6 Tips for Freelancers to Pay Off Mortgage/Loans Faster

If you are someone who has recently purchased a home or has credit card loans to pay, then this one is for you, even if you are a freelancer. 

Purchasing a house is a fantasy and now that you have one, you must aim at paying mortgage faster. Mortgages are payable in installments over a 30-year period. This, not the only option available. People often panic looking at the number of installments they must pay. The loan is payable before that and does not lock you down for 30 years. Prepayment charges may apply.

Many people wish to pay the mortgage off as early as possible, as it makes sense. Paying it off builds up equity and enables another investment. Follow the tips mentioned here, and you will be able to cut down the 30-year term by at least half. The tips may sound difficult to follow, but you can pay the mortgage off faster by using them.

Here are 6 tips to pay off the mortgage at a faster rate:

1. Budget & Save

It is best to start now, by keeping track of spending; record all expenses. Make a budget and ration every dollar of earnings to specific categories. Divide the money towards savings and expenses. Write a budget plan down and create a cash envelope system to control expenditure.

Cut down all small expenses like coffee and hunt for bargains. Take advantage of thrift shops, coupons, and clothing sale.

Once you have cut down on expenses and begun saving money, stash away cash as an emergency fund. Build up at least $1000 to fall back on, which may take 6 months. Leave it unless there is a major financial crisis. Sell your car, if you do not need one, or drive less, walk more or take public transport. Try to cook at home rather than eat out.

2. Downsize or Monetize

Make big cuts in the budget like on housing, transportation, and food. These will make a big impact on the net earnings and eventually the ‘bottom-line’. Downsize to a less expensive, smaller home, if possible. You may choose to monetize it by getting a roommate and use the rental income to pay off the mortgage.

3. Make More Payments

Monetize on skills or talents and increase your monthly income. Many people choose to freelance or moonlight. If you get a bonus, refund, or raise, use that extra cash or income to pay towards the mortgage installments. Pay the monthly installments by going beyond the minimum payment amount each month. You can do this in three ways:

a. Make one extra payment once a year. This will shorten the mortgage by a few years. Divide the amount and pay it in 12 installments or in 24 installments by paying twice a month.

b. If the extra payment sounds big, then round up the payments to pay a few extra dollars.

c. Increase the amount every month, or after every six months and maintain it. You can choose to increment by an ’x’ amount, which could be $5, $20, $50, $100 or whatever is possible. This will save you from paying more interest.

4. Get Inexpensive Homeowner’s Insurance

Shop around for the best and the lowest homeowner’s insurance premium rates. Bundle up auto- and home insurance to your advantage at a lower rate or a higher deductible. Low insurance premiums reduce the mortgage payments. However, if you continue paying the amount as before, then you will be able to pay off the mortgage at a faster rate.

5. Refinance Your Mortgage

Shop around to refinance and convert the 30-year mortgage to a 15-year-loan at a fixed rate. This will pay off the mortgage in half the time. Moreover, you will pay less interest in the 15 years as compared to 30 years. If it is possible to increase the installment amount, refinance and pay off the mortgage in 10 years.

Do not choose an adjustable rate mortgage (ARM) as the interest rate will keep changing, in favor of the bank. There will be extra transaction and closing costs when you refinance.

Moreover, if it sounds risky, then pay the amount as if you have refinanced. This will give you flexibility, in the case of an emergency or financial crisis. You must not fall back on the older payment amount if you want to clear off the mortgage amount faster. This will need discipline.

6. Merge All Debts and Use Equity

Protect yourself from the increasing interest rates by consolidating several unsecured debts. Consolidate credit cards, medical bills, personal loans, payday loans can into one bill. When the home loan interest rate rises, it affects the interest rate of all. Moreover, the interest rate on credit cards and personal loans are higher than on home loans.

If you have already paid off some amount of debt, then you would have accumulated some equity. It is the difference between the current property value and the amount you owe. Use this equity to re-borrow and pay towards the mortgage.

There may be other options or deals available. Keep an eye open for such deals and take advantage of them. You will be able to pay off your mortgage at a faster rate.

References

http://www.shabby2chicpropertysolutions.com/6-tips-pay-mortgage-faster/

http://intuitivefinance.com.au/6-tips-to-pay-off-your-mortgage-faster/

https://www.gobankingrates.com/mortgage-rates/dave-ramsey-pay-off-mortgage-early/

http://www.self.com/story/genius-ways-pay-off-your-debt

Web Services Make Life Easier

Applications running locally on a computer device - desktop or laptop computer, are limited by hardware and OS requirements.

Imagine this. If you were to download all applications for use which will eventually slow down the system, and require upgrades consistently, this is not only time-consuming but expensive too.

Businesses will often run into tangible costs and frustration among users (technical or non-technical), especially, if the applications are ineffective or cannot be integrated with existing business software to meet the requirement.

Fortunately, today, with the advancement in technology, availability of higher internet bandwidth and connectivity, web services offer integration of standalone desktop applications without downloading them onto the device, on the web browser.

The web services provide an online runtime environment which supports these plug-in apps, built in different programming languages, to run across platforms - Windows, Mac or Linux, as well as any mobile device.

Using web services, businesses can deploy the applications cost effectively, allowing access anywhere. It is possible to customize them on a range of devices and offer greater levels of interoperability, and easing maintenance of applications. Moreover, they help in adapting to heavier workloads in an extremely secure environment.

These benefits lower the overall cost to businesses as one pays only for the services and applications used in the cloud. Moreover, the applications can be accessed as and when required which reduces the overall implementation time and technical complexities.

The applications offered by the web services can be easily integrated into the existing systems thus reducing the overhead costs, eventually, allowing businesses to scale globally with the available budget in no time.

There are lots of web services some of them are rollApp, Appetize, Cameyo, Manymo, and Turbo. They offer services with some dissimilarities to make life easy for businesses as well as individuals.

rollApp, Cameyo, and Turbo.net have a lot of applications like Chrome, Skype, VLC Media Player, SketchUp, Games, Animators etc. that can be easily accessed by signing in. Pick an application that you would like to try, and use it without downloading the application after specifying the basics like storage and cloud requirements. Here is a rundown on these web services.

rollApp lets you run any desktop application, work with files and get things done from the browser of your choice - Firefox, Chrome, Safari - or in the cloud with some storage options.

rollApp offers 250+ applications

Cameyo offers virtualization for Windows applications to run on any other device. Turbo.net 

Cameyo creates portable versions of Windows applications

Turbo.net is available as a web-based service and an on-site server and is OS dependent - Windows.

Turbo is a repository for 1000+ applications in various categories

Appetize.io and Manymo work like emulators for Android and iOS applications. 

Use Manymo when you wish to emulate Android apps, embed apps in websites or develop them, collaborate and use to automate testing as well as for quality assurance.

Manymo is an Android emulator

Appetize.io is for iOS & Android application previews. You can even make use of it for training purposes, customer support, testing, and demonstrations of applications.

Appetize.io is an emulator for iOS & Android applications

What is the use of such web services?

• Test or use the application on any device - Access desktop applications from mobile devices
• Use the applications from the browser
• They can be integrated with cloud storage like Dropbox, One Drive, Google Drive, or Box
• Perfect for iPad and Chromebook
• Package large, complex software packages into single standalone executable files with portability options

All in all, there's no reason why you should not be testing any of these web services. Even if you wish to test and see whether a specific application can satisfy your needs before you invest into it.

Electric Cars You Will Plug-In Soon - 2017

Electric cars have been around for a few years and are being considered by the public in place of petrol and diesel ones. This year the electric cars will continue to be the talk of the town. The electric car companies had a great year in 2016, the trend seems to continue as the plug-in market warms up.

Car companies are investing in the electric car technology. This calculates to smaller and lighter batteries and increased battery range. This interprets as a reduction in the battery charge time and more public charging points.

Electric vehicles (EV) are not for everyone because of the purchase price. Car manufacturers are aiming at 50% new electric car sales by 2027. They will get cheaper and faster, with better range. Two major advantages electric cars have been its low running cost and absence of poisonous emissions. The electric car companies are now competing against each other for better range.

Here is a list of the 10 Electric Car Companies to look out for in 2017 in no particular order:

1.    Chrysler

Chrysler’s Pacifica Hybrid is a family minivan, useful and comfortable. It is the first of the kind, a plug-in hybrid electric minivan. The Pacifica Hybrid switches over to gas after running 33 miles at 84 MPGe (Miles per gallon gasoline equivalent) in the electric mode.

2.    Hyundai

Hyundai’s ionic EV is unique and good for commuting. It is stylish with a choice of the power trains – hybrid, plug-in hybrid and electric version. It can travel 174 miles on fully-charged batteries and 150 miles within the city. This puts it ahead of the EV’s in the competition making it one car, you would want to opt for.

3.    Mitsubishi

Mitsubishi’s Outlander PHEV is the first plug-in hybrid SUV. It epitomizes the next generation of electric cars. The hybrid SUV is fuel efficient, has a third row for 7 riders, and is quieter than ever at 25 - 30 MPG. There is no reason to expect less from this EV.

4.    GM

GM’s all-electric Chevrolet Bolt EV is spacious, quick and fun to drive. Its fully-charged DC electric batteries cover 238 miles. This is first long-range EV at an affordable price.

5.    NextEV

The Chinese brand NextEV claims NIO EP9 is a bold, sexy and stylish electric vehicle. It is the world’s fastest EV at 127 miles per hour in 7.1 seconds. The supercar is a splendid piece of engineering, making headlines by being the fifth fastest at 195 mph.

6.    BMW

Innovative in design, BMW’s i3 hatchback use high-tech construction techniques. It is different and unlike many electric cars by being low weight and strong. The BMW's i3's official range is 195-mile where its low residuals and running cost make up for the price.

7.    Volkswagen

The brand that reassures buyer’s safety with the e-Golf variant, along with style appeal. Volkswagen's e-golf is similar in design to its traditional sibling except for some badges and stylish blue flashes. This model will run at an 186-mile range and 125-mile range in the real world. The e-Golf's range is better in comparison to the previous model’s range at 115 miles.

8.    Nissan

Nissan’s Leaf has revolutionized electric vehicles. It has been quite successful, gracing the roads around the globe. This quirky-looking hatchback is quick and responsive, with a reasonable 124-mile range. Its battery recharges to full charge in 3 – 8 hours for an economical drive.

9.    Ford

Ford Focus Electric is like the gasoline-powered model. The hatchback will appeal the masses, due to its traditional styling with a 70 to 100-mile range. Launched in 2012, Ford's Focus Electric in 2017 comes with a lower price tag and 115-mile range. The battery will charge faster. However, it looks compromised compared to purpose-built EV.

10.    Tesla

A company that is well-known for electric cars is Tesla, its Model 3 is the most awaited EV. At a relate-able price tag, it will soon be a reality for those wanting to own an EV. It will compete with Chevy Bolt and Nissan Leaf.

References:

http://www.carbuyer.co.uk/reviews/recommended/best-electric-cars

http://www.cheatsheet.com/automobiles/electric-cars-that-will-shake-up-the-market-in-2017.html/?a=viewall

https://www.zap-map.com/top-10-electric-cars-2017/

Five Tips Guarantee Payment from Clients, Freelancers

Like I promised you will read on how to combat non-paying clients, here is the blog.

Many newbie professionals freelance and often get stiffed on payment in the beginning. It is common and frustrating for small-time business owners. You may feel unappreciated, worn down, creates self-doubt.

You may think getting stiffed may be because ‘you are a newbie and do not have a business mind’, or ‘your work is not good’. Mind you, it is because you let someone take advantage of you.

Ann Landers once said ‘No one can take advantage of you without your consent,’

It is time to analyze the situation and rectify it. If you are a professional the opposite party must see it in everything you do.

Analyze your situation

If you have been ripped off several times, it is time for a ‘Check’. Analyze everything that’s happening-

1.    Are you delivering what is required of you?

2.    Do you meet deadlines?

3.    Do you have return clients?

4.    Are you professional?

If any of these are negative, it is time to change the way you do things. The most important thing is to learn from mistakes. Change your approach if you want to continue freelancing.

If all of these pointers are positive, you just need to implement right work and pricing principles. No one needs a business mind to get paid for their work.

Avoid getting ripped off again by implementing payment policies and a contract. Ask for a deposit and for the balance amount at completion before you submit the work.

Get a good boilerplate contract template for your business. Send the contract and ask the client to sign and return. It will not only set you as a professional but also establish a great working relationship with your client.

The psychology behind asking for a deposit

When you ask for a deposit, the client views you as professional with payment policies in place. They will respect you and your work. This will set the right expectations. This lets them know the way you work. The deposit binds the client without which there is no commitment from the client for the project.

Ethically, 30% deposit is good. You must mention this to all your clients, a deposit is

required to get started on the project, even if they are close relatives. It may sound a little strange, however, you will get used to it.

If the client is not ready for a deposit, do not commit your time when they are not ready to commit to the project, only the serious ones will. This weeds out the non-paying clients.

When they do not make a deposit, let them know you will start only after they pay. Be professional and friendly by telling them they can call when they are ready.

Some clients may give you other excuses like - ‘they do not have the money now’ (and may never have it).

Some clients may not wish to pay a deposit; it is wise to avoid working with them. You can let them know they can contact you when they are ready to pay a deposit.

In some industries, if you have been working for less than 2 years, you may need to prove yourself. If you have been in the industry for more than 5 years, the clients can call your references. You don’t have to prove your worth and ability.

Learning from mistakes

Here is a simple guideline you can follow, so you can always get paid:

1.    Include the pricing in your Email and allow leeway to add in case of change in scope

2.    In case, you work with some materials subject to change or a change in your situation may lead to higher prices, add a date of validity on the price and ‘subject to change’ clause

3.    Begin working after you receive deposit from the client

4.    Send frequent updates to the client

5.    When you complete the project, send them a draft or a snapshot so they can arrange for the final payment

No freelancer would want to work hard and not get paid neither do you want to lose potential work. It is better to implement solutions, policies and avoid getting ripped off, ever again.

Freelancers Identify Your Non-Paying Clients Better & Get Your Money - Part 2

You slogged, met your client’s deadline, sent an invoice and an email. 

All you received in response is a short note saying - ‘Thank you for the work, we will get back to you’ Or ‘You will receive your payment soon. Thank you’

It's been ages since that note arrived and still no sign of that paycheck. Here is what you can do.

Tips to get your Money Back

• Write a friendly E-Mail reminder – Your Email must state:

1. The reason you are contacting (obviously, your pay is pending)
2.  Let them know the project is complete
3.  Ask them if there is anything they need
4.  Ask them when they will pay
5.  Ask them if they need a copy of the invoice

Usually, you will get the response. 

In case you do not, and if it is an on-going project with a monthly remuneration then stop work till you get paid unless the contract states otherwise. Let them know in any case, do not let the amount accumulate, you may not get paid ever. So, look for newer clients.

• Make a call – If you do not get any response to your Email, then get on a call with them. You will hear some sob story which you can ignore but wait till you hear when you can expect the pay.

• Go up the ladder – If you can connect with the Editor or Content Manager or even the Accounting Department. You can try the CFO.

• Charge 2%- 5% late fee – Resubmit a bill/ invoice with 2 - 5% late fee each month until the amount is paid. This shakes up the client a little and does the trick as the client will not want to pay a higher amount if they drag the matter.
  The client will not sit on the bill forever, knowing fully well that they will have to face the consequence and that you will not go away without the pay.

5.   Damage reputation in social media – Tweeting and Shaming the Client online often leads to a rapid response as every company is paranoid about social media reputation. However, keep it professional and factual. Do not be rude and no name calling as it may have an opposite effect.

In my next blog, you will read about ways you can avoid being ripped off, so stay tuned. Till then write in about your experiences and the way you tackled the situation.

Adios until then.

Freelancers Identify Your Non-Paying Clients Better & Get Your Money - Part 1

This is a very common scenario, most freelancers face even today, especially when they start freelancing. A large number of Artists, Designers, Content writers, Creative writers and many others face the same issue until they get wise.

You slogged to meet your client’s deadline, sent an invoice or an email and all you receive in response is a ‘Thank you for the work, we will get back to you.’ Or ‘You will receive your payment soon. Thank you’

You keep hoping, trusting and waiting, all in vain. When I started my career as a freelancer, I had to run for my money, many times, sometimes the client would cancel the contract and not pay for the work done or ask me to wait for the payment. I lost approximately $1000, over a period of 3 years with several clients.

Today, I am wiser.

Understand Your Clients

It is important to understand your non-paying or late paying client. There are 4 types of Non-paying clients:

Intentionally Non-paying Clients

They have reasonable explanations for not paying on time because of the cash flow. Usually, they inform in advance that they will not pay you immediately after you submit the work.

You can deal with them by suggesting they pay installments. Confirm the payment dates in writing and contact them a day before they are scheduled to make a payment.

You may also withhold the copyright until the payment is made. Your client will not be able to make public until you received payment.

You can hold them for violating your copyright.

Unhappy Non-paying Clients

These clients are unhappy with your work and will hold the payment till the issues are resolved.

If it was an error on your part, work it out by adjusting the payment schedule as well as accept the payment with a price-cut if you wish to work with them again in future.

If you did not estimate the cost initially, and see the scope expanding the project. Send in a revised proposal, get it in writing, so you have proof of an agreement, since a client may forget in the process.

If the client is unhappy unreasonably then it could just be a lack of communication, try working on the communication gap.

Swerving Non-payers

These clients have never paid any freelancer. They are crooks and small time clients who do not wish to pay for work done.

These clients simply look for fresh freelancers most of the time.

Non-Paying Mega-Corporate Clients

Many Megacorps have a 60 - 120 days’ pay cycle as policy. They maintain such cycles to ensure good cash-flow. You may not be able to negotiate a better pay cycle or do anything about it.

Most freelancers deal with such pay cycles by making sure they have smaller clients on short schedules.

Surely, you have had at least one such client. You must have a way to deal with all kinds of clients. In my next blog, you will read about ways of combatting such Non-paying clients, so stay tuned. Till then Write/ Share your experiences and the way you tackled the situation.

Adios until then.

11 Ways You can Make Working From Home Easy

Many people including professionals are turning to a different style of working. This is only to maintain a healthier balance between work and life. Working from home or freelancing. If working from home in pajamas or any place other than an office sounds fun, it must be fruitful enough.
Success comes when we see and know our goals. We understand the obstacles, are ready to clear uncertainties and self-doubt. Create a positive image, embrace any trials to stay on the path and show it to the world that it is possible.

As a freelancer, here is my secret to be productive, maintain a healthy work-life balance. Moreover, be successful.

Get an early start

You may be transitioning from the ‘9-to-5’ world for a ‘work from home’ routine so wake up early. Get to work right away, this will give you a head start. The other benefits are being hands-on, anticipating issues, and becoming a better planner. Moreover, it will help you squeeze in some time for exercise.

Plan your day ahead

You have 24 hours, make good use of your day by planning.Set calculated goals to stay focused and fruitful.

• Plan the time you will check and answer emails, make a to-do list for the daily tasks to complete, and manage breaks.
• When you limit the number of times you check emails, you will limit disturbances. This will ensure productivity and efficiency.
• When working on a lengthy project, planning the week in advance, creates an improved work environment.

Make sure you dedicate time to a family union at lunch and dinner to achieve a healthy work-life balance. Grab this opportunity to interact and distribute household chores among family members. You can choose to distribute it to your house-help.

Avoid the risk of a lower output, and burning out. Motivate yourself and prepare to put in hard work to complete all the tasks.

Dedicated Work Space

You may want to pretend to drive to work, so set up a work space far away from the bedroom. It could be a silent corner of your house.

If household chores or silence are distracting, you can choose a different location. Choose a local coffee shop with WiFi, as your ‘work-space’. Many people prefer a virtual work environment.

Cut distractions

Distraction can lower your efficiency, especially, when you have access to social media. You may feel the itch to click on the buttons or apps without the intention of creating a distraction. Delete the social network bookmarks on the toolbar.

Let neighbors, friends and family know, you are working from home. Avoid accepting requests to run chores and favors for friends or family. You can achieve higher levels of efficiency; distractions will only hamper work efficiency.

Delegate work

Household chores, pets, toddlers can all be distractions. If you have a house-help, delegate the chores at the beginning of the day. If you have team members, reduce the workload by delegating tasks. You can get them to do initial research or manage your calendar.

Cut distraction by making sure everyone knows, you are working. This will help you to complete the tasks faster. You can even choose a different work-space or a time when these distractions are minimal.

Make the right commitment

You must make the right commitment or choose to over commit. Both the techniques will help you stay focused and deliver the required, but you must know what works. This will keep you away from distractions and avert your urge to do other tasks.

Know your productive hours

We all have certain hours as the most productive ones, use them to the utmost. If you are a night owl (like me), finish most of the work during those hours and plan your day with other activities.

During your work hours, know what triggers efficiency. Sometimes, instead of coffee, music may trigger it. When you are low on the energy, turn up some music to pump you up. Play good music or your favorite playlist to boost your energy level for a particular task. Try different things.

Make use of the time management technique called Pomodoro technique. You can make the most of the 25 minutes; be creative, efficient, and productive and then a five-minute break.

If you are an early bird, work your way through the utmost important projects at that time. You can use afternoons for meetings and calls. As a working mother of a toddler, I need to be super-productive. I utilize the time when my kid is taking a nap, or playing on his own.

Making use of the technology to stay connected

Technology has found ways to enable us to work from home. With help from tools and apps, we can stay connected and productive.
Tools like Google Hangouts, Skype, WebEx come handy in holding meetings. Create to-do lists, along with deadlines. When you have the right tools, you must change your work style; be creative and efficient.
You can even make use of the cloud technology to share work. They have features that enable you to track work progress of assistants and inform yours.

Track your savings

Make use of spreadsheets to detail all the savings and expenses. Include all expenses like fuel, laundry, clothes, lunches, coffees, and others. This will motivate and make you productive when you work from home. You can do this if you work for someone else, or if you run your own business.

Stay in touch with colleagues

Many people feel lonely and detached while working from home. When working from home as well as office, try visiting the office, once or twice a week. The rest of the weekdays you can work from home.

This will help you remain connected to the team, especially while working on a project as a team member.

Escape a humdrum lifestyle

This is a major obstacle. Even though you are working from home to save time and money, move out of the house to get some fresh air. This will keep you active, healthy, productive and motivated.

Make sure you attend events, conferences, training sessions to keep growing. You must update yourself with the latest trends. This will help you put forward fresh ideas and perceptions in meetings as well as in work.

The biggest secret

Work from home lifestyle requires effort to make it work for you, as it is more about ‘You’. Challenges often crush the independent lifestyle and the transition may remain incomplete.

Make use of your SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. Learn from it and realize them more as opportunities for growth. You will grow stronger to tackle them as they appear.

Hope you found these ways useful. I will be glad to hear from you if you have any other way to make work-from-home life easier. Do share it in the comments section.