For new college graduates, receiving that first post-degree paycheck can be almost as exciting as getting the diploma itself. But it also presents a challenge: Given the many demands on a young person’s budget, how should those funds be managed?
We asked five money experts to share their best personal finance strategies to help this year’s college grads successfully launch their financial lives. Here’s what they said.
Find your budgeting style
To figure out how to allocate your money toward needs, wants and everything else, Erin Lowry, author of the “Broke Millennial Workbook,” says that instead of following the latest budgeting trend on TikTok, it’s helpful to just sit down with a pen and paper. “Write down what your big expenses are,” she says.
After accounting for large items like rent, car payments and food, you can then see what nonessentials also fit. “You might want to go out to dinner with friends, build up new work attire or adopt a dog,” Lowry says. Writing out the budget helps you figure out what you can afford and when, she adds.
“We conceive of budgets as restrictive things that keep us from having fun, but you should be thinking of it as a way of controlling how your money is spent. If you don’t know, you’ve sacrificed all control,” Lowry says.
Factor in taxes
Melissa Jean-Baptiste, a financial educator and the author of the book “So… This Is Why I’m Broke,” says it’s easy to forget to account for taxes, so you might have less take-home pay than you anticipated. Retirement contributions and other deductions can further lower that amount.
Jean-Baptiste suggests setting aside some time to really understand your first paycheck and all those deductions. “Take yourself on a money date so you understand how much you’re bringing home and how much you have left to save and invest,” she says.
Save smartly
Even if they’re paying off debt, Alex Rezzo, a certified financial planner and the founder of Andante Financial in the Los Angeles area, urges new grads to start saving for retirement right away. “There will always be a more immediate excuse to delay saving for retirement,” he says, but he urges people to find a way to save at least 1% of each paycheck and to increase that amount over time.
He also suggests parking your direct-deposited paycheck funds in an online bank that offers a competitive high-yield account and is backed by the Federal Deposit Insurance Corp. That way, the money likely will earn more than it would sitting in a traditional bank’s checking or savings account.
Protect your credit
As you build your independent financial life, making at least the minimum payments on your student loan and credit card accounts can help protect your credit. Missing a payment, Lowry says, could damage your credit score. She suggests focusing on paying down any high-interest debt first to reduce the total amount going to interest.
Lowry also suggests freezing or locking your credit, which makes it much harder for identity thieves to apply for new credit in your name. Just remember that if you freeze your credit, you’ll also have to thaw it if you want to apply for credit yourself, she says, adding, “you might want to wait until you’re through a period of time when you’re applying for new accounts.”
Make mistakes and learn from them
Kennedy Reynolds, chief education officer at Acorns, a financial services company, says mistakes are part of the learning process, whether it’s overspending or accruing credit card debt, but the key is to learn from the experience. “If you have debt to pay down, take that paycheck and split it up” toward those bills until they are paid off, she says.
“Try to picture yourself later and know that the choices you’re making now will have a long-term impact,” she adds.
Look beyond your paycheck
Linda Whiteman, a personal finance teacher at Outschool, an online learning platform for kids, teaches her students to think entrepreneurially. After all, she tells them, most millionaires are business owners.
“You don’t have to work for someone,” she says. She asks her students to consider what they can teach others, whether offering piano lessons online or creating digital art. Pursuing additional income streams outside of a paycheck can help grow wealth, she adds.
Jean-Baptiste found success doing exactly that: She used her experience as a teacher to create and sell lesson plans online. “I was bringing in $10,000 a year that I could put toward debt,” she says. Her lesson plans eventually turned into the financial literacy business that she operates today.
Earning additional income outside of a paycheck, she says, “can be a game-changer” — financial wisdom that applies at any age.
This article was written by NerdWallet and was originally published by The Associated Press.
Death does not only cause sorrow. Deaths usually come with high bills and financial troubles because of the combination of the lost paycheck and the extra expenses tagged on from the funeral and hospital. The average funeral can cost as much as $10,000 or more.
This type of situation can be avoided with life insurance, but dedicating your entire life to a specific plan is not necessary. You can find 15 year term life insurance that covers you and pays those close to you in case you die.
Choosing a 15 Year Term Policy
Throughout changes in jobs and situations, you are going to need to need different policies. You need to be able to cover everything, which means children, home, significant other, expenses, and all other things that may enter your life after a few years.
A policy that lasts your entire life might not be suitable, especially when you are still expecting these types of changes. Those are more for people who have more stability, people who expect to need that same amount throughout the years. A lot of people buy 30-year term policies, but so many things can change in those three decades.
Having your first child, having more children, getting married, kids graduating college, etc. all of these things are going to drastically impact your life insurance needs. So, why would you purchase a policy that lasts 30 years, or your whole life?
Choosing a 15 year term life insurance policy is coverage that lasts for a certain amount of time in your life, allowing you to change it to whatever is suitable later.
20 Year Vs. 15 Year Term Life Policy
It is vital that you consider your specific needs for now and in the future. While one thing might be true at this moment, like several or a lack of children, things change.
You might have a child, causing you to require higher amounts, or a current one grows up and you no longer need the high amount you were paying for before. Maybe you plan to have enough money saved up that will make your life insurance policy an unnecessary expense.
There are plenty of reasons that a person may choose a shorter policy instead of a longer 30-year plan. Look at a 20-year term vs 10-year term and figure out which is best for where you are and expect to be.
This can help you to avoid surprising while still have an amount of money saved away that does the job.
What Term Policy is Best For You?
There is no need to worry about a term policy not covering you. The only difference in coverage is how long it will last, after all.
Once you find yourself in a situation where the amount received does not match the amount needed, you can change it to ensure there are no holes or that you are not overpaying for something worth much more than you need.
Since finances do play a big role in living a stable, happy life, the right insurance policy from one of the top life insurance companies makes a dramatic difference. You can be sure that you have enough money now and well into the future, and that your family and loved ones will after your passing.
Being insured is a necessity, but you need to take into account your current and future situations. If you do not think about where you may be, you might end up in an undesirable situation that does not match your financial needs.
By looking at 20 year term vs 10 year term policies, you can figure out what is right for you and have the ability to change it in the future in case your life does change.
For example, let’s say that you go with a 10-year term policy. You’ll enjoy that affordable coverage for the next decade, but after that, you lose your insurance coverage and you’ll have to reapply for another policy.
Now that it’s been ten years since your last application, your rates are going to be higher than they were before. It could be a smarter decision to go with a longer policy, but maybe you only need 15 years of coverage.
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The Importance of Life Insurance
Life insurance is one of the best purchases that you can make for you and your loved ones, regardless of the term that you choose. If something tragic were to happen to you tomorrow, would your family be able to pay off all of the debts that you would leave behind? Would they be able to replace the income that you used to provide?
If you’re like most people, you have a mortgage, car payment, credit card bills, and more. All of those unpaid expenses would be left to your loved ones. That’s not exactly the legacy that you wanted to leave behind.
Life insurance will not only give your family plenty of money if you were to pass away, but it will also give you peace of mind knowing they will be taken care of if tragedy were to strike tomorrow. Before you purchase a policy, sit down and calculate all of the debts that you would leave behind. Make sure that your life insurance plan is large enough to cover all of those expenses.
The other purpose of life insurance is to replace your income. If you have family members or loved ones that rely on your annual salary, then you need a policy that will give them the funds to find another income.
Because there are so many different factors that you have to consider, picking the perfect policy for you can be difficult. There are hundreds of companies that all have different types of policies, how are you supposed to decide the one that fits your needs? You could spend hours and hours calling insurance agents, researching companies, and comparing different plans, or you can let us do the work for you.
The best way to ensure that you’re getting the lowest rates available is to receive quotes from dozens of companies before you choose one. This comparison shopping will help you save money every month, but it can be time consuming.
It doesn’t have to be, we can help. Fill out the form on the side and all the lowest quotes from the highest rated companies will come to you. You won’t have to keep answering the same questions over and over.
We will provide the best quotes based on your situation and the type of policy that you want.
Aside from helping you find the best policy and the lowest rates, we can also answer any questions that you have about 15-year term life insurance policies, whole life insurance policies, no medical exam policies, or any other questions that you have about life insurance. Our agents are experts on the life insurance field and can help you make well-informed decisions to protect you and your family against whatever life is going to throw at you.
The simplest options strategies, and safest for beginners, include purchasing calls and/or puts — typically called “going long.” For the bearish investor who believes an asset will see price declines over a well-defined period of time, the simplest strategy is to purchase puts on those assets, i.e., pursue a long put strategy.
What Is a Long Put?
The term “Long Put” describes the strategy of buying put options as well as the options contract itself. The investor who purchases a put has purchased the right to sell an underlying security at a specific price over a specific time period. Being the buyer and holder of any options makes you “long” that option contract.
Because the contract in question is a put, the investor is long the put and bullish on the put option as they expect the put options price to rise. The put option holder is bearish on the underlying asset as they expect its price of the asset to go down.
Since the investor has not sold the underlying asset or its options, the investor does not hold a short position.
💡 Recommended: Options Trading Strategies for Beginners
Maximum Loss
In comparison to other options strategies, long puts are low risk due to their limited and well-defined downside. The maximum amount an investor can lose is the premium paid at the initiation of the transaction.
Maximum Loss = Premium Paid
Because different trading platforms have different commission structures, (some may even provide commission-free trading) commissions are typically omitted from profit and loss calculations.
Maximum Profit
The maximum gain for a long put strategy occurs when the underlying asset drops to zero. While this gain is also limited and defined, it is typically far greater than the potential downside. The maximum gain on a long put strategy is defined as the strike price of the put less the premium paid.
Maximum Profit = Strike Price – Premium Paid
Breakeven Price
The breakeven price on a long put strategy occurs at the strike price less the premium. Note that the formula for the maximum gain and the breakeven price is the same but the two formulas are measuring different things.
The breakeven price is the point at which the investor begins to make a profit. As the price drops past breakeven toward zero, hopefully, the investor can realize the maximum gain possible.
Breakeven Price = Strike Price – Premium Paid
Why Investors Use Long Puts
Investors utilize a long put strategy for three main reasons:
• Speculation: The investor identifies an asset they believe will decrease in price over a defined time period. Buying a long put allows the investor to profit from this forecasted price decrease if it happens.
• Hedging: Sometimes an investor already holds an asset like a stock or exchange-traded fund (ETF) and is concerned that the price of the asset may drop in the short term, but still wants to hold the asset for the long term.
By purchasing a long put, the investor can offset any short-term losses through gains on the put and keep control of the underlying asset. For most assets, this hedging strategy provides cheap insurance.
• Combination strategies: For experienced investors, long puts can be part of complicated multi-leg strategies involving the sale or purchase of other options, both calls and puts, to pursue different investment objectives.
Long Put vs Short Put
In contrast, a short put options strategy occurs when the investor sells a put. Being the seller of a put means the options contract seller is obligated by the options contract to sell shares in an underlying security to the option buyer at the buyer’s discretion.
Everything about short puts is the opposite to long puts:
Long Puts
Short Puts
Investor role
Buyer
Seller
Investor responsibility
Right/Discretion
Obligation
Investor outlook — Asset
Bearish
Neutral to Bullish
Risk
Premium
(Strike Price – Premium)
Reward
(Strike Price – Premium)
Premium
Long Put Option Example
An investor has been watching XYZ stock, which is trading at $100 per share. The investor believes the $100 share price for XYZ is excessive and believes the share price will fall over the next 30 days.
The investor purchases a long put with a strike price of $95 per share for a premium of $5 and an expiration date of 60 days from today. Because options contracts are sold based on 100 share lots, the price for this contract will be $5 x 100 = $500.
The options contract gives the investor the right to sell 100 shares of XYZ at $95 for the next 60 days.
The breakeven price on this investment is:
Breakeven Price = Strike Price – Premium Paid
Breakeven Price = $95 – $5 = $90
Should XYZ be trading below $90 at expiration, the option trade will be profitable.
If XYZ stock should fall to $0 at expiration, the investor will realize their maximum possible profit:
Maximum Profit = Strike Price – Premium Paid
Maximum Profit = $95 – $5 = $90 profit per share or $9,000 per put option
However, if XYZ stock should stay above $90 at expiration, the investor will realize their maximum possible loss and the option will expire worthless:
Maximum Loss = Premium Paid
Maximum Loss = $5 per share or $500 per put option
Even if XYZ rose above the $100 price at purchase, the investor’s loss would still be limited to $500.
The Takeaway
Long put options provide an excellent entry point for newly minted options investors to dip their toes into the market. The trading strategy offers significant profit potential if investors make the right call on the underlying security’s future performance while providing limited downside risk.
If you’re ready to try your hand at options trading, You can set up an Active Invest account and trade options online from the SoFi mobile app or through the web platform.
And if you have any questions, SoFi offers educational resources about options to learn more. SoFi doesn’t charge commissions, and members have access to complimentary financial advice from a professional.
With SoFi, user-friendly options trading is finally here.
Photo credit: iStock/Paul Bradbury
SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire amount invested in a short period of time. Before an investor begins trading options they should familiarize themselves with the Characteristics and Risks of Standardized Options . Tax considerations with options transactions are unique, investors should consult with their tax advisor to understand the impact to their taxes. Exchange Traded Funds (ETFs): Investors should carefully consider the information contained in the prospectus, which contains the Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website or by email customer service at [email protected] Please read the prospectus carefully prior to investing. Shares of ETFs must be bought and sold at market price, which can vary significantly from the Fund’s net asset value (NAV). Investment returns are subject to market volatility and shares may be worth more or less their original value when redeemed. The diversification of an ETF will not protect against loss. An ETF may not achieve its stated investment objective. Rebalancing and other activities within the fund may be subject to tax consequences. SOIN223451
Last Updated: April 6, 2020 BY Michelle Schroeder-Gardner – 45 Comments
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Lately, I’ve been hearing more and more about families relying on credit cards for their emergency savings fund.
This is something that scares me as while credit cards may work for some, I believe that emergency savings funds are a better solution for the average person. Whatever emergency fund amount you decide on, it’s better than nothing in my mind.
As I stated in the article Everything You Need To Know About Emergency Funds, 26% of Americans have no emergency fund whatsoever.
Also, only 40% of families have enough in savings to cover three months of expenses, with an even lower percentage having the often recommended six months worth of savings.
There are many things you should think about when it comes to whether or not you should use a credit card as your emergency fund.
What’s your financial situation?
Different people need a different emergency fund amount.
Some of the things you will want to think about when determining your emergency fund amount is the stability of your job, your income when compared to your expenses, whether you own a house and/or car or not, your health, and more.
Basically, the “riskier” your situation, the larger the emergency fund you will most likely want. If your situation is quite risky, then using a credit card for your emergency fund may be a bad idea because there is a large chance you may rack up credit card debt that you are unable to pay off whenever an emergency arises.
How much risk are you willing to take on?
By relying entirely on credit cards, you are going to be taking on a lot of risk.
You never know if something may come up, how big the expense may be, and whether or not you will have enough credit to fund the expense.
Plus, the interest rate on your credit card may hover somewhere near 25%, which can make for an expensive bill if you are unable to pay your credit card bill before interest accrues.
When does using a credit card for your emergency fund amount make sense?
Now, I understand that different techniques work for different people. There are situations where using a credit card for your emergency savings fund may not be a completely bad idea. If you know that you can pay off a large expense within one month (such as if you have a large income but a low level of expenses), if you have a lot of credit card debt at high-interest rates that you are trying to pay off (your money may be put to better use by paying off your debt first), and so on.
However, the problem with this thinking is what happens if you lose your job? Many have emergency funds that exist so that they can support themselves if they were to lose their job. What would happen if you relied on credit cards but lost your main source of income?
It would lead to a lot of credit card debt. Unmanageable credit card debt…
Having a “real” emergency fund can be much more worthwhile.
There are many other reasons to have a fully-funded emergency fund:
An emergency fund can help you if you lose your job. No matter how stable you think your job is, there is always a chance that something could happen where you may need money fast.
An emergency fund is wise if you don’t have great health insurance. This is another reason why we have a well-funded emergency fund. We do not have the greatest health insurance, with our deductible being over $12,000 annually. Having an emergency fund can help protect us if something were to happen to either of us.
An emergency fund is a good idea if you have a car. You just never know if it may need a repair.
An emergency fund is a need if you own a home. One of the lucky things that homeowners often get to deal with is an unexpected home repair.
An emergency fund can protect you in many other areas as well. This can include if you have a medical cost for your pet, if you have to take time off work for something, you need to go somewhere far to visit someone who is sick, and so on.
An emergency fund is always good to have because it can give you peace of mind if anything costly were to happen in your life. Instead of building onto your stress because of whatever has happened, at least you know you can afford to pay your bills and worry about more important things.
As you can see, there are plenty of positives of having an emergency savings fund. However, I know that different things work for different people and that some prefer to use credit cards in the case of an emergency.
What do I think?
I think everyone should have some sort of emergency savings fund. Even if you can only manage $500 to $1,000 right now, that is better than nothing. $500 to $1,000 can still most likely help you by for at least a little bit. Plus, you can still put money towards high-interest rate debt after you build up your specific emergency fund amount.
My problem with using credit cards as your sole source for an emergency fund is that it may lead to more debt in some situations.
Do you rely on credit cards for your emergency savings fund? What do you think of relying on credit cards for your full emergency fund amount?
In a digital age where convenience is king, the idea of writing checks, stuffing envelopes, and running to the post office to pay your bills seems almost antiquated. Instead, many people are turning to online bill pay, a system that lets you manage and pay bills from one central location.
What is online bill pay?
Online bill pay is a modern solution that revolutionizes the way we manage and pay our bills. It is a digital service provided by banks, credit unions, and financial institutions, offering a secure and convenient platform for handling various bill payments.
Whether you have one-time payments or recurring bills like utilities, online bill pay allows you to streamline the payment process. Instead of traditional methods like writing checks or mailing payments, online bill pay lets you pay your bills with just a few clicks.
How does online bill pay work?
Here’s how online bill pay works: once you set up online bill pay, you can schedule payments to be made from your checking account either immediately or on a future date. You can manage your one-time payments or recurring payments with ease, knowing that your bank or credit union will ensure the payment gets to your service provider.
Some online bill pay services also allow you to receive electronic bills directly in your online account, saving you from having to keep track of paper bills. Once you have your online bill pay setting configured, paying bills becomes a breeze.
See also: Best Online Checking Accounts of June 2023
Benefits of Using Online Bill Pay
Online bill pay offers a plethora of benefits that can make your financial life easier and more organized. Let’s explore these benefits in detail.
Budgeting and Tracking Expenses
Online bill pay provides a centralized platform where you can conveniently manage all your bill payments. This consolidation offers several advantages for budgeting and tracking expenses:
Consolidated view: With online bill pay, you can view all your bills and their due dates in one place. This makes it easier to plan and allocate funds accordingly, ensuring you don’t miss any payments.
Payment history: Most online bill pay services maintain a record of your payment history. This allows you to review past transactions, track your spending patterns, and identify areas where you can potentially cut costs or adjust your budget.
Real-time balance updates: Some online bill pay platforms offer real-time updates on your account balances. This feature helps you stay on top of your finances by providing an accurate picture of how much money you have available for online bill payments and other expenses.
Saving Money and Avoiding Late Fees
Late payments can lead to unnecessary fees and even impact your credit score. Online bill pay can save you money by helping you avoid these financial pitfalls:
Timely payments: With online bill pay, you can set up automatic payments, ensuring your bills are paid on time. By doing so, you eliminate the risk of forgetting or missing a payment deadline, thereby avoiding late fees.
Payment reminders: Many online bill pay platforms offer reminder notifications that alert you before a bill is due. These reminders can help you stay organized and prompt you to make timely payments.
Interest savings: Making timely payments through online bill pay can save you from accruing interest charges. By paying your bills on time, you can minimize the interest that would have otherwise accumulated, especially for credit card balances or loans.
Electronic Records and Organization
Keeping track of paper bills and receipts can be cumbersome and time-consuming. Online bill pay simplifies this process by providing electronic records of your payments:
Document storage: Online bill pay platforms often allow you to store and access electronic copies of your bills and payment receipts. This eliminates the need for physical paperwork, reducing clutter, and making it easier to find specific documents when needed.
Search and filter options: Many online bill pay services offer search and filter functions, enabling you to quickly locate specific bills or payments. This can be particularly helpful during tax season or when reviewing your financial history.
Accessibility and mobility: Online bill pay lets you access your payment records from anywhere, as long as you have an internet connection. This mobility ensures that you can review your bills and payment history on the go, making it easier to stay organized even when you’re away from home.
Drawbacks and Potential Risks of Online Bill Pay
While online bill pay offers numerous benefits, it’s important to be aware of the potential drawbacks and risks associated with this service. Understanding these risks can help you take appropriate precautions to protect your financial information. Here are some considerations:
Internet Security Concerns
One of the primary concerns with online bill pay is internet security. Anytime you handle sensitive bank account information online, there is a risk of hacking or phishing attempts. Cybercriminals may try to gain unauthorized access to your account or personal information.
However, it’s crucial to note that most financial institutions prioritize customer security and employ robust security measures to keep your data safe. Some common security practices include encryption, secure login procedures, and multi-factor authentication.
To mitigate the risk of internet security threats, it’s essential to follow best practices:
Use strong and unique passwords for your online banking accounts.
Be cautious of phishing attempts and avoid clicking on suspicious links or providing personal information through unsolicited emails or phone calls.
Regularly update your devices and software to protect against known vulnerabilities.
Monitor your accounts regularly for any suspicious activity and report any unauthorized transactions to your financial institution immediately.
System Errors or Failures
While rare, system errors or failures can occur when using online bill pay services. These technical glitches could potentially result in missed payments or delays in processing. However, financial institutions typically have systems in place to rectify such issues promptly.
To minimize the impact of system errors or failures:
Double-check your payment history and account balances after initiating transactions to ensure they are processed correctly.
Set up payment reminders or notifications to stay informed about upcoming payments.
Maintain a buffer of funds in your account to account for any unexpected delays or errors in payment processing.
Processing Time
One important consideration when using online bill pay is the processing time required for payments to be completed. While the exact timing may vary depending on the financial institution and the specific payment recipient, it may take several days for the online payment to process. This means that you should plan your payments accordingly to ensure they reach the recipient by the due date.
To avoid late payments due to processing time:
Initiate your bill payments in advance, especially for bills with strict due dates.
Familiarize yourself with the payment processing timeframes of your financial institution to ensure timely payments.
Consider setting up automatic recurring payments for bills with consistent amounts and due dates to ensure timely payments without manual intervention.
How to Get Started with Online Bill Pay
Getting started with online bill pay is typically straightforward. Most banks and credit unions provide this service for free to their checking account or money market account holders.
Here’s a step-by-step guide to help you get started:
Log into your online banking account: Visit your bank or credit union’s website and log in using your username and password.
Navigate to the bill pay section: Once logged in, look for the bill pay section or tab. This is usually located within the online banking platform.
Add new payees: Within the bill pay section, you’ll have the option to add new payees. Provide the necessary information, such as the payee’s name, account number, and address where the payments should be sent.
Specify payment details: For recurring payments, you’ll be prompted to specify how often and when the payment should be sent. This can be weekly, monthly, or at custom intervals. For one-time payments, you’ll need to specify the payment amount and the date it should be sent.
Review and confirm: Before finalizing the setup, review the payment details to ensure accuracy. Once everything is verified, confirm the setup, and your online bill pay is ready to go.
It’s worth noting that the exact steps and interface may vary slightly depending on your bank or credit union. If you encounter any difficulties, consult the bank’s customer support or refer to their online resources for guidance.
Best Practices for Using Online Bill Pay
To get the most from your online bill pay service, it’s important to monitor your account balances regularly and ensure you have enough funds to cover your scheduled payments. Setting up alerts and notifications can help you keep track of your payment schedule and account balances.
Using automatic payments responsibly is also crucial. While they can be a convenient way to avoid late fees and improve your credit score, they can also lead to overdrafts if you’re not careful.
Conclusion
In summary, online bill pay provides a secure, convenient, and time-saving method for managing and paying your bills. From setting up recurring payments for monthly utility bills to scheduling future one-time payments, online bill pay services can help you streamline your financial tasks.
While there are potential risks involved, such as internet security threats and system errors, these can be mitigated with vigilance and good security practices. Whether you choose to use your bank account, debit card, or even a credit card for your payments, online bill pay can be a valuable tool in managing your finances.
Just remember, while online bill pay can make your life easier, it’s still important to monitor your accounts and payments regularly. This will help you avoid any potential issues such as overdrafts or missed payments, keeping your financial life running smoothly.
Here at the Koke-Long house we’re in the market for some furniture. Our living room is currently semi-furnished with a comfortable but deteriorating Ikea couch and some leftover dining chairs; we’d like a nice armchair or two and some tables.
I’ve mostly gone for Ikea ‘cheap and new’ furniture in the past, but I’ve been disappointed by its (understatement alert!) lack of durability. This time I’d like to try buying used but higher-quality. As I began to look around, though, I realized that I knew very little about what makes for a strong, long-lasting piece of furniture.
Anyone can identify a rip, scratch, or stain, or decide whether they like a certain color, without special knowledge. But judging whether a piece is likely to last two years or twenty — just by looking at it — is harder stuff. Time to research! Here’s an overview of what I learned, with a checklist at the end.
Wood Furniture — Composition
I used to think hardwoods were hard and softwoods were soft. Silly me! Actually, hardwood just means ‘from a deciduous tree’ and softwood means ‘from a coniferous tree’, and some hardwoods (like aspen) are softer than some softwoods. What you want on exposed surfaces is a wood that’s reasonably scratch-resistant. You can test this easily enough by attempting to draw a thin line with your fingernail across the wood; if it makes a visible dent (use a flashlight here if necessary) you know it won’t stand up to much use.
Structurally, any kind of solid wood or sturdy plywood will do the trick. If plywood, look for at least nine layers. Check the wood for knots, even on unexposed pieces; all knots are susceptible to cracks. Some woods, like pine, are ‘knottier’ than others, and therefore less desirable. Avoid particleboard, pressed wood, or fiberboard.
Veneers — a thin piece of premium wood covering a lower-quality piece of wood — are often used even in very high-quality furniture. As long as the base piece is solid wood or plywood, the only drawback to veneer is that it limits the number of times an item can be refinished.
Wood Furniture — Construction
Joint construction is the main determinant of quality furniture. Anything held together with staples or nails is shoddy construction. Ditto if it’s glued and you can see the glue. Dowels (wooden pegs slotted into two opposing holes) are good, as are screws. The best joints are either dovetail (interlocking squarish ‘teeth’ — see photo) or mortise-and-tenon (narrowed end of one piece inserted into a hole in the other). Corners should have a reinforcing block attached at an angle.
Look for thin sheets of wood between drawers in a chest of drawers or desk. While not necessary, these ‘dust panels’ improve structural strength as well as protect drawer contents. Drawers should run smoothly on glides and have stops to prevent accidentally pulling them all the way out. The best drawers have bottoms that are not affixed to the sides but ‘float’ in a groove, allowing for minor expansion and contraction caused by changes in humidity and providing extra strength.
Lift the piece at one corner — it should not twist or squeak. Check that all legs are touching the floor. Press on various corners to see if the piece rocks or wobbles.
Upholstered Furniture — Composition
For a sofa or chair with removable cushions, unzip a seat cover and have a look inside. You should see a block of foam wrapped with dacron, cotton, or (for very high-end cushions) down, preferably with a protective inner cover (usually muslin). Foam-only cushions are both less durable and less comfortable. If you’re buying new furniture, inquire after the density rating of the seat foam: you’re looking for 1.8 pounds or higher.
Removable back cushions may have foam as well but are more often loose fill. In the latter case, multiple internal compartments are preferred as they prevent the fill from settling.
If there’s a tag or label, look for a cleaning code: ‘W’ means water-based cleaners, ‘S’ means solvent-based cleaners (‘dry cleaning’), ‘X’ means no liquid (vacuum only).
Upholstered Furniture — Construction
According to Consumer Reports, the oft-touted “eight-way hand-tied coil springs” don’t have a corner on comfort; coil, cone, sinuous, and grid springs can all work well. Best just to test the feel of the specific piece by sitting in various spots to see whether you tip or sink. If the cushions are removable, lift and press down on the deck underneath: you should feel even spacing and resistance to pressure.
Squeeze the arms and back: ideally you should not be able to feel the frame through the padding. Lined skirts and ones with weights will hold their shape better over the long run.
Are the cushions reversible? You’ll get twice the wear if they are. Flip them around and make sure any upholstery patterns match up both ways.
Tip:Consumer Reports has a nice diagram to help you assess upholstered furniture construction.
Quick Furniture Checklist
That’s a lot of information. If you’re like me, you might find it difficult to remember all of these factors while you’re actually shopping at the furniture store. To make things easier, I’ve created a basic furniture shopping checklist. You may download the 35kb PDF or simply print the list below:
Armed with this information, I feel much more confident about approaching future furniture purchases, both new and used. I hope you find it helpful too. Happy hunting!
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
It is no secret that the internet is changing how money is made forever.
This has caused a boom in many businesses and people the ability to make money online, which is a huge benefit for you!
This trend will only continue as technology improves. If it feels daunting to jump onto this new bandwagon right now, don’t worry; we have some tips that can help you double your 10k in the next few weeks or years.
I am going to show you how to double your money so that you can retire early, pay off debt and invest in the stock market.
A lot of people would say this is impossible, but I’m not just showing it–I’m proving it!
We all have said it takes money to make money and while that is true. It is easy to start doubling your money with just $10K.
What if, right now, you decided to double your 10K by the end of the year? Maybe, you want to hit a major goal and make a huge change in only 8 short weeks?
Making money is not a difficult task. Too often, people become impatient and think that they can simply make money without putting in the effort. This is not true.
Cash is a tool and nothing more. Once you understand this concept, you can begin to figure out how to make more money. Additionally, it’s important to appreciate that it takes time to make money – don’t expect to become a millionaire overnight.
Here is a realistic guide to help you work towards that goal.
Be sure to decide which strategic way to double $10k quickly works best for your personality.
The 10K of your dreams seems impossible.
How can I double $10000 fast?
There is no one-size-fits-all answer to this question, as the best way to double your money will vary depending on your individual circumstances and goals. However, some general tips include developing a growth mindset around money, finding ways to make more money, and investing in yourself and your skills.
Keep in mind that $10,000 is not a lot of money to double in a short period of time.
How long does it take to double 10k?
The answer to this question is dependent on a number of factors.
The most important factor is the amount of time it takes for your investments to double.
If you are investing in stocks, you can quickly double 10K with an options contract within 2-3 days. If you are looking at other avenues, it will depend on how you choose to double your money.
Typically, people start seeing results in approximately 4 to 6 months to double 10k.
If your eyes are set on this, then make sure to write down one of the millionaire quotes for motivation.
What to do with 10k?
Now that you’ve earned an extra 10k, you may be wondering what to do with it.
You could save it, spend it, or invest it, but there are a few other things you could do as well.
Here are some ideas on how to make the most of your money and grow it even more.
How can I Double my Money?
There are many ways you can double your money in a short amount of time.
I am passionate about exploring the best ways to make money online. In this article, I will share some tips on how you can double your money relatively quickly. However, please keep in mind that these are general ideas to get you started.
Specifically How to Double 10k Quickly?
If you are serious about how to double your 10k fast, you will need to dedicate time on a regular basis to the tasks needed to reach your ambition. The key is to do it daily in order to keep the momentum of your progress going.
Earning money is a mindset.
To double 10k quickly, learn how to change your mindset about money.
Although doubling $10,000 may seem difficult, it can be done with the right approach.
If you have $10,000 and want to double it within a month or a few months, here are a few realistic strategies to help you reach your goal.
Idea #1 – Swing Trading with Stocks
Swing trading is a technique that allows investors to hold onto stocks for a period of time, typically two to four days. During this time, the trader watches for specific price patterns and buys or sells shares based on their analysis.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
Check out: My Personal Trade and Travel Review
This type of trading can be very profitable if done correctly, as it allows the trader to make twice their investment in a short amount of time.
The key is you must learn how to invest in stocks for beginners. This is one step many people overlook when they are focused on doubling their money. Either you will get lucky or you will have a huge loss. Take time and become educated on swing trading stocks.
Related Reading: How Fast Can You Make Money in Stocks?
Idea # 2- Cryptocurrencies
Cryptocurrency is a digital or virtual asset that uses cryptography for secure transactions. Cryptocurrencies are growing in popularity and may become a major part of society. Bitcoin, the first and most well-known cryptocurrency, has seen its value skyrocket in recent years.
Cryptocurrencies are often unstable because they are not regulated by any government or financial institution, and thus their value can change rapidly. However, the potential for reward is high, making cryptocurrency an attractive investment option. Because of this, cryptocurrency investments are often seen as riskier than traditional investments, but also have the potential for greater returns.
Before investing in cryptocurrency, do your research and be sure you understand the risks involved. There are many educational resources available to help you get started.
Idea # 3 – Flip Items for a Profit
Retail arbitrage is a practice where an individual or company purchases a popular product at a discounted price and then resells it for profit at another online retailer. This can be done on marketplaces like Craigslist, eBay, and Facebook Marketplace.
This is a great way to make some extra money on the side. You need some time and a willingness to invest, but if you find the right deals, you can make a good return on your investment.
Many people have great success by flipping items from auctions, free groups, or local goodwill store.
Check Out: Flea Market Flipping
Idea #4 –Resell Products on Amazon FBA
Amazon FBA is a service for independent entrepreneurs who want to start their own e-commerce business. They can offer products on Amazon and work with Amazon directly to fulfill orders, collect payments, and provide customer service. By doing this, they don’t have to worry about the inventory and can focus on other aspects of their business.
This is another avenue for selling your flipping treasures.
There are a few ways to make money through reselling products. You can either find products to sell on Amazon or Ebay, or you can dropship products from a supplier. If you want to find your own products to sell, you’ll need to do some research on what is selling well and what prices are competitive. If you want to dropship, you’ll need to find a supplier and create an account with them.
Idea #5 – Start a Business or Invest in a Franchise Company
Starting a business is not easy. It requires a lot of work and effort, but if you’re willing to put in the time and effort it can be very rewarding.
Starting your own business is one of the most difficult things you can do, but it’s also one of the most rewarding. There are many different businesses you can start that have low overhead costs, so it’s a great way to get started.
Think of the things you enjoy doing or any hobbies you have. Look for business opportunities that line up with your interests. Then, it makes working much easier.
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
Idea # 6 – Real Estate Portfolio
Real estate is a recession-proof business.
There will always be people who need to rent or buy dwellings in boom or bust economic times.
Real estate can be a lucrative investment, but it is not without risk. A lot of people have invested in real estate and lost money, but an investor who does their research and finds a good deal can make a lot of money.
Idea # 7 – Increase Your Income
If you’re not happy with your current income, don’t worry! You can increase it this year.
This is the year that many experts are predicting will see the biggest wage growth in years. So start planning now and you could see a significant increase in your take-home pay.
More than likely, this could be your seed money of $10k to fund the start to doubling your money and making $20k.
Related Reading: How Much Do I Make Per Year?
Idea #8 – Advertise and Gain Clients
If you are a small business owner, then this one is for you. Start advertising as a way to gain more customers.
There are a number of ways to make your services more accessible and appealing to potential clients. One way is to spend money on promotions and advertising. Advertising can be effective in reaching your goals, surpassing your double your money goal of $20,000 in revenue.
There is no doubt that advertising your services will increase the number of customers you have. The more people who know about your business, the more likely they are to use it. And as we all know, the more customers you have, the quicker you earn more money.
It’s a simple equation: More customers equals more money.
Idea # 9 – Invest in Stock Market – ETFs & Index Funds
Investing in the stock market is a process that requires careful consideration and research. Index funds have become an increasingly popular investment option for many investors. ETFs are known as Exchange Traded Funds, which are also a popular investment option.
Both index funds and ETFs provide investors with the ability to invest in a diverse range of stocks, making them ideal for any investor who is looking to diversify their portfolio.
Investing in an index fund is one of the best ways to build wealth over time.
This is probably the slowest way to make money quickly in the stock market, but it comes with less risk.
With a mutual fund, you are essentially investing in many different stocks, which means that you get to choose how much your investments grow each day. This can be a great way to ensure that your money is working for you – and growing – even when you’re not able to actively monitor it yourself.
Just to know, investing in bonds will eventually double your money, but it will take more time as the rate of return is less.
Idea #10 – Start a Mining Farm
Cryptocurrency mining is a process by which new coins are introduced into the market. In order to do this, miners use computers to solve complex mathematical problems in order to receive rewards in the form of new coins. A cryptocurrency mining farm is a way to pool together multiple computers in order to increase the chances of solving these problems and receiving rewards.
Starting a mining farm is a process of investing in cryptocurrency or blockchain technology.
Mining farms can be started with as little as $500, and they are commonly used to mine cryptocurrencies like Bitcoin, Ethereum, and ZCash. Although the process of mining cryptocurrency is not always easy, it can be lucrative for those who invest in the process.
Starting a cryptocurrency mining farm can be lucrative, but it’s important to do your research first. The farm will require a lot of power and will have a rate of return of around 18% (source).
Idea #11 – Share Cash with P2P Loans
Peer-to-peer lending is the act of lending money to borrowers through a P2P lending website. These websites act as an intermediary between lenders and borrowers, and most sites allow you to lend money to a dozen or two applicants. The interest rate you earn on your loan depends on the P2P website you register with, but it typically falls between 3% and 36%.
When considering a P2P loan, it is important to remember that you are entrusting your money to a stranger. Because of this, it is crucial to take the time to review and assess as many applicants as possible in order to find someone who you feel is most likely to pay back their loan.
P2P loans can be arranged without any collateral or credit check.
Idea #12 – Buy Initial Public Offerings
When a company decides to go public, it sells shares of its stock to the public. This is a way for the company to get more money, and it also allows people who invest in the company early on to make a lot of money if the stock prices rise.
The share price of a company can be very volatile when it first goes public. This can lead to significant growth for the company as investors buy and sell shares rapidly. However, this volatility can also lead to losses if the share price falls abruptly.
You must know the underlying stock value before looking at IPOs as a way to double your money. Many current stockholders are required to hold their stocks for a certain number of days after the IPO. Typically, the stock price falls after the hold period expires.
Idea #13 – Make Money with Airbnb
There are a number of ways to make extra money, and renting out a room at Airbnb is one of them. You can also learn how to make money from home by becoming an Airbnb host.
By doing this, you can provide a valuable service to people who are looking for a place to stay, and you can also make some extra money on the side.
Learn how to start hosting with Airbnb today.
Idea #14 – Flip Some Furniture
Flip furniture is very trendy right now. There has been a recent resurgence in popularity for antique and vintage furniture, and people are buying pieces and restoring them themselves. This can be a great way to make additional money without spending a lot of money.
There are a number of ways to quickly turn a profit by flipping furniture.
Spend some time researching the best methods and finding a niche in the market that you can exploit. With a bit of hard work, you can easily double your investment in no time.
When you are looking for furniture to flip, it is important to do your research and become familiar with the different places you can find quality pieces at a low cost. Local antique stores will often have hidden treasures, so be sure to check them out. Additionally, watch for yard sale notices in your area; people are often willing to sell high-quality furniture at a fraction of the price. Finally, estate sales can be a great place to find unique furniture pieces that you can resell for a profit.
There are many ways to sell furniture, but when you are starting out, it is best to use popular platforms like Facebook Marketplace, NextDoor, Craigslist, and others. Once you have more experience, you may want to create a website and online storefront.
This can be a fun and lucrative way to grow your money.
Idea #15 – Pay Off Debt Strategy
This idea of getting out of debt may seem backward, but this is one of the fastest ways to find extra money in your budget.
There is no doubt that paying off your debt is one of the smartest things you can do for your financial future.
Not only does it reduce the amount of interest you are paying each month, but it also frees up more money to save and invest. Additionally, by paying off high-interest debt first, you are essentially making an investment with a very high return rate.
Once your debt is paid off, you can save your first $10000 which you can now use to quickly double to $20000. This will help you achieve your financial goals faster.
Idea #16 – Online Courses & Coaching Programs
Coaching is a huge business – reaching $11 billion in 2022 (source). People are actively searching for coaching and online courses for personal development.
Coaching programs are designed to provide guidance and support for individuals in order to improve their skills, knowledge, or habits. Coaching programs can take the form of one-on-one sessions or group sessions. Some coaching programs are designed for specific topics like career development, personal growth, or relationship issues.
If you don’t want to work one-on-one as a coach, you can create an online course that can be viewed at any time.
If you have passion, you can likely find people that want coaching.
Idea #17 – Buy a Fancy Car and Uber
You could buy a new, luxury car and become an Uber driver. This would allow you to make money while driving people around in your fancy car.
If you’re looking to make some extra money, driving a luxury car for Uber could be a great way to do it. Not only will you make more per trip, but you’ll also get to drive a nicer car. Keep in mind that if you drive full-time, you could easily double your $10,000 investment.
Driving a luxury car for Uber can get you up to 50% more fares. The extra money can be great for those looking to upgrade their lifestyle or simply want to make some extra cash on the side.
If you want to buy a fancy car and use it for Uber, make sure you have the appropriate insurance. This will protect you in case anything happens while driving.
Idea #18 – Learn a New Skill
A new skill can help to increase your income by allowing you to do things that you couldn’t do before. For example, learning how to code can allow you to start a new career in tech or programming.
Additionally, many skills have the potential to double your income quickly if you are able to find a way to use them in high-demand areas.
It is always a good idea to invest in learning new skills.
There are many places where you can learn, including online and in-person courses. The key to success is jumping in with both feet and really dedicating yourself to learning the skill set. Once you have it down, new opportunities for income will be available.
Idea #19 – Work More Overtime
Working overtime is a great way to earn extra money. You can earn up to double-time pay for working more than 8 hours in a day or 40 hours in a week.
Overtime is becoming more common, so be sure to ask your employer if you can work some extra hours.
In order to make $10,000 in one month from overtime, you would need to figure out how many extra hours per work you need to work.
Idea #20 – Some Gambling?
This is the RISKIEST option of all of them. And highly not recommended as a strategic way to double $10k quickly.
Gambling is a way to risk cash in the hopes of making more cash.
While it can be thrilling and exciting, it’s important to remember that gambling is also a form of entertainment that comes with risk. If you’re able to afford it, gambling can be a way to double your money- but be aware that you could also lose everything you put in.
What is the quickest way to double your money?
How to double your money quick is simple. You need to side hustle and start a business.
Also, the stock market is a simple way to double your money with the rule of 72.
Following billionaire morning routines can be helpful in setting up solid habits for success.
How can I double my money in 24 hours?
The answer to this question is simple… Doubling the money in 24 hours is not practical or doable. You might be able to double your money in 24 hours, but it’s also possible that you could lose everything in one day.
Pay attention to scams if you think you can double your money in 24 hours.
You are better off learning how to make 10k a month.
Which investments are the safest and which are the riskiest?
First of all, it depends on your education, experience, and background.
The best way for someone to double their income is by leveraging their time with the right strategies.
Investments that are considered safe are investments that have an average return on investment of about 8-12% per year. Investing in index funds and ETFs typically have a lower risk. Investing in individual stocks is riskier, but they have an average return on investment of about 10-75% per year.
The riskiest option is the idea that you don’t understand how to double your money and you could end up losing more money.
Best Way to Invest 10K
The best way to invest 10,000 is through stocks. Investing in stocks can be risky and make you lose money, but it also has a high potential for gaining value.
As such, this topic needs to be done in more depth to understand how investments in the stock market work. For now, here are some articles to start to understand the returns of stock investing.
Learn all of the ways you can learn how to invest 10k.
You must do your research on companies, know your risk tolerance, understand the volatility of the markets, and be wary of the news.
Which Strategic Ways on How to Double my Money Quickly will you Pick?
You can choose from many classic way and options, but here are a few that we think would be the most effective.
Thankfully, there are many ways to make money online. But when it comes to making a quick buck, which approach should you take?
In this post, we have outlined the 20 popular routes to double your $10k fast. Your retirement plan relies on your investment of 10k.
However, any of these options is a time-consuming process that takes a lot of hard work and dedication. So, you cannot quit halfway through when things get tough.
This is what you want to do in order to be financially secure and take care of all your needs.
Be successful in doubling your 10k by setting a deadline to make it happen.
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
The OG payment app has been around since 1998 and still manages to offer an excellent jack-of-all-trades experience. You can send money to friends, handle payments as a business, and even earn 5% back on PayPal purchases through certain rewards cards.
But 24 years is a long time to let competitors catch up. And while none have managed to topple the titan, contenders like Venmo, Wise, Payoneer, Zelle, and Cash App have gained serious ground by offering a better experience for certain users. Some let freelancers get paid with fewer fees. Others let you pay your friends overseas in their currency of choice. And one is perfect for sending payments to people who don’t have any payment apps installed (e.g., your parents or grandparents).
So which payment app is best for what? And most importantly, which is best for you?
Let’s investigate the 10 best alternatives to PayPal.
What’s Ahead:
PayPal alternatives overview
Venmo: Best for paying friends
Wise: Best for international transfers and currency conversions
Google Pay: Best for sending money through Gmail
Payoneer: Best for receiving online payments as a freelancer
Square: Best for receiving in-person payments as a freelancer/small business owner
Stripe: Best for receiving online payments as a small business owner
ProPay: Best for receiving offline payments as a freelancer/small business owner
Zelle: Best for sending money to people who don’t use payment apps
Cash App: Best for converting received payments into hard cash
Apple Pay: Best for sending, receiving, and paying at the register for iPhones and Apple Watches
Venmo
Fees for personal use: 3% credit card processing fee
Fees for business use: 9% merchant fee plus 10 cents per transaction; Venmo tax applies to all transactions marked “goods and services”
Venmo is so widespread these days that “Do you have Venmo?” has become the new “Cash is king.”
Even though Venmo is technically a subsidiary of PayPal, the numbers show that the former is now nearly as popular as its big brother. PayPal handled a total of $330 billion in transactions in 2021, while Venmo handled $230 billion — up a staggering 44% from the previous year.
And there’s a reason why so many people use Venmo as their go-to payment app: it’s simple, safe, and reliable. Transfers are free, payments to friends and family are free, and the app even has a built-in “newsfeed” showing who among your friends is paying whom for what. There was even a time when Venmo showed you the precise amounts they were paying for rent, food, and more, but naturally that TMI feature was retired.
While popular, Venmo isn’t perfect. It takes between one and three days to withdraw your Venmo funds to your bank account, or you can pay a 1% instant transfer fee. Plus, if you use it to invoice clients, there’s no “tip” option on their end — they have to manually initiate a separate payment.
There are also a few default settings I’d strongly recommend you change if you download Venmo.
Settings > PIN code and biometric lock. Set a 4-digit PIN so that if someone borrows or steals your phone, they can’t Venmo themselves the maximum $3,000 (happens more often than you’d think).
Settings > Privacy > Private. Unless you really want your entire friends list to see who you’re paying and for what, I see no reason to broadcast this sensitive data. Turn it off.
Pros and cons aside, Venmo is so popular that someone’s bound to ask you to use it. Luckily, once you succumb to peer pressure, you have a rock-solid PayPal alternative waiting for you.
Get Venmo for iOS or Android.
Wise
Fees for personal use: Sending rates from 0.41%; conversion rates from 0.41%
Fees for business use: Same as personal, plus a $31 account setup fee
There are plenty of apps to help you split the cost of a pizza with your buddies, but what about your international friends? Wise, formerly TransferWise, helps with that. You can send money to consumers in 51 countries, with new currencies added on an ongoing basis.
Wise is custom-built for any international payment or money transfer you want to make. I just have to enter how much I want to send in USD, then choose the currency of the receiving party. Right there, it shows how much I’ll pay for a monthly fee. There are bank fees and Wise fees, but they are minimal.
To send $100 USD to Europe using Wise’s personal account, I’d pay $0.16 in bank/debit card fees, plus a $0.96 Wise fee. Compare that to $5 per transaction fee for a personal international bank transfer with PayPal payments. That alone makes this perhaps the best PayPal alternative around.
Wise business members pay a fixed fee of $1.40 to send money. PayPal, in contrast, charges a 1.50% international business payments fee in addition to the standard fee (2.89% and up).
I’ve only been a Wise payment recipient, so I had to check out how paying someone works. It’s pretty simple – well, as simple as paying internationally ever is. You’ll need the email address, full legal name, and mailing address of the person. You’ll also need the International Bank Account Number (IBAN) of the recipient, as well as the type of account it is and the name and address of that bank.
The business side of Wise has some advanced features, including invoicing and compatibility with Stripe. You’ll also pay a one-time $31 fee to set up your account for international banking.
Get Wise for iOS or Android.
Google Pay
Fees for personal use: 9% credit card processing fee
Fees for business use: 9% merchant fee plus $0.30 per transaction for transactions under $3,000. Rate drops to 2.5% for transactions above $3,000; 2.2% for $10,000+; and 1.9% for $100,000+.
Google Pay allows you to send money from your bank account or GoogleWallet through Gmail for free. Just look for the $ symbol when you’re composing an email and input the amount of money you want to send. If you’re like me, you already do most of your communication through Gmail, so this may boost Google Pay to the top of your list.
Signing up for Google Pay is easy if you use your Google account for most of your business interactions. You just have to download the app and add your phone number. Google automatically pulls in all your frequent contacts.
The interface with Google Pay is not all too different from Venmo’s. You just choose a name from your contacts and input the amount you want to pay. You can also add a note.
One feature I like with Google Pay is that you can easily split payments with friends. Just tap on “Split with Friends” from the Pay screen and choose the friends from your contacts. There’s also a Scan QR Code feature that will make it easy to pay a business that accepts Google Pay.
Speaking of business use, Google Pay has the same weakness Venmo does when it comes to paying vendors. You’ll have to figure out the tip and add it to what you’re paying. But these apps are designed to keep things as simple as possible, so that’s one unfortunate by-product.
Get Google Pay for iOS or Android.
Payoneer
Fees for personal use: N/A
Fees for business use: $0 for payments from other Payoneer customers; 3% credit card processing fee; 1% ACH debit fee; marketplace fees (Network, Fiverr, et al) vary by marketplace; 0% to 1% receiving account fee
Payoneer is an online payment system and peer-to-peer payment solution that allows you to transfer money to anyone anywhere in the world, in addition to making purchases. It provides you with a pre-paid Mastercard that you can use anywhere Mastercard is accepted.
As a freelancer, I’m familiar with Payoneer through sites like Upwork. The service is useful, but if you’re not a freelancer, there are better options. Professionally, what I like about it is that you can send payment requests to clients and they can pay you directly through the app.
Payoneer is another great option for freelancers who are crossing international borders with their work. You’ll pay no fees on the money your clients send to you, and if you send money, there are no fees as long as the recipient is a Payoneer member. Otherwise, you’ll pay 3% for a credit card payment and 1% on ACH transfers.
But, chances are, if you’re using Payoneer, you’ve encountered it on one of the many platforms that use it. Upwork is where I’ve seen it, but it’s also a payment option on Fiverr, Wish, and Airbnb, among many others. If you pay for products and services on sites like that, a Payoneer account for personal use could come in handy, but otherwise, it’s mostly for freelancers and small business owners.
Get Payoneer for iOS or Android.
Square
Fees for personal use: N/A
Fees for business use: First card reader is free; 2.6% credit card processing fee plus $0.10 per transaction; 3.5% plus $0.15 fee for payments that are manually keyed in
Not every in-person business operates in a storefront with a cash register. Square helps with that, equipping small business owners and freelancers with a way to easily swipe a card. The reader attaches to a phone or tablet, allowing you to accept payments anywhere.
I made the mistake of not using Square when I had an in-person event where I needed to accept cards a few years ago. I used the PayPal reader because I figured I already had an account so it would be easier. The swiper didn’t work, so I had to manually enter every single credit card. It was a pain.
For the next event, I ordered a Square reader and never looked back. It works every time, which comes in handy when you have a line of customers holding credit cards. Fees vary from 2.6% + $0.10 for swiped cards to 3.5% + $0.15 for manually keyed transactions, so while it might come in handy to be able to swipe your buddy’s credit card to pay you back for dinner, one of the apps built for personal payments will likely be better for that.
But Square isn’t just for taking in-person payments on the go. You can use it as a one-stop shop for all your business’s sales. You can send invoices directly from the dashboard, set up gift cards that you sell directly through their site, and even take sales on your website using their platform.
What I like about Square, though, is that you can see, at a glance, your total daily sales. If you’re regularly collecting money from customers — in person or online — having this easy access to your progress comes in handy.
Is it for personal use? Not really. You could swipe your friends’ cards using the reader, but the fees will cut into whatever you’re taking.
Get Square for iOS or Android.
Stripe
Fees for personal use: N/A
Fees for business use: First card reader is $59; 2.9% credit card processing fee plus $0.30 per transaction; 3.4% plus $0.30 fee for payments that are manually keyed in; 0.8% fee for ACH transfers
Another option geared toward the needs of small businesses is Stripe. The payment platform can be integrated with your online store or used separately by directing customers to pay you there.
Stripe is for business. You could use it to send money to friends, but the fees make it cost-prohibitive. Fees start at 2.9% + $0.30 for each successful card charge. You can also accept international transactions, with an additional 1% fee added to each transaction.
Compared to its direct competitor Square, Stripe has higher fees but better tools for online integration. If you’re swiping customer credit cards in-person, use Square. If you accept most payments online and want to offer options like recurring billing and subscriptions, use Stripe.
I’ve used Stripe to accept payments from clients, and I loved the easy sign-up process. They do require identity verification, but all I had to do was snap a photo of my driver’s license and set up two-factor authentication to start accepting payments.
What I like most about Stripe is the dashboard. When you log in, you can see, at a glance, how much you’ve made today, as well as your financial activity over the past seven days. You can also see any disputes customers have filed on previous charges.
Yes, you can send invoices using Stripe, and that’s how I get paid for what I do. But where Stripe really shines is in its API. You can easily add Stripe to your website to start taking payments, and, in fact, if you use one of the top web hosting services, you probably see Stripe as an option when you’re setting up your e-commerce store.
Stripe also has terminals and mobile payment options. You don’t need a card reader to accept in-person payments — simply hold the card in front of your phone and the camera will capture the information you need. If you regularly take payments on the go, it’s worth considering.
Get Stripe for iOS or Android.
ProPay
Fees for personal use: N/A
Fees for business use: $39.95 signup fee; $39.95 annual renewal fee; 2.60% credit card processing fee; 3.55% fee for payments that are manually keyed in; $0.35 bank transfer fee
ProPay offers payment processing tools for businesses of all kinds. Whether your business is small, on the road, or global, they can work with you.
ProPay is for the business that’s serious about accepting payments on the go. You can swipe cards using the ProPay JAK™ card reader. If you aren’t near your card reader, you can manually input the information. You can also opt to securely save a customer’s payment information to make things go more quickly the next time they buy from you.
One thing I love about ProPay is that it works even if you are offline. I’ve sold items at libraries, book fairs, craft fairs, and even in the parking lot after an event. You aren’t guaranteed to have Wi-Fi or even cellular connectivity at all times, and this app comes in handy for that. The transaction is logged the next time you go online.
For personal payments, this is another app that won’t really help you much. But if you’re a freelancer or work in direct marketing, this is a great app for processing payments.
As for fees, they depend on the type of card being used and the account you have. Rates start at 2.40% for swiped transactions. The complete rate chart is posted here.
Get ProPay for iOS or Android.
Zelle
Fees for personal use: None
Fees for business use: None (though there are no business-specific features)
You may already know Zelle as “the payment app my bank wants me to use.”
That’s because while competitors like PayPal and Vemno were marketing themselves to businesses and individuals respectively, Zelle was chatting up the banks. As a result of all that relationship-building, Zelle now interfaces with over 1,000 banks and banking apps worldwide, making it extremely easy to send and receive money directly through your banking dashboard.
The other benefit of using Zelle is it makes it way easier to send money to people who don’t use payment apps at all. For example, let’s say I wanted to send $200 to my grandparents to help them pay for a new fridge. If I said to them, “Do you have Venmo or Cash App?” they’d probably look at me like I was speaking a foreign language.
I don’t want to stress them out with the prospect of downloading an app (or buying a smartphone), so I’ll just send it via Zelle. They’ll receive an email from Zelle that shows them step-by-step instructions on how to enroll and put the money in their account, no apps required.
The other benefit to Zelle is simplicity. You simply send and receive money with no fees ever. That’s it. There are no newsfeeds, social features, nada. And frankly, the only reason I don’t recommend Zelle over Venmo is because the latter is just more recognizable.
Get Zelle for iOS or Android.
Cash App
Fees for personal use: 3% credit card processing fee; 0.5% to 1.75% instant transfer fee ($0.25 minimum); $2 ATM withdrawal fee with Cash Card
Fees for business use: 2.75% transaction fee
Like Venmo, Cash App is another one of those payment apps that everyone’s heard of, and everyone uses. It’s extremely simple, with a no-frills dashboard and no fees for personal use, and for better or worse it lacks the social features of Venmo.
At first glance, Cash App seems to be the Paris Hilton of payment apps: popular just because it’s popular. There’s no option to tip contractors, not much to appeal to business owners, and until you verify your personal information, you’re capped at sending $1,000 every 30 days.
Pretty soon, Cash App’s initial value proposition — barebones simplicity — may start to feel limiting when you see competitors offering compelling features like bank dashboard integration, currency conversions, and free credit card readers.
Thankfully, Cash App starts making way more sense when you learn about the Cash Card. The Cash Card is a debit card linked to your Cash App balance that lets you withdraw your funds from any ATM for a $2 fee.
That’s a big deal for folks who want their cash instantly, since the alternative is to:
Initiate an instant transfer for a fee ranging from 1% to 3%
Find an in-network ATM, or pay out-of-network ATM fees of ~2.5%
Let’s say you receive a $300 payment and want to convert it into cash. With Cash App, the total fee would be $2 or 0.67%. With another app, you could pay up to 5.5% or $18.33 in fees alone, plus having to wait up to 30 minutes for the “instant” transfer to your bank account.
True to its name, Cash App is the best payment app for converting received payments you receive into cold, hard cash.
Get Cash App for iOS or Android.
Apple Pay
Fees for personal use: 5% instant transfer fee (min. $0.25, max $15)
Fees for business use: No additional fees for merchants (though standard credit card issuer fees may apply)
Apple Pay offers more than just another way to send and receive money from friends. The app will also let you securely store all your credit and debit cards in a neat-looking virtual stack. Then, when you reach the register, you can just pull up the card you want to use, hover your phone near the payment terminal, and wait for payment to clear. No need to fiddle with your wallet or let your card out of your sight!
Apple Pay also works with Apple Watch, so you can simply pull up your card there and hold your wrist over the payment terminal until payment clears, signaled by a gentle tap from your watch.
For online stores and in-app purchases, you’ve probably noticed that Apple Pay isn’t quite as widely accepted as PayPal, but it’s getting there. Apple boasts that as of late 2022, over 85% of U.S.-based retailers accept Apple Pay — even vending machines and taxis.
As you might expect, Apple Pay is a perk reserved for iOS users only. In fact, it’s one of the apps that comes factory-installed on Apple devices. At least Android users like me still get Google Pay.
Get Apple Pay for iOS.
Benefits of online payment apps
First, it can help to take a look at the overall features of online payment apps. Online payment apps make it easy for a business of any size to collect money from customers. Peer-to-peer payment apps make it easy to transfer money to your friends.
Here are some benefits to consider:
Easily pay friends and family members
Transfer funds from your bank account to someone else’s with a few clicks
Set up recurring payments to friends or family members
Avoid carrying cash around with you
Skip the trip to the ATM before you go out with friends
Accept secure payments for products or services on your small business website
Set up a Point Of Sale system in a brick-and-mortar business using a tablet
Accept payments on the go using a card swiper
Provide an alternative to personal checks, which can be risky
Some of these won’t appeal to you, while others will. By looking through all the various features that are available, you can start to narrow down what you’re looking for in a payment app.
Features to look for in a payment app
As you’re researching payment apps, there are some features to consider. You may not even realize you can do some of these things using a payment app until you see one offering it.
Fees. Of course, we’d all love for everything to be fee free, but we know there’s a cost associated with some financial transactions. I look for an app that at least has a “friends” option, letting me send money without fees to people I know personally. Often you’ll have to link up a checking account to do this, though, as credit card-based transfers will typically incur a fee.
Social feeds. This isn’t something I look for, but with peer-to-peer payments, some find social updates valuable. When you pay your buddy for your half of those summer concert tickets, this lets all your other friends know about it.
Security. Yes, the verification process can be a pain with some of these apps, but I like it. It means that the platform takes security very seriously, which boosts my confidence that my financial data is safe with them.
Send to email. Some peer-to-peer payment platforms let you send email to someone else using an email address or information from your contacts list. You can even send money within some email and messenger apps with just a tap on the screen. I found this comes in handy when you’re interacting with someone about upcoming plans. You can submit your share of the funds within the same message string to make sure the other person sees it.
All-in-one functionality. Some apps combine the best of peer-to-peer and online payments, letting you pay using the same app. You’ll need to identify which businesses accept payment that way, but it can be a handy way to manage your budget.
Expand payment options. Businesses face the ongoing issue of keeping things as convenient as possible for customers. The more payment options you can offer, the less likely you’ll lose customers who are limited in how they can pay.
International payments. The internet has opened businesses up to reach out to an international customer base. Being able to accept payments across multiple currencies with minimal fees is a huge bonus if you want to go global.
If your business uses financial software, check for integrations. Being able to import information about your transactions can help you stay on top of things while reducing your own workload.
Summary
The beauty of payment apps is that you don’t have to choose just one. You can have a half dozen installed on your phone, so long as you protect yourself with extra layers of security like PIN codes and biometric logins.
And knowing which payment app to use in which scenarios can save you time, stress, and hundreds on fees.
I don’t often get to listen to Dave Ramsey’s radio program. For one thing, I don’t know when it’s on. For another, the only radio stations I usually listen to are my satellite radio channels. (Those would be dance music on xm81, chillout music on xm84, classic country on xm10, and 1940s music on xm4. And oh, how I miss Fred, which was replaced by the execrable 1st Wave on xm44.) About once a year, though, I stumble across Ramsey’s show while I’m driving around town.
I found the show last week, on my way to pick up Kris from the airport. I was in the mood to listen to the cadence of Ramsey’s smooth southern drawl as he dished out financial advice, so I got to hear his opinions on:
Lending money to friends (don’t do it!)
Buying a home before repaying student loans (don’t do it!)
Long-term care insurance (do it!)
But the segment I really remember was his response to an e-mail from some sort of salesman. The salesman — a car salesman, maybe? — was finding it tough to budget because he was paid on commission, which meant his income fluctuated from month to month. For him, it was basically famine or feast. He wanted to know how to cope with this.
Budgeting for an irregular income Last year at Get Rich Slowly, I shared my own method for dealing with variable income. Because blogging produces money in fits and starts, I’ve developed a system that helps to smooth things out. To summarize:
I base [my budget] on my minimum monthly income from the past twelve months. Using my minimum monthly income instead of my average monthly income gives me a safety buffer. And when you have an irregular income, a safety buffer is vital.
I developed this method over several years of trial and error. I like it. It works for me. (And, I hear, for others.) But I think Ramsey’s method is interesting, too. If my method doesn’t work for you, try his.
The prioritized spending plan If you have an irregular income, Ramsey says, you should create a prioritized budget. I’d never heard of this before, and I think it’s kind of clever. Here’s how it works.
List your monthly expenses. On his show, Ramsey suggested brainstorming them onto a piece of paper. If you track your spending, it’s probably much more effective to build a list from your existing data.
Rank each expense in order of importance. On your list of expenses, put a “1” next to the most important item. (“That’s food,” Ramsey says.) Put a “2” next to the second-most important item. (“Those are your utilities,” Ramsey says.) Put a “3” next to the third. (“That’s housing,” Ramsey says, which confuses me. How are utilities more important than housing?) And so on.
On payday, work your way down the list. Set money aside for the most important item (food) first. Then the second. Then the third. When you run out of money, you just stop.
At the end of each month, re-order the list. Your new list will probably be similar to the old one, but there could be changes.
While I find this an intriguing idea, I feel like Ramsey didn’t provide enough info. For example, he totally glossed over the issue of surpluses and deficits. I can make some guesses about his advice (“Bank a surplus to protect against deficit months…”), but I’d like to hear what he thinks on this.
Also, I think this sort of prioritized spending plan assumes that every expense is “all or nothing”, but many aren’t. If I’m budgeting $100/month for restaurant meals, $25/month for clothing, and $50/month for comic books, for instance, I don’t necessarily need to put all $100 toward dining out before allocating even a penny to clothes or comics. What’s Ramsey’s advice for dealing with categories like these?
Update: Some GRS readers who are much more familiar with Ramsey than I am pointed out that he usually recommends the prioritized spending plan for folks who are in a different financial situation than I am. I can make ends meet, but my income fluctuates. Ramsey’s plan is for people with variable incomes who can’t make ends meet. It’s for folks who have to make choices about where they’re going to put their money because they can’t fund everything. That makes sense. Thanks for the clarification!
And where does Ramsey suggest debt fall on the list? Saving? Tithing and/or charity? Is it all subjective?
I suspect I’m over-thinking it, but that’s okay. I just like hearing new money-management ideas, and I especially like thinking about them and how they might be applied to my own life.
Do you have a variable income? How do you budget? Have you tried a method like Ramsey’s prioritized spending plan? How did it work for you?
Webull believes that everyone should have an equal opportunity to control their financial future, and with their app, you can do just that.
Let’s dig into our Webull review.
In This Article
What is Webull?
It’s an iOS and Android online stock trading app that incorporates a ton of real-time information and tools to help the beginner get started investing for their future, or give the veteran investor an excellent option for zero commission trading.
Although other mobile apps offer free trades, like Robinhood, these two apps are very different, and Webull has some unique features to offer, especially in the area of research.
Webull is offering a free stock priced at $12-$1400 after successfully opening a free account and depositing ANY amount.
Webull Financial, LLC owns the Webull application. The company was founded in 2017 (privately held), and the mobile app was launched in May of 2018.
Webull is a registered broker-dealer with the SEC and a member of FINRA and Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash).
You can check the background of Webull Financial LLC on FINRA’s BrokerCheck.
Keep in mind when investing in stocks and all other investment products involve substantial risk of loss and are not suitable for every investor. The value of stocks may fluctuate, and as a result, clients may lose more than their original investment.
Webull Features
Webull provides several great features to get you started buying and selling stocks. Webull V6.0 was recently released, which added Options Trading for all our users. Cryptocurrency Trading will also be coming to Webull soon! Visit the Webull website to join the Cryptocurrency Trading RSVP list.
Here are the features WeBull includes:
Free to Setup – Download the app, and you can begin setting up a commission-free brokerage account. You must be at least 18 years old with a valid social security number. There is no minimum deposit required for regular trading, but for margin trading, the minimum account balance must be at $2,000 or above (to use leverage or short).
Trading Tools – Webull delivers some of the best tools of any trading platform. They include free Free real-time quotes (NASDAQ Last Sale), in-depth charts, analyst ratings, and financial calendars.
Extended Trading Hours – Webull has free pre-market, and after-hours trading from 4 am to 8 pm Est. Full pre-market (4:00 AM – 9:30 AM ET) and after hours (4:00 PM – 8:00 PM ET) sessions.There are not many trading platforms that offer these extended hours.
Retirement Accounts – Webull offers three different types of IRAs to serve different financial goals: Traditional IRA, Roth IRA, and Rollover IRA.
Margin Account – With a margin account, you can short stocks, employ leverage to increase your exposure beyond that of your cash balance, and can place multiple day trades within a week without breaching regulatory constraints around day trading.
Free Stocks – You have the opportunities to receive free stock. You get one for opening an account. You can’t beat free!
Easy of Use – The Webull app is easy to use and has a great design. Check out the video I made. The app is running on an iPhone 6 with no issues.
Multi-platform accessibility
Free access to our advanced and fully customizable desktop, web, and mobile platforms.
24/7 Online Help
We offer 24/7 online help to guide you through our multiple platforms and answer all your questions.
Is Webull Safe?
Webull has several different levels of security and insurance for your account.
First, for your personal data, Webull uses state-of-the-art security measures when handling customer information. Your personal information is fully encrypted and never shared.
Second, for your money invested, Webull Financial is a member of SIPC, which protects securities customers of its members up to $500,000 ( $250,000 of cash).
Thirdly, Webull’s clearing firm, Apex Clearing, has purchased an additional insurance policy. The coverage limits protect securities and cash up to an aggregate of $150 million, subject to maximum restrictions of $37.5 million for any one customer’s securities and $900,000 for any customer’s cash. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.
All the details can be found at Webull’s website or call Webull’s customer service for more information.
Webull Offers Free Stocks
Did I mention a free stock? Who doesn’t like free? You can get a free stock, once you successfully open a Webull account and fund the account with ANY amount. A stock valued between $12-$1400 will be received.
The stock inventory is composed of stocks with a minimum market capitalization of $2.5 billion from a US-based company listed on the NYSE or NASDAQ stock exchange.
Increase Your Investing Knowledge
One of the best features of Webull’s app is its aggregation of stock and investing information in one place. If you are looking to gain a better understanding of the stock market, this app is for you.
Several features will help you increase your knowledge, and help get you more comfortable with investing.
Watchlist – The watchlist gives you the ability to track individual stocks, mutual funds, ETFs, and companies. Even if you know very little about investing, this feature allows you to track the performance of any company you add to your watch list.
So if Netflix happens to be your binge-watching service or Starbucks your beverage company of choice, you can add them. Once added, you can drill down and review detailed performance, news, and analyst rating. This simple ability will help you increase your investing IQ.
Market Data – The market tab within Webull’s app gives you a complete market overview, including all US-base markets, the Dow Jones, S&P 500, and the NASDAQ. It also includes the Cryptos market, and all of the Global markets with great detail.
Paper Trading – This is a simulated trading feature, that just maybe the best way for a novice investor to better understand the market without the risk of losing any of their own money.
The feature allows you to start with 1 million dollars of virtual money to begin to build a stock portfolio. This real-life scenario is suitable for beginners to practice without using real money and a variety of features that benefit traders.
Webull offers simulator trading competition with real prizes on the line. To participate, you need to use Webull points to enter.
From their website, points are based on your contributions to Webull and the community. You can earn points by posting comments and ideas in the Webull community, completing tasks, and participating in our promotional activities, etc. These points can be redeemed for upcoming Webull products and services.
Cons
There is a lot we like about WeBull. Currently, there is only one con we could find.
Joint accounts – Webull does not support custodian, joint, or trust accounts. All accounts are individual accounts.
Overall Webull Impressions
I hope you have found this review useful. Webull is a slick trading platform app with a significant number of tools and data to balance your level of experience. It’s easy enough to use to help the beginner investor learn more about the stock market and deep enough to keep the experienced investor engaged.
Webull is an excellent choice for anyone who wants to be able to trade stocks from a smartphone.
Check out Twitter and follow the hashtag #HelloWebull for all the social media buzz on the application.
Brian is a Dad, husband, and an IT professional by trade. A Personal Finance Blogger since 2013. Who, with his family, has successfully paid off over $100K worth of consumer debt. Now that Brian is debt-free, his mission is to help his three children prepare for their financial lives and educate others to achieved financial success. Brian is involved in his local community. As a Financial Committee Chair with the Board of Education of his local school district, he has helped successfully launch a K-12 financial literacy program in a six thousand student district.