Category: Brandpoint Business & Finance

2021-07-20T15:49:00

(BPT) – Even amidst the uncertainty of 2020, entrepreneurship managed to grow. Nearly 4.5 million business applications were filed—the highest on record for a single year, up 24% from 2019.[1] This surge in new business formation means many small business owners may soon be hiring employees for the first time, which is both exciting and nerve-racking for these entrepreneurs.

While there are many things to consider when hiring your first employee, understanding payroll is key. When you know the basics of the process, not only will you save time and trouble, you’ll also be able to get back to what you love—your business—faster.

Can you afford payroll?

Stephanie Smith, a Block Advisors scholar and founder of Social by Steph, a digital advertising consultancy based in Atlanta, knew she needed to hire help if she wanted her business to grow. “I was saying ‘no’ to business due to the volume of referrals coming in. Still, I was worried it would be a huge chunk of my revenue to start paying people to help manage the additional work. Once I finally hired help, I realized that I’m actually able to bring in more revenue by finding good people to delegate tasks to,” she said.

The first thing to consider before you make the leap from “solopreneur” to employer is whether you can afford it. You’ll need a strong understanding of your business’s cash flow to determine how much you’ll spend on employee wages and what you’ll owe Uncle Sam in payroll taxes. Federal payroll taxes fall into three categories:

• Withholding taxes: Taxes employees pay on their income; employers are responsible for withholding the tax from employees’ paychecks and depositing with the appropriate tax authorities.
• Employer taxes: Taxes employers pay entirely, which are typically based on a percentage of the business’s payroll.
• Shared taxes: Taxes split between an employer and their employees (usually 50/50). The employer must withhold employees’ shares from their paychecks and deposit, along with the employer portion due, to the IRS.

As if that’s not complicated enough, you’ll also pay taxes to the state and local governments that fall within each of the above categories.

The only exception is if you hire independent contractors, which is what Smith eventually did. You don’t have to withhold or pay taxes for independent contractors as they are responsible for their own taxes, but you do have to collect a W-9 from them before they can start working for you. You may also need to report to the IRS and state that you paid nonemployee compensation to the independent contractor. And it’s important to make sure they truly classify as an independent contractor, because the IRS is cracking down on employers who misclassify employees as independent contractors (hello, additional fees).

If you have any questions about your cash flow, employer readiness or how to classify your workers, Block Advisors is a small business partner that can help. “Our team of small business certified tax pros will put a financial lens on your business, guiding you to the best outcomes,” said Paul Ramos, director of small business tax for H&R Block. “We will propose opportunities to increase your cash flow and profitability by reducing expenses, while helping you understand fixed and variable costs, optimizing marketing spend and more. And we have the small business payroll services and support you need to stay compliant so you can focus on running your business.”

Do you have time to manage payroll?

Next, consider how you’ll handle payroll.

Running payroll in-house means assuming the role of calculating and issuing paychecks, managing taxes (including filing all corresponding tax forms, managing reporting and payment schedules, and staying on top of any tax changes), and remaining compliant with all local, state, and federal laws. This can be both daunting and time-consuming. Even if you purchase software to assist with this function, you’re still left doing the work and the homework, taking more time and increasing the likelihood of mistakes.

In fact, as Inc. recently reported, the IRS penalizes about one out of every three business owners for payroll errors. Penalties and interest will be assessed on your account if you fail to collect, report and remit payroll taxes. If you don’t file a report on time, the penalty is 5% per month of unpaid tax up to a maximum of 25%. And the penalty for missing a payment deadline is even more severe and expensive.

If you don’t feel comfortable handling payroll on your own (don’t worry, you aren’t alone!), look into payroll services that offer expert help.

Looking for expert help?

After considering the true cost of payroll and the time it takes to manage, determine what makes the most sense for your business. It can be a tough decision to outsource certain functions, but if you’re spending more time on running payroll than on your core business, it’s time to consider getting expert help.

“Give your payroll tasks to our team of payroll professionals,” said Ramos. “We make the whole process easy, from paying your employees to filing quarterly federal and state tax filings and forms, along with running and distributing wage reports—for both employees (W-2s) and independent contractors (1099s)—as you wrap up the year.”

Block Advisors, a team within H&R Block, is dedicated to meeting the tax, bookkeeping and payroll needs of small business owners year-round. To start working with the experts at Block Advisors, visit blockadvisors.com.

2021-07-20T07:35:00

(BPT) – A teen tapping away on a smartphone is a common sight in the United States, but seeing a farmer in the field doing the same thing might confuse the average person. Although hands-on farming and hands-on technology might seem like juxtaposing concepts, they are complementary ideas propelling growers into the future.

“Without mobile communications, it would take longer and cost more to perform the tasks I do on the farm. There would be more face-to-face interactions, which create inefficiencies,” said Grant Morris, who owns and manages Schneider Farms in Pasco, Washington. He farms a total of 2,000 acres and produces grass seed, potatoes, sweet corn and peas for processing.

Morris uses apps for many tasks: to view satellite imagery that helps detect crop problems, look up invoices, monitor equipment operations, check fuel levels, buy inputs, transfer data, manage application rates, peruse agronomic recommendations, review sampling and scouting information and more. Morris equips each of his employees with a smartphone or tablet to do many of these tasks, too.

Producer Matt Moreland of South Haven, Kansas, is also embracing technology. He uses mobile communications to help him reduce driving time between the sections of Moreland Farms. With 10,000 acres of corn, cotton, soybeans and winter wheat spread over 40 miles, that’s significant.

“So much of our business is based on spreading the cost of our equipment over many acres; and the more acres we can spread those costs over, the more profitable we can be,” said Moreland, who farms with his wife and three sons. “By using mobile apps and other tools, we can manage a greater number of acres.”

He uses a multitude of apps to help his operation run smoothly, including the Syngenta AgriEdge^® whole-farm management program. The program’s record-keeping platform enables him to simply and quickly access all of his farm information via mobile communications.

“I have all of my fields mapped, so at any given time, I can use my phone to see the exact acres on a field and what’s been applied to them, check planting dates and much more,” Moreland said.

He also uses apps to monitor rainfall and irrigation, an efficiency that saves money and can reduce water usage.

“We’ve installed monitors on the center pivots, so I can use my phone to check water pressure and the speed at which each is moving,” Moreland said. “If necessary, I can change the directions they’re moving and adjust water amounts with my fingertips. I will get a text, email or call if anything goes wrong — the app gives us that immediate notification and saves us trips to the fields.”

Morris and Moreland are just two of the many ag professionals who have adopted mobile technology to work more efficiently.

“The most significant value created by mobile communications is a return on time invested,” said Tommy Jackson, an executive account lead for Syngenta Crop Protection. “Our growers have the ability to make decisions quickly because the information they need is right at their fingertips.”

Jackson noted the Syngenta Pest Patrol alerts, which provide free and timely agronomic information for ag professionals throughout the South, as another way growers and crop consultants can get information quickly on their mobile devices. You can sign up to receive text messages based on your geography in participating states. When specialists post crop updates, subscribers receive text messages with a link that takes them to a short, recorded commentary on a timely topic.

Dominic Reisig, Ph.D., North Carolina State University extension entomologist, is a regular contributor to Pest Patrol. “It’s one of the methods I use to get timely updates to farmers and crop consultants during the growing season,” he said. “Our extension participants tell us that this is the program they receive the most positive feedback from.”

Today, farming success often relies on equal parts tradition and technology. Methods that have been curated over many years are now enhanced by technology that delivers vital information about crop yields, pest management and more directly to the farmer. A mobile device has become a go-to tool for many growers nationwide.

2021-07-12T07:01:00

(BPT) – The spirit of the American West is legendary, representing an entrepreneurial attitude that remains strong today, especially in Wyoming. That spirit of innovation, along with collaboration, creates an environment where businesses thrive. Whether your company is a start-up or an established business looking for greener pastures and wider skies, Casper, Wyoming, provides an expansive landscape to grow and expand.

Casper currently hosts a range of companies taking advantage of the area’s welcoming business climate. For example, medical equipment supplier McGinley Orthopedics has seen tremendous success in Casper for nearly 10 years. McGinley Orthopedics designs, develops and manufactures groundbreaking orthopedic medical devices, and its founder, Dr. Joseph McGinley, is also a doctor at a local hospital.

Another innovative company calling Casper home is Flowstate, which creates machine-learning software to detect pipeline leaks, resulting in safer pipelines.

“The business environment of Casper is uniquely welcoming,” said Flowstate co-founder and CEO Jerad Stack. “It fosters creativity and collaboration, with many local businesses complementing each other in valuable ways.”

From the popular family-owned and operated Backwards Distillery Company to bioscience and aerospace/defense companies, Casper provides an environment where businesses from these and other industries thrive and grow.

“Casper is becoming known as one of the best places for companies to do business,” said Justin Farley, CEO of Advance Casper. “It offers the best of both worlds — with the amenities and infrastructure in place to be successful while also offering a high quality of life for employees.”

Here are the top reasons more companies today are choosing Casper as their home.

1. Business-friendly features

With no corporate or personal state income tax as well as low energy costs, Casper also offers the only foreign trade zone in the state of Wyoming, plus the state’s only international airport — helping to welcome international business and trade. Wyoming is leading in areas like blockchain and cryptocurrency-enabling legislation, making the area ripe for businesses looking to relocate — or start from the ground up.

How attractive has Casper become to businesses looking for a place to start up? Advisor Smith named Casper, Wyoming, as number six in their list of “Top Cities Where Americans Start the Most Businesses.”

2. Infrastructure

Project-ready sites with low operating costs abound in Casper, and essential light manufacturing and industrial infrastructure — including reliable broadband service — is already in place for any industry looking to establish itself or relocate. Reliable broadband service is crucial for employees seeking an ideal home while working remotely. Downtown Casper also provides opportunities for companies needing office space, while also offering a lively atmosphere.

3. Resources

Advance Casper offers businesses and investors opportunities to connect, network and develop their business ideas. The organization collaborates with businesses and community leaders to encourage and support local businesses, while also attracting and recruiting new companies. Their goal is to help spur entrepreneurship, job creation, economic development and business diversification in Casper through collaborative efforts and initiatives.

4. Education

No business community would go far without a strong foundation in education, both for children and those looking for higher education opportunities. For families in Natrona County, open enrollment allows parents to choose from 28 schools in the county — with dual language immersion offered at select elementary schools in Mandarin or Spanish.

The newest high school in the area, Pathways Innovation Center, provides technical training to help grow the next generation of skilled employees, while the state’s largest community college, Casper College, offers over 140 academic transfer and technical and career programs. At the University of Wyoming, Casper, students earn degrees in fields ranging from biology and medical laboratory sciences to technical education and organizational leadership.

5. Quality of life

For your company’s employees, Casper attracts families wanting wide-open spaces and outdoor recreation opportunities — from fishing and hiking to skiing and biking, and everything in between. Parks and trails abound, with the North Platte River, the Rocky Mountains and Wyoming’s plains providing beautiful scenery. The area offers family-friendly neighborhoods, with entertainment including festivals, performing arts venues and museums to interest all ages. Find out why Business Insider named Casper the number six city to live in the West at ChooseCpr.com.

Want to learn how your business could thrive in Casper? Visit AdvanceCasper.com.

2021-07-07T20:01:00

(BPT) – Changing your wireless carrier is an important decision. It’s also probably a lot easier than you think. Before you make the switch, answer these simple questions to make sure you’re all set to change carriers, upgrade your wireless service, and potentially save a lot of money.

Are you free to go?

While carrier contracts in the U.S. are quickly becoming things of the past, you still have to make sure you’re free and clear of any obligations to start up somewhere new without getting hit with penalty fees. If you’ve bought a phone from another carrier, double-check to make sure you’ve paid it off in full, or else you may need to pay the rest of what you owe before you can cancel your service.

Will you need to buy a new phone, or do you have one already?

Unless you’re bringing your own existing cellphone to your new network, you’ll need to buy one. You can either pay for the whole thing up front, or via monthly installments. These are payments you’ll need to factor in as you calculate how much you want to pay your new carrier each month.

If you plan to bring your own phone, make sure it’s unlocked and works on your new carrier’s network. When in doubt, give their customer service departments a call, or check for BYOD (“Bring Your Own Device”) information on the carrier’s website. Nowadays, transferring your phone (and number) to a new carrier can be as simple as swapping out the phone’s SIM card.

Individual or family plan?

Are you looking for yourself or for a group? A shared plan or family plan, which splits the minutes, texts and data on your monthly plan among multiple phone lines, usually wind up being cheaper per month than going solo. The downsides? You get a smaller amount of data for yourself, and you can’t predict how much everyone else on your plan will use. Carriers can also vary widely on how much they charge for adding extra lines to your account, so be sure to compare to find the best price.

Is low price something or everything?

How important is price to you? If you simply need the lowest rate, look for seasonal sales or promotional offers. Some carriers will cut you a better deal if you bring your number over from a previous carrier or trade in your old phone. Occasionally, you’ll find a deal that pairs a specific phone model with a particular rate plan. And sometimes you’ll flat out find a great overall deal: Consumer Cellular, for instance, regularly receives top recognition in independent consumer surveys for its low-priced, no-contract service as well as its top customer support.

How good is carrier coverage in your area?

The fanciest phone on the market won’t get you anywhere if you can’t get data or voice service. Ask your friends, colleagues and neighbors which carriers they use, and how good their reception and signal strength are where you work and live.

There’s no shortage of competition for your cellphone dollars these days. By finding the right answer to these questions, switching won’t be hard: you’re sure to find a carrier that fits your needs, and at a price you’re satisfied with.

2021-06-30T18:49:47

(BPT) – Taking your current phone with you when you switch wireless carriers — referred to as “bring your own phone” (BYOP) or “bring your own device” (BYOD) — is an increasingly popular option for those who simply don’t feel the need to buy a new phone. Today’s smartphones are so good, and so powerful, that they really don’t need to be replaced as often as in the past. Plus, it can save you lots of money.

Here are all the things you’ll need to know to bring your own phone to the carrier of your choice, from unlocking your device to checking for compatibility to picking the right plan.

1) Make sure your phone is paid off

When considering bringing your phone to a new carrier, the first thing to make sure of is that you’ve fully paid for your device. Most carriers allow you to finance your phone via monthly installments, where the phone costs are incorporated into your monthly bill. It’s easy to forget that your bill is composed of both your plan and your phone costs.

Before switching, double-check your account to confirm your phone has been paid off in its entirety. In most cases, you can pay off the remaining balance of your phone in one lump sum, freeing you of any device-related contractual obligations with your current carrier.

2) Check that your phone is unlocked

The next thing to do is make sure that your device is unlocked — meaning it is no longer bound to its original carrier network. Phones aren’t always locked, but some are. The lock is a software code that’s put on the phone by the manufacturer per the requirement of the carrier that sells the device. The lock is meant to ensure that the phone can’t be used on any other operator’s network until a different software code is entered to unlock the device.

If you have a device that is locked, you can get it unlocked from your wireless carrier if you meet certain criteria, like having the device paid in full. If you meet these requirements, having your device unlocked can usually be done simply by making a call to your carrier’s customer service department and requesting it.

3) Checking your phone’s carrier compatibility

While most newer smartphones are compatible across networks, some older phones and devices are limited to operating on specific network technologies (CDMA or GSM). Depending on your phone’s age, make and model, you may need to narrow down your desired carrier list based on which ones support your mobile device.

To find out if your current device is compatible with your new carrier, perform an IMEI check. Most carriers have an IMEI checker on their websites, so you can input the number yourself and get your answer in mere seconds. The IMEI is a unique 15-digit ID number for your cell phone. You can find out your phone’s IMEI number by dialing *#06# on your device.

Find a better phone plan

Once you’ve confirmed that your new provider’s network is compatible with your phone, and that your phone is unlocked, switching is simple. You’ll get a SIM card from your new carrier and insert it into the proper slot on your device. The process will vary depending on the type of device you have. SIM cards come in three sizes (Nano, Micro and Standard) and the location of the SIM slot is not uniform, though most are on the side of your phone.

Carriers today make it easy to switch. Consumer Cellular, for instance, provides the SIM card and activation on their nationwide networks for free when you sign up using a compatible GSM phone. In addition, they offer no-contract monthly plans which include talk, text and data.

Love your phone, but not your carrier? These days it’s easy to switch and save money by bringing your own phone along.

2021-06-28T15:25:00

(BPT) – In addition to being on the front lines of the COVID-19 pandemic response, many clinicians across the country were also managing one of the worst years for drug-related overdoses on record. According to recent data from the CDC, more than 81,000 drug overdoses occurred between May and December 2020.

These crises have led to burnout among health care workers and other professionals trying to combat these issues. However, a new initiative from the federal government called the Substance Use Disorder Treatment and Recovery Loan Repayment Program (STAR LRP) could provide some financial relief for qualified members of the substance use disorder (SUD) treatment team.

What is the STAR LRP?

The STAR LRP provides financial assistance to SUD treatment team members who may not be eligible for other federal programs, including bachelor-level SUD counselors, behavioral health paraprofessionals and clinical support staff. The program offers up to $250,000 in loan repayment for health care professionals who work at an approved treatment facility, full time, for six years.

“The opioid crisis did not stop for the pandemic, it worsened,” says Dr. Luis Padilla, Associate Administrator for the Health Resources and Services Administration’s (HRSA) Bureau of Health Workforce (BHW). “Providing some form of financial relief is a way to support the SUD treatment team’s efforts to provide care to our most vulnerable populations. It also incentivizes them to continue this care over the long term.”

Padilla also says initiatives like these are vital because they help treatment teams continue their work in underserved communities. Additionally, the program expands the eligible pool of disciplines and treatment facility types, allowing substance use disorder workers to shift their focus from the financial burden of student loan debt to helping their communities fight epidemics like the opioid crisis.

Who qualifies for a STAR LRP award?

To qualify for the STAR LRP, you must be a:

• United States citizen, national or permanent resident
• Fully licensed and credentialed in an eligible discipline/registered SUD professional
• Full-time employee at a STAR LRP-approved facility.

STAR LRP-approved facilities must be located in a county where the three-year drug overdose death rate is greater than the national average, or the facility must have a mental health HPSA (MHPSA) designation.

What other factors are used to determine who is awarded?

Along with the requirements related to working at a STAR LRP-approved facility, applicants’ job start date and tenure on the job are taken into account in ranking their application.

What are the eligible health care disciplines?

Below are a few of the disciplines that are eligible to apply for the STAR LRP.

• Licensed Social Worker
• Marriage and Family Therapist
• Licensed Practical Nurse
• Clinical Nurse Specialist
• Community Health Worker
• Pharmacist
• Certified Nurse Midwife
• Physician
• Peer Recovery Specialist
• Psychology Doctoral Intern

For a more expansive list, check out the STAR LRP webpage.

Is the money someone receives from STAR LRP taxable?

Yes, STAR LRP funds that an individual receives are subject to federal income and employment taxes.

Where can I find more information?

If you’re interested in learning more about the STAR LRP program, visit the STAR LRP webpage and find out if you’re eligible now.

You can also join a STAR LRP Q & A session on any of the following dates:

• Friday, July 9 from 12 – 8 p.m. ET
• Friday, July 16 from 9 a.m. – 5 p.m. ET
• Tuesday, July 20 from 8 a.m. – 1 p.m. ET

2021-06-28T07:01:00

(BPT) – It’s officially road trip season.

But where should you go, and how can you stay safe on the road? Tiremaker Nokian Tyres offers a few road trip ideas — and some tire safety tips to go along with them. To learn more and enter to win a free set of tires, visit NokianTires.com/Journey.

Carve your way through the Smokies

There’s a reason the Great Smoky Mountains National Park is the most heavily visited in our nation’s park system. Its stunning panoramas are easily accessible and sure to take your breath away — unless the peaks are shrouded in their notorious haze.

Gatlinburg, Tennessee, is a popular launching point for a journey into the park, but if you prefer a lower-key experience, book a cabin in nearby Townsend, dubbed the Peaceful Side of the Smokies. Climb your way to Clingmans Dome, Tennessee’s highest point, nestled along the North Carolina border.

Descend into the Tar Heel State and settle in for a home-cooked meal and soft bed at Hemlock Inn in Bryson City, a family-friendly destination on the park’s Eastern fringe that’ll make you feel right at home.

But take note: When altitude increases, tire pressure drops. Be sure to fully inflate your tires before you hit the road.

The delightful dunes of Michigan

Michigan is a lot more than just Motown. A few hours west lie the shores of Lake Michigan. The state’s namesake lake is a sailing mecca, but its shores are also home to 300,000 acres of sand dunes. The stunning formations on the edge of Lake Michigan offer picturesque exploration — the Sleeping Bear Dunes Lakeshore was named by “Good Morning America” as the most beautiful place in the country.

When you explore Michigan in the heart of summer, all-season tires will do the trick. But if you’re headed there in the fall, winter or spring, beware — the weather is more unpredictable than the fourth quarter of a Detroit Lions game, and all-season tires aren’t built for snow, ice or temperatures below 45 degrees. Winter-approved all-weather tires are a great way to stay safe on the road, because they’re equipped to handle any weather condition, from summer heat to standing snow.

Chasing waterfalls in Upstate New York

When you think of the Northeast’s most populous state, think beyond New York City. As its name would suggest, New York is actually an empire of scenery, entertainment and culture that’s a lot sweeter than just the Big Apple.

Bear northwest from NYC to Niagara Falls, stopping at Buffalo’s Anchor Bar for a taste of the original buffalo wing on the way. When you get to the Falls, don’t rush like the raging water in front of you. Take your time to process this shocking stat: 3,160 tons of water flow over the falls every second.

New York’s roads aren’t as pristine as the Niagara current. Rapid freeze-thaw cycles in the winter months create potholes that increase risk along your journey. For peace of mind for rough roads, consider a set of Nokian Tyres One tires, which are reinforced with the same material found in bulletproof vests. They come with a Pothole Protection program — if a tire is damaged beyond repair by a road hazard within the program’s terms and conditions, Nokian Tyres will replace it at no cost.

Wherever you’re headed this summer, these tips will provide a helpful road map to enjoyment and safety. If you’d like to submit your own favorite road trip for a chance to win a free set of tires from Nokian Tyres, visit NokianTires.com/Journey.

2021-06-28T07:01:00

(BPT) – The beginning of the coronavirus pandemic affected the sales of new vehicles in the United States, but according to a recent study by the Specialty Equipment Market Association (SEMA), the automotive industry has begun to bounce back, and sales are expected to return to pre-pandemic levels within the next two to three years.

In 2020, consumer demand for larger vehicles — specifically CUVs and pickups — helped sales of light vehicles rebound after the lockdown. CUVs have continued to grow in popularity and by 2028 are expected to make up about half of all new light vehicles sold.

“Light trucks, including CUVs, will make up 82% of all new light vehicles sold in the United States,” says SEMA Market Research Director Gavin Knapp. “However, even with the shift in sales, passenger cars aren’t going away. There are still 114.8 million passenger cars in operation, and it will take a while for these vehicles to cycle out of operation.”

More than 281 million passenger vehicles are on the road in the U.S., and the overall vehicle population continues to change. Here are some of the vehicle segments that make up the vehicle population and information on how they are expected to change.

Pickups: Full-size pickups are the top-selling vehicle models in the U.S. and make up 20% (57.6 million) of all vehicles currently on the road. The number of pickups is expected to continue to grow over the next decade, thanks to established models and new small or alternative-energy options from Ford, GM, Ram, Toyota and Nissan — plus new electric pickups from Tesla, Rivian and Hummer.

Sports cars: While new vehicle sales have shifted away from passenger cars, sports cars remain popular, with 9.8 million models on the road. The Ford Mustang remains the best-selling sports car in operation today, followed by the Chevy Camaro and Dodge Challenger. A rumored new Dodge Barracuda in the near future could help increase the popularity of this vehicle segment.

SUVs: The distinction between a traditional SUV and a CUV (crossover) has been blurred, and while both are utility vehicles, CUVs are considered different because they are built with a unibody platform (commonly used for passenger cars) and SUVs are traditionally built on a truck platform. There are 37.3 million SUVs on the road — led by models from Ford, GM and Jeep — and sales are expected to remain steady or even grow slightly over the next decade.

CUVs: Because CUVs provide the efficiency of a passenger car and the functionality of a light truck, their popularity has skyrocketed, resulting in 54.6 million vehicles on the road. Most automakers offer a CUV in their lineup, and the vehicle segment is projected to account for nearly 50% of all new vehicles sold by 2028, with more than 100 different models available to consumers.

Sedans: Sometimes referred to as traditional cars, sedans have begun to disappear from automaker lineups. Still, more than 86 million sedans remain on the road, with models by Toyota, Honda and Nissan expected to remain top sellers. Small, mid-range and large sedans are the most common vehicle type on the road today, and while sales have slowed, it will be a long time before they cycle out of operation.

Those are just some of the vehicle segments that make up the vehicle population in the United States. While trends and consumer preferences will ultimately determine how the vehicle population will change in the next decade, the recent SEMA Vehicle Landscape Report (www.sema.org/research) points toward a continued dominance in sales by light trucks.

Market research is valuable to helping businesses understand specific industries and make informative decisions. SEMA produces a variety of research reports throughout the year on current data metrics, trends and opportunities in the automotive market. To learn more about SEMA, visit www.sema.org.

2021-06-23T07:01:00

(BPT) – Debt: Americans’ least favorite four-letter word. But for many, it looms over their everyday lives. According to a recent report from The Pew Charitable Trusts, nearly 80% of Americans are saddled with some type of debt, leaving many of them feeling trapped and hopeless. Debt can negatively impact your credit score and a low credit score can harm your ability to access credit or to obtain the most favorable pricing and terms. However, breaking those shackles is still possible with the right strategy and guidance. Part of that strategy comes down to addressing the proper debts first.

Not all debts are created equal. Some people are overwhelmed with credit card debt. Others face medical emergencies and don’t have the insurance to cover an expensive hospital bill. Others have a public or private student loan they’re trying to pay off.

All of these debts can impact your credit in one way or another. However, not all of them have the same effect on your score. When it comes to paying down debt, it may be best to pay down the following types of debt first:

• High-interest credit card debt: Many credit cards have a reputation for sky-high interest rates. For some cards, that is because the credit card companies are offering variable percentage rates. Market conditions and the Federal Reserve will have an impact on cards with variable interest rates.
• Personal loans: Personal loans tend to have high-interest rates because, like credit cards, they are considered a form of unsecured debt, which means a loan that is not backed up by collateral like a car loan would be. According to Experian, one of the three national credit reporting companies, annual interest rates on personal loans generally range from 3% to 11%, depending on the circumstances. But on the higher end of the spectrum, the interest rate on a personal loan can top 28%.
• Other high-interest debt: High-interest debt isn’t only reserved for credit cards and personal loans. Mortgages, car loans and student loans can also be high-interest debts, depending on the circumstances. For instance, if you have to take out a loan on a used car, the interest rate on that loan may be higher because lenders typically see used vehicles as a riskier investment.

Tackle your debt with these repayment strategies

There are various methods to pay down your outstanding debt. Depending on your circumstances, a debt repayment strategy can seem daunting at first. But with the right tools and plan, you can eliminate or significantly reduce your debt and break the financial chains holding you back. Here are a few common strategies that may help:

Debt consolidation

Your debt may be spread out across multiple loans, like student loans. When your debt is structured this way, it can make it harder to pay it down faster. However, when you consolidate these debts into one consolidation loan, that could reduce your interest rate and make it easier to track your payment progress. Be careful though, because after you use a debt consolidation loan to pay off credit card debt, for example, it may be tempting to use those credit cards again, which will actually increase your total debt load.

Debt snowball

If you have an overwhelming amount of debt, trying to pay everything off at once can create a lot of stress. But taking small steps first can help you reduce your debt to reasonable levels relative to your take-home pay and boost your confidence along the way. With the debt snowball method, you focus on paying down your smallest debts first while only making minimum payments on the rest. Then, as you eliminate each debt, you fight your way to the biggest one at the end.

Debt avalanche

The debt avalanche is the reverse of the debt snowball. This method suggests you tackle your debt with the highest interest rate first while making minimum payments on the rest. Then, as you get rid of those bigger debts, you can tackle the others while saving money on interest payments.

Digging yourself out of the hole is still possible

No matter how much debt you’re in, there is always light at the end of the tunnel. And no matter how you decide to tackle your debt, VantageScore can provide you with the tools and resources to get an accurate look at your credit. That way, you can better track your progress on your journey toward financial freedom.

2021-06-18T11:01:00

(BPT) – Thinking about selling or trading in your old ride? It can be hard to say goodbye but consider this: used cars are currently in high demand and your pre-loved pal could be worth more than you think. As you prepare to sell your car, there are a few easy steps to follow to ensure you’re fully prepared before handing over the keys. Not sure where to start? Here are three tips to make selling your car hassle-free.

Step 1: Find out how much your ride is worth

The first step to selling your car is knowing its value (and no, we’re not talking about the sentimental kind). Start by getting an appraisal. CarMax, the nation’s largest buyer and seller of used autos, has an online appraisal tool that gives you a real offer for your car in less than two minutes. CarMax offers are good for seven days, so you have time to think it over and compare options. While it can be tempting to pick up your new car and trade in your old wheels all in one stop, take the extra step to get multiple offers — this will help you feel more confident in the value of your car and your decision to sell.

Step 2: Explore your options

When it comes to saying goodbye to your old ride, you have three choices: sell it yourself, trade it in at a traditional dealership, or sell it directly to a retailer that specializes in buying and selling used cars. Leaning toward selling it yourself? This takes the most time — from research to advertising and negotiating — but can leave you with a solid profit at the end of the day. Trading your car in at a traditional dealership may eliminate some of the stress of selling it yourself, however, you’ll want to do your homework so you can spot if the dealer tries to inflate the price of the new car or lowball the offer on your trade-in. Selling to a used car retailer like CarMax guarantees a no-haggle, fully transparent experience where you can get a fast, customized offer in-hand. CarMax will buy your car even if you don’t buy one from them.

Step 3: Have your paperwork ready

Not sure what to bring with you? While requirements may vary by state, you’ll likely want to have a valid, state-issued ID, your current vehicle registration, and all keys (or fobs) in-hand when you’re ready to sell. You’ll also want to have your car title or payoff information handy — and don’t forget, all titleholders should be present!

We all know a vehicle becomes more than “just a car.” From road trips with the family to picking up that special someone for a first date, our cars play a big role in our lives. While saying goodbye may be bittersweet, it opens the door to new memories in the making — so whether your next car is new or new to you, the future is an open road!