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Lisa C. Townes

Pros and Cons of FHA Loans

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Buying your first house is always the most challenging task of your life, but the USA’s government has made it a little easier for you by announcing FHA loans.

An FHA loan is a Federal House Administrative loan that a government agency guarantees. This type of loan requires a lower down payment, and therefore, a dream comes true for those who have never even thought of affording to buy a house.

You qualify for an FHA loan if you have a 3.5% down payment, 580 credit score, and 43% debt-to-income ratio. Even if you have a credit score greater than or equal to 500 but less than 580, you can still qualify for FHA loans, but now you need a 10% down payment. You can learn more about FHA loans here.

Pros and Cons of FHA Loans

The compatibility of FHA loans is still questioned as this type of loan has both pros and cons. Let’s find out the pros and cons of FHA loans and then decide how good FHA loans are:

Pros of FHA Loans

Here I have discussed four main benefits of FHA loans. Let us find out what these benefits are:

No Income Limits

The most significant advantage of FHA loans is that there is no income limit. In fact, if you have a higher income than the median of your area, you do not qualify for FHA loans. There are some FHA loans where there is no income limit, which is the most substantial advantage of this type of loan. Fannie Mae and Freddie Mac offer FHA loans at the down payment of 3% regardless of your income.

Housing Options

Another most significant advantage of FHA loans is that you avail the loan on any type of housing. Whether you want to buy a single-family house or a multi-family, a manufactured home, or a condominium, you can use an FHA loan to buy any type of house with a downpayment of 3.5% only.

Monthly Mortgage Insurance

If you do not have the money, additional troubles already surround you. The same is the case when you ask for a loan to buy a house. The lender will ask you for an additional mortgage to cover the risk of your default, that is, if you fail to repay the loan.

Nevertheless, you do not need to worry about paying additional mortgage insurance in FHA loans as you will be paying the same affordable mortgage irrespective of your credit ratings and down payment.

Debt-to-Income Ratio

If your debt-to-income ratio is higher, you usually face difficulty asking for house loans as you require a high credit score with a high debt-to-income ratio. However, in FHA loans, your higher debt-to-income ratio is not an issue for loan providers as they even accept a debt-to-income ratio of 43% or above, making the dream of housing real for every individual.

Cons of FHA Loans

FHA loans are not the perfect loan scheme in the world and are surrounded by numerous disadvantages. Let’s find out some of the significant cons associated with FHA loans:

Lower Loan Limit

The demand for FHA loans is generally very high that limits the loan providers. FHA sets a loan limit, depending upon the country, every year, which means that you need to face a certain loan limit if you opt for an FHA loan.

The lower loan limit means that FHA loans permit you to buy a house under a specific limit, not what you might cherish.

Mortgage Insurance

Taking an FHA loan is equal to a mortgage insurance payment for a lifetime. Wonder why? Well, when you are buying at lower down payment, your mortgage insurance payment will increase. This payment will be stuck with you for a larger part of your life, and you can not change that while opting for FHA loans.

Down Payment

Although FHA loan providers have set a minimum down payment to 3.5%, some people still might struggle to pay this amount. There are government-backed loan schemes available at a lower down payment percentage. In such a scenario, the down payment set for FHA loans is usually causing a disadvantage to the providers in getting borrowers.

Housing Standards

FHA loans come with significant restrictions that are not great to handle. When you buy a house, you will want the place to be entirely as you have always dreamt of. FHA loan providers have set some structural and safety restrictions that might hurdle you to get your desired house.

You can only buy the house with an FHA loan if you plan to live there as a primary residence. Also, the restrictions prevent you from purchasing a house in a specific area which might not sound appealing.

Conclusion

FHA loans are surely a dream that comes true for people who cannot afford to pay high down payments or are struggling with a high debt-to-income ratio. There are both pros and cons associated with FHA loans, but in the end, I would say you can compromise on some things and at least get your property named. The disadvantages are not too difficult to handle, and thus, I can say FHA loans are an excellent deal for middle or, in fact, lower-class people.

Why Optometry is the Best Career Option?

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Making a selection for a professional career is one of the best and biggest decisions of everyone’s life. The lifetime of a career along with its best and worst outcome mainly depends upon the type of profession that a person chooses.

It is important to see the pros and cons and most importantly the ranking of a profession in the current era as well as understanding your own personality. You may be an Introvert, if so, these are the best career options for you.

No doubt the world is progressing rapidly in the way of science and tech. Whether it is medical science or any other, the value and demand of scientific knowledge and its application playing a major role.

While listing down the best professions, Optometrist comes at the top of the list in serving as the best rewarding career by giving major practice scope in different subfields.

Let’s have a sneak peek at this profession that how it performs and deals with the lives of humans.

Vision is the greatest blessing of God and any defect to it can cause a great loss of appreciating the beauty of the world through visionary sense. Optometrists are the experts who diagnose and prescribe curing measurements. They perform a deep and comprehensive eye checkup while prescribing sometimes the contact lenses, sometimes advise a therapy for improving eyesight.

How Optometry Is A Good Profession?

Optometry, which is the greatest rewarding professional career that opens more than one training zones of having a qualitative living. While living in the contemporary era where medical science is evolving day by day to improve the quality of life, the Optometry career is growing rapidly while assisting the bunch population across the world.

Here are some opportunities that an Optometrist gets after choosing this profession.

Holistic Treating Manner

The proficiency of dealing with patients in the interdisciplinary healthcare unit helps them out to deal with patients with full devotion.

Scope in Exercising Skills

Give opportunities in practice like rehabilitation, ocular disease, and other disabilities.

Benefit of Working under Skilled Supervision

One of the convenient ways of working in this field is that the aspirant can gain or practice skills with general public medical sectors and then practice specialty in particular eye conditions under high street optometrists.

Provide Attitude to Work in a Community

This is the profession that provides several satisfying medical courses in several ways. It is an active and career profession that provides self-awareness and working etiquette like respect in that particular working community.

Money-Making Profession

Whereas the making of money is concerned, this profession is a highly recommended job field to choose for achieving a good amount of money for settling life.

Flexible Workplace

Also, the Optometrist has the recourse to select the working place for them, they can go to either clinic, medical center, or any other health care campaign.

Benefit of Independence

After succeeding in polishing skills, the skillful optometrist runs their optometry clinic for serving people in solving all issues related to vision.

Final Words

The scope of an optometrist has been increasing nowadays as it has been discovered under research that almost 80% of vision loss is preventable or treatable with the latest techniques and medications. They can invest a greater difference in the lives of many people by diagnosing vision issues on time while prescribing effective treatment. Hence, optometry is a great choice to pick for establishing a good career that promotes growth while availing of several opportunities in life.

What is the Minimum Wage in Louisiana

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The minimum wage is the least wage that every employer needs to pay to the employee for their per-hour services. The wage in Louisiana is $7.25 per hour and has been more or less the same for the last few years.

The average hourly wage in Louisiana indicates that if you are an employee in this state, the salary per hour that you should at least accept is the $7.25 declared by the federal government. So if your employer is paying you anything less than the minimum wage, he is breaking the federal government’s fair labour standard act.

Do you know the living wage in Louisiana?

It is $14.06 per person. So what does this indicate? It basically tells you how much you require to acquire the basic necessities of life, including food, shelter, and other things for a satisfactory living standard.

By setting up the minimum hourly wage rate to $7.25, the federal government does not assure Louisiana’s people’s basic quality of life.

Do you know what state has the lowest minimum wage?

It’s Louisiana.

The economic crises in the state account for the lowest wage rate in the state for years.

You might be wondering why the wage in Louisiana is very low compared to other states of the USA and when this will change. Well, I have good news for you. With the change in the central government and the power in the hands of Joe Biden, Louisiana’s fate is going to change. Want to know how? He has proposed to increase the average hourly wage in Louisiana from $7.25 to $15.

So you might already know what does that mean?

This increase means you have more money than the expenses you have been earning while living in Louisiana. Better living standard, exposure to luxuries, savings, investments, future security are just a few of the many benefits that will be opening for You, the people of Louisiana, after the proposal by Joe Biden.

If you are a business owner, you better prepare for any minimum wage rate change in the future. Hire an accountant and a financial expert, and he will guide you on how to prepare for the increased wage rate in Louisiana in the upcoming years.

If you can involve technology in business, you are good to go. Technology is a one-time investment that will certainly save you time and money in the future. Adopting technology today will lead you to save money and time in the future. If the fair labour standard act changes in the future, having computerized work will not affect you.

Louisiana minimum wage increase will surely change the living standard of the state. If you are one of Louisiana employees, you for sure know what this change will mean. With the argument presented by the state’s authority that the minimum wage in Louisiana is not the living wage, you can expect the change sooner.

You might be thinking of how the business can afford the increase in the wage rate. Well, you are right. They can’t. So the federal government is not only required to increase the wage rate, but it also needs to provide fundings to businesses to make them capable of expenses.

Louisiana is far behind the world. The living wage in Louisiana is high in comparison to the minimum wage rate. The minimum wage rate will surely increase in the future, and for that, you, the citizens of Louisiana, should get ready to start living a quality life.

What is Green Banking?

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Green banking is a type of banking in which public or semi-government financial organization partners with private organizations to accelerate clean energy deployment. It promotes environmentally friendly practices that reduce carbon footprint.

The green banking concept is about the types of banking that promote online banking. It is a way of using online transactions for paying bills to avoid mailing them. It reduces the carbon footprint because of fewer banking activities and is also called sustainable banking.

Importance of Green Banking

Green banking is a new concept introduced to promote eco-friendly banking. It minimizes the carbon footprint and reduces the effect of banking activities worldwide. Banks are the most important financial intermediaries in any country used to deal with any money-related issue. 

People worldwide use banks to keep their money and goods safe, take loans, pay bills, and do transactions. Banks control the economy of any country moving and support financial activities. So the importance of banks is evident, but the activities increase the carbon footprint

The Goals of Green Banking are

  1. Affordable and clean energy by promoting clean energy projects
  2. Industrial innovation to enhance the commercial aspect of the area
  3. Infrastructural innovations and eco-friendly changes 
  4. Sustainable Banking with the help of public financing and loans
  5. Clean communities and cities
  6. Responsible consumption and production
  7. Improvement in climate action by reducing the carbon footprint

Green banks help by providing low-cost capital for eco-friendly projects like solar energy projects. In the United States of America, green bank institutes that are currently working are:

  1. Connecticut green bank
  2. NY green bank
  3. California lending for energy and environmental needs
  4. Rhode Island Infrastructure bank
  5. Montgomery County Green Bank
  6. Hawaii Green Energy Market Securitization

The establishment of green banking legislation on state and local levels helped to introduce Green banks. These are ethical banks or sustainable banking to reduce carbon footprinting.

The products obtained from this type of banking vary in many forms; the target audience is home-based and business owners. So the type of development depends on the requirement of the audience in the U.S. The products are for residential and commercial segments, so the product is residential solar loans, lease programs, and credit support mechanisms. 

The products provided by green banking may be different; depending on the target audience or the end audience; a general concept of products are:

  • Loans on based on incentives and ideas
  • Loans for ecofriendly private projects
  • Credit enhancement via green banking
  • Projects that improve green banking as well as the environment

Formation of Green Banks

Green banks are state or local sectors under a variety of different structures and funding by banks. In the case of Connecticut green bank, there is a surcharge capital of $0.001/kilowatt hour on household electricity bills. 

In the state of Nevada recently, a Nevada clean energy fund was established, which will provide capital for different startups. In general, green banks form a bond between the public sector organization and a private institute. It provides financial support and high net worth to individuals via federal, state, and private capitals.

Green Bank Techniques

Green banks are aiming to promote climate-friendly activities and keeping the cost of capital as low as possible. Green banks use some method that reduces the cost of capital and makes it more affordable.

These techniques are:

Green banks promote the bonding of public and private capital that makes the rate affordable. It helps the reduction of investing your total money by loans. Using these methods to support low-risk eco-friendly projects, enhances credit and minimizes expenditures.

The green bank’s projects reduce the capital cost, as they act as barriers in significant investments. These projects are often innovative and require less money as compared to other projects. 

If a person alone starts a project like a food business in the U.S, it may cost them much, but if they get a bundle of loans of small amounts, they will easily keep the business running.

It helps to reduce the cost of clean energy startups by standardized legalized documentation and processing. As there are large green bank markets, distributed labor and work reduces the cost among people.

Green Banks promote clean energy and result in fewer carbon footprints. They are like the bond between public and private organizations and give loans. The payback of loans is also not that hard once startups or businesses start running.

What is the Minimum wage in Tennessee?

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The minimum wage is the lowest amount of money paid by an employer to their employees. It is the legal requirement, and laborers get paid minimum wage or more than this. The minimum wage legislation was passed in the 20th century and is now a legal requirement in many countries.

In America, the national minimum wage was created in 1938 and is still effective. The current federal required minimum wage is $7.25 per hour of work. But in the United States, different states are allowed to set minimum wage according to their standards.

The states are divided as follows based on their minimum wage regulation:

  • The states with higher minimum wage than federal’s required minimum wage
  • States that have the same statutes of explicitly of the minimum wage as the federal government
  • States without any minimum wage standard or statute, these states automatically have the
    same minimum wage statute as federal
  • Those states that have a lower minimum wage than the federal government’s statute, but it is
    only applicable for specific jobs

Tennessee is one of those states that does not have any minimum wage statute and has the same minimum wage as the federal one. The minimum wage of Tennessee is $7.25/hr. It applies to all the employees except students, employees that get tipped, and employees working exempt occupations.

There is no particular law for minimum wage in Tennessee, but a promised wage law exists. It states that employers should pay the promised wages to the employees. This law ensures the employees get paid, and the payment is not under $7.25/hr.

Even though there are no plans to implement a state law for minimum wage in Tennessee, some talks are going around. Since January of 2020, the act called the Tennessee Minimum wage act is under discussion. If this act gets approved, the minimum wage of Tennessee will raise to $15/hr.

Although many people would wish that this act passes, there is a long way to happen. If the federal minimum wage goes higher than the minimum wage in states like Tennessee will also rise. As good as it will be for the employees, the business owner might need to make some changes.

A business that must pay Minimum wage

According to the Fair labor standards act, a business with two or more employees and have an annual sale of $500,000 should pay minimum wage. It can be any form of business or labor if the enterprise fulfills the condition the minimum wage statute applies.

The business under this law is individuals or enterprises that the Department of Labor defines as interstate commerce. The legal requirement of paying minimum wage applies to all the business. But some jobs are exempt from getting paid minimum wage.

Exemptions

Minimum wage is a legal requirement, but certain employees get exempted from getting it. Employees like executives, people in administrations, and professionals that work as outside salespersons are exemptions. It is because these employees can bargain their wages and have higher salary requirements.

Some exemptions are also present, in which case the employees get paid more than minimum wage.

These exemptions include students working part-time and employees that get tipped. Sometimes people with disabilities and tipped employees may get a lesser amount of money than minimum wages.

In case The Tennessee minimum wage act passes, there are some things you need to look out for as a business owner. Other than the exemptions mentioned above, you will need to reevaluate your staff and notice which employees get paid weekly or monthly.

Another thing you need to do is to hire the best employees that give maximum output worth the wage.

Small businesses try to recruit employees with good potential. It would help if you had a good team and perfect management to ensure that your business prospers in any case.

Many families live under the poverty line in Tennessee, as the average wage is just a little more than the minimum wage. The average wage is about $14.84 per adult, which is the living wage. If the labor wage or minimum wage increases, the poverty line people will get a huge benefit.

Tennessee’s minimum wage is the same as the federal government’s, but there will be a significant rise if the act passes. The change is not supposed to happen incrementally, but at once, that will help families struggling.

What is the Minimum Wage in Indiana?

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The United States either set up its own state minimum wage or go with the Federal minimum wage law. Indiana is one of the states that go with the Federal minimum wage. The Federal minimum wage has been adopted by Indiana which happens to be $7.25 per hour. These wages are planned at the state level considering the customer price index.

Indiana Minimum Wage Law

Employers follow the Indiana Minimum wage law while paying their employees. It is advised to pay the wage per house. In the case of overtime, the pay rate is 1.5 times the normal wage. Indiana Minimum Wage Law also commands employers to prepare a statement that has the record of the working hours, pay rate, overtime, and deductions.

Indiana Minimum Wage Poster

The Indiana Minimum wage poster is important for the Federal labor law as it has devised working hours for the laborers. The Fair Labour Standards Act calls for this wage poster so that the employees are aware of the overtime regulations and wages. As Indiana’s income comes from agricultural, farming, and mining industries, it is important for the employees to know the regulations devised for overtime and labor forces.

Indiana has been ranked 35th nationwide when economic growth was evaluated for the states. Circumstances are changing in Indiana if we consider economic grounds. The wage was increased by $0.6 in 2008. Since then there has been no rise in the wage.

The average minimum wage in Indiana is $7.25 per hour. Although there are some exceptions when we are considering the minimum wage per hour. These exceptions vary with the nature of the employees.

  • Tipped employees have a $2.13 minimum wage. $5.12 tip is granted to the tipped employees to make a total of 7.25 per hour.
  •  College or school students get 85% of Indiana’s minimum wage per hour if they are part of a work program.
  • If an employee is new he or she receives $4.25 an hour for the first 90 days. It is usually known as the training wage.

These wage policies make a balance in society.

Bill Passed by the Indiana General Assembly

Indiana General Assembly has passed a bill for raising the wage per hour. It is proposed that the wage may be increased to $10 per hour with effect from 30 June 2021. This raise has been planned statewide. It may rise to $13 by 2022 and to 15 by 2023. President Joe Biden is trying his best for this legislation to be approved. But the demand is still on hold. Although things are expected in the favor of Indiana as 20 states have expected a rise in their wages per hour.

Changing Dynamics in Indiana

 Since Bill has been passed for expecting a rise in the wages, the businessmen in Indiana may have to strategize considering the dynamics in the field of finance. This calls for certain objectives which must be adopted by the people of Indiana. These objectives may include

  • Better Hiring strategies must be made by the businessmen. As the wages per hour may change this year, intelligent businessmen should lay out the policies and strategies for the number of employees they have to hire this year.
  • Setting objectives and consultation can result in better business growth
  • It is advised to consult business liaisons or Local chambers of commerce to have an idea of the changing dynamics in Indiana. These consultations can help in knowing the changing wages policies in Indiana.
  • Employee turnover can be expensive as the income policy is going to change with time. It is therefore advised to set a standard strategy to avoid employee turnover.
  • The changing economic dynamics call for the updated technology.
  • It is also advised to automate payroll.
  • Employers must get an EIN (employer identification number) issued in Indiana.
  • Employers should consult their lawyers about the changes in the bill passed in the Indiana Assembly

Factors affecting the Changes in Wages in Indiana

Customer price index

It accounts for the price of an average weighted basket of market goods used for household purposes. As the prices vary in the market, the strategists have to advise the government to enhance the wages. Due to the pandemic, the Customer price index has increased.

Poverty threshold

Figures have shown that 11.9% of the population in Indiana has lived below the poverty lines. The poverty threshold is below the annual budget in Knox (a city in Indiana). Hence the government and the policymakers devise the wages keeping in mind the poverty threshold.

Labour Force survey

Data is gathered on Indiana’s official labor force and the wages are recommended accordingly. Employment rate and inflation also determine the minimum wage per hour in Indiana.

Gross regional Domestic product GDPR

It is the measure of the size of a region’s economy. It gives us an idea about the economy and needs of the people of Indiana. Policies are devised considering the GDPR of Indiana.

Business School Essay Tips for Successful Studies

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Applying for a business school is not a cinch. Every year around 100,000 prospective students participate in the admission process of business schools. So, what makes you stand out from the crowd?

If you are planning to get admission to a top business school, then your passion and personal choice are not enough. The admission essay is a vital part of getting admission to the top business school. At the time of application submission, you are asked to submit an essay. The majority of your acceptance depends on how well you create that essay. 

Now the question is how to write a business school essay? Here is an article with the best tips to write business essays.

Tips for Writing a Business School Essay

Business school essays are no cakewalk. You need to have top-notch writing skills, impressive vocabulary, and a solid understanding of grammar. If you are currently suffering from the anxiety of creating a business school admission essay, then relax. 

The process of writing business school essays is a little bit difficult. Here are some tips for writing a good business school essay. 

Start Directly

Before you start writing a business school essay, make sure to read the question properly. The first and foremost thing to consider when writing an essay is that you need to answer the question asked. Many times, students write good essays, but they forget to answer the question, which makes a bad impression.

Business school applicants are often profoundly accomplished. They try to include as many details of their accomplishments as possible in the essay to make it tempting. However, it makes the essay overwhelming, so it is better to avoid doing this. You should try to focus on answering the particular question at hand. 

Avoid prejudicing your essay with vague starting and relatable ideas. The starting should be strong and appealing enough to grab the reader’s attention.

Be Succinct

One of the popular trends leading business school programs is shorter essay word limits. Many business schools have reduced the word limits of their essays in the admission cycles. This trend reflects that you need to be precise and succinct when writing your essay. 

Always keep in mind that short answers and essays are a part of your application. In addition to the details, you provide in your application form, you also have to submit an MBA resume. So, you do not need to fit every detail in your admission essay. You can mention your accomplishments in the resume.

Instead of squeezing in a lot, try to focus on sharing some key highlights of your career, peppering in some compelling details, and conveying your ideas through your writing. A business school essay is your chance to show your interesting accomplishments, share your passions, and explain your choices. 

Be Authentic

Always remember that you do not write what you think admission committee members are expecting to read. Your greatest selling points are the experiences and qualities that make you unique. So, your essay should draw a clear picture of your personality, your passion, and what motivates you.

Do not feel compelled to show how you fit the mould or what makes you an ideal candidate. Try to be real and genuine. Do not pretend to be something else in your essay, as the admission committee will see right through this. The business school admission committee prefers students who are self-aware. So, focus your efforts on being authentic. 

Keep Your Language Appropriate and Approachable 

When writing a business school essay, paying attention to the language is a must. An approachable and appropriate language is the soul of an essay. However, it does not mean that you have to include a lot of flowery prose in the essay. 

The use of appropriate language and vocabulary reveals an intelligent mind. Make sure to use the word and prose that fits in your essay. In addition to this, avoid using short sentences with vague language. Irrelevant language and poor clarity can make a bad impression. Make sure to write a top-quality business essay with proper vocabulary and language.

Edit and Proofread

It may sound like an obvious thing, but students often forget to edit and proofread their essays. Careful proofreading is an essential part of writing an essay. It allows you to make sure that there is no spelling error or grammatical error. 

Editing is crucial to determine if the essay’s logic, structure, and arguments are all there. You should always feel free to take help from online professional writing services. It allows you to seek our fresh perspectives and make sure that your essay is free from typos and grammatical errors.

Final Words

Always remember that it is not easy to get admission to top business schools. For most business universities and schools, the admission essay is a crucial part of the application. The process of writing business school essays is complex and requires a higher understanding of grammar and writing skills. If you are not sure about writing your business school essay, then you can take professional writing help online from custom writing services. They hire skilled and experienced writers to help the students in attaining their determined academic goals. 

Minimum Wage in Virginia

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Most companies and corporations are confined to meet some federal requirements as per the law in Virginia. There is currently no defined overall minimum wage rate in Virginia, but organizations including more than four workers befit this policy.

The current minimum wage in Virginia is fixed at $7.25/hour, which is according to the federal wage plan. The government is working to change this policy and raising it to $9.50/hour from 1st May 2021.

Furthermore, it can extend to $11/hour from 2022 and might be an extra dollar on top of 11 from 2023.

New Wage Law in Virginia

The three well-known state organizations, involving the Virginia Employment Commission, are required to arrange a public survey. This survey not only fulfills the general wage requirements but also imposes the state’s minimum wage plan. All the agencies should contact Virginia’s general assembly and apply till 1st December 2023

Abolished Exemptions from the New Law about Minimum Wage in Virginia

There were previously some exceptions for the minimum wages in Virginia, which has now been eliminated by the new law. Now the entrepreneurs are compelled to pay the right amount to their employees.

Below is the list of workers who can instantly receive the minimum wages per hour for their hard work.

  • Employees who work hard all day to receive the money for their completed tasks.
  • Workers who are working in private sectors or domestic units as caretakers or nannies.
  • Employees who are serving in a company, having fewer than four workers.
  • People who couldn’t make up the right amount due to physical inability, mental retardation, or similar other deficiencies.
  • As per the federal law in Virginia, business owners must pay $4.25/hour to trainers under 20. This cycle will extend to the initial ninety days of their work.
  • Furthermore, the law has set a settled amount for all the students working part-time to meet their needs. The government fixed 85% of the minimum Virginia wage rate for such students, which calculates to be $6.15/hour.

What is the Minimum Wage Policy for Tipped Workers in Virginia?

The Federal Fair Labor Standards Act (FLSA) did justice so every employee working in Virginia can get at least the minimum amount decided per hour.

According to the rule, employers can pay an amount lower than the minimum salary if the workers are earning enough money from daily tips received.

If it’s not working, the entrepreneurs have to pay the difference to fulfill their employee’s needs.

Describe the Overtime Minimum Wage Rate in Virginia?

Virginia has not specifically set any overtime law for the citizens. However, a worker can extend his working hours every week to get an extra amount for his essentials.

According to FLSA, any employee who is spending extra hours, counting to be 40 hours/week, is eligible to get a minimum of 1.5 times the usual wage.

A few states in Virginia allow their workers to serve the companies this way and earn the overtime rate. If your boss fails to pay you the right amount for your work, you can directly launch a complaint against him with the Virginia Department of Labor.

Are the Employees Fully Protected in Virginia?

The governor of Virginia is working like a Trojan to introduce an employee-friendly relationship between the employer and the workers. They are fully protected as the governor believes in facilitating the Virginians with complete safety and the best jobs. It not only helps them work smoothly but will also increase the economy of the country. Furthermore, it will help reduce the risk of wage theft, workers’ low ranking, or wrong agreements.

Would Law Help Increasing the Minimum Wage in Virginia?

We know that with this advancing world, the needs of people are also increasing. So extending the minimum wage per hour in Virginia would definitely help the employees. If the federal government improves the salary policy, it can directly affect almost 511,000 number of Virginians.

Not only this, but approximately half of this above population is indirectly influenced by the increase in the minimum wage rate. This act would be a great benefit for women as 57% of the employees are women, making their living this way. It would affect the overall economy of the country, which is ultimately a goal.

What Is the Minimum Wage in Texas?

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Meeting the federal requirements and acquiescence with the law has been a challenge for most businesses these days. But to make the company survive, they have to do that. This challenge is becoming bigger and bigger with the increase in the laws, including tax changes, paid leave for sick, and minimum wage rates.

Texas is the second-largest state of the U.S. on account of both area and population. To ensure the proper employment pay rate and keep it under control, it passed the Texas Payday Law. According to this law, the minimum wage for every employee is set to some extent, be it any occupation. It is also called as Federal Minimum Wage Rate, which fixes $7.25 per hour as the minimum amount as per law, reaching approximately $290 per week.

Overtime Rate

People working overtime are encouraged by increasing the minimum pay rate to 1.5 times more than the standard rate. It is the compensation for working for more than 40 hours a week. If any owner fails to pay a certain overtime amount to his employee, he can file a suit against him and ask for his righteous wage in every sense. Furthermore, the employee has two years, from the date the wage was due, with an additional amount as damages.

Exceptions to Texas Payday Law

There are some exceptions to this law, which are as follow:

Student Wage Rate

The high-school students who serve part-time may earn $6.16 per hour for working 20 days a week.

Tipped Employees Pay Rate

Tipped employees earn some money in addition to the pay they get. Their owners can pay them lesser than the minimum pay rate applicable, but their salary at the end should make it up to a total of $7.25 per hour, including the tips they get.

Teens Wage Rate

The teens’ wage rate is an exception. There is a general rule of offering paid training of 3 months to the teenagers for $4.25 per hour. It is less than the minimum wage in Texas. But once the individual starts his training session, the pay will be increased to the already discusses amount.

Exceptions for Employers

The organizations have the authority to call the staff for extra performance, who live in the business premises, excluding the paid working hours.

If the employer provides meals and accommodation to the employee, he may add up the amount for that meal and accommodation in a fixed per-hour salary.

The employees, who are mentally sick or physically-retarded, are granted permission to be paid lesser than the minimum wage rate.

Working Time

The employees in Texas are required to work 8 hours a day, making it to 40 hours per week. This way, they can earn the Federal Minimum Applicable Wage Rate.

Texas Labor Law Posters

The Texas labor Law authority and Fair Labor Standards have made it compulsory to publicize the poster of labor law. It ensures the acknowledgment of workers of the minimum wage rate and the overtime. If they do not act upon what they are told, they can be fined heavily.

Graphical Changes

The recent graphs have not shown any change in the minimum wage rates since 2009. It has been the same. Over the period, with the decreasing value of money, law authorities should increase the amount to at least $10 per hour.

Agriculture Sectors

However, agricultural sectors are encouraged by having the piece rates in their case. They can get more by an extended amount of productivity and hard work. Thus the more they produce, the greater they earn, and the more they can have a peaceful livelihood.

Written Proof

Companies are also required to provide wage statements to their employees. It helps in verifying the right payment of the whole staff.

Whether it’s Necessary to Increase the Pay Rate?

According to most Texans, it is felt that the Federal Minimum Pay Rate is not sufficient enough for a person who is even single to meet his or her needs. Around 16% of the population of Texas can easily live with the increase in their earnings. But, according to the analysts and economists, the state is not increasing it as it can impact the economy of Texas.

Some small businesses will have to cut down the lower layer of their employees to meet these pay rates otherwise than being filed against it.

Fortiva Credit Card Reviews

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Wanting a credit card without paying security deposits? Fortiva Credit Card is the best to have then! These cards are perfect for all those individuals making an effort to recover their low credits. So, now you can probably make your credit cards even if you lack a large bank balance. Although Fortiva demands annual sustenance debt, they will always assist you in raising your score that you can also review online, at any time.

Know the Pros & Cons of Fortiva Credit Card

Everything comes with its benefits and drawbacks, so does this facility. If you want to get their services, keep the following pros and cons in mind.

Pros of Fortiva Credit Card

Regular Reporting to the Credit Agencies

Availing a credit card from this consumer program is beneficial to those wishing to refurbish their bank balance. Fortiva regularly reports to all the credit agencies, including Experian, Equifax, and TransUnion, about the on-time customer payments. It lets them reshape their old status.

Convenient Authorization

Customers can easily acquire authorization from the company, even if they have the least score of 400. If you stand among those rejected by other credit cards, Fortiva is a good alternative for you.

Free Accessibility to Your Credit Account

Although every credit card offers to view your credit account, it is especially suitable for customers with a bad score. The Fortiva cardholders can easily watch their bank balance and act on improving even more. They have a convenient approach towards VantageScore, which is a contender of the most utilized FICO score. It helps them keep a check on their remaining balance, which is superb!

No Fraud Liability

It is another advantage for Fortiva cardholders, just like other programs. There is no chance of fraud with this company, and it’s totally reliable.

Cons of Fortiva Credit Card

Expensive

Despite being able for customers with bad scores, Fortiva’s credit card is highly expensive. There are multiple other charges, including yearly fees, maintenance charges, penalties for dropped payments, bank account activation costs, and much more. Their annual amount lies in between $49 to $175 initially, which lowers down to $0-$49 later on.

Some Negative Responses

Due to being very costly, the cardholders share negative reviews about Fortiva online. It is the main reason behind the decreased rating on the Internet. A few of the negative reviews include people claiming about their poor customer service.

No Extra Benefits

They provide no extra benefits, which implies that you’ll never receive any reimbursement or other perks while making a purchase.

Who Are the Most Deserving Fortiva Cardholders?

If you fall on the list of people having inadequate bank balance, not wanting to spend several dollars on new cards, we got your back! Fortiva is an ideal option for you. Unlike other companies, this program will offer you its best services for sure, without any issue of sanctuary deposits.

Easy Method of Applying for Fortiva Credit Card Online

You can avail of Fortiva’s online service and apply for a credit card if given any offer in your email. After you receive a mail from them, it’s quite easy to go through the next process mentioned below:

1.      Visit Fortiva’s online website

2.      Select the “mail offer” option and click on “respond to your mail offer.” Then type the code you’ve received in your mail.

3.      After you insert the correct approval code in the required box, you will get an entrance to an online application.

4.      Fulfill the application’s requirements wisely. They will ask about your personal details, such as your registered name, contact number, income, etc. Enter the specifications, and you are done!

Should You Avail This Credit Card?

If you think you are standing at a weak score and want to get rid of it at minimum cost, Fortiva Credit Card is the right one for you! Not only will it help you reconstruct your bank score, but you have the chance to avoid making any security deposits too.

As the program responsibly reports the three credit agencies about your payments, you have a better opportunity to rebuild your lost reputation in front of them.

However, if you cannot afford its expenses, there are other cost-effective options as well. You can search for the best alternatives to Fortiva to pick the top one as per your budget.