you can afford on a monthly basis, a loan calculator will help you determine whether or not any loan offers you receive fit into your budget.

The 3 Easy Steps for Using a Business Loan Calculator

Using a business loan calculator is incredibly easy. You only need three things to get started: the loan amount, loan term, and interest rate.

Loan Amount.The loan amount, or principal, is the total amount that you plan to borrow.
Loan Term. The loan term is the time it will take to pay off the loan by making the minimum monthly payments. Shorter terms will decrease the total amount of interest paid but will increase the monthly payments.
Interest (APR). Lastly, and perhaps most importantly, is the interest rate, also called the annual percentage rate (APR). Of course, lower interest rates are favorable but can be difficult to get as a new business. Your interest can add several thousands of dollars to the total long-term cost of a loan.

Using these factors, a business loan calculator can tell you the total cost of the loan, how much interest you will pay, and how much your monthly payments are.

For example, let’s say you take out a $25,000 loan with an 8% interest rate and a repayment term of 10 years.

Using a business loan calculator, you would find that your monthly payments would be $303.32 and the total interest paid would be $11,398.28.

This is an easy and quick way to determine whether or not you are able to afford a business loan. Keep in mind that your monthly payments should not exceed 80% of your business’ net profit and that the total cost of the loan should not outweigh your expected return on investment.

Don’t go into a Business Loan Blindfolded

A small business loan can be a great resource to help turn your passion into a business. However, it is important to know the total cost of a loan offer before agreeing to any terms.

Do you need help determining whether or not a small business loan would be worth the investment? If so, be sure to use a business loan calculator to calculate the total cost over time of a loan.