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diciembre 21, 2017

Collateral Spanish

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The truth? Closing credit accounts can actually lo The truth? Closing credit accounts can actually lower your credit score because it reduces your credit age (how long you’ve had credit) and increases your credit utilization (how much of your available credit you’re using). Both are key factors in credit score calculations, so be sure to keep this in mind anytime you decide to open another credit card!
Have you heard of the term "Opportunity Cost"? 🤔 It's the return or benefit you miss out on by choosing one option over the next best alternative. Every choice you make in life involves an opportunity cost because it requires you to pick one thing instead of something else. You might also think of this as a trade-off. For example, by spending your bonus on a vacation, you might give up the chance to use it to pay off debt. Opportunity cost is directly related to the economic principle of “scarcity”—that is, limited resources force us all (e.g., individuals, companies, governments) to make choices about how to use our resources. Although most people don’t actually go through life making decisions this way, economists and finance types argue that opportunity costs represent real costs that we should take into consideration. For example, suppose that the bonus you received was for $5,000. You might think that if you spend it on a vacation then your vacation costs $5,000. But suppose that instead you could have used it to pay off $5,000 in credit card debt that’s racking up interest at a 15% rate. Opportunity costs are important because they can help you see the total price tab of your decisions. Corporations often use opportunity costs in deciding the best use for their money, such as whether to: ➡️ Invest in developing a new product ➡️ Invest in new technology to boost production ➡️ Invest in replacing old equipment ➡️ Use cash to issue dividends or buy back stock But people can consider opportunity costs, too, and it doesn’t always have to be a hard calculation. Experts recommend that you think about opportunity cost from both a short- and long-term perspective. When making a decision, ask yourself: ✅ How important is this to me? ✅ Is there a better way I could be using this money? ✅ What will I miss out on in the future based on my decision today? Without considering the opportunity cost, a better choice might go unnoticed. Have you used Opportunity Cost before? Where and when? Check out our stories or the link in our bio to learn more.
Compared to 20% of those age 70-79, younger indivi Compared to 20% of those age 70-79, younger individuals reported more of a financial loss, however, when people age 70+ had a loss, the median loss was much higher (an average of $1300 for those 80+ compared to around $326 for those age 20-29. And out of 4.8 million reports, the top 3 categories are: 1. Identity Theft 2. Imposter Scams 3. Online Shopping and Negative Reviews Did you experience fraudulence in 2020? Did it result in a financial loss of some kind? Click the link in today's stories to see more.
Let's talk about the difference between 401(k)s an Let's talk about the difference between 401(k)s and IRAS! IRAs and 401(k)s are two popular types of retirement savings accounts. Most people who work in the private sector have at least one of these accounts (government employees often have different options), and many people own several retirement accounts. Both can provide great perks, including: ✅ Potential growth—both typically offer a range of investment options you can choose from, so your money grows over time. ✅ Tax advantages—contributions to either type of account are typically tax deductible and so reduce your current year’s tax bill. And both let you avoid paying taxes on your money’s growth while it’s in the account. ✅ Chance to build wealth—by contributing regularly and letting your money grow, you can use either type to meet your retirement goals. One downside? Because the accounts are truly supposed to be used only for retirement, you can face a big tax and penalty bill if you ever need to withdraw money early. So it’s important not to treat them like savings accounts. They also have some important distinctions, including how you open an account, how much you can contribute, and perks. Both 401(k)s and IRAs come in two flavors: traditional and Roth. The main difference is when you pay taxes. Because of this, Roth accounts are often a good fit for someone who has relatively low income today but expects to have higher income in retirement (like those early on in their careers). If you’re choosing between accounts or just want to know what you’re in for, here are some things to keep in mind: ➡️ You’re generally required to start taking withdrawals from your retirement accounts in the year you turn 70½ (there’s an exception for Roth IRAs). ➡️ You can have both a 401(k) and an IRA ➡️ Contributions to IRAs aren’t always tax deductible. That perk gets phased out above certain income levels (and where those levels are set depends on whether you’re also eligible for a 401(k) through work). Which do you prefer? Share below! And click the link in our bio or swipe up in today's stories to learn more.
October is National Financial Planning Month and T October is National Financial Planning Month and Today is World Financial Planning Day, which as you know, is something very important to us. But did you also know, as a recent article by @cnbc shares, only 25 states have pushed to include Personal Finance education in high school? 🤔 “There’s been an extra push to get personal finance education into high schools across the country this year, following the coronavirus pandemic. So far in 2021, 25 states in the U.S. have introduced legislation that would add personal finance education to their high school curriculum." “Bills in Arkansas, Hawaii and Nebraska have been passed this year and signed into law. Bills in four more states — Colorado, Nevada, Rhode Island and Texas — have passed and are awaiting governors’ signatures. Seven states — Virginia, Alabama, Tennessee, Missouri, Utah, North Carolina and Mississippi — have what Next Gen Personal Finance refers to as the gold standard of personal finance education: a standalone half-semester course that focuses on only personal finance. Beyond that, some 21 states require some personal finance education, but say it can be incorporated into another course.” What do you think? Do you think that personal finance should be a requisite in high school? Can you guess what our thoughts on this are? 😉💵 Whether or not your state is part of the list, our Napkin Finance Book is a great introductory tool for a student (or anyone!) in your life, who could use some #financialliteracy and encouragement towards #financialfreedom. Swipe up in today's stories to read the full article, and click the link in our bio to learn more about our Napkin Finance Book!
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