The Self-Directed IRA (SDIRA) puts you in control of your qualified accounts such as IRA’s, 401(k)’s, 403(b)’s, Keogh’s, SEP’s and more. With a SDIRA you have the flexibility to invest in real estate, mortgages, businesses, franchises, tax liens etc. This gives you, not Wall Street, discretionary control of investment options, whether traditional or non-traditional. A Self-Directed IRA is a retirement plan that allows the account owner to direct investment decisions on behalf of the retirement plan. Basically, an SDIRA is a unique hybrid tool that utilizes a self-directed IRA custodian and a specialized legal structure. With an SDIRA you will have a checkbook, a debit card and all the tools that come along with a business checking account.
The SDIRA owner can use his retirement funds for a multitude of investments providing a higher potential rate of return. All you need to know are the few things you cannot do and the rest is up to your imagination.
As the Thanksgiving and Christmas Season looms just over the horizon, having available money for holiday shopping swings into the forefront of our thoughts. As enticing as it may be, you should avoid payday loans except as an absolute last resort. Payday loans are also called “cash advance loans” and they are small, short-term loans that carry very high interest rates. Some companies have even begun to advertise them as “loans to help you repair your credit”, but this is very misleading. Some companies suggest that these loans can help you pay off your bills and so establish good credit, but if you cannot afford to pay your payday loans back on time, you have to “roll-over” or extend the loan – often at huge expense and interest. Many people get into a “payday loan cycle”, whereby much of their monthly paycheck goes towards paying off their ever-growing payday loans.
As all of you know the financial world as we knew it has changed forever. Absolutely there still exists and always will exist a variety of financial products and services to serve consumers and businesses. However, the way banks and financial institutions lend money to businesses and consumers is changing dramatically. Gone are the days of ridiculously high amounts of leverage employed by banks and amazingly excessive levels of risk assumed. If you ever felt it was tough to obtain a loan or LOC from a bank before well you haven’t seen anything yet.
About 9 million existing businesses per year apply for funds from a bank and are denied. One of the only options an existing business had to this point to obtain funds was a merchant cash advance. Many merchant cash advance companies exist and may be willing to advance your business cash based on your credit card sales activity. The problem with these cash advances is that they tend to be very expensive and burdensome for a business. These companies take advantage of customers that are in need of an advance. Up until recently no competition existed for these cash advances that presented a very reasonable cost of financing option.
These are challenging financial times. The days of walking into a bank and receiving a line of credit by simply applying are gone. At least for the foreseeable future. But you still need money and it’s time to explore alternative options. Today’s post is about a quick and easy method to obtain funding that you are going to initially shy away from. But read on. Business credit cards are a viable way to infuse cash into your business. Yes, they are “credit cards”. No, “credit card” is not a four letter word. At least not in this case.
Business credit cards are identical to personal credit cards with a few differences. As far as applying, the application is the same, except with a business credit card you must add your business information including your EIN. Your approval is still mainly based on your personal credit score but business information is taken into account. That’s it. Upon approval you will receive instant access to as much as $50,000.