How to Reduce Taxes When Investing?

Whether you do stocks, crypto, or other assets, taxes are part of the trade. If you ignore costs, your investments will underperform. But that doesn’t mean you cannot save on your annual bill (or avoid most of them). Regardless of your income level and trading frequency, there are ways to pay less to the IRS legally (sometimes even 0%). If you want to make your portfolio more tax-efficient, learn more about the following strategies. 5 Strategies for Tax-Efficient Investing #1 …

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Certificate of Deposit: 3 Pros and Cons of Risk-Free Investing

Whether you invest or not, you probably keep some of your savings in a traditional bank account. This money loses value every year, either in form of inflation or opportunity cost. But what if there were a way to earn interest without adding risk? That’s the purpose of a certificate of deposit (CD). Keep reading to find out if it fits your financial strategy. How Certificates Of Deposit Earn You Money Simply explained, the certificate of deposit is an alternative …

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When Do Shocks to the Economy Occur? How To Respond To Next One?

What would it be like losing most of your savings overnight? Is it possible that the global economy controls your financial future? If so, what can you do when shocks to the economy occur? When Do Shocks to the Economy Occur? One day, without warning, any of the following may happen: The market is down over 20% with no signs of immediate recovery Your credit score drops because your bank unexpectedly lowered your credit limit The corporation you work for …

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Where To Hide A Lot Of Money?

The money game is more than earning, saving, or spending. And whether you seek stable income or freedom, you’ll need financial control. The question is: How safe is your money? Most of us never make this question, because we’re too busy managing our money. Then one day, the unexpected happens: a. The bank is unavailable. You cannot operate online, visit a branch, nor use an ATM. Your only choice is to use the cash you have b. Something terrible happens to the …

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How to Get Overdraft Fees Refunded In 24h Or Less

Anybody can miss a payment from time to time. But how is it fair to miss by a few dollars and get charged $35? Whether it was your fault or not, there’s a way to get overdraft fees refunded. Why Do Banks Charge Overdraft Fees? If one day, you find your balance below zero, it’s because you’ve allowed your banks to do so. You may not remember doing this, because overdraft features are enabled by default when creating a bank account. …

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How Does Escrow Balance Work?

Whenever you make a big purchase, there’s a lot that can go wrong. Nobody wants to stress about money, let alone risking your life savings. Escrow services attempt to make the process as smooth as possible. And while many would rather avoid paying that 1% fee, it costs even more not to protect your transaction. The more money you move, the more expensive the mistake is. So how does escrow solve this problem? How Does Escrow Balance Work? Escrow companies …

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How To Avoid Credit Limit Reduction In 7 Simple Ways

Why Is My Credit Limit so Low

Borrowing can be a lifesaver when you need money fast. Your credit limit is the amount your creditor is willing to lend you. This limit not only protects borrowers from debt. It protects the business. Lenders want to lend to those who can pay back (and probably don’t need it). To understand what kind of borrower you are, lenders look at your credit score, income, and behavior. As any of these change, lenders will change your credit limit to better manage risk. Often without …

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Can I Write a Check to Myself?

How Can I Write a Check to Myself

“Can I write a check to myself?” Yes, people do it all the time. It’s almost as easy as sending money to someone else. You can write yourself checks to move money between accounts, cash out, and even get “free” money. Here’s how. How Can I Write a Check to Myself This process isn’t different from writing any other check: Fill out the fields with the amount you want to send Write the payee (same name as the sender) (Optional) …

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What Is It Like to Be Debt Free?

What Is It Like to Be Debt free

What is it like to be debt-free? Maybe you’ve been borrowing for so long. You don’t remember what it’s like earning money for yourself. To buy what you want, rather than what others tell you to pay for. How would it feel like waking up and not worry about money? Believe it or not, that reality may not be that far away. But is it worth it? You might have a dozen other questions in your head: The only way to …

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How to use an ATM machine in 4 Easy Steps (Even Without a Card)

How To Use An ATM Machine

How to use an ATM machine? It may sound like child’s play unless you never used one. Either way, these machines are straightforward: insert your card, withdraw cash, and leave. Without ever using one, you can figure out how to do it on the spot. The problem is, this lack of experience can cost you money (all your account). Here’s what you need to know, whether it’s your local bank, a foreign branch, or a Bitcoin ATM. How To Use …

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What Is A Voided Check?

How To Use Voided Checks

What’s a voided check? It may sound contradictory. Checks are documents that order banks to process payments, while the word “void” cancels those orders. Even though you can’t send money with a voided check, they still share useful financial information. People often use them to set up electronic payments. How To Use Voided Checks For example, you can send a voided check to a company so that they know where to make the deposit. Or maybe a business requires your …

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How To Protect Your Cryptocurrency

Where To Keep Cryptocurrency

Almost every day, there are cases of people who got rich investing in crypto. Sadly, there are just as many stories about people who lost it all. Maybe not because of investment decisions, but because they didn’t protect their money correctly. You’d be surprised to know how often this happens: a. You lose the crypto wallet recovery phrase, or you delete the 2FA code by mistake. Now you can’t access your funds anymore b. You’ve been investing for months. Now …

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Is It Illegal To Mail Cash? Do It The Right Way

Why It Looks Illegal To Mail Cash

Is it illegal to mail cash? No, it’s just as legal as sending money online. You can mail checks and money orders the same way. Then why do we believe it’s illegal? It’s all about how much cash you send. Sending a few hundred is easy. But if you send tens of thousands of dollars, you risk losing that money. Not necessarily stolen, but confiscated, even if it’s 100% legal. Why? Why It Looks Illegal To Mail Cash We’re slowly …

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What Is the Difference Between Finance and Accounting?

What Is the Difference Between Finance and Accounting

What is the difference between finance and accounting? If you study both careers, you’ll find that one has nothing to do with the other. They’re closely connected, but they follow different objectives and means. But what does this difference have to do with you? Well, if you want to make more money, you’re going to need both. But which one should you pick first? Whether you hire an analyst or do everything yourself, this decision is the difference between losing …

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Difference Between Lease And Loan (With Examples)

The Difference Between Lease and Loan

Time is money. And if you treat it as such, you can make the best use of your money. For example, you might want to get a car or a house. Or if you own a business, you may need to get a local and some equipment. And none of these purchases are cheap. How you finance these assets is generally with a job, which is a very limited income stream. And when it comes to big purchases, it may …

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Can You Live Off Interest?

Can You Live Off Interest

You know you’ve made it when you can live off your money’s interest. You have so much money you don’t use that others pay you to borrow it. You do nothing and earn enough to never have to work again. Not only that, but none of your future generations will ever have to work either. If you keep reinvesting in this miracle, you can take better care of those you love or increase your lifestyle. Sounds too easy to be …

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Bank Statement FAQs: What They Do and How to Get One

Why Do We Use Bank Statements

A bank statement summarizes your financial activity in a period of time. For many, it’s an essential tool to keep on track with expenses and do personal finance. But these papers have other uses aside from accounting. This article is about how to get bank statements and what to do with them. Why Do We Use Bank Statements? A statement will show data such as deposits, withdrawals, bank information, beginning balance, or interest earned. These numbers can serve for the …

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How Long Does It Take To Establish Credit Score?

How Long Does It Take to Establish Credit Score

The sooner you establish your score, the sooner you can borrow money, apply for exclusive credit cards, and qualify for discounts. It’s easy to improve a good credit score just as it is to worsen a bad one. But how long does the process take? And how can you benefit from it? To get straight to the point, you don’t get any immediate benefits from improving your score. But when it comes to the future, it offers invaluable privileges. I …

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How Many Checking Accounts Should I Have?

How Many Checking Accounts Should I Have

Technically, you can have as many checking accounts as you want. You can open multiple with the same bank, and you can always join other banks. But why would you want to do that? The purpose of a checking account is to keep money in the short term to spend it. And to do so, you want it to be easily accessible. If you add more checking accounts, it makes personal finance more complicated. It’s harder to know what account …

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What To Do With Extra Money?

What to Do With Extra Money

Have you ever thought about what to do with extra money? Neither did I. This question isn’t very different from winning millions in the lottery. What are you going to do with that money? We know one fact. If you don’t know how to spend it, you will waste it. There are too many distractions in the world, and everyone tries to convince you why their products are valuable. If you don’t know what you want, you don’t have extra …

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