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Jacques Poujade on: Understanding Debt. Which Debts Are Good and Which Are Bad?

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Jacques Poujade is the Managing Partner at LendPlus, one of the major alternative lenders in the mortgage industry specializing in helping customers who are looking to buy their dream homes. With three decades in finance, real estate, and marketing, Poujade uses his skills, experiences, and knowledge to craft focused and strategic financial solutions for his clients.

Poujade earned his Bachelor’s degree in Commerce from Concordia University before moving on to complete his Masters at McGill University in Montreal, Canada. After graduation Poujade quickly rose up the ranks in the corporate world of finance and eventually landed into the role of Managing Partner at LendPlus. When Poujade is not working, he gives back to his community through Micah’s Way charity.

Recently, he sat down and shared with us information about good and bad debts and how debts can affect your chances for favorable mortgage rates.

What is Considered Good Debt?

Good debts are usually debts from expenses that are expected to bring in income or increase your net worth. These could be anything from loans for a college education, loans to finance your own business, or loans to buy a house or any other type of real estate as an investment. Student loans are a good example because unlike other types of debts, most student loan packages come with low-interest rates. Student loans are also taken out to pay for a college education which increases your opportunities for employment and promotion later in life.

What is Considered Bad Debt?


Bad debts are debts that are not expected to bring in any additional income anytime soon. These debts are often total liabilities such as spending on brand new cars, clothes, and other consumables. These items tend to depreciate quickly and often are worth lower than the borrowed amount by the time the debt is paid in full. Credit card debt is one of the worst examples of bad debts because this can come bundled with high interest rates.

Debt and Mortgage Consideration

Outstanding debts whether good or bad can affect your credit score and how high or low your mortgage rates are. This is the reason why you should be paying your debts off on time whether these are good or bad debts.

Lenders usually calculate your monthly debt to determine if you are qualified for a mortgage. This is done by reviewing your income and existing debts and comparing these to your house payments to see if you can pay on time. If you pay off your debts on a regular basis and you have a reliable, long-term regular source of income, you are more likely to have a favorable debt-to-income ratio–a figure that tells the lender how well you can manage debt and mortgage payments with the income you have.

If you can, pay off all your debts before taking on a new mortgage. Outstanding balances on your credit cards, for example, can leave you saddled with high interest rates that will get harder and harder to pay off once you take on a new mortgage. If not, make sure that payments are made on time. This is the only way to keep your debt payments manageable and ensure that your debt-to-income ratios are within range. These can help make you an ideal candidate for low rates when it’s time to apply for a new mortgage.

Connect with Jacques through social media at:

Facebook: https://www.facebook.com/JacquesPoujade

Twitter: https://twitter.com/PoujadeJacques

Website: https://www.jacquespoujade.com

 

How to Take Care of Your Family After You’re Gone

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Losing a beloved family member is always tough, but when said person is the primary wage earner, it can be even tougher. What’s even worse is if the loss comes out of the blue—at an early age, due to an accident, or without any foretelling signs. This leaves the family not only grieving but also in a tight financial spot.

While unpleasant to think about it, you should put in place some mechanisms to ensure that your family won’t be left struggling financially in case you pass away.

Invest

Before the internet investing was a somewhat involved process. Now, you can get data on virtually every investment opportunity that exists. From art to properties, and from petrol to cryptocurrencies, there are investment options for every budget and skill level. There are also numerous platforms that can unify all your investment data under a single dashboard.

The beauty of investing is that if you do it well it can let you live a comfortable life and still generate income for your family after your time. What’s more, these days investing can be as simple as installing an app or letting an AI do it for you. There is even an app that invests your spare change.

Build a Business

Building a family business has never been easier. You can take advantage of a ton of opportunities to raise a business from the ground up even if you don’t have the money.

Many online businesses, like freelancing or opening an online store, require very little initial investment. For something more demanding you can opt for a bank loan or turn to crowdfunding.

Once the business has picked up you can come up with an operations plan to ensure that your venture will be successful even after you are gone. Some family businesses have been successful for centuries thanks to strong family traditions. Did you know that Nishiyama Onsen Keiunkan-a Japanese hotel has been run by the same family since 705 (no, it’s not a typo)?

Passive Income

If building a business, even a part-time one, sounds like too much of a hassle for you, there are still ways to run your own thing and make money, but with little oversight. What you need is something that generates passive income which is a prevalent topic in Robert Kiyosaki’s famed book “Rich Dad Poor Dad.”

If you are not familiar with the concept, passive income is something between a business and a long-term investment. It requires little of your time, like a long-term investment, but generates regular income like a business. Examples range from publishing books to renting out properties.

Get Insured

Getting life insurance is a popular way of ensuring that your family will have something to lean on after your passing especially if you are the primary breadwinner. Of course, how much they’ll get depends on many factors just like your premium is tied to how much of a risk the insurance company considers you to be.

If you are living a healthy life, have no chronic conditions and are young, your premiums are likely to be at a standard rate with nice coverage. Things get more complicated, however, if you indulge in unhealthy habits, have diabetes or a heart condition which are getting very common. Here you can find more about getting life insurance for people with heart disease.

Make Smart Decisions

Leaving your family something after your passing means making smart financial decisions while you are alive.

Making unnecessary expenses, not having a budget and not thinking about the future are not smart moves. On the other hand, living within your means, planning your expected income and expenses, and preparing for retirement and unforeseen circumstances are wise moves.

Being smart with your money doesn’t mean that you can’t enjoy life. Here you can find plenty of tips on how to have fun and save at the same time.

Teach Your Family to Do the Same

Teaching your family how to make smart decisions with their money is a free but very powerful way to leave them a fortune that will last them a lifetime. It’s especially important to teach kids the value of money and time, and how to make the best use of both.

It won’t hurt to sign up for a course on financial planning and get your whole family on board. Financial literacy is something that should be taught in school, and while it’s becoming more common to do so, primary educational institutions still have some catching up to do.

Get Your Affairs in Order

Even if you are in your prime days, you never know what the future holds for you. The earlier you get your affairs in order the more safety you’ll bring to your family.

“Affairs” is a colloquialism for taking care of your will and other legal matters such as estate planning and appointing trustees in case you are incapable of making rational decisions (ex.: due to coma, Alzheimer’s, dementia, etc.).

Something to consider, however, is that you should regularly update these files as your material means change.

As you see, inheritance is not only for the rich. You can build assets to leave behind even without having much money upfront. Knowing that your family will be taken care of after you are gone brings a sense of relief and even pride in knowing that you’ve done everything in your power to be of use to them even after your journey ends. It’s also an opportunity to build something that will keep your name alive.

How to Effectively Convert Your Email Subscribers List

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Although the internet is full of methods on how to build a big subscribers list, the toughest part follows after you’ve managed to do that. Effective advertising through newsletters is tough to do, and most of the businesses selling products or services online don’t manage to do it on a constant basis.

Since email marketing conversion puts so many issues, in this article, we’ll try to help you with three effective ways to increase the conversion rate when promoting to your email subscribers list.

Use CTA

The majority of the people read the emails you send, but still, just a few go to your website or landing page? You should develop a Call-to-Action (CTA) strategy.

In order to make it work, your message must be clear as water and encourage the reader to make the next step: “Grab X Now,” “Activate your X-day free trial today!,” ”Start Your Journey Toward X,” are just three good examples on how you can persuade a higher number of people to check what you offer.

You could also make a lot of testing, by designing several options for CTA and then see which one of them works best for you.

Segment your list

Sending the same newsletters for your entire audience might not produce satisfying results since different people must be treated differently. It is up to you to make sure that you collect more data about each person right when he decides to subscribe to your email list.

Segmentation plays a major key since it allows you to interact with different types of people (based on gender, age, location, etc.) and thus you can create personalized offers for each one of them or each group of subscribers. Not all your subscribers will buy all of your products, so the trick here is to figure out what are the best products or services for each particular segment and then design personalized newsletters, with highly effective Call-to-Action phrases.

Sell to people who had already bought from you

Pause for a second and think about this for a moment. What’s the most likely scenario?

  • Selling to someone who had already bought from you in the past;
  • Or selling to someone who hadn’t yet.

As you can already guess, the first scenario seems to be the most likely one. Since you’ve managed to convince someone to buy from you in the past, that means what you are doing relates to him/her in a meaningful way. As part of the segmentation process we’ve mentioned above, you should also create a separate list with the customers you had in the past, and promote products relevant to them which they haven’t bought previously. This kind of an advertising process is very meticulous, and companies like ClickBank.com or Clicksdealer.com have managed to succeed because they’ve understood that from an early phase, and made the right adjustments.

Designing email advertising campaigns with products or services that complement the ones you’ve already sold is another effective strategy to increase your sales via email.

3 Digital Credits That Are Taking India By Storm

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Getting a credit card can be hard for some, depending on their circumstances. What’s more, in India, credit cards have not gained as much traction as was expected due to the obstacles of long applications and credit score-related issues. To help circumvent this, there’s been a rise in “buy now, pay later” methods that are allowing people to get their loans while bypassing the usual hassles that come with applying for credit cards or loans.

The rise of the “buy now, pay later” digital loan companies have been assisted by their smart use of technology. With hundreds of millions of mobile and online users in India, by making their businesses internet and mobile-friendly, it’s easy for companies to reach people and for the people to get their loans. Let’s take a look at three Digital Credit companies that are on the rise in India!

ePayLater

Lauded as India’s 1st Digital Credit Card, you can Shop Now, Pay Later with ePayLater instead of needing to worry about applying and qualifying for a physical credit card. By utilizing UPI as a payment method, you can basically buy from your favourite merchants and pay with it. And what’s more, like a credit card, you can even get cash back and reward points on purchases you make with ePayLater. Why need a credit card when you can have a mobile-friendly payment method that works just like one?

Quiklo

Quiklo is a unique one in that it focused on students. Before, getting student loans was not only tortuously inconvenient, but it was also hard to actually get the loans. What’s more, those that got the loans struggled with paying them back. So Quiklo thought up of a new way to ensure that their loans were going to the right students: They look at your school marks. If you’re a good student and you can prove that you are excellent at your studies, Quiklo will use it as a way to help determine if you qualify for a gadget loan.

ZestMoney

Utilizing EMI as their payment method, ZestMoney is another powerful way of paying for your things through your favourite online merchants. ZestMoney is known for its very high approval rates and zero pre-closure charges. And it is easy to apply. The least that they require is two of these three basic documents of identification: Your PAN card, Driving License, passport photo ID, 3-months of bank statements, or your Aadhaar card.

Conclusion

Getting credit or loans doesn’t have to be difficult any longer. Now, it is possible to get credit digitally, and it’s not that hard to get it either. With the rise of these digital “buy now, pay later” forms of payment, it’s likely that more will arise, and it will become even more widespread.

Remember that these are still credit loans and that they must be paid off. So long as you remain watchful of your usage and your payments, you can enjoy these digital credit methods just as much as you would a physical credit card or a traditional loan. The march of technology will continue to make things more convenient, such as with these, so be prepared!

To read more on topics like this, check out the business category.

Why You Should Design Your Own Team Uniforms For The Workplace

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If you’re in the process of choosing new team uniforms for your workplace, you may be interested checking out NNT Customised and continuing reading in order to discover why you should try designing your team uniforms yourself!

Why you should design your own team uniforms for the workplace:

1. So that you’ll be able to design uniforms that are practical for your employee’s roles

One reason why it’s a great idea to invest a bit of time into designing custom uniforms for your employees is that you’ll be able to choose individual pieces of clothing for your employees’ uniforms which will suit your employee’s roles.

As an example, if your team members work in customer service you may want to choose polo shirts for your team members uniform. Whilst if your team members attend client meetings on a regular basis, you may want to opt for tidy button shirts, for your team uniforms.

2. Your team members will be easily identifiable

Another reason why it’s a great idea to design team uniforms for your workplace is so that your team members will be easily recognizable. Which is great as visitors to your workplace such as clients and customers will be able to instantly identify all of your team members. Which is particularly handy if your team works in retail or provides a particular set of services.

3. You’ll be able to design uniforms which incorporate your team member’s input

Instead of simply selecting generic items for your team’s uniforms, it’s a great idea to talk to your team members to see what type of pieces they would like incorporated into your team uniform. As your team members are the individuals who will wear your team uniforms on a daily basis and who should have input into the team uniforms which you choose.

As an example, your team members may be able to tell you what types of fabrics they think your team uniforms should be made out of.

4. You’ll able to personalize your team member’s uniforms

How can you personalize your team member’s uniforms? One simple way to personalize your team member’s uniforms is to get your company’s name or your team member’s names embroidered on to the front of your team member’s uniforms.

5. You can choose pieces for your team member’s uniforms in your company’s colors

Another reason to design your team’s uniforms is so that you can choose specific colors for each piece of your team’s uniform. As an example, if your company’s official color is blue, you may want to select the exact shade of blue featured in your company’s logo for your team’s uniforms. Which will help your customers or clients identify your team members with your business.

6. You’ll boost your team’s moral

Another reason why you may want to spend some time designing uniforms for your workplace is that you’ll boost your team’s moral. As most individuals will be proud to wear a stylish, well-designed team uniform.

So if you’re keen on the idea of designing your team’s uniforms, it’s well worth going ahead and designing your team’s uniforms from scratch!

To read more on topics like this, check out the business category.

Why Start-Ups Should Consider A Coworking Space In Singapore

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While coworking has developed into more than a fad in Southeast Asia, when paired with the thriving tech scene in Singapore, it is a recipe for success. The fact that the coworking environment is fertile for businesses it only makes sense start-ups would get their start there. Coworking in Singapore brings a different dynamic to business simply because spaces in the city-state have evolved to encompass a lot.

With a coworking space in Singapore, professionals are realising that these enclaves can also provide them with bespoke solutions to meet their office needs. In fact, the coworking space is not about just saving businesses money on their overhead. They have real value in a business climate that is fuelling up to help fledgeling businesses establish themselves in the business community.

Continue reading to learn exactly why Singapore start-ups should consider the coworking space.

Downsizing For A Purpose

One of the central reasons that start-ups should consider the coworking space as an alternative to office space has to do with the fact that Singapore is rapidly becoming connected to other countries in the region, and this can make for business opportunities for all businesses. However, a lease that ties up your funds at the month can interfere with any investment opportunities. Moreover, start-ups typically have little funding in the beginning, and the coworking space can allow businesses to reduce their monthly overhead simply by sharing space.

Making Continental Connections

Working in a shared space such as the coworking office exposes you to meeting people from areas around the world and region. In one office, you can happen to be working with people from various industries, professionals who can potentially plug your business into contacts in Singapore and those within the Asia-Pacific market. Because the coworking space promotes community and start-ups are in need of making valuable connections, the coworking space is the best place for businesses to establish relationships in the business community.

Finding A Pathway Into Other Markets

While the country has always been treasured for its beauty, it is also seen as a gateway location into much of the Asia market. Professionals looking to launch a venture in the country could not have chosen a better location. Start-ups can get plugged into a community that can help them leverage their location in one of Southeast Asia’s most dynamic economies. Ultimately, the country is located in one of the most strategic places in the continent and can be a platform for establishing a business in other locations.

Benefitting From Its Flexible Terms

Start-ups definitely benefit from the plan’s flexible terms. Start-ups are really vulnerable in the beginning, and so committing a business to a lengthy lease might not be the best move for your business, and not just for budget reasons either. For one, being able to get out of a conventional lease can be a nightmare unless you are knowledgeable in commercial real estate law in Singapore. For foreign interests, obtaining flexible office space can be very difficult. However, the coworking space’s short-term leases do not commit these fledgeling businesses to a protracted lease. This allows your business the freedom to move about with ease without the excessive overhead, and more importantly, without being tied to a lease that can limit your ability to move on if necessary.

Starting Small On A Big Platform

The platform for start-ups to establish themselves in Singapore has already been established. The country continues to be fertile ground for establishing a business, and in this incarnation, start-ups have so much to gain from working in shared space that provides a community. With a gateway into other parts of the Asia-Pacific market, businesses should not hesitate to use the coworking space as a tool.

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