Dremca:
Does the credit score affect the possibility of getting funding from venture capitalist.

I have no idea regarding getting funding from Venture Capitalist.

Most Small Businesses like me started from a little Beginning.

I worked two jobs and was able to save up $10,000 to bankroll my business.

Then I supplemented the business using credit cards and paying them back when due.

EgunMogaji:


Very nice.

I use to chase credit limits in the past but I now chase interest rates and miles. Move balances between cards.

My Wife opened a Delta American Express and was given 100,000 miles and 18 months 0% interest rate.

100,000 Miles!!!

Very nice. That's sufficient for a round trip ticket to Europe.

You only have to worry about Tax & fees.

You guys probably need to take a vacation inorder to utilize the Mileage Points.

Dremca:
Please explain how the miles and interest rates work and ways of building credit score

Astute businesses reward their customers by giving award points that can be used towards future purchases.

Let's take two cards for example.

On my Costco (sort of like a Shoprite) card issued by Citi Bank. There was an original 0% interest rate for 24 months (now expired but balance negligible and paid off monthly), 1% cashback for using the card elsewhere, 2% for Gasoline and 3% for shopping in store. No annual fee.

So basically I get money (direct cash) back at the end of the year based on those parameters. I think last years check was for $325, this is absolute free money. When I moved back to California I did not bring any furniture back and all my furnitures and household goods came from there. That year I probably got close to $1,000 cash back.

Onto the other card.

Airlines give reward by giving you miles based on some calculation that included the type of ticket you bough, how much you paid and the miles you travelled. So every time you fly you are earning miles as a reward. I have a coworker that travels extensively as a hobby and mostly on free flights and hotels.

A round trip ticket to Nigeria will cost I think 150,000 miles. So my Wife was essentially given almost a round trip between Nigeria and the USA, free.

Almost all major stores give some store of reward through their program.

Attached is a free $100 debit card that I got when I bought tires for my okada. The tires were $175 on sale even (regular price is $375) so I effectively paid $75 for them.

On building credit score.

There's no secret really. Pay on time, pay ahead of time, pay more than the minimum balance. Keep your debt to income ratio low, very low. Basically look to credit facilitators as someone that doesn't need them.

lillaowow:
Where are "all of us" people in America making $700000 per year..

Come here come spend Moni oooo. :

Lol This got me, sha no start fight

Please someone help me out, my family(family of 5), our US Visa expired yesterday(17th August, 2018) and we intend renewing, please what are the steps to this, is it still possible for us to receive an interview waiver(if yes) does that mean each of us has to fill the DS-160 form again and Schedule appointment, I would need a step by step on what to do thanks in anticipation

http://fortune.com/2018/08/15/highest-paying-jobs-in-the-us/?utm_source=quora&utm_medium=referral

Source; Fortune Magazine USA


JOBS
These Are the 25 Highest-Paying Jobs in the U.S. Right Now




Physician: $195,842
Pharmacy manager: $146,412
Pharmacist: $127,120
Enterprise architect: $115,944
Corporate counsel: $115,580
Software development manager: $108,879
Physician assistant: $108,761
Software engineering manager: $107,479
Nurse practitioner: $106,962
Software architect: $105,329
Engineering manager: $105,260
Applications development manager: $104,048
Plant manager: $103,892
IT program manager: $102,969
Solutions architect: $102,160
Financial planning and analysis manager: $102,155
Data architect: $101,900
Strategy manager: $101,754
Systems architect: $100,984
Scrum master: $98,239
Consulting manager: $97,154
Attorney: $96,678
Cloud engineer: $96,449
Tax manager: $96,175
Data scientist: $96,116
“Technology and health care are the two industries that are making the greatest impact on the economy,” said Sarah Stoddard, a community expert at Glassdoor. “There’s a high demand but short supply for those roles, driving up salaries.”


For career people who are legal USA American citizens or permanent residents and jobs will.need USA American School qualification certificates

Dremca:
Yes I am in Nigeria currently and making plans to move to the US. Starting and running a tech business is my passion as Nigeria doesn't have the environment to encourage tech startups. I am very much concerned about the low number of black in tech in silicon valley and that's why am much concerned to know the reason for that, whether is die to racism, lack of interest, environment or any other factors and as people who have lived in the US, what advice do you give to a budding technopreneur coming to the US.

I looked this up. Read this article. Blacks are there, its in lower numbers. It could be a combination of factors.
https://www.usatoday.com/story/tech/nation-now/2016/02/08/african-american-diversity-tech-leaders-silicon-valley/76616284/

And this article. https://www.usatoday.com/story/tech/nation-now/2016/02/08/african-american-diversity-tech-leaders-silicon-valley/76616284/
There is room for you to start something. Another article I read said that blacks make up a very large population of tech users.

Thanks for sharing. I'm curious to know the reason why there are less African Americans in silicon valley.

HypocriteNazi:


I looked this up. Read this article. Blacks are there, its in lower numbers. It could be a combination of factors.
https://www.usatoday.com/story/tech/nation-now/2016/02/08/african-american-diversity-tech-leaders-silicon-valley/76616284/

And this article. https://www.usatoday.com/story/tech/nation-now/2016/02/08/african-american-diversity-tech-leaders-silicon-valley/76616284/
There is room for you to start something. Another article I read said that blacks make up a very large population of tech users.

Dremca:
Thanks for sharing. I'm curious to know the reason why there are less African Americans in silicon valley.

One of the articles said its not just a Black American problem, it is a minority and female problem as well.

EgunMogaji:


My lifestyle is way too laid back to be involved in politics. Also as a first generation immigrant I was too busy with regular life. I watch my children now though and I am very proud of the fact that I created a comfortable foundation for them so they can take time to pursue some of those things that I didn't have the opportunity to pursue. This is what life is all about as far as I am concerned.

I still won't get into politics when I get back to Nigeria. My ideologies and solutions will not be mainstream and will be tremendously unpopular. I think the younger generation should be given a chance. Nigeria desperately needs a Kennedy, a Bush or an Obama. A younger and educated President can do wonders especially when you couple it with a senior council of elders like Gowon, Soyinka, etc It doesn't need someone like me.

I'll be too busy anyways in my retirement with checking off my bucket list by traveling across Africa by land and other activities such as running a foundation that I am setting up to give back to the rural communities that I grew up in. I will prefer to be an unknown element, a recluse of sorts. I don't desire nor cherish the limelight.

If I can't have the ability to sit down at a joint with friends and drink beer then "What Is Life?"

Thanks.

My sentiments exactly

LUCAS99:


Totally agree with you.

I currently own two LLC's in the State of North Carolina.

The Process was simply straightforward.

You first choose a Business Name that is available then you file the necessary forms with the secretary of state.

The process is so easy that you don't need a Lawyer to do it for you.

It cost me roughly about $500 to start up my LLC's in the state of North Carolina

After establishing Your LLC's the next process is Obtaining an EIN for Tax purposes for your Business and then Opening a Business Checking Account.

I currently have Business Accounts across Big Banks including JP Morgan Chase, CitiBank, Capital One, Bank of America & Wells Fargo.

Why not incorporate in DL for tax savings? That's what we did

EgunMogaji:


Very nice.

I use to chase credit limits in the past but I now chase interest rates and miles. Move balances between cards.

My Wife opened a Delta American Express and was given 100,000 miles and 18 months 0% interest rate.

miles definitely and interest rates. Business class tickets RT to usa for equivalent of $2,400 will duh!

daudugod:
Please someone help me out, my family(family of 5), our US Visa expired yesterday(17th August, 2018) and we intend renewing, please what are the steps to this, is it still possible for us to receive an interview waiver(if yes) does that mean each of us has to fill the DS-160 form again and Schedule appointment, I would need a step by step on what to do thanks in anticipation

Are you in the USA? If you are,you are screwed and need a lawyer asap because you are officially illegal and can be deported. You are supposed to start renewal three months before expiration! What kind of visas? You will most likely need to exit the country. The sooner the better or you can be barred for 7 years.

Babyvet:


Yes credit very important here, the system is a credit system, the average person borrows money in some sort of form. Many things affect your credit score like payment history, number of debts, portion of debt to income and length of credit history. It takes a long time to build credit history, 2 years is not enough. Even after 5 years, some companies may tell you that you don't have established credit history. If you get a credit card, look at the term and conditions and interest rates. The goals is pay everything in full every month but in case you don't , you don't want the interest to be too high. Not only are they looking at your score but your credit history as well. You have to make that all your things are being reported to the credit bureaus properly each month. I'm not sure what field your into, but some employers may require credit checks as well. Becoming a LEGITIMATE business owner in the country is hard and it's takes a while. Even after you open a business , you may still have to work for someone for a while to pay your own bills. Business and personal bills should not be mixed.

If handled right from the start,all it takes is 6 months for a 750

Dremca:
I'm looking at software tech startup like: Facebook, Google, apple, twitter and the rest.

you'd be more successful starting that in Nigeria especially with the think tanks are spending here. Google,etc are investing in and making a TON off talent here. There is a big one in Yaba but i forget the name.

Lets talk about savings and credit cards

US households now owe $13.15 trillion in total debt, about $931 billion of it card debt, according to NerdWallet’s 2017 American Household Credit Card Debt Study along with its newly issued quarterly figures.
The average household card debt is close to $16,000. That comes with hefty interest bills.
“Credit card debt is one of the most expensive types of debt, and consumers who carry it pay an average of $1,292 per year in interest on it, assuming an average annual percentage rate of 18.76 percent,” the 2017 report said.
But since last year, the average household card interest bill has increased, NerdWallet said. It is now more than $1,300 a year because of the recent Federal Reserve interest rate hike. And another hike is expected this year.
The Fed also said more Americans have been carrying card debt over the past few years.
In its latest Survey of Consumer Finances, The Fed said households with card debt from month to month has increased to 43.9 percent from 38.1 percent at the end of 2013.
The average credit card household debt is approaching the historic high of just over $1 trillion set before the last recession, NerdWallet said, noting it could reach it next year. That is unfortunate, Palmer said.
“Turning to credit card debt is one of the worst options when you’re trying to manage money,” she said.
Why are Americans charging more?
“About 2 in 5 Americans who have ever had credit card debt (41 percent) reported that spending more than they could afford on unnecessary purchases contributed” to the problem, the 2017 study said. The next biggest use is paying medical bills.
The increased use of cards is widespread. NerdWallet said the potential abuse of card debt affects both independent contractors as well as employees, the rich as well as those with modest incomes.
“We don’t see this problem as much since we primarily deal with high net worth individuals, but we do see it. Very often clients will say, ‘Oh, I have $35,000 in credit card debt at 9 to 18 percent,’ ” said Robert Karn, a certified financial planner in Farmington, Conn. “I immediately ask why.”
He said consumers need a plan to prevent excessive debt.
Just as credit card companies aggressively market products to the average American, so the average American must have an aggressive plan to escape card debt, advisers say.
“People struggle to get out of debt because they don’t have a wise and coherent strategy to pay down debt,” said adviser Garrett Gunderson, founder of Wealth Factory in Salt Lake City.
He advocates restructuring loans by “rolling short-term high-interest into long-term low-interest loans.”
Karn said clients in card hell must track spending.
“I tell clients,” he added, “you’re paying 9 to 18 percent on these cards and the bank is only paying you 1 percent on your savings. We must do something about this.”
For those who fail to take card debt seriously, Karn warned, there will be pain.

“There’s no way to get around it,” Karn added. “You must have spending discipline.”

https://nypost.com/2018/04/21/americans-owe-more-than-930b-in-credit-debt/

For those who use credit cards, please share some tips on how you are avoiding this spending frenzy temptation to those who are wanting to start using credit.

Next 4 ways to increase your savings without increasing income.

EgunMogaji:
IMHO, starting and running a business in the US is absolutely very easy.

Hear me out.

Unlike in Nigeria, the process is well detailed, the forms necessary are easily accessible, the fees are specific and doesn't change based on who you know.

I have businesses (not conglomerate but business none the less) both in Nigeria and USA and I speak from experience.

People also need to understand that the US is such a big place and that various municipality have their own rules and regulations.

Federal law
State law
County law
City law
Subdivision rules and regulations if in one.

In Nigeria we pretty much have federal law it seems.

One of the other things I want to impress on people is that where you leave, friends you keep and generally things that you do will dictate how you will coexist.

It's a pretty free society. I haven't spoken to a police officer since I came back to California in 2010. My Wife joined me here in 2013 and have never spoken to a police officer. I drove from Ibadan to Ijebu Ode last year and there were maybe 5 or 6 checkpoints. Seriously!

Infrastructure is pretty solid. Yeah we have some bad roads here and there.

Though I have been accused of discouraging people to migrate but it is not so. My whole deal is to migrate legally. It just makes things a lot easier.

On credit, it is very useful but one must be disciplined. I have credit cards with 0% interest for 18 months to 2 years. Basically free money to use while I earn interest on my savings. If you are disciplined to pay it off before the 18 months i sup then you're good. I just pity those that don't know how to use credit as they're selling themselves short in a credit society.

A good credit record affects the following:

Car insurance
Employment
Housing
Utilities (they can then ask for a hefty deposit but won't deny you service)

So you can see that it's not a play thing. You can't get a job in a bank if you have bad credit.

If you see your Americana friend with a iPhone X or S9 then one of three things. He bought it cash for about $1,000, he has good credit so that he got 0% rate or he has bad credit and he's paying ridiculous interest rate.

If you're a car freak like me then it is very easy to indulge yourself in the car hobby. America is not a country where if you have a 2000 Accord people will think you're piss poor like they would look at you in Nigeria. You can drive a very clean, very good and dependable car for under $1,000

Goo luck to all aspirants. Its a very good place to be a normal human being but you have got to hustle.

Are we related? You always say what i want to but more succinctly.

EgunMogaji:


It would not be possible without three things

1) Internet - based on the business that you're in, the internet makes it just as if you're on the other side of town.

2) Banking - it's easier now to do electronic banking. With a global bank account, deposits can flow in and you can get alert on your phone anywhere in the world, verify via internet banking from anywhere in the world. You can also make transfers to vendors from anywhere in the world. Make sure you run a "No Cash" business. This is important.

3) Trusted Person - you need a trusted person on the ground. You need to treat this person very well. My person gets a bigger share of deals than me the owner of the investment But I'm okay with that.

Just be creative, treat your partner well, don't let anyone touch your money. Bank deposits only.

Good luck.

Arguably the most important of the three

radautoworks:

miles definitely and interest rates. Business class tickets RT to usa for equivalent of $2,400 will duh!

It's uncanny how similar our thoughts have been on various subjects

0% interest doesn't even blow up my skirt anymore. They have got to add some delicacies to the offers.

radautoworks:


Are we related? You always say what i want to but more succinctly.

It goes both ways actually, It's amazing isn't it?

Some subjects I read your response and I don't even bother responding because you've got got it all covered already, almost word for word.

EgunMogaji:


It's uncanny how similar our thoughts have been on various subjects

0% interest doesn't even blow up my skirt anymore. They have got to add some delicacies to the offers.

Mind=blown

.

How can I get my taxes down? Uncle Sam takes about a third of my pay and the damn health insurance....any ideas

*the insurance is provided by my company

Holocene:
How can I get my taxes down? Uncle Sam takes about a third of my pay and the damn health insurance....any ideas

*the insurance is provided by my company

Taxes takes up a third of your income? Haba! Even if you live in California.

EgunMogaji:
Good luck to all aspirants. Its a very good place to be a normal human being but you have got to hustle.

That's just what a lot of us want. A place to be normal.

Present!

In the US, your credit score is really important. With good credit (generally a score of 700 or higher out of 850), you can buy a new car of $13,000 with a minimal down-payment, and an interest rate of around 1.5%-3%.

Also, a good number of landlords run your credit before deciding to lease an apartment to you; the bank will grant you a mortgage if your credit score is good.

Bad credit (generally 600 or below) means that you’d only be able to buy a car via a car note, or get a mortgage at relatively high interest rates of between 7-9% (or even more). What this all means is that when Peter only pays $55/month for owning an iPhone 10, you may be required to pay $120/month if you have bad credit, and and Peter has excellent credit.

Now, it’s possible to own cars, phones, etc by paying cash for them. But I would guesstimate that over 90% of US residents rely on credit to purchase those items.

Indeed, the US economy is a credit-based economy.

Can credit score be gotten by paying bills early using savings and avoiding using credit

Backfornow:
Lets talk about savings and credit cards

US households now owe $13.15 trillion in total debt, about $931 billion of it card debt, according to NerdWallet’s 2017 American Household Credit Card Debt Study along with its newly issued quarterly figures.
The average household card debt is close to $16,000. That comes with hefty interest bills.
“Credit card debt is one of the most expensive types of debt, and consumers who carry it pay an average of $1,292 per year in interest on it, assuming an average annual percentage rate of 18.76 percent,” the 2017 report said.
But since last year, the average household card interest bill has increased, NerdWallet said. It is now more than $1,300 a year because of the recent Federal Reserve interest rate hike. And another hike is expected this year.
The Fed also said more Americans have been carrying card debt over the past few years.
In its latest Survey of Consumer Finances, The Fed said households with card debt from month to month has increased to 43.9 percent from 38.1 percent at the end of 2013.
The average credit card household debt is approaching the historic high of just over $1 trillion set before the last recession, NerdWallet said, noting it could reach it next year. That is unfortunate, Palmer said.
“Turning to credit card debt is one of the worst options when you’re trying to manage money,” she said.
Why are Americans charging more?
“About 2 in 5 Americans who have ever had credit card debt (41 percent) reported that spending more than they could afford on unnecessary purchases contributed” to the problem, the 2017 study said. The next biggest use is paying medical bills.
The increased use of cards is widespread. NerdWallet said the potential abuse of card debt affects both independent contractors as well as employees, the rich as well as those with modest incomes.
“We don’t see this problem as much since we primarily deal with high net worth individuals, but we do see it. Very often clients will say, ‘Oh, I have $35,000 in credit card debt at 9 to 18 percent,’ ” said Robert Karn, a certified financial planner in Farmington, Conn. “I immediately ask why.”
He said consumers need a plan to prevent excessive debt.
Just as credit card companies aggressively market products to the average American, so the average American must have an aggressive plan to escape card debt, advisers say.
“People struggle to get out of debt because they don’t have a wise and coherent strategy to pay down debt,” said adviser Garrett Gunderson, founder of Wealth Factory in Salt Lake City.
He advocates restructuring loans by “rolling short-term high-interest into long-term low-interest loans.”
Karn said clients in card hell must track spending.
“I tell clients,” he added, “you’re paying 9 to 18 percent on these cards and the bank is only paying you 1 percent on your savings. We must do something about this.”
For those who fail to take card debt seriously, Karn warned, there will be pain.

“There’s no way to get around it,” Karn added. “You must have spending discipline.”

https://nypost.com/2018/04/21/americans-owe-more-than-930b-in-credit-debt/

For those who use credit cards, please share some tips on how you are avoiding this spending frenzy temptation to those who are wanting to start using credit.

Next 4 ways to increase your savings without increasing income.

Yea, you're right. I believe is less competitive in Nigeria but with the emergence of ecomerce store like jumia,
foreign influence played a big role in establishing the company. From workforce to funding, I really doubt if a company like jumia got their startup funding from a Nigerian bank. We all know the beaurocracy and the corrupt process of accessing a startup loan even with a collateral not talk of the epileptic power supply in the country.
All these deficiencies and more makes Nigeria unfavourable for startup to operate.

radautoworks:

you'd be more successful starting that in Nigeria especially with the think tanks are spending here. Google,etc are investing in and making a TON off talent here. There is a big one in Yaba but i forget the name.

.

Predstan:
I have a Question please. I actually got an admit to study Electrical Engineering MSc for Spring 2019 but I don't have any form of financial aid yet. I just would like to know if student Visa is also a good way to travel to the US and maybe blend into the system within few years.

What is it like to study in the US without financial aid. Is it possible to work and pay $4000 in Georgia by working if at all I get the out of state tuition I am pushing for?

*****

radautoworks:


If handled right from the start,all it takes is 6 months for a 750

Like I said credit history is very important, length of history also matters. You can still get denied even with high credit score if you don’t have a enough credit history. Build your credit but also your savings as well. I got my first credit card ( unsecured by the way) by having money in my saving account. I kept applying and they rejected multiplyed times and then one day they finally approved me. Some things help your credit more than others like paying off a credit card helped my credit better than paying off my car early.

Please help educate us aspiring immigrant on how secured and unsecured credit and credit score work in lay man language.

Babyvet:


Like I said credit history is very important, length of history also matters. You can still get denied even with high credit score if you don’t have a enough credit history. Build your credit but also your savings as well. I got my first credit card ( unsecured by the way) by having money in my saving account. I kept applying and they rejected multiplyed times and then one day they finally approved me. Some things help your credit more than others like paying off a credit card helped my credit better than paying off my car early.