Money Management Archives - The Ways To Wealth

How Buying Tradelines Can Hurt Your Credit Score

Cleveland Dietz — Mon, 22 Apr 2024 21:12:56 +0000

If you’ve got a low credit score or a limited credit history, buying tradelines — which is also referred to as “piggybacking” — may seem like a good idea. After all, many companies that sell tradelines promise that you’ll get a near-immediate boost to your credit score, which could be the difference between buying a jalopy and getting a loan for a daily driver. While that’s true in some cases, buying tradelines can be expensive and risky. And it doesn’t always work. So we recommend avoiding this approach in favor of safer, more reliable options. Here are the most important […]

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Robinhood Gold Card: Game-Changer or Gimmick? (8 Insights)

R.J. Weiss — Fri, 12 Apr 2024 16:14:28 +0000

The Robinhood Gold Card has shaken up the credit card industry with an unprecedented 3% cash-back on every purchase. It’s an exciting offer, but is it more than a short-term gimmick? Article summary: Earning 3% cash-back on everything you buy is undeniably attractive, and if Robinhood can sustain that high reward rate, it could be a game-changer in the credit card industry. But there are still many unknowns about the card, including the application process and its credit limits. I won’t be first in line to get the card, but it will be fascinating to see how it performs in […]

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How to Build Credit at 18: Six Smart Tips

Holly Humbert — Sat, 16 Mar 2024 15:30:14 +0000

Having a good credit score can help you save money on student loans, rent an apartment, secure a job, purchase a car and more. But if you’ve just turned 18 and have no credit history, you won’t have a credit score yet. To start building one, you need to engage in activities that are reported to the three major credit bureaus (Equifax, TransUnion and Experian). This article highlights seven strategies you can use the day you turn 18. First, we recommend reading the brief overview (below) of how your credit score is constructed; knowing this information will help you understand […]

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Infinite Banking Explained: How It Works and Should You Do It?

R.J. Weiss — Thu, 14 Mar 2024 16:38:45 +0000

Infinite banking, which is also sometimes referred to as “banking on yourself,” is built on a compelling idea: use whole life insurance to let your savings grow tax-free and then lend yourself money at attractive rates from the policy’s cash value (also tax-free). Too good to be true? In most cases, yes. Infinite banking is an overly complex strategy with significant fees, risks, and opportunity costs. It requires substantial, consistent premium payments, and there’s a risk of losing coverage if you can’t keep up with the premiums. Even if you can pay them, it may take 10 years before there’s […]

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How to Budget For Your First Apartment (With Template)

R.J. Weiss — Tue, 05 Dec 2023 16:52:59 +0000

This guide walks you through how to create a budget for your first apartment. You’ll use a template via Google Sheets (also downloadable as an Excel file) to calculate how much you can pay in rent, plus make sure other expenses can comfortably fit within your income. To get started, open the template here and click “Make a Copy” to save a customizable version. To store it on your computer, select File > Download and save in your preferred format. Step #1: Determine Your Maximum Rent When budgeting for your first apartment, figuring out how much rent you can afford […]

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4 Proven Steps to Break the Paycheck-to-Paycheck Cycle

R.J. Weiss — Mon, 23 Oct 2023 09:00:00 +0000

Living paycheck to paycheck is stressful. You feel like you can never get ahead. Even the smallest unexpected expenses can feel like an anchor, pulling you deeper into troubled financial waters. But you can break free with the right approach. This article provides a simple, step-by-step plan to stabilize your finances. Here’s an overview of the practical advice we’ll cover: Step #1: Increase Your Income For most people who are living paycheck to paycheck, the core issue is that fixed costs like housing, food and transportation rise faster than income — not excessive spending on lattes and avocado toast. When […]

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Best Starter Credit Cards for Building Credit

Holly Humbert — Tue, 19 Sep 2023 21:47:07 +0000

While credit cards have risks — namely, they make it easy to accumulate high-interest debt — establishing a credit history that shows responsible debt management is a key aspect of your financial health. This article outlines the key factors that you should look for in a first credit card and lists some of the best options available today, broken down into the following categories: Why Do You Need a Credit Card? A credit history, especially a good one, can help set you up for financial success. Financial and business institutions rely on credit history to assess their risk for loans, […]

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How and Where to Cash a Check (With or Without a Bank Account)

Cleveland Dietz — Thu, 08 Jun 2023 19:29:13 +0000

Paper checks are an increasingly uncommon method of exchanging money, but there are still plenty of ways to cash them. Here’s a quick guide on how to cash a check, including a list of common options and an overview of what’s required. General Requirements to Cash a Check Cashing a check is simple, but the check has to be written in a particular way, and you need to bring proof of your identity. Where to Cash a Check The easiest place to cash a check is your own bank, but you can go to the check writer’s bank as well. […]

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What Is A Home Equity Sharing Agreement? (Cost vs. Benefit)

R.J. Weiss — Thu, 01 Jun 2023 19:02:59 +0000

If you’re a homeowner with over 20% equity in your property, you may like the idea of tapping into that wealth without selling your home or taking on debt. Home equity sharing agreements are one alternative that can give you these benefits. But at what cost? This article explains in basic terms how these agreements work. We’ll look at what to know before signing up, what happens during the agreement, and what your options are for ending the contract. Plus, we’ll provide specific examples to illustrate these agreements’ short-term and long-term financial implications. Home Equity Sharing Agreements 101 Home equity sharing agreements […]

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Home Equity Sharing: Pros, Cons and Alternatives

R.J. Weiss — Fri, 26 May 2023 18:36:16 +0000

Home equity sharing is an innovative financial model that enables homeowners to leverage their home’s equity without the burden of additional debt. Instead of traditional borrowing — which comes with the obligation of monthly payments — homeowners agree to pay a set proportion of their home’s future value in exchange for an interest-free lump sum of cash. Home equity sharing is gaining momentum as a compelling alternative in today’s financial climate, which is marked by robust housing market prices but high interest rates. It’s particularly alluring for homeowners with substantial property equity who find themselves in a liquidity crunch due […]

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