Posted by Elizabeth Retton

When it comes to investing your hard-earned money to make it work a little harder for you, it can be difficult to decide how to ensure the safety of your savings.  Although you stand to earn a tidy sum on stock’s and shares, they can also be fairly risky.  And even bonds are not thought to be particularly stable at the moment.  In fact, the prospect of investing in the current economy may have you running to hide your savings in the mattress.  But don’t put your moola into a wall-safe just yet; first think about how it might meet your needs by purchasing four walls and become a landlord.  Investing in property can be a great way to show a return down the road, and considering the state of the housing market, you really only stand to gain.  But you need to know what you’re doing so that you don’t end up with a money-pit of a rental property, and here are a few dos and don’ts to help you out.

DO:

1. Know your stuff.  If you don’t know the first thing about property investment, you’d better learn before you start snapping up homes.  You should be familiar with local neighbourhoods and amenities (school district, police force, etc.) and you should also track house prices and average rental rates  in areas you’re interested in and look into drawbacks such as crime, natural disaster, and so on.
2. Take on partners.  Any time you can invest other people’s money in a bid to earn more yourself, you should definitely do so.  Taking on investment partners can be a great way to dispel risk and maximize rewards.
3. Find a great agent.  Unless you’re an agent yourself you’re going to need a professional to help you with the details of renting to tenants.  So get referrals, shop around, and find an agent that is reliable, knowledgeable, and trustworthy.

DON’T:

1. Bite off more than you can chew.  The general rule of thumb is never to purchase a property that you can’t afford to pay on for at least six months.  The flipping market is pretty much kaput and it may take you several months to make the place habitable and/or get renters in.  So you need to plan for this eventuality.  And make sure that the rent you can reasonably charge won’t leave you with additional expenses; it should cover the buy-to-let mortgage and then some.
2. Buy “as is”.  No matter how good the price is, you should never buy without an inspection.  This can make it difficult to buy bank properties and reposessions, which may seem like the best deals around.  But you want to at least know what you’re getting into before you buy.  You may be willing to make fixes, but you should never go in blind.
3. Be convinced.  Even awesome agents are in business to make money, and if you wind up using an agent that is a bit unscrupulous, you could get pushed into a property that you really don’t want or that you can’t handle.  Rental properties Bristol to Bombay may seem appealing, but if you’re just not sure, follow your intuition and wait for the property that’s right for you.

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Best Ways to Travel on the Cheap in 2012

Posted by Elizabeth Retton

Another year of recession means that most people will probably opt to stay home again rather than booking their annual vacation travel.  But just because you’re keeping the belt tight doesn’t mean you have to spend another boring summer filling the kiddie pool in your yard and playing the “wave” soundtrack so that you can pretend you’re on a sun-drenched shore.  All you really need to do is take advantage of some of the many tips and tools that will help you travel on the cheap.  Here are a few you may want to try.

1. Book early!  Okay, everyone knows that they’re supposed to book early.  And yet, so few of us do.  We wait until the last minute and end up paying the price (literally).  But if you want to save on travel expenses in 2012, resolve now to get going on your travel plans.  If you book now for summer or even holiday travel later in the year, you’ll give family and friends plenty of time to plan around your schedule and you’ll save a ton of money on tickets.  Of course, you also have the option of holding out for sales since you’re so far ahead of the curve.
2. Look for red-eyes.  Believe it or not, the time of day your flight takes off can make a drastic difference in the price of your ticket.  So if you’re comfortable sleeping on a plane, then plan to get some shut-eye on your red-eye.  Aside from the obvious bonus of sleeping through the whole flight and arriving at your destination fresh (more or less), you stand to save beaucoup bucks in the process.  This is an especially useful tactic for long-haul flights.
3. Get a guide.  Airfare is expensive, but it isn’t the only cost of travel, and if you’re taking an extended trip, it will probably come in second to other necessities like lodgings, food, and transportation.  However, you are not the first trekker to travel these trails, so get yourself a helpful (and current) guidebook for the region you’re visiting so that you can compare ratings and prices before you go.  You may be able to get such texts for free if you are a member of AAA, you can probably find discounts on Amazon, or you can simply go to websites like Lonely Planet and Frommer’s for all the information you need (and many now have apps!).
4. Pack light.  With just about every airline now charging for checked bags, it behooves you to find ways to travel light.  So pack clothing that is lightweight and wrinkle-resistant whenever possible, look for items that are multipurpose (like a jersey-knit maxi-dress that rolls up and goes from day to night, or cargo pants that zip off at the knees to become shorts), and bring the absolute minimum number of shoes (one pair for walking, one for fancier fare, if you need them).
5. TravelWise.  If you haven’t heard of this awesome travel website yet then 2012 is the year to sign up.  Membership is free and all you do is create a profile that includes your many rewards programs, including airline, hotel, and travel rewards credit cards.  Then, when you want to book travel, you go to TravelWise, enter your dates and destination, and let the program find you the cheapest bookings based on the miles you have accumulated.  It will populate a listing of the best prices along with the price you’ll pay after you use your points – and you may even get your travel for free!

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Posted by Money Tips Staff

If you are starting up your own small business, you will need some method of processing payment from your customers’ credit cards.  A merchant service processes the credit card payments you receive from your customers via a specific account related to a credit card processor.  This processor works with your customers’ banks to direct the payments into your bank account.

Unfortunately, dealing with merchant processing can be an enormous headache for any small business owner, as you are likely to encounter extra long contracts and cancellation costs as well as hidden fees that will penalize you as you try to offer your own customers the best service you can.  Here are a few suggestions you can follow to help you during your selection process.

Cost.  Many processors hope to catch the eye of the small business owner by claiming in their advertisements that they offer “the lowest rates” available.  It is an easy trap to fall into, and it works because the so-called “lowest rates” only apply to one card and one transaction type.  Details like the brand of card, the way the card was entered (swiped or manually keyed in), or the way that you keep receipts will impact the variety of rates processors offer.  Instead of looking at rates, you should focus on the overall cost based on the type of business services you offer, your transactions, and the specific types of cards your customers will use.

Contracts.  You may encounter processors that require you to sign a contract for a lengthy amount of time (usually three years) and then slap you with excessive cancellation fees.  These contracts may also include a clause that allows the processor to take a certain minimum payment for the remainder of the contract even if you decide to cancel early.  It is recommended that you not sign any contracts when selecting your merchant processor and avoid those that require them.

Customer service.  It is never safe to assume that all processors in the field will be able to offer you a level of customer service that won’t leave you pulling your hair out when you need support.  Many processors won’t handle even the smallest problems that arise, so shop around, researching your options to find out what the customers have to say before you make any final decisions.

Trust.  It can be scary to realize that you are leaving your profits in the hands of an outside service (which sometimes turns out to be one person).  You will certainly want to trust your processor, so you should attempt to test the level of knowledge your potential service exhibits by asking them questions during a phone interview.

Sniff them out.  You should always ask around before you make any decision.  Check out the Better Business Bureau’s website to hunt up any feedback on the provider you’re thinking of employing.  When talking with other business owners who have dealt with this particular provider, discuss the tech support they were given as well before you set up an ecommerce merchant account.

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