A payday loan is a type of credit that is offered for a short time. The amount you borrow is based on your income, and you will need to pay back the payment plus interest when you receive your next paycheck. These short-term loans come with high-interest rates.
Best Methods to Pay for Used Car Repairs
Car maintenance and repairs are quite expensive. According to CAA, the average car repair cost is $500-$700.
Unfortunately, your car will fail at some point. And body repairs, engine failure, and component failures can dent your budget if you are not prepared.
To stay on top of maintenance, you can buy a used car warranty. This way, you can get the best deals for both bumper-to-to bumper and powertrain coverages in case of an emergency.
That said, you need to consider various methods to best pay for car repairs. [Read more…]
Best Means of Making Money Through the Internet

There are many ways to get financial freedom in today’s world, and in this article, we have discussed the best ways to make money online. Make sure you note down what could be relevant to you, as we’ve brought you some of the ways to get financial freedom through the internet. This may just be the key to begin living the life you’ve always dreamt about. [Read more…]
Online Payment Processing

Last week we talked about the pros and cons of being self-employed. This week I’d like to discuss online payment processing. Regardless of what industry you decide to start a business in, have some sort of presence online, especially the ability to take payments. With that said, there’s a lot we need to talk about, so let’s get into it.
Payment processing
If you’re going to accept payments online, there are three key pieces you’ll need: a payment processor, payment gateway, and a merchant account.
- Payment processor – Responsible for the bank/credit card stuff. Communicating between your bank and the consumer’s bank. Responsible for validating the card number, expiration date, security code, account numbers, and all of that.
- Payment gateway – An online version of a point-of-sale system. The payment gateway can help connect the merchant account with the credit/debit card issuers.
- Merchant account – A type of bank account that allows you to accept and receive payments from consumers. Without it, the money that customers are transferring to you has nowhere to go.
How it works
The customer adds items to their cart, enters in payment details, and completes that payment process. Next, the payment information gets transferred to the payment gateway through the payment processor. Then the payment gateway transfers that information to the credit card network to confirm the card details.
The credit card companies run checks to make sure all the information entered was accurate and that the transaction wasn’t fraudulent. Once that’s been done, the credit card company submits a response to the credit card network that indicates whether or not the transaction was approved. This information is sent to the payment processor and requests funds transfer from the issuing bank. The funds will be sent to the merchant account, where they will sit for a few days until they transfer to your bank account.
Which payment processing platform to use
Now that you know how these payment processing platforms work, you need to figure out which one to use. Evaluate the most popular and most widely used payment processing platforms, and then review the security protocols and techniques used by those platforms. Check on the platform’s automated billing features – this is a must if you’re selling things like subscriptions. What kind of gateway options are available? The last thing to consider is the cost of the platform.
What are the best online payment platforms? According to TechRadar, the best payment gateways are Paypal, Stripe, Payline, Adyen, and Authorize.net. If you want to learn more about those, here’s the TechRadar article.
Advantages of online payment processing
Speed and convenience – Your customers don’t have to drive to your store. They don’t have to walk around and they don’t have to stand in line. The shopping that they need to do can happen so much faster and it can happen right where they are.
Increased sales – More people shop online. By having online payments available, you’re opening yourself up to that consumer base.
Reduced costs – There are no additional costs to cash payments, but there are extra costs for store-based transactions. The cost of driving to the store. As the merchant, you have to pay for the storefront and the overhead that surrounds that. Online transactions, though they do charge an extra processing fee, don’t come with those other kinds of costs.
Disadvantages of online payment processing
Security concerns – Because more is happening online, there’s a greater chance that you open yourself up to hackers and fraudsters. That’s why it’s important to do your research.
Increased business costs – The payment processing platform costs money. The increased online exposure and security risk warrants some extra equipment, software, and security system. Everything costs money and when you’re doing business online like this, it’s worth the cost.
Related reading:
How to Keep Online Transactions Safe and Secure
How to Avoid Scams Online and Offline
The Main Types of Electronic Payments Used on the Internet
Disclaimer:
**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com
Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
Gig Worker Accountant
There are a lot of people working in the gig economy these days. You may think that your finances are straightforward and there is nothing to gain from hiring an accountant. But what if you’re wrong? [Read more…]
Expat Taxation in France
The French tax system might be confusing, but it is worth investigating if you want to make the most of your stay abroad. The French government levies a number of taxes on its residents, including expatriates. The good news is that most expats may decrease their tax obligation by taking advantage of advantageous tax treaties. [Read more…]
Pros and Cons of Self-Employment

The number of businesses that have started since the start of the pandemic has shot through the roof. People realized how short life can be and decided to take their earning potential and work-life into their own hands. Here are a few stats to illustrate the self-employment picture in the U.S.:
- As of 2019, the self-employed section of the population accounted for nearly 30% of total employment (Source).
- As of November of 2021, there are 9.9 million self-employed people in the United States.
- 96% of self-employed people don’t want regular jobs (Source)
Business structures
Sole proprietorship – There is no separate business entity. You are the business entity. That means your assets and liabilities are your assets and liabilities. Banks are more hesitant to lend to sole proprietors than they are for other entity types.
Partnership (LP/LLP) – An limited partnership (LP) has one general partner with unlimited liability and all the other partners have limited liability. Creditors can come after all of the general partner’s assets including things they personally own. Limited liability partners can only lose what they put in. A limited liability partnership provides limited liability to all partners. Profits are paid through on personal tax returns, except for the general partner – they must pay self-employment taxes.
LLC – Very similar to the LLP in terms of how profits, losses, and liabilities are treated. Profits are passed through to employees on personal returns. However, members of the LLC are required to file and pay self-employment taxes.
Retirement plan options
As a self-employed individual, you have a few options when it comes to retirement accounts – Traditional IRA and Roth IRA (available to everyone), SIMPLE IRA, Solo 410(k), and SEP IRA.
Traditional IRA and Roth IRA – Contribution limits up to $6,000 ($7,000 if you’re 50 and older). Withdrawals prior to 59 ½ are subject to a 10% tax penalty unless certain conditions are met.
SIMPLE IRA – available to employers with fewer than 100 employees. Contribution limits up to $14,000 ($17,000 if 50 or older). Employer match available.
Solo 401(k) – Contribution limit is $61,000 ($67,500 if 50 or older). Available to self-employed individuals and self-employed individuals that have their spouse as their only employee.
SEP IRA – Contribution limit is 25% of employee compensation up to $61,000.
Click here for more information about business retirement plans.
Be your own boss
You get to set your own hours and work with whoever you want to. There’s no one to tell you what to do and how to do it. For people that like to make their own schedule and like to go to the beat of their own drum, self-employment makes a lot of sense.
Earning potential
There’s no ceiling on your earning potential. You don’t have a salary range, you make what you make. You can make $10,000 or you can make $10 million. That’s a double-edged sword though, your effort determines your income. You will only make money if you work for it. Someone who isn’t a self-starter, should not be self-employed.
Costs
You have to pay for everything. Whatever the cost of business is for your sector or industry, that’s on you. Health insurance, you have to pay for that. There’s no business or employer that can foot those costs for you. Same with your retirement plan, a lot of employers offer an employee match. If you’re the business owner and the employee, ALL of your contributions are your responsibility.
Related reading:
6 Ways to Save Money When You’re Self-Employed
How to Be Self-Employed Safely and Wisely
Disclaimer:
**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com
Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
Selling Your Vehicle Via a Private Sale-Follow These Steps

When you’re looking to sell a vehicle, a private sale might be the most attractive option. Often, you have the potential to get a bit more cash by going that route, as the buyer isn’t necessarily going to flip the car for a profit. However, a private-party sale is typically more complicated than the alternatives. If you want to make sure you handle it correctly, here are steps to follow when selling your vehicle via a private sale.
Get a Value Estimate
The first step you need to take is to estimate the value of your vehicle. In many cases, it’s wise to get an inspection from a mechanic you trust. While it may cost a little money, they’ll be able to find any issues that you may want to address to ensure you get top-dollar. Otherwise, you can adjust your price based on the information.
If your vehicle is in exceptional shape, then you’ll have proof of that, too. That may help you secure a higher asking price, all because you went the extra mile to get the information.
Once you know the condition, you’ll need to assess the aesthetics. Wear and tear, scratches, dings, cracks, stains, and other issues all impact the value of the vehicle. The same can go for lingering odors, particularly smoke or pet-related smells.
As you find those types of issues, you can choose to address them or leave them. With the former, you’ll have a better chance of getting a higher price, so it could be worth the effort, depending on the potential cost.
After making those decisions, you can estimate the value. There are online calculators – including one by Kelley Blue Book and another by Edmunds – that can make that process easier. They’ll take the make and model into account, as well as the mileage and condition.
Run a Carfax Report
While running a Carfax report isn’t technically a necessity, it’s a smart move. Many prospective buyers will want to see the information on the report – particularly when it comes to accidents – so it’s wise to see what’ll show up before you attempt to sell. That way, if there’s a mistake, you can get it corrected before it impacts a sale.
Plus, if the report is accurate, you can let potential buyers know that one’s been run already. Then, you can show it to them when they come to view the vehicle.
Find the Title
You’ll need the title for the vehicle to complete a sale, so you want to make sure you have your copy available. Otherwise, you’ll need to order a replacement from your local licensing or motor vehicles agency.
Getting a replacement title can take time, particularly if you want to avoid an expedite fee. However, you can’t complete a sale without one, so you want to make sure you either have it or have one on the way before you proceed.
Gather Maintenance Records
If you were diligent about maintenance, getting copies of your records can help you sell for a higher price. In some cases, you can request reports from service providers, particularly if you had the majority of your maintenance handled at one place. Otherwise, you may need to find your receipts or after-service printouts.
Thorough Clean Your Vehicle
Having a clean, tidy vehicle will make it easier to sell. You’ll want to remove all personal property before you invite others into the car, including items in glove boxes, seat pouches, compartments, or similar places. Then, clean the vehicle inside and out, ensuring every spot is addressed along the way.
What you’ll use to clean may depend on the materials present. However, it’s often best to choose options designed specifically for vehicle materials. That way, you know that they won’t damage any surfaces.
Otherwise, you can pay a company to detail your vehicle. While this can cost a little bit, it may save you some time and energy. Plus, you’ll know that the job was thorough.
Once you’ve finished cleaning, only put back genuinely essential items. Usually, that’s limited to the registration, proof of insurance, and any manuals that came with the vehicle.
Check Your Fluids (and Consider an Oil Change)
Before you sell, you’ll want to take a moment to top off any fluids. Ensuring the coolant, brake fluid, windshield wiper fluid, and oil are all where they should be makes a difference, as buyers may check those to estimate how much care you’ve given while owning the vehicle.
In some cases, going forward with an oil change – even if it isn’t time for one – is a smart decision. That way, it’s fresh and topped off, and there’s a new filter, which buyers may appreciate.
Replace Worn Windshield Wiper Blades
If your windshield wipers don’t fully clear rain from the windshield, replace them before you list the vehicle for sale. Otherwise, if you take buyers on a test drive and the weather isn’t on your side, it could make for a poor experience. If that happens, you may lose the buyer or get a lowball offer.
Contact Your Insurer
While some prospective buyers may have their own insurance that covers them during test drives, others may not. As a result, you’ll want to confirm with your insurance company that others driving your vehicle are covered under your policy while they’re behind the wheel. If that’s the case, find out if there are any conditions, just to be safe.
Take Multiple Photos
Once all of the steps above are done, it’s time to take photos for your listing. If your car is in running condition, take it to a location that will serve as a nice backdrop. Then, photograph the exterior from at least eight angles, showing the entire vehicle. If there’s damage to disclose, you may want to take some close-ups, too. That way, you can be upfront about any issues.
Since you don’t want the license plate to show in the images, you’ll need to blur the information using photo editing software. If you don’t have access to that, either cover the plates with a plain sheet of paper or remove them for the photographs, uncovering them or putting the plates back on immediately after.
For the interior, you just want to generally show the space with a picture or two. Then, get a few close-ups of any features you want to highlight, as well as any damage you’re disclosing.
Write Your Ad
Once you have the photos, it’s time to write the ad. You’ll want to cover the basics – such as the make, model, and mileage – as well as highlight features that’ll interest buyers and support your asking price.
If you’re not sure where to start, you can review currently active ads for inspiration. While you don’t want to copy what others say, it could give you an idea about what to highlight and how to format your ad.
Be aware that you may need to change up your ad for different platforms. Some sites give you more room for text than others, for example. As a result, you need to consider what works best on each platform you’ll use, ensuring you create an ad that will resonate with those specific users.
Place Your Ad
Once you’re confident in your ad, it’s time to place it. You can use low-cost resources like social media, Craigslist, or CarGurus if you prefer. An ad in a local paper may also be wise, especially if you’re in a larger city and it’ll show online and in print.
Putting a “For Sale” sign in your car window may also help. You can either list a contact number on it or point someone to an online ad. However, the latter isn’t easy to capture while the vehicle is moving, so keep that in mind.
Deal with Buyers
If your ad and images are enticing and your vehicle is well-priced, buyers will likely reach out relatively quickly. In most cases, it’s wise to favor written communication, such as text or email. That way, you can easily track what was shared in each conversation.
Initially, you want to ensure that the prospective buyer has a driver’s license. You may also want to ask if what they’re looking for in a car. That way, you can find out about any potential dealbreakers in advance.
It’s also wise to ask if they’re purchasing a vehicle for themselves or for someone else. In some cases, the latter is a red flag, particularly if you can’t speak with or meet the actual buyer, as that could be a sign of a potential scam or upcoming robbery attempt. However, there are some situations where it isn’t usually a concern, such as a parent purchasing a car for a teenage child.
Finding out when they want to buy and how they intend to complete the purchase is critical, too. If you need to sell quickly, a buyer that has to wait might not be a great fit if you’ve got other interested parties reaching out. If the buyer is using a loan, that can take time and may fall through, so you’ll need to decide if you’re willing to wait or take the risk or if you’d rather focus on cash buyers.
After you know how they intend to pay, you’ll need to arrange a meeting with the buyer. If they refuse, trying instead to pay by wire transfer and use a service to pick up the vehicle, that’s likely a scam. Insist on an in-person meeting in a safe area. Many police departments will allow people to meet in their parking lots, so you may want to reach out to your local one and see if that’s an option, as that’s one of your safest bets.
Handle Test Drives
Let others know where you’ll be, and take a friend or family member with you if possible. That way, if the buyer wants to test drive the vehicle, you can have someone already in the car, making it harder to steal. Confirm the buyer’s details before beginning, taking a picture of their driver’s license and sending that to another person not at the deal, as well as confirming it with the DMV.
If your contact comes to the meeting with another person, only let the buyer you’ve been communicating with in for the test drive. Have them follow a pre-determined route, sticking to main roads that are well-traveled to reduce the risk.
Keep a friend or family member updated as the test drive goes forward, letting them know when you pass various landmarks. That way, someone has a clear idea of where you’re at on the route.
After completing the loop, speak with the buyer about their interest and discuss next steps. Some may be ready to move forward with a purchase. Others may need to think about it. Either way, outline what’s to come and, if you’re showing the car to different buyers, let them know, ensuring they aren’t surprised if it sells before they decide.
Complete the Sale
Once you’ve found a buyer, it’s time to wrap up the sale. You’ll usually end up negotiating the price. Know what your bottom dollar is before having the conversation. Then, go back and forth with the buyer, ensuring you don’t agree to an amount below that number.
If a buyer doesn’t offer a fair price, don’t be afraid to walk away. If your price is reasonable based on the condition of the vehicle, it’s better to move on to another buyer than get bullied down too far.
With the price settled, it’s time for payment and title transfer. Make sure the buyer shows up with the agreed-upon payment amount and type. Be wary of personal checks, as those may not clear. Instead, stick with cash, cashier’s checks, or money orders, as those are far safer.
Only sign over the title after payment is received. After that, the vehicle belongs to the buyer. Deposit your payment immediately and contact your motor vehicle department to record the sale with them. Reach out to your insurer, too, removing the vehicle from your policy.
Have you ever sold a vehicle using a private sale and want to tell others about your experience? Can you think of any other steps a person should take along the way? Share your thoughts in the comments below.
Read More:
- What Are the Most Expensive Cars to Maintain?
- Refinancing Your Car-Here Are the Pros and Cons
- What Is the Smartest Way to Buy a Car?
Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
Finance Lessons Learned from the Pandemic
The Covid-19 pandemic changed life for two years and there are definitely still elements of what life was in the world today. No doubt there were some terrible things that happened. People lost their lives and their jobs. But there were also positives that came out of it. We’re going to highlight the lesson we can learn from this pandemic, particularly some personal finance lessons we can learn.
Working from home
This new type of work does not apply to everyone and I don’t like leaving people out, but this needs to be talked about. Working from home and articles about it took over during the pandemic and continue to be discussed.
Working from home, at least from some of those articles and studies, appears to be a net positive for employees and employers. Let time commuting, less overhead costs, more productivity thanks to no commute, increased job satisfaction, and improved work-life balance.
Thanks to the work-from-home setup, people who were able to do that moved out of the city or rented an Airbnb for an extended amount of time. In either case, those people were, likely, able to reduce their housing costs by moving to the suburbs or giving themself a little vacation/change of scenery.
Savings rate
A lot of people saved money during the pandemic thanks to stimulus payments. In April of 2020, the personal savings rate for Americans was 33%. In March of 2021, the personal savings rate for Americans was 26.6%.
The savings rate has fallen since then but is still above 12% which is higher than it was before the pandemic (less than 10%).
Stimulus payments
According to the National Bureau of Economic Research (NBER), most Americans either saved or paid down debt with the majority of their stimulus payments. 40% of the stimulus payment was spent, 30% was saved and another 30% was used to pay down debt.
Personal finance lessons
I think there were a lot of personal finance lessons that can be learned from the pandemic. Here’s a list of them below:
People saved more money
The future was very uncertain so people were more conservative with their spending and less conservative with their savings. That mindset shouldn’t change. The future, in principle, is uncertain. We do not know what tomorrow holds, so saving for a rainy day/goals/retirement is very important.
You don’t need to spend money to have fun
At the very beginning of the pandemic, you couldn’t go anywhere. Quarantine and lockdown orders came in right away. Instead of getting together in person, people utilized Facetime, phone calls, and Zoom. I, personally, had group Zooms with family members where we played and had conversations like we would if we were in person.
Diversification is important
Early in the pandemic, the market tanked. We lost over 30% in six weeks. Granted, it came right back up not long after, but that might not always be the case. If you don’t have time to ride out the ebbs and flows of the market, it’s important you get your asset allocation right. Talk with your adviser to make sure your investment matches your time horizon and risk tolerance.
Get rid of debt
You never know when your job and your ability to earn can be taken from you. Some people lost their jobs, some people were furloughed, and some people just weren’t able to go to work. If you don’t have an income, the only other part of the balance sheet you can affect is your expenses. Get rid of your debt. That’ll help you reduce your expenses in case that happens (you can also save more).
Protect your loved ones
Get life insurance. A lot of people passed away during the pandemic. If you contribute income to your household, you need to make sure you financially protect the people that rely on your income.
Related reading:
5 Personal Finance Tips from the Pandemic
How to Regain Control of Your Finances Amid the Pandemic
How to Save Money on Your Post Pandemic Vacation
Disclaimer:
**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com
Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
Investment Property Insurance: 5 Things To Know

Generally, insurance cover aims to protect you from eventualities and restore order in your life or business after a sudden catastrophic event. In this context, property insurance broadly covers real estate holdings. [Read more…]