Institute For Leadership

Every company has some strong fundamental basis on which the company is structured. The production sector of the company is as much important as the service sector of the company. However, probably the most important job profile of the company has to be the advertising PR jobs. In case people wonder why this is the case, it is very natural that the more famous the company is amongst its target audience, the more there is the chance that the target audience can be converted into sales and customer groups.

The added advantage of the advertising PR jobs is that it is a very high profile job and therefore it is very lucrative amongst the youth of the world. It is a creative job in which the person is at an advantage of being quite an asset to the company. This is precisely why many people are attracted towards advertising PR jobs in general. However, the more lucrative a sector is the more are the myths and misconceptions that are related to the jobs in this sector.

It can only be through knowledge, and research and proper information that people can be brought out of these misconceptions. Some of these myths can be enumerated as follows. There are many people who are adverse to the advertising PR jobs because they think that they have to have extremely flexible time limits for being popular in this kind of job. It might be true for some companies, but what these people do not understand is that the advertising PR jobs are related to every kind of company which is why in sectors where it is absolutely impossible for the service to carry on after set time limits, the advertising PR like any other department has to stop working by the end of that time limit as well.

There are many people who think of advertising PR jobs to be solely communication PR jobs. It is true that advertising PR jobs are closely related to communications PR jobs in various sectors of the company however, this does not mean that it is the only sector on which they have to concentrate if they want to be working in this field. There are a lot of various aspects to advertising PR jobs which they can explore.

Again, there are people who believe that they have to be exceptionally outgoing, spontaneous and they have to be over achievers to make any kind of mark in this department. It is not necessary that for advertising PR jobs people have to go out of their set niches to explore different kind of opportunities. There are a wide variety of aspects to advertising PR jobs where they can show their creativity even through design PR jobs. They can create concepts of presentations that would be used to bring in financers and even customers to the company. This is also very important aspect of advertising PR jobs and in no way is this any less than the other aspects that this job profile carries.

When the term reverse mortgage comes up, many people associate it with a regular home equity loan or assume it is just another normal mortgage with a fancy name. There are actually quite a lot of myths and half-truths surrounding reverse mortgage. This has confused many people and in turn, stopped them from ever thinking of investigating if this is the kind of mortgage that will suit their needs.
This article will provide you with the simple facts behind some of the myths out there about reverse mortgage so that you will have a clearer idea of what it actually is. This is so that you get a better understanding of this mortgage plan and whether it is what you are seeking, especially if you need the extra money for something important like a major surgery that will run up high medical bills.
So, here’s taking a look at some of the myths and the facts behind it:
Myth: Taking a reverse mortgage means I may be in danger of losing my home in future
Fact: Generally speaking, you are in no danger of losing your home at all when you take up this mortgage. It is a special type of home loan that allows you to withdraw cash from your home equity but you probably do not need to repay the lender as long as the property is your principal residence or until death. Usually, the lender will not foreclose on your property for non-payment of loan and you may not need to pay up until you sell it or move out.
Myth: It is a scam 
Fact: This mortgage program may be one of the ways for the seniors to supplement their social security or to meet medical bills by withdrawing the equity in their homes. So, the program itself may not be a scam. However, there are plenty of reverse mortgage scams out there that prey on unsuspecting seniors, causing them to lose most of their social security. Thus, it is always wise to check with a HUD-approved lender and mortgage counselor when inquiring about this kind of loan.
Myth: This program is just like another regular mortgage
Fact: Unlike other home equity loans, this program is only available for seniors above 62 years old and you possibly need not repay the loan for as long as you live in your home. If you look at a regular mortgage plan, you will need to have sufficient income to qualify for the loan and you are usually required to make monthly mortgage. While under a reverse mortgage plan, you may borrow an amount that depends on your age, the interest rate and the appraised value of your home instead of based on your income and ability to make monthly payments. Also, for reverse mortgage, your loan may not be due until you have passed away or you have moved out of it.
Myth: I need to go through an estate planning service to take up this loan
Fact: Usually, you do not need to pay to learn more about this program. In fact, it is advisable that you seek out a mortgage counselor to get more detailed information on the loan costs, the financial implications of this loan and the options available to you. When selecting a reverse mortgage, it is important that you learn as much as possible about it before making a final decision of applying for one. 
Now that you know the truth behind the myths, do read up more about this special program for senior Americans before taking the plunge.

Have you heard about the different myths about reverse mortgage?  Do you want to know the truth about this loan? Read on so you can thoroughly understand the basics of reverse mortgage. 

The Lender Will Take Your House 

This myth is totally untrue.  With a reverse mortgage, you remain the owner of the home while the lender records a lien.  It is similar to a forward mortgage.  The difference is that you get payments from the lender because you have borrowed using the equity of your home.  So instead of making monthly payments for the money you borrowed, the lender will give you a lump sum, a monthly payment, or a line of credit.  It is also possible to get all three options.  

There is no need for you to make payments on the loan.  The interest on the other hand will accrue until the loan is paid down in full.

 In case you pass away, you sell the home, or you move permanently to another home, then the loan becomes due and payable.  You may opt for a second home program which is currently available.  But you have to remember that you or your heir will retain the title to the property.  

Those with Bad Credit Cannot Apply 

This is another myth.  In a reverse mortgage, credit qualification is not applicable.  If you are getting the Home Equity Conversion Mortgage of the government, the only requirement is that you must not be delinquent on your other loans like FHA loan, Federally Insure SBA loan, Federally Insured Student Loan, and similar other programs.  You can even apply for reverse mortgage if you have declared bankruptcy.  The only requirement is that you should have a history of consistent payment for the bankruptcy plan for 12 months.  In fact, you can qualify for a reverse mortgage even if you are already facing a foreclosure.  

The House Must be Fully Paid 

Some people believe that the house must be paid in full before they can qualify for reverse mortgage.  This is completely false.  It is true that most seniors get reverse mortgage with homes that are already paid in full or have very small balances.  The money from the loan can be used to support them during their retirement.  There are also seniors who take out reverse mortgage in order to pay off existing financing.  The cash from reverse mortgage enables seniors to close a loan so that they can stop payments for life.  

Reverse Mortgage Affects Social Security Benefits

This is another myth that you must ignore.  This type of mortgage will never affect your social security benefits.  Need based programs like Medicaid can be affected if the reverse mortgage is improperly managed.  So it is recommended to consult a professional financial advisor on this matter.  But you will get the guarantee that retirement programs, social security benefits, and taxes will never be affected by reverse mortgage.  

A reverse mortgage loan can greatly help you.  This loan could give you a good source of income when you retire.  Do not believe the false myths because reverse mortgage is a good financial option.

Did you know…No matter what career or business we pursue, we are all in some form of sales and marketing business. Let me explain why I say this.

As an Accountant, I have started two practices in my career and every time I had to get out into the market to let people know that I existed. Even when I got my practice up and running, I still had to Network and market so that other people could get to know about my services. When you apply for a job, you have to let your boss know why he should employ you, and if you are smart, you continue letting him know how valuable you are so that you can move up the ranks and earn more money.

Are there limitations too what you can achieve in Sales & Marketing…Yes, for one if you are going to try and “Sell”, it is a very hard job. You should rather learn to “Market” very well. People will then “buy” from you as apposed to you having to try and sell them on something.

 Secondly, A professional Sales person doing very well in a particular company may find that they are:

- Very happy about the commission structure of the product/service
- May be happy with the Company they represent
- May be very happy with the product or service they are marketing But in the back of their mind most good sales people have a dilemma that just can’t seem to be taken care of.
- What happens if they leave the company?

Yes, all the hard work they have put in developing a market and creating a network of people will need to be left behind.

This now all belongs to the company. Most companies demand that a sales person sign an agreement that they will not pursue business related to their tenure with the company when they leave.

The question thus is…..

Are these sales people building their own income producing assets or are they creating and building income producing assets for some one else?

Is there an alternative…..Seeing that we are all in sales in some form or other, is there another way of capitalizing on this skill we all have and do to create our own Income Producing Assets.

Global crisis…I think now more than ever smart people are going to think of ways to ride out this crisis ensuring that they will not fall into this trap again.

What is an alternative….Is there a way that you can build up a client/customer base and keep it no matter what? Would this not be the ultimate way of building a recession proof income producing asset?

Tax debt and general tax problems will not go away on their own. You can not sweep them under the rug with other financial problems through bankruptcy. These problems must be dealt with head on and the sooner that you contact the IRS to work out your money problems then the easier the path to restoration will be for all involved.

Myths about Tax Debt

• Can be rolled into a bankruptcy – it seems to make sense. Bankruptcy is designed to roll your debts into a manageable number. Tax debt is not a figure that can be included. Even after the dusts settles from your bankruptcy proceedings you will still owe the IRS. It is important to work with a lawyer that specifically understands the working of the IRS to be able to work out the debt when working out a bankruptcy.

• Interest and penalties stop once you start working out the tax debt with the IRS – unless the IRS tells you (and it is always important to get changes in your case in writing) that they will wave the interest and penalties then assume interest and penalties on your debt are continuing to increase.

• The IRS can come after me for back taxes and debt for the rest of my life – the IRS is unquestionably one of the scariest entities in the Federal Government but there are limits to its power.

For most circumstances, these debts are only collectible for ten years.

There are so many rules and regulations when it comes to the IRS and the tax code that it is usually best to work with a tax professional. The right tax professional can help guide you through the maze of code that will eventually lead you out of tax debt and tax problems with the IRS.

Tax Myth 1: The IRS will not notice if I do not file.

In the age of computers, this tax myth could not be further from the truth! TaxMasters has dealt with numerous cases where people mistakenly believed the IRS would somehow miss the fact that they did not file a tax return or decide to let them slide. The IRS continually gets more sophisticated in the way that they track tax returns, and they will notice if you do not file. They may not notice immediately, but they will find out and they will make you pay what you owe along with fines and penalties. In worst case scenarios, they can even send you to jail for not filing. Recently, Wesley Snipes was jailed for failing to file just three tax returns. Don’t let this be you!

Tax Myth 2: Since I am in the military, the IRS will cut me slack in having unfiled tax returns.

First of all, thank you for serving our country. One of our own, Major Fred Hackett, is currently deployed in Iraq. We have the utmost respect for our service men and women. Thats why we dont want you to get taken by this tax myth. Just like every other American, you have to file your taxes. The IRS is willing to give you extensions, but you must file for them. Do not just assume that you have one.

Tax Myth 3: People who file for extensions get audited more.

Nope. Audits are based off of what is on your return, not when you submit it.

Tax Myth 4: If I file an extension, I wont owe anything until the extension is due.

Unfortunately, this is not true. If you owe the IRS money, you will begin to be charged interest on April 16th, regardless of your extension. So if you are filing for an extension to avoid paying for a few more months, dont bother. You will only end up owing more.

Tax Myth 5: African Americans can claim reparation deductions

Slavery was an awful institution in America, but there are no reparation deductions due to slavery. Anyone that tells you otherwise is probably running some type of scam. The US court system has seen numerous cases on this topic, with the person claiming reparations always losing. Dont waste your time and money trying to file for this false deduction. It could lead to some serious tax problems down the line.

Disclaimer: The information here should not be taken as tax advice, but as common sense responses to IRS notices and procedures.