Author Archives: Daniel Packer

Is Refinancing My Home For Some Extra Cash a Good Idea?

Is Refinancing My Home For Some Extra Cash a Good Idea?With mortgage rates at a reasonable level, many homeowners are thinking about refinancing their home at a lower interest rate, followed by using that money to pay back their debt. This type of refinancing, known as “Cash-Back Refinancing,” is becoming an increasingly popular option for home owners. At this point, you’re probably wondering: “Is this refinancing option still available? And is it right for me?” Keep reading as we’ll be answering both of these questions in the sections below.

The Short Answer – Yes

Not only does cash-back refinancing exist, but it’s also an excellent way to get your hands on some cold hard cash (which can then be used to pay off any existing debt you have). On the surface, it seems like an incredibly attractive deal. For instance, if your credit card interest rate is 10%, and your refinancing rate is 5%, you’ll actually be saving money by paying off your credit card debt using your mortgage loan. But as with most things in life, there are a few potential drawbacks that you should be aware of.

Cash-Back Refinancing Only Works If…

This option only works if you pay back your mortgage loan each month without fail. After all, with this method, you are assuming more debt, and if you miss a payment then this is going to negatively impact your credit score.

How Do Cash-Back Refinance Loans Work?

The process isn’t as complicated as you might think. Here’s an example: let’s say that you owe $50,000 on your 30-year fixed-rate mortgage loan. You have five years left on your loan. By opting for a cash-out deal, you can get a $100,000 cash-back, and then use 50% of that amount to pay off the old home loan. The remaining $50,000 can be used for whatever purpose you’d like, in which time you now owe $100,000 on your home, but at a lower interest rate than you were previously paying.

Borrow With Modesty to Avoid Trouble

The potential trouble comes when people take out a much larger loan than they actually need. For instance, if you only need $10,000 to pay off some credit card debt, then only borrow that amount (or at the very least go for a more modest loan amount). Your lender will give you information regarding exactly how much home equity you’ve accumulated over the years. Depending on who your lenders is, they’ll allow you to borrow anywhere from 8% to 125% of your home’s value.


As you may have guessed, to qualify for higher amounts, you’ll need to have a solid credit score (higher scores are associated with higher amounts, and vice versa). Anyway, make sure that you “get all your ducks in a row” before opting for such a deal. This means that you should shop around until you find the best offer. And remember, don’t go using your money for big vacations and fancy boats – this is how people get into trouble. If you need the money to pay off real debt, like school loans or credit cards, then refinancing your home for some extra home is definitely a solid option to consider.

Make that Extra Buck by Playing Online Games

Make that Extra Buck by Playing Online GamesNo matter how much money you earn, there’s always room for some more. This was the thought that occurred to me the last time I went for a coffee with my friend Joe, a stay at home dad, freelancer and general nice guy. As I was the one to pay for his coffee (a delicious espresso), he shared one of his money making secrets with me, one that I decided to try as soon as I got home – blackjack. He said he was a passionate player, and found this popular card game to be the best way to combine playing games with making money. So, I gave it a try – and this is what I learned.

1. Choose your gaming operator wisely

After reading a series of reviews and asking my friend Joe about it, I ended up registering at the Royal Vegas online casino. As I learned in the process, it is one of the highest rated and most secure places I could choose, licensed in the European Union and audited by independent bodies. It is an operator with a long history and thousands of users – it seemed the safest choice for me.

2. Be mindful of the table rules

I was surprised how many variants a simple game like blackjack can have. Ever since it was introduced to the casinos of Las Vegas, blackjack has been offered with a variety of table rules, different number of decks played, and other variations that I will cover some other time (it would take a separate article just to list them all). I was surprised to see how many available casino games Royal Vegas offers. I tried the Vegas Strip Blackjack first, but I moved on after Joe directed me to a table with chances more favorable to me. Finally I ended up playing Classic Blackjack, a game with simple rules and a low house edge (which means my chances to win were better).

3. Use at least a basic strategy

Blackjack is not just another game of chance – using at least a basic strategy helps you stay profitable. If you have no idea about what this means, do not despair – a quick search on the web will help you. Using the basic strategy proposed by some of the best gaming websites, I was able to make an extra $10 during my first week at the Royal Vegas Casino, playing at low stakes of course. It doesn’t seem much at first, but think of this – I made them while playing a game!

4. Don’t let yourself be carried away

The most important thing when playing for money: don’t let yourself be carried away! Don’t play “just one more hand”, and don’t desperately try to win back what you’ve lost – this is almost always a bad idea. Set limits for yourself – limits to how much you can afford to lose and how much you want to win – and walk away whenever you reach any of these limits. The Royal Vegas Casino has a strong anti-problem gambling policy, helping players detect their compulsive gaming behavior, limit their daily, weekly or monthly deposits and generally prevent issues from appearing while playing there.

The Insurance Needs of Small Business Owners

As a small business owner, it can be hard knowing which insurance you need and which ones can wait. Insurance is not just a luxury for larger companies; it is something that you need to add to your budget too. Therefore, today we are discussing the insurance needs of small business owners.

General Liability Insurance

All businesses must have liability insurance. This will provide protection if you, your employees, or products cause or are accused of causing bodily harm or property damage to another individual.

Property Insurance

Property insurance will protect you in the event that your business establishment or some of the items inside are damaged. It is also suggested that when you get property insurance that you add on business interruption/loss of earnings insurance so you can keep a cash flow if the damage prevents you from operating your business as you normally would.

Business Owner’s Policy

This type of insurance covers everything that you need when first starting out.

  • Business Interruption Insurance
  • Property Insurance
  • Vehicle Coverage
  • Liability Insurance
  • Crime Insurance

Additionally, you can make changes to what your Business Owner’s Policy covers so you can get the specific coverages that you need for your business needs. Usually, by going with this type of insurance you are able to save some money because everything is bundled into a package.

Commercial Auto Insurance

This insurance is to protect your company vehicles. Additionally, if you don’t use company’s vehicles, but your employees use their own vehicles, you want to make sure that you have non-owned auto liability so your company is protected in case your employees don’t have adequate coverage.

Worker’s Compensation

This insurance is needed so employees who are injured on the job are able to have wage replacement and medical benefits. By providing this insurance for employees, it means that they have to give up their rights to sue you. This insurance will protect you from messy legal troubles. You have to make sure that you are compliant with all the laws though and these laws vary from state to state.

Professional Liability Insurance

This insurance will protect you against failure or improperly rendering professional services. It is not something that is covered under general liability insurance so make sure you get this if you are a professional firm that consists of lawyers, accountants, consultants, real estate agents, and others in similar fields.

Closing Thoughts

These are some of the types of insurances that you will need as a small business owner. However, when signing up for different insurances make sure that you are aware of what they are covering. With so many insurance types available during this day in age, you could potentially be signing up for coverages that you don’t need. Therefore, instead of jumping on every insurance type that an agent shoves in your face, take time to see if it is something that is necessarily or one of the insurance types that actually do fall into the “luxury category”. Keep in mind the ones that we covered today are highly recommended, though.

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