Month: November 2018
Updated on June 26, 2019
Small business owners frequently perform multiple ‘jobs’ everyday. Even if the owner has a college degree in the field of their business, it is unlikely that he or she will have expertise in every field of knowledge. For example, an architect who opens his own business has to know accounting, human resources, employment law, and many more subjects.
It is unreasonable to expect anyone to take a class in every possible area of study, however most business owners have a couple of areas that they could really use help in. Here are some classes that many business owners could benefit from taking.
Intro to Finance
Introduction to finance classes can have various names at different schools, such as finance 101 or basics of finance. Regardless of the name of the class, most of them will include instruction in banking, corporate finance, and financial economics. Financial economics is the study of interrelation of financial variables.
You may be saying to yourself “I own a bakery, why do I need to study finance?” Even if you own a bakery, you can benefit from a greater understanding of banking. Sooner or later you will probably need a loan to finance a larger oven or other equipment. A successful dance studio owner can maximize their profit from investing if they understand markets and risk.
Finance is fundamental part of business. Every business owner should have a working knowledge of the various subjects that are taught in a introductory finance course.
Human Resource Management
In a class in human resource management, you will learn about interviewing employment candidates, training and developing your workforce, some employment law, employee benefits and more. Most states have laws that affect the interview process, and prohibit certain questions. There are federal laws that apply to all states, violation of these federal laws by asking illegal questions during an interview with a candidate can be costly. Additionally, getting the best workforce starts with the interview process, learning how to conduct effective interviews is important.
Training employees can increase your profits by making your employees more effective. Training can be expensive, however if you know how to implement an effective training program, you can get a great return on your training investment. When training is done properly, employee satisfaction improves, and turnover decreases. When turnover decreases, businesses save the cost of recruiting employees, and the employees they do have will be more effective.
Everyday small business owners are sued by former employees. Lawsuits are expensive even when you prevail, and losing a law suit can cost millions. You can avoid costly law suits with a basic understanding of employment law.
Introduction to English, also called composition and rhetoric, teaches the fundamentals of writing. Some business owners may think that they do not need to study English, however writing in a professional manner is crucial to communicating with customers and employees. All businesses have a message, whether it is ‘purchase the stuff I have to sell’ or ‘I will … Read More
Updated on June 26, 2019
Is the federal government doing anything about the U.S. economic situation? How will those with bad credit get a new mortgage loan? What is the FHA Mortgage Program?
We all know that the economy is in tatters. Even as it starts to recover quietly from the loan mortgage burst that destroyed everything along with Wall Street, people still have a lot of problems especially regarding their homes. Millions of foreclosures have already happened and Millions more are poised to happen. But the government is trying to stop this by creating a stimulus program for loan modification. Also, for those who need to get a home mortgage but are in dire straights in terms of their financial situation there is the FHA Mortgage Program.
The FHA or Federal Housing Administration is a federal funded entity that aims to help Americans who need to get housing. It provides loans to such financial challenged people. The guidelines of the loan give borrowers great benefits because of the lenient qualifications. Also, one of the best things about approved mortgages is that it is fully assumable; such security is valuable to any family especially during these times when interest rates are reaching for the sky.
The US Federal Housing Authority gives loans not only to those who need to buy homes but also to those who need refinancing for their old home mortgage. It also helps homeowners to change their ARM into a lowered rate refinance that makes sure there is a fixed set for every monthly payment up to the point when the all mortgage payments are completed. If one refinances this way, they can rest assured that the rates they can cash out of will be between ninety-five to eighty-five percent of the loan value. Another great thing is that lenders will require a smaller down payment, just two to five percent of the total loan value is required.
Each kind of approved mortgage by the authority is specialized and should be applied for independently. The ability to handle the payments in light of one’s monthly expenses is what is focused when determining qualification. Unlike traditional loans, credit scores are just secondary considerations that do not have as much impact. The important thing on how to qualify is to compute one’s DTIR or debt to income ratio. These two conditions are vital for a borrower to get into the program: first of all, one’s expenses in his or her monthly mortgage payments should not be more than twenty-nine percent of one’s income (gross); secondly the total debts of the applying borrower should not be more than forty-one percent of his or her monthly income.
The FHA mortgage program can be gotten by those living in both urban as well as in rural locations. They are not actually the ones that give out the money for the loans. Banks and lending institutions still provide the financing. The Federal Housing Federation just pays for the insurance that covers the loan and this is … Read More