Save more, spend smarter, and make your money go further
Mothers tend to have an opinion about everything, and the older we get, the more we realize just how right they are! This is especially true when it comes to being smart with money. So the next time your mom offers up some wisdom, consider her advice as a gift to you this Mother’s Day!
Stick to a budget
A recent survey shows that 60% of Americans do not have a budget! You can’t possibly manage your finances without one. An app like Mint will help you create a budget, track your spending and set financial goals. Plus, when you sync all financial accounts to the app, everything is in one place. Budgets lead to a better financial future. Mom wants that.
Monitor your bank balance
While it’s easier than ever to check a balance here or pay a bill there, you may think you don’t need to maintain your own records. You do! You may think your mom is a bit old-school for balancing a ledger, but it’s important to check your account monthly. Cross-reference your spending with your checking account to see if your balance is higher or lower than it should be. Look over receipts, payments and cancelled checks and double check the amounts. If there are any inaccuracies, report them immediately.
Secure your future
While 401(k)s may be going the way of mom jeans, many companies still offer them. If you are lucky enough to work for a company that offers one of them, max it out. You can contribute up to $18,000 this year. It’s the best way to build wealth for your future, and minimize the tax bite – a worker in the 25% tax bracket who contributes the maximum this year will save $4,500 on his 2015 tax bill. If your employer matches contributions (50 cents on the dollar up to a maximum of 6% is common), this will help grow your retirement account balance even faster. For a worker earning $60,000 per year, this employer match – aka “free money” – could be worth as much as an additional $1,800 toward that retirement account. Mom will be so proud!
Save before you spend
Saving before spending is one of the easiest ways to boost wealth and meet your long-term goals. If you are paying yourself last, chances are there may not be much left to save after you’ve covered your housing costs, groceries, and utilities. You may have heard your mother say “pay yourself first”: set aside a certain portion of your income the day you get paid before you spend any discretionary income. Direct deposit is an easy way to save automatically.
Homemade gifts are the best
A large portion of the $173 we are expecting to spend on mom this year will be at restaurants, according to the National Retail Federation. If mom taught you how to cook, avoid the crowds and make her brunch at home. You will be putting the lessons she taught you to work while saving money and showing her how much she’s appreciated in the most personal way!
– Vera Gibbons,Mint Contributor and Personal Finance expert
Save more, spend smarter, and make your money go further
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When embarking on a journey to foreign countries, one crucial consideration that often tops the checklist is how to exchange currency. Many travelers ask, “What’s the best bank or credit union for foreign currency exchange?”
Whether you’re preparing for a trip abroad or have just returned with a wallet full of foreign cash, knowing where to exchange foreign currency can save you time, money, and hassle.
Basics of Foreign Currency Exchange at Banks
Exchanging currency involves the conversion of one country’s currency into another. Banks and credit unions are common places to exchange currency, but the rates they offer can vary widely.
Currency exchange rates are determined by the interbank rate (also known as the wholesale or market rate), which financial institutions use when they trade among themselves. High currency exchange fees or unfavorable rates can significantly affect the value of your money.
Besides, foreign transaction fees may apply when using a credit or debit card overseas, and they can quickly add up. To avoid these fees, you might consider a bank that offers cards with no foreign transaction fees. Similarly, some banks charge a currency conversion fee for exchanging money, making it even more important to shop around.
Key Considerations when Selecting a Bank to Exchange Currency
When you decide to exchange currency at a bank, you should consider several factors to ensure you’re getting the best deal. These include the availability of foreign currencies, competitive exchange rates, fees and charges, speed and convenience of service, and online or mobile options.
20 Banks that Exchange Foreign Currency
1. America First Credit Union
America First members can exchange up to $5,000. They also provide an online ordering system, making it easy to order currency before a trip abroad. However, like many credit unions, they may have fewer physical branches compared to national banks.
2. Bank of America
As one of the largest financial institutions in the U.S., Bank of America offers customers the ability to order over 70 types of foreign currency online. Customers can have the currency delivered to their home or pick it up at a local bank branch. However, Bank of America does charge a delivery fee for orders under a certain amount, so it’s worth ordering a bit more to avoid the extra cost.
3. Capital One
Capital One offers currency exchange without any additional fees, which is a significant advantage for those looking to avoid currency conversion fees. This could make them an appealing option for anyone wanting to exchange foreign currency.
4. Chase
Chase Bank is another popular choice for exchanging currency. They provide a service where you can order currency and have it delivered to your home or local Chase branch. However, Chase sometimes imposes a limit on how much you can exchange.
5. Citi
Citi customers can exchange foreign currency and have the option to hold multiple currencies in a single account. This can be particularly useful for frequent travelers or those who deal with various currencies regularly. Their exchange rates are competitive, but it’s always wise to compare rates from multiple financial institutions before making a decision.
6. Citizens Bank
Citizens Bank offers a foreign exchange service that lets you order online, then pick it up at a local branch. They offer 50 major currencies.
7. First Citizens Bank
First Citizens Bank can exchange over 70 currencies for its customers. Customers have the option to order online, and then pick it up from their nearest branch.
8. First Horizon Bank
First Horizon Bank, a regional financial institution in the Southeast U.S., offers over 65 currencies. If you wish to use their service, you will have to visit a branch.
9. Huntington Bank
Huntington Bank, primarily serving the Midwest, offers foreign exchange services to its customers. However, the availability of certain foreign currencies and the exchange rate might not be as competitive as larger, nationwide banks.
10. Navy Federal Credit Union
Catering primarily to members of the armed forces, Navy Federal can exchange your currency if you’re a member. One advantage for members is the ability to avoid high currency exchange fees. However, their availability of foreign currencies may be limited compared to larger banks.
11. PNC Bank
PNC Bank offers foreign exchange services to its customers. They can provide many currencies, making it easier for travelers heading to multiple destinations. They don’t charge any transaction fees, but there is a delivery fee for smaller orders.
12. Regions Bank
Regions Bank provides foreign currency services to their customers, offering a broad range of currencies. You’ll need to visit a local branch.
13. Service Federal Credit Union
Service Federal is able to exchange currency for its members. SFCU offers over 60 types of currencies. They also have an online system that allows members to purchase currency and have it delivered to their home, adding a layer of convenience.
14. State Employees Credit Union
State Employees will exchange currency for its members. They offer a variety of currencies, though not as many as some larger financial institutions. However, they make up for it with a competitive exchange rate and lower fees.
15. TD Bank
TD Bank offers 55 different currencies. You can order the currency online and have it delivered to your home or picked up at a local branch. Additionally, if you have a TD Bank account, you may receive preferred rates.
16. Truist
Truist, formed by the merger of BB&T and SunTrust, exchanges currency for its customers. They provide a wide range of currencies, and customers can order online or at a branch. However, fees may apply, so it’s a good idea to check before making any transactions.
17. U.S. Bank
U.S. Bank customers can order foreign currency via app or online and pick it up at a local branch. It will be delivered to the branch of your choice the next business day.
18. USAA
USAA, which primarily serves military members and their families, offers a wide range of currencies, making them a good choice for those heading to multiple destinations.
19. Wells Fargo
Wells Fargo is another large bank that allows you to exchange currency. They offer a broad range of currencies, and customers can order online and have the currency delivered to their home or pick it up at a branch. Wells Fargo also offers a foreign currency savings account that can hold numerous currencies, a handy feature for frequent travelers.
20. Wings Financial Credit Union
Wings Financial offers over 90 currencies. Members can order online and have it shipped to their home, adding an extra layer of convenience. However, like many credit unions, they might have fewer currencies available compared to larger banks.
Bottom Line
The ideal financial institution for exchanging currency will depend on your specific needs, such as the currencies you require, your location, and your membership or affiliation with the bank or credit union. Additionally, while it’s crucial to find a bank that offers competitive rates, it’s equally important to be aware of the associated fees and charges to avoid any unwelcome surprises.
Frequently Asked Questions
Can I exchange currency at any bank?
Not all banks and credit unions exchange foreign currency. It’s always a good idea to check with your bank to see if they offer this service.
When should I exchange currency for my trip abroad?
It’s generally a good idea to exchange some currency before you leave, especially if you will need cash right away for transportation, tips, or meals. However, remember that exchange rates fluctuate, so you may want to monitor the rates and exchange your money when rates are favorable.
Can I use my debit card in foreign countries?
Yes, you can typically use your debit card internationally. However, you may be subject to a foreign transaction fee and ATM fees. It’s a good idea to check with your bank before you leave to understand any potential charges.
Is it a good idea to exchange money at airport kiosks?
While airport kiosks are convenient, they often have less favorable exchange rates and may charge higher fees. It’s typically best to avoid exchanging large amounts of money at these kiosks.
What should I do with unused foreign currency?
Most banks will allow you to exchange your foreign currency back to your home currency. However, not all banks will take coins, and some may only exchange certain currencies.
How much should you spend on a wedding? Well, that depends on who you’re asking, I suppose. As I’m sure most of you are aware, the personal finance blogosphere tends to be divided into two main camps: those that are focused on investments and entrepreneurship and those that are focused on frugality.
In my experience, however, the entrepreneurship camp is pretty live-and-let-live. The whole “cut everything you don’t care about so you can spend whatever you’d like on the things you do care about” school of thought. When you think about it, this makes sense for a few reasons.
We all have different skill sets to be utilized in our respective side hustles.
Different skills mean different pricing schemes.
We all have different work and family situations that we’re fitting said side hustles in around.
We all care about spending our money on different things, and those things cost different amounts and reflect our tastes and values.
Long story short, what this means is that sometimes it’s difficult to talk about investment and entrepreneurial issues in a way that applies to everyone.
Scenario 1: Someone who just graduated from college, hasn’t been able to find a job yet, and doesn’t have much work experience or professional contacts who is moving out of the dorms and trying to get a lease on an apartment.
Scenario 2: someone who has been in a stable job in their field for fifteen years and wants to start building up their side hustle so they can leave their nine to five and spend more time working from home now that their second child is on the way and their home is halfway paid off.
How do you give the meaningful advice to both folks at the same time? Not an easy task.
However, if I post a recipe for how to make your own laundry detergent and tell you it only takes 20 minutes to make a six-month supply, well — there’s no reason everyone can’t take advantage of that, right? As a result, frugalistas tend to be a little more “one size fits all” and, dare I say it, judgmental (in lots of blog communities, anyway, though blessedly less so at GRS).
What does all this have to do with my wedding? While my husband and I spent significantly less than the national average of $27,000, we did end up clocking in at what was — for me, anyway — a nearly heart-stopping $11,400.
However, there’s more to this type of spending than pure number-crunching; psychology and social expectations play a huge role, and those who argue that those factors shouldn’t play a part are in need of a serious reality check.
Expectations v. Reality
Contrary to stereotype, my idea of a wedding was eloping and sending out postcards to our holiday card list afterward telling people it happened. After all, we not only have school and consumer debt we’re trying to pay off (more on that in another post), but we’ve been together for six years and living together for four of those years. In my eyes, it was a formality that didn’t require a huge expense.
My fiancé, on the other hand, wanted the whole shebang: ceremony in a church (which I did manage to talk him out of — barely — by pointing out that we’re atheists) and formal reception with a hundred and fifty guests. He’d literally been dreaming of his wedding day his entire life and had never once envisioned it without all the bells and whistles. I can’t emphasize this enough; He wanted a black-tie affair and a string quartet, and that’s just for starters.
After pointing out a few salient points, like:
I hadn’t paid off over $10,000 in credit card debt just to rack it all up again, especially when my salary is only $40,000 per year.
He had just quit his extremely lucrative job at a mid-size law firm where he was well on his way to partner for a far more uncertain future starting his own firm with a friend who isn’t exactly renowned for his work ethic.
Our parents were in no position to contribute to the costs: we were completely on our own as far as paying for the wedding.
He agreed with me that there was no way we could pull off a traditional wedding and honeymoon on our own. At first we didn’t think this was going to be a big deal; after all, surely there were less-expensive packages offered by wedding vendors, right? We priced five vendors and, much to our surprise, struggled to find a single one that could provide us for a quote under $20,000. Which didn’t even include the honeymoon. Gulp. Enter compromise. But where would we even start?
However, over the course of many conversations, priorities began to emerge.
First, neither of us are huge DIY-ers, meaning we weren’t going to sit around for hours making invitations and table centerpieces from scratch. Second, having a formal event was non-negotiable; a pot-luck in the park wasn’t going to cut it. Third, the event itself could be small, as long as all our friends and family were invited. Fourth, we weren’t willing to forgo a honeymoon in favor of the ceremony. And finally, we wanted to go on a cruise for our honeymoon.
The Epiphany
Score! I don’t even know where he came across it since it’s not on the cruise company’s main page, but somewhere in the endless Google searches my husband found what ended up being our solution: having the wedding itself on the cruise ship! While it sounds deliciously decadent, shockingly it ended up our most affordable option.
Here’s a rough cost breakdown:
Ceremony and Reception: $2000 for up to 20 guests, $30/each thereafter. We ended up paying about $250 for going over the limit, so $2250 total. The reception was an open bar and included a selection of 10 appetizers.
DJ: $100. We provided the CDs with music, he was just the host.
Flowers: $100. Basic bouquets.
Bride’s apparel: $600. I bought a sample dress for $110 and had it tailored. This amount also includes my accessories.
Groom’s apparel: $200, tuxedo rental. Though pricey, a tux was one of his non-negotiables and going through the cruise company was cheaper than having to rent a tux for the entire week of the cruise.
Rings: $300 each, $600 total. My ring is white gold with CZ accent stones and his is white gold. We bought mine off a costume jewelry website and his off Amazon.
“Rehearsal” dinner: $400. There wasn’t actually a rehearsal since the boat docked the morning of the ceremony, but we took our friends and family out for deep-fried seafood the night before we set sail.
Invitations: $500. Note: This is probably the expense I regret the most. Due to a pretty significant miscommunication, we waited until the last minute humanly possible to get invitations sorted out, and we paid for it. Ugh.
Postage: $100. Note: Don’t forget to account for this expense! We had to buy 65-cent stamps for the invitations and then you have to also stamp the RSVP cards. Originally the plan was to do RSVP postcards to save a bit, but since we needed full legal names and birth dates with the RSVPs to comply with cruise ship regulations, this didn’t end up being feasible.
Wedding website: $100. This was for one year of hosting service, which is about how far in advance you want to start notifying people of a cruise wedding anyway.
Bridesmaid’s gifts: $300. I bought their jewelry for the wedding as well as took them out to a fancy brunch, since they planned the bridal shower in my state and a bachelorette party in the state where the wedding was held, despite the fact that neither of them lived in either of those states.
Favors: $150. This one was almost a fight, too, since the favors he wanted were really expensive. However, since we had fewer than 30 people attending when all was said and done, we could spring for this.
Photographs: $1000. Note: this seemed expensive to me, but apparently a professional wedding photographer usually runs $3000 or more. Our photographer was actually included in the cost of the wedding, so the $1000 is only for the prints we purchased and digital copies of those prints. He also turned them around in THREE DAYS, which is apparently unheard of in “normal” wedding photography circles. And everyone agrees that they’re stunning.
Flights, hotel, and other transportation: $1500. We live in Arizona and the cruise departed from Florida, so we would have spent this regardless. It’s also worth noting that my friends and family all are from Florida and having the wedding there was the only way a lot of them could afford to come. Additionally, we ended up having to pay the overweight luggage fees because we weren’t willing to pack light for our own wedding.
Cruise: $2200. This was a seven-day western Caribbean cruise with four ports of call. We also stayed in one of the nicest cabins on the ship — we had a living area, plenty of closet space, and a balcony.
Spending while on cruise: $1300. This included excursions like snorkeling with sting rays, zip lining in Belize, tubing through ancient Mayan caves, alcoholic beverages while on the cruise, and all gratuities.
Total: $11,400
Since the wedding actually happened while the ship was in its home port, guests could attend even if they weren’t coming on the cruise. Since they weren’t obligated to cruise with us, and most of the guests would have had to travel to us even if we’d gotten married in our home state, the wedding was no more or less a burden to attend than it would have been otherwise. And four of our friends did end up joining us on the cruise, which ended up being even more fun than a honeymoon alone!
The Aftershocks Afterglow
We managed to pay for about half of these costs prior to the wedding, and ended up with credit card balances of approximately $5000 that still need to be paid off, or about $2500 apiece (we haven’t combined finances yet). However, it’s also worth noting that I fully paid off my last remaining $2500 in credit card debt during the year prior to the wedding. On the surface my balance hasn’t changed, but this means I know I can pay off my share of wedding debt within a year, since I’ve basically done it before.
While I will admit that I started off resenting every penny and every minute of my time I spent on the experience (remember, I wanted to elope), I had an amazing time and appreciated the opportunity to reconnect with family and friends a lot more than I thought I would. And while he started off resenting that we weren’t taking advantage of every upgrade available, after everything was said and done he agreed that everyone considered every aspect of our wedding to be very classy, indeed.
What Do You Think?
Are we heroes to be commended for spending less than half the national average? Complete and total fools duped by consumerism and the wedding racket into spending way more than we should have? Have you ever had an experience with a romantic partner where initial opinions differed so radically on an issue of such significance? If so, how did you resolve it?
Inside: Learn how to invest $100 and make $1000 a day using these proven strategies. Find out the best ways to invest 100 dollars. Many from the comfort of your own home.
One of the biggest mistakes that people make with money is not investing.
You see, if you invest $100 and earn 10% interest a year, in just 12 months your investment would be worth $120!
It takes money to make money.
We all have heard that before.
Many people want to make some extra money, and that is why they are turning their attention to investments. There are a lot of ways to invest your money safely, but most importantly it should be done with a goal and for the long term.
The article will help you to invest $100 now to start making $1000 a day. Will this happen overnight? Nope. That would be some get-rich-quick scheme.
You must be willing to invest the time, resources, and money to start making $1000 a day.
If you are looking to invest $100, this guide will help provide you with the knowledge and strategies to generate a constant stream of income of $1000 a day.
Is Investing $100 To Make $1,000 A Day Possible?
There is no one-size-fits-all answer to this question, as the success of any investment depends on a number of factors. But, yes, many people have found ways to invest $100 to make $1000 a day.
There are a few strategies that investors can use to increase their chances of reaching $1,000/day. That is the part that takes commitment.
Best Ways to Invest 100 Dollars
There are a lot of different things you can invest your $100 in. You could put it into stocks, bonds, or even real estate. Those are the most effective strategies with the least amount of time commitment.
However, there are other options as well, which we will go into detail shortly.
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.
What should I invest $100 in right now?
Whatever route you decide to take, remember that investing is a good way to learn and make money.
Not only will you likely see an increase in your overall wealth by investing your money, but you’ll also be happier because of the positive impact it has on your life!
How to Invest $100
You can take your $100 and invest it into the stock market or a savings account. Something that immediately starts paying you to make a return.
The other way is you could use that money to buy books and courses on how to make money with any of the ideas below.
Another option would be to invest in a service that others might not have thought of. This could be something like a start-up business or an online course that teaches you how to make money through investments.
There are plenty of ideas on how to invest $100 it just depends on your short-term and long-term goals.
In fact, learning how to make money online for beginners is a hot topic!
The step-by-step guide to making money with this simple trick
If you’re looking for a step-by-step guide on how to make money with this simple trick, look no further! In this ultimate guide, we’ll cover everything you need to know about the process.
The first step is to invest $100 per month in order to get started. By doing this, you’ll be setting yourself up for a lifetime of financial security.
In order to make money with this simple trick, you’ll need to follow these simple steps:
Decide How You Plan to Make $1000 a day
Invest in Learning How to Do It
Invest your $100
Stay Persistent
Start making profits!
Will everything work out as simply as that? No, but you have to commit to a plan in order for it to happen!
Once you’ve invested in your future, it’s time to learn how to be successful and start making some serious profits!
Invest $100 Make $1000 A Day – Strategies for Success
People have different strategies for success, and the best way to succeed is by figuring out what works for you.
A strategy that might work well for one person may not be suitable or acceptable in another’s situation.
In this article, we’ll explore a few different strategies for success and how they can help you make money from home or on the job. In fact, many of them I implement to make money.
Idea #1: Savings Account
The best way to start investing is to open a savings account. For every $100 you deposit in a savings account, you will earn about a small amount of interest. This may not seem like a lot, but it can add up over time.
In reality, investing $100 into a savings account is a habit that will continue to lead to saving higher amounts of money. While you may not be able to make $1000 a day off your first 100 dollars, your efforts will multiply as your saving percentage increases.
In addition, many banks offer special promotions for new customers, such as a $500 bonus for signing up.
To get the most out of your savings account, be sure to shop around and compare rates at different banks. CIT Bank offers some of the highest interest rates available, so be sure to check them out!
Idea #2: Retirement Accounts (401k or Roth IRA)
Investing in your 401(k) is a great way to secure your financial future. Not only do you get matched contributions from your employer, but the tax benefits make it easy for employees to invest. Contributions are tax-free until retirement, so it’s a good place to put money while you’re working a side hustle or contract gig.
A solo 401(k) is a great way to take advantage of these benefits if you don’t have an employer.
In addition, investing in a Roth IRA is a smart idea as well.
Idea #3: Invest in Cryptocurrency
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies have experienced a wild ride over the past year! In the past five years, bitcoin prices have swung from a high of $68,000 in November 2021 to the lowest dip of $3236 in December 2018 (source). Many experts believe that crypto will be adopted widely in the future, and some predict that one Bitcoin will be worth $200,000 or more.
Investors can purchase a range of cryptocurrencies through reputable platforms such as Coinbase and Bitstamp. The most common crypto are Bitcoin, Ethereum, Litecoin, and USDC (a stablecoin pegged 1:1 with USD).
Idea #4: Invest In The Stock Exchange
Like an active trader – either as a day trader or swing trader.
When you invest in the stock market, this is a way to make money on your investments.
In fact, you can make money fast in stocks. But, you need to have a solid trading plan first.
My favorite course is Trade and Travel with Teri Ijeoma. In fact, check out my Trade and travel review and begin your journey to making $1000 a day.
Idea #5: Peer-to-Peer Lending
If you’re looking for a solid investment opportunity, peer-to-peer lending may be a good option for you.
Peer-to-peer (P2P) lending service that connects borrowers and investors. Because it’s a peer-to-peer platform, it can be more profitable for the investor.
Both Lending Club and Prosper are examples of investment platforms in this space.
Idea #6: Become an Entrepreneur
There are many options for entrepreneurs to make money. You can start a restaurant, retail store, or offer your services for a fee.
Another great way to make money is by investing in something you’re passionate about. For example, if you love cars, you could open a car detailing business. This requires some planning and dedication but can be very rewarding.
As an entrepreneur, your goal is to invest in ways that have the potential to turn over $1000 per day.
Idea # 7: Invest in Yourself
When you think about it, the best investment you can make is in yourself.
If you have 100 to invest, find what you are missing and fill it with new knowledge. Learning never stops – it’s a continuous process that will help you grow as an individual and stay ahead of the competition.
This is one area where you have the possibility to make well beyond just $1000 a day.
In fact, many of the best millionaire quotes focus on investing in yourself.
Idea #8: Invest Money in Index Funds
Outside of retirement accounts, many people overlook investing in the stock market as an individual.
Index funds have been a popular choice for investment managers for many years. They are a type of mutual fund that tracks the movements of an index, such as the S&P 500 Index. Because these types of funds follow an index, they provide diversification and typically come with lower fees than actively managed funds.
For these reasons, investors may want to consider using index funds when building their taxable investment portfolio.
Idea #9: Enroll in a Course or Certification
There are many different courses and certifications you can take to improve your skills.
This “new skill” could help you transition into a different career. A “certification” might help you get promoted in your current position, or it might allow you to begin working in a new field.
Either way, you are investing $100 or more today to make 10x your money in the future. Consider what skill can be useful in your professional or personal life and invest in a course.
Idea #10: Clear Your Debt
Paying off debt is a guaranteed return on investment.
This may seem a little backward but hear me out…
If you add an additional $100 to paying off your debt consistently, that means you are that much closer to freeing up a huge amount of debt payments to go somewhere else.
In this case, your overall debt payment can be invested in other ways and you will quickly improve your rate of return.
Idea #11: Work As A Sales Person
Commission payments are a large part of income for salespeople. In fact, US News reports that the average sales professionals earn an average salary of $73,500 in 2020.
This is a competitive field, but it can be very rewarding for those who are driven to succeed.
You probably will have to invest in a business degree to make this career field worth it.
Idea #12: Write A Book
Books are a great way to make money. They are one of the few investments that can be made with the intent to generate passive income. In other words, you put in some work at the beginning and then receive payments over an extended period of time without having to do anything else.
Writing a good book is an easy way to make money in 2023. As an independent self-publisher, if your book sells 100 copies per day at $10 each, you will make $1000 on every copy sold.
Publishing companies can help pay an advance for your work and handhold you throughout the process. You might need skills beyond writing if you want your book published at one of the larger publishing companies.
If you are serious about becoming an author, it is best to go through a publishing company and have them edit your work for you. This will ensure that your book is high quality and likely to sell more copies.
Remember: publishing a book is not cheap! It takes a lot of hard work and dedication, but if done correctly it can be an excellent way to make 1000 dollars a day or more.
Idea #13: Become a Book Nerd to Build Skills
Investing in books is a way to improve your knowledge and increase productivity. It’s impossible to become an expert in every field, but it’s possible to become one by reading about them. Books can change the way you view life and give you fresh perspectives on how to handle finances, as well as other aspects of life.
An investment of $100 in 2023 would yield $1000 or more depending on the non-fiction niche books you choose.
So, what are you waiting for? Start reading!
Idea #14: Online Flipper
So you want to flip 100 bucks to 1000? Well, it’s not as hard as you might think. In fact, with a little bit of effort and some basic knowledge, you can turn that hundred into a thousand in no time at all! Here are a few tips to help get you started:
Find something to flip. This could be anything from furniture to clothes to electronics. Keep an eye out for items at local retailers that are on sale and look like they could be resold for more online.
Know your market. What is the average price for the item you’re looking to sell? Knowing this information ahead of time will help make sure that you don’t sell your product for too little (or worse, too much).
Have the proper tools ready before starting your flipping business. This includes having a good camera or phone with which to take pictures of your products, a computer or laptop with which to list them online, and PayPal or another payment processing system set up and ready to go.
Be prepared for some work! Flipping isn’t always easy–you may have to spend time researching what items are selling for how much online, traveling long distances to find good deals or dealing with frustrating customers.
A great way to get started is to learn more from the Flea Market Flippers! They are very successful and teach others how to flip items
If you’re willing to put in the effort, flipping can be a great way to make some extra money on the side.
Idea #15: Invest in Real Estate
There are a number of great reasons to invest in real estate in 2023. In fact, real estate is one of the best investments for making money.
To start investing today, set aside a few hundred dollars each month and invest in real estate over time. This will help you build your wealth slowly and steadily.
Ways to Invest in Real Estate:
Rental Properties: Investing in rental properties can prove profitable with monthly renters and appreciation from rental income or capital gains as a property is worth increasing over time. However, rental properties require more upfront money and more work to maintain than other types of real estate investments.
Flip Houses: Another option is buying properties at low prices, fixing them, and selling them for a quicker profit.
REITs: Real estate investment trusts are a great way to access real estate much like mutual funds. These are highly regulated. However, learn about the best paying jobs in REITs.
Crowdfunded Options: Crowdfunded real estate can be accessed by anyone with a little bit of money – you don’t need to be a millionaire to get started! The returns tend to be more significant than the stock market so it’s a good choice for beginners. Plus, EquityMultiple lets you invest in real estate without worrying about managing a property yourself. It’s possible to make $1000 per day through EquityMultiple, depending on the time frame and market conditions.
Between crowdfunded real estate, rental properties, and REITs – there are plenty of options to choose from when it comes to investment vehicles. Each has its own unique advantages and disadvantages, so it’s important to do your research before settling on an option.
Overall, though, investing in real estate is a great way to grow your wealth and secure your financial future!
Idea #16: Get a New High Paying Job
There are many high paying jobs in the world, but the skill necessary to get one of those jobs is managing people. People who manage other people are able to get paid more because their skills are rare and in high demand.
Management positions are typically the highest paying, but there are also many other responsibilities as well. other lucrative options to consider.
This will help you find more money to invest on a regular basis and start making more money each day.
Idea #17: Affiliate Marketing / Influencer
Affiliate marketing is a great way to make money online. In fact, many affiliate marketers earn six figures or more per year. So what is it?
Affiliate marketing is the practice of advertising a company in exchange for payment. Affiliate marketers work with blogs to post about products and services, which makes them eligible for receiving payment when someone clicks on the link and purchases something from the company they’re advertising for.
It’s not likely that you’ll make this kind of money right away, but as your influence grows, you can certainly make some good cash through affiliate marketing programs.
The costs associated with getting started are relatively low–you can probably get started for less than $100–and it takes about the same amount of time to build up your blog’s audience and reader base from scratch. So if you’re looking for a solid way to generate some extra income online, give affiliate marketing a try!
Idea #18: Start Your Own Blog
With just $100, you can start your own blog and make money.
Blogging is a great way to make money and requires little in the way of cash or startup costs. In fact, many bloggers start their sites for free and then upgrade to more expensive hosting plans as their blogs grow in popularity. The cost of starting a blog is minimal and you’ll need to find your topic to write about first, but it’s possible over the course of years.
There are many different types of blogs that can be started with their own benefits – from personal finance advice to cooking tips – so finding the right one for you is essential.
To monetize your blog, consider offering services or digital products to consumers interested in what you have to say on the topic of your blog’s content. For example, if you’re a great cook, you could start a cooking blog and sell recipes through an online store; or if you’re an expert on personal finance, you could create e-courses teaching people how to save money and invest for their future.
Blogging is a long game; SEO traffic requires patience, but the payoff will be worth it in time. It can take anywhere from 6 months to over 18 months for bloggers to start seeing results. However, those who stick with it and reinvest their profits back into their sites can make $1,000/day from their blogs.
So what are you waiting for? Start blogging today!
Idea #19: Charity
Philanthropy is an excellent investment, so donating to charity is a wise choice.
Not only do you help others in need, but you may also be rewarded with tax breaks or other benefits.
Additionally, many charity works are good investments because of the promise of reward. For example, building a well in a developing country can provide access to clean water for years to come.
Look for ways to give where your donation can be matched.
Idea #20: Save For College
You can invest $100 and make $1000 a day by saving it.
One way to save for college is to invest in a 529 plan. A 529 plan allows you to save money for college tax-free. In addition, many states offer tax deductions or credits for contributions made to a 529 plan. Another benefit of a 529 plan is that the money invested grows tax-deferred. This means that you don’t pay taxes on the earnings from your investments until you withdraw them from the account.
Many parents find it difficult to save for college because they face high tuition costs and other expenses associated with sending their children to school. However, if they start early and contribute small amounts on a regular basis, they can accumulate enough savings overtime to cover most or all of their child’s education costs.
Idea #21: Use Gig Economy Apps to Earn Money Fast
Now, it’s easier than ever to find work. There are a number of apps and websites that can help you find short-term or long-term work. These include apps like:
These apps provide a new way for people to make money when they’re not working traditional jobs.
How can I invest $100 and make money everyday?
There are a variety of different ways that you can invest your money in order to make a profit.
The most hands off approach for many is investing in index funds. As a buy and hold strategy, you are likely to earn 6-8% plus on your investment.
As you hold onto the index fund for the long term, you are able to participate in any upside should the stock prices go up.
Invest $100 to Make $1000 a day is possible!
It’s true–you can make a lot of money by investing just a small amount at first. For example, if you invest $100, you could earn up to $1000 in profits! This is possible by following the strategies outlined in this article.
When you need to know how to make 2000 fast, this is how you do it!
Of course, it’s important to remember that investing isn’t limited to those who have a lot of money. In fact, anyone can benefit from this type of activity financially and make more money in the process.
So don’t be discouraged if you don’t have much saved up already. You can start by investing $100 into the stock market and then reinvesting your profits as soon as possible, in order to grow that initial investment. And who knows? With a little bit of hard work and patience, you could be making thousands of dollars per day before you know it!
This is how you can double $10k quickly.
Don’t delay in investing. You have to start at one point to start making money.
Then your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
My primary care doctor recently left her practice and invited me to join her at her new gig — a concierge medicine group. There, for a membership fee, I’d have better and more personal access to her services: same-day appointments and long conversations!
Concierge medicine — a model in which patients pay a membership fee for a more direct relationship with a primary care doctor — used to feel like a perk for the superwealthy. But as fees have come down and people have gotten more frustrated with the state of traditional primary care, concierge services may not seem like such a pie-in-the-sky option. There’s less waiting, more access, longer visits and greater coordination of care. However, the fees can be high, and if you don’t have complex medical needs, it may not feel worth the expense.
What is concierge medicine?
Concierge medicine is an arrangement in which a patient pays a membership fee to gain access to a doctor’s practice. Your fee may cover a wide range of services, with insurance covering any needs you have outside the practice, or your fee may cover basic preventive care and the practice might accept insurance for the rest.
But your experience, overall, is more personal. Concierge medicine typically offers same-day appointments and 24/7 access to your doctor (who, by the way, isn’t rushed during visits).
Patients like it because they have more time with their provider, says Terry Bauer, CEO of Specialdocs, a company that helps doctors transition to concierge medicine. People with a medical situation after hours can call, text or email. “They have that doctor, in essence, on speed dial,” Bauer says. “It makes people a lot more comfortable and a lot less anxious.”
How much does concierge medicine cost?
Membership fees for concierge medicine vary widely. For one large concierge network with doctors in 44 states, the fee is typically between $1,800 and $2,200 per year (or between $150 and $183 per month). Other practices can run much more.
“I know a couple that charge $4,000 a month,” Bauer says. Doctors who charge those prices may be board certified in two specialties — cardiology and internal medicine, for instance — or they may be in an extremely wealthy area of the country, he says.
Advantages of concierge medicine
There’s plenty to like about concierge medicine. It’s usually possible to get same-day or next-day appointments with your doctor, and wait times are minimal, says Bret Jorgensen, chairman and CEO of MDVIP, a network of concierge medicine physicians. Typically, you have access to your provider at all hours of the day, and because they have fewer patients, your doctor has more time to spend with you.
“With a smaller patient roster, your doctor can take the time to know you and your health history intimately, which can lead to more personalized and effective care,” says Dr. Shoshana Ungerleider, a practicing internal medicine physician and host of the TED Health podcast. “Concierge doctors can focus more on preventative care, which could potentially catch health issues early and save costs in the long run.”
Disadvantages of concierge medicine
The biggest stumbling block for most people is the price tag. “For people on a tight budget or those without substantial health care needs, this could be a significant cost without enough perceived benefit,” Ungerleider says.
On top of the cost, there are practical concerns: Concierge doctors are still a small percentage of the medical field, so your options for care may be limited. And while a concierge doctor can manage your regular or chronic concerns, you’ll still pay for visits to the hospital or emergency room, major surgeries and visits to other specialists.
“It does not negate the need for health insurance,” says John Hansbrough, an employee benefits consultant with The LBL Group, an insurance and financial services company. “You need the insurance because bad stuff can still happen.”
Advocates argue that concierge preventive care can save you money overall. Consider the scenario where a text exchange with your doctor saves you a 2 a.m. trip to the emergency room, Jorgensen says. “More than 80% of our interactions with our members are virtual,” he says. “Those are just bundled and included in the service.”
Who might consider concierge care
Concierge medicine isn’t a slam-dunk for everyone. If you can’t afford the membership fee or are an infrequent health care user, this model probably isn’t a good fit.
But it can be a game changer for patients with chronic illnesses who would benefit from the higher level of care. And for people who are frustrated by the conventional medical system, concierge care offers an alternative.
“There are great outcomes for the doctor and patient alike,” Jorgensen says. “We consistently renew in excess of 90% of our patients every year.”
This article was written by NerdWallet and was originally published by The Associated Press.
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Debt has been getting a bad rap lately. It seems that if you have a radio show and you talk finance, you think all debt is bad. No wonder many consumers think that all debt can only have a negative impact on their net worth. But this isn’t necessarily the case.
Net worth, or simply wealth, is calculated by adding up all of your assets and subtracting all of your liabilities (use Mint’s Net Worth Calculator)
Let’s take a look how a simple loan situation might impact net worth. Imagine that you have no assets and no liabilities. You go down to the bank, take out a $10,000 loan and deposit the money into your checking account. What was the impact on your net worth? None… really, there was no impact. You now have $10,000 in the bank and $10,000 in liabilities. Your net worth is zero. You probably feel a little richer because you have money in the bank, but you also feel a little poorer because you have a loan to pay back. But the net effect is zero, at least for now.
How debt can enhance your net worth
If that loan has a high interest rate and you leave the money in your checking account earning no interest, your net worth will soon fall below zero. If, on the other hand, you invest the money in a way that earns you more than the interest you pay on that loan — then your net worth will be positive.
The positive or negative effect of debt on net worth almost always occurs sometime after the loan is taken out. The cost of the loan impacts net worth. How the loan proceeds are spent impacts net worth.
If you used the $10,000 to eat out at your favorite restaurant three extra times a month, the impact on your net worth would be negative. If you buy a reliable used car that helps you get to a job that pays $10,000 more per year than you currently earn, the impact on your net worth is going to positive. The key is that you evaluate how any new debt will impact your net worth over time before you take out the loan.
Not all debt is negative
You can’t just say that all debt is bad. The important thing is to use debt prudently and to evaluate the benefit of the loan from a net worth standpoint.
Don’t blame debt. It’s not debt that is bad. It is how you use it that matters.
Here are some tips on managing your debt so that it doesn’t end up hurting your net worth.
When financing, investments are the only thing that can have a positive impact on net worth
Never finance any item that is consumed immediately (e.g. dinner, vacations, etc.)
Durable consumer purchases (e.g. TVs, cars, iPads, etc.) can never improve your net worth because they depreciate
Always factor finance costs into the cost of a financed consumer purchase
Debt used to finance consumer purchase should be repaid before the you stop enjoying the benefit.
How Debt Impacts Your Net Worth Was Provided by CreditSesame.com.
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Most mortgages carry a 30-year term, even if they’re adjustable for some period of those three long decades.
But in some cities, it’s reasonably possible to pay off your mortgage a lot earlier thanks to low home prices and decent wages.
Now, this isn’t to say you should pay your mortgage down aggressively…it’s just that you could, if you were so inclined.
Unsurprisingly, most of the cities in the top 10 list can be found in the central states, like Ohio, Michigan, and Missouri. But there are also spots in Pennsylvania and New York where home buyers can get free and clear in no time at all.
The Fast List
The data nerds over at Realtor came up with the list above by calculating median home prices in the top 50 markets in the U.S. and lining them up with the recommended 28% housing DTI ratio.
The result is a short 5.4 years to pay off a median priced home of $128,000 in Cleveland, Ohio. Sure, your football team won’t be very good, but at least you’ll have a football team.
And if you focus on tackling the mortgage, you’ll only have to pay taxes and insurance on your digs in little more than half a decade.
That’s certainly pretty cool if you’re not one to carry lots of debt. And you might get a decent water view on the “North Coast,” a term I’ve never heard until today.
You can pull off the same magic in cities like Rochester, NY, Pittsburgh, PA, and Buffalo, NY.
There are plenty of other major metros on the list as well, including the likes of St. Louis, Indianapolis, Cincinnati (hard to spell, but decent football), and Kansas City (great baseball).
In Indy, some 71% of the homes are affordable to prospective home buyers, and St. Louis was deemed a top 10 up-and-comer by Realtor.com thanks to strong projected home sales and future home price appreciation.
So if you don’t want to worry about the mortgage for more than a handful of years, as opposed to into your old age, check out those cities. You may even be able to take out a 15-year or 10-year fixed mortgage at the outset to save a ton in interest and grab a lower mortgage interest rate.
Conversely, if you want to keep your mortgage forever, look at these 10 superstars.
The Slow List
In Los Angeles, it will actually take you nearly the full 30-year term to pay off your mortgage. The annual income of around $100,000 in the 90210 requires a lengthy 29.4-year amortization period.
So no 15-year fixed for you unless you’re making big bucks. You’ll need a 30-year mortgage.
The same goes for much of the Bay Area, including San Jose and San Francisco, and in sunny San Diego. That explains why lenders are increasingly offering zero down mortgage options like the POPPYLOAN.
Hot cities such as Denver are starting to get a hair expensive too seeing that it’ll take the average buyer 21.3 years to pay off the mortgage without breaking the bank or raiding the retirement nest egg.
It’s a little bit better in places like Miami and Portland, but these cities are clearly getting more expensive as homeowners from nearby states (and countries) flock to affordability.
However, there are still some relative bargains to be had in places like Sacramento, California and Austin, Texas where it can take less than 15 years to get mortgage-free while still saving for retirement and living comfortably.
If you’ve ever had a credit card, student loans, or other type of debt, you likely have a credit report. Credit reports serve as a record of how you have handled the repayment of any loan or debt that you’ve taken out. The items that are contained in your credit report primarily come from information collected by the three major credit bureaus.
Many lenders might look at your credit report when they are considering whether or not to extend you additional credit. Your credit score is also calculated in part from information that’s included on your credit report. These are two good reasons to regularly look at your credit report and make sure the information in it is accurate.
What Is a Credit Report?
At its simplest, a credit report is a compilation of information regarding past debts, loans, or credit card accounts that you’ve managed. Your credit report will contain basic information about you, as well as information on the various accounts you’ve had in the past. This might include the name of the creditor, the dates the account was open, the monthly payment amount, if applicable, and any current or outstanding balance.
Recommended: When Are Credit Card Payments Due?
Cash in on up to $250–and 3% cash back for 365 days.¹
Apply and get approved for the SoFi Credit Card. Then open a bank account with qualifying direct deposits. Some things are just better together.
How Does a Credit Report Work?
The issuers of most credit cards, loans, or other forms of debt report information about that debt to the most popular credit bureaus — Experian, Equifax, and TransUnion. Each credit bureau compiles its own information, though there is usually a lot of overlap between the information that appears on credit reports from different credit bureaus. Lenders typically send updated information to the credit bureaus each month, or if any information about your debt changes.
Recommended: Tips for Using a Credit Card Responsibly
Credit Report Information and Your Credit Score
It’s important to understand the relationship between the information on your credit report and your credit score. While these two things are related, they are not the same thing. As information on your credit report changes, your credit score updates as well. This means that it’s possible for your credit score to change every month (or even more often).
Further, while the information on your credit report influences your credit score, you won’t find your credit report listed on your credit report. Rather, you’ll have to go to lenders or credit monitoring websites for that information, both of which can allow you to check your credit score without paying.
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Information Provided By a Credit Report
In addition to information about your accounts, your credit report may include other information about you. As one example, a credit report from Experian consists of four sections:
• Personal information: This includes details such as your name, address, employment information, and any past names you’ve used.
• Accounts: You’ll see both open and recently closed accounts listed.
• Inquiries: Both hard and soft credit checks will appear, though only hard pulls affect your credit score.
• Public records: This is information about you gathered from public records, including bankruptcies.
Recommended: Apply for a Rewards Credit Card
How Is a Credit Report Made?
Each of the major credit bureaus has its own process for how it generates a credit report. It’s typical that the credit bureau will have an informational section with details about you, sourced from loan applications and/or public records.
Another section of most credit reports is a listing of your open and recently closed accounts. Lenders will often report to the credit bureaus information about the amount, payment history, and status of accounts you have with them.
Why Is a Credit Report Important?
Your credit report is important because it is one of the sources of information that’s used to calculate your credit score. And your credit score can help determine whether you are approved for other financial products, like a credit card. If your credit score is too low, you may not be able to be approved for a new credit card or loan, and if you are approved, you may have to pay a higher interest rate.
Additionally, your credit report matters because many lenders will often refer to it when determining whether to approve you and under what terms. Sometimes, they may look at what’s known as a tri-merge credit report, which combines the three credit reports from each of the major credit bureaus.
Recommended: How to Avoid Interest On a Credit Card
How to Get a Credit Report
One good way to get your credit report is through AnnualCreditReport.com . This is a website authorized by federal law and brought to you by the three major credit bureaus.
You are able to get a copy of your credit report from each of the credit bureaus every year. Note that you can only get your own credit report to review — checking someone else’s credit report isn’t an option.
When to Get a Credit Report
It is a good financial habit to regularly review your credit report. As mentioned, you can get a free copy of your credit report each year from each of the major credit bureaus.
By reading a credit report regularly, you can make sure that there’s no inaccurate information on your credit report. If you have incorrect information, it could have a negative impact on your credit score.
What to Look For in a Credit Report
As you regularly review your credit report, there are a few common credit report errors you’ll want to look out for. These include:
• Typos or incorrect information
• Information belonging to someone with a similar name
• Closed accounts that are still marked as open
• False late payment
• Duplicate debts or accounts
Monitoring Your Credit Report
If there is any incorrect or erroneous information on your credit report, you’ll want to dispute that with the credit bureau. Disputing a credit report is a relatively straightforward process, and it’s an important one.
Generally, most credit report disputes must be submitted in writing, and it’s a good idea to send the letter via certified mail. That way, you have proof that the credit bureau received your letter.
Recommended: Apply for an Unlimited Cash Back Credit Card
The Takeaway
If you’ve been using credit cards, loans, or other financial products, it’s likely that you have a credit report with each of the three major credit bureaus. Your credit report contains identifying information about you as well as information about your open and recently closed credit accounts. Regularly monitoring your credit report and correcting any incorrect information is a good financial habit to have.
That’s because information from your credit report is used in the calculation of your credit score. Your credit score is used by potential lenders to decide whether they will approve you for new loans or credit cards. Having a good credit score makes it more likely that you’ll be approved for a new credit card, for example.
If you’re in the market for a new credit card, you might look at a rewards credit card like the SoFi Credit Card. With the SoFi Credit Card, you can earn cash-back rewards, which you can then use to invest, save, or pay down eligible SoFi debt. The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.1
Take advantage of this offer by applying for a SoFi credit card today.
FAQ
Can negative information remain on my credit report for long?
Yes, negative information can remain on your credit report, even after you have closed your account. Most negative information will stay on your credit report for seven years, though some information (like bankruptcies) can stay on your credit report even longer.
How do I get my credit report?
You can get your credit report through AnnualCreditReport.com. You’re able to get a free copy of your credit report from each of the credit bureaus every year.
Who is eligible to view my credit report?
You can view your own credit report, but in most cases, you will not be able to check someone else’s credit report. The only time someone else can view your credit report is if they have a legitimate reason. This might include a potential lender that’s viewing your credit report to determine whether they want to extend you additional credit.
What errors might be present in my credit report?
While the major credit bureaus make every attempt to ensure that all credit reports are completely accurate, errors have been known to happen. Possible errors might include typos, accounts from someone with a similar name, duplicate accounts, or false late payments, among other errors. This is why it’s a good idea to regularly review your credit report and dispute any incorrect information.
What is the most important thing on a credit report?
Arguably all of the information contained in your credit report is important and worth taking the time to review. Perhaps most important is information on your accounts, as the details reported there have the potential to impact your credit score, and thus your borrowing opportunities.
Photo credit: iStock/Deepak Sethi
1Members earn 2 rewards points for every dollar spent on eligible purchases. If you elect to redeem points for cash deposited into your SoFi Checking or Savings account, SoFi Money® account, or fractional shares in your SoFi Active Invest account, or as a payment to your SoFi Personal, Private Student, or Student Loan Refinance, your points will redeem at a rate of 1 cent per every point. If you elect to redeem points as a statement credit to your SoFi Credit Card account, your points will redeem at a rate of 0.5 cents per every point. For more details please visit SoFi.com/card/rewards. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A. 1See Rewards Details at SoFi.com/card/rewards. The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement. SOCC0223008
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While Financial Literacy Month may be over, we at Mint live for sharing personal finance tips and tricks all year long!
MintLife readers recently joined a group of consumer finance experts during our #Money411 Twitter chat to discuss better money habits. Did you miss it? Not to worry: we couldn’t pass up sharing some of our favorite chat highlights and money saving tips.
Q: What are the first steps to take when establishing a budget?
Write or type it down. Seeing it will help you see what you are missing. Don’t forget the small stuff either. – @DebbiKing
Start by adding up monthly expenses and subtract from monthly income, then plan how to spend remaining $$ – @hperez
Realize that sticking to a budget does not happen right after you make one. You have to live it. Try it out for 3-6mo. – @dougboneparth
Q: What are your #tips for first time young investors?
DON’T ignore your first job’s 401(k) plan, if they have one, even if you put in just a little bit of each paycheck. – @OurKidsandMoney
Make sure you’ve covered your expenses (include CC bills) and are saving for emergencies before you start investing. – @sharon_epperson
Q: What is more important: paying down #debt or #saving?
The sooner you pay off debt, the sooner you’ll have additional income you can dedicate to saving – @hperez
It’s hard to save when your extra income is going toward debt payments. If you have debt with high interest rates, focus on that. – @TeamFSINC
Remember, certain types of debt like mortgages and student loans (dep on your income) are deductible. If interest on a loan is deductible, it costs you less…so factor that in when prioritizing paying down hi to low debt. – @BethKobliner
Q: How can you teach your kids about the value of money? And at what age?
Kids as young as 3 years old can understand basics like making choices and delaying gratification! Important 2 start early – @BethKobliner
It’s never too early to teaching kids about #money and #finance. Financial literacy is paramount. Classroom it! – @dougboneparth
The topic of the tooth fairy is a time to talk to your children about money. Ask how much they plan to spend and encourage to save. – @TeamFSINC
Kids learn by example (any age) Show ’em anything acquired is earned not given. Make ’em feel pinch of spending their earned $ – @PurpleSky2002
Q: What is the best approach to tackling student loans?
#1 Priority. Try to refinance all of your loans into one lower rate loan. Sacrifice a new car, an expensive vacation. – @Reit_NotWrong
Don’t buy the stuff that your peers buy out of college. (Houses, cars etc.) I paid down $40,000 in a year and a half that way. – @GenYMoneyMan
Aggressively! They are not an asset & you do not need to hold on to them. Sacrifice and get rid of them as soon as possible – @DebbiKing
To catch the entire Twitter chat, just plug #Money411 in your Twitter search bar and get started on better money habits.
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The 16-digit number on your credit card might remind you of the routing number you see on your checks or bank statements. But they aren’t the same.
In fact, there’s no such thing as a credit card routing number, even if it was issued by a bank or credit union. The series of digits you see on the front or back of your card is your credit card number, and it provides important information about the credit card issuer, the card’s payment network, and you (the card holder).
Read on to learn more about the differences between a routing number and a credit card number and why credit cards don’t need routing numbers.
What Are Routing Numbers?
A routing number is a nine-digit number used to identify a specific bank, credit union, or other type of financial institution in the United States. The American Bankers Association created routing numbers in 1910 to aid in processing checks. Routing numbers are still used today to help keep banking transactions secure, whether you’re making a direct deposit, an automatic bill payment, a wire or P2P transfer, or a phone payment.
Every bank has its own routing number — and some have more than one — that works kind of like a payment address. The routing number ensures the money from a financial transaction is correctly “routed” from one financial institution to another. Once the funds get to the proper financial institution, the money can then be moved into the designated bank account.
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Where Can I Find My Routing Number?
If you still use paper checks, and keep your checkbook handy, that’s probably the easiest place to look for your bank’s routing number. You should be able to find the routing number in the lower left corner of your checks.
The first nine digits are the bank’s routing number. After a gap, the next 10 digits are your account number. After another gap, the last few digits represent the number of the check you’re currently using.
You can also find your routing number by logging into your bank or savings account online. (If you have more than one account at a particular bank, your account numbers will be different, but the routing number for those accounts will likely be the same.) Or you can call your bank’s customer service line and ask for help getting the correct routing number.
If the checkbook or other bank paperwork you have is old, you may want to go online to confirm that the routing number you’re using is still current. Routing numbers can sometimes change, such as when two financial institutions merge, for example, or go through an acquisition. You should receive advance notice if that happens, but you may want to look just to be sure you’re using the most up to date routing number.
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Why Don’t Credit Cards Have Routing Numbers?
A routing number is used to move funds between two bank accounts — from your employer’s account to your checking or savings account, for example, or from your checking account to the electric company.
When you use your credit card, you aren’t depositing or transferring money. You’re borrowing money, and processing that transaction works differently. That’s why there’s no routing number on a credit card. Instead, the credit card issuer uses your credit card number to track your transactions and make sure they end up on your bill. The number also can help card processors identify the financial institution that will settle the payment when the card is used.
What Do the Numbers on a Credit Card Represent?
It’s important to note that your credit card number is not the same as your account number. Your credit card number includes your account number, but it has a few more digits. And each of those digits has a purpose.
Every credit card number is unique: If you apply for a credit card and you’re approved, the card you receive will have its own number. But most cards use a similar, formatted sequence that can be used to identify the card issuer, the payment network, and the account holder:
• The first number in this sequence typically represents the card’s payment network. Most credit cards start with a 3 (American Express), 4 (Visa), 5 (Mastercard), or 6 (Discover), as those are the major payment networks.
• The next five digits complete the card’s Bank Identification Number (BIN), or Issuer Identification Number (IIN), and can tell you about the card’s “issuer.” (The credit card issuer is the financial institution that gave you the card and manages your account.)
• The remaining digits — except, usually, the last digit — represent the cardholder and the account the card is connected to.
• And finally, there’s the “checksum” or “check digit,” which is used by card issuers and payment networks to catch errors and help protect against unauthorized card use.
Though this format may differ a bit from one card to the next — some card numbers may have 15 digits instead of 16, for example — all card issuers must follow a set of standards created by the International Organization of Standardization (ISO) and enforced by the American Network of Standards Institute (ANSI). This allows consumers to use their card or card number no matter where they are in the world.
Does a Debit Card Have a Routing Number?
Although a debit card is typically tied to at least one bank account, it does not have a routing number. Each debit card has a unique 16-digit card number that identifies the card issuer, the card network, and the bank customer and accounts to which it’s connected.
You read that right. While each credit card you own is linked to one specific credit account, your debit card may be linked to multiple accounts (checking, savings, etc.) if they’re at one financial institution.
How does the bank decide which account you want to use for each transaction? If you use your debit card to make a purchase, the money will be pulled from the account you’ve designated as your primary checking account. And if you’re using your debit card at an ATM, you should be able to see a list of all the accounts connected to that particular card, and you can make a deposit to or withdrawal from the account of your choice.
Your debit card will not be linked to your credit card account, however, even if it’s through the same financial institution. And even if your debit card has a payment network logo or hologram in the corner, you cannot use it as a credit card. The money will be withdrawn from your bank account, either right away or after a short delay.
Credit Cards vs Debit Cards
It can be useful to have both a credit card and a debit card on hand to help manage your finances. Though they look a lot alike, there are key differences:
Credit Cards
Debit Cards
Funds are borrowed from the bank.
Funds come directly from your own bank account.
You’ll pay interest if you carry a balance.
No interest is charged.
A credit card can help you build credit.
A debit card won’t help you build your credit.
A credit card can hurt your credit if you overspend.
A debit card can help you stay disciplined and avoid carrying debt.
You have access to cash when you need it.
You have access to cash when you need it.
Your card may offer rewards and discounts.
Most debit cards don’t offer rewards.
Each card is connected to a specific account.
One debit card can be linked to multiple bank accounts.
Recommended: Can You Use a Credit Card Like a Debit Card?
The Takeaway
Do credit cards have routing numbers? No. Though the routing number on your checks and the number on your credit card may look similar, they serve different functions.
A routing number helps ensure a payment comes from or goes to a specific financial institution, but it doesn’t contain information about the checking, savings, or business account the transaction is tied to. An account number is needed to make that happen. A credit card number, on the other hand, contains information about the card issuer, the payment network, and the card holder. It can help identify the financial institution that will settle the payment when the card is used, and it identifies the card holder who will ultimately be responsible for those charges.
Understanding the difference between these numbers — and knowing where to locate them when necessary — can help speed up your financial transactions and make them go smoother.
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FAQ
What is a routing number?
A routing number is a nine-digit number that identifies your bank or credit union in a financial transaction.
Does a credit card have a routing number?
Credit cards don’t have routing numbers. Instead, credit cards have a 16-digit credit card number that identifies the card issuer, the payment network, and the card holder.
Where can I find my routing number?
The easiest way to find your bank’s routing number is to look at your paper checks or a bank statement. The first nine digits in the lower left corner are the routing number. You also can log onto your account online or call your bank’s customer service number to get the correct routing number.
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