Getting Out of Debt on a Limited Budget with United Debt Counselors

Getting out of debt can seem like an impossible proposition. The idea of consolidating, saving, and eventually paying off each and every loan in full can be totally overwhelming for people who can barely manage to save money from week to week.

United Debt Counselors (“UDC”) may be able to help. No matter how limited a person’s budget might be, UDC is devoted to figuring out a working payment plan designed around each client’s specific needs. No one should have to put their life on hold just to try and get a handle on debt. Here are a few ways to set aside loan repayment money and work toward financial goals with UDC.

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Lilly Singh’s Net Worth

Lilly SIngh's net worth

Youtube stars are becoming more and more common it seems. Although Youtube launched less than 20 years ago, many people have been made into millionaires through the video streaming site. Some of them, like Lilly Singh, have even gone on to star in Hollywood roles.

Singh, who just landed a role in the upcoming film “Fahrenheit 451,” is another Youtube success story. She has been able to make people laugh through her videos and now she will even get to appear on the big screen. So, how has all of this impacted Lilly Singh’s net worth?

About Lilly Singh

If you haven’t heard of Lilly Singh, don’t worry. Many Youtube stars aren’t recognizable to people who don’t frequent the site for entertainment. Many people, however, do find Singh to be extremely entertaining. In fact, the 28-year-old comedian has 11 million subscribers on her Youtube channel and 1.9 billion views.

The channel, IISuperwomanII, which was launched in 2010, was essentially Singh’s claim to fame. She was born and raised in Canada but moved to Los Angeles to further develop her comedy career (and expand beyond her Youtube channel).

Her move to LA in 2015 seems to have been a good decision for Singh as well. In recent years you may have seen or heard Singh in a number of films. You may have even seen her appear as a background dancer. Singh’s more popular work has been in her cameo role in “Bad Moms.” She also voiced a character in an “Ice Age” movie.

It is probable that when Singh began her Youtube channel seven years ago she never thought it would lead to parts in movies but it has been her reality. So, how has it impacted her net worth over the years?

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Lilly Singh’s Net Worth

Lilly SIngh's net worthLike many other Youtube stars, Lilly Singh’s net worth has been directly effected by her success on the video streaming site. Her net worth is estimated to be about $9 million. Billions of people viewed and enjoyed her content over the years. It is because of this popularity that Singh’s wealth has risen steadily.

Although her $9 million net worth is only an estimate it is pretty impressive for a 28-year-old Youtuber. Other Youtubers like Singh make six figures (or more if they have multiple channels) through the streaming site. So through that regular income and her additional cashflow from background dancing, albums, standup and films Singh has been able to create a substantial nest egg for herself.

Forbes has listed Singh among the richest Youtubers out there, just behind PewDiePie and Roman Atwood. With her upcoming appearance in “Fahrenheit 451,” you’ll likely be seeing even more of Singh in the near future. So don’t be surprised if you see her wealth rise too.

Photos: BBC and Pinterest

What Should You Do With $20000?

What to do with $20000

Coming into a windfall is always great, especially if it is a sizable amount of money. Many people don’t know what to do with a significant amount of cash when they come into it though. Oftentimes people wind up squandering it away on items they don’t really need or buying one big-ticket item. There is a right and wrong way to handle these kinds of windfalls though.

So, let’s say you come into an extra $20000. Maybe a relative died, maybe you won a small amount on the lottery or you got a sizable bonus at work. Whatever the case may be, you have extra cash and you need to know what to do with it.

What Should You Do With $20000?

There no clear answer as to what you should and should not do if you come into $20000. All of it depends on your current financial situation. Here’s how you should approach what to do with $20000:

  1. Save. Not many people have enough savings to cover small emergencies ($1000 or less). Make sure that if you come into any windfall, especially one as large as $20000, you put some of your cash in savings. Having a safety net like that will always provide peace of mind and help you generate some wealth over time (if your bank’s interest rate is good). If at all possible, try and put at least half of every windfall into a savings account.
  2. Pay off and pay down debts. If you have any debt, try to pay it down or off with your newly-acquired cash. People who are deep in debt should probably try to pay their debts off before anything else (after saving, of course).
  3. Invest. Lastly, if you have saved and paid down/paid off debts you can invest your $20000. Many people get nervous when they hear the word “invest” because they think it entails working with the stock market. That isn’t always the case though. You can invest your money in plenty of different ways.

How to Invest $20000

If you’re wondering what to do with $20000 investing is a great way to spend the cash. How do you go about investing $20000 though? It can be pretty overwhelming. Here’s a few ways to invest your $20000:

  • Invest in the Stock Market – Stock market investing can be a bit intimidating for many people. However, you can get started investing for much less than $20000.
  • Use an Investing App or Broker – There are many different apps, like Acorns, that help people start investing and continue investing over time. If you’re not comfortable using an app you can also contact a broker directly (I would suggest a broker if you’re looking to invest the entire $20000).
  • Invest in Yourself – Maybe you need to take a few classes for work or you’ve been meaning to go back to school, take a fitness class or even buy yourself something new to further your career (like a computer).
  • Make Some Renovations – If you own your home and are wondering what to do with $20000, make a list of things that need renewed and renovated around your home. $20000 can cover a lot of home renovations.

There’s no right thing to do with $20000 but there are some great things you can do to better your financial future with that cash.

Have you ever come into a large sum of money? What did you do with it? 

Photo: Benzinga

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Why Crowdfunding is a Bad Idea for Restaurant Financing

Whoever came up with the phrase “labor of love” either owned a restaurant, or would certainly feel right at home in the restaurant sector. Indeed, whether the challenge is to keep inventory and supply costs low, maintain proper staffing levels, keep demanding customers happy, or fend off and endless stream of competition, life as a restaurant owner is more of a calling than a vocation. You’re either totally immersed in it, or it’s wiser to check out now and find another career path.

Of course, you’re made of strong stuff, and as such you have every intention of ensuring that your restaurant survives, succeeds and thrives. And that means sooner or later (or perhaps right now), you’re going to need restaurant financing to cover a temporary cash flow shortfall, or cover a long-term expense that boosts your profitability and competitive advantage. And while there are some good options available to you (and I’ll highlight those in a moment), right off the bad you should cross crowdfunding off your list. Here’s why:

  1. You probably won’t get the funding you need.

Forget about the inspiring success stories you read about on the web, or hear about on TV. The overwhelming number of businesses (restaurants and others) that try to generate financing through crowdfunding fail to come even remotely close to their target. There’s simply too much competition, and trying to piece together a major cash infusion through $50 and $100 pledges at a time is usually an exercise in frustration – and futility.

  1. It’s not funding — it’s a trade.

Although it’s called “crowdfunding”, as PC World points out, it’s not actually funding because you aren’t borrowing the money. You’re making a trade, which means in the long-run your total cost of borrowing might become excessive and unsustainable.

  1. You don’t know who might be lending you money.

Having a good relationship with your lender (or lenders) is important, since issues and opportunities will come up down the road. But with crowdfunding, you can’t pick up the phone or send an email and have a meaningful conversation. The most you can do is post mass updates on your campaign page, website or through social media, which is hardly strategic.

  1. Your reputation is on the line.

With apologies to Shakespeare: hell hath no fury like a crowdfunder who believes that they’ve been scored (whether they actually have or not is beside the point, it’s all about perception). As such, if you decide to change direction – not because you’re avoiding commitments, but because you need to steer your restaurant in the right direction – then expect anyone and everyone who has even pledged $1 to become hostile, and shred your reputation online and offline. Remember: the vast majority of people who pledge money through crowdfunding aren’t experienced lenders or disciplined investors. They’re just everyday, ordinary people who might not even know how to plan their own personal finances, let alone know how to run a complex restaurant operation.

Moving Forward

If crowdfunding clearly isn’t the answer for your restaurant financing needs, then what is? Well, unless you have flawless personal and business credit, have been in business for at least two years, have ample collateral, and can afford to wait several months to get the cash, then your best move is to enter the alternative lending marketplace and explore a working capital loan, merchant cash advance, or business line of credit.

Any of these options can give you the quick funding infusion you need at a reasonable cost, so that you can continue your “labor of love” – while you boost competitive advantage, sales and profits.