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Where is the money? Try ‘factoring’ this

Where is the money? Try ‘factoring’ this

No matter the size of the firm, many businesses regularly face cash shortages. When small or new businesses face such a squeeze the options are more limited. But if the business has accounts receivables, which is an asset that can be sold, "factoring" may be an option.

Factoring entails the business selling its accounts receivables at a discount to a third party known as a factoring company. The discount is the incentive for the factoring company to take a risk by advancing money on the receivables.

In a normal factoring deal, there are three participating parties: the business selling the accounts receivable, the one buying the accounts receivable (the factoring company), and one who owes the accounts receivable (customer of the seller or the debtor). The accounts receivable usually have to be owed by a dependable verifiable source that has a credit rating worthy of the factoring company its money

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How a pension could affect Social Security benefits

How a pension could affect Social Security benefits

If you expect retirement income from a pension and Social Security, congratulations! These two income streams, along with your retirement savings, could put you on a comfortable financial footing. However, you might not be aware that your pension could affect your Social Security benefits.

Eliminating windfalls

Private-sector workers who earn a pension typically pay Social Security payroll taxes, in which case the pension should not affect their Social Security benefits. However, an issue arises when someone receives a pension based on earnings in which Social Security taxes were not paid — typically from a federal, state, or local government, a nonprofit organization, or an employer in a foreign country — and the individual is also eligible for Social Security benefits based on employment from other jobs. In these situations the Social Security benefit may be reduced by the Windfall Elimination Provision (WEP).

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Yes, the rich are getting richer

Yes, the rich are  getting richer

WASHINGTON– A new report confirms the old saw: The rich are getting richer.

According to a report titled, "Striking it Richer: The Evolution of Top Incomes in the United States" by researchers at the University of California at Berkeley, "From 2009 to 2012, average real income per family grew modestly by 6.0 percent but the gains were very uneven. Top 1 percent incomes grew by 31.4 percent while bottom 99 percent incomes grew only by 0.4 percent."

The report continued: "Hence, the top 1 percent captured 95 percent of the income gains in the first two years of the recovery."

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  • Written by Freddie Allen/NNPA News Service

How iPhone 5S makes your finger into a password

How iPhone 5S makes your finger into a password

The most impressive feature of the new iPhone 5S may be its ability to turn your finger into a password.

Touch ID is Apple's name for a new fingerprint scanner that would act as a security tool for log-ins and for making purchases from iTunes and other Apple stores.

"Your fingerprint is one of the best passwords in the world," said Dan Riccio, a senior vice president for hardware design at Apple, in a promotional video. "It's always with you and no two are exactly alike."

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  • Written by Doug Gross/CNN

Long-term care: Evaluating the need

Long-term care: Evaluating the need

Even though the possible need for long-term care is not something people enjoy thinking about, an estimated 70 percent of 65-year-olds will need this type of care at some point in their lives.

The average cost of a semi-private room in a nursing home was nearly $75,000 a year in 2012, and it's been projected that the annual cost could reach nearly $165,000 in 20 years due to inflation.

Some wealthy households can afford to pay for long-term care out of pocket. Many others with substantial financial assets might not be sure whether they have saved enough to meet their future needs. Thus, it may be wise to consider whether your financial resources would be adequate for a worst-case situation.

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Digital, social outlets attract advertisers

Digital, social outlets attract advertisers

There are multiple options when it comes to how consumers like to watch their favorite programs or other video content. In corner number one we have TV. Believe it or not, TV is still the reigning champ for advertisers who want to reach audiences, with the ability to attract viewers across multiple demographics. The average U.S. consumer watches more than 156 hours of TV a month. As African-Americans, we watch an average of more than 190 hours a month on TV, more than any other group.

In corner number two, we have social media, which continues to pick up steam, proving to be a powerful contender with multi-platform advertising, and I am specifically referencing Facebook. Did you know that Facebook has more than 1 billion members around the globe? That's almost one-seventh of the world's population. And, because we love our social media, African Americans are more likely to visit social networking sites such as Facebook than other demographic groups. Chances are, you're a member of the Facebook family. By the way, how many Facebook friends do you have?

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  • Written by Cheryl Pearson-McNeil/NNPA News Service

Where is the money?

Where is the money?

When moving forward in various businesses, often times there is a need for additional capital. Whether it is for the purpose of purchasing equipment, operating capital, or contract financing, most business can always use additional funding.

Unfortunately, many business owners wait until their backs are up against the wall in a desperate situation, which it is usually too late to ask for assistance. Most financing institutions want to know that you are stable and can repay the debt, not at the end of the road on the brink of bankruptcy unless you obtain more capital.

Where can you turn for assistance for loans?

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