Magazine sale – Optimist Mag http://optimistmag.org/ Thu, 28 Apr 2022 03:54:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://optimistmag.org/wp-content/uploads/2021/11/optimist-150x150.png Magazine sale – Optimist Mag http://optimistmag.org/ 32 32 Citrus North Offers Cash Advances to Help Magazine Sellers Succeed https://optimistmag.org/citrus-north-offers-cash-advances-to-help-magazine-sellers-succeed/ Wed, 27 Apr 2022 20:25:45 +0000 https://optimistmag.org/legislation-to-create-a-new-type-of-loan-for-low-income-borrowers-draws-criticism/ Do you need cash to help your magazine sales business succeed? Citrus North can offer you a cash advance that will help you get the money you need to grow your business. We understand that it can be tough to get started in this industry, so we are here to help. Our short-term loans are […]]]>

Do you need cash to help your magazine sales business succeed? Citrus North can offer you a cash advance that will help you get the money you need to grow your business. We understand that it can be tough to get started in this industry, so we are here to help. Our short-term loans are designed to give you the cash you need quickly and easily. Apply today and order Cash Advances online. Let’s see how we can help you reach your goals!

What are magazine sales?

Magazine sales are the sale of magazines to consumers. This can be done through physical stores, online retailers, or even door-to-door sales. Many people start their own magazine sales businesses in order to make some extra money. However, it can be tough to get started in this industry. This is where Citrus North comes in.

How to get a cash advance for your magazine sale?

If you are interested in getting a cash advance from Citrus North, simply fill out our online application. We will review your information and get back to you as soon as possible. Our cash advances are designed to help you grow your magazine sales business.

Pros and cons of a cash advance for magazine sales

There are both pros and cons to taking out a cash advance for your magazine sales business. On the plus side, a cash advance can give you the funds you need to grow your business. This can be especially helpful if you are just starting out. On the downside, however, cash advances typically have high interest rates. This means that you will need to be careful about how you use the funds. Make sure you have a solid plan in place before taking out a cash advance.

When is the best time to get a cash advance?

There is no one-size-fits-all answer to this question. It depends on your individual circumstances. If you need cash quickly, then a cash advance may be the best option. However, if you have time to wait for other forms of funding, you may want to consider those first. Ultimately, it is up to you to decide what is best for your business.

How to pay back your cash advance?

You will typically have to pay back your cash advance within a few weeks or months. The exact terms will depend on the lender. Make sure you understand the repayment terms before taking out a cash advance. You don’t want to get stuck with high interest rates or late fees.

Cash advances typically have high interest rates. This means that you will need to be careful about how you use the funds. Make sure you have a solid plan in place before taking out a cash advance.

We hope this article has helped you learn more about cash advances for magazine sales businesses. If you have any questions, please feel free to contact us. We would be happy to help! Cash advances can be a great way to grow your business. But make sure you understand the pros and cons before taking one out.

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Common loan pitfalls and how to avoid them https://optimistmag.org/common-loan-pitfalls-and-how-to-avoid-them/ Wed, 27 Apr 2022 12:55:10 +0000 https://optimistmag.org/common-loan-pitfalls-and-how-to-avoid-them/ Post views: 166 A loan can be used for various purposes. Some examples include credit card debt consolidation, school loan consolidation, and dealing with unexpected medical bills. Of course, they can also be used to fund a range of other activities, such as starting or expanding a business or renovating a home. However, before applying […]]]>

Post views: 166

A loan can be used for various purposes. Some examples include credit card debt consolidation, school loan consolidation, and dealing with unexpected medical bills. Of course, they can also be used to fund a range of other activities, such as starting or expanding a business or renovating a home. However, before applying for a personal loan, it is essential to understand how they work.

Consider the following loan risks when making the appropriate changes, as they may hamper your efforts to build your wealth and financial net worth.

High interest rates

A high-interest loan has an annual percentage rate (APR) above 36%, which most consumer advocates consider to be the highest acceptance rate. High interest loans are available from online and physical lenders who provide fast cash and simple applications, often without requiring a credit check.

Since most personal loans are not secured by collateral, lenders view them as riskier investments. As a result, they often have higher interest rates. Personal loans, in general, have higher interest rates than secured loans like home equity loans and home equity lines of credit, as well as small business loans and other types of loans.

Fixed versus variable

When it comes to personal loans, the interest rate influences both the monthly payment and the overall cost of the loan. Therefore, it is essential to understand your interest rate and whether it is fixed or variable. Variable interest rates may seem attractive due to their low starting points. However, they have the potential to grow over time, making your loan unaffordable.

Before getting any form of loan, it is essential to properly investigate the Annual Percentage Rate (APR), which calculates the final cost of the loan. The higher the APR, the more interest and borrowing fees you will have to pay over the life of the loan.

Interest rate estimates

Since personal loans are unsecured, lenders place a premium on your credit score when determining your ability to repay the loan. People with good credit, defined as a FICO score of 760 or higher, generally qualify for lower APRs on personal loans than people with lower credit scores.

If your credit score is below 670, you have a subprime credit score, which makes getting a competitive APR — and repaying a loan in full on the terms — that much harder.

Fortunately, the interest rate on a personal loan is determined by factors other than your credit score. Lenders generally prefer a constant source of income and a low debt-to-income ratio. If you’re worried about getting stuck with a high interest rate, now might be the time to work on improving your credit.

High fees and penalties

Origination fees are one of the disadvantages of a personal loan. the assembly costs is separate from the interest rate on the loan. It is a loan account payment based on the percentage of the total loan amount.

This number could be anywhere between one and six percent. Therefore, origination fees can significantly increase the cost of a personal loan. When you receive a personal loan, you may be required to pay the following fees:

  • Application fees.
  • Loan origination fees.
  • Penalty for early payment.
  • insufficient funds (NSF).
  • Late penalty.

Be sure to discuss the charges with your lender so that you are fully informed. It’s a good idea to find out the costs of your loan in advance, as this will help you determine if the overall repayment is worth it.

Also check if any fees can be waived – you’d be shocked at what you might have waived if you research and talk about it (search online or talk to friends and family to see how others were able to obtain a fee waiver). A personal loan has several major drawbacks, including transaction fees, late payment fees, and origination fees.

Credit damage

A significant disadvantage of a personal loan is that if you are unable to make payments on time or fall behind in your payments, your credit score will suffer. Personal loans are generally unsecured, which means they do not require collateral, such as a house or car, in the event of default.

On the other hand, the loans are secured by your commitment to repay the lender. On the other hand, some personal loans are secured by collateral, such as a savings account or certificate of deposit. Borrowers usually take out secured personal loans to increase their chances of qualifying for a favorable interest rate, especially if their credit is not excellent.

If you repeatedly skip payments on unsecured and secured loans, your credit history may suffer. A single late payment, for example, can drop your credit score by 100 points, from “very good” to “average”. If you continue to miss payments, your credit score could suffer further.

Firm verification

Applying for a personal loan triggers a thorough investigation, which can impact your credit score and stay on your credit report for two years, but it’s a necessary step in the process for the vast majority of loans. Late or missed loan payments will almost certainly have a negative influence on your credit score.

Set up automated bill payment if you have trouble remembering due dates. (Using a smartphone app makes the process easier.) Once you sign up and establish that you have enough money in your account to cover your payments, your payment issues will take a back seat and your payments will be processed in time. You can also use cash advance apps to help you repay your personal loans to increase your credit score.

Preventive actions

Before applying for a personal loan, you should assess your financial situation and consider the following points.

  • Are you able to make your loan repayments? Check your monthly budget to make sure your calculations are correct.
  • Consider your schedule; if you can wait, consider saving the same amount of money each month that you would have paid on a personal loan until you have enough money to cover major expenses.
  • Do you have a high enough credit score to qualify for a low interest rate? Otherwise, consider improving it before applying for a loan.

Now that you know what a personal loan includes, go ahead, shop around, research, and assess your needs and wants. Your bathroom remodel or your ideal vacation could be just around the corner.

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The Carr Report: Debunking the Viral Myth of the “Credit Card vs. Debit Card” Video! https://optimistmag.org/the-carr-report-debunking-the-viral-myth-of-the-credit-card-vs-debit-card-video/ Wed, 27 Apr 2022 11:00:20 +0000 https://optimistmag.org/the-carr-report-debunking-the-viral-myth-of-the-credit-card-vs-debit-card-video/ by Damon Carr, for New Pittsburgh Courier There’s a trending video on social media called “Credit Card VS Debit Card”. Five people sent me this video, wanting my perspective. In this video, the speaker firmly believes that credit cards are superior to debit cards. He refined his argument on 3 key points, zero liability, using […]]]>

by Damon Carr, for New Pittsburgh Courier

There’s a trending video on social media called “Credit Card VS Debit Card”. Five people sent me this video, wanting my perspective. In this video, the speaker firmly believes that credit cards are superior to debit cards. He refined his argument on 3 key points, zero liability, using other people’s money and increasing your credit score. I’ll summarize and transcribe some of the main takeaways from the video below: I’ll also provide some commentary. Let’s just say I disagree with his premise.

He hates debit cards: I have never owned a debit card. I never allowed my three sons to own one. Debit cards are the worst financial tool ever offered to the American consumer.

Damon: In fact, the worst financial tool ever offered to the American consumer is the credit card. Let’s put aside the fact that interest rates on credit cards are DOUBLE DIGIT up to 25%. Unlike credit cards, when you use debit cards, it forces you to “make your paycheck” and only use the money you have in your account. Thus, it eliminates the risk of going into debt.

He thinks credit cards are the safest way to pay: How do I eliminate 99.9% of my personal liability in the snap of a finger? I use the most secure form of payment on planet earth and it is a credit card not a debit card.

Damon: Safest ! ? Did he forget “Cash”? Cash is not always the most convenient payment method. But it is certainly the safest payment method. When he mentions removing 99.9% of personal liability, he is suggesting that identity theft is at stake. Using cash provides 2 types of liability protection. 1. If you pay cash, you are not at risk of identity theft. 2. Using cash eliminates the risk of debt! Coincidentally, debit cards and not credit cards are the modern equivalent of using cash.

He uses his credit card for everything, EVERY DAY: Every day of my life, I spend their money. I don’t spend my own money. My money is in a money market account that earns interest. I use my card for dry cleaning, groceries and gas. I pay rent to the Marina to keep my boat in the water all year round with my card. I travel all over the world. While waiting to be reimbursed, I use my Bank Card. If I need euros, I go to the ATM and get euros with my credit card.

Damon: Seriously. Do you use credit cards EVERYDAY for EVERYTHING? I bet he accumulates airline miles and cash back, which equals 1 cent for every dollar spent. He’s such a good credit card user that he gets maybe 3 points or 3 cents for every dollar spent. What sense does it make to run the risk of overspending, which people do when they use credit cards, while earning less than 3% interest on a money market account? Not to mention the double-digit interest rate to which it is subject. Withdrawing foreign currency from an ATM abroad exposes you to high interest rates on cash advances and foreign exchange fees. Traveller’s checks are no longer widely used, but prepaid VISA cards will do? If he is waiting to be reimbursed, it means he is on a business trip. Two of my previous employers issued me a corporate employee credit card for travel to the United States. His company makes him travel all over the world at his own expense? Maybe he is the owner?

He increases his credit score by using credit cards: Every day, I use my card. If I pay the bill in whole or in part, my credit rating increases. I accumulate credit while using this credit card.

Damon: Take note of the words “if and or”. This implies two things. 1. He doesn’t always pay the full balance each month. Which means it’s hit with a double-digit interest rate. 2. What happens “if he doesn’t pay” or “if he can’t pay”, then what happens to his credit score? Answer: it falls!

Zero liability when using credit cards: I will do everything to protect my personal information, but if tomorrow someone gets my card number and charges $1 million to my credit card. Under federal law, my liability is zero. I have no responsibility. When you use your debit card, every time you pick it up, you’re exposing the money in your account. The only person who will be robbed is you. When you use your debit cards, you can use them for the next 50 years, 20 times a day, and you won’t increase your credit score. When you use your debit card, you are liable up to a certain amount and it takes some time for your debit card to be repaired.

Damon: Zero liability protection is available for credit card and debit card users. The maximum liability with a credit card is $50. The maximum liability with a debit card is $500. With a debit card, it is important that you immediately report your stolen card or any fraudulent activity. The sooner you report, the less personally liable you will be. Put that into perspective. You are more likely to notice lost/stolen or fraudulent activity on a debit card than on a credit card, because your personal money is at stake. Finally, he is right, if fraudulent activity occurs on your debit card compared to your credit card, part of your money is blocked while it is under investigation. What he failed to mention was the likelihood of the event actually occurring. Suffice it to say that you are more likely to run up debt on a credit card than to be a victim of fraudulent activity on a debit card.

Generational debt: I had three sons who went to college. I gave them all the credit cards. No debit cards. I guaranteed the card. Since I guaranteed the card, 3 things have happened. 1. Bills come to me. I am responsible for the bill. If you spend a lot of time at the bar, I’ll find out. 2. Whatever amount I want you to spend while you are in school, I set that limit. 3. Every month I pay the bill, it will increase your credit score. When you get out of college, if you want to buy a house or a car or an apartment, you won’t need me to co-sign for you. One of the best things you can do is teach them how to use credit early and build credit on their behalf.

Damon: Savings are the cornerstone of sound money management and wealth building. The best thing you can do is to teach your child the importance of saving. If you’re a big fan of helping your child build their credit rating, here’s an idea: get a secured credit card. It is a credit card that is secured with saved money. This will help establish and build credit, but if you can’t pay, the money securing the credit card will pay the balance, preventing the account from going into collection.

(Damon Carr, Money Coach can be reached at 412-216-1013 or visit his website @ www.damonmoneycoach.com)

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Startups should look at debt, not just venture capital funding https://optimistmag.org/startups-should-look-at-debt-not-just-venture-capital-funding/ Wed, 27 Apr 2022 05:40:27 +0000 https://optimistmag.org/startups-should-look-at-debt-not-just-venture-capital-funding/ Three years ago, I met another venture capitalist in Jakarta to talk about startups in emerging markets. We talked about various sectors and business models. “But when these companies talk about monetization, they’re all lending companies,” he noted. He was right. Roadmap and monetization slips into many starter decks, even if they don’t lend strictly […]]]>

Three years ago, I met another venture capitalist in Jakarta to talk about startups in emerging markets. We talked about various sectors and business models. “But when these companies talk about monetization, they’re all lending companies,” he noted. He was right. Roadmap and monetization slips into many starter decks, even if they don’t lend strictly to fintechs, some form of lending has been talked about.

It seems that startups are coming to the same conclusion as GM and other American automakers in the 1930s: there’s more money to be made financing cars than selling them outright.

Do you have data on your customers’ inventory levels and flows? Let’s consolidate inventory financing. Carriers struggling with working capital to fund fuel costs? Try working capital financing.

Bundling loan products to facilitate consumer spending is common in most industries, and technology is no exception. After all, no company would turn down an opportunity to get more of the customer’s wallet and retain them.

The article continues after this announcement

But tech companies are equity-backed, and raising equity is an expensive way to fund loans. This is because most venture capitalists expect explosive growth and returns, not those that can be achieved by lending at a reasonable rate. So, as startups evolve and grow in financing products, they will need to access debt to continue making loans themselves.

What types of debt exist for startups? These are the categories:

Asset based loans

A receivables loan is one of the easiest ways to fund a business with a financial product. The lender assesses the quality of the debt, ie the probability of timely repayment, and advances a facility on which the borrower draws if necessary. Commonly known as a revolver, these facilities offer flexibility to the borrower, but can be more expensive than a standard term loan on an annualized basis.

For fintechs or other startups offering loan products, the primary claim is the collection of loans they have made to customers that will be repaid. A “loan tape” shows all data on the loans they have made and tracks repayments. If the business goes bankrupt, the lenders have the right to recover the borrowed amount by staking their claims on the secured loans.

Corporate debt

More mature companies can often access a wider variety of debt instruments, including term loans, convertible notes, and traditional venture capital debt. These instruments are sometimes less expensive than asset-based revolvers, and lenders typically focus on the company’s ability to repay the loan with cash flow, rather than the valuation of balance sheet assets.

In debt parlance, this reflects a shift from underwriting a specific asset to underwriting the entire company. In some cases, subprime credit facilities also contain warrants – the lender’s right to convert their debt into equity – which can become very valuable if the value of the business appreciates significantly. Therefore, venture debt providers, unlike other debt providers, often focus on the total enterprise value and growth potential of the business.

In fact, many subprime debt providers count on warrants to generate fund returns, especially when lending to very young startups. Young startups sometimes fund themselves through convertible notes, which are effectively equity instruments disguised as debt. So while convertible notes and venture capital debt are available to early stage startups, investors know full well that they are trying to get a share of the future equity value of the business.

Revenue-Based Funding

A new class of digital lenders lends against the future revenues of businesses in the digital economy. Lenders in this category include Clear.co, Pipe, CapChase, and Uncapped, among others, as well as capital provided by Shopify, Square, and Stripe.

This product is not new – the merchant cash advance has been a staple for centuries. What has changed now is that the lender can connect directly to the borrower’s accounting and financial data, allowing for a quick credit assessment and quick loan execution. The disadvantage of such financing is the cost to the borrower. Annualized rates on merchant cash advances exceed 50% in certain circumstances.

Debt for emerging market startups

While venture capital activity in emerging markets has exploded, debt capital, particularly non-corporate debt, remains relatively scarce. Take Pakistan. Although venture capital has boomed over the past three years, startup debt barely exists. Since even non-fintech startups want to provide financial products, the demand for loan capital will explode over the next five years. For now, this is an unmet need.

Will debt disrupt venture capital?

To be fair, startup debt has only recently begun to gain mainstream attention, even in developed markets. Debt at risk increased to $33 billion last year in the USA. That’s still only a tenth of the $330 billion in equity that venture capitalists deployed in the US last year (keep that 10x ratio in mind for later).

Simultaneously, the meteoric rises of revenue-based funding startups (Pipe, Clear.co, etc.) have led many to predict an increase in debt funding for startups this century. Here is a great summary of debt options available created by a16z, and another one that makes an eloquent case for the incoming wave of debt. The summary: Startups with a good product-market fit, a repeatable sales process, and a growing cohort of users may benefit more from debt financing than traditional venture capital (equity). The cash flows of startups with predictable, recurring revenue are remarkably similar to the cash flows of mortgages: largely predictable and consistent. The analogy has its limits, but there’s no reason tech companies with recurring revenue can’t also access debt.

Who is building this in emerging markets?

Assuming the multiple of 10 from earlier, the $300m in equity funding for Pakistani startups should result in a demand for $30m in risky debt, which is a subset of the entire debt market for startups. It’s not a lot, but I expect the demand for debt to be higher given the lack of debt products of any kind in the market. As the startup ecosystem grows, debt providers will need to step up their efforts.

But Pakistan is only a small part of the emerging markets venture capital ecosystem. the total debt demand for startups in emerging markets is easily a few billion dollars a year. And that will only accelerate in the next five years.

So who builds this?

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Legal-Bay pre-settlement funding expands commercial litigation division https://optimistmag.org/legal-bay-pre-settlement-funding-expands-commercial-litigation-division/ Tue, 26 Apr 2022 10:30:00 +0000 https://optimistmag.org/legal-bay-pre-settlement-funding-expands-commercial-litigation-division/ Lawsuit Funding Company to handle cases ranging from $50,000 to $20 million involving complex commercial litigation, a judgment verdict on the appeals and the funding of attorneys’ fees. LOS ANGELES, April 26, 2022 /PRNewswire/ — Legal-Bay, a leading pre-settlement finance company, is announcing a comprehensive settlement lending division specifically to handle their many commercial disputes. […]]]>

Lawsuit Funding Company to handle cases ranging from $50,000 to $20 million involving complex commercial litigation, a judgment verdict on the appeals and the funding of attorneys’ fees.

LOS ANGELES, April 26, 2022 /PRNewswire/ — Legal-Bay, a leading pre-settlement finance company, is announcing a comprehensive settlement lending division specifically to handle their many commercial disputes. These extremely complex cases require significant funding to get plaintiffs and their lawyers across the finish line. Legal-Bay knows how to meet the needs of this market, funding cases that many large companies won’t even consider.

Commercial litigation loans for lawsuits were created to help plaintiffs level the playing field against deeper-pocketed defendants who can simply spend them, dragging out a case indefinitely. During this time, the applicant’s determination and finances are exhausted. Legal-Bay’s experience and resources can provide hope to plaintiffs and law firms struggling to win.

Chris JanisCEO of Legal-Bay, said, “We are excited to move from our traditional personal injury and mass tort litigation to the much larger and more complex commercial litigation market requiring large amounts of funding. $50,000 to $20 million and take longer to appraise. However, our goal is to assist complainants, whether the funding request is large or small.”

If you are looking for cash before your business lawsuit is settled, a grand jury verdict on appeal, large loans for general working capital, or simply cost information for a specific case, please apply. HERE or call toll-free at 877.571.0405.

Legal-Bay also funds cases of breach of contract, wrongful imprisonment, whistleblower or Qui-Tam, wrongful termination, and many more. Legal-Bay has now secured additional capital for these and other types of commercial litigation, and encourages plaintiffs or attorneys who have been denied funding in the past to apply to Legal-Bay.

Legal-Bay is one of the leading legal loan settlement finance companies, offering a fast approval process and some of the best rates in the industry. Their non-recourse loans are risk-free because the money does not need to be repaid if the recipient loses their case.

If you need an immediate cash advance loan for settlement, please visit the company’s website HERE or call 877.571.0405 where qualified agents are ready to hear about your specific case.

Contact:
Chris JanisCEO
E-mail: [email protected]
Such. : 877.571.0405
Website: www.Legal-Bay.com

SOURCE Legal-Bay, LLC

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HECM for purchase https://optimistmag.org/hecm-for-purchase/ Tue, 26 Apr 2022 02:24:42 +0000 https://optimistmag.org/hecm-for-purchase/ A reverse mortgage is a loan that allows homeowners aged 62 or older to tap into the equity in their home without selling their home or increasing their monthly expenses. Although these loans are often used to cover basic living expenses and medical expenses, it is possible to use a “HECM to Purchase” reverse mortgage […]]]>

A reverse mortgage is a loan that allows homeowners aged 62 or older to tap into the equity in their home without selling their home or increasing their monthly expenses. Although these loans are often used to cover basic living expenses and medical expenses, it is possible to use a “HECM to Purchase” reverse mortgage to purchase a new home. Here is a brief overview of how a HECM Reverse Mortgage for Purchase works.

Key points to remember

  • A reverse mortgage allows homeowners aged 62 or over to access the equity in their property to pay for expenses such as basic living expenses and healthcare costs.
  • Instead of paying a lender each month, the lender pays you a certain amount based on the equity you have built up in your home.
  • The entire loan balance becomes due if you sell the home, move house, fall behind on property taxes, or die.
  • A home equity conversion mortgage (HECM) is the Federal Housing Administration’s reverse mortgage program.
  • A HECM to Purchase is a reverse mortgage that you can use to purchase a new principal residence.

What is a Reverse Mortgage?

After paying off your mortgage diligently for years (or decades), a large portion of your net worth could be tied to the value of your home. It can be a tricky financial situation for seniors trying to pay for day-to-day expenses, medical bills, home repairs, or anything else.

However, homeowners age 62 or older can convert some of their home equity into cash through a reverse mortgage. Instead of making payments to a lender, the lender pays you based on the equity in your home. Over the term of the loan, your debt increases while the equity in your home decreases. Eventually, when you sell, move or die, the proceeds from the sale of the home are used to pay off the loan.

What is a HECM?

A Home Equity Conversion Mortgage (HECM) is a reverse mortgage program insured by the Federal Housing Administration (FHA) and available through FHA-approved lenders.

The amount of money you can borrow through a reverse mortgage depends on the age of the youngest borrower, current interest rates and the lesser of the appraised value of the home, the HECM mortgage limit FHA ($970,800 in 2022) or sale price (applicable to HECM for purchase loans only).

HECMs account for the bulk of reverse mortgages lenders offer on homes worth up to $970,800 – beyond that, you’ll need a jumbo or “homeowner” reverse mortgage.

What is a HECM to buy?

A HECM to Purchase is an equity conversion mortgage that you can use to buy a home. Like standard HECMs, the age limit of 62+ applies, and you don’t have to repay the loan until you sell the house, move out, die, or default on the loan ( for example, behind on your property taxes or home insurance).

The home you buy with the proceeds of a HECM for purchase must be your primary residence that you occupy within 60 days of loan closing.

HECM for purchase closing costs are higher than other reverse mortgages. They include an initial mortgage loan insurance (MIP) premium equal to 2% of the value of the property, as well as various lender and third party fees such as loan origination fees, title insurance, registration fees. assessment, credit report fees and registration fees.

Unlike a regular HECM, you will also need cash to cover a large down payment. Overall, your upfront costs could be between 29% and 63% of the purchase price of the home, depending on your age.

For HECM loans to purchase, you must pay the difference between the HECM loan proceeds and the sale price of the home, plus closing costs.

Funds can come from your savings or from the sale of your old home or personal assets (e.g. stocks), but you cannot use “gap financing” or other types of bridge financing such as a credit card cash advance or vendor financing.

Here are some examples showing the minimum down payment required for a HECM loan for purchase, according to the National Reverse Mortgage Lenders Association:

HECM for purchase deposit examples
Purchase price Down payment — age 62 Down payment — age 67 Down payment — age 71 Down payment — age 75
$350,000 $199,100 $187,700 $181,500 $172,650
$375,000 $222,150 $209,400 $202,250 $192,500
$425,000 $251,000 $236,500 $228,500 $217,500
$465,000 $273,600 $257,800 $249,000 $237,000

HECM for properties eligible for purchase

Any home you buy with a HECM for purchase must meet FHA property standards and flood requirements. Eligible property types include:

  • Single-family homes (properties with one to four units)
  • Manufactured houses (built after June 1976)
  • Condominiums
  • Properties in Planned Unit Developments (PUD)
  • Townhouses
  • New construction homes with a certificate of occupancy (CO) issued at closing

Can I use a reverse mortgage to buy a house?

Yes, you can use a HECM Reverse Mortgage for Purchase to purchase a principal residence. To qualify, you must be at least 62 years old and have cash to cover the down payment and closing costs.

What is the difference between a HECM and a reverse mortgage?

A reverse mortgage is for homeowners aged 62 and over who want to tap into the equity in their home without selling or moving. A Home Equity Conversion Mortgage (HECM) is the Federal Housing Administration’s (FHA) reverse mortgage program, which accounts for the bulk of the reverse mortgage market. HECMs are the only federally insured reverse mortgages.

What are the age restrictions for getting a reverse mortgage?

Homeowners must be at least 62 years old to qualify for a home equity conversion mortgage (HECM), the most common type of reverse mortgage. However, some exclusive (“jumbo”) reverse mortgages are available to homeowners from the age of 55.

The essential

Reverse mortgages, including HECM loans for purchase, involve substantial costs, making them a poor choice for many seniors. Some less expensive options include mortgage refinancing, home equity loans, or downsizing and pocketing the extra proceeds.

Still, if you decide a reverse mortgage is right for you financially, shop around to compare the costs. Mortgage insurance premiums are generally the same for all lenders, but expenses like loan origination fees, closing costs, service charges and interest rates tend to vary.

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Seven credit card fees you should never pay https://optimistmag.org/seven-credit-card-fees-you-should-never-pay/ Mon, 25 Apr 2022 18:09:00 +0000 https://optimistmag.org/seven-credit-card-fees-you-should-never-pay/ There are a handful of fees associated with owning a credit card. While most people find credit cards a great way to build credit or join rewards programs, others are caught in a revolving door of fees. 1 There are a handful of fees associated with owning a credit card, many can be avoided While […]]]>

There are a handful of fees associated with owning a credit card.

While most people find credit cards a great way to build credit or join rewards programs, others are caught in a revolving door of fees.

1

There are a handful of fees associated with owning a credit card, many can be avoided

While these unwanted charges can be alarming, they can also be avoided.

These are seven of the most common credit card charges you should never pay.

1. Annual subscriptions

An easy way to avoid paying an annual fee is to apply for a credit card that doesn’t have one.

Americans with Visa or Mastercard will pay an extra $700 a year starting this month
I'm a money expert - here's how to get your money back after bad service

There are many cards that offer great benefits with no annual fee.

These cards with no annual fee are suitable for those who plan to use it occasionally.

For those who want credit cards with high rewards programs, issuers offer great rewards by charging fees.

So if you want these types of programs, fees will be unavoidable.

You can simply ask for it to be removed – this doesn’t always work, but ask and you may receive.

2. Financial charges

A finance charge is the cost of borrowing money.

This usually includes interest and any other additional charges associated with the card if you carry a balance each month.

It can also be called annual percentage rate (APR) and is based on a few different factors.

To avoid this fee, consider paying the balance in full if you can afford it.

Due to credit card liability and disclosure (CARD) law of 2009, credit cards are required to give you a grace period.

The minimum grace period is 21 days, and issuers must give cardholders at least that much time before interest can be accrued.

Another way to avoid finance charges is to choose a card with 0% APR on purchases.

Most cards like this offer 0% APR as an introductory up to 12 months, then a standard rate will normally apply after that period.

3. Balance Transfer Fee

Generally, when you transfer a balance from one card to another, you will be charged.

These fees end up adding more to your debt and should be considered when applying for cards.

Balance transfer fees are usually around 3% to 5% of the transferred amount.

Another great option is to join a credit union.

Often their credit cards have great balance transfer offers and some don’t charge a fee to transfer your debt to one of their cards.

4. Late fees

Late fees are a very common mistake made by credit card users.

This happens when you don’t make the required minimum payment.

Not all credit cards will charge you a late fee for a missed payment, but most do and it can end up impacting your credit score.

Or, they may charge you what’s called an APR penalty and may be higher than your card’s current variable APR, which may cost you even more than a late fee.

An APR penalty can be worse and last for several months until you have made regular payments on time or indefinitely.

This can be avoided in a number of ways, but the best way to avoid it is to pay your bill online and then set up automatic payments.

5. Overlimit Fee

Overlimit charges occur when the cardholder spends more than their limit and is then penalized.

The fees are between $25 and $35.

However, the CARD Act of 2009 prohibits an issuer from charging an overlimit fee more than once during a billing cycle.

Additionally, an issuer must give you the opportunity to authorize charges above your limit before charging you a fee.

These charges can be avoided by not making any purchases that cause you to exceed your credit limit.

6. Cash advance fees

If you withdraw money from an ATM using your credit card, you will most likely have to pay a cash advance fee.

You will be charged a fixed fee or a percentage of the amount you withdraw.

You may also be charged interest often at a higher rate than the standard purchase APR on your credit card.

Moreover, the ATM may even charge you a fee.

Here are some ways to try to avoid these fees:

  • Create an emergency fund
  • Borrow from family or friends, if possible

7. Card Replacement Fees

Accidents happen.

Credit cards can be stolen, lost, or damaged, and depending on your issuer, you may need to pay for a new one.

Most places will issue you a new card for free the first time, but if you’re in a rush and need it right away, you might be charged an expedited fee.

A great way to avoid these charges is to upload your credit card to your digital wallet.

If you plan to travel, always have a backup payment plan.

Depending on what happened to your card, you can always ask your issuer to waive the fee.

If your card was damaged and you don’t have to cancel your account, they might be more inclined to waive the fee for you.

Find out how the

This credit expert offers seven tips to boost your credit score.

Additionally, millions of Americans could see their credit scores jump 100 points after reporting a change.

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Avs and the Presidents Trophy, the Broncos draft and a trade with Arenado Bryant https://optimistmag.org/avs-and-the-presidents-trophy-the-broncos-draft-and-a-trade-with-arenado-bryant/ Mon, 25 Apr 2022 16:40:55 +0000 https://optimistmag.org/avs-and-the-presidents-trophy-the-broncos-draft-and-a-trade-with-arenado-bryant/ April 24, 2022; Winnipeg, MB, CAN; Colorado Avalanche center Ben Meyers (59) is chased by Winnipeg Jets center Jansen Harkins (12) in the first period at the Canada Life Center. Mandatory Credit: James Carey Lauder – USA TODAY Sports Hit a: The good news? It doesn’t look like the Colorado Avalanche will win their second […]]]>
April 24, 2022; Winnipeg, MB, CAN; Colorado Avalanche center Ben Meyers (59) is chased by Winnipeg Jets center Jansen Harkins (12) in the first period at the Canada Life Center. Mandatory Credit: James Carey Lauder – USA TODAY Sports

Hit a: The good news? It doesn’t look like the Colorado Avalanche will win their second consecutive President’s Cup for finishing with the most points in the NHL in the regular season. Everyone knows that winning this prize is pretty much a guarantee that you won’t win the prize that matters, the Lord Stanley Cup. So there is this.

The bad news is that the Avs — who looked like a juggernaut a few weeks ago and were running away with the points in the lead — have now lost four straight games for the first time in more than two calendar years. They seem to have lost their mojo. (Meanwhile, the hot-blooded Florida Panthers have passed Colorado for that points lead and the curse that comes with it.)

It’s been a long and grueling season for the talented Avalanche, and it’s understandable that he gets caught in the run up to the playoffs. But it really is a bad time to fall into a crisis of any kind. Perhaps the worst time, in fact.

Despite a stellar performance by goaltender Darcy Kemper (with some bad luck), Colorado’s fourth straight regulation loss came at the hands of the lowly Winnipeg Jets, when the tired and flat Avs left a 1- 0 in the third period turn into a 4 -1 setback. Losses in this four-game series also include a loss to expansion Seattle Kraken.

Momentum is a real and powerful thing. Right now, this Avs team doesn’t have one.

There are three games left on the schedule, including two at home. This would be the perfect time to put the switch back in the “on” position. Can they? They would do better.

No matter who the Avs meet in the first round of the playoffs — which is expected to begin a week from Monday — they’ll have a fight to fight. If the playoffs started now, the opponent would be the Dallas Stars, who have won two of the teams’ three meetings this season. The number eight seeds have knocked out the top seeds many times, including in 2017 when the eighth-seeded Nashville Predators swept the top-seeded Chicago Blackhawks.

This. Could. Arrive.

The best way for something bad not to happen, and for this Colorado team to complete its mission and win the franchise’s third Stanley Cup (and the first in more than two decades) would be to make the playoffs. playoffs on some sort of hot streak, playing their best hockey, not their worst. Maybe they can gain momentum by winning the first round? It’s not a lock, but it hasn’t really been a problem for the Avs in recent years. They swept St. Louis last season. But whatever momentum they had after that, it didn’t last. What followed was a heartbreaking setback in Las Vegas, which happened after Colorado took a 2-0 series lead.

Lesson learned? We are about to find out. This is a team that is time now. There should be no more excuses.

Now may not be the time to panic, but the calendar says it’s time to worry.

Strike two: The Denver Broncos’ first selection in the upcoming NFL Draft will be in the second round (No. 64 overall, but you already knew that.) It’s a round with a mixed story here.

There was a time when this number two selection seemed bewitched. Names like Dwight Harrison, Kurt Knoff, William Gay and Andre Townsend don’t move the needle. Names like Shane Dronett, Allen Aldridge, Ian Gold and Tony Scheffler bring smiles and “Oh, I remember him”. They didn’t know the difference.

Mention the names of Tim Crowder, Rahim Moore, Eddie Royal and Robert Ayars, and Bronco fans are likely to shake their heads and be disappointed, even though these players have had great careers overall. Mention Brock Osweiler (2012) and you’ll probably get a blank stare. Mention Montee Ball (2013) and the word “bust” will almost come out of many mouths at once.

There were also big busts like Charles Smith, Clay Brown, Orlando McDaniel and Paul Toviessi (perhaps the biggest Broncos draft bust of all time).

Over the years, standout players like Barney Chavous, Rob Lytle, Vance Johnson and Clinton Portis have all been selected in the second round. So there are solid players like Gerald Perry, Mark Cooper, Doug Widell and Glyn Milburn. Tatum Bell was a good second-round pick. Zane Beadles too.

The late Darrent Williams, victim of a tragic shooting on New Year’s Eve 2006, was the second-round pick in 2005. Most believe he was destined for stardom as a defensive back, but we won’t know. never.

The Broncos’ recent history with second-round picks is pretty damn good, all things considered. Courtland Sutton (2018), Dalton Risner (2019), KJ Hamler (2020) and Javonte Williams (2021) all currently wear predominantly orange and are major contributors. This says a lot about the preliminary assessment process. Drew Lock was also a 2019 second-round pick of course, and he helped bring Russell Wilson to town. After spending four seasons in Denver, 2017 second-round pick DeMarcus Walker was a member of the Houston Texans last season and is now a free agent. Adam Gotsis also spent four seasons in Denver, and the last two in Jacksonville. Former CSU Ram Ty Sambrailo (2015) found his footing in Atlanta after spending two seasons as a Bronco (and the last two in Tennessee).

No other Broncos second-round picks remain active in the NFL.

Surprisingly, even though there are 34 members of the Denver Broncos Ring of Fame, none of them were chosen in the second round.

Players like Sutton and Javonte Williams hope to change that in the future. To do this, the team’s fortunes on the pitch need to improve a lot. Another solid second-round pick this year could help further that cause.

Strike three: The trade that sent Nolan Arenado to the St. Louis Cardinals will never be considered anything short of a disaster by anyone anywhere. Southpaw Austin Gomber could win 20 games and the Cy Young and Colorado Rockies still haven’t gotten enough of a return for the future Hall of Famer. That’s not even mentioning the $50 million cash advance sent to St. Louis with those eight golden gloves.

It was a terrible job, period. But in the end, there’s a weird symmetry here. Things can unfold to the satisfaction of everyone involved.

In 2013, the Rockies hoped to sign a young infielder from Las Vegas through the University of San Diego named Kris Bryant. Colorado had the third selection in the draft, and the projections had Bryant as the pick. But the Chicago Cubs – owners of the No. 2 pick – surprised everyone by nabbing Bryant. The Rockies went with Plan B, pitcher Jon Gray.

The Rockies drafted Arenado out of high school in 2009, but it was that same 2013 season that he made his big league debut and won the first in his collection of gold gloves. Bryant made his debut for the Cubs in 2015. The two played in the same position for the next several seasons (although Cubs manager Joe Maddon began moving Bryant on the field in 2019 when he recorded the percentage of lowest fielder among NL third baseman) and were considered rivals for “the best third baseman in MLB” at the time.

While Arenado collected Gold Gloves and Home Run titles in the National League, Bryant won the NL MVP award and a World Series ring in 2016.

Imagine if the two had been members of the Rockies? Almost arrived.

That’s clearly what Rockies owner Dick Monfort wanted. He coveted Bryant so much that as soon as it was mentioned that Arenado wanted to leave town, the only trade Monfort was going to agree to was a straight deal between Bryant and Nolan with the Cubs. But Chicago didn’t cooperate (maybe Arenado’s mega-deal scared them off?) and the decision that would have made sense never happened.

Instead, Nolan was traded to the Cubs’ arch-rival Cardinals before last season, and Bryant — in the final year of his contract — was sent to San Francisco before the trade deadline. He was in the last year of his contract.

Heading into 2022, the Cubs opted to start a rebuild with younger, cheaper prospects (and so far, so good on that score) while Monfort and the Rockies were finally able to bring in their man in the free agent market after clearing (most of) Nolan and Trevor Story’s salary is off the books.

So things seem to be working for everyone involved. Arenado got off to a flying start in St. Louis and is an early contender for NL Most Valuable Player this season. The Cubs are doing well with their new core of youngsters, and the Bryant era in Colorado is also well underway. In this case, the trade that didn’t happen still makes a lot more sense than the one that did.

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How to Buy Bitcoin – Forbes Advisor UK https://optimistmag.org/how-to-buy-bitcoin-forbes-advisor-uk/ Mon, 25 Apr 2022 16:30:00 +0000 https://optimistmag.org/how-to-buy-bitcoin-forbes-advisor-uk/ Bitcoin has grown by leaps and bounds in recent years. In May 2016, you could buy a bitcoin for around £400. In April 2022, a single Bitcoin was worth over £30,160. This is a growth of more than 7000%. Some analysts believe that the price of Bitcoin could increase even more as cryptocurrency and blockchain […]]]>

Bitcoin has grown by leaps and bounds in recent years. In May 2016, you could buy a bitcoin for around £400. In April 2022, a single Bitcoin was worth over £30,160. This is a growth of more than 7000%.

Some analysts believe that the price of Bitcoin could increase even more as cryptocurrency and blockchain technology become more prominent in people’s daily lives. But buying Bitcoin comes with big risks. Along with impressive gains, Bitcoin has also seen devastating declines. After nearly hitting a value of nearly £16,000 in 2017, for example, Bitcoin’s value dropped to around £2,400 about a year later.

Bitcoin remains a highly volatile asset. If you want to buy Bitcoin, experts recommend investing no more than a small percentage of your net worth in the major cryptocurrency.

How to buy Bitcoin (BTC) in 4 steps

1. Choose a crypto exchange

To buy Bitcoin (BTC), or any cryptocurrency, you will need a crypto exchange where buyers and sellers meet to exchange pounds for coins.

There are hundreds of exchanges out there, but as a beginner, you’ll want to go for one that balances ease of use with low fees and high security. Be sure to check out our top picks for the best crypto exchanges, like eToro, Binance.com, or Coinbase, if you don’t have an exchange in mind yet.

Be sure to check if your exchange has a Bitcoin wallet built into its platform; otherwise, you’ll have to find one yourself. You can also choose to buy your crypto from a platform like Robinhood or Paypal, although buying crypto this way often means you can’t withdraw your coins and move them to another platform. If you want to keep your crypto in a different wallet, you will need to sell your holdings and then buy them back on a different exchange.

2. Choose a payment option

After choosing an exchange, you need to fund your account before you can start investing in Bitcoin. Depending on the exchange, you can fund your account via wire transfer from a checking or savings account, PayPal, wire transfers, a cryptocurrency wallet, or even a credit or debit card.

Keep in mind, however, that platforms may charge higher transaction fees for certain funding options. For example, Coinbase does not charge a fee if you make an electronic transfer from a bank account. However, it charges a fee of 3.99% of your transaction value if you pay by debit card or PayPal.

Credit card transaction fees on other platforms are often at least as high.

Since fees reduce the amount of money you can invest (and therefore also the amount of money you need to grow and accumulate), it generally makes more sense to use wire transfers from an account. banking rather than other methods. Additionally, if you use a credit card to purchase cryptocurrency, it will generally count as a cash advance and be subject to a higher interest rate than what you pay on regular fees. Moreover, going into debt to buy volatile investments is extremely risky.

3. Place an order

Once your account is funded, you can place your first order to buy Bitcoin. Depending on the platform you are using, you may be able to buy it with the press of a button, or you may need to enter the stock symbol for Bitcoin (BTC). You will then need to enter the amount you wish to invest.

Once the transaction is complete, you will own a portion of a bitcoin. This is because it takes a large initial investment to buy a single bitcoin now. If the current Bitcoin price was £30,000, for example, you would need to invest that much to buy one Bitcoin. If you invested less, say £1,000, you would get a percentage, in this case 3.33%, of one Bitcoin.

4. Select a secure storage option

Many crypto exchanges have a built-in Bitcoin wallet, or at least a preferred partner where you can keep your Bitcoin safe. Some people, however, don’t feel comfortable leaving their crypto connected to the internet, where it can be more easily stolen by hackers.

Most major exchanges have private insurance to reimburse clients if this happens, and increasingly they also store the majority of client assets in what is known as “cold storage” offline.

If you want ultimate security, you can store your Bitcoin in an online or offline Bitcoin wallet of your choice. But keep in mind that if you move crypto from an exchange, you may have to pay a small withdrawal fee. Additionally, if you use a third-party crypto wallet custodian, you may also not be able to access your coins permanently if you lose the private key that serves as your wallet password.

Sell ​​bitcoin

When you decide you are ready to sell your Bitcoin, you can place a sell order through your exchange, much like you did when you originally bought it. Most exchanges offer multiple order types, so you can decide to sell only when Bitcoin hits a certain price, or you can place an order that goes through immediately.

You can choose to sell all of your Bitcoin holdings or just a specified amount. Once the sale is complete, you can transfer the money to your bank account. Your exchange, however, may have a hold period before you can transfer money to your bank account. This is not concerning; it just takes some time to make sure the transactions are clear.

When you sell your Bitcoin, you can make a profit. If your profits exceed a certain threshold, you will be liable for capital gains tax, so be sure to keep track of your profits.

Should You Buy Bitcoin?

When the price of Bitcoin is skyrocketing, investing in the popular cryptocurrency can be tempting. But even though it has the potential to be a lucrative investment, you need to be careful. Even if you decide to go ahead, its volatility has led many experts to recommend against allocating a large percentage of your funds to its purchase.

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How to buy XRP Ripple – Forbes Advisor UK https://optimistmag.org/how-to-buy-xrp-ripple-forbes-advisor-uk/ Mon, 25 Apr 2022 14:59:46 +0000 https://optimistmag.org/how-to-buy-xrp-ripple-forbes-advisor-uk/ XRP is a cryptocurrency that runs on the XRP Ledger, a blockchain created in 2012 by Jed McCaleb, Arthur Britto and David Schwartz. XRP can be purchased as an investment, as a coin to trade against other cryptocurrencies such as Bitcoin, or to fund transactions on the Ripple payment system – created by Britto and […]]]>

XRP is a cryptocurrency that runs on the XRP Ledger, a blockchain created in 2012 by Jed McCaleb, Arthur Britto and David Schwartz.

XRP can be purchased as an investment, as a coin to trade against other cryptocurrencies such as Bitcoin, or to fund transactions on the Ripple payment system – created by Britto and McCaleb as an alternative to the main money transfer network. SWIFT money.

Note: Investing in cryptocurrencies is not for everyone. Cryptocurrencies are given to volatile price fluctuations. The UK’s financial watchdog, the Financial Conduct Authority (FCA), issues regular warnings about the crypto industry.

The FCA reminds future traders that crypto assets are unregulated and high risk. He says this means people are “very unlikely to have protection if things go wrong, so people should be prepared to lose all their money if they choose to invest in them”.

How to buy XRP in 4 steps

  1. Choose a crypto exchange or broker

Both a crypto exchange and a crypto broker can help you buy XRP, but the two are slightly different.

An exchange is a platform where buyers and sellers can trade cryptocurrencies. A broker is an interface that interacts with exchanges on your behalf.

Some exchanges only deal in crypto, so if you’re new to investing and need to use fiat currency (sterling in the UK) to buy crypto, be sure to choose an exchange that accept it.

If you choose a broker instead, be aware of their rules regarding transferring your assets out of a brokerage platform, as some brokers do not allow you to transfer your holdings out of your account. If you wanted to store your XRP in a crypto wallet for added security, that wouldn’t be possible.

The FCA has a list of registered crypto asset companies here

  1. Choose a payment method

Most exchanges allow you to add funds to your account from your credit or debit card, bank account, crypto wallet, or other payment service. Transaction fees may apply and your payment method may affect the amount you pay.

Use a credit card and the card issuer will treat it as a cash advance, which will be subject to a higher interest rate than a normal purchase.

  1. Buy your XRP

In the exchange you have chosen, search for the currency XRP and enter the amount you want to invest.

  1. Select secure storage

Unlike a bank account holding fiat currency, cryptocurrencies like XRP are not protected by the Financial Services Compensation Scheme (FSCS). This means that you would not be entitled to a refund if your XRP was stolen, if you lost your access codes or if the exchange or broker went bankrupt.

A broker may not give you a choice of where your XRP is stored, but while an exchange may provide an integrated crypto wallet, you are free to store it in wallets elsewhere – whether they are “hot”. or “cold”.

Hot wallets are stored online, which makes them more convenient but also more exposed to hackers.

Cold wallets are external storage devices such as hard drives or solid-state drives. They are arguably more secure, but if you were to lose your own access codes, you may never be able to access your assets.

Whichever you choose, you may be charged a fee for exporting your XRP to an external wallet.

Alternative ways to invest in XRP

Buying shares in an organization that uses or owns cryptocurrencies and the blockchain that powers them is another way to invest in cryptocurrency. If the company is subject to regulatory review, you may think this is a safer way to invest.

Nvidia (NVDA), for example, is a manufacturer of graphics processing units used by cryptocurrency miners. Paypal (PYPL), on the other hand, allows users to buy and sell certain cryptocurrencies.

To note: Nvidia and Paypal are used for illustrative purposes and are not recommendations.

Investing in publicly traded companies does not guarantee that you will make any money or even get your investment back. You will need an online investment platform to get started.


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