What Is A Lien?
by Dutch Kiesecker

A lien is a legal claim on an asset that grants the lien holder permission to take possession of the property if certain conditions aren't met. Houses and cars are common types of property that have liens. Until the mortgage or auto loan is repaid, the lender has a lien on the property. The lien lets the lender foreclose or repossess the property if the property owner lags with payments.

If your property has a lien on it, the lien holder can sell it at anytime to satisfy payment for your debt. Before you can sell property and transfer the title to the buyer, you have to own the property free and clear. You should have any liens removed from the title before you can sell the property.

Some liens are placed on your property automatically as a circumstance of purchase. These lien holders have a legal right to take control of your property if certain conditions aren't met. For example, when you buy a house, your mortgage lender will place a lien on the house until you repay the mortgage. Similarly, your auto lender puts a lien on your card until your car loan is paid.

Other types of liens are placed on your property because you did not pay a debt. For example, if you fail to pay your federal or state taxes, the revenue department could file a tax lien on your property. If you don't pay the debt, the lien holder can liquidate the property and use the proceeds to pay off the debt.

A judgment lien is the result of a lawsuit in which the judge ruled against you. Before a judgment lien is put on your real estate, the creditor usually has attempted (unsuccessfully) to get you to pay off your debt. You may have to pay interest on the judgment lien. A judgment lien could be reported on your credit report.

Liens are usually placed on your property as a condition of repayment. Usually you are able to remove a lien on your property by fully paying off the loan or debt attached to the asset. If you have a lien placed on your property because of an unpaid debt, you may be able to have the lien released by simply making arrangements for payment.

Even when the lien is lifted from your property, it might still be included on your credit report for up to seven years. A paid lien looks better on your credit history. An unpaid lien, on the other hand, can keep you from getting credit cards, loans, and even jobs.

What Exactly Is An Entrepreneur?
by Takara Alexis

An entrepreneur is someone who takes on the risk of establishing a new business or creating a p. Why do entrepreneurs go for this risk? The most common answer is for money. Entrepreneurs, like every one, require money to live. But, entrepreneurs have a passion for doing things a part from every one else. They usually think creatively. They like challenges and starting a new business is the perfect challenge.

Not everyone who starts a business is an entrepreneur. Many people start businesses to fill gaps between jobs. Or, some begin businesses because of the advice from someone else. Maybe an accountant told you about potential tax savings from starting your own business. Entrepreneurs start businesses because of passion for a dream and vision. They usually find new business ideas by trying to solve old problems in new ways.

As an entrepreneur you are your own boss. You make your own decisions and don't have to answer to a manager or superior. This is also one of the things that makes entrepreneurship difficult because that means it's in your hands to figure out how to make the business prosper.

You have the opportunity to acquire money by doing something you love, instead of being stuck in a job you do not enjoy just to make ends meet. Being an entrepreneur allows you to create your own job security. You might look for advice from other business owners, or employees if you have them, but ultimately, any decision made about your business is made by you. You must pay the price for bad business decisions, but you also reap the rewards of the good ones.

Entrepreneurs are always bargaining, not only with clients, but also with people who are key to the business, like suppliers and lenders. Being a profitable negotiator means you can think of a solution where everyone wins. No one walks away from the deal feeling like they were taken advantage of. This way, you'll create the type of relationships that keep your business running long-term.

As a small business begins to expand, it becomes increasingly hard for the entrepreneur to work alone. You'll have to hire people to help you do some of the business tasks. Otherwise, the quality of work may suffer because you're trying to do jobs you do not have the time or skills to execute. Even worse, the business might fail.

It is not enough to appoint tasks and forget them. As an entrepreneur, you're still mainly responsible for the work done for your business. So, you have to make sure the jobs you have assigned are finished on time, within budget, and at the quality you expect. Make sure your employees have the skills, money, and time they need to deliver what you've assigned.

ETF Bond
by Takara Alexis

Ever since 1993, exchange traded funds (ETFs) have given another investment tool for Americans. ETFs could offer simple trading options and their convenience, along with their added bonus: diversification.

In fact, according to the Investment Company Institute, since their inception, money invested in ETFs has expanded to over $250 billion dollars.

ETFs imitate an index or focus on a particular industry or country. What makes them different than mutual funds is that ETFs are traded like stocks. Rather than having an opportunity once each day to buy, ETFs are traded 24/7. Their price is determined by the supply and demand of the fund itself, not necessarily the contents of the fund.

In sharp contrast to the escalating popularity of ETFs, bonds have always had a somewhat drab existence, at least in the eyes of most investors. Bonds aren't fun or enchanting, but for some, they are considered one of the more valid investment vehicles around.

Clearly, bond ETFs are catching on, but what makes them so alluring?

Bond ETFs carry with them a great deal of transparency that hasn't been experienced by many bond fund investors previously. The added knowledge of a bond's accurate amount, with the ability of public trading, is new to many bond fund investors.

As with most investments, each product and investment strategy is meant for a particular investor. But bond ETFs offer a new, and surprisingly refreshing look at an old mainstay. As with all investments, they have their pros and cons, but if you're looking for a tool that has added convenience, along with the bond characteristics, then a bond ETF could be the right choice.

Diversification looks to reduce risk by placing your investment bucks into all different asset classes to add balance to your portfolio. However, using this methodology does not guarantee against losing in a declining market.

Taking Your Clients With You
by Takara Alexis

One important quality in becoming a successful consultant is your capability to network and get work from your contacts. Your former colleagues and bosses can pass you leads regarding clients, and bring you in to work on projects that are being done by your former company.

Taking your customers might pose legal problems if you've already signed an agreement not to compete or solicit customers of your previous employer. Still, many agreements aren't enforceable and others give loopholes that would allow you to work for your former employer's customers in specific instances. Having a business lawyer review your agreement will provide you with the information you want to stay away from legal troubles while starting up your new business.

Once you have given your notice, let your number one clients know that you will be leaving. The topic of what you will be doing will inevitably come up in conversation. This is a good time to explain what you will be doing and perhaps exchange telephone numbers and ask if you can keep in contact with your former client.

Soliciting clients during company time could be a dangerous thing for numerous reasons. While soliciting clients as an independent consultant is viewed as business competition, soliciting your employer's customers on company time is acknowledged as stealing. If your boss comes to know about this, you will probably be fired immediately. Many clients will look on your solicitation as trying to "steal" clients from your employer. After firing you, your former company may sue you for stealing clients.

Customer lists, pricing formulas and materials that are copyrighted should remain with your former employer because these are viewed as your former employer's trade secrets by law. Taking these type of documents from your former employer would bring you legal problems, including possibly being arrested for theft or being sued by your former employer.

Even if your clients tell you that they will give you assignments, that's not always promised. Don't keep calling the same clients over and over again to check on projects. It'll be viewed as a harassment and could spoil any chances of future work. Continue to work on getting assignments from a variety of contacts. It may take a while for you to find your first assignment. If you have saved money and planned ahead, you will have enough living expenses to allow you to continue your search for work. Be patient, and keep working to find projects to work on.

Property Taxes
by Takara Alexis

This long-standing form of taxation has its roots in ancient times. Property taxes, in many forms, have been around since the beginning of civilization. There's evidence of their use in ancient Egypt, Persia and China. Early taxation mainly focused on land, as that agricultural value played a key role, in its time. To this day, property taxes are a number one source of income for local states and governments all over the world.

Property taxation is simply a levy assessed property such as real estate. Real estate property taxes are usually assessed by county, state and local governments, in lieu of federal governments. Local authorities like school districts, water and sewer services are also playing a crucial part in this.

State and local governments heavily confide in the tax revenue collected from property taxes. In fact, many times property taxes are the largest source of their income. There are states in which property taxes produce more revenue than sales and income taxes put together. The national government plays little role in the accumulation of property taxes.

Real estate taxes are deductible on federal income tax returns. The more property taxes you pay, the more you can write-off. In fact, there isn't any limit on the property tax deduction. If you're a new homeowner you could also minimize property taxes paid by the seller, that could have applied to your property tax debt. As the new homeowner, you can make this deduction, regardless of whether you paid back the seller or not.

Because of inflation and an inflexible tax code, those that used to be defined as "wealthy" are now the middle class. As a result, many of middle income American's fall victim to the AMT each year. To make the situation worse, property taxes are non deductible under the AMT. The good news is that latest AMT tax bill legislation can supply middle class homeowners with much needed relief.

One way to relieve the tax burden is to pay your property tax payments as well as your monthly mortgage payments. By doing so, your savings are kept in a mortgage escrow account until the property taxes are due.

Since their introduction in a long time ago, property taxes have never been welcomed with open arms. Even now they still may not be celebrated, but they play a key role in our modern infrastructure. They fund the municipal budgets in which our federal government has little or no involvement.

Becoming A First Time Home Buyer
by Takara Alexis

Purchasing your first home is a considerable operation. There is so much to consider and prepare for. Finding an appropriate home may be challenging, but there's much more to examine. You need to come up with a down payment, get qualified for a home loan, consider closing costs, and much more.

There are some things you should consider before pursuing buying your home. One being what you'll be able to afford. You need to find out what your total monthly housing expenses will be. A mortgage calculator is a really good way to determine what you can afford on a monthly basis. But you will want to think about the additional costs associated with home ownership. You'll need to include property taxes, home insurance, escrow, and miscellaneous closing costs. These can add considerably to your monthly outlay.

Property taxes can be determined if you check with your local government, being as it varies greatly from state to state. Acquiring a home insurance quote is as easy way to determine those expenses, and save as well. Closing costs vary, but they can usually be negotiated with your lender. Be sure to account for Private Mortgage Insurance (PMI) if you wish to make a down payment less than the standard 20 percent. The important thing here is to get an idea of what your total expenses will be. Many experts will suggest that your total monthly housing costs not exceed 28 percent of your gross income.

When you shop for a home loan you should consider the government funded first time home owner programs. These often propose lower interest rates and lower down payment requirements, when compared with customary mortgage loans.

If you have a good credit rating and income you may qualify for a better conventional type loan. Be sure to do your homework and weigh all your options. An Adjustable Rate Mortgage (ARM), for example, may offer lower monthly payments initially, but there are certain risks that need to be considered. Unfortunately, for some, the recent housing downturn is currently exposing these risks.

Developing into a first time home buyer might seem a bit frightening these days. Utilizing the tools that are given to you along with some strategic planning can help you get there. It's all worth it, of course, as there's nothing like being a first time home owner.

How To Avoid Foreclosure
by Takara Alexis

Homeowners who have difficulty paying their mortgage on time might be subject to seizure and the loss of title of their house. For these people, surprising situations such as job insecurity or medical problems have them facing the unthinkable-home foreclosure. Either way, it should and can often be avoided, with a little effort.

If you aren't able to pay your mortgage, it's extremely crucial that you call your lender, in order to prevent foreclosure. Disregarding the bills will only make the situation worse, increasing the chances that you will lose your home. Borrowers who search for foreclosure help early are much more likely to work out a solution, no matter how serious their situation. Mortgage companies want to stay away from foreclosure as much as you; they are way more interested in the money they make off your interest, rather than the money they will lose on your home foreclosure. Based on your situation, your lender might be able to give you the foreclosure help that you need.

A reinstatement can take place when you make a lump sum payment by a specified date if you are behind in your payments. This can bring your account back to current status. Often, lenders combine forbearance with reinstatement.

The terms of your loan can be altered. Changing the amortization table or minimizing your interest rate could make a big difference, decreasing your payment amount each month to something affordable.

In reaction to the recent mortgage crisis, the president has announced a refinancing program called FHASecure. This current product offered through the Federal Housing Administration (FHA) is estimated to help some 240,000 homeowners dodge foreclosure. This is rather notable, as the FHA's previous policy would not allow for refinancing of borrowers in default.

A deal between the homeowner and lender to sell the property for less than it's worth, with the mortgage lender taking the loss. A foreclosure sale is an effective way of stopping foreclosure, allowing a default homeowner to fulfill his mortgage obligation by selling the property in question for a lower amount than owed.

Taking a pro-active means to home foreclosure avoidance can't be stressed enough. If you lose your home to foreclosure, the lender may come after you to recover money owed that may not have been recuperated in the property foreclosure sale. Having a house foreclosure on your credit report is unfavorable and ranks right up there with bankruptcy. Remember that as negative as things may seem, your current financial problems are most likely temporary. Avoid foreclosure now so that when you get back on your feet, you won't be restricted by imposing credit issues.

Do You Work Too Much?
by Takara Alexis

Does this scenario sound familiar to you? You love working and you are responsible for many projects at once as well as tasks that are constantly being assigned to you or your group. You thrive on the pressures of multiple deadline. Or maybe you work multiple jobs or own your own business. Your work hours are long, your at-home hours short, and your sleep hours few. Vacations and social visits with friends are a distant memory. Your only hobby is your job.

You or someone you know might be a workaholic. Workaholics live for their work, and enjoy spending many extra hours at work, and often taking work home to complete. Americans, when compared to many other countries are typically a work-hard culture, but when work becomes the sole reason for a person's existence above more important things such as family and friends, the issue becomes critical.

Part of the matter is societal. Americans are working more hours every week than in past years, and with all the downsizing's and consolidations and lack of replacement hirings, more and more workers are working extra hours to complete the work previously completed by others. Some studies show that as much as many as 40 percent of workers don't even bother to take vacations, partly because of fears they may not have a job to come back to if they do.

Part of the matter is technological. We exist in a connected environment -- e-mails, instant messaging, fax machines, cell phones, and digital assistants -- causing it to be hard for workers to get any time away from their work.

The key is to take time away from work -- completely away from work -- to get your life back on the right path. It will take some effort on your part -- and perhaps the part of a friend or spouse -- to make the shift from a sole focus on work, but for your mental and physical well-being, you must try to make an effort.

Whether it's how more and more of us are commonly defining success in terms of financial and materialistic measures or the fact that a lot of Americans have to work various jobs simply to earn a living and prevent their families from poverty, we are working more and more for the financial outcomes.

Regardless of the reasons, workaholism can be a crucial condition that can lead to the descent and demolition of families, as well as stress-related health issues. When work becomes the only reason for being -- when it becomes the only thing we think about, the one thing that really makes us happy -- then it's time for some kind of intervention. And don't confuse hard work for workaholism. Hard workers know the difference when it comes to work and personal time and can perform normally when not at work, while workaholics don't have personal time and can't function well outside of work.

Planning For Succession
by Takara Alexis

Entrepreneurs tend to spend a lot of time building their business, they give little thought to how they will leave it and sometimes get side tracked by the amount of time it takes to establish and carry out an effective succession plan.

Owners seem to sometimes associate succession planning with choosing a successor. The first step, however, lies in an analysis of what has made the business successful. Does that success rely on ability or knowledge you as the owner have that would leave when you leave? Often that is the case of sole- practitioners such as lawyers or doctors - unless they have the foresight to bring in a junior practitioner who could possibly take over at some point.

Additional success questions to consider: current and future market competition, necessary technology infrastructure, talent of existing employees, and style of management. Answers to these questions can provide the basis for decisions on whether the business can continue without you, how it would continue without you and which person would lead it.

Personal financial planning will play a role in the succession plan whether you wish to sell the business to an outsider or progressively transfer your interest to a main employee or family member. If you sell and receive a large lump-sum payment, you will to plan what you'll do with the earnings. Advice from accounting and investment experts can help with strategies to lower your taxes on the sale.

If you plan on transferring the business to a key worker or a someone in your family, your personal financial plan should focus on long-term capital accumulation to provide cash for living expenses to replace the income you received from your company's profits. Developing that cushion takes awhile, but it will give you not only needed funds but the freedom to allow your successor opportunities to learn and make mistakes, without abusing your livelihood.

Entrepreneurs, mainly those with family members involved in the business, commonly dread actually naming a successor because they expect it will cause arguments among employees and members of their family. Again, having an analysis of the business and its needs for the future to keep its success gives you a platform from which to talk about issues with those affected. Open communication plays a crucial role in smoothing the path for your successor.

Communication will be key as you develop the person you chose to assume leadership. While you may be tempted to pass on everything you know to your successor, be sure to listen carefully and give the person some room to learn from experience or try new ways of doing things. Stay true to what has made your company successful, but recognize that your successor needs to prove his or her value to employees and customers and may actually have ideas for making the business better.

Planning how you'll leave your business can be emotionally draining as well as, financially and logistically difficult. Involving your key trusted advisors and seeking assistance from succession planning professionals can help you look at important details while keeping the big picture in focus. Begin early, so you will have enough time to create, finance and carry out a successful succession plan.

Women And Finances
by Takara Alexis

With the combination of later marriage, divorce, widowhood and longevity, almost 90 percent of women will end up maintaining their finances by herself at some point in their lives, according to the Department of Labor.

Despite upbringing, income, marital or motherhood status, a woman needs a solid base of financial knowledge to help set them up for that responsibility. Because a majority of women will be on their own financially at some time in their lives, financial education isn't wasted. Knowledge can give women confidence that if challenged with being unexpectedly single, they are able to handle it.

For women who hardly have any experience in managing money or none at all, taking small steps can help. Reading websites, magazines and books about financial topics or taking a community college course can provide a great foundation. Professional financial advisors can help as well. As the saying goes, there's no such thing as a stupid question.

For young women starting out on their own, living expenses and paying down debt like vehicle or college loans usually get priority treatment. However, it is much more simple to save and invest before adding larger debt like a house or having children. Employer-sponsored retirement plans provide a fairly painless method - pretax payroll deduction - to begin, and singles should strive to contribute at least as much as their employer will match. Enrolling at the time of hire means never missing the money from the paycheck.

Having a team of advisors that can be trusted could help make women less susceptible to scams and opportunists who use people are newly divorced or widowed. Women that are married do not really need a team of professionals apart from their husband's, but they should have met those experts and be content with them. A traumatic experience like divorce or death is not the time to be looking for a credible professional.

Even if they do not work outside the home, pay the bills or make the investment choices, women should know how much money comes into the household and what percentage goes toward bills, college funds, retirement accounts and savings. They should also be aware of where key financial documents, such as wills and insurance policies, are kept.

Women must understand that keeping the house means keeping all the responsibilities that go along with it financially. On top of that, they might need to buy out their husband's share in the property. Suddenly a $2,000 mortgage payment becomes a $4,000 mortgage payment. That's when the advisor becomes important in helping the client make decisions based on financial reality not emotional reaction, because when the decree is final, you can not claim ignorance.

A firm grasp of financial basics and the household's financial picture, along with a team of trusted advisors, can give women the courage they require to make financial decisions throughout their lives, whether single and childless, married with or without children, divorced or widowed. Women must learn basic money management skills and find the expert support they need to make smart choices. It is a skill they will almost certainly need in their lifetime, so it is never too early to start.