Money and Finance

[Sunnyhorse]

Nov 9, 2011 18:06:05 GMT -4 @ljp said:

It's not at HUD. The program is making home affordable. Makinghomeaffordable.gov.

Thanks, ljp! (I went to HUD because that's the overarching federal agency for housing matters and I figured they might publicize the program there, plus my sis and her husband have an FHA loan and FHA is a division of HUD.) Hope this will help them!

[cruising]

need advice. I just turned 29 a few weeks ago and I am stressed out. My savings have been wiped out due to my last year and a half of layoffs and unemployment. My 401k is minimal right now. Even though I have a new job, I took a HUGE paycut, so I'm barely making ends meet, add that the money I am spending in gas for the 52 mile roundtrip I take daily to work. Plus I am trying to pay off my loans and a credit card, which the balance is $2,100. I am so, so worried I won't have any money when I retire! Plus I want to save, but I am barely making it. What do you guys think I should do in regards to saving?

Prada, when you say loans, can I assume those are student loans? Well, President Obama has implemented a new act that would allow you to fend off the loans. It's new, so do some research.

If you have a cell phone, I would look to get something cheap, because there are too many people, in fact everyone I know, who pays $100 or more a month. That's too much. If that's you, you need to slice that in half, even if you have to pay a penalty.

[chonies]

Anyone have any advice about buying a business and/or owning a food operation? In particular, a local café/coffee shop suddenly closed and the owners are selling the equipment and contents. It's extremely tempting to think about, because it's a reasonable risk (small/medium college town, good location, only competition is Starbucks and two drive thru operations) but we have limited capital and experience.

I know what I know--there's marketing, insurance, the health department, tax and banking, and staffing to think about, but I am totally clueless about accounting and the financial aspects, especially income, as well as the unknown. I'm usually pretty risk averse, but it seems like it's worth thinking about.

[Karrit]

Jul 22, 2012 12:47:23 GMT -4 chonies said:

Anyone have any advice about buying a business and/or owning a food operation? In particular, a local café/coffee shop suddenly closed and the owners are selling the equipment and contents. It's extremely tempting to think about, because it's a reasonable risk (small/medium college town, good location, only competition is Starbucks and two drive thru operations) but we have limited capital and experience.

I know what I know--there's marketing, insurance, the health department, tax and banking, and staffing to think about, but I am totally clueless about accounting and the financial aspects, especially income, as well as the unknown. I'm usually pretty risk averse, but it seems like it's worth thinking about.

Take a look at this site for helping with a business plan for a cafe. That will get you started in assessing the risk, and you will need one when you go to the bank for your financing. Good luck!

[mrspickles]

Chonies- I spent about 20 years in the restaurant business (everything from hostess to manager, fine dining and casual dining), and am now an accountant, so I might be able to help a bit, if you want to pm.

[LAX]

I wish I had some advice for you Chonies, it sounds like an exciting opportunity.
I do wonder, will your shop carry nanaimo bars? If it does, I'll be your first customer.

[chonies]

Thanks, everyone! karrit, thanks for the link! mrspickles, I'll pm you soon. And LAX, of course. Nanaimo bars for the South!

My primary concern at this point right now is stupid--do I just email them a request for the revenue for the past few years? Is there a right way to say "how much does this generate?" to a posting on Craigslist?

[Babycakes]

I got an offer for a Visa with an 18 month 0% APR then it goes to 10.9%. I'm so far out of the credit game, I don't even know if this is a good deal. I've read all the fine print, but I'm leery of credit cards after a disastrous time in my late teens, early 20s. I know I'm more responsible now, but I'm still hesitant. But someone once told me that having no credit cards makes you look risky to lenders as well (I'm thinking about buying a car). Should I go for it?

[Witchie]

I would go for it. Just don't use it. You need to build credit and having credit cards with zero balances is a pretty good thing. At least, that's what I've been told. Pay them off each month, accept offers to increase your limit (within reason & depending on the fee to increase) and your credit score will increase.

[Babycakes]

Thanks Witchie. I have been looking into getting a new wardrobe for the new job...But nothing outrageous. Just a sum that I could pay off within two paychecks.