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Time of India
3 days ago
- Business
- Time of India
MP launches initiative to nurture startups
1 2 Mangaluru: Dakshina Kannada MP Capt Brijesh Chowta on Saturday launched 'Bolpu – A Dawn of Opportunities', a flagship initiative aimed at nurturing startups, empowering budding entrepreneurs, and accelerating early-stage ventures in the region. The initiative is designed to offer a comprehensive support ecosystem, including funding, mentorship, market access, and continuous advisory on govt schemes to help founders build, launch, and scale innovative businesses rooted in local strengths but with national and global potential. Ten promising enterprises will be shortlisted each year. Through eight-week sprints, startups will receive expert guidance to ideate, build, test, and launch. Aligned with PM Narendra Modi's vision of Atmanirbhar Bharat and Viksit Bharat by 2047, Capt Chowta said the initiative draws inspiration from his election manifesto task sheet titled 'Nava Yuga Nava Patha', aimed at reigniting the spirit of entrepreneurship in coastal Karnataka. "After returning from the Army, I wanted to contribute to India's transformative journey. Many second-generation entrepreneurs in this region end up in tech jobs in Bengaluru and metros due to lack of support here. Bolpu hopes to change that," he said. The MP stressed that Bolpu will lay special focus on women entrepreneurs and aims to create at least 50 success stories in the next five years. "At a time when Mangaluru is often in the headlines for the wrong reasons, we need to present models of success that reflect our true potential," he said. 92% Mangalureans open to returning home: MP About 92% of Mangalureans working outside the region and around the globe expressed a strong desire to return home and work in the region if suitable opportunities are available, Chowta said, citing findings from the recent 'Come Home Tiger' survey conducted by Rohith Bhat, founder of TiE Mangaluru, as part of the Silicon Beach programme. The survey aimed to gauge interest among professionals from the region who are currently employed outside the region in relocating back to their hometowns. Johnson Tellis, Co-founder and CEO of Inunity, said, "When companies are built and nurtured by the people of Mangaluru, they carry with them a deep-rooted sense of responsibility to give back. The initiative to support at least 10 ideas or ventures every year is not just about startups, but about leadership. Each of those ventures represents a seed of leadership that will shape future cohorts." He said that the focus is on bringing together key entities: ecosystem enablers, thought leaders who reshape business thinking, and the globally spread Mangaluru diaspora.
Yahoo
5 days ago
- Business
- Yahoo
Here's the Best $200 Retirees Can Spend To Get Their Finances on Track
Retirees are often on a fixed income that may be significantly less than their working days. Without proper planning, finances can spiral out of control, causing chaos and long-term hardship in retirement. Spending a couple of hundred dollars upfront can help retirees create a solid budget and develop a deeper understanding of their financial situation. Up Next: Try This: According to Christopher L. Stroup, MBA, EA, CFP, founder and president of Silicon Beach Financial, here are some of the best things retirees can spend $200 on to get their finances on track. Many retirees are unaware of how taxes can affect their wealth. The wrong type of retirement account could cost a substantial amount of money. Stroup suggested retirees look for a tax professional to help ensure money is saved wherever possible. 'You can spend $200 on a tax consultation with a CPA or an enrolled agent to better understand tax strategies that could save you money in retirement,' he said. Stroup emphasized the importance of this, particularly for individuals with 'complex retirement income sources (like Social Security, pensions and 401(k) withdrawals) or investments that might require advanced tax planning.' He added that some services can help you plan for making tax-efficient withdrawals in retirement. Be Aware: People often underestimate how much healthcare will cost as they age. According to The Federal Long Term Care Insurance Program, the average cost for a semi-private room in a nursing home is $100,740 per year. It is projected to increase to $159,372 over the next 20 years. 'Long-term care can be one of the largest expenses retirees face,' Stroup said. 'A $200 consultation with a specialist in long-term care insurance can help you assess your need for coverage, explore policies and learn about the best options for your financial situation. Many retirees underestimate the importance of this, but it's crucial for long-term financial planning.' Retirees who want a wealth of information can look into local seminars and workshops offered by financial professionals. Retirees can get a broad overview from experienced experts for a minimal amount of money. 'Attending a live or virtual seminar focused on retirement planning can be a great investment. Many financial institutions, credit unions or independent planners offer low-cost workshops to help you understand the nuances of Social Security, Medicare, estate planning and tax-efficient retirement withdrawal strategies,' he said. 'These can be valuable for building confidence as you approach retirement.' For some retirees, $200 is a significant investment. Luckily, there are several more affordable options available that can still help seniors with their finances. Stroup said that for $100, retirees hoping to focus on budgeting and saving can invest in a financial planning software subscription, while those overwhelmed with debt can consider credit counseling services. Finally, all retirees may want to take an online course to become more financially literate or meet with a Certified Financial Planner to get their affairs in order. More From GOBankingRates The New Retirement Problem Boomers Are Facing This article originally appeared on Here's the Best $200 Retirees Can Spend To Get Their Finances on Track Sign in to access your portfolio
CBS News
23-06-2025
- Business
- CBS News
How much debt is too much for a home equity loan? Experts weigh in
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Before borrowing money from their home, owners should first examine their debt homeowners are considering home equity loans in 2025 as interest rates have settled around 8.23%. While that's still above the rates of recent years, it beats paying over 20% on credit cards or an average of 12.47% on personal loans. With household debt at high levels, tapping home equity is tempting — but it's not always wise. This raises a critical question: When does your existing debt load make a home equity loan too risky or impossible? We asked three industry professionals to share their insights. Below, they explore the signs you may be overextending and offer advice on how to set yourself up for successful home equity borrowing. Start by seeing how much home equity you could borrow here. How much debt is too much for a home equity loan? There's no single formula for figuring out how much debt is too much for home equity borrowing. However, experts, including Christopher L. Stroup, a certified financial planner and president of Silicon Beach Financial, warn that attractive rates can lure borrowers into taking on excessive debt. "At a certain point, [more] debt could tip the balance between manageable and unsustainable, especially if your income or home value shifts," he cautions. When considering a home equity loan or a home equity line of credit (HELOC), experts recommend examining your entire financial picture — not only the interest rate. The following indicators may hint that a home equity loan is too risky or untenable: High debt-to-income (DTI) ratio Most home lenders want to see your debt-to-income (DTI) ratio at 36% or lower. "[But] some will go up to 43% if you have a high credit score, strong down payment and stable employment," says Pahmela Foxley, vice president of mortgage lending at Wasatch Peaks Credit Union. According to Steven Glick, director of mortgage sales at real estate investment fintech company HomeAbroad, a DTI ratio above 43% is a big red flag. "If you're spending nearly half your income on debt already, adding a home equity loan payment could strain your budget to the breaking point," he explains. Keeping the ratio below 36% will allow you more flexibility should surprise expenses arise. Check your home equity loan qualifications here now. Low credit score "A credit score below 680, especially under 620, screams risk to lenders," says Glick. It may point to past debt management challenges that have not been addressed or resolved. Beyond making approval harder, Stroup points out that a low credit score will drive up your interest rate. If your score is below 620, improve it before applying for a home equity loan. Pay down credit card balances and make all payments on time for several months to qualify for better rates. Low home equity Lenders often ask for at least 20% equity in your home. "If you've got less — say only 10% — a market dip could leave you underwater, owing more than your home's worth," Glick explains. If you're close to the 20% threshold, consider building more equity before applying. In the meantime, paying more toward your principal can help shrink your mortgage balance faster. You may also complete strategic home upgrades to increase your property's value. Unstable income "If your income fluctuates [a lot] or you've recently changed jobs, lenders get wary," Glick warns. Stroup agrees, noting that red flags include job hopping, recent career pivots or highly seasonal earnings. "Even a high income doesn't mean stability if it's unpredictable," he emphasizes. W-2 employees with steady salaries have the easiest path to approval, while self-employed borrowers or commission workers face more scrutiny. If your income varies by more than 20% month-to-month, establish consistency for at least two years before considering a home equity loan. Lack of an emergency fund "Lacking an emergency fund signals you're borrowing from a place of financial fragility," Stroup says. Since home equity loans put your house at risk, you need a cash cushion in case of job loss or medical emergencies. Experts advise saving at least three to six months of living expenses before taking out a home equity loan. And if you're self-employed, you should aim even higher. "Six to 12 months is recommended," notes Foxley. The bottom line Taking out a home equity loan can be smart, but it requires honest self-assessment. First, ask yourself: "What's my backup plan if circumstances change?" Glick suggests assessing your full debt picture and planning for the worst-case scenario before borrowing. If you're not ready yet, focus on improving your financial position. Pay down high-interest debt, build your emergency fund and boost your credit score. Strengthening these fundamentals now could save you from putting your home in jeopardy.
