Financial Wize Archives - Page 8 of 4141

Apache is functioning normally

October 30, 2024 by Brett Tams

An ATM card is a type of bank card that allows you to access your bank account at an automated teller machine (ATM). You can use the card to withdraw cash, check your balance, and perform other banking transactions at ATMs. Unlike a debit card, however, you can’t use an ATM card to make purchases or get cash back in a grocery store.

Here’s a closer look at what ATM cards are, how they work, and how they differ from debit cards.

Key Points

• An ATM card provides access to bank accounts for transactions such as cash withdrawals and balance inquiries, but cannot be used for purchases like a debit card.

• Introduced in the late 1960s, ATM cards have largely been replaced by debit cards, which offer additional functionalities, including the ability to make purchases.

• Using an ATM card allows for convenient banking outside of regular hours and helps limit spending since it can’t be used for purchases.

• Security measures for ATM cards include keeping the card secure, protecting the PIN, and regularly monitoring account activity for unauthorized transactions.

• Alternatives to ATM cards include debit cards, credit cards, prepaid cards, and mobile payment apps, each offering varying levels of functionality and convenience.

How ATM Cards Work

ATM cards first came out in the late 1960s as a way to enable account holders to withdraw funds from a checking account at an ATM. While they’ve largely been replaced by debit cards, banks still issue ATM-only cards for some checking and savings accounts.

To use an ATM card, you simply insert your card into an ATM. The machine then reads the magnetic stripe or embedded chip on the card and prompts you to enter your personal identification number (PIN), which verifies your identity as the account holder. Once authenticated, you can perform a number of different transactions, such as withdrawing cash, transferring funds between accounts, and checking your account balance. Some banks also allow you to use an ATM card to deposit cash or checks into an account.

ATM Cards vs Debit Cards

The terms “ATM card” and “debit card” are often used interchangeably, but they are not the same thing. While most debit cards can also be used as ATM cards, ATM cards can’t be used in all the same ways as debit cards.

Along with offering all the functionality of an ATM card, a debit card also allows you to make purchases both in-store and online, just as you would with a credit card. Unlike using a credit card, however, the payment immediately gets deducted from the linked checking account.

While some debit cards allow you to choose “credit” at the payment terminal when you shop, this doesn’t turn it into a credit card. The only difference between selecting “credit” instead of “debit” when making a purchase with a debit card is that there will be a short delay in the processing of the transaction — anywhere from a few hours to three days.

Another difference between debit and ATM cards is that debit cards have the word “Debit” printed on the front.

Because debit cards offer more functionality than ATM cards, these days you will typically receive a debit (not an ATM-only) card when you open a new bank account.

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Benefits of Using an ATM Card

Here’s a look at some of the advantages of ATM cards.

• Convenience: ATM cards allow you to access your funds at an ATM rather than through a teller. As a result, you don’t have to stand in line at the bank, and you can manage your account at any time (not only during the bank’s business hours).

• No spending temptation: Since ATM cards cannot be used for purchases, they can help you avoid impulse spending and better manage your finances.

• No fees (when used correctly). As long as you use your ATM card at in-network ATMs, you can avoid getting hit with any ATM fees.

Drawbacks of Using an ATM Card

• You can still overdraft: If you opt into overdraft services, you may be able to withdraw more money that you have in your account. The bank may view this as a loan and charge transfer fees and interest.

• Limited functionality: ATM cards can only be used to manage your account at an ATM. You can’t use this type of card for purchases, making it less convenient than a debit card.

• Withdrawal limits: Some ATM cards come with relatively low daily withdrawal limits, which can be a challenge at moments when you want access to higher amounts of cash.

Keeping ATM Cards Secure

Your ATM card allows you to get your hands on your money, so you don’t want it (or your PIN) to fall into the wrong hands. Some safeguards to keep in mind:

• Keep your ATM card securely stored. No one should have access to the card but you, so be sure to keep it in a safe place, just like you would cash, checks, or credit cards. If your card gets lost or stolen, it’s important to immediately notify your bank.

• Protect your PIN. Try to avoid writing your pin down, especially on or near your ATM card. Also be careful to never give any information about your PIN (or ATM card) over the phone. For example, if you get a call from someone claiming to be from your bank or the police asking to verify your PIN, don’t offer the information. Hang up and call your bank directly.

• Monitor your account. Another type of bank fraud, called ATM skimming, can occur where criminals put a hidden electronic device on an ATM card reader that gets information from a bank card whenever a customer uses the machine. Though rare, it’s wise to regularly check your bank statements and account activity to ensure there aren’t any unauthorized withdrawals from your bank account. If you notice anything suspicious, contact your bank immediately.

Recommended: Bank Scams and How to Avoid Them

Alternatives to ATM Cards

ATM cards are a valuable money management tool but they’re not the only option. Here are some alternatives to ATM cards to consider.

• Debit cards: A debit card allows you to make ATM withdrawals like ATM cards do, but can also be used to make purchases wherever debit cards are accepted.

• Credit cards: These cards allow you to borrow funds up to a certain limit for purchases, with the added benefit of building credit history. However, they require responsible use to avoid debt.

• Prepaid Cards: Prepaid cards work like debit cards but are not linked to a bank account. You load funds onto the card and can use it for purchases and ATM withdrawals.

• Mobile payment apps: Apps like PayPal, Venmo, and Apple Pay allow you to make transactions and manage money electronically without needing a physical card.

The Takeaway

An ATM card allows you to utilize an ATM and perform basic account management functions without talking to — or waiting for — a teller. They can be an ideal tool for those who primarily need cash and basic banking services. However, ATM cards offer limited functionality compared to debit and credit cards, which can be a drawback in an increasingly digital economy.

When deciding whether to use an ATM card, you’ll want to consider your financial habits, needs, and the level of convenience you’re looking for. Exploring alternatives such as debit cards, credit cards, and mobile payment apps can help you find the best solution for managing your finances effectively.

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FAQ

Do I need a PIN for my ATM card?

Yes, you need a personal identification number (PIN) to use your ATM card. You’ll set your PIN when you receive your card. You’ll then need to enter it any time you access your account at an ATM, whether you’re withdrawing cash or simply checking your balance. This creates an added layer of protection to prevent unauthorized access to your funds.

Can I use my ATM card like a credit card?

No, you cannot use an ATM or debit card like a credit card. A true ATM card can only be used to manage your account at an ATM. A debit card functions like an ATM card but also allows purchases. When you make purchases with a debit card, however, the money is directly debited from your checking account. By contrast, a credit card allows you to borrow funds up to a limit and repay them later, typically with interest.

What if my ATM card is lost or stolen?

If your ATM or debit card is lost or stolen, you’ll want to immediately report the loss to your bank in order to prevent unauthorized transactions. Your bank will freeze or cancel the card and issue a replacement, usually with a new card number and PIN. After that, you’ll want to monitor your account closely for any suspicious activity. If the lost card was a debit card, you’ll also need to update any automatic payments linked to that card with the new card information to ensure continuity.

Photo credit: iStock/Milan Markovic

SoFi members with direct deposit activity can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.30% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.30% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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Source: sofi.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Becoming disabled can potentially lead to a reduced income, along with an increase in costs. In fact, research from the National Disability Institute has found that households that include an adult with a disability require 28% more income to maintain the same standard of living as those that don’t.

Naturally, this can feel overwhelming, especially when you’re navigating the complex emotions and sometimes complicated logistics of a new disability. But becoming disabled doesn’t have to be a permanent barrier to financial empowerment.

“A lot of times, people see disability as the end of the financial road, and it doesn’t need to be,” says Thomas Foley, Executive Director of the National Disability Institute. “It can just be a pause before you move on with your career and your financial journey.”

This checklist can guide you through some of the most important monetary considerations—from benefits to tax breaks—so you can get your financial situation in order one step at a time.

Step 1: Check your disability insurance policy

No one thinks they’re going to become disabled, especially to the point where they’re unable to work. But when the unexpected happens, long-term disability insurance may help fill gaps in your income.

This kind of disability insurance goes into effect if you can’t work for an extended time due to an injury or a disability. These plans give the policyholder a portion of their lost income—typically 60% to 80% of their monthly salary.

You may be able to purchase insurance through your employer, or you can buy a policy on your own. To make a claim, however, you’ll have to acquire a policy before a disability happens and make all premium payments to keep it in force.

Step 2: Apply for disability benefits

Beyond private disability insurance, some federal and state resources are available to help supplement the income of those affected by a disability. These include Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), and Veterans’ benefits.

One of the most common types of financial help for disabled adults is SSDI. This benefit compensates individuals for lost income due to a disability that has greatly reduced their ability to work—or has required them to stop working entirely.

In 2024, eligible persons may receive up to $3,822 per month—although the exact amount is based on work history. You might be eligible for SSDI if:

You have a disability (including blindness).
You have worked for at least five of the last 10 years.

While these are the general guidelines, there are some exceptions. For example, people under the age of 24 might not have to meet the work history requirement. Learn more about SSDI eligibility requirements, including what you may be able to expect in your specific situation.

Supplemental Security Income

Another common financial resource for people with disabilities is SSI. This federal program provides monthly income for people with disabilities and older adults with little to no income or resources.

Currently, individuals can receive up to $943 a month and couples can receive up to $1,415 from SSI. The monthly amount a person receives is determined by factors such as other income, living situation, assets, and more.

Some states offer additional payments for residents with disabilities that won’t impact their SSI eligibility. These state supplements are meant to cover the necessities of daily living, like food and shelter. Check if your state offers SSI supplements.

Veterans’ benefits

IIf you’re a Veteran, you might be eligible for Veterans Affairs (VA) disability compensation. This is a monthly, tax-free payment for Veterans who suffer service-related illnesses or injuries—affecting either their physical or mental health. In some cases, preexisting conditions are also covered if the Veteran’s service made the condition worse.

Households that include an adult with a disability require, on average, 28% more income to maintain the same standard of living as those that don’t.

National Disability Institute research

What to know when applying for disability benefits

You can apply for disability benefits like SSDI and SSI as soon as you become disabled. Note that you can apply for both programs at the same time—eligibility for one won’t affect eligibility for the other—but only about 10% of beneficiaries qualify to receive both.

However, you’ll have to wait six months to receive SSDI benefits, and this waiting period starts the first full month after your disability began, as determined by the Social Security Administration. For SSI benefits, you’ll begin receiving payments the first full month after you apply or after your eligibility is approved, whichever is later.

To apply for either or both programs, you’ll need to complete an application for disability benefits and an Adult Disability Report. You can submit both forms online or during an interview with a Social Security Administration representative. Your interview may take place either in person at your local Social Security office or by phone.

Make sure your application isn’t delayed by thoroughly reviewing this checklist of necessary information. This optional medical and job worksheet can also help you organize information for your application.

Learn more: How to handle financial challenges when supporting loved ones with disabilities.

Step 3: Get additional financial support if needed

Ultimately, if you are unable to work or need to reduce your hours because of a disability, you may need to reassess your budget and spending. And if you’re coming up short, some programs can help fill in the gaps, like:

Temporary Assistance for Needy Families (TANF): This federal, time-limited program provides financial support for families. Each state manages its own arm of the program and determines the specific benefits and eligibility requirements.
Supplemental Nutrition Assistance Program (SNAP): This federal nutrition assistance program provides benefits for families, enabling them to make eligible food purchases in authorized stores.

While making less money can be discouraging, having a disability doesn’t mean you need to resign yourself to living with a low income or no income forever.

“People with disabilities have the same talent and ambitions as everyone else,” Foley says. “A disability doesn’t mean you can’t retrain for a new or even better job and build whatever financial future you want to have.”

Step 4: Navigate insurance coverage

It’s crucial to have health insurance, especially when you’re dealing with a disability. But if you can’t continue working, or continue working enough to keep your current coverage, you’ll need to find an alternative to employer-provided insurance.

If you’re eligible for SSDI payments, you’ll also gain access to health insurance coverage under Medicare. However, there is a two-year waiting period before this coverage kicks in.

One solution: You may be able to get Medicaid coverage while you wait. The purpose of Medicaid is to offer health insurance coverage to low-income Americans—a group that currently includes more than 10 million adults and children with disabilities.

Medicaid benefits

Medicaid is a joint federal and state program, which means each state runs its own Medicaid program. States determine the type, amount, and duration of Medicaid benefits that eligible residents can receive.

However, there are certain mandatory benefits that all states must provide, such as:

Inpatient and outpatient hospital services
Physician services
Laboratory and X-ray services
Home health services

Learn more: See the full list of mandatory and optional Medicaid benefits.

Medicaid qualifications

You may be eligible for Medicaid based on your household income, disability, and other factors. Specific eligibility requirements vary per state—see if you’re eligible for Medicaid in your state and find out how to apply.

It’s also important to know about Medicaid waivers, which allow states to make exceptions to the typical Medicaid qualifications. Often, these waivers are geared toward providing services that help people with disabilities or medical needs stay in their homes. Check your state’s waiver list for more information.

Finally, if you’re turned down for Medicaid, you may be able to enroll in a private health plan on HealthCare.gov while waiting for your Medicare coverage to start.

“A disability doesn’t mean you can’t retrain for a new or even better job and build whatever financial future you want to have”

Thomas Foley, National Disability Institute

Step 5: Assess home modification needs

If you’ve recently become disabled, you might need to consider physical modifications to make your home safer and more functional. This is typically the case when your disability impacts your mobility or requires you to use a wheelchair or other mobility device.

Common home alterations include:

Installing ramps and lifts
Widening doorways
Adding accessible showers and toilets
Lowering counters and sinks

If you need assistance financing these renovations, some federal and local programs may be available, including those that provide grants or low-interest loans for rural homeowners and grants for Veterans. Check with your state to see what local programs exist and if you qualify.

Learn more: Budgeting for accessibility: How to finance a home modification.

Step 6: Ask for work accommodations

No matter your disability, you have the right to the same employment opportunities and to be free from employment discrimination. These rights are protected by the Americans with Disabilities Act (ADA), which can help people with disabilities maintain financial wellness by protecting their source of income.

Under the ADA, employers are required to make reasonable accommodations to ensure people with disabilities have equal opportunity during the application process, can perform the essential functions of their job, and enjoy equal benefits of employment.

Step 7: Learn about available tax breaks

Taxpayers can claim many income exclusions, deductions, and credits, but some are particularly helpful for people with disabilities and their families.

Income exclusions

Income exclusions are what they sound like—money that’s not included in the IRS calculation of your taxable income. Below are two disability income exclusions to familiarize yourself with.

Social Security benefits: If SSDI payments were the only income you received during the year, your benefits are generally not taxable. If you received other income, part of your benefits may be taxable. SSI payments, however, are exempt.
Military and government disability pensions: Certain military and government disability pensions or disability benefits you receive from the Department of Veterans Affairs are not taxable.

Tax deductions

Tax deductions decrease your taxable income, lowering your overall tax liability. If you’ve been affected by a disability, you may be allowed to deduct expenses like these (within some limits):

Impairment-related outlays to help make your work environment more accessible
The cost of home improvements designed to enhance your home’s accessibility
Medical and dental expenses you pay for yourself, your spouse, and your dependents

People who are legally blind also qualify for an extra standard deduction on their taxes ($1,850 for the 2023 tax year). And people who are legally blind and over age 65 qualify for a deduction that’s double that amount.

Tax credits

A tax credit is a dollar-for-dollar reduction in the amount of tax you owe. Below are some common examples.

Credit for the elderly or disabled: You can claim this credit if you are 65 or older during a given tax year or if you have a permanent or total disability.
Earned income credit: You may qualify for this credit if you have earned income (some disability payments qualify as earned income), and it falls within certain limits.
Saver’s credit: You may be able to claim this credit if you make eligible contributions to an ABLE account (see below).

Learn more: Information about a government benefits program that provides tax help for people with disabilities.

Step 8: Consider an Achieving a Better Life Experience (ABLE) Account

ABLE accounts are another helpful financial resource. These tax-favored savings accounts are available to people diagnosed with significant disabilities before age 26. Thanks to the recent ABLE Age Adjustment Act, that threshold will increase to age 46 in 2026.

While the account owner is the designated beneficiary, anyone can contribute to the account. There are some limits on annual contributions, but any interest earned grows tax-free if you use the money for qualified expenses. What’s more, funds in an ABLE account won’t affect eligibility for needs-based assistance programs like SSI and Medicaid.

“They’re a wonderful savings opportunity,” Foley says. “It’s a great way to make sure that someone with a disability has a savings tool that doesn’t affect their public benefits eligibility.”

Learn more: Getting and using an ABLE account, including eligibility details and other common questions.

Banking with a disability

Like many other aspects of life, banking can be affected by a disability, but it doesn’t have to be. Make sure that your bank is inclusive of all abilities—with an accessible website, app, and other user interfaces.

Discover^® is committed to creating a seamless experience for everyone, such as by offering Braille credit cards.

A disability doesn’t disqualify you from a bright financial future

If you’ve recently faced a disability or are likely to do so soon, the financial challenges involved may seem daunting. But it’s important to remember that a disability doesn’t need to stand in the way of your financial stability.

“Disability is a normal part of the human experience,” Foley says. “And just because you have a disability doesn’t mean you can’t build a bigger, better, brighter future for yourself and your family.”

If you or a loved one are facing a new or existing disability, it may seem overwhelming. Fortunately, there are resources available that may help you address financial and emotional challenges as they arise.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

This article is for informational purposes only and is not intended as a substitute for professional advice. For specific advice about your unique circumstances, you may wish to consult a qualified professional, at your expense.

Source: discover.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Providence is a city filled with history, beauty, and the arts. As the capital and largest city in Rhode Island, Providence draws people in with its blend of New England charm and laid-back, coastal lifestyle . If you’re considering moving to Providence, it’s important to weigh the unique aspects of the city that make it a great place to live, along with the challenges that might affect your decision. Let’s take a closer look at 13 of the most prominent pros and cons of living in Providence.

Providence at a glance

1. Pro: Thriving arts scene

Providence has an active arts community. The Rhode Island School of Design (RISD) and its museum anchor much of the city’s artistic scene while cementing the city’s status as a solid Rhode Island college town. Events like WaterFire showcase local art and bring the community together.

2. Con: Lacking public transportation options

While Providence has a bus system, the Rhode Island Public Transit Authority (RIPTA), it doesn’t extend to all suburbs. The lack of a subway or robust commuter rail means you might find it challenging to navigate without a car. For those used to large cities with vast transit networks, Providence’s system may feel limited.

3. Pro: Stellar higher education scene

Providence is home to several prestigious universities, including Brown University and RISD. These institutions bring a youthful energy to the city and provide endless educational and professional opportunities.

4. Con: Higher cost of living compared to nearby areas

Providence can be expensive compared to other parts of Rhode Island. With median home sale prices above the national median of $428,096 and apartments above the national average, some newcomers might find it tough to balance city living with affordability. While it’s cheaper than what people living in New York or Boston will experience, Providence still has higher living costs than its smaller neighboring cities.

5. Pro: Beautiful historic architecture

Walking through Providence feels like stepping into a time capsule, especially in popular neighborhoods like College Hill. The city has preserved much of its 18th- and 19th-century architecture, offering a picturesque backdrop to everyday life. Living in Providence gives you the chance to admire these well-preserved buildings, often right outside your front door.

6. Con: Harsh winter weather

While not one of the coldest cities in the U.S., New England winters in Providence can be tough. Snowstorms and freezing temperatures are common, and city streets can get tricky to navigate. If you aren’t used to cold weather, adjusting to Providence’s winter conditions might be challenging, requiring extra preparation for snowy months.

7. Pro: Great food scene

Providence is known for its fantastic culinary reputation. The city has a wide range of dining experiences, from Italian cuisine in Federal Hill to fresh seafood straight from Narragansett Bay. With numerous acclaimed restaurants, like Hemenway’s, and a commitment to farm-to-table dining, Providence is a foodie’s paradise.

8. Con: Limited job market in certain industries

While Providence offers job opportunities in education, health care, and arts, other industries are less readily available. Tech and finance, for example, may not have the same growth as friends living in New York or Boston. Professionals in niche industries might need to commute or work remotely for better opportunities.

9. Pro: Close to larger cities

Living in Providence means you’re just an hour from friends living in Boston and about three hours from New York City. You get easy access to the excitement of these larger cities while avoiding the crowds and higher cost of living. It’s a great balance for those who want proximity to the highlights of the Northeast.

10. Con: Traffic can be a headache

While Providence isn’t as traffic-congested as larger cities, its highways can get clogged during peak hours. The mix of older infrastructure and the limited number of routes into and out of the city means even short commutes can be frustrating. Parking downtown can also be a challenge, particularly during events or rush hour.

11. Pro: Coastal lifestyle

Rhode Island’s beautiful coastline is a short drive from Providence, offering easy access to beaches, boating, and outdoor activities. Living in Providence allows you to enjoy city living with the added benefit of being close to nature.

12. Con: Minimal space for urban growth

Providence is an older city with limited space for expansion. As a result, new developments can feel cramped, and there’s little room for large-scale growth. This limitation can make finding newer housing or commercial space in the city proper more challenging.

13. Pro: Strong downtown and nightlife

Downtown Providence has seen a resurgence, with a variety of bars, restaurants, and entertainment options. Community events and festivals light up the city during the warmer months, offering unique experiences for locals.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

Apache is functioning normally

October 30, 2024 by Brett Tams

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

It is better to leave a credit card with a zero balance open because removing the account could negatively impact several credit factors.

However, canceling a credit card can be a smart financial move in certain situations. For example, if you have a card with a high annual fee and rarely use it, canceling it might be a good idea to avoid unnecessary charges.

If you’ve successfully paid down a credit card, you may be wondering if it’s better to close it or leave it open with zero balance. While it’s recommended that you keep unused credit cards open instead of canceling, there are certain instances when canceling that credit card may be in your best interest financially.

Let’s examine the pros and cons of keeping and closing your zero-balance

Is it better to cancel zero-balance or keep them?

The general rule of thumb is that it’s best to keep your unused cards rather than cancel them. Open credit cards, even ones you aren’t actively using, help you build up your credit history and increase your available credit. That increase helps lower your credit utilization rate, which is the percentage of available credit you have used. These details are important because they relate to two factors that credit bureaus rely on when determining your credit score.

If you choose to keep a credit card open, try to use it occasionally to prevent the card issuer from decreasing your credit limit or closing your account due to inactivity.

On the flip side, sometimes the knowledge that you have a credit card available for purchases is too big of a temptation. If you’re having trouble controlling your credit card spending or if your credit card has a high annual fee, you may be better off canceling your card.

How does closing a credit card could impact your credit?

Canceling a credit card, particularly an older one, can lead to a credit score drop. The two primary potential causes of this drop are:

An increase in your credit utilization rate because you have less available credit
A decrease in the average age of your credit history

Let’s look more closely at how these two factors can directly impact your credit score. Understanding each one can help you determine whether or not you should close your zero-balance credit card account.

Your credit utilization rate could skyrocket

Even if you aren’t making purchases on a credit card, that available credit is helping to boost your credit utilization rate, which accounts for 30 percent of your credit score. The more available credit you’re using, the worse off your credit score will be.

To understand how your credit utilization ratio — and thus your credit score — could be affected by closing a credit card, here’s a helpful example. Let’s say you have two credit cards:

One has a $3,000 limit and a $3,000 balance (this is the money you owe).
The other has a $3,000 limit and $0 balance.
Your credit card utilization rate between both cards is 50 percent ($3,000 total balance divided by $6,000 total limit multiplied by 100 = 50 percent utilization).
However, if you close the credit card with the $0 balance, your credit utilization rate jumps to 100 percent ($3,000 total balance divided by $3,000 total limit multiplied by 100 = 100 percent utilization).

According to FICO®, the goal should be to keep your utilization ratio below 30 percent. There’s an easy formula you can use to calculate your credit utilization ratio:

Step 1. Divide the total amount of your overall credit debt by the total credit limit available across all of your credit cards.
Step 2. Multiply the result by 100 to produce your credit utilization ratio.

Pro tip: Before you close a credit card, take some time to determine what your credit utilization ratio would be. If that number will jump significantly, it may be a better idea to keep your zero-balance card open until you can pay down your total credit card balance.

The length of your credit history could decrease

The longer you’ve had a credit card open, the better. This helps to build your credit history, which accounts for 15 percent of your credit score. If you have a positive history associated with your credit card paired with years of having that card in your name, it’s a good idea to keep that card open and in use, as it improves the length of your credit history.

One easy way to keep a credit card in use without driving up your balance is to only use it for recurring payments for things like streaming services or other subscriptions. That way, you’ll know exactly how much is going on that card each month and can easily pay off the balance in full.

When should you close your zero-balance credit card?

Depending on your financial situation, there can be compelling reasons to cancel your unused credit card.

The card has a high annual fee

If you’re charged a high annual fee by your credit issuer, canceling may be a smart money move. However, it’s worth trying to have the fee waived before you decide to cancel, especially if you receive rewards through the card such as travel credits and perks. Call your credit card issuer to ask for the annual fee to be waived and mention that you’re considering closing your account. It never hurts to ask.

You’re a victim of fraud

If your credit card is lost or stolen, the issuer will usually close the account and send you a replacement. But, if a business continues to allow unauthorized charges even after you report the issue, closing the card might be the best financial move to protect yourself from further fraud.

You’re going through a divorce

If you’re separated or getting a divorce, it’s a good idea to close any accounts you share with your ex, as you could end up saddled with a credit card balance they’ve accrued on the account.

You’re out of debt

Everyone is different, and for some, the temptation to keep a credit card and not use it is too high. For those struggling to get out of debt or for those who recently climbed out of credit card debt, it might be a good idea to cancel your unused credit card and stick to using cash or your debit cards to avoid sinking back into revolving credit card debt.

How to cancel your credit card in 6 steps

If you do decide to close your credit card, there are several steps you should take to ensure you’ve properly closed your account.

Redeem rewards points: Refer to your credit card’s redemption rules to learn how to redeem your points prior to closing your account.

Pay off your balance to zero (if it isn’t already): Pay off any remaining balance on your card before attempting to cancel it.

Confirm your zero balance: Contact your credit card issuer online or via phone to make sure that your balance is zero.

Make it official with certified mail: Send a certified letter to the company that issued your card requesting they send you a written letter verifying the zero balance and the closed status of your account. Keeping a paper trail is a great way to maintain a record of when the account was closed in case you need to contest any information on your credit report down the line.

Monitor your credit reports: Check your credit report 30-45 days after your card is closed to make sure the card is officially reported as “closed.”

Dispute any errors: Once you’ve reviewed your updated credit report, be sure to dispute any incorrect information you may find.

Bottom line: It depends on your financial situation

Deciding if it’s better to close a zero-balance credit card or leave it open is a personal decision — the answer will depend on your unique financial circumstances. No matter your situation, it’s important to cancel any unused cards in a way that keeps your financial health intact and minimally impacts your credit score.

For some, having unused credit cards may be no temptation whatsoever, but for others, the knowledge of having a card available to use could be difficult to ignore. Canceling a credit card won’t necessarily change your spending habits in the long run, so it’s important to develop a healthy approach to your personal finances by creating a realistic budget and sticking to it.

Tame your credit card debt with Lexington Law Firm

When you have a credit card with a zero balance, the decision whether to keep it open or not depends on your credit score goals. If inaccurate information on your credit reports is dragging your score down, credit repair services can help you challenge these errors and potentially boost your score.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Some people got an email from Fidelity, myself included, about new benefits on the Fidelity 2% card. I assume everyone will get this email as it goes it in batches:

Receive up to 10,000 Reward Points every four years when you apply for either Global Entry® or TSA PreCheck®. That’s worth up to $100 when deposited into an eligible Fidelity® account, once every four years. Be sure to pay the application fee using your card to be eligible. Learn more about this benefit and review the terms at Fidelity.com/AirportBenefits
- My thoughts: Cool benefit on a solid no-fee card. TSA Pre costs $78 for five years and would end up fully covered with this benefit. Global Entry costs $120 and would be mostly covered with this benefit.
- There are many cards with this benefit, but not too many no-fee cards in that list. I did TSA PreCheck at the same time as my brother and I was able to cover the fee for him since I have multiple cards with the benefit.
Auto Rental Collision Damage Waiver at no extra cost. Be sure to review complete benefit terms at Fidelity.com/AutoRentalCoverage.
- My thoughts: I wasn’t aware that the card didn’t already have this benefit, but if it’s new that’s a nice addition. FYI – coverage is secondary behind your regular auto insurance (if you have that).
No foreign transaction fees for international purchases.

Source: doctorofcredit.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Could logging in to your computer from a deluxe treehouse off the coast of Belize be the future of work? Maybe. For many, “freelance” means flexibility, meaningful tasks, and better work-life balance.

Who doesn’t want to create their own hours, love what they do, and work from wherever they want? Freelancing can provide all of that—but that freedom can quickly vanish if you don’t know how to manage finances as a freelancer.

“A lot of the time, you don’t know about these expenses until you are in the trenches,” says Alyssa Goulet, a freelance copywriter. “And that can wreak havoc on your financial situation.”

Some workers may choose to work in a freelance capacity hoping to increase their savings and their feelings of self-sufficiency. But for all its virtues, the cost of going freelance can carry some serious sticker shock.

Most people who freelance for the first time don’t realize that everything—from taxes to business software to retirement planning—is on them. Learning how to manage your finances as a freelancer early on will help set you up for success.

The key to budgeting as a freelancer is to plan for five expenses: taxes, business expenses such as your workspace and tools, health insurance, retirement savings, and general business costs.

1. Taxes for freelancers and the self-employed

First things first: Don’t try to be a hero. When determining how to budget and manage your taxes as a freelancer, you’ll want to consult a financial advisor or tax professional for guidance. A tax expert can help you determine what makes sense for your personal and professional situation and provide financial advice to help you build your freelance business.

For instance, just like regular employees, freelancers owe federal income taxes, as well as Social Security and Medicare taxes. When you’re employed by an organization, you and your employer each pay half of these taxes on your income, according to the IRS. But when you’re self-employed (earning more than $400 a year in net income), you’re expected to file and pay these taxes yourself, the IRS says. And if you think you’ll owe more than $1,000 in taxes for a given year, you may need to pay quarterly taxes.

That can feel like a heavy hit when you’re not used to planning for these costs. “If you’ve been on a salary, you don’t think about taxes really,” says Susan Lee, CFP^®, a tax preparer and founder of a website that provides tax information for freelancers. “You think about the take-home pay. With freelance, everything is take-home pay.”

Estimating what you’ll owe

Once you determine how often you’ll need to file taxes, Lee recommends doing a “dummy return,” which is an estimation of your annual self-employment income and expenses. You can come up with this number by looking at past assignments, industry standards, and future projections for your work—which Goulet also finds valuable.

Then, use that number to refine your estimate. “I determine the tax bracket I’m most likely to fall into by taking my projected monthly income and multiplying it by 12,” Goulet says. “If I experience a big income jump because of a new contract, I redo that calculation.”

Budgeting for what you’ll owe

After you estimate your income, you can determine how much money to set aside for your tax payments. Lee recommends saving around 25% of your income to pay your income tax and a self-employment tax (which funds your Medicare and Social Security). Once you subtract your business expenses from your freelance income, however, you may not need to pay that entire amount, according to Lee.

Adjust your estimates often—and always round up. “Let’s say, in one month, a freelancer determines she would owe $1,400 in tax. I’d put away $1,500,” Goulet says.

2. Business expenses for freelancers: Get a handle on two big deductions

For freelancers, tax deductions can yield big savings—if you know where to look for them. From the mileage you log between appointments to supplies for your home office to fees for coworking spaces, many freelance business expenses may be deductible, according to Lee.

The costs of freelancing vary from person to person. Some freelancers are happy to work from their kitchen tables, while others require a sophisticated (read: expensive) setup. Your freelance expenses will also change as you add new tools to your business arsenal.

Here are two budget categories you’ll need to account for as a freelancer:

Renting or furnishing your workspace

Joining a coworking space can help you establish the camaraderie you might miss when working at home alone. Yet these workspaces may charge membership dues, ranging from $20 for a day pass to hundreds of dollars per month for a dedicated desk or private office—something to consider when you’re calculating the cost of freelancing.

Coworking spaces may be all the rage, but you can still rent a traditional office space for several hundred dollars a month or more. However, this fee usually doesn’t include networking events or other membership perks like food and drink.

If you want to avoid office rent or dues but don’t want the kitchen table to pull double duty as your workspace, you might convert another room in your home into an office. When planning a home office on a budget, all it takes is a little creativity and know-how to create a functional, productive workspace.

Amy Hardison, a freelance copywriter and content strategist, retrofitted part of her house into a simple office. “I got a standing desk, a keyboard, one of those adjustable stands for my computer, and a squishy mat to stand on so my feet don’t hurt,” Hardison says.

Start with the absolute necessities. When Hardison launched her freelance career, she purchased a laptop for $299 and worked out of a coworking space—using its office supplies before creating her own workspace at home.

Going digital: freelancing business tools

There are a range of digital tools, including business and accounting software, that can assist with the majority of your business functions. These digital tools for freelancers can save you valuable time, which you can then invest back into growing and marketing your business.

The right business software can also help you avoid financial lapses as you grapple with how to manage finances as a freelancer. Hardison’s freelance business had ramped up to a point where a manual process was costing her money, so using invoicing software became a no-brainer.

“I was sending people attached document invoices for a while and keeping track of them in a spreadsheet,” Hardison says. “And then I lost a few of them, and I just thought, ‘Oh, my God, I can’t be losing things. This is my income!’”

You might use digital business and software tools to help manage scheduling, web hosting, accounting, audio/video conferences, and other business operations. When you’re determining how to budget as a freelancer, remember that the costs for these services depend largely on your needs.

For instance, several invoicing platforms offer options for as low as $9 per month, though the cost increases the more clients you add to your account. Accounting services also scale up based on the features you want and how many clients you’re tracking, though you can find reputable platforms that cost as little as $5 per month.

If you sign up for a business or accounting software platform, start with the “freemium” version, where the first tier of service is always free, Hardison says. Once you have enough clients to warrant the expense, upgrade to the paid level with the lowest cost. Gradually adding services will keep your expenses proportionate to your income.

3. Health insurance for freelancers: Harness an inevitable cost

Saving for healthcare costs can be one of the biggest hurdles to self-employment and successfully learning how to manage finances as a freelancer. In 2024, the average monthly premium under the Affordable Care Act (ACA)—for those who do not receive discounts due to qualifying income—was $469 for a 40-year-old individual and $1,491 for families of four, according to Forbes.

“Buying insurance is really protecting against that catastrophic event that is not likely to happen. But if it does, it could throw everything else in your plan into a complete tailspin,” says Stephen Gunter, CFP^®, a financial advisor at a wealth management firm.

Speak with an insurance advisor who can help you determine which plans are best for your health needs—and your budget. An advisor may be willing to offer a free consultation so you can gather important information before making a financial commitment.

4. Retirement savings for the self-employed: Learn to “set it and forget it”

Part of learning how to budget as a freelancer is thinking long-term, which includes estimating retirement expenses. That may seem daunting when you’re navigating new business expenses, but saving for retirement is a big part of budgeting when you’re self-employed, Gunter says.

“It’s kind of the miracle of compound interest,” Gunter says. “The sooner we can get it invested, the sooner we can get it saving.”

His freelance money management tip? Set aside whatever you would have contributed to an employer’s 401(k) plan and put it on autopilot. One way to do this might be to set up an automatic transfer from your primary checking account to your savings or retirement account.

“So, if you would have put in 3% [of your income] each month, commit to saving that 3% on your own,” Gunter says. The Discover® IRA Certificate of Deposit (IRA CD) could be a good fit for helping you enjoy guaranteed returns in retirement by contributing after-tax (Roth IRA CD) or pre-tax (Traditional IRA CD) dollars from your income now.

Prioritize retirement savings every month, not just when you feel flush. “Saying, ‘I’ll save whatever is left over’ isn’t a savings plan because whatever is left over at the end of the month is usually zero,” Gunter says.

5. General business expenses: Update your rates to cover them

With time, you’ll likely find that one of the best financial tips for freelancers is to build your costs into what you charge. “As I’ve discovered more business expenses, I definitely take those into account as I’m determining what my rates are,” Goulet says.

She notes that freelancers sometimes feel guilty for building business costs into their rates, especially when they’re worried about the fees they charge to begin with. But working these costs into your rates is essential to sustainable money management—and building a thriving freelance career.

Your expenses will change over time, so reevaluate the rates you charge annually. It’s also wise to do quarterly and yearly check-ins to assess your income and costs and see if there are any processes you can automate to save time and money.

Knowing how to manage finances as a freelancer is the key to a successful career

When you understand how to manage finances as a freelancer—effectively accounting for the costs of being self-employed—you can build the foundation of a long (and, with luck, lucrative) freelance career. From planning for taxes to saving for retirement, smart money management can provide you with much-needed financial stability and peace of mind if and when you decide to strike out on your own.

“There are many hats you have to wear and expenses you have to take on,” Goulet says. “But for that, you’re gaining a lot of opportunity and flexibility in your life.”

Working as a freelancer has its benefits, but it also means your pay can fluctuate from month to month. If you want to be even more prepared for freelance money management, then find out how to make a budget when you have an irregular income.

Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

The article and information provided herein are for informational purposes only and are not intended as a substitute for professional advice. Please consult your tax advisor with respect to information contained in this article and how it relates to you.

Source: discover.com

Apache is functioning normally

October 30, 2024 by Brett Tams

SBA loans are government-guaranteed small-business loans issued by designated lenders to help small businesses access capital at low rates and long terms. It is possible to get multiple SBA loans as long as your SBA lender allows it, and you don’t exceed the borrowing limits set by the SBA.

Having more than one SBA loan can work in certain situations and help you access low-cost financing for your business; however, it can be difficult to qualify for multiple SBA loans, and it’s not right for every situation.

How much do you need?

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

How many SBA loans can you have?

The SBA itself does not limit the number of SBA loans you can take out, but it does place a cap on the maximum amount you can borrow. That means you can technically have as many SBA loans as you can qualify for with any given SBA lender, up to these limits:

SBA 7(a) loans: $5 million.
SBA 504 loans: $5 million (select projects may qualify for up to $5.5 million).
SBA microloans: $50,000.

The SBA also allows business owners to get both an Economic Injury Disaster Loan (EIDL) and a business physical disaster loan for a single declared disaster, as long as the combined amount of the loans doesn’t exceed $2 million

. However, the SBA prohibits business owners from having more than one EIDL for a single disaster.

How to qualify for multiple SBA loans

In general, the qualifications for multiple SBA loans are the same as they are for one SBA loan. SBA loan requirements can vary depending on your lender and the specific SBA program, but broadly, you’ll need to meet the following to qualify for a 7(a), 504 or microloan:

A for-profit business, operating in the United States.
Can’t get the desired loan on reasonable terms from other lenders. (For microloans, this only applies for loans over $20,000.)
Demonstrate creditworthiness to be able to repay the loan according to the lender’s requirements.

To qualify for an SBA disaster loan, you have to be physically located in a declared disaster zone, directly impacted by the disaster or unable to cover expenses or obligations because of a declared disaster. Business physical disaster loans cover physical damage caused by a declared disaster that is not fully covered by insurance.

While there are no set guidelines for qualifying for multiple SBA loans, in addition to the standard requirements, there are some other factors you should consider:

Standing with your current SBA loan. If you’re not in good standing with the SBA loan you currently have, it’s highly unlikely you’ll be approved for another one.
Available collateral. For loan totals above $50,000, you’ll need enough collateral to cover the total combined loan amounts. This is something to consider if your current loan didn’t require collateral, but your new SBA loan will push your total borrowing amount over $50,000.
Cash flow and DSCR. Make sure you calculate how an additional monthly payment will affect your business’s positive cash flow. Similarly, understand how a new loan affects your business’s debt service coverage ratio (DSCR), or the measure of cash flow against outstanding debt obligations. There’s no minimum DSCR set by the SBA, but lenders commonly look for a range of 1.25 to 1.50.

Combining different types of SBA loans

There are certain instances where it’s possible — and even advisable — to combine different types of SBA loans. For example, SBA 504 loans are an excellent option for purchasing, building or expanding commercial real estate and equipment, but they are fairly limited to those purposes. If there are other costs associated with your project that 504 funding cannot be used for — such as additional inventory or working capital — you might pair your 504 loan with an SBA 7(a) loan if you can qualify.

You can also combine EIDL and business physical damage loans (as long as the total doesn’t exceed $2 million). EIDLs are specifically for small businesses that have suffered economic losses due to a declared disaster, whereas business physical disaster loans cover physical damage caused by a declared disaster that is not fully covered by insurance.

Pros and cons of multiple SBA loans

Pros

Access to multiple low-cost financing options.

Added flexibility for uses.

Low interest loans for unforeseen disasters.

Cons

Can take a long time to fund.

Needs may exceed borrowing limits.

Can be difficult to qualify for.

Frequently asked questions

Can you have multiple SBA loans from different lenders?

Yes, it is possible to have multiple SBA loans from different lenders. Keep in mind that each SBA lender may have different qualification requirements.

Can I apply for an SBA loan again?

Yes. If you have previously applied for or had an SBA loan, or if you have a current SBA loan, you can apply for another one as long as your current loan amount won’t exceed the SBA’s borrowing limits. You cannot apply for two EIDLs for the same declared disaster.

Source: nerdwallet.com

Apache is functioning normally

October 30, 2024 by Brett Tams

Nearly 60 percent of future retirees think they will need a paycheck in retirement that’s as big or bigger than what they receive today to live comfortably As retirement looms, the majority of Gen X Americans say their retirement nest egg is just three times their annual salary or less While nearly two-thirds of Gen … [Read more…]

Apache is functioning normally

October 30, 2024 by Brett Tams

If you’re looking to refresh your “dream home” material, we have just the thing: A newly listed home in Los Angeles’ family-friendly Encino neighborhood has recently landed on the market with an $8,995,000 price tag and some seriously gorgeous interiors.

Set behind custom gates, the 6-bedroom home was meticulously designed by the designer/builder duo Shelly and Jeffrey Greenfield of Red Door Homes to incorporate organic materials and sophisticated finishes — with just the right touch of farmhouse appeal.

It’s now being offered for sale at $8,995,000 with Marco Rufo, Craig Knizek, and Andrea Korchek of The Agency in charge of finding a buyer. And we think they won’t have to do much looking — if these property photos are any indication. See for yourself!

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