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Finance

New Tax Trends for Your New Entrepreneurs

Entrepreneurs who have chosen to tax their profits to IR when setting up their business can, for multiple reasons (mentioned here: IR or IS?), Consider an option for taxing their profits to IS. This file informs you about the transition to IS for companies subject to IR.

Companies imposed on IR by default

The companies whose profits are by default taxed to the IR, in the name of the entrepreneur or the partners, are sole proprietorships, EIRLs , EURLs with a natural person partner, SNC, EARL and civil companies.

All these companies, with the exception of the sole proprietorship, have the right to formulate an option for a taxation of their profits with corporate tax.

This option is irrevocable, except in the event of renunciation notified to the administration before the end of the month preceding the deadline for payment of the first corporate tax installment of the fifth financial year following that in respect of which the option was exercised.

Companies subject to IR on option

The SARL , the SAS , the SASU and SA, initially subject to corporation tax, can opt for taxation of their profits to the IR (or imposed directly into the hands of their partners legal persons) for up to 5 years, or without time limit in the case of a family LLC

If this option for IR has been exercised, however, these companies have the option of terminating it and therefore reverting, but irrevocably, to taxation with corporate tax. How can you make such calculations? Make use of the taxfyle’s tax calculator now.

How to exercise the option for IS?

When the company is by default taxable at IR, the option for IS must be exercised:

For a sole proprietorship: by decision of the operator.

For a company: under the conditions provided for by the articles of association or, failing that, by all the partners (unanimous agreement is necessary).

The option for corporate tax must be notified to the tax service at the latest before the end of the third month of the financial year for which the company wishes to be subject for the first time to corporate tax. It is possible to formulate the option before the start of the financial year concerned.

When the company is by default taxable for IS but an option for IR has been made, the waiver of the option to switch to IS must be notified to the tax service:

Within the first three months of the opening date of the fiscal year from which it applies, when the company had temporarily opted for IR (5 fiscal years maximum). Before the opening date of the first financial year to which it applies , when the company is a family limited liability company and it had opted for IR (without time limit).

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Finance

Financial Advice: The Best Service From Insolvency

There are a lot of people who are having a hard time with it comes to managing their finances every single day. Thus, one of the best ways to solve this kind of problem especially to those family is to seek help in professionals in this field. Financial advice for young families is very essential as they are the ones who are building and creating their foundation financially. There are a lot of instances where people are stuck in a situation where they can’t pay their debts. Insolvency services help every individual, business to have the chance to pay their debts and establish again their reputation again. They can offer a lot of services and a wide range of choices in choosing the process of paying debts.

Things to Avoid Insolvent Property

  1. Avoid buying a house that is too big to a small Family. There are a lot of banks today offers their client house loan wherein people can build their dream house or to buy. However, one of the mistakes of every young family today is that they choose to have a big space. There is a bank that gives Financial advice for young families to choose the house that they are comfortable and not too big. In order to save more money and just use the money left for business or other investments. This should be considered by young families as they are just beginning and experiencing the real world of finances.
  2. Avoid Getting a Debt or Loan if income is too small to pay. It is a good thing sometimes to get a loan for different necessities and shortage. However, too much of the desire to get debt and loan is not that beneficial to every family. There are a lot of people who think that if they have a long term loan then they can save more money, which is not. People need to think about avoiding themselves in every debt and loan to save more money and at the same time, they can get the peace of mind they deserve.
  3. Plan to Purchase things. People need to prioritize all the things that they need. Purchasing things that don’t belong in a plan of the family is not good, it can be considered as desired things. There are a lot of things to consider and to be a top priority when purchasing. Instead of purchasing things every young family needs to consider the fact that they can use to save the money for the whole family and for their future.

Reasons to seek for Financial Advice from Insolvency

  • To Avoid Being Impulsive decision-maker with Finances. Financial advice can help every young family to build their own plan with it comes in their finances. It is not a good thing to practice the family to become an impulsive buyer, investing money is better when started in the early days. Then it is a good decision to take by every young family. Financial advice is the best way to make an excellent decision to achieve by young families today.

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Finance

How Useful Is Bicycle Insurance In India?

As the awareness around global warming and the environmental consequences of using motorised vehicles continue to grow, cycling has emerged as a viable alternative mode of transport for city dwellers. In almost every city in India, you are sure to find a substantial percentage of the population (42% urban and 46.12% rural) using cycles as their primary mode of transportation.

India manufactures almost 10% of all cycles produced in the world, which accounts for nearly 125 million units. The annual demand is around 10 million units, which when compounded over the years, is a mind-boggling number. Most of these units are not covered by cycle insurance, but there’s a growing interest in it with each passing day.

The need for cycle insurance

Cycles come in many variants; the cost of basic ones start from anywhere between Rs. 2,000 and Rs. 3,000 whereas the top professional models may cost up to Rs. 50,000 or even more. Moreover, professional cyclists often spend thousands more on accessories and upgrades.

Cycle insurance takes the centre stage if you wish to protect your valuable asset from natural or human-made calamities. Several insurers offer this policy with varying features.

For example, Bajaj Finserv brings you Cycle Insurance Cover which guarantees financial protection against numerous unfavourable circumstances.

Following are some of the instances generally covered under a cycle insurance policy:

  • Natural disasters

Cycles are much more vulnerable to natural calamities than cars and other automobiles. Cycle insurance in India typically covers most of the natural disasters like flood, fire, and so on. If your cycle is damaged fully or in part due to such calamities, you will receive the insurance amount required to repair or replace it.

  • Human-made disasters

The best cycle insurance policies also cover specific human-made disasters such as riots and violent strikes.

  • Theft and burglary

If your cycle is stolen from your house or anywhere else, you will be eligible for a cover of up to Rs. 50,000 for the replacement of the stolen unit.

  • Accidental death

Although accidental death is rare for cyclists, the accidental cover clause in cycle insurance in India is not something you should take lightly. You may avail benefits of up to Rs. 2 Lakh for a low premium of Rs. 899 per annum. If you want to upgrade your coverage limit, you may opt for the Rs. 3 Lakh cover which entails an annual premium of Rs. 1,499.

  • Accidental damage

A cycle insurance policy covers you against accidental damages to your cycle and provides a coverage of up to Rs. 50,000. As noted, you get covered against a host of damaging circumstances with a cycle insurance cover.

Salient features of bicycle insurance in India

Following are some of the features of cycle insurance cover that you should be aware of before opting for one:

  1. It offers global coverage. You may take your cycle for an adventure trip outside India and still be covered by your insurance policy
  2. You get the reimbursement according to the agreed or invoice value.
  3. The tenure for bicycle cover is set at 12 months.
  4. The policyholder must be between 18 and 70 years of age.
  5. The insured cycle should not be more than a year old at the time of availing the insurance policy.
  6. Disappearance for more than 1 year will be regarded as legal death, and the coverage can be collected for that.

Thus, a bicycle insurance is a viable option to remain prepared for any contingencies associated with it and enjoy riding it worry-free.

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Finance

Give Yourself Peace Of Mind That Your Finances Are In Order

Keeping your personal or business finances in order is something that everybody should be aware of, especially the ways to reduce your expenses while maintaining compliance with the various tax laws that apply in the country. Indeed, keeping an eye on your personal bank statements, monthly bills and budget are tasks that you should carry out on a regular basis to make sure you always have enough money as well as some left over in savings. It is also important if you are a business owner to keep your finances in order at all times to make sure you comply with legal and tax regulations as well as to generate profit for your business. Therefore, if you are looking for more information about legal compliance for your business’s financial situation, you should think about undertaking a simple online search for certified contractor accountants in East London which can assist you with the preparation of your financial statements.

Furthermore, by choosing to employ a certified accountant to assist your business, you could enjoy expert advice about a number of aspects of the business which could be improved. Certified accountants are familiar with the various financial procedures that are required on a daily, weekly, monthly and yearly basis, meaning that you can focus on other elements of the business. Hiring a certified accountant could give you the extra time you need to develop other aspects of your business, including marketing or production. Lastly, you can give yourself peace of mind that your financial situation is being managed by an expert if you hire a certified accountant to assist you.

  • Give yourself peace of mind.
  • Comply with all legal regulations.
  • Focus on other elements of the business.
  • Choose the right certified accountant to assist you.

Therefore, you need to be aware of your financial situation so that you can develop profit and help to expand your business operations in the future.

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Finance

Benefits of Getting Financing for Dental Equipment

Saving capital and redirecting it elsewhere is made possible with the help of modern methods like equipment financing. As the efficacy of equipment financing continues to prove itself, many industries are adopting this tactic into their operations. The dental industry is one such domain. With more businesses exploring this streamlined practice, you can benefit from the following.

Advanced Technology

Choosing the right dental equipment financing services ensures that you receive the latest technologies and advancements. This is particularly appealing to the dental industry because there’s always room for improvement. When a newer model has eclipsed the product you’re using, the leasing company will swap the outdated version for the refined rendition.

Work with Third-Party Resources

In the dental industry, there are already enough moving parts. Equipment leasing agencies serve to facilitate all handlings and field any questions you may have. This perk is in large part why equipment financing is highly sought-after. In short, the company you’ve partnered with oversees every stage of the process and promises timely delivery and disposal services.

Customized Services and Equipment

Unlike most business affairs, working with dental equipment leasing organizations is hassle-free and completely customizable. Regardless of your demands, they seek to meet them. Not only do financing firms urge their clients to set guidelines, but they go the extra mile to gratify wishes as well.

The Chance to Save

The most prominent perk of partnering with a dental equipment lender is the cost-saving opportunity it offers. Whether you buy in bulk or on an as-needed basis, equipment financing complements all budgets. Above all else, rates are locked in, ensuring that you don’t succumb to fluctuating inflation risks.

Frees Up Lines of Credit

Equipment financing is one surefire way to preserve your lines of credit. With equipment leasing, you don’t have to worry about depleting your financial resources and, in turn, allows you to boost your credit while remaining in good standing with other lending institutions.

No Unpleasant Surprises

Though many companies balk at the idea of employing lenders, equipment credits are the antithesis of traditional loans. There aren’t any hidden fees, and you’re guaranteed full transparency. You’re given clear insight into the process, and no dubious tactics are used.

Experience Peace of Mind

Above all else, equipment financing is touted as a convenient and trustworthy service. All information is provided up front, and you’re not expected to cover any arbitrary fees along the way. In fact, a down payment isn’t even required.

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Finance

Quick Personal Loan: The best choice for making Home Loan down payment

A home is a lifetime asset which needs to be purchased with careful planning. It indeed is one of the most valued assets one purchases in one’s lifetime. In the current real estate scenario, with rent being very high, it makes sense to buy a home and pay for its EMI, rather than living on a rented home.

A Home Loan can be hugely beneficial if you want to buy your own house. You can avail a loan amount up to 80% of the property value. While the remaining value of the home needs to be paid out by the home buyer, as a Home Loan down payment.

A Home Loan down payment refers to the amount which the buyer needs to invest from his savings. It is indeed the biggest expense that is incurred from your pocket while purchasing the home. Quick Personal Loans can be a great option to pay for the down payments for a Home Loan.

A quick personal loan can be appealing and beneficial for the consumers with a good credit score. Depending on your eligibility, the interest rates can vary from 10% up to 36% p.a. The better is the credit score of a borrower the lower is the rate of interest offered to the borrower.

Instant personal loan benefits

The top reasons which support the decision to apply for a Personal Loan for a down payment include:

  • Personal Loan can be used to save tax

The most significant advantage of using a Personal Loan for down payment of home loans is that you can save a large amount of tax. You can claim up to Rs 2 Lakh on the interest against a Personal Loan.

  • A Personal Loan can save up the emergency funds

Using the option of an instant Personal Loan for down payment of a Home Loan can save the emergency saving a buyer has, for better use in the future. These emergency funds can be helpful in circumstances like medical emergencies, sudden travel, weddings, etc. If you use up all the savings, it could be quite risky for the future.

  • FOIR maintenance

Availing a Personal Loan for the purpose of using it for down payment of the home loans should be less than 40% for both EMIs together to maintain the FOIR (Fixed Obligations to Income Ratio). If it crosses the amount, it can lead to a lot of personal sacrifices. Hence, maintaining a limit of 40% for both EMI’s (Home Loan and Personal Loan) is essential.

Finding your dream house is indeed a difficult task. Once you have found the dream house, you should not lose the opportunity to buy it. The large mass of the population does not have the finances ready to buy a house instantly. Hence, Home Loans can be availed to purchase the house and pay monthly EMI’s to the lending bank. However, Home Loans only offer loans up to 80% of the property value. Hence, the rest 20% needs to be paid by the buyer. It is a good option to save the emergency funds you have, and go for the best instant Personal Loans to pay for the 20% down payment of your dream house. Many lending banks have special features and offers for their clients when they avail a Personal Loan from the bank. Some of the leading banks providing instant Personal Loans are:

ICICI Personal Loan

ICICI Personal loan are unsecured loans which offer various robust features which include:

  • The rate of interest for ICICI Personal Loans is usually a fixed one. It can be as low as 11% to 22%. The rate of interest is fixed based on the individual’s risk profile. The Salaried individuals can take a maximum of 20 Lakh loan, self-employed people are given loans up to 30 Lakh and Doctors are provided Personal Loans up to 40 Lakh.
  • The instant loan tenure can range from minimum one year to a maximum of five years tenure period.
  • The Personal Loans come with flexible repayment options such as auto debits, ECS, or PDCs. The loan amounts are instantly transferred to the clients, which is a great benefit.

    The ICICI Personal Loan is very easy to seek to make a down payment, if you have an active Home Loan with the same bank. The Personal Loan linked to the Home Loan provides the cheapest rate of interest. It is the most economical and useful service provided by the bank.

Fullerton India Personal Loan

The Fullerton Personal Loan scheme offers instant Personal Loans to its existing clients with a great number of benefits which includes easy payment tenure and very economical interest rates. The interest rates for Fullerton Personal Loans vary up to 20% to 49%. The interest rate is calculated on the basis of the customer’s profile along with the tenure of loan.

The advantages of availing Personal Loans for a down payment of a Home Loan through Fullerton Personal loan schemes are:

  • There is no collateral required for an instant Personal Loan.
  • The Fullerton Personal Loan is available for up to 20 Lakh for the salaried individuals, whereas 30 Lakh is the upper limit for the self-employed. The Personal Loans offered by Fullerton have special loan schemes with high flexibility and longer tenure period for women, Home Loans down payments, and for emergencies.

Thus, Personal Loans are a great way to get the required funds in a short period of notice. You can pay back in a short tenure of time according to your capacity.

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Finance

Build Your Wealth Effectively Today

When it comes to investment and financial security, it is important for you to opt for effective wealth management strategies. There are many wealth management strategies for people of all ages. However, the needs of different people are not the same.

Since there is a large range of wealth management strategies for people, it is prudent to hire the specialized services of a financial advisor who will guide you through the process and help you establish a successful wealth management strategy with success.

In Greater Boston in the USA, there is an experienced and skilled wealth management expert like David Barcomb to help you out and give you effective wealth creation and building strategies.

David Barcomb is a senior financial advisor with Merrill Lynch Wealth Management. He guides and counsels his clients on the importance of wealth management and its goals. He maintains that wealth management for two people can and never is the same. It is easy to follow the investment plan of a friend or a neighbor but that plan may not be the right one for you.

For instance, if you are a bachelor, it is obvious that a married neighbor’s plan will not work for you. Before you opt for a wealth management strategy, it is important for you to at least ascertain your basic needs and seek professional guidance.

There are some people who blindly invest in property and jewelry all the time. During the time of emergencies, they do not have liquid cash. David says, along with property and jewelry you should also set aside a portion of your income as liquid cash. This will help you in case an emergency does arise. At the same time, he says that you should never get addicted to the easily available online cash loans. With too many loans, you will harm your credit history. David advises that you should always take credit when you can pay it in time. Sometimes taking credit is good. If you pay it on time, this will reflect in your credit history and show that you are a responsible individual.

When you are planning wealth management for old age, it is important for you to go in for retirement plans. There are offices that have retirement plans and if you have not opted for them, it is important to talk to office authorities immediately. In case, you do not have a retirement plan in the office, you should opt for one outside. For this you should contact professionals like David to help you out. When it comes to terms and conditions, it is important for you to read them carefully. This will give you an idea on their implications with success. In case, you fail to understand ask your financial advisor but never sign on anything you fail to comprehend.

David Barcomb always looks into the personal interests of his clients and this is the reason why he is widely sought after in the wealth management market in Greater Boston today!

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Finance

Foster Financial Services Inc. – Helping You Choose The Right Retirement Plan

Many people during their lives deposit a certain percentage of their earnings in an individual retirement account. This is simply a personal savings plan that has a number of tax incentives that encourage you to save for your retirement. However, many people are still confused as to which type of individual retirement plan should they invest their money in to get maximum returns when they retire. The financial experts at Foster Financial Services Inc. have provided assistance and advice to thousand of potential customers in deciding which retirement plan they should invest their hard-earned money.

The financial professionals of Foster Financial Services Inc. emphasize that there are three individual retirement account that you can opt for. Each of these personal savings plan have their own set of advantages and disadvantage while offering specific tax incentives to their depositors. These are traditional individual retirement accounts (Traditional IRA), non-traditional retirement accounts (Non-traditional IRA) and Roth Individual Retirement accounts (Roth IRA).

Under the traditional individual retirement account, an individual has to deposit four thousand dollars under the scheme until he/she reaches the age of seventy years and six months. Moreover, people who are above that age of fifty can contribute an extra five hundred dollars under specific provisions of the retirement plan. Under this retirement plan, your contributions accumulate and are not taxable until you retire and withdraw the amount. Moreover, the amount contributed by your employer under this retirement plan is also not taxable. The investments made under this retirement plan are also tax-free and there are flexible plan options under this scheme.

The financial experts at Foster Financial Services Inc. state that non-traditional retirement accounts are similar to the traditional retirement accounts in many ways. However, your contribution will be taxed every year until you retire but lump-sum amount that you withdraw on your retirement will not be taxable. Moreover, the portion that represents earning on investments under this retirement plan will be taxable. However, the benefits under this retirement plan are similar to the traditional retirement plan.

People who opt to deposit their money in Roth individual retirement plan instead of the traditional individual retirement plans enjoy tax-deferred growth. Under this retirement scheme, your contributions will taxable every year but the amount withdrawn by you when you retire will not be taxable. However, this is only possible when you meet the requirements for qualifying withdrawals.

The financial experts at Foster Financial Services Inc. emphasize before opting for any retirement plan, you need to take into consideration a number of factors. These include your current and future income tax rates, rate of return ona the amount you invest and the availability of a retirement plan where you are employed. The purpose for which you tend to use the funds for will also be an important consideration. Under some individual retirement accounts, your marital status will also be taken into consideration when your deposit your money in any individual retirement account. These financial experts explain that it is essential for you to understand all the intricate details before deciding when retirement account to invest your money.

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Finance

PPI Refund-Who Can Reclaim

The Financial Services Authority has this week reported that amid 2011 banks paid out £1.9 billion in pay for mis-sold installment security protection (PPI). The normal payout for an effective case was £2,750.

It is evaluated that the last level of payouts could reach £8 billion. In view of this isn’t it time you built up whether you are qualified for a PPI discount.

Setting up if you have a case

The initial step you should take is to set up in the event that you have a PPI arrangement. This is not as peculiar as it sounds as you may have been sold the PPI strategy without acknowledging it. If identified with a MasterCard you ought to have the capacity to see any installments taken for PPI on your month to month articulations, yet for a credit or home loan it may not be so self-evident. If all else fails contact your bank to discover.

The most straightforward PPI claim back compensation cases to seek after are identified with clients who were sold the PPI approach when they could never have possessed the capacity to guarantee on it or where it was sold to them without their insight or assent.

A couple of cases of circumstances that may prompt an effective PPI remuneration case are point by point underneath:

In the event that you were not in vocation at the time you took the protection – whether independently employed, unemployed or resigned – you will never have the capacity to profit by the arrangement;

If it was not clarified that a prior therapeutic condition that kept you from working will invalidate the approach;

if you were sold a ‘solitary premium’ approach – in which the entire expense of the strategy is paid in advance and obtained at the same rate as the credit appended to the arrangement;

In the event that you were told the protection was mandatory;

In the event that you were not gave or never had the terms and states of the strategy disclosed to you; and

In the event that you were over the upper age limit (more often than not 65-70) that the strategy will cover at the season of taking out the arrangement.

The cases procedure

To make a case you have two choices:

  1. Seek after the case yourself by reaching the moneylender who you acquired the PPI arrangement through, ex you Visa, credit or home loan organization, expressing in composing why you feel that you are qualified for PPI discount.
  2. There is an option. Numerous individuals who handbag a PPI discount claim themselves discover the procedure tedious, distressing and baffling. An answer for this would be to approach a cases administration organization that have some expertise in guaranteeing PPI discounts for their customers.

These organizations for instance ismart have streamlined frameworks, frequently with a committed purpose of contact who will oversee you guarantee from the main call you make and keep you overhauled on the movement of your case to make the entire procedure as anxiety free as would be prudent.

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Finance

Basing Your Credit Card Choice Around Points May Be Missing The Point

What sounds as good as getting something for nothing? The problem with credit cards is that there are barely any rewards for using them, which is why credit lenders got smart and started giving their customers something they call “rewards” for using a card. A strange concept to grasp, technically, the reward is that you continue to use their card, and they gain your loyalty, but how much of it is really rewarding to the consumer?

Many people use the reward system of a card to determine which they want to use. Travelers try to find cards that give rewards in the form of airline miles, while outdoor enthusiasts choose cards that will give them breaks at their favorite outdoor retail outlet. The truth is, however, if you are making the choice about which credit card to use based on the things you think you are getting back, you may be making a big mistake.

A recent study examined how many people who use specific credit cards because they want travel rewards, actually use them. What it found may have you thinking twice about the point of reward points. Studies indicate that although Americans insist that they use specific credit cards to gain reward points, they rarely bring them with when traveling or cash them in at all.

Making matters worse, many Americans admit that they actually use their cards often to gain the rewards and then end up paying more in interest charges on their revolving debt without ever using any of the points earned. Only 15 percent of those surveyed said that they had used the points earned from their credit cards to pay for a vacation, and instead end up using valuable rrsp rates funds. That is not only paid in full but even used their points toward any part of their destination.

Adding insult to injury, they also admitted that instead of using the points to save any money, once they used the card to take their vacation, 14% said that the money they racked up while traveling on vacation couldn’t be afforded when they returned. That led to high finance charges and accumulating revolving debt.

The allure of gaining travel points is causing people to lose common sense. Those who are looking for free vacations are taking out credit cards that they don’t need and then maxing them out, or paying for more expensive means of transportation to get to their travel destination to gain more points on their travel cards. The entire thing seems to be self-defeating even for the smartest of financier when it comes to credit card rewards.

Only one in one hundred people who use credit cards for getting away on a wild vacation has actually used those points to pay for the entire trip. Likely, they are the ones who pay very close attention to the rewards, how to redeem them, and are tight with their overall finances.

It isn’t just the rewards for travel. Many take out other credit cards thinking that they are earning points toward purchases only to find that the points that they have to earn well exceed any sensical price that you would pay out of pocket for whatever the credit card holder “earned”. When you begin to add up all the money spent getting points in interest payments, late payments, and other unnecessary overages, it is rarely the case that any rewards are coming from credit cards.

Some cards will give you cash back bonuses. Again, by the time you get any cash in return, it is typically not enough to pay the minimum balance for the revolving credit that you have on the card. A great marketing scheme, not many credit card users are thinking about the end game. Credit card companies have made a scenario, whereby, they have programmed people to use their cards whether they can afford to or not thinking that the more they spend, the more they will get “rewarded”, but that is simply not what the statistics are showing.

If you really want to reward yourself, pay cash. That way you know that there is never going to be a charge for using cold hard cash. When using available cash, you never have to worry about a finance charge, late fees, or overextending yourself into debt in an attempt to get something for free. A great mind trick, rewards are anything but rewarding to the average American.