Category: Financial

Learn from our financial experts who provide clear advice and tips on everything from taxes to loans and all that is in between.

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Career & Education Education Financial Loans

Student Loans: How Long Does It Take To Pay It Off?

How Long Does It Take to Pay Off Student Loans?

With the costs of school steadily rising and the necessity of a college education growing even more ruthlessly, many people are choosing to take on student loans. These loans- designed to help people who can’t pay out of pocket get access to education- are a godsend to some.

Still, having a loan hanging over your head is no one’s idea of a fun time. For one, loans tie you to an institution and limit your freedom. You might also feel more vulnerable to things like market instability if your loans are high and your funds low. So, how long will that loan be with you? How long does it take to pay off a student loan?

What Is The Size Of Your Loan?

To figure out how long it might take you to pay off your loan, you should first consider how big your loan is going to be and how much you’ll be able to pay monthly.

Loans are paid off in small installments, with interest and possible fees tacked on. This means that if you have a loan of $30,000, you’ll be paying in small increments of that loan for a period of time.

If you can pay more per month, you’ll end up with a shorter time to repayment. This will also help you in other sectors of your financial help. Student loans may come with different terms and different interest rates, meaning that your loan time might vary depending on who you get it from and what kind of contract you sign onto.

Overall, if you’re able to make larger monthly contributions, your loans will dissipate much faster. Choose to pay them piecemeal, and you could be stuck with them for a much longer period than if you chose to take off big bites.

What Is The Term?

A loan term designates how long you will be taking to pay off any given loan. If your loan has a term of, say, 15 years, that means that your bank has set up your payments so that you will have paid off your loan in that among of time- plus interest.

Many student loans come with a term of about ten years. This means that students who start college in 2022 will optimistically finish off their loans somewhere around 2032- or when they’re 28 years old.

But this estimate doesn’t always pan out. Loan recipients often take 20 years or more to finish paying off their loans, which, again, will depend on how much they’re willing to pay and how much they can spare for their bank or loan service at the end of the month.

So, if you’ve got a loan of $30,000 with a term of ten years, you’ll be paying big parts of that loan every month- plus interest. If you’ve got the same loan with a term of 20 years, you’ll be paying much smaller rates- half as much.

Thus, how long a loan will last is a combination of term length and how much a debtor can pay.

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Credit Financial Tech & Media Technology

Apple To Introduce Card Sharing

Apple To Introduce Card Sharing

To allow customers to share the benefits of a single line of credit, Apple has introduced card sharing. The system would allow multiple customers to use the same Apple credit card, thus benefitting from one shared credit record.

Explained

This is the first time Apple has done something like this, but the move is not unprecedented. Apple has long focused on building a more equitable and flexible credit program. This is why they have a low-fee credit on its Apple Card along with no annual or late fees.

The program will also allow parents to have children over the age of 13 on the Card with them. This means that they would be able to track their children’s spending. This is a great way to get children learning about credit within the confines of a safe, parent-supervised system.

According to Apple, the card was created in an attempt to overhaul the way spouses and family members share credit cards and build credit. In particular, it would like to tackle the problem of uneven credit divisions. Normally, the primary account holder gets the benefits of a shared credit card and credit history. However, the Apple Card Family program would allow credit sharing.

Who Can Get The Card?

The Apple Card sharing program is not only open to members of a family, either. According their announcement, the program will allow the card to be shared with any eligible customer over the age of 18. This means that convenient single monthly bills could be split between not only family but friends as well.

The sharing program would not keep financial matters private however. Instead it opts to give members of the shared card a significant level of transparency in being able to see who spent what. The graphic Apple provides on their website shows a program with graphs and metrics. It’s somewhat like the Screen Time section of settings, but with money instead of minutes.

How It Works?

Theoretically, customers sharing an Apple Card could tally up their spending, divide them into percent payments, and make payments fairly and according to their overall spending. This means that a member who barely used the card would not have to pay as much as a member who overused.

Credit history will be shared among all the members of the shared card program. This means that if an account’s credit history sheds a positive light on the participants’ worthiness, it would be reported to credit bureaus and used as part of each member’s credit history.

The possible downside to this program is that negative credit history will go on the accounts of all members. So, regardless of whether or not they spend responsibly and pay bills elsewhere, their credit could still be affected. Credit history will be shared across the entire card-sharing group.

Conclusion

According to Apple, the program is meant to help all cardholders achieve a healthier financial life through its transparency. Hypothetically, a card-sharing group could track one another’s payments, and make plans and adjustments accordingly, talking to one another and discussing spending to come to better financial decisions.

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Financial Savings

6 Questions To Ask Ensure a Successful Investment

6 questions to ask before making an investment

Going into an investment is no small decision. You want to have some idea of where the firm you invest in might go, what kinds of resources they have to go there, and what confidence they have in their ability to reach their goals. After all, it’s your money, and you don’t want to go throwing it in a hole.

For this very reason, it’s essential that you have a few questions at the ready before making an investment. Ask these questions, and the investment decisions you make may turn out sounder and more profitable.

1. Do I Know How to Pay My Taxes?

The good part about an investment isn’t necessarily watching your money grow. Taking it out and spending it will also be part of your reward for successful investing. But, you’re going to want to watch how much you spend and how much you save. The IRS will be wanting some of that money- and a good chunk of it.

Make sure you know the tax landscape around capital gains before you start throwing your hard-earned money around.

2. Does This Homogenize My Account?

Having a diverse portfolio is step one of investing. From day one, successful investors learn that having a diverse range of investments, spread across a number of industries, is one of the keys to having an account that trends upward. When a wave of bad days washes across one industry, you want to have a few more that are still gaining. So ask- does this help me diversify?

3. How Confident Am I in Growth?

A growing investment- those two words go together just as essentially as cold beer or hot apple pie. That’s why you need to be 100- no- 200% sure of eventual growth before investing in anything. If it won’t return, don’t waste your money.

4. What’s My Overhead?

When you’re dealing with investments, you’re going to want to have a little room for defeat. Of course, success is the great motivator when it comes to investments, and everyone wants to make money. But having a little bit of a buffer is great. Bend, don’t break, and your account will be able to weather any financial storm that might come its way.

So, the product looks great, and the company even better. They’ve got a strong plan, good resources, and seemingly, a lot of confidence and competence. But when the government comes knocking on the door, will they know what they’re doing?

Make sure any products you invest in are registered with the SEC and other state agencies before making your investment.

6. Will It Help Me Reach My Goals?

Ask yourself- what are my goals when I’m investing? Do I want to make money quick, or leave it for the long term? What kinds of returns do I want to see, and what do I want my portfolio to look like? These questions and more will help you decide whether or not an investment is right.

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Children Family Financial Savings

Mother’s Day Gifts You Can Save Big On

10 Mother’s Day Gift You Can Save Big On

Some of us tend to leave things typically at the last minute even though we all highly prize the day we can celebrate the woman who gave us life. But year after year, we do find ourselves stuck for gift ideas that won’t break the bank a few days before the big day. In this article, we’ll share the top ten Mother’s day gift ideas that will help you save big time.

1. Snack Box

No matter how health conscious mothers are, even they like to indulge in occasional treats. But why not give her something that honors her health consciousness but still feels like a treat? A snack box of healthy snacking items sounds great to us.

You could stuff in all-natural and non-GMO goodies for her.

2. Shower Steamers

After all the hard work she puts in daily, surely she deserves a shower that feels like a calming oasis. You can gift your mom a set of shower steamers that emit a variety of scents from essential oils. Lavender and eucalyptus always tend to please moms.

3. Caviar Package

Every mom is undeniably elegant, charming and classy and surely yours is too. A caviar package sounds just like the sustainable and luxurious gift she would enjoy.

4. Plantable Greeting Card

The written note from you will warm her heart while the seed paper on the front that she can tear and plant in her garden will delight her soul. Imagine her joy when herbs and wildflowers grow out of those seeds.

5. Beauty Tools

Every woman deserves indulgence and the best way to give her that is by gifting her a beauty tool. Some great ideas include a face massage roller, rose mist sprays and eye masks etc.

6. Neck-back Massager Pillow

Such a gift will soothe away the tension she feels every night in back, neck and feet. The portable massager will take her tiredness away each day and that sounds like an ideal gift for her.

7. Supplements

We’ve surely transformed into a health conscious society now and moms are in the lead. Supplement companies have come up with effective nutrients and you could find a package for her that boosts her health every day.

8. Essential Oil Diffuser Bracelet

This bracelet comes with a reusable refill pad in which she can drop her favorite essential oil. The bracelet will then keep relaxing her, reenergizing her etc. as she goes about her day.

9. Eyeshadow Palette

 Eyeshadow palettes are getting all the attention now that mask-wearing is mandatory. You can gift your mom a rich eye colors palette from her favorite brand. Cosmetics never fail to please a woman, regardless of her age.

10. Preserved Rose

This gift option is a step up to the fresh flowers that wither and die in a few days. A preserved rose comes in a fancy box in multi colors and can last up to five years in its stunning flower-shaped case.

Final thoughts

Short of time and budget doesn’t mean you have to compromise on the uniqueness and thoughtfulness of the gift you give your mom this Mother’s day. Our list of ideas will help you grab something she will absolutely love if you remember buying it at the last minute.

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Financial Savings Tech & Media Technology

The 7 Best Coupon Apps Right Now

The 7 Best Coupon Apps Right Now

Are you looking to save money on your regular purchases? If yes, then coupon apps are the best way to do that. You can shop for a variety of items from popular stores at discounted prices without compromising the quality. Let’s take a look at the seven best coupon apps right now:

1. Dosh

Dost is the best overall coupon app for you and you can save big time without having to exert any effort yourself. In comparison to other coupon apps, you will find more savings on purchases with Dosh, including travels and accommodation too.

2. Coupon Sherpa

This one is among the oldest and reputable coupon apps since long and even today, offers a fantastic section of printable coupons. You can shop at multiple stores, restaurants, mall retailers, regional department stores, specialty retailers, big box stores and whatnot.

In fact, this great app goes way beyond than printable coupons too. It gives you several deals, coupon codes through mobile apps and lots more benefits.

3. Ibotta

Groceries are absolutely necessary but often it can tough to fit all into your budget for the month. Not anymore though because Ibotta not only more than 500 exclusive offers on your grocery shopping but also on delivery and grocery pickup.

4. YipIt

With the YipIt app, you can scour the internet for the best coupons available through a wide range of cities on your behalf. You can now find instant notifications of the great coupons and deals that a host of stores, retailers etc. are offering and grab them for yourself.

All you have to do is log on to the app and browse through the long lists of excellent coupons other apps are offering.

5. Honey

Honey is not just a great app but an extension browser too that applies the best discounts after searching for them. So when you shop from this app, you will see discounts applying automatically from over thirty thousand merchants.

This discount app covers more than 300 stores in U.S and several others from U.K and Canada.

6. Shopkick

This app is not your traditional coupon app but you can save quite significantly at the stores you shop more regularly from. with Shopkick, you get to earn reward points as “kicks” and then redeem them once you have gathered many with a gift card.

You can avail the gift cards at your favorite stores, including Amazon, Walmart and Target. You will be surprised at how much this app will help you on the same products you have been purchasing off-discounts since long.

7. CapitalOne

If you’re looking for one of the best apps and browser extensions for comparing prices on eligible items, then CapitalOne is for you. It automatically compares pricing of over thirty thousand retailers and even compares membership pricing and shipping costs.

This coupon app applies coupons automatically to your purchases from the thousands of retailers. If the app finds a place where your chosen item is on special prices, it provides you the link so that you can avail the offer.

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Financial Savings

6 Best Websites for Finding Coupons & Deals Online

6 Best Websites for Finding Coupons and Deals Online

Coupons are popular with shoppers for a reason. After all, who can resist the opportunity of grabbing a couple of high-quality products at discounted prices? Often the misconception people nurture is that shopping with coupons means they have to compromise on quality for the reduced prices but that is entirely untrue.

You can avail some fantastic coupons and find excellent products at great prices from the best websites. Not only do you meet your financial goals with coupons but you also get a lot of great products you’ve been after at half prices. Isn’t that wonderful?

Here are the best websites that offer the best coupons currently:

1. Ibotta

This is a cashback and coupon app that allows significant saving especially when you’re grocery shopping. You get to enjoy the cashback option when you complete certain tasks, such as purchasing a particular item, presenting purchase evidence, commenting on products or watching short videos.

2. CapitalOne Shopping

This browser extension alerts you when a coupon is available or when you get items at reduced prices. All you need to purchase the discounted items is to download the browser extension on chrome and make your account on it.

Then you search for your desired items through CapitalOne and it takes you to places where the said items are available at discounts.

3. Slickdeals

You can set your Deal Alerts quite easily with Slickdeals. It offers the customization option so that you get alerts that cater to your preferences and you can enjoy big savings. For example, if you’re looking for kitchen appliances you can customize alerts so that Slickdeals notifies you the moment appliances go on discount somewhere.

4. Rakuten

You will not regret signing up for this cashback and coupon site. Users can enjoy the free service and enjoy cashback opportunities from hundreds of its websites. You can also avail a dozen fantastic coupons additionally.

5. Swagbucks

Swagbucks is an amazing coupon website that helps you save big time in several ways. The best part is that you can print their coupons quite easily and use for your purchases at clothing brand outlets, drug stores and grocery stores etc.

You earn a swagbuck upon each coupon you print and the more you earn the more online deals you can redeem. Once you have collected a significant number of swagbucks, you can also cash them in for gift cards and shop at your favorite popular stores.

6. Groupon

It’s not only the regular groceries and household accessories we love to shop for at discounts but also some essential services. You can now get great deals on restaurants, spa services, and beauty and entertainment events too with Groupon.

In fact, this site offers some attractive discounts on travel plans as well, including vacation packages, accommodation and tours at some of the famous holiday destinations. But this is not all; in addition to all of this, you can even find discounted merchandise on Groupon, including fancy items like necklaces and cell phones etc.

From local deals to shopping at thousands of stores both online and offline, you find almost everything your heart wants at this site.

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Financial Health & Home Savings Wellness

5 Simple Lifestyle Swaps That Can Save You Money

5 Simple Lifestyle Swaps That Can Save You Money

Trying to save money can be difficult, especially at the beginning. Most people aren’t exactly sure how much money they spend every month and therefore end up overspending.

Maybe you are saving up for a purchase or may you’re just wanting to be better with your finances, either way, these five simple steps will go a long way.

Make a budget

Having a budget using a simple tool like a spreadsheet can show you how much money you can afford to spend in each area of your life. Save receipts or go back through your bank transactions and see how much you really spend every month.

Looking at the numbers may surprise you. Keeping track of expenses is the start of knowing how much money comes in and how much comes out.

Consider taking out the money you can afford to spend out in cash. Then, once this money is gone, you wait until the next month to withdraw money again.

Eat at home

This one is a basic step, but that’s because it really does save hundreds a month. You don’t have to be a chef or a whiz in the kitchen. Just make simple meals that you enjoy eating so you are less likely to order takeout.

Have one day a week that you eat out or order food so that you have that day to look forward to. You can also meal prep so that the food is ready for you whenever you need it.

If you hate cooking, sign up for a meal delivery service that is in your budget to help you out. Consider only drinking water as well to save money you spend on soda or alcohol.

Ditch cable or some streaming services to save money

Spending a few dollars a month on several streaming services may not seem like too much, but things quickly add up. Take a look at what you really watch and what you can go without.

Cancel all the services you do not use often, especially cable, as this can be the most expensive. Most streaming services probably offer most of the shows you watch anyway.

Do more things yourself

Is there a service that you pay for that you could really be doing yourself?

Go through the services you use and find out. Sometimes this can be paying for pest control, lawn care, or car washing services. If you have time to do these things yourself, cut the services.

Start being a coupon clipper to save money

Actually, you don’t have to clip. Most coupons can be found online. Check online at the places you normally shop or go to. Chances are there are coupons online somewhere for all the businesses you frequent.

Even just using a few coupons a month can save you tons of dollars throughout the course of the year.

Sometimes buying in bulk with coupons can save you more money later. Having more supplies in your home can keep you from constantly buying the same items every few days or weeks.

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Debt Financial

Debt-to-Income Ratio: Why Is It Important?

debt-to-income ratio

There are many unintuitive systems and statistics within banking. But above all of those, the most confusing is your “debt-to-income ratio”.

But what is debt-to-income ratio?

Debt-to-income ratio is the result of a math equation: First, take the amount of debt you have to pay every month. This includes house payments, car payments, student loans, medical bills, basic utilities, and rent. Add them all together and you have the “debt” part of the equation.

Then, add together all your monthly income sources. Banks will only care about your “official” sources of income—that is, those which are subject to taxes. That gives you the “income” part of the equation.

Now, divide the “debt” value by the “income”. If your income is greater than your debts, you will get a decimal point. For instance, if you have $3,000 in debt every month, but make $10,000 a month, this will divide into .30.

That .30 means that 30% of your income is tied up in debt. That percentage is your debt-to-income ratio.

But what happens if your debt is greater than your income? Well, to begin with, the number you will get from dividing “debt” by “income” will be above 1. This is a problem as far as banks are concerned.

Most banks will not give loans out to anyone whose debt-to-income ratio is higher than 43%. This includes mortgages, auto loans, and student loans.

Why did they pick that number? No one really knows, but it has been that way since the 80s. Whoever made the calculation that decided 43% was a red flag has long since faded into history.

While the reasoning behind the exact number is unknown, the reasoning behind having any kind of number at all is understandable. After all, banks have to have some method of determining your ability to pay off a loan.

Ratioing your debt with your income is one of banks’ primary methods of determining the viability of giving you loans. This means that it is an important factor in both a person and a business negotiating with their bank.

So, how do you manage such a thing? How do you keep your debt and income in a place where you can get the loans you need to make the moves in life you want to make?

It is easy to think of both your debts and your income as immovable things. This certainly feels true, but it is not always the case.

Remember that “debt” and “income”, in these cases, are both calculated before taxes and other things that might affect that total output of your income.

This means that if you wish to set aside more out of your income to pay your debts, it won’t affect this ratio. Paying your debts off doesn’t actually affect the ratio, but it can affect your bank’s willingness to look past the ratio.

Ultimately, it’s one factor among many in negotiating with your bank. It is not the final word.

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Financial Tech & Media Technology

Best Stock Trading Apps for 2021

Best Stock Trading Apps

2021 has been an incredible year for retail investors. With the historic surge in Gamestop stock thanks to ongoing short selling and Reddit-fueled investment research, millions upon millions of everyday people are hopping on the rocketship.

There are a lot of stock trading apps out there, and they can all blur together if you don’t know the ups and downs of each one. We’re going to go over some of the more popular ones, and give you an idea of which might be right for you and your needs, depending on what those are. Let’s take a look.

Robinhood

This app was already doing well when it went viral during the first part of the year in connection with Gamestop. Robinhood boasts an app that allows anyone to invest. They allow investment in stocks, ETFs, as well as options trading, and they require no minimum to invest. Their app is extremely simple, and they offer very little in the way of research tools or in-depth functionality.

E-Trade

One of the zero-commission trade model pioneers, E-Trade is a very popular stock trading platform with zero fees on most trades, and no account minimums to begin. The app is super easy to use and offers a huge array of features. One of the many brokers that support fractional shares, they make it easy to invest a few dollars at a time, so that anyone can start building wealth.

Fidelity

Fidelity has been around for a long time. They offer a huge array of research and tools that are made available to their investors. Additionally, account approval can take a little while. However, the ability to trade regular stocks, as well as many penny stocks, makes this a very appealing platform to many new investors. One downside of the app is that it is basically a tiny version of the website. It does not offer much in the way of streamlining compared to the web version.

Schwab

Schwab is a great platform for new investors and offers zero fees on most trades. They have provided a consistent trade experience for a long time, and are highly trusted brokers. Schwab offers a highly enjoyable trade experience since their interfaces are always intuitive, regardless of the device, it’s viewed on. They do lack the ability to set various alerts on stock movements in their app, however.

TD Ameritrade

One of the most loved apps comes from TD Ameritrade, called Thinkorswim. It provides an amazing amount of functionality for doing market research. They have a legendary trading platform and offer a huge amount of financial education resources for thier customers. They offer zero-cost trades like many others, and also support fractional shares with no account minimum required to invest.

Webull

Another extremely simple to use mobile app like Robinhood, Webull offers a much more extensive feature set than Robinhood, but still struggles to compete with research giants like Schwab and Fidelity. They offer zero-cost trades for stocks, options, and even crypto.

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Credit Financial

Credit Repair: How to fix bad Credit in 6 Easy Steps

Credit Repair: How to fix bad Credit in 6 Easy Steps

There are dozens of services that claim they can fix your bad credit for you. This is technically true. But what they don’t tell you is that everything they do, you can do yourself.

So, how do you go about fixing your own bad credit? There are at least six things you can do that are easy as pie.

1.  Take out a Credit Card (That you Never Use)

This tip sounds strange, but the purpose behind this becomes clear if you focus on the fact that you should never use this card.

You see, your credit can be improved in a number of ways. One of these ways is by having your debts paid and your credit even. If you take out a card, reports view this as a risk. After all, if you overcharge your card, your credit will suffer.

But if you don’t use the card at all, you won’t incur any negative credit. The existence of the risk will improve your score, even as you refrain from actually taking part in the risk.

2.  Dispute Inaccuracies in Your Credit Reports

There will tend to be more inaccuracies in your reports than you might expect. Disputing them is stressful, but it is absolutely worth it.

The most common inaccuracies come from car payments. Sometimes banks just will not register that you have paid for your car, even after you have finished your payments.

They are legally obligated to do this, however, so you can be certain they’ll capitulate to you if you apply any amount of pressure on them to recognize your status.

3.  Request Higher Credit Limits

This method requires a credit card, but again, you can have a card without using it.

The logic here is that a higher limit implies a greater risk. It’s basically you “calling your shot” and saying how much money you plan to spend.

The more you borrow, the more impressive it is when it’s paid off. So if you raise your limit, then pay it off or don’t use it, it will raise your score.

4. Become a Friend’s Co-Signer

This method relies on you having a friend with good credit. It doesn’t have to be exceptional either—if they follow all the steps on this list, you can help each other out.

Co-sign a loan they’re getting or become an authorized user on their card. Then, you are both participating in the “risk” associated with that credit. Hence, you will both be credited for it being paid off.

5.  Mix up Your Credit

There are many different types of credit. Bills and cards are on thing, while loans and property are another. If you have only one of these four, consider investing in the other three. Diversity builds more credit than reliability.

6.  Pay Your Bills!

This is the most obvious way to improve your score, and the one you have the most control over. But if you don’t pay your bills, you can’t expect anyone to take your credit seriously.

Your credit is in your hands, and no one is more qualified to improve it than you. Hopefully, you will have some idea of how to improve things now.