Spending Habits That Can Cost You A Fortune

It is very simple to give way to your desires in order to have more in the highly consumerist society that we live in. We are constantly bombarded with ads telling us how problematic our lives are and how we need to purchase the latest product or service to resolve them. However, the biggest impact of this is on your finances. If you are not careful, you could land yourself in serious debt.

The following are some of the many bad spending habits that can cost you a substantial amount of money.

Spending without a budget

Some confuse budget as a limitation on their ability to spend on anything that is of value to them in the hope of collecting enough money for their retirement fund. However, this does not necessarily have to be the case. Although the main objective of the budget is for you to ensure you save money by the end of the month, it should also cover some expenses that can help you with instant gratification.

You do not necessarily have to buy out an entire furniture set; however, you could consider eating out at a restaurant if it is once a month. Those who do not make any budget considerations can easily fall into the trap of their temptations.

Using a credit card instead of cash

Carrying a credit card is undoubtedly convenient. But, the fact of the matter is that if you are using your credit card to pay for groceries every week, it could be costing you too much without realizing. The benefit of using credit now and pay later can grow into debts that have to be paid along with interest. As a result, you will end up paying more than the initial amount.
A credit card may be good for one-off purchases, but if you are using it regularly, it can be very easy to lose track of your payments.

Impulse shopping

Do you find yourself going to the market to buy for an item and later find that you have bought multiple bags of clothing and electronic items? Impulse buying can perhaps be the single most destructive habit that can drain your wealth. It is important that you are aware of your emotions when you go shopping so that you don’t get swayed by the bright red point of sale item labels on discounts.

Remind yourself that you are only going to buy what you need and not what you want. This can help you avoid overspending on trivial things.

Not getting your financial statements

Not many of us have the habit of reviewing their bank statements every month. Failure to keep track of our spending means that there could be a significant amount of money leaving our accounts every month in the form of standing orders and direct debits. Perhaps you have made a direct debit for a period of 12 or more months and have forgotten to leave enough money in your account.
This can be a grave mistake to make considering that such payments are taken out of your bank without any reminders and failure to have enough in the account means that you could be required to pay a penalty.

What Should You Do When Your Financial Advisor Retires?

People retire all the time and it is all but natural for one generation of people to pass and give the reigns of their industry to the next generation. The same is the case with your financial advisor. The problem occurs when your financial advisor is close to your age and retires just when you need them the most.

This is the time of your own retirement when you have to take important financial decisions. Here are a few of the steps that you may take if you find yourself stuck in this unfortunate situation:

Discuss Succession Beforehand

Most problems occur because you neither your advisor have given a head to the thought of problems at the time of retirement. Always ensure that you ask your financial advisor about their plans to retire. You can then ask them to plan your retirement as well if you are comfortable with them and would find it difficult to work with a new financial advisor.
Create Long Term Retirement Plans

You need to always create long term retirement plans and only try to perform small changes in the plan when you actually retire. This way you will ensure that you are not suddenly surprised by the retirement of your financial advisor. If you have learned about the retirement of your financial advisor, then you should finalise the retirement plan before the actual retirement takes place. There can be a time though where you may have failed to learn about the intermittent retirement of your financial advisor which will truly put you in hot waters.

Turning to an Internal Team

If you are working in a large organisation then it must house financial experts as well. If your personal advisor has retired now and you have no clue about arranging your future finances, then it is best to employ the help of the internal team which is available at your workplace. Sometimes, your advisor may also inform you about a team that they had trained with their accounts for clients.

You should not necessarily appoint them as your future advisors, but take their help in order to understand if they can sufficiently cover your needs of financial advice or not. Most times, the members of this team may have worked as assistants to your financial advisor and already involved with maintaining your policies. You will be able to easily revert to them if that is the case.

Assessing Your Future Needs

The retirement of your financial advisor is the right time for you to once again take a look at your retirement plans and alter them if you find that you are in a different financial position than the one in the past when you planned your financial aspects.

You may often find that you are in a different economic condition and this may prompt you to alter your own retirement plans as well. You should perform a true assessment of your position with help from your retiring advisor or a team appointed by the advisor.

These are a few steps that you can take if your financial advisor retires and you are suddenly made to take an important financial decision.

Unsecured loans for business start-ups

Unsecured Loans Are The Ultimate Solution For Start-ups

If you’ve decided to start a business then you’ve come to the right place. There are just too many things you need to apply into a startup and the biggest being: funds. At some point you will understand that the startup will need more funds than you currently have and that’s when you’ll have to look into getting a loan. Don’t worry, this post will guide you through whatever help you’ll need with getting unsecured loans for your start up.

Loan Calculation

Why opt for unsecured loans at all?

There are so many kinds of loans to choose from that it almost becomes overwhelming to decide which would be perfect decision for a startup. Usually people are stuck deciding between going for a secured and unsecured loans and usually unsecured loans always wins. But why go for this loan at all, after all, you get less interest applied to secured loans as compared to the latter.

The biggest advantage you get through unsecured loans is the lack of collaterals. Business startups are already a risk and to top it off by placing a collateral is a mistake you simply cant make. Businesses are unpredictable and startups are even more which means, you never know when recession might strike and you’re left with nothing at all. With collateral in the way, you get to lose the property as well so it’s better to spend a little bit extra on interest and be on the safe side than lose everything and have nothing by your side at all.

Another reason why people opt for unsecured funding is because it often requires the most minimal documentations. You don’t really have to show any papers describing the nature or purpose of loan which can be quite a hassle to deal with especially during a startup. Unsecured borrowing is the easier, trouble-free method to fund your business. However, it’s important to understand that even unsecured loans have several types and not all would be good for your business. You should be well aware of what you’re going for before you apply or else getting a loan would be a little more challenging for you.  Here are some more ways you can benefit from business loans which are unsecured:

Business credit will be a big yes!

Here’s the thing, just like your credit scores, you also have to make sure your business credit profile is up to the mark. Getting an unsecured loan for your business startup means you’ll be improving your business profile quite a lot. This building of profile will eventually clear your way for good measure and a healthy business growth.

No collateral, no problem

As discussed earlier, collaterals are a major problem with secured loans but using an unsecured business loan, you can make sure both your business and property are in excellent, safe hands.

Time is really not an issue

With unsecured business loans, you don’t get to face the trouble with long processes and too much time being taken to get the money. If you apply to online lenders, you’ll usually get approved very quickly and then avail quick benefits as well.

Unsecured loans are great options whether or not you are going for a small business loan for your start up or a loan for yourself. They are hassle free and help you address any financial concerns you might have but it’s important to know your credit score is up to the mark before you can apply. After all, your lenders need to be sure they will be repaid by you in a good and timely fashion.

Unsecured business loans: Which one would be best for you?

First loans are divided into its major constituents and then each will be subcategorised into different parts. While they all might basically look like the same thing, there is a great big difference between them. But before you look into that, you need to first know how you can decide which loan you can opt for:

  1. Why do you need the loan? The first thing you should be clear about is why you need the unsecured loan? While funding your business is a legitimate reason, it’s really not reason enough to apply. What you need to know is why your business needs funding? Either it’s because you are running low on fund or that you need to buy certain assets. Either way, your unsecured loans could greatly be affected if you’re going for sudden, small expenses or large ones.
  2. How much do you have? What loan you choose will also depend on the funds you already have and how well you’ll be able to pay them back. Your cash flow will also affect the type of loan you’ll be getting because in the end, if you’re not able to repay the lenders, you’ll be facing a lot more trouble than what you initially began with. Remember, you can’t let anything affect your credit score especially if you’re starting your own business.
  3. What’s your credit score? What your credit score is will be the defining factor of your loans. It will also decide whether or not you’re applicable for an unsecured loan since these often require your score to be in the good side. How good it is will in turn decide which type of loan you should get. Every lender will have their own requirement so it’s best if you get several quotes and compare the best offer beforehand. Remember, the better your score is, the more advantages you’ll be able to avail.
  4. Type of business: Every business is different and will need different types of loans. It’s your job to understand what your start up is about, analyze all its nicks and flaws and find what type of loan would be best suited for it. It’s always a better decision to get a professional to help you decide the kind of loan which would be best suited for you because, after all, you can never truly understand your business regardless of it being your business.

Once you’ve got all that covered, it’s time to move ahead and figure out which loan would perfectly suit your purpose. Amongst the many types available to you, you can pick:

Peer-to-peer loans

Most people tend to avoid this type of loans because it requires both the borrower as well as the lender to rely on each other for the loan rather than a proper organization. This, in itself, greatly increases the chances of risk involved as compared to other types of loans. Most people confuse this with doorstep loans, which is also a kind of unsecured loans. In the case of doorstep loans, you get to apply to an organization and the lenders will send an agent to your home. This is not necessarily the best option for a loan in case of business startups but you can still look into it.

Signature loans

These are built on trust. You make a contract with the lender and your signature on the contract will ensure that you will return the amount you borrowed. This, again, poses a great risk since signatures can easily be forged and you can find yourself facing a lot of trouble with your start up. However, you get to avail low interest rates and with the plus point of it being an instalment, it can help you decrease the burden by making certain payments on a monthly or weekly basis, as per the lenders requirements.

Cash advance loans

These aren’t really the best options but they can still help you immensely with your trouble of funding a startup. This is a short term loan and is taken by your credit card via cash. The borrower benefits from comparatively low interest rates applied to it and but you’ll have to pay it back as soon as possible. These loans are often taken against your credit card but of course, there’s always a limitation to it. You can consult the credit card company and ask for the details to help guide you with the process. While it may be an easy process, it’s also known to be quite costly so there’s really no benefit waiting for you here.

Business loans with personal guarantee

This type of loan is often recommended and it involves getting unsecured loans with a guarantee being placed on either the individual or the business. Usually, placing the responsibility on the business is riskier but this time of loan requires you to do so. Putting the responsibility on the business means it will be paying back the lender but if it fails, you’ll have figure out your repayments.

Term loans

Term loans are the best types of unsecured loans you can get because this is often an agreed amount as discussed by both the lender and the borrower. Being an already agreed amount, you doing have to trouble yourself with variable interest rates and repayment plans. It’s all discussed and fixed by both the borrower as well as the lender. There’s really no room for surprises when you opt for term loans which is something that most start up borrowers look for.

Once you’ve decided on which loan would be best for you, you need to move on to the real questions. You can’t just make a decision and suddenly search for lenders to apply to, you need to know when would be the right time to apply for an unsecured loan for your small business.

Unsecured Business Loans Calculation

Applying for a loan-when’s the right time?

Usually people don’t pay much attention to the factor of time, however, it’s crucial that you apply when you’re well researched and prepared to get a loan. Business loans for your start up is more than just about getting the funds but also about how well you’ll be able to manage it. Remember, you need to apply so that you can be approved and here are a few tips to help you with that:

You can’t ignore your credit score

The biggest factor you need to look at before applying is how good your credit score is. While most people might be under the impression that it really doesn’t count for much, you can’t go for their words. Without credit scores may not even be approved for loans especially since you’re opting for an unsecured loan. Because they don’t offer collaterals, the lenders often need your credit score to be up to the mark so they know you are a reliable candidate.

How is your business going?

Since it’s a start up, you may believe that your business position isn’t really of importance right now but you are wrong. Where your business stands plays a major part in giving the lenders an idea of how their funds will be used. After all, you wouldn’t want to lend someone money only to find out they’re just wasting it all, would you? In much the similar manner, lenders need to be sure your business is on the right track or has the potential for growth. This would often mean you need a proper business plan laid out beforehand so you can show it to the lenders.

Will you be able to repay them?

Another major point you need to look at is whether or not you are in the position that you’ll be able to repay your lenders. It’s important that you make a proper repayment plan and keep it ready and also apply when you have a proper cash flow and you are certain you won’t be drowning in debt later on.

These points are very crucial to keep in mind so you can’t really avoid any of them. Business startups are always a risk which is why secured loans are the better option but it’s always best if you consult a professional and be certain before taking any step.

Need for Cash

Are you ready to finally go forward and forget about every problems that limited you so far?

No matter how you think that you are not capable to get out of that unpleasant condition, now you can rest your mind and let someone willing to help – to help you. You might wanted so many things, but you could never achieve your goals before, because deficiency of money always made that border against you and peace and tranquility. Fast payday loans are easy to get now, because there are many firms that tend to meet the needs of the market, which really was vacant in this field of business.

Such unpleasant situations always bothered people, and many of them overrun it by making loans from friends or family members, but it seems that it usually leads to even more trouble, brawl, fight, and there were many cases which ended up i the court, so no one is willing to stage such situation, and that is where payday loan firms came to solve case. It is a bit different to owe money to the friend or family member than to owe it to a company, which posses the paper that you have signed, that you will return the money in some predefined deadlines.

Payday loan and deadlines

Deadlines provide responsible treatment of a loan firm, which was not the case in private loaning methods, because people take the debt a lot more easy if the person who helped them is someone well known.

The title of loan companies is „ fast, effective, efficient“. Maybe it is not the cheapest service for financial trouble handling, but it certainly is the fastest, the safest, and the most of all, there is no enormous paperwork and there is no need for endorser, so your friends and family will stay out of this definitely, and that is good, that is the best way for them to stay friends and family. Someone said – If you want to waste the good friendship, just lend your friend some money. The rest will happen by itself. This state is proven many times, and there were some cases that ended up tragically, for just few dozens of dollars. Strange but true.

Loan conditions

Payday loan companies clearly understand that you are in a rush, and what it means to need some amount of money urgently. That is why all the paperwork is shortened, there is no waiting in lines and filling dozens of claims and arguments. We may say that payday loan firms surely respect clients time and problems, and only thing that they demand is to respect the same thing – to respect the returning time. A lot of loan firms are keeping up with their clients to be there even when the arrangement is over, because they will tend to keep good clients close, and to be there if they ever needed the service again.

Many companies will offer some more favorable loan conditions in order to keep good clients, and it sometimes can go so far that the loan become a little bit higher, and return time can be divided in installments, so the loan itself can become some sort of mini credit, such as we used to meet in banks, but again, without paperwork and a lot of time spent to get it.

Pros and cons of health savings accounts

Since the medical insurance is quite complicated in the U.S., it is not rare that people undergo a medical procedure which turns out not to be covered by their medical insurance. In such situations, it comes as a relief if you have a certain amount of money saved for medical expenses. That is exactly what the health savings accounts are for. They are created so that they cover a single individual, their spouse or even both of them. They have their good and bad sides just like all other types of bank accounts.

healthaccount1Advantages

Let us start with the advantages of health savings accounts. The first one is their convenience, since most of them are connected to a debit card. This means that, if you happen to undergo any medical treatment or procedure that is not covered by the insurance. You will be able to pay for the treatment and medications immediately without waiting for the medical bill to come. You can contact your card issuer and notify them to pay for the cost through your card, or you can even use it on an ATM, withdraw the money and pay in cash.

Another advantage of health savings accounts is that the money deposited on such accounts is not subject to the federal income taxes. This is especially convenient both for you and your employer if he is one of the account’s contributors. While we are at the contributors, another positive aspect of this account is that the contributor can be anyone, not necessarily only you or your employer. It can be your spouse, children, parents or relatives. Flexibility is another aspect to be mentioned o the plus side. As already mentioned, you usually get a debit card with this account and you can pay either directly through it or using the amount of cash you withdraw from it.

Additionally, you can use it if you change the health care provider and the funds on the card are rolled over every year, not requiring you to spend them before the year expires. Lastly, some health savings accounts come with an interest.  So you can even cumulate some interest money over the months or years and end up having more money on this account than you have originally deposited.
Health-Savings

Disadvantages

When it comes to disadvantages, there are some of them to mention as well. Since the account does not require you a fixed amount of money to deposit nor it prescribes the minimum amount to deposit every month, you may neglect this account and find yourself in a situation where you will not have enough funds for a medical treatment.

canstock1730075 Another disadvantage is that there may be some additional fees you will need to pay even if you cover for the treatment costs – some medications and medical treatments paid with funds from this account require paying the additional fees to the bank where you have the account. Lastly, this account requires you to keep record of all the funds you deposit or withdraw, as well as the medical expenses you have, in order to be sure that there are enough funds on the account and that you can count on them.

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How to choose a bank account if you own a small business

Having a checking or a savings account has become very common and usual, and more and more individuals nowadays have one or even several bank accounts. There are many different types of the accounts, meant for different purposes and based on different terms and conditions, and they are nevertheless becoming a necessity of individuals in modern society. If you are an individual and a private entity, you can still live without a bank account. However, if you own a small business, having a bank account is a necessity you simply cannot work without.
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Unlike personal bank accounts, business accounts usually come with larger fees and different terms and conditions, so it may not be easy to find the best solution for your business account without losing too much money on service and all sorts of other fees. Still, there are ways to significantly reduce or even completely avoid certain fees, and in this article you will read a few suggestions on how to choose a bank account for a small business.

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First of all, it is crucial to know the needs of your business in terms of the bank account. For example, if you handle a lot of money through your business and its bank account, it is important to choose the account with as low cash handling fees as possible, or with no cash handling fees at all. Choosing the bank account that matches your business policy and methods can save you up a lot of money on yearly basis.
Most savings and checking accounts charge a monthly service fee, which is a fee for maintaining the account. It can be a fixed amount or include a percentage of monthly incomes, and it is on average $13 for personal accounts, while for the business account it is lower and ranges between $5 and $10 per month. However, there are banks that do not charge monthly service fees, but they usually require you to keep a certain amount of money on the account at all times. If you can afford to keep that amount on the account, than you can save money on the maintenance fee and pay nothing for it.
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Find bank which gives benefits

Most banks offer a range of benefits to their loyal customers, so if you own a small business, it is recommended that you stick with one bank. The bank will usually offer you certain discounts and special services if you join all your accounts within that bank. Also, it helps you keep track of the transactions and funds you have available, while it also helps you save some money when you use the discounts and special offers from the bank.

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In order to save some money on fees the traditional banks usually have, you may consider opening an account in a community bank, since they offer a range of conveniences for small business owners and they have the lowest fees. Also, you can choose an online bank for the same reasons. Many business owners and individuals still do not feel comfortable of having a virtual account, but online accounts are very small business-friendly.

Saving vs investing money

Saving and investing money may not seem to have much in common, but there is one mutual reason why you may think between these two options – they can both bring you the additional amount of money and make you feel secure about the future. If you happen to have a certain amount of money you have inherited, earned or won, you may think between investing it or saving it. Both approaches have they advantages and disadvantages, and in this article we aill deal with them.
saving-vs-investment

Saving

Saving the money is generally used when you do not need it for a specific purpose just yet, but you want to save it for a rainy day, or for some specific situation in the future, such as buying a house or paying for college. It is a good option because when you save money in a savings account, you can accrue the interest over the years, and when you need the money, the sum you get will be larger than the sum you have initially had. However, the interests are not usually too high, so the amount you will end up earning may not be very significant.

unit-trust-consultantStill, it depends on the bank and the type of the savings account you choose, and there are plenty of options to choose from. The money you save in a savings account is the fixed amount, and it is secured against unoredictable circumstances such as the hacked account. However, the disadvantage of the fixed sum is that, once you spend it, that is it.

Investing

download (2)Investing includes anything you pay with your money which can bring you a profit later: starting a small business, investing in stocks, buying antiques and selling them later etc. If the investment is done right, it can be a great way of turning your initial sum of money into an even larger sum after a while, which can bring you financial security, as well as the opportunities for new investments. However, this approach comes with many risks. Unlike saving the money in a bank account, where you know that your money is secure and it is always there, the level of security drops with investment the money.

Imagine the scenario where you decide to invest the money you have into a small business, and after a while your business fails. It would be a huge financial loss, and the money you have invested would not be possible to get back. Also, it can be a lot of stress managing the personal business, no matter how successful it is, and it is especially frustrating if it turns out not to be successful.

Since there are pros and cons to both investing and saving, you should think well about your possibilities and about the purpose for which you want to use the money. After all, you can save it at first, and if you get an investment idea you think will work well, you can always take the portion of money from the savings accounts and invest it.

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Payday Loan Help – What To Do If You Cannot Afford to Pay Back?

Payday loans can be a viable option for you if you are trapped in midst of monthly emergency expenses and you have already spent your monthly income on other day to day expenses. But failure to pay the payday loans on time can trap you in an even more complicated situation. In such condition, payday loans can become too pricey to help you. Quiddi Compare can help you in obtaining payday loans from reliable companies.

Being trapped in payday loan debt can be scary. If you rely on payday loans to meet your emergency expenses, you should know how to deal with payday loan debt.

Don’t Panic Payday Loans

If the repayment date is looming you and you are struggling to find out a way through which you can pay back the payday loan, the worst thing that can happen to you is to get panic attacks. Don’t panic! You are not alone, as many people fail to pay back their loans, but they get out of debt because they plan smartly.

Contact the Lender

You should not struggle in silence and contact your payday loan lender as soon as possible. Your payday loan lender has your signed bank cheque and if he or she goes to the bank to get it cashed and it gets bounced, then your bank and loan lender will charge you additional fee.

Payday loan lenders must abide by the law and give you a reasonable time to repay the loan. They may also freeze any interest or suspending charges. Some lenders may even accept small token payments from you if you are totally broke.

Roll Over Your Payday Loan

Your lender may give you the option to roll over the loan if you are unable to pay back the money on due date. Rolling over the loan means that the lender will offer you more time to payback loan against a fee or interest. Rollovers usually last for the same time as you originally agreed with the lender.

There is no law to determine how many times a loan can be rolled over. Rollover limit varies from lender to lender, but loan rollover further increases the debt on the borrower.

Cancel the Recurring Payment

Recurring payment or continuous payment authority allows the lender to take money from your debit card when they are owed or when the due date has reached.

If you have money in your account, but paying back the loan will render you unable from paying for necessities like food, mortgage, utilities, etc., then you should call your bank and cancel the recurring payment authority of the lender. Make sure to tell the lender that you have done so.

Get Help of a Specialist Debt Adviser

Get help of a specialist debt adviser who can give you free advice, such as the National Debtline. A specialist debt adviser can talk to the lender on your behalf and persuade him or her to stop charging more interest.

Payday loans are convenient short-term loans that can help you in time of need, but it is important to plan your repayment schedule to save yourself from debts. There are many fraudulent payday loan companies in the market, so make sure to keep yourself away from them.

 

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Receiving Payday Loans the Same Day

I am sure that at least once has happened to you that you have been missing a certain amount of money to solve a certain problem. The costs are unpredictable, and therefore the time when they will occur. The costs do not ask whether you have money in your account, or you do not. At this point one thing becomes clear, you need the money as soon as possible. Whether you have bills to pay, or your car broke down, you have a birthday or holiday with your family, a weekend with friends … Certain online companies can help you with receiving a payday loan the same day as you request it!

Getting payday loans same day amounting up to $900:

The best thing about the same day payday loans is that $900 can be in your current bank account in 15 minutes from the period you have filed your application form. Same day payday loans are meant for short-term repayment period with a pre-agreed interest and the cost of return loans.
Their goal is to give you the payday loan as quickly as possible, so they try to check your data and process as soon as you complete and send the request. They operate exclusively by electronic means and will pay out money to your current account. They do not go through your credit history or credit capability of getting a loan, so that you can also get a payday loan and quick loan payment immediately, within few hours.

Their same day payday loans are safe and reliable:

Thier goal is that their customers are satisfied, so they take the policy to the mutual satisfaction with the intention that you can always count on these companies. Most people would rather ask friends and family for the loan rahter then deciding on the payday loan over the internet. This is understandable, but sometimes asking friends and family can be very annoyingan unpleasant. They can rid you of the inconveniences because they keep all your data and information a secret, and they operate discreetly. They are constantly working to enhance and improve their website in order to ensure that all of their customers deal with the safest way to apply for a loan.

A quick and easy process for loans same day

While you will be waiting in the banks for days, throguh these companies you will get a payday loan in just one day. The process of granting loans on the same day begins when you make an application. Our clients come from all over the EU and the world; many of them have access to other forms of borrowing, but often choose to get the payday loan on the same day. All you need to do is fill a simple online application form and choose how much you want to borrow.

Fill out the required information quickly and easily from your home or other place in only 2 minutes and send them a request. Avoid unnecessary waiting and long lines. Save your own time and money, because they are not seeking certification of notaries and additional documentation thath requires any additional costs.

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