Car Finance Options and Solutions

November 28, 2012 By

Car Finance Options and Solutions

Because most people don’t have cash to buy new cars, it is often a choice between leasing and using an auto loan. We will further analyze the benefits of each type of car finance option. The choice that you make will heavily affect your income over the next years. The first thing you should realize is that the decision of buying with cash or lease doesn’t involve just the money aspect, but the time aspect as well.

The car finance option you choose depends on the importance you give to owning a new car. If you value having the latest models on the market, then this will justify spending more money on this privilege. If your view of a car is orientated towards transportation and comfort (you want a car for practical reasons), then owning the newest model should take a few steps back on your priority list. You should think about these facts first and then consider the more tangible issues of car finance options.

The car finance deal that you are going to make starts when the salesperson asks you what kind of car finance option you want to use. Your answer can be one of the following: buy the car, lease the car or pay cash for the car.

If you want to buy the car, the dealer will ask you to fill in a credit application based on your credit scores. An auto loan will be arranged through the dealership. This car finance option usually is a 36-60 month endeavor. The longer the time the lower the payments will be. The amount of money you pay for this car finance option depends on your interest rate, down payment and total sum of loan. Also be careful, as the dealer will want you to make a large down payment. This car finance deal is based on the fact that, until you pay for the vehicle, the lending institution will own the car. The car’s ownership papers will be sent to you after all payments have been made.

There are some important aspects about car leasing that make it attractive to customers, such as: low monthly payments, low down payments and low maintenance costs. The main advantage is that a customer will get a car without giving too much money at once. The monthly payments are kept at a low level, lower than buying car with an auto loan. Another benefit of this car finance option is that the car will have a 3 year warranty and will be covered for mechanical failure during this period. As you can see by now, this looks very attractive and affordable by anyone, but there is a slight disadvantage (the same as in the case of a loan). You will have car payments until the entire sum of the car is paid. Only when you do this, the car will finally be yours.

From this point on the car finance deal will be over and if you have to begin leasing again the assumed responsibility of payment rates will last a long period of time again. The conclusion is that this car finance option (using the leasing method) is more expensive on a long term. Car leasing is actually the most expensive way to go, but those who favor it point out that over a 10 year period this car finance method is the best the average income customer can support.

If you are interested in leasing, this car finance option has some variations. All auto leases allow you to drive the car for a limited number of miles per year. The more you drive, the higher your payments will be. However, if you come to think of it, you save money in the long run. The contract will contain a residual price for the car, which you will pay at the end of the lease as the car passes into your possession. Be careful because this is the riskiest car finance deal of them all!

If you decide to pay cash for the car the transaction everything will be very simple. This is the most favorable car finance deal if your income can support such a large transaction. Negotiating with the dealer will most likely make this car finance option even more attractive. Choose wisely as every car finance offer has its own ups and downs, and every car finance company will try to persuade you into taking their option into account.

When buying a car, a lot of money is involved. Depending on the budget you are willing to spend there will be a car finance option to your liking. A compromise has to be made: one can either spend a lot at once, or spend a greater sum during a longer period of time. Your car finance option will affect your pocket anyway; it’s just a matter of how much money will be given in how much time.

Car Finance Options and Solutions

Car Finance Options and Solutions

If you are looking for more information about car finance you can click this car finance link.

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Forestry Investments – Past Performance and Investment Options

November 5, 2012 By

Forestry Investments – Past Performance and Investment Options

Investors looking to diversify their portfolios and insure their wealth against the ravages of volatility in traditional markets, will most likely have come across a range forestry investments, promising to generate superior inflation-adjusted and risk-adjusted returns for the long-term investor.

But how have timber investments performed? And how does the smaller investor participate in this interesting alternative investment asset class?

Firstly let’s look at the past performance of forestry investments, as measured by one of the main timber investment indices, the NCREIF Timberland Index; according to this basic measure of investment returns in the sector, this asset class outperformed the S&P500 by some 37 per cent in the 20 years between 1987 and 2007. When stocks delivered average annual returns of 11.5 per cent, forestry investments returned 15.8 per cent.

At the same time, returns from investing in timberland and woodlands have been proven to display a much lower volatility, an attractive characteristic for today’s investor.

Previously, the majority of investment returns from forestry investments have been mopped up by larger, institutional investors such as pension funds, insurance companies and university endowments, who have collectively placed over $40 billion into timber investments in the past decade.

So on to the second question; how do smaller investors participate in this kind of alternative investment?

According to a study by Professor John Caulfield of the University of Georgia, returns from forestry investments are three-fold;

An increase in timber volume (biological growth of trees), which accounts for some 61 per cent of return on investment.

Land price appreciation, accounting for only 6 per cent of future returns.

Increase in timber prices per unit, delivering the final 33 per cent of investment returns for timber land owners.

So the best way to harness the performance of timber investments is to take ownership of trees, either directly, or through one of the array of forestry investment funds or other structures.

Timber REITs

One way for smaller investor to participate in timber investments is through a Real Estate Investment Trust (REIT). These investment structures are like funds, in that investors can buy and sell shares in the trust on an exchange, the REIT acquires and manages timber investment properties, but unlike normal companies must pay out 90 per cent of their earnings to investors through dividends.

Some examples of Timber REITs are:

Plum Creek Timber is the largest private owner of timberland in the U.S. and the largest timber REIT with a market cap of about $5.6 billion, many investors have chosen this as their route into forestry investments.

Potlatch is also a timber investment REIT while

Rayonier generates about a 30 per cent of its REIT earnings from timber.

Weyerhaeuser has disposed of its paper and packaging businesses and will convert to a REIT by year end.

The Wells Timberland REIT is not publicly listed but may be available for purchase through Wells Real Estate Funds.

Another way for smaller investors to add forestry investments to their portfolios is to buy Exchange Traded Funds that attempt to track the performance of timber returns. This is less direct than owing timberland, or investing in a timber REIT, as the ETF may also invest in shares in companies involved in the timber supply chain including processors and distributors. This means that investing in forestry through ETFs exposes the investor to some of the volatility of equity markets.

The Guggenheim Timber ETF owns about 25 stocks and REITs involved in the global timber and paper products industry with a 30% weighting to U.S. companies.

The S&P Global Timber & Forestry Index Fund holds 23 securities and is 47 per cent invested in the U.S.

Timber Investment Management Organisations (TIMO)

Those with more capital to spare can participate in forestry investments through TIMOs, although the majority of these investment specialists require a minimum investment of $1 million to $5 million and a commitment to tie up funds for up to 15 years. TIMOs essentially trade timber land assets, acquiring suitable properties, managing them to maximise returns for investors, the disposing of them and distributing profits to shareholders.

Many experts believe that the active management style of TIMOs ensures that they can be more reactive to market conditions than REITs, and therefore don’t tend to fall and rise in line with the market quite as much.

Direct Forestry Investments

Those with access to sufficient capital and the appropriate expert advice can invest in physical properties. Commercial timber plantations are complex operations that require skill, knowledge and expertise to manage effectively and maximise returns whilst lowering risk.

For armchair investors, or those with less capital to spare, many companies offer investors the opportunity to purchase or lease a small portion or plot within a larger, professionally managed timber plantation. Investors normally take ownership of their plot and trees via leasehold, whilst the timber investment company plants, manages and often harvest the trees on behalf of the investor.

Options for investors range from species to species and region to region, with current opportunities in Brazil, Panama, Costa Rica, Germany, Nicaragua and other, more exotic locations like Fiji.

Investors should be wary as many of these direct forestry investments are frontloaded with enormous commissions for salesmen and promoters, with many offering ‘agents’ up to 30 per cent commission for the sale of plots to investors, and in many cases, no due diligence even exits.

In some cases, the Author has seen forestry investment plots in Brazil packaged and sold to investors for over ￡100,000 per hectare. Investor should seek advice from an independent consultant with experience of this alternative investment asset class, and who is able to present a complete suite of due diligence material, including an independent valuation of the forestry investment property on offer.

Summary

Investors choose forestry investments due to their effect as an inflation hedge, and their ability to generate non-correlated return on investment in the long-term.

Performance of the asset class is driven by demand for timber, weighed against global supplies, and in the long-term we are using timber at a faster pace than we can grow it, making timber investments an attractive asset class for the investor seeking stable, long-term capital appreciation within their investment portfolio.

Investors looking into which type of forestry investment is right for them should consult an adviser that can demonstrate experience and expertise within the sector.

Forestry Investments – Past Performance and Investment Options

Forestry Investments - Past Performance and Investment Options

DGC Asset Management Limited is an alternative investments business, identifying opportunities to invest in non-correlated assets.

David Garner is Partner DGC Asset Management Limited.

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Unified Communications & Contact Center Options – Making the Transition

October 4, 2012 By

Unified Communications & Contact Center Options – Making the Transition

Imagine a customer calling for detailed, technical information about your products and services. These calls can be cumbersome for customer service employees who don’t possess the technical knowledge about a specific product or service. Now imagine those same customer service employees having a comprehensive menu on their computer screens describing the exact technical knowledge about that specific product or service, as well as other detailed information the inquiring customer can use to make an informed decision right away.

In the world of UC (Unified Communications), technical customer service calls are handled and processed much differently than they were just a decade ago.

Transitioning to a UC platform improves communications both internally and externally by arming employees with better technology tools that add value to the overall communication process. This article contains helpful knowledge and insights to assist you in the transition to a unified communications platform. 

UC is essentially a unified platform for communications in all its forms. Potentially, this can include land-lines and cellular phones, e-mail, instant messaging (IM), VoIP, IP-PBX, fax, voice mail, conference calls, video conferencing, whiteboard and unified messaging. Your employees will have presence within your business communications – whether they are physically in the office or not.  

The concept of presence is easy to understand within instant messaging where a “buddy status” is available at a glance. UC takes this a step further by grouping these “buddies” together by specialized skills and attaching them to specific knowledge areas. All of this would be available at a glance.  

UC allows for real-time delivery of all these forms of communication within a single environment that users can access within a simple interface. For example, customer service staff could have a list of employees knowledgeable about a product, along with the best method for immediately contacting that person who has the correct answers about the details of the product.  

By clicking on a contact icon, a call can be made, or even a page or a whiteboard session accessed to bridge key information on the product, customer and employee contacts simultaneously.   If your business doesn’t already have it, Unified Messaging (UM) can offer communications integration, albeit on a smaller scale than UC.

Unified Messaging is capable of grouping together communications from different sources, such as e-mail, faxes and voice mail, but does not allow (in all instances) real-time delivery. Unified   Messaging systems store these multi-platform communications for the user to access information at his or her discretion.

Still, nowadays, UM does provide improved communication synchronization to an extent that was not available just a decade ago.   It is important to understand that while UM does offer efficiencies by grouping communications together; it is not the same thing as UC. Oftentimes, these terms are interchanged and interpreted to have the same meaning.

Again, they are not the same. Tying communications together in a UC platform can have a tremendous positive impact on productivity at your business. Businesses with offices across the globe have an excellent opportunity to synchronize communications as they occur around the clock in real time. Additional functionality allows calls to be routed according to preset rules.  

For example, if an employee is working at a remote location outside the office, the UC system can route a call to their cell phone and then a voice message into their voice mail.   At the heart of UC is the Voice-over Internet Protocol (VoIP) technology that allows analog phone conversations to be transmitted over the Internet. UC basically expands that functionality by allowing other communications through the same protocol.   Transitioning to UC does not have to be an overwhelming process.

First, consider what usable technology your business already has and how those assets could be integrated into the new platform. Consider what communications are already transmitted utilizing the Internet Protocol (IP). It could be that your business is only a few steps away from integrating these into a truly unified format that dramatically increases productivity. 

Another benefit of introducing UC to your business is enhanced security within your company’s communications that was never present before. Without UC, communications occur over multiple data formats using multiple protocols, and you may not have control over certain information. Integrating these data formats using UC gives your company the ability to better manage the overall communications process. 

The necessary equipment for creating a UC infrastructure includes various software applications and hardware equipment. The Microsoft version of the UC solution is built around the Microsoft Office Communications Server 2007 and the Microsoft Office Communicator 2007 for the interface. Microsoft, of course, is geared toward the software UC solution. Its server software is designed to be deployed on a dedicated communications server.  

Cisco, the IT hardware equipment manufacturer most widely known for its routers and switches and its reputation as the “backbone of the Internet,” also offers software UC solutions, along with the necessary hardware equipment. Cisco is more widely known as a hardware company; so naturally, the company’s UC solution is more hardware-based.  

The two big players in the world of IT have developed UC solutions. Which one is best for you is really a function of your specific requirements and your company’s monetary resources to support and maintain the technology. Keep in mind that there are tailored solutions available from both Microsoft and Cisco customized for the size of your business. 

Microsoft’s Office Communications Server 2007 comes in two editions: Standard and Enterprise. The Standard Edition is intended for SMBs that have one server platform on one machine. Along with the accompanying Standard Client Access License (CAL) it allows for messaging, peer-to-peer video and voice, and file transfers all to occur within an integrated and familiar Microsoft Office environment.   

An advantage Microsoft has in the small-business world is the familiarity of its products. As with any Microsoft application, upon installing Office Communications Server 2007 and starting up the application, you become instantly familiar with the interface and notice that it is very intuitive based on your familiarity with Microsoft products.

The Standard Edition is intended for organizations that do not require server clustering and does not utilize the virtual server environment. 

The Enterprise Edition is intended for larger businesses running more than one server. With this edition, your organization gains the features offered by the Standard Edition, with the purchase of a Standard license, along with additional enterprise features. These include the sharing of applications, VoIP backed by a software solution, Web conferencing and comprehensive telephony management.  

The Enterprise Edition requires that Standard Edition licensing be purchased. Once the correct licenses are purchased, full access to the entire range of features offered by the Enterprise version and the Standard version of the Microsoft Unified Communications platform becomes available. 

Communicator is the client application for the Microsoft UC platform. Accessing the application allows the user an integrated communications environment, including instant messaging, voice and video communications. Of course, all communications are easily integrated into Microsoft software such as Word, Excel, PowerPoint and the newer ones such as SharePoint, Groove, and OneNote.  

Deploying the solution within a pre-existing Microsoft environment allows for easy integration of address books and other directories established at the corporate level. Calendars are also integrated within the UC platform, even out-of-office messages previously established within Outlook. 

With UC in place, users find they can easily change modes of communication. A conversation could begin with a simple IM, for example, and then with a quick click on a button, users can switch to a video conference should the need arise. Or, users could transfer files back and forth from the Communicator interface. However communications occurred previously, by using various Microsoft applications, these are all integrated into one interface within Communicator. 

Cisco’s approach to a UC solution is quite different from Microsoft’s. Cisco offers a set of managed services at the SMB and mid-market level, and a different set of managed services customized for the enterprise-sized business.

Cisco approaches the UC platform with both hardware and software solutions.   At the SMB level, Cisco’s UC platform solution is the Cisco Unified Communications 500 Series for Small Business. This system supports varied common communications needs within a small business including voice, video, secure wireless access and productivity enhancements for external users.

Deploying the solution enhances network security at your small business with tried-and-true Cisco technology. This edition is designed for businesses with 50 or fewer users of the system.   Depending on the size of your SMB, the Cisco UC solution is available at increased levels of accessibility.

The Cisco Unified Communications Manager Express is designed for up to 240 users, the Business Edition for up to 500 users and the full version of Cisco Unified Communications Manager is extensible from 150 to an unlimited number of users. 

Advanced features are available with the Cisco system even at the SMB level. Features such as music on hold and basic call-center capability are built into the UC platform.  

At the enterprise level, Cisco’s UC solution includes routing, switching and security hardware along with the software applications used to manage the entire network. Security on the enterprise is enhanced with the Cisco hardware and software approach, including wireless communications, which are notoriously susceptible to a security breach.

The enterprise solution is tailor-made for your business, taking into consideration the lifecycle of your network, and includes the option to outsource management of network resources to Cisco and the installation of third-party communications software.  

The hardware bundled with the Cisco UC platform includes the VoIP-enabled phones and various other hardware options, depending on the size of your business. SMBs get software that monitors and manages the VoIP phones on a single server, while enterprise-level organizations also get routers and switches, as needed. Enterprises that already have Cisco routers and switches find the UC platform an added feature that only needs to be enabled to use. 

Cisco’s most advanced phones, the Unified IP Phones 7900 Series, are capable of integrating voice data and video straight through the phone. Voice mail can be accessed using a computer, and applications can be run on the phone itself, including clock-in functions for payroll services, on-screen display of information customized for your business needs and support for wireless communications standards.  

Cisco hardware provides an extra level of security for your network. For example, the Catalyst 6500 Series switch, Cisco’s flagship model, virtually guarantees confidential communications between client and customer with the ability to instantly detect threats and contain them. Network administrators have control over whom and what can attach to the network and can define specific security policies. 

Cisco routers are where communications integration occurs. Security is also standard here through firewalls, data encryption and built-in protection from would-be hackers. These routers are modular in nature, so as your business expands, more devices can be easily added, as needed.   Basically, switches are used to connect various IP-enabled devices within your network, and routers are used to tie the networks together. Switches can be managed or unmanaged in that a managed switch is programmable, while an unmanaged switch comes fully ready upon shipment. Routers become the first line of defense to your network against outside Internet threats.  

Whichever solution is best for your business, it’s important to keep in mind that a UC solution will provide enhanced security within your network. Inherent within Unified Communications is the ability to integrate the various forms of communications that occur at your business.

The transparency involved also provides an enhanced level of management including the ability to back up all the communications including voice mail.  At first, it may seem unnecessary to back up all the communications at your company, but if your organization needs to comply to Sarbanes-Oxley requirements, as all U.S. publicly traded companies are, then you have a need to create these backups.

Additionally, if you work in a health-care-related environment, your company may have to be compliant to certain HIPPA mandates.   Consider a situation where you have a need for disaster recovery. Hurricane Katrina, in 2005, forced many executives in the New Orleans area to act on the urgent need for disaster recovery.   

Remember, UC allows for real-time delivery of communications in its varied forms within a single environment that a user can access using a simple client interface. This interface is standardized across the business environment. UC also enhances employee collaboration regardless of where employees are physically located. 

For example, employees brainstorming about a new project could establish a live whiteboard session and work interactively in real time even if the office sites are thousands of miles apart.  

It is important to consider what communications platforms you already possess at your business and how integrating these would enhance productivity in your operations.

Do you utilize instant messaging? How about voice mail or whiteboard sessions? Are any of these communications transmitted over IP already? By further tying your communications together on a true Unified Communications platform, your customers and employees are able to communicate in multiple data formats.  

In retrospect, the concept of UC began with the development of VoIP (Voice-over Internet Protocol), which allowed analog phone conversations to be transmitted in a digital format over the Internet. With core-business processes becoming more and more digitized, UC basically expands that concept by allowing other forms of communication to be transmitted digitally. 

Another important consideration when you decide to transition to a UC platform is the enhanced level of security that will be introduced to your business communications. Without UC, the varied forms of communication are transmitted over a diversity of media minimally controlled by your company. Bringing these together under a UC platform gives your company the ability to manage and monitor these transmissions just as it would with basic e-mail. 

ransitioning to a UC platform can help your business accelerate past the competition and streamlines your business operations. 

Below are some important considerations when making the transition to a unified platform. Answering these questions will help you understand how transitioning to a Unified Communications platform can significantly improve both internal employees and external communications with customers:  

1. Does your business really need to transition to a UM platform at this time or can it wait until later?  

2. What current technologies and assets do you currently own that can be integrated into a UC platform?  

3. What resources (including all equipment, software, technical skills, training and maintenance) will it take to make this transition over to a Unified Communications platform?  

4. How will the transition to a UC platform affect communication internally within your business and externally to your customers?  

5. By what means and methods will your company communicate the rollout of a Unified Communications system?  

For many companies, introducing Unified Communications to your business will enhance productivity and give your employees access to more useful information in real time.  It’s critical that management objectively calculate the total cost of owning and managing its own internal UC platform versus having certain of the components outsourced through a hosted solution.

Many companies find it more cost effective to own some components and outsource others. Companies that at least consider the options available to them by adopting a fully integrated UC platform position themselves to differentiate their company from the competition with high-impact, time-sensitive communications across the enterprise.  

Unified Communications & Contact Center Options – Making the Transition

Unified Communications & Contact Center Options - Making the Transition

About the Author: Michael G. Perry has more than 20 years’ professional experience in management, IT consulting and writing technical documentation related to business process, policies and procedures.

Find out more about how he can help you with Unified Communication, VOIP and other IT related technologies.

To learn more visit http://sisnv.net/ to email Michael directly.

Disclaimer/Release of Liability Statement: Regarding knowledge shared in this article, Coprofit and Michael G. Perry will not be held responsible for any consequential damages resulting from the application of content or recommendations.

Copyright ? 2008 Coprofit, All rights reserved.

Reproduction prohibited without prior written consent. http://www.copyscape.com enforced.

Michael Perry writer – Lecturer mikeperry@sisnv.net

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Options for Cheap Health Insurance

September 19, 2012 By

Options for Cheap Health Insurance

There are many people who are looking for cheap health insurance for their family. Not everyone is fortunate enough to have health insurance cover provided by their employer and cheap health insurance is the only realistic option. This would provide the most basic cover but would at least make some provisions in the event of a medical emergency.

Cheap health insurance tends to cover a very limited amount of services but it is worth shopping around as you may find the options vary greatly between health insurance providers. If you are, or have been, a smoker I am afraid you are less likely to be able to find the really cheap health insurance policies as you are considered to be in a high risk category. Don’t be tempted to hide the fact that you smoke simply to qualify for a cheap health insurance policy as your cover may be refused should you have a smoking related illness. It is best to disclose everything and to fill in the policy application form honestly and completely.

If you indulge in so-called dangerous sports then you are also less likely to be able to find cheap health insurance easily. These sports include motor sports, snow sports and some water sports. Again, it is vital that you state your participation in any of these sports to ensure that your health insurance is valid.

On the positive side, you can narrow down the options that you require to help find a family health insurance [http://www.gateinsurance.com/family-medical-insurance.html] policy for your family. If you’re not concerned about which healthcare professionals you’re able to have treatment from then you’ll find that you have a greater choice of cheap health insurance policies. Try to be as flexible as possible and not expect too much choice and you will be surprised by just how inexpensive the cheap health insurance policies that you will be offered are.

Another area of coverage that you may not want to have is for pregnancy and childbirth. If you think that your family will not need this included in your policy you will again find that some of the insurance companies will offer you cheap health insurance without this provision. This is only one such example but it highlights the need for you to analyse all of the potentially cheap health insurance providers to determine whether you can have lower priced coverage if you remove some of the specialty areas.

The best place to start your search for cheap health insurance providers is undoubtedly the internet. However, don’t be tempted to simply perform a search for ‘cheap health insurance’ as there is a high probability that almost all health insurance providers have this statement somewhere in their site’s text. Try using some of the insurance brokers who offer free services to find you a list of cheap health insurance providers for you to compare and pursue those that you feel are appropriate and genuinely lower priced.

Options for Cheap Health Insurance

Options for Cheap Health Insurance

Mike Spencer has been helping people protect their health for many years. To find out how you can help protect your family with affordable health insurance visit Mike’s Insurance Reviews [http://www.gateinsurance.com], or read the full article about find cheap health insurance [http://www.gateinsurance.com/low-cost-family-health-insurance-quote.html] here. You can also keep up to date with the latest news at Mike’s Health Blog [http://www.articlegold.org] here.

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Solo IRAs, 401Ks and Other Options for the Self-Employed

September 18, 2012 By

Solo IRAs, 401Ks and Other Options for the Self-Employed

Solo IRAs and 401Ks are good choices for the self-employed, but opening a Roth IRA might also be a good idea. There are advantages and disadvantages to each type of account, as well as differences in the applicable tax laws. Here’s a brief overview.

First, to avoid confusion later, let’s look at what these accounts are sometimes called. The Solo 401K is sometimes referred to as the Solo K or the self-employed 401K.

On your federal income tax return, Solo IRAs are listed as SEP-IRA, an abbreviation for simplified employee pension. Brokers that offer the account may simply call it an SEP.

Solo IRAs can only be the traditional type (not a Roth), but you can have a separate Roth, whether or not you are self-employed. All the names can be confusing, so for the sake of clarity in this article, you will only see the terms solo IRAs, solo 401Ks and Roth.

Solo IRAs allow tax deductible contributions. Regular income taxes are paid on disbursements after you reach retirement age. The paperwork is very simple and most brokers can handle the account.

Tax rules regarding solo 401ks are similar to solo IRAs, but the limit for yearly contributions is higher. There is more paperwork, so only a few brokerages offer the solo 401K.

The tax advantages to a Roth are different. Contributions are not tax deductible. You pay income tax during the tax year that you made the contribution. But, (and this can be important) distributions are not taxed. So, when you retire, the money that you take out of your Roth is not taxed. In addition, gains or profits within the account are tax free.

Anyone can open a Roth. Only self-employed people and business owners (with or without employees) can open solo IRAs. The solo 401K is only an option if you are self-employed and have no employees, other than yourself and your spouse. You can hire contractors, but if you have an employee that gets a W-2, you cannot open a solo 401K.

Maximum allowable contributions change with each tax year, but solo IRAs and 401ks have the highest maximum, currently over $100,000 per year for a couple, based on a percentage of your income or company profits. With a Roth, the maximum yearly contribution in 2008 is $10,000 per couple.

So, if your income is high or you want tax deferred income, then solo IRAs or 401ks are the way to go. If your income is lower or you would rather pay your taxes now and pay no taxes later, then a Roth is the way to go. Or, you can do a little of both.

If you have both, there are maximum yearly contributions that you can make all of your accounts combined. Your accountant or tax preparer can give you the details on that.

One expert suggestion is to convert solo IRAs into Roth accounts. That way, you get the immediate tax break and tax free disbursements.

While opinions vary, many experts feel that the flexibility and tax free disbursements of the Roth will lead to more money at retirement. Another advantage is that principal deposits can be withdrawn before retirement age, without paying penalties or income taxes.

In order to have the most flexibility, you want to look for a brokerage that offers self-directed accounts of all three types. You also want a broker that allows their clients to invest their retirement funds in things other than stocks and bonds.

Real estate, for example, is becoming more popular as a tool to grow retirement accounts quickly. In today’s economic environment, you need to be able to diversify, if you want a comfortable future.

Self-directed solo IRAs may be a little more difficult to find, but down the road, you will be glad that you went to the effort. One brokerage that offers all types of accounts and options to their clients is Equity Trust.

There are also advisors that can help you find real estate deals. With the right deal, it is possible to double or triple your initial contribution in a relatively short period of time. And, remember that profits made within solo IRAs are not subject to capital gains taxes.

As a self employed person, you worry about taxes and profits, but you need to plan for your retirement, either with solo IRAs, 401ks, a Roth or another plan. So get some help and choose the one that’s right for you.

Solo IRAs, 401Ks and Other Options for the Self-Employed

Solo IRAs, 401Ks and Other Options for the Self-Employed

Adam King is the president of Mosaic Investments, LLC. Mosaic is a real estate company that partners with private individuals and lending corporations nationwide in order to finance and/or rehab investment properties. This is done by using a “turn-key” real estate system Adam King created called the ILOC program. To learn more on how you can obtain high rates of return on your IRA, CD, or other source of private money, visit http://www.ira-and-privatemoney.com now

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Investment Options – Is Your Advisor Giving You the Information Needed to Succeed?

September 17, 2012 By

Investment Options – Is Your Advisor Giving You the Information Needed to Succeed?

How soon would you want to know if your investment advisor wasn’t telling you about the three major investment types? If you’ve only heard of two – Variable and Fixed, then you may have a problem.

Unfortunately, many investment advisors routinely fail to present all three types: Variable, Fixed, and Indexed as valid investment choices to their clients. This is normally because they are unable to offer all three options or they have a personal dislike for one or more of these investment types.

So what is the difference in these investment types and what do the terms mean? The simplest answer is that these terms define how interest is earned on your investment. More specifically, it tells you how your money is invested and if your money is protected from market fluctuations. Let’s take a look at these various investment options.

Variable

A Variable investment is one where your money is typically invested in stocks or mutual funds. The performance of these stocks or funds varies and is not guaranteed – hence the term “variable investment.” Variable investments have many key benefits. They allow you to earn interest by investing in a single company (individual stock), multiple companies, or a specific segment of the market (mutual funds). You can even invest in an entire Index like the Dow Jones or S&P 500. Also, variable investments allow for the greatest return and historically have outpaced all other investment options.

Sounds pretty good, right? It is, as long as you have the tolerance to lose money as well. The volatility of variable investments is a major concern for many investors. The “upside” or growth potential is nearly unlimited, unfortunately so is the “downside” or risk of losing money.

One other adverse factor that Variable investments face is the cost. Most have either fees or loads associated with the underlying investments. These fees or loads can reduce the performance by as much as 3.5%, although 1-2% is more common. These fees or loads are applied even in down years so it is definitely something to consider.

Fixed

A Fixed investment offers a pre-determined or fixed interest rate for a specified period. This is most commonly seen with bonds, CD’s, annuities and universal life insurance products.

Fixed investments have three major advantages over the other options. First, they provide a guaranteed or known interest rate that is disclosed prior to making your investment. Second, fixed investments are generally designed to protect your initial or principal investment.

A Fixed investment also has two major pitfalls. First, because they provide a known or guaranteed interest rate, they generally provide a lower rate than what may be available when you’re willing to risk your principal. Second, they normally have restrictions or penalties associated with any withdrawals made during the fixed interest rates term period. This is especially true with CD’s and annuities.

Overall, Fixed investments can be a great option for those not willing to risk some or all of their money, older clients using the investment interest to provide or supplement their income, and clients looking to provide a hedge against other, more aggressive investments.

Indexed

Unlike Fixed and Variable investments, Indexed investments are somewhat unique to the insurance and annuity marketplaces. An Indexed investment shares traits of both Fixed and Variable investments, but with one major difference – how interest is earned.

With an Indexed investment the underlying funds are not directly invested in the stock market or an Index, nor are they directly invested in a bond, CD, or other fixed investment. They are however, secured by bonds or other conservative investments which provide a minimum guaranteed interest rate similar to a fixed investment.

Generally, this minimum or fixed rate is lower than what is available in a purely fixed product. This is because Indexed products offer a higher maximum interest rate over Fixed investment products. The Indexed products determine the maximum interest earned using a formula based on three factors, all part of an option purchased by the insurance or investment company. They are the participation rate, the cap rate, and the reset period.

The maximum interest earned provides “upside” potential while at the same time eliminating “downside” risk. In essence, it is like having the growth potential of a Variable investment with the “downside” protection of a Fixed investment. There is however a trade-off.

An option, sometimes referred to as a call or put option, provides investment returns (interest earned) based on the growth of a specific market Index like the S&P 500 or Dow Jones. The option allows for lower initial costs, a pre-determined strategy for establishing current and future interest crediting, and ensures that money can’t be lost due to market fluctuations. The option also caps (limits) upside potential or growth.

Many opponents of Indexed investments point to this limiting of growth, especially in years were the Index or stock market exceeds the Index (option) cap or participation rates, as the Achilles heel of these products. There is also some controversy over the way the Index rate is determined in future years.

While Indexed products do have a minimum cap and participation rate that is known for the entire term period, the current or maximum cap and participation rates normally reset on an annual basis. This makes it difficult to determine what will happen in subsequent years. Some advisors avoid these products claiming that the difference between the current and minimum rates creates client confusion.

No matter which type of investment you choose, it is important to get the facts and options available for each. Each of the investment choices outlines provides different advantages that need to be weighed against their disadvantages, however they all have different uses and can all be viable choices when planning your financial future. As always, it is important to consult your “Financial Professional” to find out which of these investment choices is right for you.

Investment Options – Is Your Advisor Giving You the Information Needed to Succeed?

Investment Options - Is Your Advisor Giving You the Information Needed to Succeed?

Ryan Pinney is a Financial Professional, educator, and writer for the financial education website http://www.TheProAdvisor.com and a Brokerage Director with Pinney Insurance Center, Inc – http://www.PinneyInsurance.com .

Ryan has written many articles on insurance, investing, estate planning, and taxation and his firm, Pinney Insurance, is one of the nation’s largest and most respected providers of insurance and investment products with 6 offices and over 4,000 licensed insurance agents and investment advisors across the country.

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Foreclosure Options – A Quick Guide to the Best Foreclosure Help Strategies Today

September 9, 2012 By

Foreclosure Options – A Quick Guide to the Best Foreclosure Help Strategies Today

Foreclosure Options

There’s no doubt about it. Most people who are faced with foreclosure become paralyzed into inaction from not knowing any of their foreclosure options or (in the opposite extreme) from being bombarded with too much information thrown at them by everyone trying to “help” them out of their situation.

If you find yourself facing foreclosure, please do yourself a big favor. Educate yourself through your own research so you can take control of your situation and make the right decisions on how to best move forward. You have many foreclosure options and alternatives that can stop or prevent your foreclosure.

Evaluating Your Options

Below is a list of your foreclosure options in the order of what is generally considered best to worst:

• Loan Modification – This is by far the best solution to pursue if you qualify. The federal government has created a program called HAMP (Home Affordable Modification Program) which focuses on stopping foreclosure by mandating banks who accepted the government’s bail out money to modify homeowners’ loans to make their monthly payments affordable. If you don’t qualify for HAMP, you can be eligible for traditional loan modification.

• Forbearance Agreement – If your situation is caused by a temporary reduction in income and you anticipate to get back on track in the near future, a forbearance agreement is a good alternative to foreclosure. Another situation where this would work is if you need to stop the foreclosure temporarily so you can execute either a market sale, short sale, or a refinance.

When a lender approves a forbearance agreement, they usually create a repayment plan where they take the delinquent amount, divide it into the amount of months they’ve allowed for the forbearance period (usually 6-12 months), and add it on top of your regular monthly payments. Obviously, if you were struggling to make your payments before, temporarily higher payments may prove too much to bear, so most people will actually borrow the money from a relative, or a friend.

The biggest benefit of a forbearance plan is to prevent foreclosure during a temporary financial setback.

• Re-instatement – This is one of the easiest foreclosure options if you are able to obtain the money to pay your delinquent payments and re-instate your loan. It will automatically stop your foreclosure. Please check the laws in your state to see if there is a certain window within the foreclosure process where your lender has the right to refuse a re-instatement and require a full repayment of the entire loan instead. In California, lenders don’t have to accept a re-instatement 5 days before the trustee sale. Although in my experience, most lenders will take a re-instatement even at the last minute. But just to be safe, you shouldn’t wait until the very last minute to re-instate your loan to stop foreclosure because if things don’t go smoothly, you will not have time for any other remedies.

• Refinance – If you are already late on your payments, your credit has more than likely taken a hit, and if a Notice of Default has already been recorded, your credit has more than likely taken a dive. If this is the case, refinancing with a traditional lending institution such as a bank as a foreclosure option is basically impossible. However, if you have a substantial amount of equity, you may qualify for a hard money loan. If you have at least 40% equity or higher (ex: If your property is worth $100,000 then you can get a loan up to 60% or $60,000). The benefit of a hard money loan is to be able to either payoff your existing loan amount or to borrow a 2nd mortgage or HELOC to cover your delinquent payments and re-instate your loan. Both will stop the foreclosure and allow you enough time to pursue other options like a market sale, short sale, etc.

• Short Refi – A short refi is a refinance where your lender allows you to obtain another loan from a new lender to pay off your existing mortgage loan for an amount lower than what you originally owed. Your existing lender will accept the lower amount as payment in full.

This is a good solution if you owe more than your property is currently worth and if successful, you will end up with a lower morgage balance and lower monthly payments. In some cases, your own lender may even short-refi your loan since they will still make money over the long term from your interest payments.

Please check with a qualified attorney and an experienced accountant with regards to possible deficiency judgments or tax consequences of forgiven debt.

• Bankruptcy – If you want to start over with a blank slate, you have the ability to do so by filing bankruptcy. There are many pros and cons with regards to this as one of your foreclosure options, so consider it carefully. Bankruptcy is also a tool to stop the foreclosure and buy more time. Some people file a BK Chapter 13, and continue to pursue a loan modification, or hard money loan, or a sale, then have the BK dismissed once their loan mod is approved, or their loan or sale is about to fund and close. This way, they’ve avoided the foreclosure and saved their property, but will unfortunately have a bankruptcy on their record.

• Market Sale – Selling a property you can no longer afford may still be the most dignified foreclosure option. You can sell your property at full market value if there is equity left. Make sure you hire the best realtor you can find and spruce up your property for maximum sales price. Be honest with your realtor with regards to your foreclosure situation, but no one else needs to know. You don’t need unnecessary lowball offers if you can help it.

• Short Sale – If your property is upside down and has no equity left, a short sale is one of your best foreclosure options. You should hire a realtor who is an expert at doing short sales to guide you with all the required paperwork and negotiations with your lender. Your lender will have to accept a lesser payoff amount of your loan as payment in full. (ex: If you owe $100,000 and you’re only able to sell your house at $65,000 – the lender takes a loss of $35,000 + closing costs and fees as negotiated).

Since a short sale involves forgiveness of debt, you will have to check with an experienced attorney and accountant with regards to a potential deficiency judgment and tax consequences of the forgiven debt. This can be negotiated with the help of a skillful attorney. Laws differ from state to state so make sure you know your state’s laws and procedures with regard to your situation.

• Sell to an Investor – There are many investors who research foreclosure recordings and contact homeowners to make a purchase offer. If you choose to go down this path, keep in mind that an investor has the ability to close a transaction very quickly because they often have sufficient cash, but their main goal is to profit from the transaction, so they will not be making you the highest offer. It could be a win-win situation if you negotiate well and let them know you have other options. This is one of the foreclosure options that will work if you have equity left in your property.

• Deed In Lieu of Foreclosure – If you have exhausted all your foreclosure options and just want to walk away from your property, call your lender and ask if they will accept the deed in lieu of foreclosure. This means you will be handing the keys back to your lender and agree to vacate the property at a certain date and your debt is cancelled by the lender. Have an attorney review the paperwork sent by the bank to make sure you are totally released from the debt and that the lender will not be pursuing a deficiency judgment against you if the value of the property is lower than the loan amount. As always, forgiven debt may have tax consequences so consult with an experienced accountant.

• Abandonment – This is one of your worst foreclosure options. If you have the urge to just pack up and leave at midnight, please reconsider. As much as that sounds tempting at times, it leaves too many strings attached. The lender has the right to sell your property at auction immediately, slap you with a deficiency judgment if the sales proceeds do not satisfy the loan, then report the loss to the IRS who will in turn come after you to collect taxes on the forgiven debt. It is always better to try to work things out with your lender to salvage as much as you can, and hopefully be able to truly start over with a blank slate.

• Do Nothing – This is the worst of all your foreclosure options. Unfortunately, many people are paralyzed by fear, depression, ignorance, negligence, or whatever other psychological and physical obstacles that manifest when facing a traumatic event such as foreclosure. I have seen people give up a lot of equity because they froze up and could not or would not take action to save their property. If you do not have the will to do it for yourself, do it for your family if you have one.

The sooner you take action, the more remedies you have and the more time you have to pursue the best and most viable plan. Ignoring the foreclosure will not make it go away so muster up the courage and strength to do the best you can for yourself and your family.

Foreclosure Options – A Quick Guide to the Best Foreclosure Help Strategies Today

Foreclosure Options - A Quick Guide to the Best Foreclosure Help Strategies Today

Grace Stuart is the chief editor of Foreclosure Help Center, an information-rich site that discusses, in detail, foreclosure options such as mortgage loan modification, foreclosure and bankruptcy, residential hard money loan, short sales, and debt settlement.

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Trading – Variations Between Futures And Options

September 7, 2012 By

Trading – Variations Between Futures And Options

Futures and options investing can be a high-risk business and must only be carried out with risk capital, which cannot change your way of life in case the investment is lost. The potential to earn profits is practically limitless, whilst the potential for loss is just as limitless. This would mean that when you’re on the losing side of a futures trade it is possible to lose even more funds than you have in the margin and will be accountable for the whole contract amount due to the highly leveraged dynamics of the investment. You have many approaches to limit your risk, for one you can use options like a hedge against the negative price movement from your position, be it on the short or long side.

Variations between trading on futures and options market

Premium versus margin

Options: Whenever you purchase an option you aren’t recommended to set up any margin as you are buying the option on a fixed price also called the premium. The premium can decrease over the lifespan of the option when the underlying price for the commodity moves towards your position or stays flat. In case the option is not exercised prior to the expiration date, you can lose the premium that was paid, plus the seller for the option can profit from the amount paid for the premium.

Futures: Whilst the premium for futures option can waste away over time the futures agreement will not. It is possible to consider the margin on the futures agreement as earnest money which will cause you to responsible for the entire amount on the futures agreement. This is extremely risky when an offsetting situation is not opened in order to help safeguard you from a negative movement in price.

Risk

When it comes to options the purchaser will only be limited by the amount that was paid for the premium, therefore the risk will be regarded as limited. For futures trading, regardless of whether you buy or sell a futures agreement you will be responsible for more than only the preliminary margin that you were instructed to make for the investment. This makes this kind of trade risk limitless.

Expiration Dates

The main difference between trading on futures and options would be the expiration date. In case you had been planning to exercise an option in order to control the underlying contract for futures, this must be delivered roughly 30 days prior to the underlying futures is arranged to be delivered. Note that this is applicable to the physical delivery of commodities and will not be the same for indices.

Trading – Variations Between Futures And Options

Trading - Variations Between Futures And Options

To download your free guide to list building go to my futures and options.

To read more articles on how to make list building go to http://completeguidetolistbuilding.com

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Auto Loan Options for People with Bad Credit

September 4, 2012 By

Auto Loan Options for People with Bad Credit

Internet surfers with bad credit looking for an auto loan are bombarded with advertisements most days. Many of these ads are truthful in their bad credit auto loan options. However, there are many things to avoid, and this article will describe some of those.

Directly financed auto loans for people with good credit are a bit different than those with bad credit. People with bad credit are expected to pay more of a down payment as well as a higher interest rate on their auto loans. Many creditors won’t even extend an auto loan to those with bad credit. Depending on how bad someone’s credit is, auto loans can range from a 20 – 50% down payment requirement, interest rates from 5-26%, and amortization (the length of the loan) anywhere from 2-4 years.

This may sound like a lot of bad news for bad creditors looking for an auto loan. But with some good planning and foresight, these auto loans can actually help people with bad debts rebuild their credit history.

The worst situations in bad credit auto loans show up when car dealers artificially inflate the pricing or interest rates on their cars. Auto dealers who specialize in bad credit loans will take a car normally selling for $5,000, inflate the price to $8,000, take a $2,500 down payment and then finance the purchase at 24%. Now the bad creditor will be in debt to the auto loan company for an inflated price that isn’t indicative of the vehicle’s real value. A way to counteract these types of sneaky bad credit auto loan dealers is to check the value of the car you are looking at, first, and then only pay $200-500 extra then what’s listed. Only in exceptional circumstances would you ever pay more than this for a car.

Two different ways of selling a car have emerged recently with the new, Internet economy. The first is called the ‘dealer network system’. Auto purchasers can get a loan regardless of their bad credit history with this option. Essentially, a potential customer looks at a car on a website, and then answers some basic questions if interested in buying. This information is then passed along to a dealer specializing in bad credit auto loans. Since there are no fees involved, this can be a real boon for the bad creditor looking for a decent car loan. However, with this system, there is no way of researching the auto dealership you are about to do business with.

The other new option is called an application service. In this situation, a person with bad credit applies online for an auto loan, and the financial information is then sent to multiple lenders at the same time, with the hope that one or two will be willing to take the credit risk. If the system works, several dealerships with fight for the customer, using price and convenience as their selling points.

Auto Loan Options for People with Bad Credit

Auto Loan Options for People with Bad Credit

For more more information about auto loan options please visit [http://www.moneytipsdaily.com/Money-Tips/Financial-Advisor-Helps-People-Make-Money-Loaning-Themselves-Money.html]

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What Are My Self Defense Options? – Pros and Cons of Martial Arts, Non Lethal Weapons and Firearms

September 3, 2012 By

What Are My Self Defense Options? – Pros and Cons of Martial Arts, Non Lethal Weapons and Firearms

Let’s get to the point: you need to know not only what your self defense options are, but also which ones are the best for you or for your loved ones. You will find your answer within one (or more) of the following three groups: (1) Martial Arts; (2) Non Lethal Self Defense Weapons; (3) Lethal Weapons. In this article, I will examine each one of these categories in terms of their practical advantages and disadvantages.

But I will do more than just that: I will give you honest, reliable answers. The same ones I would give to someone I really care about and would want to be as safe as he/she can be. So let’s get started!

Self Defense Option #1: Martial Arts

Learning some sort of self defense fighting skill is a must, no matter what of the remaining two options you choose as a complement. When you learn a martial art, your own body becomes a dependable weapon that goes with you wherever you go, which eliminates your chances of ever being surprised without something to defend yourself with. A firearm or a TASER device you might forget at home. Your self defense skills will always be with you.

Recognizing the importance of learning some sort of fighting skill raises still another question: Which martial art or fighting system should your choose? Karate, Taekwondo, Aikido, Jiu Jitzu…these are just a few among the myriad of self defense options and fighting methods available nowadays.

My recommendation would be: Aikido. Why? Other martial arts depend a lot on using your own strength and physical abilities to overcome your attacker. Although that is still true in Aikido, in this kind of martial art you use the strength of your enemy against himself more than you use your own, so the demands on your physical abilities are less. That makes it one martial art that you can still use when you get older, in contrast to Taekwondo (for instance), which relies a lot on kicks and moves that you may not be able to perform as you age.

Despite all the advantages, martial arts still have their downsides: They may take considerable time and effort to master properly. That’s why choosing one of the remaining self defense options is still necessary: you need something to defend yourself with, not tomorrow, but now (however, there are some self defense DVDs and some rare e-books that can really teach you some practical and easy to learn techniques that can be really be used almost right away).

Moreover, if your attacker is armed, you would be exposing yourself to great danger if you use your own body as a weapon against a firearm or a knife. Even Bruce Lee, the great martial artist, once said: “Showing off is the fool’s idea of glory”.

Self Defense Option #2: Non Lethal Weapons

Within this group you will find non lethal devices such as TASER weapons, stun guns and pepper sprays. When you use one of these to defend yourself, you will be able to stop your attacker in his tracks, but without killing him or inflicting any significant damage. Let’s give a brief definition of each non lethal self defense option before practical recommendations are given.

A TASER device is a compact, lightweight, non-lethal self-defense device similar to a firearm in shape. However, instead of firing bullets, these weapons use compressed nitrogen to shoot out two electrode barbs (each one attached to insulated conductive wires) into an assailant up to 15 feet away (4.5 meters), at a speed of 135 feet per second. The fired barbs will attach to the assailant’s skin or clothes, immediately firing (through the TASER device’s wires) a high voltage/low amperage electrical discharge that will affect the attacker’s neuromuscular system (these self defense weapons’ energy can even penetrate up to two cumulative inches of clothing), incapacitating him/her while you safely escape and call the police. This is definitively easier (and less dangerous) than using any self defense technique. It is also safer than using a firearm: TASER devices have proven to have a higher instant incapacitation rate than a 9mm hand gun, according to police studies.

A second non lethal option would be a stun gun. Stun guns are also a non-lethal self-defense weapon designed to deliver a high voltage, low amperage electric discharge. To defend yourself using a stun gun, its electrodes must be held directly against the attacker’s body, which means full physical contact with your opponent (this is not recommended if your attacker is threatening you with a knife or gun, of course). When stun guns’ electrodes are held directly against the attacker’s skin or clothes, they will deliver a strong electrical discharge that will stun or even knock out your assailant. He/she will experience disorientation, confusion, loss of balance, and inability to move efficiently for a few minutes afterwards (with no significant or permanent harm done). This will give you (or your loved one) sufficient time to escape to a safe place.

Stun guns come in many different shapes. Some of them are little “stun boxes” (Mini Stun Guns), small enough to fit inside a cigarette package. Other presentations include Stun Batons, Stun Flashlights and even Cell Phone Stun Guns (designed to fool any aggressor).

A last self defense option is a pepper spray. A pepper spray, also known as an OC (Oleoresin Capsicum) spray, is a non-lethal self-defense weapon that consists of an aerosol type container, small enough to be carried in a pocket, purse or keychain (other presentations include rings, lipstick cases, walking weights -all of these are designed to fool any attacker into believing you are not protected, thus adding the surprise factor to your advantage- batons and guns). When you fire your pepper spray towards the attacker’s face, this device will immediately expel an oily, reddish-orange liquid (insoluble in water) up to 25 feet away (depending on the pepper spray model you choose). An OC pepper spray will cause: 15-30 minutes of temporary blindness, 45-60 minutes of a burning sensation of the skin, 3-15 minutes of upper body spasms (which will force the assailant to bend forward), 3-15 minutes of uncontrollable coughing, and 3-15 minutes of breathing and speaking difficulties. Overall, the symptoms will last from 15-60 minutes, with decreased effects lasting for hours. The aggressor will be unable to attack, immediately becoming vulnerable and dependent.

TASER devices, stun guns, pepper sprays….What would my recommendation be? Choose a TASER devices or an OC pepper sprays whenever you can. Both are really effective, they work even when used on drugged individuals, and you will get to keep a safe distance between you and your attacker. But make no mistake: Stun guns are still good enough if you see yourself involved in non-armed combat or in rape situation. In such cases, stun guns will surely give you the necessary edge you need to survive.

Self Defense Option #3: Lethal Weapons

Included in this group is everything that can be defined as a firearm (a portable weapon that fires ammunition: a pistol or a rifle, for instance). Many people consider these as their self defense method of choice. Is it OK to do so? My answer is: maybe.

Firearms are an effective way to defend yourself and your loved ones with, no doubt about it. Too effective for my personal taste, perhaps. I would not recommend it to a loved one, though. Why?

Guns are designed to seriously wound or kill your opponent, not to incapacitate him/her. If by any chance that opponent also happens to be carrying a firearm, a gunfire would result. What would happen if you or your opponent miss the target? You (or your attacker) might hit a bystander. Which might be a dear family member, by the way (in the worst case scenario, death would be the result). Family member or not, the legal result would still be the same for you: Involuntary homicide.

However, let’s assume you get to hit your opponent. If you didn’t kill him he may still pose a threat…as long as he can still keep firing at you. So, if you decide to kill him (you might have to if he keeps pulling the trigger), you might have to legally prove that you used a “reasonable amount” of force to defend yourself or your loved ones (which may not be always easy). This might mean emotional and economic efforts on your part.

On the other side, many suicides are committed by gun owners. You know your mental status today…but you will never know about tomorrow (clinical depression is not an uncommon emotional disease). Nor will you know what the mental status of a loved one will be tomorrow.

Yet another gun’s downside is your children’s safety. Many people think of firearms as dangerous objects to keep in the house, specially if they have kids (some of them have broken the security created by their parents, gaining access to such lethal devices).

Given its downsides, I would never recommend a loved one of mine to get I gun. Would you?

Conclusion

Your self defense options are martial arts, non lethal self defense weapons, and lethal weapons. Among these, I would only recommend the first two options (martial arts and non lethal self defense weapons; firearms just have too many downsides in my opinion).

I would also recommend getting a non lethal self defense weapon as an important first step, as learning a martial art will take you some time, during which you will still be unprotected if you don’t carry a reliable TASER device, stun gun or pepper spray.

No matter which self defense option (or options) you choose, don’t you ever forget that self defense is your legal right. Protect yourself and your loved ones as soon as possible. If you follow this advice today, you will avoid future regrets.

What Are My Self Defense Options? – Pros and Cons of Martial Arts, Non Lethal Weapons and Firearms

What Are My Self Defense Options? - Pros and Cons of Martial Arts, Non Lethal Weapons and Firearms

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