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Finance

February 14, 2022 by Eddy

Banking Mistakes You Have Been Doing All Along

As you start your professional life, you have to create a salary account, fixed accounts, savings account, and a lot more. For a newbie, banking can seem like a lot of work and a complicated process. You have to deal with a lot of paperwork, deal with bank managers, update your bank books, and a lot more. This can easily lead to banking mistakes.

Below you would find some of the most common banking mistakes, including facing issues while going for the best savings investments, deposition and withdrawing money, and a lot more.

Still Going For Manual Bill Payments

Nowadays, most individuals have been resorting to online payment as it is not only convenient, but you do not have to run to the bank to withdraw cash every time. For monthly payments, including loans, the electric bill, water bill, and others, you could go for an automated payment option. This way, you will never be late, and you never have to pay any penalties.

However, make sure you are always monitoring your automated payment options. Check whether your account is overdrawn or not, as bills could vary each month. Another vital benefit? You become a conscious citizen by turning green by not opting for paper bills every month. Save money on bill payment envelopes as well as stamps.

Keeping Both Your Savings And Checking Account The Same Bank

This is one of the biggest mistakes you make, that is, keeping your savings alongside your checking account under the same bank. Using your savings money can seem tempting to meet your purchase and luxury expectations. However, when you have two different accounts in two different banks, transferring money can seem tedious. Again, splitting them up, you get to choose the most reliable and profitable savings as well as a checking account.

If you have already made this mistake, rectify it, close one of the accounts and look for schemes in a different bank.

Going After High-Interest Rates

While going for higher interest rates for savings might seem like a satisfying option, jumping to another bank when the present bank interest is lower is not always a wise idea. Rather than running after banks that promise you higher interest rates, look for banking schemes that match your requirements depending on the financial condition and your age.

If you have already made those mistakes, then stop further from pursuing higher rates. Stick with the bank you are with already. Focus on what your bank is charging you rather than seeking the highest interest rates.

Always Overlooking The Fine Print

This is a common mistake where you do not really go through the fine print of the documents, and while it might take time, not reading might cause major issues later. Reading the fine print carefully, you can find any loopholes that the banks have creatively tried to hide.

First and foremost, get a better understanding of your account’s fee structure. This you can easily find on the bank website. Whenever any change is announced by the bank regarding rates, you might have to think of switching banks. If you have already made that mistake, look into other best savings plans and take your money elsewhere. Some banks could then waive fees to hold on to their long-term customers.

Paying For Your Checking Account

This is another major mistake you could end up making where you pay an amount just for checking. Free checking is offered by most of the banks, and if one is asking for a minimal fee, it is time to take your business somewhere else. It is important to know what you can do in case you are burdened with a sudden charge for checking.

If you have already made that mistake, ensure you look for other options and compare different banks to find one which offers you a free checking account. Again, you could call your present bank and ask if you could change your account into a free one by going for direct deposit.

Not Monitoring Your Account Transactions

You have to be thorough with your transaction history — keep track of how much you are putting and withdrawing from your accounts. According to surveys, one in five customers never goes through their transaction history. However, being aware of your transaction, you can find out discrepancies earlier and avoid major issues later.

It should be incorporated within your habit to check your transaction history at least once every two weeks, if not every week. Look out for charges that seem suspicious to you and talk to bank officials. You can keep track of your transaction history through various mobile apps, which could also help you manage your expenses well.

Never leave your online payment accounts vulnerable and set a strong password by making them random so that they cannot be easily linked to you. Wrapping up, these are some of the most common banking mistakes you might have been making all along. There is still time; therefore, make sure to protect your banking accounts by learning from these mistakes and taking professional help.

 

Filed Under: Finance

February 2, 2022 by Eddy

Why Should You Compare Whole Life Insurance Quotes?

Insurance policies provide policyholders with financial protection and help mitigate risks from unexpected events. Homeowners insurance covers your home from storm damage, and health insurance pays medical bills when you get sick. Life insurance, however, is unique in that it protects the family of the policyholder. Purchasing life insurance is a decision that will impact your overall family financial plan. Should the unexpected happen, a life insurance policy will provide a death benefit to your loved ones or other beneficiaries to cover final expenses and debts or provide financial support. When you decide to purchase life insurance, you need to consider the type of policy you need and the coverage amount that your family would require.

Instead of short-term coverage offered by a term life policy, you might consider whole life as a permanent type of life insurance. Whole life insurance offers permanent protection and ensures that your designated beneficiaries receive a death benefit payment no matter when it occurs. As an added benefit, a portion of the premiums is typically placed into a special savings account that allows the policy to build cash value over time. Depending on the policy, eventually, you can borrow against the cash value of the policy, use it to pay premiums, or withdraw it. Many families prefer a whole life insurance policy as it provides financial protection and investment.

If you are considering a policy, you should seek more than one whole life insurance quote to find the best coverage for your needs. Let’s take a look at why you might consider several whole life insurance quotes.

Get protection for your family.

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As discussed, a whole life policy provides a guaranteed death benefit payment to your beneficiaries should the unexpected happen. A tax-free death benefit could help pay off debts, supplement lost income, pay funeral costs, or cover other financial obligations. On average, whole life insurance products provide around $250,000 in coverage. When looking for permanent coverage with whole life, you should get several quotes and compare your options. You want to ensure that you get the right coverages and policy amount to protect your family.

Compare health classifications.

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Based on your answers to health questions and your medical history, you will be placed into a health classification based on how an insurance company views your longevity. Depending on your classification, you could pay significantly more or less for whole life insurance. Insurance companies don’t charge the same rates for each health category. While you may be considered a preferred customer to some companies, you could end up paying less than the preferred plus rate with another insurer. Shopping around will help you see all of your rate options and find the best one for your needs.

Consider your circumstances.

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Insurance companies consider various factors when determining premium rates. Factors from your age and medical history to your lifestyle choices and gender will inform your policy premiums. Similar to health classifications, there is no standard for how insurance companies treat smokers or women with depression. While most companies will increase rates with age and lifestyle choices such as smoking, there isn’t a universal standard. Collecting multiple life insurance quotes will allow you to see various rates for your situation.

Many consumers think they won’t qualify for life insurance if they are a certain age or a longtime smoker. While it might be a little more expensive, most of these people can find options for coverage. Comparison shopping will help you find the right policy that provides the best premium for your particular circumstance.

Whole life insurance will provide peace of mind that your family’s needs are cared for should something happen. With careful consideration and comparison shopping, you can examine all of your options before choosing a product and plan that will ensure your family’s future.

 

Filed Under: Finance

January 5, 2022 by Eddy

Emerging Fintech Technologies to Watch For – Dan Schatt

Fintech is defined as the intersection of tech and finance and is a rapidly growing space as tech companies apply their core competencies to financial services. As a result, fintech has the power to both disrupt the world of finance and revolutionize it, according to experts like Dan Schatt.

Here are some emerging Fintech technologies you should keep your eye on:

Blockchain

What is Blockchain?

Blockchain technology has emerged as the key to solving some of the biggest challenges facing financial institutions and others. It’s the underlying technology behind Bitcoin (which was created to facilitate payments), but it can be used for more than just digital currencies. For example, the ledger-like nature of blockchain makes it ideal for recording transactions, managing contracts, or validating identity.

Why Should You Care?

The potential benefits of blockchain technology are three-fold: cost savings, operational efficiencies, and trust. First, it is an open ledger that holds information on every transaction. Still, the ledger itself is not held by any one person — it’s shared, synchronized, and updated across more than 50,000 computers around the world.

Rather than having banks reconcile their ledgers every night (which takes days for some), they can use blockchain to update records in near real-time. In addition, blockchain could replace central counterparties with smart contracts defining everything from fees to collateral requirements.

Personal Finance Management Tools (“PFM”)

Personal finance management tools can help customers better manage their money, reduce the amount of time they spend managing it, and provide advice on investing or saving. Banks used to be known for telling you what to do with your money; now, they show you how to do it yourself.

The technology powering many of these tools includes advanced data analysis capabilities that allow consumers to take advantage of shopping behavior insights, transaction monitoring software that allows early warnings on bank accounts, sophisticated mobile banking apps, and intelligent cash flow projections. Chatbots & helper bots (virtual assistants) also interact with customers via text messaging, providing financial information 24/7/365 — think Siri for your wallet. Virtual helpers may even give personalized advice on where to invest your money.

Why Should You Care?

Because of this technology, PFM tools can do a better job for consumers than banks can. They will give you advice when you need it most and help you take control of your finances. However, the greatest benefit might be that they empower consumers to know more about their financial situation and take action in real-time. According to Juniper Research, it is expected that over 100 million individuals will use a PFM tool by 2022.

Robo-Advisors

As traditional advisory models continue to face challenges, Robo-advisors are becoming a popular alternative in delivering digital wealth management solutions. Like Personal Finance Management Tools discussed above, Robo advisors rely on advanced data analysis capabilities to provide customers with predictions on adjusting their portfolios. In addition, other technologies like artificial intelligence (AI) are also being combined to help investment advisors make better decisions.

Why Should You Care?

The entire industry is evolving, and consumers can benefit from these changes. For example, advisors will serve more clients by scaling back their efforts, Robo-advisors will improve their predictive models, and investors can get advice when they want it at a lower cost. Robo-advisors may also simplify the investing process for many individuals who otherwise would not seek out financial advice, reducing the burden on traditional advisory services and forcing them to offer better value for money if they want to compete.

 

Filed Under: Finance

August 30, 2021 by Eddy

Is There a Way to Tell When a Slot Machine Will Hit?

Many people assume that a slot machine becomes ‘due’ for a payout after hundreds of spins without the desired result. They will continue playing, determined that the next spin will yield a jackpot win. Others believe they can tell when a slot machine is ‘hot’ or ‘cold’. Is there truth to these theories, and can players truly predict when a slot machine will deliver a win?

Understanding random number generation (RNG)

Slot machine software works with RNG, an algorithm that ensures there is no way to predict what the next spin will show. Real money slots work on an identical principle, meaning that there is no accurate way to forecast what a slot machine will do in the future based on its past results.

Most gambling games revolve around random, independent results. The word ‘independent’ is critical in that description as it confirms that past performance is no indicator of future results. The term ‘random’ means there is no discernable way to determine what combination a slot machine will reveal.

Should you play?

Most people who gamble on games of pure chance do not do so with the realistic expectation of striking it rich. Undoubtedly, they would be delighted with a win but should not go into it assuming they are guaranteed one. Most slots players using an online gambling app do so more for relaxation than securing substantial wins.

If you are a serious gambler looking at growing your stock portfolio using gambling wins, consider playing games that involve more strategy than pure luck, such as blackjack and poker. Even these games cannot guarantee success, although your chances of achieving it are higher than in a game of pure chance.

Do you make your luck?

Many gamblers have set ideas about luck and how to achieve it. Some believe in getting lucky through astrology, while others walk around a physical casino until they feel drawn to a slot machine.

While these strategies may yield results, they are fallible as they do not work every time someone tries them. Therefore, accepting that you have no control over winning or losing is likelier to give you a positive mindset about gambling. And good things tend to happen to people who approach them with optimism.

Can a machine be ‘due’ or ‘hot’?

The simple answer to this question is no. A machine can deliver three substantial wins in a row and does not need time between wins to accumulate money to pay out a jackpot, nor does it need to pay out once they have reached a preset threshold. However, as much as that slot machine could deliver three significant wins, it can also offer players a hundred straight losses.

 

Filed Under: Finance

July 7, 2021 by Eddy

E-wallet Vs. Card payment: What is better for Online Shopping?

There’s only one thing better than traditional retail therapy, and that’s shopping online. Moving from to store in an instant, with virtually no boundaries on where you can shop means you can order flip-flops from Rio de Janeiro, pret-a-porter from Paris, and groceries from the local supermarket without leaving your couch.

When it comes to making a payment at the virtual check-out, cards and e-wallet payments are the two most popular methods of settling up. So what’s preferable, and why? Read on to find out more.

Convenience

E-wallets are one of those lifestyle changes that make you wonder how and why you ever managed without them. Replacing the traditional bump-in-your-pocket, weight-in-your-handbag wallet, going digital gives you access to your finances via your smartphone and enables everything from bill splitting on a Friday night to instant transfers to just about anywhere on the planet.

For instance, the fully-featured e-wallet, payit, makes online shopping a pleasure. Budgets are easily managed, transactions trackable, and payments securely made in an instant. it has partnered with some of the region’s premium retail outlets, so discounts and deals can be unlocked and availed – from ordering cupcakes from a favorite restaurant to a new bird-feeder for your balcony.

Security: credit cards, debit cards, and e-wallets

Between 2015 – 2020, reports of credit card fraud increased by a massive 161.7%. Essentially, there are two types of credit card fraud known as card present, where the physical card is being used without the knowledge of the owner, and card not present, a situation where the credit card number or data has been stolen.

Credit card companies continue to introduce new technologies to prevent fraud, one of the most major changes being the introduction of the microchip in place of the magnetic strip.

Debit cards come with a lot of pros – you’re only spending what’s in your account and not at risk of overspending, but the security risks are considered higher compared to those of credit cards. Simply put, if your data is scraped during a transaction, any money stolen by fraudsters will come directly out of your account and is more difficult to replace. Credit card suppliers, on the other hand, protect users against fraud. Any financial loss that takes place as a result of fraud is much more easily recovered, and more of an inconvenience than anything else.

E-wallets aren’t completely without risk: users and providers must take certain precautions to protect consumer data and their finances. Going digital, however, does reduce damage to your data. Even if a credit card is linked to your e-wallet, when an online purchase is made, the actual card number is never shared or sent across a network. Rather, the information is ‘tokenized’, so you can still use a credit card, and be comfortable with the reduced amount of risk.

Users of e-wallets can do their bit by keeping an eye on financial statements, enabling two-step authentications to prevent unauthorized access, ensure SSL encryption is activated, and only ever using apps they trust.

 

Filed Under: Finance

July 6, 2021 by Eddy

Things To Know About Forbrukslån (Consumer Loan)

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It is not tough to learn how to grasp consumer loans. Many individuals are unaware of what they are, but this is due to a lack of research. Most individuals have already filed for consumer loans, so you’re likely to have one. You have applied for a consumer loan if you have ever applied for a student or a credit card loan.

They must be understood by everyone who wants to achieve financial success since they can be useful financial tools. They enable people to obtain items that they would not otherwise be able to get.

Millions of Americans utilize personal loans every year to consolidate debt, pay for unexpected bills, renovate their homes, and more. According to TransUnion, the number of persons with personal loans has risen from 16 million to even more than 20 million in recent decades.

Why do so many people find them appealing? Personal loans have lower interest rates and smaller loan amounts than most other types of loans, making them attractive to consumers with good credit. They aren’t, however, the greatest option for everyone.

If you’re considering taking out a personal loan, there are a couple of things you should know about them before making a choice.

What is the procedure for obtaining one?

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Installment loans are very similar to personal ones. This means you borrow a certain amount of money and repay it in monthly installments with interest over the loan’s term, which commonly spans from 12 to 84 months. Your account will be canceled once you have paid it off in full. If you require additional funds, you must apply for a new loan.

The loan amounts differ by lender, but they commonly range between $1,500 to $100,000. The number you qualify for is determined by your score (i.e., how sure creditors are in your ability to repay them if you borrow money).

It is important to consider why you require funds and select the most appropriate loan type based on your existing financial condition. Check out Forbrukslån.no to find out more details about the topic.

Two types of loans

Personal loans are divided into two categories, and those are secured and unsecured.

Personal loans that are not secured by collateral are known as unsecured loans. Depending on your financial history, the lender determines if you qualify. Some lenders provide secured loans if you do not apply for an unsecured loan or want a lower rate.

Secured personal loans are guaranteed by assets such as a bank account or a certificate of deposit. If you default on your payments, your lender may be able to seize your property as payment for the loan.

How can you receive a personal loan?

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When you consider where to get a loan, banks are among the first places that immediately spring to mind. Personal loans are available from a variety of financial institutions, including banks and credit unions.

People who qualify can get loans through credit unions, consumer financing firms, online lenders, and peer-to-peer lenders.

In recent years, a slew of new internet lenders has appeared. If you have any doubts about a lender’s legitimacy, contact the Consumer Financial Protection Bureau or the Better Business Bureau.

Personal loans vs. other types of financing

Personal loans can help you get the money you need in a variety of scenarios. Still, they are not always the greatest option. If you already have the perfect score, you may be eligible for a 0% introductory APR balance transfer credit card. A credit card could be a wiser choice if you can pay off the bill before the interest rate increases.

Keep in mind that if you receive a balance transfer card and cannot pay off your balance or incur a late payment until the introductory rate expires, you might end up paying thousands and thousands of dollars in interest.

If you are a homeowner, you might want to look into a home equity loan or line of credit, often known as HELs or HELOCs. These loans may be able to give you the funds you require for higher loan amounts at reasonable interest rates. HELOCs are revolving credit, while HELs are often installment loans. However, keep in mind that these accounts use your home as collateral. If you skip on your loan, your lender may be able to foreclose on your property as payment.

Your credit scores will be affected

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The borrower will pull your credit as part of the application procedure when you apply for a loan. This is referred to as a hard inquiry, and it lowers your credit ratings by several points. Hard inquiries, on average, linger on your credit reports for two years.

When you’re looking for the best prices, some borrowers with whom you already have an account will do a credit check on you. This is referred to as a soft inquiry, and it has no bearing on your credit ratings.

Check your rates with lenders who offer soft pulls, which do not affect your credit ratings.

Interest rates and other fees

Interest rates and fees can have a significant impact on how much you pay over the lifetime of a loan, and they fluctuate significantly from one lender to the next. Here are a few things to think about.

The first is interest rates. Based on the lender and your credit, rates normally range from roughly 5% to 36%. The stronger your credit, the less your interest rate will be in general. And the longer the length of the loan, the more interest you will have to pay.

Do not forget about the origination fees. Some lenders demand a fee to offset the costs of loan processing. Origination fees usually range between 1% to 6% of the total loan amount.

You also have prepayment penalties to consider. Some creditors charge a fee if you repay your loan early since they lose out on some of the interest they would have collected otherwise.

Consider adding up all the charges involved with the loan, not just the interest rate, to estimate the entire amount you will be accountable for repaying before signing the contract. Read more on this page.

What is the greatest way to acquire the best personal loan deal?

Do not just take the first rate your bank or credit union offers you. You also need to compare APRs from several lenders to see which ones are the cheapest. APRs are compared but you might have to pay more if you do not have a good credit score. You can do this with the help of a comparison website.

Before you apply, get a quote from the lender. If they need to run a credit check, ask if they may use a ‘quotation search’ (also known as an ‘eligibility checker’ or a ‘soft search credit check’) instead of an application search, which leaves no trace on your credit record.

You can also consider peer-to-peer loans, particularly if your credit score is good. These loans may have reduced interest rates and are only accessible for a limited amount of money. They appear in almost all comparison tables. As you can see, there is a lot of research to be done, and if you want to make the best deal, you should roll up your sleeves.

 

Filed Under: Finance

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Hi Everyone. My name is Eddy and I'm a 28 year old American guy. I live outside the box and do things on my own terms. I quit my job a few years ago to pursue my writing passion, so here I am sharing this blog with you!

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About Us

Hi Everyone. My name is Eddy and I'm a 28 year old American guy. I live outside the box and do things on my own terms. I quit my job a few years ago to pursue my writing passion, so here I am sharing this blog with you!

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