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For starters, you'll pay credit card interest whenever you carry a balance from month to month, and you'll likely encounter other fees like over-the-limit fees and late fees. Note that credit card lenders may use many different variations of credit score models when considering your application. But some credit cards don't charge any late fees for your first late payment, or, in some cases, any late fees at all. It's best for those with limited credit histories who can't qualify for a traditional unsecured credit card quite yet. Review: Citi Simplicity credit card reviewLate fee benefit: The Apple Card doesn't charge any penalty fees or late fees.

☆ If you don't want a recession, stop talking about it
▼ + stars: | 2022-08-20 | by ( Paul Constant | ) www.businessinsider.com time to read: +6 min

Every recession in the 20th and 21st century has followed predictable metrics — spending drops, unemployment rises, and manufacturing slows down. If you examine the economy with rising prices in mind, it looks like we're in a recession. Since the word is on everyone's lips, it's important that we hammer down the meaning of a recession. That said, we live in uncertain times, and nobody can predict whether or not a recession is imminent. Are Americans spending enough money to ensure that the service economy continues to add jobs?

My mom has worked all her life to support her kids, and she never thought she could travel to Italy. For her 60th birthday, I decided to save enough money to take my mom on her dream trip. For her 60th birthday, I knew I wanted to take my mom on her dream trip and cover all her expenses. But looking back, these strategies were crucial to making her dream trip a reality. When my budget didn't have much room beyond essential expenses, I took the time to take up hobbies at little to no cost.

Persons: — Organizations: Service, Transportation Locations: Italy, Rome, Vatican City, Mexico, Europe

Like a rate-and-term refinance, a cash-out refinance replaces your current mortgage with a new loan. You decide to get a cash-out refinance for the full amount you can borrow, which is $240,000 (or 80% of $300,000). Does it ever make sense to take on a higher rate to get a cash-out refinance? Cash-out refinance alternativesA cash-out refinance isn't the only way to take equity out of your home. Getting a cash-out refinance when mortgage rates are high typically doesn't make sense for most borrowers who are already locked into lower rates.

☆ CEO Wynne Nowland on coming out as transgender: ‘I’m much more at peace with myself’
▼ + stars: | 2021-03-23 | by ( Jade Scipioni | ) www.cnbc.com time to read: +7 min

That's the biggest lesson Wynne Nowland, CEO of insurance brokerage Bradley & Parker, learned going through her gender transition in mid-2017. Nowland sent an email to her 70-person staff telling them that she had made the decision to transition her gender. "I did not fully come out until I came out at work," Nowland says. And I've heard from many of the team members that they think I'm a more effective leader after my transition. I tried to do the right thing for my clients, for our insurance company partners and for our team members.

After teaching himself about money, my uncle retired at age 56 and paid off his mortgage in eight years. Save early and save aggressivelyIt's much easier to develop the habit of saving when you're young and have few responsibilities. Saving early gives your money time to grow, and you can take advantage of compound interest. In addition to saving early in his career, my uncle aimed to save at least 15% of his income. For example, if you start saving just five years later (at age 30), you'll need to set aside 18%.

The book lays out five steps to investing your money, from opening a brokerage account to buying index funds. For example, the Vanguard Total Stock Market Index is represented as VTSAX. 30% Vanguard Total Bond Market Index Fund (VBMFX)35% Vanguard Total Stock Market Index Fund (VTSMX)35% Vanguard Total International Stock Index (VGTSX)As you can see, he recommends roughly one-third in an international stock index fund, another third in a domestic index fund, and a final third-ish in a domestic bond index fund. (I have a lot of working years ahead of me and the stock market is currently going nuts, so I've opted for 90% stocks and 10% bonds.) Once you're set up, you need to adjust your ratios just once a year, letting your money work for you instead of the other way around.

Persons: Andrew Hallam's, it's, —, She'd, Hallam, let's, VTSAX, It's, you'd, What's, I've Organizations: Service, That's, Hallam, Vanguard, Index, Market Index Locations: VTSAX

☆ Reading 2 short sentences in 'Millionaire Teacher' convinced me to change my retirement savings strategy, and it's helped me earn thousands
▼ + stars: | 2020-12-27 | by ( Alexis Rhiannon | Read More | Read Less | ) www.businessinsider.com time to read: +6 min

Four years ago I'd started saving for retirement, but I was too afraid to actually invest the money. But reading the book "Millionaire Teacher" opened my eyes: I learned quickly that I was missing out on years of compound interest. But then, two short sentences in the book "Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned In School" finally convinced me the answer was yes. "Over the past 90 years," Hallam wrote, "the US stock market has generated returns exceeding 9% annually. 'Millionaire Teacher' challenged my preconceived notions about the marketBefore I read "Millionaire Teacher," my understanding of the stock market was vague and amorphous.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). If your credit limit is high enough, you may be able to purchase a car with your credit card. While you can earn a windfall of credit card rewards, it's not worth it to max out your card limits. You're probably well aware of the differences between a debit card and a credit card: A debit card is basically like cash, allowing you to spend only what you already have in the bank. Credit Limits and Payment Processing FeesUnfortunately, things don't always work out quite so easily when purchasing a car with a credit card.

Persons: it's, —, you'll, maxing, you've Organizations: Service, Google, Card

We also wanted to give ourselves more wiggle room in our budget by lowering our monthly mortgage payment in case either of us lost our income. We were able to refinance to a new 3.4% 30-year loan to save $150 a month and more than $30,000 over the life of the loan. Why we decided to refinance nowWe bought our house in April 2017, using a 30-year mortgage at 4.4%. We decided to refinance not only to take advantage of lower mortgage refinance rates, but also as a precaution. A lower monthly mortgage payment gives us some flexibility and more cash flow if we find ourselves with less money coming in.

Organizations: Finance, Service Locations: Wall, Silicon, United States

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