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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What Is Velocity Banking?

What Is Velocity Banking

Can you save money with velocity banking? In theory, this strategy allows you to lower your mortgage payments while also paying off faster. In reality, there are more expenses going on that ipan theory, so this method doesn’t always work. But that doesn’t mean it’s not worth considering. What Is Velocity Banking? What’s the best way you know to pay a traditional 30-year mortgage? Most take the traditional road. Pay your bills every month and wait until the last year …

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What Is Joint Credit?

What is Joint Credit

The purpose of a joint account will vary from person to person: Joint accounts serve all these purposes. You’re essentially selling rights and responsibilities with another person. It simplifies finance, makes it easier to track expenses, and saves time. What is Joint Credit? Say you want to buy a house, but your score is far from perfect. Your wife, however, has a hundred points more than you. Not only would she qualify for a mortgage, but also get lower rates. …

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What Is Accessible Income?

What is Accessible Income

If you apply to a credit company, they may require you to provide some proof of income. In other words, they want to know what kind of accessible income you have available. But what does that really mean? Well, the law requires these companies to verify how much money you’re making. This way, it protects businesses from taking advantage of customers. It also makes sure you don’t pay more than what you can afford, so it protects you against debt. …

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Income Based Repayment Disadvantages and Advantages

IBR Pros and Cons

There’s no doubt that high education can be expensive. Let’s not even get into technical careers, such as lawyers, doctors, and engineers. Sure, those jobs can potentially earn you six-plus figures a year. But there are some problems with it: Imagine how stressful that has to be. You can barely keep up with your exams, yet they think you can make money out of thin air. And if a job is your best hope, that’s still 5+ years you’re going …

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How Long Does It Take to Transfer Money Between Banks?

Transfer Money Between Banks

Bank transfers can be convenient for moving large sums internationally. And because time is money, money received today is worth more than the same amount received tomorrow. That’s why some transfers give you a paid option to complete domestic transfers instantly. When sending between countries, however, there are many factors your bank doesn’t control. If your payee expects to receive the money by a certain date, make sure to wire money a few days before. All transfers take 1-7 business …

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Is Transferwise Safe?

Is TransferWise Safe

Moving money from one bank to another is expensive. Is there any way we can lower those fees while keeping high security? That service is called Transferwise, and it seems to deliver on that promise. But this isn’t your typical transfer service. It uses a different method to send money to other accounts so that you barely pay anything. All you need to do is open and fund your account. Next, you choose where you want to send that money. …

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Types Of Loans: Which Is The Right One For You?

Loan Terms

Are you in need of money? Who isn’t? We all have different reasons to earn. But one sure thing is, money earned today is more valuable than getting money tomorrow. That’s why lenders add interest to any amount you borrow. But it’s not just to minimize risk. Money can solve problems fast. It can also accelerate your financial wealth, so you don’t have to waste saving dollars for months. If you’re already making money or have a great financial history, …

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Types Of Credit Cards

Types Of Credit Cards

With your average credit card, credit is the main benefit. You can borrow money to meet payments, but you need to return it within 30 days to prevent late fees. However, you might still pay interest for that at the end of the year. So you’re paying to use that card. Missed payments can hurt your credit score, which means you have to pay more for credit. But that’s not all. Businesses pay a protection fee whenever you pay with …

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How to Buy a House With Bad Credit?

What You Should Know Before The Big Purchase

Life is a lot easier with good credit. Banks lend you money, lenders offer better rates, and you qualify for many programs. But what if that’s not you? Does it mean you’re cursed financially for years? That doesn’t have to be the reality. There are obvious benefits of having a high score. But a bad one should neither close you to opportunities. As soon as you start treating money the right way, you can start getting loans, buying houses, and …

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What’s The Difference Between a Checking And Savings Account?

How you use your money affects your financial future. The better habits you have, the more you will make. You may agree that it’s not enough to just “earn more.” You also need to know how to use it wisely, to invest it. Because money is useless until you give it a use, you should always put those dollars to work for you. That doesn’t mean you have to be broke all the time. It’s not smart to spend everything …

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How to Send Money Online: Limits, Fees, Speed, Refunds & Risks

When moving money, we expect payments to be frictionless. Whether you send or receive funds, paying should be the easiest part of the process. At least, it still is when paying with cash. With online payments, not so much. Sure, there are free ways to move money fast. But are they reliable? It may sound shocking the first time you hear it. But on the Internet, you pay to process payments the same way you do for any service you …

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Is Debt Settlement Worth It?

DEBT. Dreaded word. You get money for the now, but end up paying more later. And the longer you miss payments, the more it costs you. If you can’t keep up with the current payments, what makes you think you’ll be able to handle more debt? You used that money to pay for something years ago. It may be college, a house, a car. Imagine yourself 20, 30, 40 years later, still paying for a buying decision you made in …

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How To Set Up Direct Deposits?

How To Set Up Direct Deposits

There are many ways to pay online, but almost all of them incur some costs. Wire transfers cost $15-$50. Checks and money orders cost money. Even good-old cash isn’t free. Mailing it will cost you. If they lose it, you pay for the replacement. And even if nothing goes wrong, it’s still slow. Too slow to even protect against inflation. Then there are 3rd-party providers. You can use Venmo or Paypal to “send money anywhere you want for free” as …

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Types Of Mortgage Loans: 7 Ways To Afford A House

Mortgage To Borrow Or Not To Borrow

You’re looking to buy a house. But how do you make sure it’s the right one for you? What if your dream home is out of your current budget? Should you limit your choices with the money you have? Who pays for a house in cash anyway? Unless you can afford it, it makes more sense to pay for it while you’re living there. With a mortgage loan, you can buy more than what you can afford. Or at least …

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