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January 13, 2022

Bank Overdraft Fee Changes Continue in 2022

Bank of America is reducing overdraft fees from $35 to $10, joining other banks that have reduced or eliminated penalties since 2021. Steven Senne/AP Photo

Bank of America and Wells Fargo have jumped on the bandwagon to eliminate overdraft penalties, though they aren’t riding all of the way yet.

The nation’s No. 2 and 3 banks announced in January that they will give customers a break on high penalties for overdraft fees but unlike other U.S. Banks did in 2021, they aren’t eliminating them completely.

Bank of America is slashing overdraft fees from $35 to $10, making it the first of the Big Four U.S. banks (JPMorgan Chase, BofA, Wells Fargo and Citibank) to lower extremely high overdraft penalties. It also announced intentions to drop bounced check fees.

Wells Fargo followed suit, announcing that it will give customers 24 hours to make good on overdrafts and negative balance accounts before enforcing such fees. It is eliminating its $35 penalty for returned items because of non-sufficient funds but has not budged on the $35 overdraft penalty.

The Bank of America action is scheduled to begin in May. Wells Fargo’s new rules will be in effect by the third quarter of 2022.

Bank of America will also no longer let customers overdraw their accounts from ATMs and is eliminating the $12 penalty when they use overdraft protection that moves money from one account to another to avoid “bouncing a check.”

While check-writing has steadily declined among consumers, automatic debits, such as those often required by utilities, can put an account into negative balance without the customer being aware it happened.

“This is the final step in the journey we’ve been on,’’ Holly O’Neill, president of retail banking at Bank of America, told the Associated Press. “We have good financial solutions for clients without them having to rely on overdraft, but we will still have overdraft if it is needed.”

Check out our Wells Fargo review for a full run-down of the bank’s features and offerings.

The changes are not likely coming out of the goodness of their banking hearts. During the pandemic, the banking industry has come under fire from the Consumer Financial Protection Bureau (CFPC) and other regulators for the vast amounts of money it has made from penalty fees, especially from people who had lost jobs.

People walk past a Wells Fargo bank in St. Petersburg, Fla. — Wells Fargo will give customers 24 hours to make good on overdrafts and negative balance accounts before enforcing overdraft fees. Tina Russell/The Penny Hoarder

JPMorgan Chase, Wells Fargo and Bank of America, according to the CFPB, raked in 44% of the $15.47 billion in overdraft revenue collected in 2019.

The Trend to Cut Overdraft Penalties

Capital One, one of the top 10 banks in the U.S., eliminated overdraft fees in December 2021.

Overdrafts can still occur at Capital One, but customers will not be charged for doing so. Customers can also opt into an overdraft protection program at Capital One and will not be charged for the service.

Check out our Capital One review for a full run-down of the bank’s features and offerings.

In summer 2021, online banking giant Ally Bank made headlines for eliminating its overdraft fees, and Alliant Credit Union, another major financial institution, followed shortly after.

Capital One, Bank of America and Wells Fargo are different from Ally and Alliant, however, because of their sheer size.

Capital One is the nation’s sixth largest retail bank and for barely a month it was the only one in the top 10 to eliminate overdraft and non-sufficient funds fees. Then Bank of America and Well Fargo made their announcements.

The elimination of overdraft fees is just one of the banking trends to keep an eye on in 2022.

If you are considering switching banks, think about one that offers a cash bonus for new customers. We gather the best bank promotions each month.

Banks and Credit Unions That Don’t Charge Overdraft Fees

These eight financial institutions — banks, credit unions and cash management services — do not levy overdraft fees:

*Fidelity’s account is a cash management account, which is slightly different from a traditional checking account and is built for those using Fidelity to invest. Betterment is also a cash management service which offers investing programs and a mobile-first checking account.

**KeyBank’s overdraft protection for its Hassle-Free Account results in a declined transaction. No fees, but also declined payments for things like rent and utilities can still result in late fees for those struggling with finances.

Kent McDill is a veteran journalist who has specialized in personal finance topics since 2013. He is a contributor to The Penny Hoarder. Reporting from Penny Hoarder contributor Timothy Moore is included in this report.

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Source: thepennyhoarder.com

January 12, 2022

What Careers Make the Most Money: 75 Jobs for Fuller Pockets

Deciding what career to pursue can be difficult when you donât know where to start or donât have a passion for a particular field yet. However, planning early on and researching things such as potential salary can help you feel eager to get your future started.

Choosing to follow a career field that pays a lot can be a difficult but rewarding process. Whether youâre a recent grad or changing careers, learning more about jobs that can help you live a comfortable life is the first step. In this guide, youâll find out what careers make the most money and what you need to get started.

See Average U.S. Salaries

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The Benefits of a High-Paying Job

Choosing a career that pays well can be very beneficial for your future. If you are looking to start a family, build retirement savings, or travel around the world, finding a high-paying career can get you a step closer to your goals.

Although some people may say that money doesnât bring you happiness, knowing that you have enough money for all your necessities, such as rent, bills, and groceries, can bring you peace of mind. A recent study shows that larger incomes are associated with a greater well-being and a higher level of satisfaction with life overallââ. In addition to that, it can also make you more productive and help you succeed at work.

the benefits of a high-paying career

What Careers Make the Most Money?

If youâre ready to find a career that will bring you financial security and are willing to persevere and work hard, here are the 75 best-paying jobs in the U.S. according to the U.S. Bureau of Labor Statics National Occupational and Wage Estimates:

1. Anesthesiologist

An anesthesiologist is a doctor that administers anesthetics and analgesics before, during, or after surgery. They are critical to surgery procedures since they allow the surgeon and other physicians to complete invasive procedures with no discomfort to the patient. In addition to administering general and regional anesthesia, they also closely monitor the patientâs vitals. Due to the risk involved, anesthesiology can be a stressful but rewarding career to follow.

Average Annual Salary: $271,440
Requirements:
- Bachelorâs degree (four years)
- Medical school (four years)
- Internship (one year)
- Residency (three years)
- Obtain a state license

2. Surgeon

Working together with anesthesiologists, surgeons* operate on patients who have suffered from injuries or diseases. Surgeons are also leaders of the surgical team, so they have to make important decisions quickly, sometimes involving life or death. There are many different kinds of surgeons, and you can train to become a general surgeon or have a specialization such as neurology or cardiology. If you plan to become a surgeon, itâs necessary to understand the gravity of the job and have a passion for the STEM field.

Average Annual Salary: $251,650
Requirements:
- Bachelorâs degree (four years)
- Medical school (four years)
- Residency (three to seven years)
- Obtain a state license

See the Average Salary for Surgeons

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3. Obstetrician and Gynecologist

From providing reproductive system care to bringing a new life into the world, obstetricians and gynecologists play an important role in womenâs health. They help prevent, diagnose, and treat conditions affecting the female reproductive system. As a gynecologist, you would primarily handle womenâs reproductive health, and as an obstetrician, you would also deal with childbirth in the surgical field.

Average Annual Salary: $239,120
Requirements:
- Bachelorâs degree (four years)
- Medical school (four years)
- Residency (four years)
- Pass a written board exam
- Practice (two years)
- Pass an oral board exam

4. Orthodontist

If youâre amazed by how braces can help fix teeth irregularities, a career as an orthodontist may be for you. Orthodontists diagnose, examine, and treat imperfect positioning of teeth and oral cavity anomalies. By prescribing and installing braces, orthodontists help improve not only mouth and teeth function but also the appearance of patientsâ smiles.

Average Annual Salary: $237,990
Requirements:
- Bachelorâs degree (four years)
- Dental school (four years)
- Pass a national board exam
- Residency (two to three years)

5. Oral and Maxillofacial Surgeon

If youâve ever seen yourself as a dentist but you’re also amazed by how surgery procedures can better someone’s life, becoming an oral and maxillofacial surgeon is a great option for you. These surgeons are dentists with additional training who perform surgeries on the mouth, jaw, and face. They may also diagnose and treat problems in that area, as well as perform surgery to improve the function and appearance of the patientâs facial structure.

Average Annual Salary: $234,990
Requirements:
- Bachelorâs degree (four years)
- Dental school (three to five years)
- Residency (four to six years)
- Board Certification

6. Physician

Just like surgeons, physicians* diagnose and treat illnesses or injuries and help maintain the patientâs overall health. There are two main types of physicians: doctors of osteopathy, who specialize in preventive medicine and holistic care, and doctors of medicine, who take a more scientific approach to diagnosis and treatment. However, within these types, you could choose to have a specialty such as urology, immunology, or radiology, to name a few.

Average Annual Salary: $218,850
Requirements:
- Bachelorâs degree (four years)
- Medical school (four years)
- Internship
- Residency according to specialization (three to eight years)

See the Average Salary for Physicians

7. Psychiatrist

Mental health is as important as physical health, so if youâre fascinated about how the mind works, becoming a psychiatrist* will help you understand the relationship between the mind and body. Psychiatrists diagnose, treat, and help prevent mental disorders such as bipolar disorder, depression, and schizophrenia. They can also prescribe medications and recommend a patient be hospitalized.

Average Annual Salary: $217,100
Requirements:
- Bachelorâs degree (four years)
- Medical school (four years)
- Obtain a license
- Certification from the American Board of Psychiatry and Neurology
- Residency (four years)

See the Average Salary for Psychiatrists

8. Prosthodontists

Prosthodontists specialize in improving the function of your mouth. They diagnose and treat complex issues, as well as design and rehabilitate prostheses for patients who have trouble with their bite, missing teeth, or who want to improve their appearance. If you have a passion for physics, medicine, and have great attention to detail and some artistic skills, prosthodontics may be a great fit for you.

Average Annual Salary: $214,870
Requirements:
- Bachelorâs degree (four years)
- Dental school (four years)
- Post-doctoral residency (three years)
- Obtain a state license

9. Family Medicine Physician

If you donât want to be tied to diagnosing and treating a particular health condition, becoming a family medicine physician can be a good career option. They diagnose, treat, and provide preventive care to families of all ages. As primary care providers, they are very versatile and can treat anything from a simple cough to a broken bone.

Average Annual Salary: $214,370
Requirements:
- Bachelorâs degree (four years)
- Medical school (four years)
- Family medicine residency (four years)
- Pass board exam

See the Average Salary for Physicians

10. General Internal Medicine Physician

General internal medicine physicians diagnose and treat a variety of injuries and diseases relating to the internal organs. Commonly referred to as general internists, they primarily treat adults and adolescents and are trained to handle a broad spectrum of illnesses. If you enjoyed your anatomy science class in high school, this may be a good career path for you.

Average Annual Salary: $210,960
Requirements:
- Bachelorâs degree (four years)
- Medical school (four years)
- Internal medicine residency (three years)
- Obtain board certification

11. Chief Executive

If leadership is your forte and you thrive by helping others achieve their goals, becoming a CEO can help you put your skills into action. At the highest level of management of a company, chief executives decide and formulate company policies according to the guidelines set up by a board of directors. They are not only tied to planning, directing, and coordinating operational activities within the company, but also act as a leader to help the company meet its goals.

Average Annual Salary: $197,840
Requirements:
- Bachelorâs degree (recommended)
- Business and industry experience

12. Dentist

Similar to orthodontists, dentists* also diagnose and treat issues with the mouth, gums, and teeth. Dentists treat more than just cavities â they extract teeth, perform teeth cleaning, and fit dentures. Another benefit of being a dentist is being able to build relationships with patients and see improvement with their teeth over time.

Average Annual Salary: $194,930
Requirements:
- Bachelorâs degree (four years)
- Dental school (four years)
- Pass National Board Dental Examinations

See the Average Salary for Dentists

13. Nurse Anesthetist

Nurse anesthetists* administer anesthesia on patients as well as monitor their vital signs and their recovery. They are registered nurses who specialize in anesthesiology and assist surgeons and physicians to help them complete procedures. If you want to meet patients of all ages and from all walks of life and make them feel secure and calm before surgery, becoming a nurse anesthetist might be just right for you.

Average Annual Salary: $189,190
Requirements:
- Bachelorâs degree (four years)
- Registered nurse licensure
- Experience in critical care (one year)
- Nurse anesthesia program
- Pass the national certification exam

See the Average Salary for Nurse Anesthetists

14. Pilot

Are you an adrenaline junkie with a head for heights? If so, becoming an airline pilot can be a great way to make a living off your passion. Pilots* operate and fly airplanes that transport passengers and cargo. As a pilot, you can fly aircraft regionally, nationally, and internationally or even become a flight instructor. In addition to flying, pilots also make sure the aircraft is functioning properly, checking for malfunctions and needed maintenance, as well as ensuring the weather conditions and routes are safe.

Average Annual Salary: $186,870
Requirements:
- Bachelorâs degree (recommended)
- Military, college, or civilian flight school
- Federal Air Transport certificate
- ATP license (1,000-1,500 hours of flying)
- Pass a medical exam

See the Average Salary for Pilots

15. Pediatrician

If seeing children develop their skills and grow strong sounds fascinating to you, you can be part of their journey as a pediatrician*. Pediatricians diagnose, treat, and help prevent injuries and diseases in children from infancy to adulthood. For more specific treatment, they might also refer them to a specialist. Pediatricians tend to love being around children and can also acquire a subspecialty, such as oncology or developmental-behavioral pediatrics.

Average Annual Salary: $184,570
Requirements:
- Bachelorâs degree (four years)
- Medical school (four years)
- Pass a licensure exam
- Residency (three years)
- Obtain American Board of Pediatrics certification

See the Average Salary for Pediatricians

16. Computer and Information Systems Manager

Technology is a big part of our lives these days, and if youâre good with computers and data, you might find a passion for this career. Computer and information systems managers plan, coordinate, and direct activities in electronic data processing, computer programming, information systems, and systems analysis. They are there to help companies and organizations navigate technology. In addition to supervising workers, they also help install and upgrade systems and protect them from potential threats.

Average Annual Salary: $161,730
Requirements:
- Bachelorâs degree (four years)
- Graduate degree (recommended)
- Industry certifications and experience

17. Architectural and Engineering Manager

From a small coffee shop to a huge skyscraper, do you ever wonder how buildings come to life? As an architectural and engineering manager, you would plan, direct, and coordinate architectural and engineering activities or work on research and development. Some managers work in offices designing and coordinating the creation of buildings that are safe and purposeful. Others may also work in research laboratories and construction sites.

Average Annual Salary: $158,100
Requirements:
- Bachelorâs degree (four years)
- Graduate degree (recommended)
- Industry certifications and experience

18. Natural Science Manager

If science was your favorite subject as a kid and you loved to do experiments, becoming a natural science manager might make your younger self very happy. Natural science managers supervise scientists such as chemists, physicists, and biologists by planning, directing, and coordinating activities in those fields. They may spend their time in labs or in the office coordinating production, testing, and quality control of research projects.

Average Annual Salary: $154,930
Requirements:
- Bachelorâs degree (four years)
- Graduate degree (recommended)
- Experience as a scientist

19. Marketing Manager

Are you a creative person with a love for problem-solving and communicating with others? If so, becoming a marketing manager* might be what youâre looking for. Marketing managers supervise the whole process of creating and implementing marketing campaigns. They determine the demands of products and services and identify potential customers and opportunities. In addition to developing strategies to maximize profits, they also provide help with hiring staff and team-building.

Average Annual Salary: $154,470
Requirements:
- Bachelorâs degree (four years)
- Graduate degree (recommended)
- Industry certifications and experience

20. Petroleum Engineer

Becoming a petroleum engineer* is the right path for you if you want to help provide the world with energy. Petroleum engineers design equipment to help extract oil and gas from the earth and determine the need for new tools and equipment. To do this, they spend a lot of time researching, studying, and analyzing data to find the safest and most cost-effective way to perform the extractions.

Average Annual Salary: $154,330
Requirements:
- Bachelorâs degree (four years)
- Professional engineering license
- Society of Petroleum Engineers certification (recommended)

21. Financial Manager

Financial managers* are responsible for the finances of a company by planning and directing accounting, insurance, securities, banking, and any other financial activities. Their tasks can range from creating financial reports, developing long-term financial goals, and directing investment activities. If you have a love for numbers and have great attention to detail and communication skills, this is the job for you.

Average Annual Salary: $151,510
Requirements:
- Bachelorâs degree (four years)
- Masterâs degree (recommended)
- Obtain some certifications and licensures

See the Average Salary for Financial Managers

22. Podiatrist

If you want to join a critical field and make an impact in people’s lives by relieving their pain, becoming a podiatrist* might be the right step for you. Podiatrists are physicians who specialize in diagnosing and treating diseases and deformities of the human foot, ankle, and lower leg. They are able to perform surgeries and transplants, and can also prescribe medications and braces for less complex cases.

Average Annual Salary: $151,110
Requirements:
- Bachelorâs degree (four years)
- Podiatric medical school (four years)
- Residency (three years)
- Pass American Podiatric Medical Licensing Exam

See the Average Salary for Podiatrists

23. Lawyer

Representing clients in civil and criminal legal issues and disputes, lawyers can also advise clients on legal transactions and prepare legal documents. As a lawyer, you may work in the private sector for big firms and even small businesses, or work in the public sector for the government as a district attorney or public defender. If you have a passion for helping people and solving conflicts, this might be the right path for you.

Average Annual Salary: $148,910
Requirements:
- Bachelorâs degree (four years)
- Law school (three years)
- Pass a state-specific law exam
- Internship experience

24. Sales Manager

Sales managers* direct an organizationâs sales team by planning, directing, and coordinating the distribution of a product or service. Some duties may include establishing sales territories, setting quotas and goals, analyzing sales statistics, and training sales representatives. If you want to become a sales manager, you have to not only be great at selling but also making strategic decisions and motivating people.

Average Annual Salary: $147,580
Requirements:
- Bachelorâs degree (recommended)
- Masterâs degree (recommended)
- Industry experience and certifications

See the Average Salary for Sales Managers

25. Advertising and Promotion Manager

As an advertising and promotion manager*, you would plan and coordinate advertising programs and policies. They build interest in purchasing products or services from their organization, as well as create marketing materials such as posters, giveaways, brochures, and coupons. If you want to have a job in which you can put your creativity to action, this is the right career for you.

Average Annual Salary: $147,560
Requirements:
- Bachelorâs degree (recommended)
- Masterâs degree (recommended)
- Industry experience and certifications

50 Additional High-Paying Careers

If the careers mentioned above are not a fit for you, there are plenty of other jobs that pay a lot of money. Here are 50 additional careers that make the most money, listed by average annual salary:

Physicist* – $137,700
Compensation and Benefits Manager – $137,160
Astronomer – $136,480
Public Relations and Fundraising Manager* – $135,580
Law Teacher – $134,760
Human Resources Manager* – $134,580
Purchasing Manager* – $132,660
Judge* – $131,850
Computer and Information Research Scientist – $130,890
Air Traffic Controller* – $127,440
Computer Hardware Engineer – $126,140
Training and Development Manager* – $125,920
General and Operations Manager* – $125,740
Pharmacist* – $125,460
Optometrist* – $125,440
Nuclear Engineer – $125,130
Health Specialties Teacher – $124,890
Political Scientist – $124,100
Personal Service Manager – $123,980
Economics Teacher – $123,720
Actuary* – $123,180
Personal Financial Advisor* – $122,490
Aerospace Engineer* – $121,110
Economist* – $120,880
Computer Network Architect – $119,230
Medical and Health Services Manager – $118,800
Industrial Production Manager – $118,190
Sales Engineer* – $117,270
Physician Assistant* – $116,390
Nurse Midwife* – $115,540
Education Administrator* – $115,200
Chemical Engineer* – $114,820
Nurse Practitioner* – $114,510
Art Director* – $114,490
Software Developer* – $114,270
Engineering Teacher – $114,130
Industrial-Organizational Psychologist – $112,690
Mathematician – $112,530
Electronics Engineer* – $112,320
Geoscientist – $112,110
Air Transportation Worker – $111,420
Physical Scientist – $110,100
Veterinarian* – $108,120
Administrative Services and Facilities Manager – $108,120
Information Security Analyst* – $107,580
Business Teacher – $107,270
Construction Manager* – $107,260
Electrical Engineer* – $105,990
Biochemist – $104,810
Microbiologist* – $91,840

Deciding your future is never easy, but planning in advance can not only give you peace of mind but help you achieve your goals faster. If having financial freedom and emotional well-being is a priority to you, having a high-paying job can help you achieve that. Itâs not always easy to do, and having a job with a high salary will be demanding. Now that you went through the list of careers that make the most money, you can feel inspired to begin following your dreams.

How to Land a High-Paying Career

Methodology

In order to find out the top 75 careers that make the most money, we used data from the U.S. Bureau of Labor Statics National Occupational and Wage Estimates from May 2020. The average annual salary is the data provided under annual mean age and sorted from highest to lowest. To calculate the average of what Americans spend their yearly salary on, we used the average expenditure per consumer unit research. To achieve the percentages, we added up the income quintiles percentages provided in Table C for each category and divided them by 5, which resulted in the average percentage spend.

*The salaries in Mintâs Salary tool have a different source and might differ from the ones listed from the Bureau of Labor Statistics.

The post What Careers Make the Most Money: 75 Jobs for Fuller Pockets appeared first on MintLife Blog.

Source: mint.intuit.com

January 11, 2022

How to Use the Debt Lasso Method to Pay Off Debt Faster

Remember how we talked about the importance of committing because of later temptations? Here’s where that comes into play.
By automating your payments, you’ll be less tempted to reduce the amount when your minimum payment goes down — sort of an out-of-sight-out-of-mind mentality.
And don’t limit yourself to credit card offers. Using a personal loan to pay off multiple cards has the same effect.
Before you reach the end of a zero-interest period, start looking for other offers that allow you to transfer your balance so you can avoid getting socked with the new higher interest rate on your old card.

What Is the Debt Lasso Method?

Auten and Schneider should know: They started their own debt lasso journey with ,000 in credit card debt. After years of poor financial choices, the couple was sitting on the floor of their basement apartment when they realized that their debt would never allow them to buy a house or enjoy life the way their friends were.
Yeehaw!
Privacy Policy

Who Should Use the Debt Lasso?

Decide on an amount greater than your total minimum monthly payments that you can reliably put toward your debt every month.
So if you have ,000 in credit card debt and your gross income (before taxes and other deductions are taken out) is ,000, you’re a good candidate for the debt lasso. But if you have ,000 in credit card debt with the same salary, you may want to seek other assistance to help you pay off your credit card debt.

Pro Tip
We’ll look at all the pieces, but let’s first decide if the debt lasso method can help you.

And if you’re wondering when you’ll reach the end of your debt lasso, they include a calculator on debtlasso.com to help you figure out how long it will take to pay off credit cards based on your interest rates and debt amounts.
Stop using your credit cards. No exceptions.

How the Debt Lasso Method Works

This portrait shows a gay couple sitting on a couch together in the mountains after being married. — Developed by David Auten, left, and John Schneider, the married couple known as the Debt Free Guys, the debt lasso method involves corralling your high-interest debt into a low-interest one so you can pay down the principal balance more quickly. Photo courtesy of Studio Lemus

To determine if the debt lasso method is right for you, start by adding up how much you owe in credit card debt. Then compare that total debt to your annual income. If your debt is less than half of your income, the debt lasso method could work for you.

1. Commit

After you’ve paid down a portion of your balance, your credit card company tells you that your new minimum payment is only . Yay! But that doesn’t mean you now have to spend — you should continue paying 0 each month, sending even more money toward your principal balance.
Saving your cash for now will let you build an emergency fund in case you do lose income. And if it turns out that you end up with an extra nest egg, consider it a bonus payment as you return to the debt lasso method.
Start with the easy wins by paying off any credit cards that have low enough balances to knock out in less than six months.
You can still benefit from the lasso method by negotiating a lower interest rate with your current credit card company or transferring the balance to a card with a substantially lower interest rate than what you’re currently paying.

But if you have a less-than-stellar credit score, those offers may be tough to come by. Don’t give up.
Remember that you’ve committed to not using your credit cards (see Step #1). So hold onto the ones you’ve paid off. Why?

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2. Trim

Developed by David Auten and John Schneider, also known as the Debt Free Guys, the debt lasso method involves corralling your high-interest debt into a low-interest one so you can pay down the principal balance more quickly — and for less money.
You may have multiple credit cards, but we’ll keep the example simple with one card: When you began your debt lasso journey, your minimum monthly payment was , so you committed to paying 0 on your credit card — 0 extra each month.
Time to saddle up.

3. Lasso

Source: thepennyhoarder.com
So they made a two-part commitment — which you’ll also need to do if you want to use the debt lasso method:
You cannot successfully use the debt lasso method unless you’re willing to commit.
Automating your minimum monthly payments for all but your lassoed credit card will allow you to focus on paying off one debt at a time. But automating your payments can do even more to help.
But if you fall somewhere in between, the lasso could help you pay off debt in a shorter amount of time and with less interest.
Compared to the average rate on credit cards, which was 17.13% in the third quarter of 2021, personal loans offered a better deal at 9.39%, according to the Federal Reserve.
If the debt avalanche and snowball methods leave you feeling a bit cold when you think of all the interest you’ll end up paying, consider the debt lasso method.
This is no time to put your debt payment strategy out to pasture. Monitoring your accounts is an important last step, as those credit card rates can run wild if left unattended.
Each time you pay off one credit card, put your money toward paying off the next highest balance.
“That was our particular rock-bottom moment, realizing that here we were in this financial and literal hole,” Schneider said.
Although opening new accounts could temporarily hurt your credit score, Auten and Schneider emphasized that the long-term benefits of paying off debt faster can help counteract that effect.
Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder who is fully committed to corny puns. Read her bio and other work here, then catch her on Twitter @TiffanyWendeln.

4. Automate

“If you do get an offer and then you end up not being able to make your payments, then you could get stuck with an interest rate that’s 25 to 30%,” Auten said.
Ready to stop worrying about money?
Although it may be tempting to pay every dime toward your debt, don’t drain your emergency fund when practicing the debt lasso method.
The early victory not only offers a psychological benefit but also helps your credit score.
If you’ve read about other debt payoff methods, you might be wondering if the lasso method is just a balance transfer. Auten and Schneider get that question a lot.
Ready to wrangle in that credit card debt?

5. Monitor

This woman monitors her accounts online. — Getty Images

Maintaining those credit lines will decrease your credit utilization, which accounts for approximately 30% of your credit score. And the higher your credit score, the better position you’ll be in when you’re ready to lasso.
Want to learn more? Auten and Schneider told us all about the debt lasso, including who it can help the most — and who shouldn’t use it.

Credit card agreements often include a clause in the fine print that allows them to raise your interest rates if you miss a payment during the zero-interest offer period. Some will even sneak in the right to recoup any money you saved previously during the promotional period at the new interest rate.
The takeaway lesson: Read the fine print.

Who Should NOT Use the Debt Lasso Method — For Now

A word of warning: If you’re in an industry where you could be furloughed or laid off suddenly, you should probably hold your horses — and your cash.
If you have a good or excellent credit score, finding a zero-interest offer where you can transfer your highest interest credit card debt should be your goal.
Committing to the process is essential, Auten and Schneider said, as it will help you later when you may be tempted to stray off course.
If you still have additional higher interest balances, prioritize paying off the credit card with the highest interest rate first.
You also might not benefit from taking up the lasso if you can realistically pay off your credit card debt in six months, since the associated fees (typically 3% to 5% of the amount being transferred) could cost you more than you’d save by taking advantage of a lower interest rate.
“The reality is that a central piece of the process is doing some sort of consolidation — whether that’s a balance transfer to a zero-interest credit card or a low-interest loan,” Auten said. “But a lot of people forget those first two pieces and the last two pieces.”
A card that doesn’t have a balance means you have more available credit, thus helping improve your credit score. And a higher credit score will help you get approved for another zero-interest credit card.

Putting all of the extra money toward your card with the highest interest rate will help you pay the least amount of interest over time. And that’s where the last step becomes crucial.

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“To get you from 20% to 25% down to a 9% to 15% — that’s a great first step,” Schneider said.

January 10, 2022

Best Credit Cards from Bank of America

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Additional Resources

Bank of America is one of the most prolific credit card issuers in the United States. Its ever-changing card lineup includes enticing options for consumers and small-business owners across the income and credit score spectrum.

Some Bank of America cards are better than others, of course. Rather than sort through every single BofA card under the sun, use this list as a shortcut to pick from among the very best.

Best Credit Cards from Bank of America

These are the best credit cards offered by Bank of America right now. Each does at least one thing really well, whether it’s delivering cash-back rewards built around your unique spending patterns or helping you pay down high-interest debt before it becomes truly unmanageable.

You don’t need to have a Bank of America savings or checking account to qualify for any of these cards, although you can potentially get more out of your card if you have or open one.

Best Overall: Bank of America® Premium Rewards® Credit Card

The Bank of America® Premium Rewards® Credit Card lives up to its name and delivers the best overall value of any Bank of America credit card. It’s ideal for consumers who travel and dine out frequently.

Highlights include:

$95 annual fee
Earn 50,000 online bonus points (worth $500) after you make at least $3,000 in purchases in the first 90 days of account opening
Earn unlimited 2x points on all eligible travel and dining purchases
Earn unlimited 1.5x points on all other eligible purchases
Flexible redemption options, including deposits to eligible bank or investment accounts, credit card statement credits, and gift cards
Get up to $200 in travel statement credits: $100 against qualifying purchases like seat upgrades, baggage fees, airline lounge fees, and in-flight services; and up to $100 against TSA PreCheck or Global Entry application fees
No foreign transaction fees

Best Cash-Back Credit Card: Bank of America® Customized Cash Rewards

The Bank of America® Customized Cash Rewards Credit Card is a cash-back credit card with no annual fee. Meant for applicants with good credit or better, its rewards program is designed to fit around your spending patterns and lifestyle.

Highlights include:

No annual fee
Get a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of your account opening date
Get 0% APR for your first 15 billing cycles for purchases and balance transfers (balance transfers must be made within the first 60 days of opening your account)
Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishing
Change your 3% category up to once per month
Earn 2% cash back at grocery stores and wholesale clubs
Earn 1% cash back on all other eligible purchases
3% and 2% cash back capped at $2,500 in eligible purchases per quarter; then earn 1% cash back on all eligible purchases

Best for Frequent Travelers: Bank of America® Travel Rewards Credit Card

The Bank of America® Travel Rewards Credit Card is the perfect card for frequent travelers who don’t want to pay an annual fee. It has one of the best sign-up bonus offers around for a no-annual-fee card too.

Highlights include:

No annual fee
No foreign transaction fees
Earn 25,000 online bonus points (worth $250 as a statement credit) after you make at least $1,000 in purchases in the first 90 days of your account opening
Earn unlimited 1.5x points on all eligible purchases
Redeem for statement credit to reduce or cover the cost of flights, hotel stays, vacation rentals, baggage fees, and restaurant purchases (including takeout)
Get 0% APR for your first 15 billing cycles on purchases

Best for People With Existing Credit Card Debt: BankAmericard

BankAmericard is the best Bank of America credit card for people who need to pay down existing credit card debt without paying any more interest than necessary. Its 18-month 0% APR promotion on balance transfers is a great help here.

Highlights include:

No annual fee
No penalty APR
Get 0% APR for your first 18 billing cycles for purchases and balance transfers (balance transfers must be made within the first 60 days of opening your account)
Qualify for a $100 statement credit online bonus after you make at least $1,000 in purchases in the first 90 days

Best for People With Limited or Impaired Credit: Bank of America® Customized Cash Rewards Secured Credit Card

The Bank of America® Customized Cash Rewards Secured Credit Card is a cash rewards credit card for people with limited or impaired credit. As a secured credit card, it requires a security deposit when you open your account, but don’t worry — you’ll get it back if you close your account in good standing or upgrade to an unsecured card.

Highlights include:

No annual fee
Deposit between $300 and $4,900 to open your account
Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishing
Update your 3% category as often as once per month
Earn 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other eligible purchases
3% and 2% cash back capped at $2,500 in eligible purchases each quarter

The Bank of America® Premium Rewards® Credit Card makes a second appearance on this list on account of its sign-up bonus, which is among the most generous of any credit card with an annual fee under $100.

To earn it, simply spend at least $3,000 in eligible purchases in the first 90 days after opening your account. Once that’s done, you’ll receive 50,000 online bonus points (worth $500) within one to two billing cycles.

Best for Students: Bank of America® Unlimited Cash Rewards for Students

The Bank of America® Unlimited Cash Rewards for Students is one of the best cash-back cards for students. And with relaxed underwriting standards, it’s open to students with limited credit history — those still building credit for the future.

Highlights include:

No annual fee
Get a $200 online cash rewards bonus after you make at least $1,000 in purchases within the first 90 days
Earn unlimited 1.5% cash back on all eligible purchases
Get 0% APR for your first 15 billing cycles for purchases and balance transfers (balance transfers must be made within the first 60 days of opening your account)

Best for Business Owners: Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

The Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card is the top Bank of America credit card for business owners. It’s particularly useful for business owners and employees who travel frequently for work.

Highlights include:

No annual fee
No foreign transaction fees
Earn 3x points when you book eligible travel through the Bank of America® Travel Center
Earn unlimited 1.5x points on all other eligible purchases
Redeem for statement credits against eligible travel and dining purchases
Earn 30,000 online bonus points (worth $300 as a statement credit against dining or travel purchases) after you make at least $3,000 in purchases in the first 90 days
Get 0% APR for your first nine billing cycles on purchases

Methodology: How We Select the Best Bank of America Credit Cards

We use several key metrics to evaluate Bank of America credit cards and choose the best offers for our readers. Each relates to a specific aspect of the user experience or a particular use case, such as travel spending or transferring high-interest balances.

Rewards Program

A strong rewards program is a selling point for any credit card. Good thing Bank of America has plenty of different rewards options to choose from, including multiple cash-back credit cards and travel rewards credit cards.

Credit cards with excellent rewards programs often have annual fees, but not always. The Bank of America Customized Cash Rewards Card has one of the best cash-back programs around, yet it manages to avoid a recurring levy.

A great sign-up bonus is another big perk for discerning credit card applicants.

Bank of America has several credit cards with generous sign-up bonuses, including one that’s among the best in the travel rewards category (the Bank of America Premium Rewards Credit Card).

When evaluating a credit card sign-up bonus, make sure the required spend is realistic within your budget. You might have no trouble spending $500 or $1,000 during the first three months, but putting $4,000 or $5,000 on your card could be a tougher task.

0% APR Introductory Promotion

Several Bank of America credit cards have generous 0% APR introductory promotions as well. During the promotional period, these cards waive interest on purchases or balance transfers (or both).

A 0% APR credit card significantly reduces the cost of financing a major purchase that ordinarily wouldn’t fit into your monthly budget, like a home improvement project or a pre-holiday online shopping spree.

Meanwhile, a balance transfer credit card makes paying off high-interest debt a bit more manageable. The best options have other benefits, like strong cash-back or travel rewards programs.

Interest Rate

0% APR promotions do eventually end. When that happens, a low ongoing APR helps shave the cost of carrying a balance from month to month. While it’s best to pay off your credit card balances in full each month, life happens, and a lower interest rate can come in handy.

Credit Requirements

Bank of America credit cards span the credit spectrum, from secured cards designed for people with bad credit to premium travel cards for people with very good to excellent credit.

Cards that are picky about applicants’ creditworthiness aren’t necessarily worse than more lenient cards. Those picky cards usually have better rewards programs and perks. But if you’re still early in your credit journey, expect fewer choices.

Target User

Finally, we consider each card’s target user.

The biggest distinction is between personal (consumer) and small-business credit cards, but we can further break cards down by life stage, creditworthiness, and spending patterns. Some examples of common target user groups:

Frequent travelers
Students
People with impaired or limited credit
People rebuilding credit
People with existing credit card debt
People planning major purchases
People who spend heavily in specific spending categories, like gas or groceries

Bank of America Credit Card FAQs

You have questions about these Bank of America credit cards. We have answers.

What Annual Fees Should You Expect From Bank of America Credit Cards?

Bank of America credit cards aren’t known for over-the-top annual fees.

Many BofA cards, including most on this list, have no annual fees at all. Those that do charge annual fees are comparatively lenient, typically under $100. That kind of fee is often worthwhile for moderate to heavy spenders who can earn enough rewards to offset it while taking advantage of other potentially valuable card benefits.

What Are the Benefits of Bank of America Credit Cards?

Bank of America credit cards reserve some noteworthy benefits for cardholders with Bank of America bank accounts or investment accounts through Merrill Lynch, its in-house brokerage.

The biggest benefit is the potential to multiply credit card rewards through the Preferred Rewards program. Depending on your total balances on deposit in eligible BofA or Merrill Lynch account, you can earn a juicy online cash rewards bonus — up to 75% more rewards — as a Bank of America Preferred Rewards member.

Existing Bank of America customers can also link their BofA credit cards to their Bank of America checking or savings accounts to prevent overdrafts. Overdraft protection transfers may incur fees and interest, however.

What’s the Best Bank of America Credit Card?

That depends on your priorities.

Any of the cards on this list can reasonably claim to be the “best” Bank of America credit card, but each has its own benefits and drawbacks. To decide which is best for you, compare each card’s attributes against your spending priorities.

What’s the Interest Rate on Bank of America Credit Cards?

That depends on the credit card you choose and your personal creditworthiness. All else being equal, having a higher credit score means qualifying for a lower interest rate.

Some Bank of America credit cards have long 0% APR introductory periods, low ongoing interest rates, or both.

If you’re planning on carrying a balance from month to month, BankAmericard is probably your best bet. Likewise if you’re planning a major purchase or balance transfer soon after opening your account thanks to BankAmericard’s long 0% APR introductory offer.

Bank of America Customized Cash Rewards is a close second on the 0% APR introductory offer front.

By contrast, Bank of America’s secured credit cards typically have higher interest rates. Don’t carry balances from month to month on these cards if you can avoid it.

How to Choose the Best Bank of America Credit Card

If you’re in the market for a new credit card from Bank of America, you can’t go wrong with any of the cards on this list. They’re the very best BofA has to offer, and we stand behind our recommendations for them.

That said, your ideal Bank of America credit card might be different from the next person’s. To choose the card that best fits your needs, ask yourself what you hope to get from it.

Do you want a low ongoing interest rate or long 0% APR introductory promotion to finance a major purchase or pay down existing high-interest debt? That’s BankAmericard.

Are you looking for a card with a rewards program that you can tailor to your spending patterns? That’s the Bank of America Customized Cash Card.

Are you looking for a premium credit card with a great sign-up bonus and generous ongoing rewards that get even better with the Preferred Rewards’ program’s online cash rewards bonus? That’s the Bank of America Premium Rewards Card.

Those are just some ideas. You might have another ideal BofA card in mind. But one thing is for sure: You can use this list to speed along your search.

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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

January 9, 2022

5 Women on Things They Wish They Knew About Finances Sooner

For many women around the world, weâve experienced so much trial and error as it relates to finances. The transitions in life begin in our adolescent years which develop our ideals about money. As we mature, we quickly realize that our wants and needs naturally change over time, directly impacting our money goals. Thereâs no better way to learn about finances as a woman than from other women â take a look at these key lessons and begin these discussions with other women in your life.

Money Mindset

Shannah Compton Game, Certified Financial Planner and Host of Millennial Money Podcast

I wish I had understood the power of my money mindset and the role that plays in financial success. After spending 12 years as a Certified Financial Planner working with clients, I quickly saw that the one thing separating most people from achieving their money goals was their mindset; how they think, act and feel about their money. I wish I had understood that my money journey isnât meant to be linear. Working with hundreds of clients over the last decade has shown me that money definitely ebbs and flows for most people. Itâs easy to get hung up on your money mistakes and choices that you wish you would have made. However, the magic is found in embracing your money journey and doing the best you can to not give money more power than it deserves in your life.

Long Term Planning, Investments and Wealth Building

Erin Lowry, Author of Broke Millennial Talks Money: Scripts, Stories, and Advice to Navigate Awkward Financial Conversations

While I know I should probably give a more traditional answer like “invest in a Roth IRA when I got my first job!” (which is true, I wish I’d done that in college), my answer is actually about learning to invest in relationships. I was incredibly fixated on earning and saving money in my early twenties. But to the point of almost always saying no to invitations to dinners, happy hours, get togethers, small trips — you name it. There is, of course, nothing wrong with focusing on building financial security for yourself. In fact, you should have that as a goal. It’s also important to have some balance in there as well.

Investing in relationships doesn’t have to cost a lot of money, but it’s something you should consider balancing in with your financial journey. Saying no over and over means people will eventually stop asking you to participate. Instead, offer a more cost-effective alternative. “I want to spend time with you, but instead of doing bottomless brunch, how about we get a bagel and go for a walk in the park?” You can also open up with your friends about your financial goals to give them some context about why you can’t always indulge in the activities they want to do.

Deidra Willis, Certified Financial Planner

The first time I finally took the chance to invest, I wish I would have done it sooner.Â Long of the short, you wonât know everything about the company you choose to invest or have an affinity for, yet, if you have 80% of the information, do not get stuck on paralysis by analysis.Â When I finally did, it was âwhatâs next?â

The earlier you plan, the less it takes. Time compounds and works for you. I did an awesome job of starting this right out of college, however, I did not know the same worked for insurances and other financial investments.

Shannah Compton Game, Certified Financial Planner and Host of Millennial Money Podcast

I wish I had understood that there are so many ways to grow your wealth. Growing your wealth isnât about following a set 10-step checklist. Itâs about figuring out what is really important to you and then being intentional with your spending and savings to help fund the life you want to live. I wish I had understood how to invest in stocks from a very early age without having fear come into play. I grew up thinking that men were the only people successful at investing. Because of that, investing always felt scary to me. We need to teach everyone from a really early age how to be savvy investors without fear and greed.

Debt & Money Management

Maggie Germano, Financial Writer, Speaker, and Financial Educator

I wish I knew that I could make payments on my student loans while I was still in college. Even if I could only afford small payments, making a dent before I graduated would have felt really good. Relatedly, I wish I knew that a “refund” from my student loans meant I still had to pay back with interest later. And that I should use it to pay off the loan, rather than spending it elsewhere. I also wish I knew that I didn’t have to isolate myself in order to stick to a budget and save money. There are ways to be social while stick living within your means. I spent too much time at home, by myself, before I realized that!

Elle Martinez, Founder of Couple Money and Host of Couple Money PodcastÂ

For me, I think one of the biggest helps when it comes to finances is doing a goal-based budget. I’m someone who needs something concrete to focus and keep me motivated, especially when working on paying off our debts.

The second piece is more related to the whole marriage and money mix which is having monthly money dates.

By having these regular and lowkey check-ins it helps us adjust the numbers as needed. We’re able to catch things early. This way they’re not a big deal instead of having spending or debts snowball out of control.

Entrepreneurship

Deidra Willis, Certified Financial Planner

In business (so this is more of a tip for the independent employees/contractor/1099) every dollar you earn is not yours!Â Separate your money and the only thing to operate as an employee is your pay until your bank account can sustain you, your team, and your expenses for a month. I see the excitement of earning and spending, but not properly planning as a business.Â A lesson for me as savvy as I was and am was that business operations must have financial structure, even when the expense is not there yet!

As we can see, there are many ways to approach money management, investments and establishing your own money mindset. This conversation doesnât stop here! Rally together a group of family and friends to share your own personal lessons from money. Now you can incorporate some new approaches as you continue to prosper on your financial journey.

The post 5 Women on Things They Wish They Knew About Finances Sooner appeared first on MintLife Blog.

Source: mint.intuit.com

January 6, 2022

11 Super-Simple Ways to Build Wealth in 2022

A wealthy couple — Jacob Lund / Shutterstock.com

To paraphrase William Shakespeare, some people are born wealthy and others achieve wealth. If you weren’t lucky enough to be in the first group, then it’s time to get going on your self-made fortune.

Think that can’t happen? You’re wrong. Pathways to wealth are everywhere. Why shouldn’t you take them?

Some of these smart choices will save you money upfront. Next, use that money to make more money through strategies like fractional investing and online wealth management.

Want to put yourself on the road to riches? These tactics can help.

1. Used Chevy or new Mercedes?

Save $100 a month, earn 1% on it and after 20 years you’ll have $26,545. Enough for a used Chevy.

Boost that percentage to 15%, and you’ll end up with $124,569 after 20 years. That’s nearly $100,000 more: enough for a new Mercedes.

Of course, earning 15% isn’t easy (the stock market’s average return is about 10%) and never guaranteed, but here’s something that is guaranteed: You won’t be earning big returns at the bank.

If you want to super-charge your savings, you’ve got to invest.

Plenty of people grow up thinking that “investing” is something only rich people do. Not so! You can start your investing journey with as little as $1, without paying a dime in fees, thanks to an investing app called Public.

With the Public app, you take part in “fractional investing,” which means buying little slivers of companies, funds or crypto assets. Take your choice from among thousands of exchange-traded funds (ETFs) and stocks.

Start by signing up and telling the app what investing experience (if any) you have and what your investing goals are. According to Public, 90% of users are in it for the long haul.

There’s no charge to join, although you’re allowed to leave tips on transactions. And again: You can start with as little as $1. What else can you get for a buck these days? Even dollar stores are raising their prices!

Download the app now, and take the first step toward getting rich instead of just getting by.

2. Chop your car insurance bill by $700 a year

Auto insurance is a must. You know what isn’t a must? Paying too much for coverage.

People who switch to Progressive for their auto insurance can save up to $700 – not just initially, but every year. Imagine what you could do with an extra $700 in your budget.

Emergency fund? Extra payment against your mortgage? Retirement planning? It’s your call. Point is, those are dollars that are now working for you instead of for someone else.

Incidentally, a cheaper premium doesn’t mean you’re cheaping out on protection. Progressive is known for its strong coverage. Request your free quote now and see how much you can save this year, and every year.

3. Let mortgage savings put your kids through college

If you’re currently paying about 4% on your mortgage, refinancing could lower your rate to as low as 2.376%.

Not much of a difference, right?

Well, if your mortgage is $300,000, that lower rate would mean paying about $94,000 less in interest over the life of the loan. That’s enough to put your kids through college, start your own business or retire earlier.

Maybe you know the savings would be significant, but haven’t refinanced yet because it seems so complicated. It isn’t. A direct lender called Better will make it child’s play.

The simplifying starts with a near-instant rate quote, and continues through the refinancing process. Better doesn’t charge origination fees or lender fees, and you can get a mortgage interest rate lock if you like.

Millions of homeowners around the country are saving every month because they refinanced. But the experts are saying these low rates won’t last. It’s do-it-or-lose-it time.

Get your new, personalized rate today, and make strides toward a better tomorrow.

4. Stop worrying about expensive household breakdowns

For most of us, our home is our most valuable asset. We put a lot of money down to buy it and pay a lot of money each month to keep it. Sometimes we’re stretched pretty thin financially, so when things break down it can be tough to cover the fixes.

The heating/cooling system grinds to a halt. A major appliance gives up the ghost. And why are the lights flickering — could it be the electrical panel?

What you need is a full-time maintenance person.

The next best thing? A home warranty from America’s 1st Choice Home Club. You can choose from among several coverage plans that cover issues with appliances, plumbing, heating, electrical systems and more. You can use your own technician or let America’s 1st Choice send someone over.

A breakdown happens in the middle of the night? Doesn’t matter. The in-house service team is available 24/7.

All this starting for as little as $390 a year.

Homeownership is great. But when things go wrong — and they will! — we can no longer call the landlord. We are the landlord, and we might go into debt just to keep things running smoothly.

Stop worrying about household breakdowns, and the high costs that come with them. Get a free quote in 30 seconds.

5. Get paid to watch videos and take surveys

Think of all the time you spend waiting somewhere. Waiting for the spin cycle in the laundromat. Waiting at the auto shop until the mechanic can give you an estimate. Waiting for your kid’s sports practice to be over. Waiting in an exam room for the doctor, who’s running 20 minutes late.

You could spend that time watching funny cat videos — or you could use that time to make some money. Our friends at InboxDollars can help you with the latter.

InboxDollars is a rewards site that pays you actual cash to watch videos and take surveys. Seriously: Why not use your downtime to make money?

Those aren’t the only ways to earn money with InboxDollars, however. You can also do some online shopping, click on daily emails, scan your grocery receipts into the “Magic Receipts” function, complete special offers (especially those for things you’d planned to buy anyway), play games and even help others by making donations to various causes.

From now on, get paid for waiting. It takes seconds to sign up, and you’ll get a $5 welcome bonus just for joining.

6. Find cheaper homeowners insurance in 60 seconds

Again, our homes are usually our most valuable asset. It’s essential to make sure they’re protected in the event of an emergency. But how do you know whether you’re overpaying for homeowners insurance?

Simple: You ask Lemonade for an estimate. It takes only a few seconds to find out whether you could be keeping more of your hard-earned money each month. Lemonade’s coverage starts from just $25 a month.

Homeowners insurance isn’t just about fixing things up after a fire, though. The dog bit the mailman? Lemonade can help with legal and medical payments.

A thief steals your stuff? Lemonade has your back, even if the theft happened away from home.

Your home rendered unlivable due to that fire? A homeowners insurance policy through Lemonade will cover expenses until you can get back into your home sweet home.

Why overpay with your current carrier? Find cheaper home insurance in seconds.

7. Add $1.7 million extra to your retirement

A recent Vanguard study indicated that a self-managed $500,000 investment would grow into $1.69 million in 25 years, on average. Sounds pretty good, huh?

However, with professional help, that same $500,000 would have turned into $3.4 million. In other words, a quality financial adviser could double your retirement nest egg!

At least talk to a pro, especially when finding one is free and easy. SmartAsset is a free service that will match you with a qualified money manager who can help you put your money where it will do you the most good.

Bank interest rates don’t beat inflation, so the value of your savings erodes over time. Stocks and other investments have historically beaten inflation, but a lack of knowledge and experience leaves you vulnerable to dodgy advice or financial scams.

SmartAsset will put you in touch with up to three local, experienced professionals, all of whom are fiduciaries, meaning they’re required to put your best interests over their own. They can give you a clear picture of where you are now, and help you develop the right plan for the long term.

Since the first appointment is often free, what have you got to lose? If you’re ready to at least consider a local adviser, check it out.

8. Protect your wealth with a gold IRA

Not everyone is comfortable with traditional retirement investments. Some people are opting for a “gold IRA,” which is just what it sounds like: gold, gold and more gold. This can be bullion (coins or bars) only, or also include gold stocks, ETFs and mutual funds. Gold is one of the few commodities that the Internal Revenue Service approves as an IRA investment. It’s a finite resource, rather than one that can be controlled by governments or banks.

Sound intriguing? Time to educate yourself, with help from American Hartford Gold.

This family-owned company can help you set up a gold IRA that meets all IRS standards. Chief among them: The gold must be kept at an approved depository. (No, you can’t bury it in your backyard.)

There may be less than 20 years’ worth of mineable gold remaining in the ground. As the saying goes about real estate, they ain’t making any more of it. Demand for gold is rising all over the world, especially in the electronics industry, so your IRA has a great chance to increase its value until you’re ready to retire.

American Hartford Gold has an A+ rating with the Better Business Bureau, and a 5-star rating with TrustPilot. Get your free investors kit now.

9. Diversify your portfolio with art collected by billionaires

Billionaires didn’t become billionaires by making bad investment choices. And billionaires have been collecting art for generations; for example, the Rockefellers amassed a collection that sold for an eye-popping $835 million in 2017.

But it isn’t just the ultra-rich who can invest in art by Banksy, Warhol and Picasso. With a new investing app called Masterworks, you can invest in iconic artworks as well – right alongside deep-pocketed folks like Bill Gates, Oprah Winfrey and Jeff Bezos.

Blue-chip art outpaced the S&P 500 from 1995-2021, which is impressive considering that historic bull run we’re now witnessing. The Wall Street Journal recently reported that art is “among the hottest markets on Earth.”

Art also has one of the lowest correlations to stocks that you can find. In other words, art’s value doesn’t have anything to do with the stock market’s wild swings, which makes it a good hedge.

Masterworks is an invitation-only art investment platform. So if you want to invest like a billionaire, request your invitation to join here.

10. Borrow $50,000 to erase your debt

Ever feel like you’ll never get out from under your credit card debt? Consumer debt is way too easy to get into, yet sometimes feels impossible to escape. You pay as much as you can each month, but the high interest rate just keeps piling on the dollars.

AmOne is a free service that matches people like you with loan providers. When you fill out one simple form online, AmOne finds lenders who want to fund your loan of up to $50,000.

Once you’ve been approved and agree on the terms, it can take as little as 24 hours to get the cash. Use the money to erase all your debt at once, then pay back the personal loan at a lower interest rate than those credit cards were charging you.

The service does only a “soft” credit pull, rather than have you going directly to lenders and getting “hard” credit pulls that affect your credit score. And speaking of your credit score: You don’t need an “excellent” rating to be considered, since AmOne’s lending partners are willing to work with people of varying credit ratings.

AmOne has a 4.7-star rating (out of 5) on TrustPilot. It’s free to check your rate online, and it literally takes just one minute.

11. Pay no interest until 2023 with a better card

Another way to deal with high credit card balances? Get another credit card. Specifically, get a 0% APR card, transfer those balances and get charged no interest while you’re paying down the debt.

There’s another good reason to get a 0% APR card: to get free financing on a big-ticket item.

Suppose your HVAC system goes out or your car needs a few thousand bucks’ worth of repairs. Rather than deplete your emergency fund, pay with that new 0% APR card to give yourself some breathing room while you pay it off.

How much breathing room? Anywhere from 15 to 21 months, depending on the card you choose.

You’ll need a plan to go along with that new card: no more using the other cards with unnecessary splurges while you pay off the 0% APR card. It doesn’t make sense to run up more debt while you’re paying off old debt.

But with a 0% card, you’ll pay no interest. Think of all the interest you’d been paying, and what those dollars could have done for your long-term financial security. With a 0% APR card, you won’t have to waste any more of your hard-earned dollars on interest.

Compare these top cards and discover the best one for you.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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Source: moneytalksnews.com

January 3, 2022

5 Money-Saving Challenges Thatâll Help You Bank More Cash

We all know saving money is something we should do, but we often view it as a chore we’ll get around to doing someday.

It’s time to flip our perspective and think of saving money as a fun challenge instead.

Let’s push ourselves to beef up our emergency funds and stack our cash reserves. Let’s fight for better financial futures — one dollar at a time.

5 Money Challenges to Boost Your Savings

Need a game plan on your journey? Here are five money-saving challenges that can help you boost your bank account in 2022.

1. The Pantry Challenge

This money-saving challenge gives your wallet a break from your normal grocery shopping routine. Skip going to the store for a week, and get creative with the ingredients you have in your pantry, fridge and freezer.

When Penny Hoarder writer Tiffany Connors tried the pantry challenge, her family relied on wilted veggies, freezer-burned soy burgers and a random assortment of other forgotten pantry items. But they survived the week and saved about $150 in the process.

2. The No-Spend Challenge

The no-spend challenge is exactly what it sounds like. You freeze your spending (with the exception of bills and necessities) for a self-designated amount of time, saving all the money you would have blown.

The classic method is to cut out all unnecessary spending for a month, but you can execute a no-spend challenge in different ways. You could implement a certain number of no-spend days during the month. You could target a particular shopping weakness — like no new clothes for the next 90 days. Or you could choose to freeze spending during a special occasion, spending time with loved ones rather than exchanging gifts.

3. The Five Dollar Challenge

The five dollar challenge involves squirreling away every $5 bill you get as change. If you’re paying for something with cash and the cashier hands you a bill with Lincoln’s face on it, that currency goes right to your savings stash.

If you can put aside just two $5 bills a week, you’ll end up with $520 in savings by the end of the year. If more $5 bills come your way throughout the week, even better.

You can also alter this challenge by making $5 transfers to your savings account if you tend to shop with your debit or credit card rather than use cash.

4. The Penny Challenge

This money-saving challenge starts with saving just one penny (yes, just one cent) and increasing your savings contribution by an additional penny every day. On day two, you’ll add $0.02 to your savings. On day 200, you’ll throw $2 (aka 200 pennies) into the pot.

If you continue the penny challenge for a whole year, you’ll wind up with a total of $667.95. You can make this challenge more manageable by grouping your daily savings deposits by the month and transferring that amount from your checking account to your savings account rather than scrambling for spare change every day.

5. The 52-Week Money Challenge

The 52-week money challenge helps you put away $1,378 in one year by making weekly contributions. Traditionally, you’ll save $1 the first week, $2 the second week, $3 the third week and so on for 52 weeks.

This challenge starts off simply but gets increasingly harder as the months go on. If you don’t want to be stuck with saving over $200 in December when you’ve got a ton of holiday expenses, you can get creative with how you carry out this money-saving challenge.

Try one of our 52-week money challenge hacks, like selecting your weekly savings amount by random lottery rather than going in ascending numerical order.

No matter how you choose to do it, making saving a priority will greatly benefit your financial future.

Nicole Dow is a senior writer at The Penny Hoarder.

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Source: thepennyhoarder.com

January 3, 2022

Paying for College Without Parents Help

Paying for college without support from parents may seem like an overwhelming proposition, but it’s possible. Making college affordable without parental support may start before you even choose a college, by reviewing tuition and financial aid available to you at the colleges and universities you are interested in attending. Choosing the right college for you can go a long way in helping you pay for your education.

Other strategies that could help you make college more affordable include applying for scholarships and working through college. Each student is in a unique financial situation, and you may find a combination of these strategies can provide the help you need in order to pay for college. These strategies could also be used by students who do have parental assistance.

Strategies to Help Pay for College Without Parental Support

Finding the resources to pay for college can be a challenge and if you’re embarking on this journey alone, it may be stress inducing. These strategies and ideas could help you craft a plan that allows you to pay for college. As mentioned, a combination of these ideas may be required based on your unique financial situation.

Choosing the Right College

The best college for your situation lies at the intersection of ones that provide the programs you need to achieve your career goals and the ones you can afford.

Decisions you’ll need to make include:

• Living at home or in a dormitory or other housing by the college

• Choosing between a public or private college

• Picking between in-state and out-of-state colleges

Living at Home

If you can live near the college, rent-free, or at low cost, then this is likely the most cost-effective choice. Perhaps you have family members who, although they can’t otherwise help you with college, will allow you to live with them while you pursue your education. Or maybe you could rent a cost-effective apartment near a community college or other school that doesn’t require freshmen to live in a dorm.

Considering Private vs Public Colleges

Public colleges are, generally speaking, less expensive than private colleges. According to The College Board, for the 2021 to 2022 school year, the average cost for tuition and fees at four year private institutions was $38,070, compared to the public college average which was $27,560 for out-of-state students attending a state school.

Prices get even more reasonable if you attend school in your home state and receive in-state tuition; The average cost of in-state tuition and fees was $10,740.

In general, in-state universities are more affordable than going out of state. But the difference between out-of-state and in-state students can vary widely, so check into your colleges of choice for confirmation. Factor in traveling costs for out-of-state options and also consider online college programs where you can take classes no matter where you are located.

Starting at a Community College

Completing your first two years of study at a community college is another option that could dramatically reduce the overall cost of college. In addition to less expensive courses, it may be possible for you to live at home, another financial benefit of attending community college.

Applying for Relevant Scholarships

Because scholarships don’t typically need to be repaid, they are a valuable tool to help fund your college education. If you’re finishing high school, talk to your guidance counselor about possibilities. There are often local scholarships provided by businesses and civic groups that you can apply for.

These days, you can also find a lot of scholarship opportunities online. There are often major-specific opportunities and more general offerings. It’s worth investing a bit of time in researching and applying for scholarships — a couple hours could really be worth it when those scholarship offers start rolling in.

Recommended: What Is a Merit Scholarship & How to Get One

As you’re researching scholarships, be sure to find quality opportunities and be wary of scams. Don’t shy away from smaller scholarships. While it would be nice to have one large scholarship to cover your cost of college, smaller scholarships can add up, incrementally chipping away at what you need to afford college. Some scholarships may be location-based. Check out SoFi’s state-by-state financial aid guides for more information on scholarships local to your home state.

When you find a college scholarship of interest, check the guidelines carefully to ensure you qualify and to make sure that you apply in exactly the right way. Fill applications out thoroughly, as early as possible within a scholarship timeline.

Proofread before turning in your applications and note that, although you can often reuse parts of one scholarship application to complete another, each opportunity has unique requirements, formats, and deadlines.

Need to fund your education?
Learn more about SoFi private student loans.

Obtaining Grants to Help Pay for College

Grant funding can come from multiple sources, including state agencies, local organizations, corporations, and more. And as with scholarships, this is money you don’t typically need to pay back. The biggest source of college grant funding comes from the federal government, with one of the best known is the Pell Grant .

Federal grants come in different categories, including:

• Need-based grants which are based upon financial hardship.

• Merit-based grants awarded to students who exhibit exceptional scholarship and/or community involvement.

• Grants awarded to specific groups, including students with disabilities, those from under-represented groups, veterans, National Guard members, foster care youth, and those who select certain careers.

Obtaining federal grant funding without help from your parents can be challenging, though. That’s because most federal grants require students to fill out the Free Application for Federal Student Aid (FAFSA®), which, if you are a dependent student, will be considered incomplete without parental information. In the event that your parents are unable to fill out their portion of the FAFSA , you’ll have to contact your college’s financial aid office and show appropriate documentation that verifies that your parents cannot fill out the form.

In certain circumstances, you can obtain independent student status and complete the FAFSA yourself, but parental refusal to help with FAFSA completion might not be enough to gain this status.

Even if you fully support yourself financially and are no longer claimed as a dependent on your parents’ tax forms, this status may not necessarily be granted. See your guidance counselor if you want to explore obtaining this status.

Applying for Student Loans

As mentioned, students that fund their college educations without assistance from their parents often need to craft a financial aid plan that consists of funding from multiple sources. In certain circumstances, students may have found funding from both the federal government and private lenders.

Applying for Federal Student Loans

Federal and private student loans are available, but most federal loans require a portion of your FAFSA to be completed with parental information, unless you have independent student status.

Effective with the Higher Education Opportunity Act of 2008 , college financial aid departments can offer students unsubsidized Stafford loans even if their parental section on their FAFSA isn’t completed, as long as they confirm that parents are not willing to financially help the student or fill out the FAFSA.

Applying for Private Student Loans

You can also apply for private student loans, although, if you don’t have a built up credit history, you may need a cosigner. Private lenders generally evaluate a potential borrower’s credit history, among other factors, as they make their lending decisions. Adding a cosigner with a strong credit history could potentially help secure a more competitive interest rate. If you aren’t able to find a cosigner, it is possible to apply for a student loan without a cosigner.

Another important note is that private student loans may not offer borrower protections like those offered to federal student loan borrowers, such as the option to apply for Public Services Loan Forgiveness. For this reason, private student loans are generally borrowed as a last resort option.

With determination and a willingness to seek out and accept help, students do find ways to fund their college educations without assistance from their parents.

Cutting Costs While Attending College

Smart budgeting and careful spending can help you stay in line with your means as you pay for college. Cutting costs when possible could allow you to save or funnel more money toward college tuition.

If, for example, you plan to rent a room in a house near your college of choice, you can furnish it in funky, eclectic ways using stylish and affordable finds from thrift stores and garage sales. If you’re handy, you can even build your own loft bed and other furniture, with plenty of instructions available online.

Recommended: What Percentage of Parents Pay for College?

Food gets expensive quickly. If you’ll be on a college meal plan, choose one that doesn’t include waste. Or if you’re living somewhere where you can cook your own food, plan thrifty meals in advance and shop in bulk. Watch for a slow cooker at rummage sales, and you can cook plenty of delicious soups and more.

Another considerable expense: textbooks. Do your due diligence and shop around to see if there are any used options you can purchase at a discounted rate. If the book you are buying is directly related to your college major, and you plan on saving it for reference in the future, it could be worthwhile to buy the book. If it’s a textbook for an elective class, you could consider renting the textbook which can often be cheaper than buying it brand new.

Working While Attending School

In addition to potentially helping you qualify for financial aid, your FAFSA may qualify you for federal work-study programs. Of course, finding a part-time job that isn’t associated with work-study is also an option.

You will need to determine how many hours per week you can work and still do well in school. And you’ll also need to find a job that is willing to accommodate the work-school balance you require. For example, it’s important to find an employer who will offer flexibility in scheduling during, for example, midterms and final exams.

The Takeaway

Students who are planning on paying for college without their parents’ help can start by choosing an affordable college option, applying for scholarships, getting a part-time job, and applying for federal student aid. As a dependent student, applying for federal aid may be challenging without your parent’s support, because the FAFSA may be considered incomplete without their information.

In the event that other avenues of funding have been depleted, students may consider private student loans. Note that as previously mentioned, private student loans don’t always have the same borrower protections as federal student loans. This is why they are generally considered an option after all other sources of funding have been evaluated.

If private student loans seem like an option for you, consider SoFi. Private student loans at SoFi have no hidden fees and the application process can be completed entirely online. Potential borrowers can find out if they pre-qualify, and at what rates, in just a few minutes.

SoFi makes the student loan process simple. Find your rates in just minutes.

SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’swebsite .
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Source: sofi.com

January 2, 2022

Chase Bank Review 2022: Checking and Savings Accounts

The following is a closer look at two Chase Bank savings programs.
APY
Link to Chase checking account for overdraft protection
Chase Total Checking
Key Features

Chase Bank at a Glance

Chase Premier Plus Checking
a month; can be waived
Monthly fees
The monthly service fee for the Chase Sapphire checking account is a month. However, it can be waived with an average daily balance of ,000 in qualifying Chase accounts.

Pro Tip
You’ll get locked into an interest rate based on the length of your term and the amount of your CD. These rates vary from 0.02% to 0.05%*, and depend on both how much money you save and the length of your CD term. Right now, an amount between K and ,999.99 will earn 0.05% on a 12-month term.

Chase Checking Accounts

The Chase Savings account come with an autosave option that’s pretty cool. Using the mobile app, you can set your account to transfer a set amount of money every time you get paid, a little every day, or any set time and amount that you like. It puts your savings on autopilot.

Chase Total Checking

Chase Savings Accounts at a Glance

Chase Checking at a Glance

None

Auto-save tool
Access to 4,700 branches
$25 opening deposit required

n/a
, can be waive with ,000 balance
None
APY

Prime perk

You can get slightly better interest rates with the Chase Premier Savings account than the basic checking account. You’ll earn anywhere from 0.02% to 0.05%* when you link your account to another select Chase account, depending on how much money you have saved. The more you have in there, the better your interest rate. (But remember, you’ll get hit with a $25 monthly service fee unless you can keep a $15,000 minimum balance or you link to another Chase account.)
If you need a checking account for your small business, Chase has options to serve you here, too.

Account	Monthly Fees	Fee Details	Other Features
Chase Savings	$5	$300 balance to waive	$25 to open account
Chase Premier Savings	$25	$15K balance to waive	Or link to accounts

Account	Monthly Fees	Fee Details	Other Features
Chase Business Complete Banking	$15	$2K min. bal. to waive	Cash deposit limit
Chase Performance Business Checking	$30	Waived with $35K balance	250 monthly free trans.
Chase Platinum Business Checking	$95	$100K balance to waive	$25K monthly cash dep.

The Trend to Cut Overdraft Penalties

Banks and Credit Unions That Don’t Charge Overdraft Fees

The Benefits of a High-Paying Job

What Careers Make the Most Money?

1. Anesthesiologist

2. Surgeon

3. Obstetrician and Gynecologist

4. Orthodontist

5. Oral and Maxillofacial Surgeon

6. Physician

7. Psychiatrist

8. Prosthodontists

9. Family Medicine Physician

10. General Internal Medicine Physician

11. Chief Executive

12. Dentist

13. Nurse Anesthetist

14. Pilot

15. Pediatrician

16. Computer and Information Systems Manager

17. Architectural and Engineering Manager

18. Natural Science Manager

19. Marketing Manager

20. Petroleum Engineer

21. Financial Manager

22. Podiatrist

23. Lawyer

24. Sales Manager

25. Advertising and Promotion Manager

50 Additional High-Paying Careers

Methodology

What Is the Debt Lasso Method?

Who Should Use the Debt Lasso?

How the Debt Lasso Method Works

1. Commit

2. Trim

3. Lasso

4. Automate

5. Monitor

Who Should NOT Use the Debt Lasso Method — For Now

Additional Resources

Best Credit Cards from Bank of America

Best Overall: Bank of America® Premium Rewards® Credit Card

Best Cash-Back Credit Card: Bank of America® Customized Cash Rewards

Best for Frequent Travelers: Bank of America® Travel Rewards Credit Card

Best for People With Existing Credit Card Debt: BankAmericard

Best for People With Limited or Impaired Credit: Bank of America® Customized Cash Rewards Secured Credit Card

Best Sign-Up Bonus: Bank of America® Premium Rewards® Credit Card

Best for Students: Bank of America® Unlimited Cash Rewards for Students

Best for Business Owners: Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

Methodology: How We Select the Best Bank of America Credit Cards

Rewards Program

Sign-Up Bonus

0% APR Introductory Promotion

Interest Rate

Credit Requirements

Target User

Bank of America Credit Card FAQs

What Annual Fees Should You Expect From Bank of America Credit Cards?

What Are the Benefits of Bank of America Credit Cards?

What’s the Best Bank of America Credit Card?

What’s the Interest Rate on Bank of America Credit Cards?

How to Choose the Best Bank of America Credit Card

Stock Advisor

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Money Mindset

Long Term Planning, Investments and Wealth Building

Debt & Money Management

1. Used Chevy or new Mercedes?

2. Chop your car insurance bill by $700 a year

3. Let mortgage savings put your kids through college

4. Stop worrying about expensive household breakdowns

5. Get paid to watch videos and take surveys

6. Find cheaper homeowners insurance in 60 seconds

7. Add $1.7 million extra to your retirement

8. Protect your wealth with a gold IRA

9. Diversify your portfolio with art collected by billionaires

10. Borrow $50,000 to erase your debt

11. Pay no interest until 2023 with a better card

5 Money Challenges to Boost Your Savings

Need to fund your education?
Learn more about SoFi private student loans.