3 of the Nicest Things People Have Done After Winning the Lottery

June 26, 2015 Finance Tips

There are two main ways winners can receive their lottery payments — as either lottery lump sum payouts or as lottery annuity settlements — but there are billions of ways that money can be spent, some of which are nicer than you might think. Here are a few of the more unique ways people have used their new riches.

Upgrading the ‘Ol Alma Mater.

Gloria MacKenzie won the lottery at the ripe old age of 84-year-old, and knew just what to do with her money. First, she upgraded her home. Rather than continuing to live in a shabby shack with a tin roof, she bought a 6,322-feet-square home in one of Jacksonville’s gated communities to the tune of $1.2 million. Then, she dropped another $2 million upgrading her former hometown high school in Maine, where her daughter taught biology at the time.

Building a Waterpark.

When John Kutey of New York won the lottery back in 2011, he decided to spend his $28.7 million giving back to his community. He used the money to demolish a local wade pool, and install a new, $250,000 spray park. The park opened in 2013, and though Kutey and his family lived in Florida at the time, they made it to the grand opening.

Giving to Charities.

Robert Erb of British Columbia won a cool $25 million in November of 2012. That year, Erb estimated he spent more than $8 million giving charitable donations and gifts to individuals in need, including 10 cars, $300,000 in dental care, and $70,000 fixing up the local community association’s facility. He also left a $10,000 tip at a restaurant after he heard about the owner’s daughter being diagnosed with cancer. Oh, and the 61-year-old donated $1 million to support the legalization of marijuana.

It doesn’t really matter whether you decide to get lump sum payout or an annuity, just so long as you invest it wisely, as these folks have done.
If you have any questions about lump sum payouts or annuity settlements, feel free to share in the comments. More like this article.

Win the Lottery? Congrats! Think Twice, However, Before Leaving Your Job

June 12, 2015 Finance Tips

Moving to Tahiti. Buying a Rolls Royce. Spending your summers in the south of France. These are just a few of the images that pop up when we think about winning the lottery. One thought that certainly doesn’t come up that often is the idea of staying at your job after winning. But did you know that a whopping 48% of all lotto winners continue to work? It may be hard to believe but the reality is that winning the lottery, despite its connotations, isn’t what it’s cracked up to be.

Lottery payments are notorious for their gradual and often frustrating allotments. That is, lottery winners usually do not get their winnings all at once. Instead, lottery organizations opt to pay winners gradually. The Mega Millions lottery, for example, shells out lottery payments over a span of 30 years: one initial lump sum and another 29 payments, each one 5% greater than the one before it. For obvious reasons, this can be very frustrating for lottery winners, who want nothing more than to collect their money in peace. Add on the fact that the government — federal, state, and local — takes up to 25% of lottery winnings, lottery winners can become more than flustered. Overall, with the flow of money rather tight (at least at first), lottery winners often have to continue to work before they can live off the fat of the land.

Because of this, many lottery winners turn to annuity settlement deals to get their cash quick. Structured settlement annuities are financial arrangements in which a lottery winner signs over his or her earnings to a company for investing. In return, the company provides their lotto winnings much quicker, either in a lump sum or in a gradual (but more favorable) payment cycle. Structured settlement annuity benefits are massive, which may account for the fact that 92% of people who sell their structured settlements are ultimately happy with their decision.

When you win the lotto, just do yourself a favor: win the lotto the right way with structured settlement annuities.

Three Well-Kept Secrets to Successfully Selling an Annuity

June 9, 2015 Finance Tips

So you’ve received a structured settlement in the form of an annuity. Now what?

An increasingly popular option for people who have won structured settlements is to sell these annuity settlements in exchange for a lump sum, or the total amount of money awarded in the settlement. If you need your annuity money now, it might be your best option to sell this annuity, as early withdrawals from your annuity find can come with a 10% penalty.

But if you’ve tried to look into selling annuities, the process might seem complex, even labyrinthine in nature.

Selling your annuity settlement in exchange for a lump sum doesn’t have to be impossible — or even challenging. Here are three of the best-kept secrets to selling fixed annuities that will help you sell your annuity in no time:

Determine if your annuity is sellable

It’s important to understand that not every annuity is sellable. For example, if your annuity is a structured settlement, you may have to obtain a judge’s approval before you can sell these structured settlement payments for a lump sum, as some states have passed a Structured Settlement Protection Act to protect consumers just like you. It’s also a good idea to determine the resell value of your annuity before searching for buyers.

Don’t say yes to the first offer you receive

While it can be tempting to sell off your annuity to the first buyer you find, it’s better to wait until you’ve met with a reputable annuity buyer who will work with you every step of the way and give you the best offer possible. Understand that no matter what buyer you choose, you won’t receive the full value of your annuity — these buyers need to earn a living somehow.

Understand what form of payment works best for you

When it comes to selling an annuity, there are a variety of different purchasing plans from you to choose from. The straight purchase, partial purchase, split purchases and reverse purchases are all very different options for selling annuities. Determine which of these would work best for you before selling off your settlement.

Have any other questions or comments on how to sell annuity payments? Let us know by simply leaving a comment below this article.

Pros and Cons Sell Annuity Settlements For Cash

June 1, 2015 Finance Tips

Every year millions of Americans will receive structured settlement annuity payments. A few lucky winners will receive big paydays from the Mega Millions lottery jackpot, while others will settle for personal injury, wrongful death, or insurance claims.

By the end of 2013, there were more than 34 million individual deferred annuity contracts in place, adding up to $2.5 trillion. Some people will choose to sell an annuity for fast cash. So what are the structured settlement annuity benefits that stop others from selling?

Tax Incentives…

A structured settlement usually offers annual payments that are exempt from income taxes and even capital gains tax. And since most experts agree that tax rates will eventually rise, an income tax exemption will be the envy of one percenters everywhere.

Furthermore, continued eligibility for federal assistance programs is one of the biggest structured settlement annuity benefits. For Americans who depend on assistance programs, a structured settlement can disqualify them from programs they need to get by. Setting up a trust with annuity payments can avoid this issue.

So why do so many people choose to sell structured settlement payments? The most common answer: fast cash. Many people can’t afford to wait for money that is rightfully theirs.

The hard truth is that more than 40% of U.S. families spend more cash in a year than they make in income.

On average, Americans owe $12,000 in student loans, $8,000 on car loans, and about $70,000 on mortgage loans.
Most U.S. adults owe $3,761 of revolving credit each year.
In total, 64 million Americans (35% of the population) said they were unable to pay bills in 2014, with medical bills being the most common complaint.
According to The Rutter Group, 90% of accident victims use all the money from their claim within five years.

For many Americans, selling a structured settlement provides the cash they need to finally get out of a financial hole. For others, a cash payment can provide the upfront capital needed to finally buy their dream home. Most lenders require a cash down payment of up to 20% of the house price. And since the average home price in 2010 was more than $270,000, it’s easy to see why some Americans can’t wait for annual payments.

Ultimately, every American is in a totally unique situation. If you’re the recipient of a structured settlement annuity, research all your options before making any big financial decisions.

Money Counter Machines What You Need to Know

May 1, 2015 Finance Tips

Most of everyone would love to make a ton of money. Counting it, however, is a different story. Banks, businesses, and government agencies are always looking for the best cash management solutions to handle the influx of hard cash. Contrary to popular opinion, counting money is not all that fun. In fact, it can be excruciating — at least when done by hand. Before the advent of fully electronic money counting machines in 1980, money had to be counted by people. Counting large amount of money was long, tedious, frustrating, and repetitive. Sometimes money counters would repeat the process two or three times in order to ensure accuracy, and even then human error could never be completely ruled out.

Fortunately, currency counter machines have made the job much simpler. Large sums of bills and coins can be counted, sorted, and processed with ease. These machines use high quality scanners to identify currency with 100% accuracy. Organizations responsible for counting money such as banks like to use these machines because, if nothing else, of the sheer amount of time and resources they save them. The extra time and manpower afforded to them can go to better use.

Besides efficiency, cash counting machines serve another, more pressing purpose: identifying counterfeit currency. Counterfeit bills and coins present a significant problem to financial systems around the world. In fact, counterfeiting has always been an important issue. One could say it is as old as money itself. With cash management solutions such as these machines, however, rooting out fake money has never been easier. High quality scanners can detect fake notes instantly, much faster at the very least than a counterfeiting expert! Government agencies such as the Department of Finance are especially pleased with the performance of these machines.

For more information about money counting machines, feel free to leave a comment or question below.

Tips and Tricks for Getting an IRA Account

April 8, 2015 Finance Tips

Many Americans have their own financial struggles under their own unique circumstances. In this case, it becomes extremely helpful to learn more about how one can still use the IRA — Individual Retirement Account — to benefit them, even if they are currently experiencing financial duress.

Research from the Investment Company Institute reports that roughly 46 million Americans — approximately 39 percent of the nation — have their own IRA. Read on to learn more about the benefits of IRAs, their purposes and how obtaining an IRA loan can help you in the long run.

Some Brief Functions of IRAs:

IRAs can be used in a variety of ways. One of the most common ways that an IRA is utilized by Americans is with regards to medical expenses. Unreimbursed expenses can actually be paid with your IRA as long as the amount is more than 7.5 percent of your gross adjusted income.
Another helpful function of IRas is that the government has legally declared that first-time home buyers are allowed to use up to $10,000 of their IRA assets to buy, build or rebuild a primary home.

Self-Directed IRAs and Getting an IRA loan:

There are different types of IRAs. One of the kinds increasing in popularity is a self-directed IRA. Many self-directed IRAs are often used for real estate loans. Many people are choosing to utilize self directed ira real estate loans because all contributions to to an IRA account are tax-deductible.
IRA loans can be beneficial in many ways. When it comes to types of collateral, you can actually use an IRA loan and take out a mortgage loan for up to 30 years. How convenient is that?
People who have IRA loans and who have 30-40% down, are eligible to obtain loans on a condo, townhouse, a single-family home, an apartment building or even commercial property. The only condition, however, is that the rental income will generate positive cash flow.
Research from a multitude of sources have estimated that investors hold approximately $94 billion of IRA retirement funds in self-directed IRAs alone. Clearly, using an IRA loan or a self-directed IRA can be very fiscally beneficial.

If you still find yourself confused about IRAs, or are interested in getting one, there are many online websites and businesses that can help to further inform you or help you to set up your very own account. Once you have one, you won’t regret it.

Have you had any experiences with getting a self-directed IRA or an IRA loan? Tell us about it in the comments below!

Why Investing in Commercial Real Estate Just Makes Cents

March 30, 2015 Finance Tips

The Great Recession was a difficult time for America, causing the economy, job market, and real estate markets to suffer significant blows. In the immediate years following the recession, it seemed as though things may never improved, however, the resiliency of the American people proved otherwise. Not only have the economy, job, and real estate markets significantly improved in the eight years since the recession began, in some areas of the country, they’re thriving.

The real estate industry is on fire right now, especially the commercial real estate sector. In fact, commercial real estate is often thought to be the number one most secure investment in the United States. Examples of popular commercial real estate property include hotels, office space, restaurants and medical centers.

The commercial real estate boom can be attributed to several factors, including an expanding job market consisting of budding entrepreneurs. The internet has made it easy for several solo- and entrepreneurs to expand their reach and require a physical office space. Many of these businesses began in their homes, however, quickly began growing and requiring more space.

If you’re new to the commercial real estate industry and are curious about how to get started, real estate investments companies can provide you with guidance and can help you break into the industry. Becoming a commercial real estate developer is an excellent way to bring in income, however, getting started can be tricky especially if you’re not familiar with the industry.

There are many benefits to investing in commercial real estate, with the biggest being being the steady stream of income due to renting or leasing, making them a highly profitable investment. In addition, investing in commercial real estate can often provide the investor with several tax write offs. Also, investing in commercial real estate is secure because the property will continue to appreciate in value.

How to Find a Reputable Gold Dealer

March 6, 2015 Finance Tips

The gold industry is booming, and with it there are a lot more people wondering how to buy and sell gold in the most effective way. In 2013, consumer demand for gold in America skyrocketed by 13%, which represents a huge change in the industry’s consumers because there are so many new people involved. Gold buying can be very profitable, but not everyone is suited for such a job because it is also difficult. Understanding how to buy gold requires a high level of technical skill and a true devotion to and passion for this precious metal. There are over 30,000 people currently employed by the gold industry, and many of them share a love for beautiful gold.

One of the reasons there has been such an influx of people interested in gold buying is because gold worth has surged 70% in the past two years. This represents a flourishing market that can be a great business venture for someone who really understands the delicate aspects of the trade. When buying gold, it takes a lot of care and attention to detail, and you shouldn’t buy or sell from anyone because unfortunately the potential for high profits tends to attract some shady people. Most people are reputable gold dealers though, and they are the best ones to work with when buying gold.

If you want to learn some insider tips and tricks on how to get the best deal on your gold sales, keep reading for what to do when you are trying to buy or sell gold. Here are the best ways to locate respectable, trustworthy gold dealers who are sure to provide a positive experience.

Find someone who is experienced
You want to try to work with someone who has a lot of experience because this means they will fully understand the value of different pieces. This also means that they can spot fakes, which could be unfortunate if you find out your gold piece isn’t real, but overall it puts you in a better position to get the best and most honest deal. This also doesn’t mean that you can’t work with new gold salesmen, but make sure they really get the business.
Ask about their knowledge of gold sales
You should ask them a few questions about gold, and if they are truly passionate about this beautiful metal, then they will be able to go on and on telling you all the details of the business. This is important because you really want someone who fully understands and really cares about their trade, and you will be able to tell if they display enthusiasm when discussing the subject.
Go to their office in-person to see how it feels
If you go to an office location that is super shady and makes you feel unsafe, then this should be a red flag that the business might not be reputable. Look for someone who works in a well kept office that seems to be safe.
Ask about their verification process for buying gold
When buying gold, it’s important that the person you are working with have a solid understanding of how to tell real gold from things like gold-plated items or simply faux gold. If they person seems like they don’t have a true knowledge of how to spot impostor pieces, then you should go to someone else who is more familiar with the ways to verify gold purity.

New Jersey Real Estate Partners Plan to Open Third Restaurant

January 9, 2015 Finance Tips

American real estate partners’ buildings earn leed

When it comes to commercial real estate, the reasons for hiring real estate partners are often clear: these professionals not only know how to invest in a REIT and other useful information about this type of investment, but are experienced in every aspect of managing commercial property, from choosing an establishment to managing cash inflows and outflows. This experience is often so effective that real estate partners can have a significant impact on their local communities. In the case of one group in New Jersey, this effect has taken the shape of several restaurants that have become key to the area’s culinary scene.

The Restaurant Development Group (RDG), based in Jersey City, has used their trained eye for real estate to launch a number of diverse and unique eateries in their community. Comprised of real estate partners Andy Siegel, Michael Garcia and Geza Gulas, the group currently runs a Southern barbecue-style bar called Lucky 7 Tavern, as well as a Mediterranean restaurant called Satis Bistro. The group is also planning to open a third business, called Raval Tapas Bar and Cocktail Lounge, in early February.

However, the group’s success isn’t only measured in the number of restaurants they have been able to open: in 2012, Satis Bistro won the Critic’s Choice award for “”Best New Restaurant in New Jersey” from the New Jersey Monthly. The restaurant also earned praise from both the Wall Street Journal and the New York Times. And while Raval’s has yet to open, the RDG has successfully drummed up interest in the new business after offering samples of the restaurant’s Spanish-style fare at a Jersey City event in early December.

Despite their success, RDG says they have no plans to halt their progress. Currently, the group is considering expanding their existing locations in Central New Jersey and Washington, D.C. If you are wondering “should I invest in property,” take their story as inspiration: contact real estate partners in your area today. More like this.

Three Modern Payment Processing Solutions Your Small Business Could Benefit From

January 8, 2015 Finance Tips

For most small business owners, customer payments usually come in only three forms: they accept credit cards and debit cards, checks, and cash. In some instances, checks may not even be allowed if they cannot be examined for fraud, especially in the case of businesses that travel. Cash isn’t an option for businesses that sell their wares online. And above all, more and more customers are using their bank accounts and credit cards to pay for their goods and services, rather than going through the inconvenience of carrying cash or writing out checks.

The good news is that payment solutions are expanding as technology improves to give business owners and their customers more choices when they check out. If you think your business could use a bit of improve in the arena of customer payments — and could stand to make more by offering more flexible payment options — then here are three payment processing solutions you may want to try out:

Mobile Payment Processing

Mobile payment processing utilizes a tablet or smartphone equipped with a card tapping or swiping device attached to it. These mobile devices can be used anywhere with a WiFi, 3G, or 4G internet connection in order to take credit card payments. These devices are encrypted, secure, and 100% PCI compliant to ensure that customer data is not stolen. This option is perfect for businesses on the go and restaurants that want to allow customers to pay at their tables.

Mobile Phone Payments

Mobile phone payments are a growing segment of the payment processing industry, and they are offering more convenience than ever to customers. All they have to do is tap their mobile phones on a device that takes their payments, and they can make payments without their credit cards present. This method can even send receipts right to their phones in some cases without the need to print. This option is especially good for businesses that want to help customers make secure payments without the need to encrypt their credit card data.

Online Credit Card Payment Processing

Finally, so many businesses these days have embraced eCommerce that it’s become a multi-billion dollar industry in North America alone. Businesses that offer their products online have the ability, if they want to, to ship worldwide — so why not collect payments from all over the globe, as well? In addition to online credit card payment processing, many payment solutions companies can also help businesses accept a full list of international currencies, so they truly have global reach online.

Have more questions about your mobile or online credit card payment processing services? Be sure to contact a payment solutions provider to find out how you can provide these new options for your customers. You can also leave a comment below for more information.