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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How Many IRAs Can You Have?

How Many IRAs Can You Have

IRA plans only allow up to $6,000 in yearly contributions ($7000 if you’re 50 or older). With such a low limit, one may wonder: Can I open a different IRA and invest $6000 in each? Also, IRAs allow for more investment types than 401Ks. That means that if you put a high-risk investment worth ~$6000, next year, it may be worth twice as much (or half as much). You can also play it safe and do Treasury Bonds instead. Maybe …

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College is a Waste of Time and Money: Myth Or Reality?

Your College Exit Strategy

College. Many people see it as one of the most important decisions you make in life. In fact, how you do in college will define most of your future: Even: I know all this may sound far away. After all, we’re just talking to someone who just finished high-school. Or maybe you’re already studying there. In any case, you will find many hidden gems in this article. People make a good image of college. But is it worth the time …

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How do Prepaid Phones Work?

Prepaid or Contract Phone Plans

Despite technology, phone calls are still the preferred way to communicate. It’s the fastest way to reach out to someone and, most importantly, get their attention. That’s the most scarce resource in a world full of digital distractions. If you don’t believe it, try sending an email or a chat message. See how long it will take to reply back. With a phone call, the person instantly knows you’re calling (unless it’s on plane mode). But if you send a …

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How Can I Reduce My Cable Bill?

How to Reduce Your Cable Bill

Are you overpaying for something you don’t even need? It’s not rare that this happens with cable TV. One thinks that you need to have the most complete television for better entertainment. And why have a single TV when you can have five? Also, don’t forget about Netflix, Hulu, and Youtube TV. Yeah, $200+ a month are conservative numbers these days. Hey, at least you get the value for your money, right? Five different TVs, eight movie services, high-speed Internet …

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Are Diamonds a Good Investment?

Are Diamonds a Good Investment

Everybody knows what a diamond is worth. Well, kind of. What ideas come to your mind when you look at a gem like this? Status? Luxury? Love? I haven’t met many people who own real diamonds. But everybody agrees they are worth a lot. Around $1,000-$2,000 for a fairly regular sized one. Now, would you ever buy one? Probably, if you have nothing better to do with your money. Which is not the case. It’s not like it’s essential for …

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Things That Appreciate in Value

Things that Appreciate in Value

Wouldn’t it be great if your investments always made money? Imagine the financial confidence you would have. “No matter what happens to the economy, I’ll make profits.” Believe it or not, these things exist. Although there aren’t direct ways to do it. Otherwise, everyone would do it. So what’s the short answer? Yes. Almost any investment will increase in value over time as long as: If you want to make money in the short term, there are two ways: At …

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How to Become a Fiduciary?

Examples Of Fiduciary Positions

There’s no doubt that money can make many problems go away. As long as you have enough, you can live a life free of financial stress and worry. But how do you reach such a level of confidence? How do you know nothing terrible will happen to your money? Generating wealth takes time. And as you increase your fortune, it becomes more expensive to make mistakes. For these reasons, people hire financial advisors: In short, they allow you not to …

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Problem Solving Strategies – How To Be An Effective Problem Solver

Avoid These Problem Solving Mistakes

One thing we know for sure is that problems are always coming. The world is always changing, and uncertainty is never going to go away. But is this something we should worry about? Of course, you can ignore that. But it will only make the problem bigger over time. You can’t hope for a life without problems. All you’ll do is delay them. Bruce Lee used to say: “Do not pray for an easy life, pray for the strength to …

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How to Double Your Money?

How to Really Double Your Money

Imagine you had a money printer. Every time you put a dollar bill in it, it creates another one. What would you do if you wanted to make as much money as possible? Easy. You’d want to print those dollars as fast as possible. Imagine the monthly income: unlimited! Unfortunately, money-printing is illegal. You could try to print cash or hack into your bank account. But you face the risk of going to jail or something like that 😛 Let’s …

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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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How Much Cash Should I Carry for Daily Spending or Traveling?

How Much Cash Should You Carry

Digital money may be mainstream, but good old cash is still essential. It’s the easiest way to buy from most stores, some of which only accept cash. It’s also easy to steal. Which leads to the question: How much cash should you carry? How Much Cash Should You Carry? No more than $200 in twenties. That’s the most you need for: Now, $50 is what you can really expect to spend, depending on your habits. The reason we say $200 …

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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 Old Do You Have to Be to Invest in Stocks?

Stock Investing Age

I’m sure you’ve thought about it at least once. You look at the stock market and watch the returns created in the last few decades. You say: “Wow! If only I invested $100 10, 20, 30 years ago, I’d now have over five figures!” Imagine it’s your tenth birthday, and someone gives you $100 as a gift. That’s a lot of money for a kid. Anyway, you’d probably spend it quickly and not even remember about it. What if instead, …

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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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How Not To Worry About Money

We work all our lives with the goal of not having to worry about money. Maybe money isn’t your main goal, but you want enough freedom to pursue your real goals. If you plan to delay your happiness until that moment, you’re going to spend a long time feeling unsatisfied. First things first, there’s no guarantee that you’ll ever reach financial freedom, even though it sounds harsh. And worrying about money certainly doesn’t help you get there faster. All that …

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“My Job Is Killing Me” – What To Do About It

Do you feel like you can’t keep up with your job? You’re not alone. Statistics show 85% of people are unhappy at their jobs. Maybe that’s not you. But you think you might be working too hard. Harder than what they’re paying you to do. Or maybe your money is right, but you just can’t keep up with tedious tasks. Some days, it’s boredom. Others, it’s stress. You find yourself always chasing the next goal of your career. Like many …

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How Long Does It Take to Process a Refund?

The Fastest Way to Get Refunded

How long does it take to process a refund? If you want to get your money soon for any reason, keep in mind it may takes several business days to process. It doesn’t matter what you want to refund. It could be a subscription, a product, a credit card, or your taxes. We’ve covered them all here. The Fastest Way to Get Refunded If someone can directly process the refund for you, it may only take a few minutes. That …

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Why Leasing a Car is a Bad Idea

Why Leasing a Car is a Bad Idea

Do you feel like you “have to have” a car right now? But at the same time, you don’t want all the cons that come with owning a car Affording a good car isn’t a problem. What if you buy the model you want, but years later, you no longer want it? You’re going to spend a long time trying to sell it. And if you bought it new, the depreciation will do its thing. Buying might be cheaper than …

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