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Many people have student loan debt today… and lots of it. Americans owe a whopping $1.77 trillion (including federal and private loans), and the average balance is over $40,000.

Whether you’ve just received notice of your student debt for the first time or have been paying it down for years, it can be hard to live with a loan balance hanging over you. And it can be challenging to fit student loan payments into your budget. So, how do you live (and thrive) with the payments and the stress of student loan debt?

Keep reading, for starters. This guide will help you understand student loan debt solutions, how student debt impacts your financial situation, and how to budget well when you have student loans. You’ll also learn strategies for avoiding default and maintaining a healthy lifestyle. While it may feel tough right now, student debt doesn’t define you, and you can get through this.

Understanding Student Loan Debt

Your student loans can affect your financial present and your future. Right now, you might find it hard to make regular payments from month to month. Carrying student loan debt over time can also have a significant impact.

The Impact of Student Loans on Your Financial Future

Student loan debt could affect the following areas:

•  Your ability to qualify for a loan, such as a home loan, due to student loans affecting your debt-to-income ratio (DTI) — DTI is the relationship between your debt and income

•  Your ability to save for retirement

•  Your credit score (if you fail to make on-time student loan payments)

•  Your net worth (the value of the assets you own, minus your liabilities)

•  Your marriage or family life, possibly delaying your plans

Different Types of Student Loan Repayment Plans

As you focus on minimizing the impact that student loans have on your finances, it can be wise to consider the different types of student loan repayment plans. For federal student loans, they include fixed repayment plans:

Standard Repayment Plan: The Standard Repayment plan is a federal fixed repayment plan option. In this plan, you repay your loans for up to 10 years, or between 10 and 30 years for consolidation loans. (Consolidation loans mean converting your federal student loans into one payment.)

Graduated Repayment Plan: The Graduated Repayment plan begins with lower payments and increases every two years. You can make payments for up to 10 years, or between 10 to 30 years for consolidation loans.

Extended Repayment Plan: The Extended Repayment plan allows you to repay your loans over an extended period. You make payments over 25 years with this plan, which for many people is a valuable student loan debt solution.

Student loan servicers also offer income-based repayment, including the following plans:

•  Saving on a Valuable Education (SAVE); the SAVE Plan replaces the REPAYE program.

•  Pay as You Earn (PAYE)

•  Income-Based Repayment (IBR)

•  Income-Contingent Repayment (ICR)

Each option has different features, but generally, after you make payments for a certain number of months, the government will forgive the remaining balance.

Consider using the Federal Student Aid Loan Simulator to help you estimate your monthly student loan payments, which can help you find a loan repayment option that meets your needs and goals. You might find a program that feels like less of a financial stretch for you.
💡 Quick Tip: Some student loan refinance lenders offer no fees, saving borrowers money.

Take control of your student loans.
Ditch student loan debt for good.

Create a Budget to Manage Student Loan Debt

Another helpful step when you are dealing with student loan debt is to find a budget that works well for you. There are many different types of budgets out there, and likely more than one could help you create a realistic plan that leaves room for some fun little splurges now and then. Most budgets involve the following steps:

1.   Write down your monthly income. How much do you bring in per month? This doesn’t necessarily just apply to your salary — include alimony, freelancing (like dog-walking or driving a rideshare), dividends, and other income you make.

2.   Write down your monthly expenses. What types of expenses do you have during the month, including your student loan payments? How much are you spending on a car loan, rent, or mortgage payment? What about utilities, insurance, clothing, and entertainment?

3.   Subtract your expenses from your income. This is a good way to calculate whether you lose money through your expenses or whether you have enough income to cover your expenses.

4.   Create a budget. Develop a budget so you know how much you should spend each month, plus the expenses you can’t get around, including food, shelter, and, yes, student loan payments. You might try the popular 50/30/20 budget, which has you allocate 50% on your take-home pay to the needs in life (which includes minimum loan payments); 30% to the wants in life (dining out, gym memberships, travel…the fun stuff); and 20% to saving. When you are repaying student loans, that last 20% may need to be allocated to debt for a while. And that 30% towards wants might have to face a bit of belt-tightening, too.

Strategies for Avoiding Default on Student Loans

If you fail to make payments on student loans, you may default on them. The level of default depends on the type of loan you receive.

Why is defaulting on student loans a big deal? And how does defaulting on student loans affect your financial picture? Here are details:

•  Your entire unpaid balance, with student loan interest, becomes due.

•  You no longer receive deferment or forbearance, and you also lose eligibility for other benefits, including repayment plan options.

•  You cannot receive additional federal student loans.

•  Credit bureaus will hear about the default, which can lower your credit score and take years to repair.

•  You may not be able to purchase or sell assets (such as real estate).

•  The government may withhold your tax refunds or federal benefits.

•  You may suffer from wage garnishment, meaning your employer directs some of your pay to your student loan debt. In addition, you may be liable for attorney and collection fees associated with the process.

Yes, this can be frightening to think about, but remember that there are ways to move forward and avoid these scenarios. Among the solutions to student loan debt can be staying organized, managing what you owe, and keeping track of loan payments.You might use a tracking system such as Google Docs to keep track of your payments, or set up alerts in your phone. There are also apps and websites available to help you keep up-to-date on where you stand with your student loan debt and your payments due.

Let lenders know when you change your address so they don’t lose track of you and you lose track of your loans. You can also consider consolidating your federal student loans so you have just one simple payment to make each month. Keep in mind, though, these two points:

•  When you refinance federal student loans with a private loan, you forfeit access to federal benefits and protections, such as deferment and forbearance.

•  If you refinance for an extended term, you may lower your monthly payment but pay more interest over the life of the loan.

Utilize Resources for Managing Student Loan Debt

Here are some resources that may help you manage your student loan debt better:

•  Ask your student loan servicer for more information about solutions to student debt. They may help you learn more about smart ways to pay off student loans.

•  Tools and apps can help you track and manage student loans, often offering financial literacy and debt management educational resources. Test out a few options for solutions for student loan debt:

◦  DebtPayoffPlanner.com

◦  Chipper.app

◦  Changed at gochanged.com

•  If you are still feeling overwhelmed by your student debt, know that you don’t have to tough it out. Explore talking with a credit counselor who has expertise in the area of student loans. You might contact the National Foundation for Credit Counseling (NFCC) to start. Beware potential scammers who charge money upfront and/or promise to make your debt disappear with no strings attached.

Maintain a Healthy Financial Lifestyle with Student Loan Debt

You may at times feel frustrated or worse with the fact that you have student loans to pay back. Plenty of people do. But remember that this is a phase you are moving through, akin to paying down a mortgage on a house or a car loan.

Spend some time and energy on what you might call financial selfcare. Building a healthy financial lifestyle starts with taking time to establish your money goals. It can make sense to start in the short-term with what you want to accomplish regarding your student loans. For example, you may want to put these solutions to student debt in your sights:

•  Put together a budget

•  Balance student loan payments with other financial goals

•  Build an emergency fund while repaying student loan

•  Strategize to build your credit score with on-time student loan payments

•  Consider ways to make your student loans more manageable, as outlined above.

If you think you might want to pay off your student loans quickly, you can apply any additional funds available and use either the debt snowball (where you pay off the smallest student loan first) or debt avalanche methods (where you pay off the student loan with the highest interest rate first). Once you pay those off, you move to the loan that has the next-largest balance or interest rate, respectively.

You can then move on to longer-term goals, and build your financial literacy as you learn about, say, how to save for a down payment on a house or your retirement. Debt can be stressful, but remember that there is a long road ahead of you. There’s time to eliminate your student loans and put your other plans in motion. In other words, with some time and energy invested, you’ve got this.

The Takeaway

Having student debt can be stressful, but it’s important to remember that living with student loan debt doesn’t have to crush your dreams and plans. Millions of people work to pay off their loans every month. You have options in terms of how you budget your funds, how you repay your loans, and whether or not to look into refinancing, forgiveness, and other ways to deal with your debt.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

How do you cope with student loans?

The first step in managing student loan debt is not to ignore it; that could hurt your credit score and force you to pay penalties and fees. Understand your loans — are they federal or private student loans? What is your current payment structure? Learn everything you can, and research the many repayment options you likely have. Also, explore different budgeting methods to take control of your finances. Meet with a reputable nonprofit credit counselor if you feel you’d benefit from further support.

What is the average student debt?

The current average balance per person for student loans is about $40,500.

How do people live on student loans?

Having a comfortable lifestyle while still making student loan payments is possible. However, budgeting well is important, so you know how much you can allocate toward expenses and areas of your life.

Photo credit: iStock/Rockaa

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOSL1223003

Source: sofi.com

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Over the years, consumer perception of electric vehicles has been all over the map, with some early adopters embracing them and others feeling apprehensive about issues like battery range, price, and the environmental impact of EV production.

Within the next decade, however, the choice to buy an EV or other “zero-emission” model might produce no hesitation at all: It might be the only new car you can buy where you live.

At least a dozen states have made moves to restrict the sale of vehicles driven purely by internal combustion engines, with nine working toward an all-out ban by 2035. The states are following California’s Advanced Clean Cars II (ACCII) rule, which requires automakers and car dealers to sell increasingly more zero-emissions vehicles each year between 2026 and 2035. For example, in 2026, 35% of new vehicles on car lots within an ACCII state must be emission-free. That percentage will gradually increase year after year to 100% by 2035 — an effective ban on purely gas-powered vehicles.

In addition to EVs, California’s definition of zero-emission vehicles includes battery-electric, hydrogen fuel cell electric and plug-in hybrid electric vehicles.

So far, eight states and Washington, D.C., have adopted ACCII for light passenger vehicles. The states are Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, Washington, and, most recently, Virginia. Connecticut and Maine are also considering the measures but haven’t adopted them formally, while Colorado, New Mexico, Delaware and Minnesota have partially adopted a large portion of the standards.

What the ban means for owners of gas cars

To be clear, the ACCII regulations will only prohibit the sale of new internal-combustion passenger vehicles (cars, SUVs and light-duty trucks) starting in 2035. They wouldn’t, however, require drivers of gas cars to forfeit ownership of previous models.

Residents of these states could still buy used gas-powered vehicles within the state’s borders. Likewise, nothing in the regulation would prohibit drivers from buying a new gas car from a state without the ban, then registering it within a state that has one. Although amendments can be made at any time, currently only the sale of gas-powered cars by 2035 would be prohibited in a state whose standards are identical to ACCII.

Of course, regardless of the ban, drivers who want a new internal-combustion vehicle in 2035 may have fewer choices. Already Stellantis — the company behind Chrysler, Dodge, Fiat, and Jeep — has warned dealers it will ship fewer gas cars to states that follow California’s emissions standards, while also pledging to have electric vehicles make up half of its North American sales by 2030.

Meanwhile, other automakers have announced plans to cease production of fully gas-powered cars at around the same time that the ACCII would phase them out. For example, General Motors plans to stop making gas cars by 2035, with an earlier date of 2030 for a fully electric lineup of Cadillac and Buick. Ford has said it plans for EVs to make up half of car sales by 2030. Other car companies that have pledged to sell electric only include Volvo (2030), Mercedes-Benz (2030), Honda (2040) and Volkswagen (2040).

While some of these goals are objectively ambitious (and often contingent on market conditions), they’re in lockstep with gas car bans planned by nations with large economies, including those in the European Union (2035), Japan (mid-2030s) and South Korea (2035), among others.

Will other states ban gas cars in the future?

As it stands, most states don’t have plans to discontinue the sale of gas-powered vehicles in the near future. But it’s possible that other states will join those that do, especially if they tend to follow California’s stricter vehicle emission standards.

Because of the Clean Air Act, no state except California can create its own fuel economy standards, but states can choose to adopt California’s guidelines under a provision called Section 177. Presently, 17 states have emission standards tied to California’s: Colorado, Connecticut, Delaware, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia and Washington.

So far, only eight of these states have formally adopted a standard that’s identical to California’s Advanced Clean Cars II regulations. Colorado, New Mexico and Delaware have partially adopted the standard, but instead of a 2035 ban on gas-powered vehicles, these three states will require 82% of new car sales to be emission-free by 2032. Minnesota enacted its “Clean Cars Minnesota” rule this year, which requires automakers to cut down on emissions and produce more zero-emission cars. However, it doesn’t have plans to ban gas cars.

Likewise, neither Pennsylvania nor Nevada have announced plans to follow California’s standards. Maine and Connecticut were expected to adopt ACCII regulations, though both states have so far voted against them.

If states don’t follow California’s standards, they’ll have to comply with federal regulations, which currently don’t have a plan to ban gas vehicles. But federal policy is shifting. In March 2024, the Environmental Protection Agency finalized measures that require automakers to gradually reduce the emissions associated with the vehicles they sell. The rule applies to model years 2027 through 2032.

While the new rules don’t require a specific percentage of sales to be zero-emission vehicles, the Biden administration estimates the new emission standards could be met if EVs make up 56% of new car sales by 2032 (with another 13% of sales composed of plug-in hybrids or other partially electric cars).

It’s not a ban per se on entirely gas-powered vehicles. But, when coupled with state bans, plus automakers’ pledges to produce less of them, it could mean fewer engines that go “potato potato potato” and more that hum quietly off dealership lots.

Source: nerdwallet.com

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Investors evaluating precious metals often ask: gold vs silver, which is better for investors? In this comparison, discover the investment merits of gold’s stability and silver’s industrial relevance, geared towards helping you decide which metal suits your financial strategy. Without leaning towards one or the other, this article presents a balanced view to inform your choice.

Key Takeaways

  • Gold and silver serve as a store of value and a hedge against inflation, with gold mainly being an investment asset while silver has significant industrial applications, impacting their price volatility and investment suitability.
  • Gold is revered as a safe haven asset, attracting investment during economic turmoil and serving as an inflation hedge, while silver’s dual role in industry and investment sectors offers growth potential and affordability.
  • Investors should consider precious metals within a diversified portfolio and can choose between physical metals, ETFs, or mining stocks, each with its own benefits and risks, and should evaluate after-inflation returns and personal financial goals to decide between gold and silver.

Gold and silver, the titans of precious metals, have long served as a reliable store of value and an effective inflation hedge. While gold primarily functions as an investment asset, offering potential for significant returns to those with larger capital, silver boasts an additional industrial role, broadening its appeal. However, investing in these precious metals isn’t as simple as stashing bars or coins in a safe. It involves dealing with price volatility and aligning your investment with long-term goals.

Adopting a buy-and-hold approach may serve investors best over the long term when investing in gold and silver. But why? It’s because the prices of these metals are shaped by a vast array of factors. Geopolitical issues, economic turmoil, and demands in the industrial sector all play a part in the daily dance of gold and silver prices. Understanding these factors can help you make informed decisions about when and how much to invest.

So why consider precious metals as part of your investment portfolio? They offer a unique combination of benefits:

  • Gold, with its reputation as a safe haven, attracts those looking for stability amidst market chaos
  • Silver, with its dual role in the industrial and investment sectors, offers an affordable entry point for investors with smaller capital
  • Both metals provide a robust way to diversify your portfolio and protect against inflation.

Understanding Gold’s Position as a Safe Haven Asset

Gold has long been a symbol of stability and security in the financial world. Its glittering history spans centuries, maintaining its value even in times of economic turmoil. It’s no wonder that in periods of global uncertainty or financial crises, investors often flock to gold, buoying its value and cementing its reputation as a safe haven.

One of gold’s most notable features is its role as an inflation hedge. As the cost of living increases, inflation hedge gold has shown a remarkable ability to preserve the real value of assets. This unique characteristic comes from how gold’s supply growth aligns with long-term global economic growth, helping to maintain its value during inflationary periods. This resilience, coupled with the tendency of investors to shift towards gold as a safe haven during inflation, can drive up its demand and price.

Given these factors, it’s clear why gold holds a revered place in the financial market. Whether you’re looking for a buffer against economic instability or an asset that can protect your buying power in the face of rising prices, gold stands firm as a reliable safe haven asset.

Silver’s Dual Role: Industrial Demand and Investment Segment

While gold may steal the spotlight for its luster and stability, silver plays a shining role of its own. Apart from being an investment asset, silver’s widespread industrial applications can drive up its price and enhance its investment appeal. In 2023, industrial applications reached a new record high, with photovoltaics usage increasing by a staggering 64%. China’s industrial demand for silver surged by 44% in the same year, predominantly driven by growth in green applications such as:

  • photovoltaics
  • solar panels
  • batteries
  • electronics
  • medical devices

These industrial applications highlight the versatility and value of both silver and silver bullion coins as an investment.

Due to its significant industrial use and affordable price point, silver is an accessible option for investors with smaller amounts of capital. However, the silver lining has a cloud. During economic downturns, silver’s industrial use can result in a drop in demand and a corresponding price drop. This volatility underscores the need for investors to consider their risk tolerance when investing in silver.

Despite its volatility, the forecast for silver demand in 2024 predicts a growth of 2%, with industrial production expected to achieve new records. This projected growth, along with silver’s role in portfolio diversification and potential for future price appreciation, suggests that silver’s investment appeal may shine brighter in the future.

Comparing Investment Strategies: Diversified Portfolio Inclusion

Including gold and silver in a diversified portfolio can enhance performance during market volatility and inflation. Financial advisors often suggest allocating 5-10% of an investment portfolio to commodities like gold and silver for diversification purposes. The logic is simple: gold offers diversification due to its historically low correlation with other financial assets such as stocks and bonds.

The inclusion of gold and silver, primarily an investment asset class, which unlike an asset produces cash flow, can act as an uncorrelated asset relative to equities, serving to diminish the total volatility of the portfolio.

Some benefits of including silver in your portfolio are:

  • Silver has significant industrial applications
  • It is positively correlated with periods of economic growth
  • Anticipated growth in areas such as renewable energy and artificial intelligence suggests an expanding demand for silver.

However, it’s crucial for investors to consider the following factors when determining the fit of precious metals within their investment strategies:

  • Potential costs for secure storage of precious metals
  • The speculative nature of precious metals
  • Due diligence and careful consideration of your financial circumstances

As with any investment decision, due diligence and careful consideration of your financial circumstances are key, including addressing portfolio risk management requirements.

While investing in physical precious metals has its appeal, precious metal mining stocks offer an intriguing alternative. Gold stocks provide a leveraged play that can outperform physical gold when prices rise, offering substantial potential for capital gains. The reason? Mining stocks do not just reflect the value of the precious metal. They also include the prospects of mining companies themselves.

Compared to physical gold, gold stocks offer several advantages:

  • They are more liquid and can be easily bought and sold.
  • They can provide additional income through dividends paid by established, profitable mining companies.
  • Investors can benefit from the expansion of mining operations and reap profits from significant new gold discoveries.

These advantages make gold stocks an enticing option for those looking to diversify their portfolio.

Moreover, by choosing gold mining stocks, investors can avoid the extra costs associated with the storage and security of physical gold. This can make gold stocks a more convenient and cost-effective alternative for investors who want exposure to gold without the logistical challenges of owning physical metal.

Physical Bullion vs. ETFs: Choosing Your Investment Vehicle

When considering precious metals as part of your investment strategy, it’s essential to explore all available options. Physical bullion and exchange-traded funds (ETFs) present two distinct investment vehicles, each with its own set of advantages and challenges. Gold ETFs, for instance, offer enhanced liquidity compared to physical gold, allowing investors to quickly buy and sell shares without facing the logistical challenges tied to physical transactions of gold.

Investing in gold ETFs can also be more cost-effective over time. Investors do not have to deal with the costs of purchasing and maintaining physical gold, and the responsibilities of securing and insuring the physical gold are professionally managed by the fund. However, it’s crucial to remember that the value of shares in gold ETFs may not track the price of gold precisely, as the fund’s expenses could slightly erode the value of these shares over time.

On the other hand, investing in physical gold comes with its own set of considerations. Apart from the allure of owning a tangible asset, investors must account for costs such as storage fees, insurance, and potentially higher dealer premiums over the market price. Additionally, purchasing physical gold requires vigilance due to the risks of scams, necessitating transactions with reputable dealers and possible appraisal costs, which add to the overall investment expense.

Evaluating After-Inflation Returns: Gold vs. Silver

When it comes to returns, it’s crucial to look beyond the nominal figures and consider the real value – the after-inflation returns. And in this regard, the performance of gold and silver may not be as glittering as one might expect. However, these precious metals have historically provided a hedge against inflation, offering returns that outpace inflation over certain periods. Here are some key points to consider:

  • Gold and silver can serve as a portfolio diversifier, helping to reduce risk.
  • Silver, due to its abundance, may have less upside potential compared to gold.
  • Both gold and silver have historically provided a hedge against inflation.

While the after-inflation returns of gold and silver may not always be stellar, considering past investment product performance, they can still play a valuable role in a well-diversified investment portfolio, remaining steady amid inflation uncertainties.

Gold tends to perform well during economic downturns and protections against inflation; studies confirm a positive correlation between the rising cost of living and the value of both precious metals. This ability to preserve wealth becomes particularly valuable during periods of high inflation, increasing their attractiveness as part of an investment strategy.

While the after-inflation returns for gold and silver may not be highly impressive when compared to other investments, rising inflation typically enhances their attractiveness as part of an investment strategy. This context underscores the importance of considering multiple factors – including inflation, market conditions, and personal financial goals – when evaluating the potential returns on your investment in gold and silver.

Making the Decision: Should You Buy Gold or Silver?

So, armed with all this knowledge, how do you decide between gold and silver? The answer isn’t one-size-fits-all. Investors should assess their individual financial circumstances and objectives when considering gold or silver investments, as the suitability can greatly vary depending on personal financial situations and goals.

The choice between gold or silver as a better investment option hinges largely on the individual’s risk tolerance and comfort with each investment strategy. It’s crucial to remember that while both precious metals can serve as hedges against inflation and economic downturns, they also present unique risks and opportunities. For instance, gold’s role as a safe haven asset may appeal to those seeking stability, while silver’s industrial applications and lower price point could attract investors looking for growth and affordability.

Before making the final call, it’s advisable to seek the guidance of a financial advisor to evaluate the appropriateness of gold or silver investments for your portfolio. Additionally, conducting independent research into gold and silver investment strategies can help you make a well-informed decision. Armed with knowledge and guided by your financial goals, you are well-equipped to make the golden (or silver) choice that’s right for you.

Summary

When it comes to precious metals, gold and silver stand as powerful contenders. Their unique characteristics offer distinct advantages for investors, making them an appealing inclusion in a diversified portfolio. Gold, with its safe-haven status, serves as a buffer against economic instability, while silver, with its industrial applications and affordable price, presents growth opportunities and accessibility to investors.

Ultimately, the decision to invest in gold, silver, precious metal mining stocks, or any other asset class should be guided by a thorough understanding of your financial goals, risk tolerance, and market conditions. It’s not about choosing the shiniest option, but the one that aligns best with your investment strategy and financial aspirations. So, whether you’re drawn to the allure of gold or the versatility of silver, remember – knowledge is the most precious asset of all.

Frequently Asked Questions

What factors influence the price of gold and silver?

The prices of gold and silver are influenced by various factors, including global economic stability, inflation rates, currency values, interest rates, and mining supply. Geopolitical events and investor sentiment can also cause significant price fluctuations.

Can I invest in gold and silver without owning physical metals?

Yes, investors can gain exposure to gold and silver without owning physical metals by investing in exchange-traded funds (ETFs), mining stocks, or mutual funds that focus on precious metals.

How does the industrial demand for silver affect its investment value?

The industrial demand for silver, particularly in technology and renewable energy sectors, can significantly affect its investment value. As demand for industrial applications rises, the price of silver may increase, potentially offering capital gains to investors.

What risks are associated with investing in precious metals?

Investing in precious metals carries risks such as market volatility, liquidity issues, and potential losses if prices decline. Additionally, physical metal investments may incur costs for storage and insurance.

Are there any tax considerations when investing in gold and silver?

Yes, there are tax considerations when investing in gold and silver. Capital gains on precious metals may be subject to taxation, and the tax treatment may differ depending on the investment vehicle (e.g., physical metals, ETFs, stocks). A tax professional can help you with this.

How do geopolitical events impact gold and silver prices?

Geopolitical events can have a significant impact on gold and silver prices. Uncertainty and instability often lead investors to seek safe-haven assets like gold, which can drive up prices. Conversely, positive geopolitical developments can reduce demand for safe havens, potentially lowering prices.

What is the best way to track the prices of gold and silver?

Investors can track the prices of gold and silver through financial news websites, commodity exchanges, and market data services. Many investment platforms also provide real-time pricing information for precious metals.

How do central bank policies affect gold and silver investments?

Central bank policies, such as interest rate adjustments and quantitative easing, can affect the value of currencies and influence investor sentiment towards precious metals. Policies that lead to currency devaluation can increase the attractiveness of gold and silver as a store of value.

Source: crediful.com

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Living with family members can be both a comforting and challenging experience, especially when those family members happen to be siblings. As adults, the dynamics change, and considerations extend beyond just familial bonds. When siblings decide to live together and potentially invest jointly, a unique set of opportunities and obstacles arise. Let’s delve into the pros and cons of such an arrangement.

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Pros

  1. Shared Financial Responsibilities: Pooling resources with siblings can ease the burden of financial responsibilities. Whether it’s splitting rent, utilities, or groceries, dividing costs can lead to significant savings for all parties involved.
  2. Greater Purchasing Power: When siblings join forces to invest, they can leverage their combined financial resources to access opportunities that might be out of reach individually. This could include purchasing a larger property, investing in stocks, or starting a business together.
  3. Built-In Support System: Living with siblings means having a built-in support system readily available. Whether it’s help with chores, emotional support during tough times, or simply having someone to share a meal with, the presence of siblings can provide a sense of comfort and security.
  4. Shared Goals and Values: Siblings often share similar upbringings, values, and life goals, which can facilitate smoother decision-making processes when it comes to investments and lifestyle choices. Aligning on common objectives can lead to a more cohesive living and investing experience.
  5. Potential for Long-Term Wealth Building: By combining resources and investing strategically, siblings can work towards building long-term wealth for themselves and future generations. Real estate investments, for example, can appreciate over time, providing a valuable asset for the family.

Cons

  1. Conflict and Tension: Living with siblings can sometimes lead to conflicts over finances, household responsibilities, or personal space. Differing lifestyles and personalities may clash, potentially causing tension within the household and complicating investment decisions.
  2. Dependency Issues: Dependence on siblings for financial support or decision-making can hinder individual autonomy and personal growth. It’s essential to strike a balance between mutual support and independence to avoid feelings of resentment or overreliance.
  3. Risk of Financial Disputes: Entering into joint investments with siblings carries the risk of financial disputes and disagreements. Differences in risk tolerance, investment preferences, or future plans may lead to conflicts regarding asset management and distribution of profits.
  4. Limited Privacy: Sharing a living space with siblings means sacrificing some level of privacy. While it can foster closeness and bonding, it may also restrict personal freedom and make it challenging to carve out individual spaces within the home.
  5. Uncertain Future Dynamics: Life is unpredictable, and circumstances can change over time. Siblings may experience shifts in career paths, relationships, or financial situations that impact their living arrangements and investment plans. Anticipating and adapting to these changes requires open communication and flexibility.

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The following is a sponsored partnership with Kudos. Have you heard about Kudos – the free AI-powered wallet that helps you get more out of your credit cards? In this Kudos Review 2024, I’ll explain how this desktop browser extension and iPhone app helps you earn the maximum rewards and benefits when shopping online. With…

The following is a sponsored partnership with Kudos.

Have you heard about Kudos – the free AI-powered wallet that helps you get more out of your credit cards? In this Kudos Review 2024, I’ll explain how this desktop browser extension and iPhone app helps you earn the maximum rewards and benefits when shopping online. With the average Kudos member earning $750 per year, you won’t want to miss out on this game-changing tool!

With Kudos, you can always choose the best card for maximum rewards at checkout, easily autofill your card information (including CCV) with just one click, find new cards that match your shopping preferences, and more.

Plus, Kudos has helped its members earn $150 million in rewards and counting!

The best part? Kudos is completely free. That’s right—no hidden fees. Just shop like you normally do, and Kudos automatically helps you during checkout to maximize your rewards.

If you don’t want to leave money on the table, there’s no reason not to use Kudos to take the guesswork out of deciding which credit card to use for each online purchase.

Personally, I find Kudos incredibly helpful. As someone with multiple rewards credit cards, each with their own unique benefits, Kudos saves me a ton of time by instantly identifying the best card to use for each transaction. This not only simplifies my life but also helps me earn more money!

This is great so that you are using the full potential of your credit cards.

And, even if you only have one credit card, Kudos is still helpful! This is because, at many online stores, you can still double your rewards for using the Kudos browser extension and earn points to put towards free gift cards.

You can download Kudos for free by clicking here. Plus, use code “CENTS” to earn $20 back after your first eligible Boost purchase.

Key Takeaways from this Kudos Review 2024

  • Kudos is a free AI-powered wallet that maximizes your credit card rewards when you shop online, whether you’re buying groceries, clothing, travel packages, furniture, or anything else—all with a single click.
  • With Kudos, you no longer have to guess which credit card to use for each purchase. Just shop like normal and Kudos will automatically recommend the best card to make sure you always earn the highest cashback, points, or miles on every transaction.
  • Kudos supports over 2 million stores, so you’re virtually guaranteed to find your favorite retailers and maximize your rewards with them.
  • Even if your credit card doesn’t typically offer rewards, you can still earn rewards by shopping through the Kudos browser extension at participating merchants.
  • Kudos is compatible with all major desktop browsers (Chrome, Safari, Edge) and is also available as an iPhone app, making it easy to boost your credit card rewards across every device.

Kudos Review 2024

Below is my Kudos review.

What is Kudos?

Kudos (also known as Kudos Technologies, Inc.) is a helpful AI-powered browser extension and app designed to help you make the most of your credit cards, particularly when shopping online. It was founded by Tikue Anazodo and Ahmad Ismail, and Kudos has been featured on Forbes, Yahoo Finance, Bloomberg, The Motley Fool, Nasdaq, and more.

Think of it as a smart wallet for your browser. Driven by the complex world of credit card rewards, the Kudos team created this tool to simplify the process.

Here’s how it shines: Select the cards you commonly use (without the need for any sensitive bank details) and Kudos tells you which one to use at checkout. You see, your cards might be packed with potential rewards for different spending categories—travel, groceries, or dining.

Different credit cards have so many different benefits (such as the rewards percentage, extended warranties, purchase protection, insurance, and more), which can be difficult to keep track of.

Kudos makes sure you’re using the best card possible to earn the most rewards, which is especially useful if you have more than one rewards credit card.

Members have collectively earned over $150 million in rewards with Kudos. On a personal level, you could boost your annual shopping rewards by an average of $750 just by using Kudos.

Plus, Kudos is super user-friendly. You can add it to your preferred desktop browser (Chrome, Safari, Edge) or use it on your iPhone, and it’s completely free. The service makes money by earning a small commission when you shop at participating stores or sign up for a card through their recommendations.

When you shop without Kudos, you could be missing out on opportunities to earn rewards with your purchases. Why miss out on potential earnings when Kudos provides a free and simple solution?

Kudos also has a really helpful Instagram account full of helpful credit card tips. I highly recommend checking that out here.

How Kudos works

Imagine you’re online shopping, ready to checkout, and you pause, thinking, which credit card do I use? That’s where Kudos steps in, always there to give you the best advice.

Kudos knows your cards and suggests which one to use at checkout. But how? First, you add your credit cards to the Kudos wallet. It’s safe and simple. When it’s time to buy something, Kudos pops up and says, “Hey, use this card!” Why? Because it’s the card that will give you the most rewards or savings for that purchase.

Here are the steps to get started:

  1. Download the Kudos browser extension (takes less than a minute to do) on your desktop browser (Chrome, Safari, Edge) or iPhone. You’ll also answer basic questions like your name and the type of credit card you have (such as the Chase Freedom card).
  2. Shop like you normally do.
  3. Once you’re ready to checkout, Kudos will automatically appear to let you know which credit card you should use to get the most rewards and benefits.
  4. Click the card you want to use and Kudos will then autofill the card info, making checkout a breeze.

What stores does Kudos work on?

Kudos works at over 2 million online stores and with over 3,000 credit cards – so there’s a very good chance that it’ll work for you.

Don’t see a store supported or can’t find your card? Their support team is super responsive and will help you out!

After I told Kudos what credit card I wanted to add, the site then told me what benefits I have.

Kudos vs. other rewards tools: What sets Kudos apart?

When it comes to maximizing credit card rewards, Kudos stands out from other popular tools like Rakuten, Honey, and Capital One Shopping.

While these platforms primarily focus on providing cashback offers or coupon codes, Kudos takes a more comprehensive approach to optimize your entire credit card strategy.

What sets Kudos apart is its AI-powered technology that analyzes your specific credit cards and spending habits to recommend the best card for each purchase.

This makes sure that you’re not only earning cashback but also maximizing your points, miles, and other card-specific perks. By considering factors like bonus categories, statement credits, and exclusive benefits, Kudos helps you get the most value out of your credit cards.

Key Features of Kudos

When shopping online, you want to stretch your dollar as far as it can go. Kudos has features that make this easy by helping you get the most out of your credit cards such as:

Maximize your credit card rewards

When you’re shopping online, Kudos helps you pick the best card to use to maximize your rewards and benefits.

With Kudos, you no longer have to guess which credit card to use. This AI-powered wallet automatically recommends the best card for each purchase, making sure you always receive the highest cashback, points, or miles possible.

I personally didn’t even know that one of my credit cards had some of the benefits that Kudos listed, and I can’t believe I had been wasting so much money by skipping out on such a valuable benefit! Kudos makes it very easy for me to see my card’s benefits all in one easy place.

Plus, if you’d like, you can add your credit card information to Kudos, and Kudos will autofill your card info (including CCV) to make checking out fast.

Another way that Kudos helps you earn more rewards is because Kudos helps you build your Dream Wallet so you can get the most out of your everyday purchases. You’ll go through a quick quiz to help Kudos gather information about your needs.

Double your rewards with Kudos Boost

With Kudos, you can increase the amount you can get in credit card rewards with just one click.

If you usually earn 4% cash back when shopping at sites like Walmart or Sephora, you’ll now earn a total of 8% back with Kudos Boost. The best part? You can earn Boost at participating stores even if your card doesn’t offer its own rewards.

Kudos Boost are reward points you earn by shopping at Boost merchants.

It works like this:

  1. Shop at one of Kudos’ 15,000 participating Boost merchants
  2. Click “Activate Boost” on the bottom right corner of the screen
  3. Use Kudos at checkout – At checkout, Kudos will find your best credit card to use, autofill the payment forms, and match your credit card rewards.
  4. Redeem rewards for a gift card

You’ll receive an email from Kudos around 1-2 days after completing an eligible transaction. After the store confirms your purchase it usually takes between 60 to 120 days for your rewards to be available, and you can then find your rewards on your Activity page on Kudos.

When you’ve earned 1,000 Kudos Boost points (equal to $10.00 USD), you can exchange them for an Amazon gift card.

Receive personalized credit card recommendations

Stop wasting time opening up credit card application pages on incognito. You can receive access to elevated card offers on Kudos’ Explore Tool through their partnership with The Points Guy.

So, if you are looking for a new credit card, use Kudos to help filter the best one for you and your situation and compare different cards in one easy place.

For example, Kudos member Christina L. was able to get 150,000 Membership Rewards points after spending $6,000 on the Amex Platinum card within the first three months of account opening. That’s almost double the 80,000 points after spending $8,000 found on the American Express website!

Answer all your credit card questions with MariaGPT

Maria GPT is an AI-powered, personalized assistant designed to answer all your credit card questions, available on the Kudos mobile app.

She can help you understand the benefits of your current cards and offer personalized suggestions for new cards based on your spending habits, goals, and objectives.

Frequently Asked Questions about Kudos Review 2024

Below are common questions about Kudos, the free AI-powered wallet.

Is Kudos free to use?

Kudos is free to use.

How does Kudos make money?

Kudos earns a small affiliate commission when you make an online purchase at one of their participating merchants. Additionally, if you use the Kudos Explore Tool to apply for a new credit card, Kudos may receive a payment from the credit card issuer.

Is there a Kudos referral code?

Yes! Sign-up for Kudos for free and use the Kudos referral code “CENTS” to earn $20.00 back after your first eligible Boost purchase.

How much can you earn with Kudos?

On average, Kudos members earn $750 per year in rewards by using the app to maximize their earnings.

Do I need to provide my credit card numbers to use Kudos?

No, you don’t need to enter your credit card numbers to use Kudos. Simply select the cards you have in your wallet, and Kudos will help you maximize your benefits at checkout. Providing your credit card information is optional if you want to speed up the checkout process.

Can I use Kudos with other browser extensions?

If you use Kudos Boost and then activate another rewards program like Rakuten, Honey, Capital One Shopping, or others during the same shopping session, Kudos may not be able to earn an affiliate commission. To make sure you get maximum rewards, it’s best to use Kudos exclusively during your online shopping.

Is Kudos wallet legit?

Yes, Kudos is a legitimate browser extension and app used by over 200,000 shoppers who have earned over $150 million in rewards. You can find genuine user reviews on trusted platforms like Trustpilot, Chrome Web Store (4.8/5 stars from 667+ reviews), and the Apple App Store (4.7/5 stars from 3,500+ reviews).

Is Kudos safe and secure?

Yes, Kudos prioritizes user security and employs industry-leading protocols, including bank-grade 256-bit encryption, to safeguard your data. Kudos handles your personal and financial information with the utmost care and never sells or shares it with third parties. You can feel confident and secure when using the Kudos browser extension and app.

My Kudos Review 2024: Final Thoughts

I hope you found this Kudos review informative and helpful in understanding how this AI-powered wallet can help you maximize your credit card rewards.

Navigating the world of credit card rewards can be overwhelming, but Kudos simplifies the process with its intelligent recommendations. By analyzing a database of over 3,000 cards, Kudos ensures you always use the best card for each purchase, boosting your rewards effortlessly.

In addition to its AI-driven recommendations, Kudos streamlines your online shopping experience with a one-click autofill feature. This not only saves you time but also guarantees that you’re always using the card with the most advantageous benefits for each transaction.

Personally, I find Kudos to be a must-have shopping tool. As someone with multiple rewards credit cards, each with their own unique perks, trying to determine which card to use for every purchase can be time-consuming and confusing. Kudos eliminates this hassle by automatically identifying the best card for each transaction, allowing me to maximize my rewards efficiently.

Even if you only have a single credit card, Kudos can still help you earn more rewards. By shopping through the Kudos browser extension at thousands of participating online stores, you can accumulate points that can be redeemed for free gift cards. This means that regardless of how many credit cards you have, Kudos enables you to optimize your rewards earning potential.

Kudos also helps users find new credit cards through its partnership with The Points Guy, a well-known credit card rewards and travel website. By using the CardMatch service, Kudos helps users find the best credit card offers tailored to their specific needs and spending habits. This feature is particularly useful for those looking to expand their credit card portfolio and maximize their rewards earning potential across multiple cards.

You can sign up for Kudos for free by clicking here.

Do you use Kudos? What other questions do you have for this Kudos review?

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