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March 5, 2024 by Brett Tams

Inside: Discover the secrets to earning $200k a year. Learn to choose industries, negotiate salaries, and balance life with high-income careers.

Achieving a $200,000 annual income is a financial milestone that many aspire to reach, but not everyone knows how to realistically attain.

Whether you’re starting from scratch or looking to elevate your current earnings, the blueprint to a $200K income is within your grasp. It all begins with a strategic approach that leverages both a steady job and an entrepreneurial spirit.

Achieving a $200k salary is not just about luxury—it’s about stability and security. With rising living costs, including student loans, mortgages, and everyday expenses, earning a high income is increasingly vital to maintaining a comfortable lifestyle.

By combining the stability of a well-paying career with the dynamism of a side hustle, you can fast-track your way to this lofty goal.

In this comprehensive guide, we dive deep into a method that suits everyone to make $200000 this year.

You’ll learn how to harness your passions, manage your time and expenses, and create a foolproof plan that caters to your strengths and circumstances.

How to Make 200k a Year

Achieving this level of annual income is a significant financial goal that necessitates a well-devised strategy combining steady employment with entrepreneurial endeavors.

This is possible for anyone to do. You have been making 10k a month for a while now and want to make the leap.

You just must be steadfast in pursuing your goals.

#1 – Identify high-income skills and industries

The first step toward making $200k a year is to recognize the skills and industries that command such salaries. Technology and finance are prime examples where hard work and expertise can lead to impressive earnings right out of college.

Specialized skills in software development, cybersecurity, data analysis, and AI are highly sought after. Additionally, roles in investment banking, private equity, and hedge funds are lucrative but come with intense competition and long hours.

Identifying these prospects involves understanding market needs, so be prepared to continually adapt to the latest industry trends. I cannot stress how important these high income skills are for your income.

Top Skills: Software Development, Cybersecurity, Data Analysis, Artificial Intelligence, Financial Analysis
Top Industries: Tech, Finance, Consulting, Healthcare, Legal

#2 – Degrees and Courses That Could Lead to 200K Jobs

If you’re seeking a high-paying career, focusing your education in specific areas is crucial. Advanced degrees, such as a doctoral degree in medicine, law, business administration (MBA), or specialized engineering can pave the way to high-paying roles.

For those with a penchant for academia, pursuing specialized courses that lead to becoming a medical lawyer, dentist, neurologist, psychiatrist, or gynecologist can be extremely rewarding. However, keep in mind that these paths generally require significant time and financial investment in education before reaping the financial rewards.

However, there are plenty of low-stress jobs that pay well without a degree.

Recommended Degrees: Medicine, Law, Engineering, Business Administration (MBA)
Valuable Courses: Specialized Medicine, Corporate Law, AI & Machine Learning, Financial Management

#3 – Start a Business

Embarking on entrepreneurship is a thrilling yet challenging path to reach unlimited annual income.

To start a business that prospers, it’s essential to identify a market need and create a clear business plan. Whether you’re selling a physical product, offering a service, or thriving in the digital market through online marketing, e-commerce, or app development, dedication, and strategic growth are paramount.

Investing both time and capital wisely, and adapting to market feedback can help you scale your business to meet and exceed your financial goals.

Investment Tip: Consider start-up costs carefully, and plan for lean operation.
Growth Strategy: Focus on customer satisfaction, scaling smartly, and marketing effectively.

#4 – Advance in your current career

Climbing the corporate ladder within your existing professional environment is a viable route to a higher salary.

To do this, focus on excelling in your current role, continuously improve your skills, and demonstrate the value you add to the company. Seek out leadership roles, ask for challenging projects, and take on responsibilities that align with the company’s revenue-generating activities.

Remember, promotions often come with significant pay raises, and it’s essential to communicate your career goals with your employer to align your trajectory with the available opportunities. Just watch the number of working hours you put in.

Key Strategies: Exceed performance expectations, take initiative, and pursue leadership roles.
Professional Development: Continued education, certifications, and networking are critical for advancement.

#5 – Invest in real estate for passive income

Real estate investment remains a cornerstone strategy for building wealth.

Focusing on location is key; properties in high-demand markets can yield substantial returns through rental income and appreciation. Paying with cash rather than financing can lead to better deals and avoid interest payments, as debt can eat into profits.

Moreover, platforms like Fundrise allow investors to start with as little as $10, which could be a smart move if you’re seeking a hands-off investment with a diverse real estate portfolio.

Investment Insight: Cash purchases may provide better deals, reducing financial risk.
Real Estate Tip: Choose high-demand locations for better rental income and property appreciation.

#6 – Maximize income through stocks or other investments

Investing in the stock market through individual stocks, mutual funds, or exchange-traded funds (ETFs) is another way to potentially earn $200k a year. Dividends from some of these investments can also serve as a consistent income stream.

Consider focusing on industries poised for growth or stable dividend-paying stocks, as these can offer a balance between growth potential and income reliability.

Additionally, alternative investments such as cryptocurrencies or option contracts can offer high returns, but come with high volatility. Always conduct thorough research or consult with a financial advisor before making significant investment decisions.

Learn how to invest in stocks for beginners.

Investment Strategy: Diversify your portfolio, focus on growth sectors, and consider enhancing your investment knowledge.
Cautionary Note: Be aware of market risks and do not invest more than you can afford to lose.

#7 – Gain Relevant Experience in High-Demand Fields

To command a $200k paycheck, it’s essential to gain experience in fields where the demand for your skills exceeds the supply.

Industries such as technology, healthcare, and specialized consulting are in constant need of experienced professionals. Work on projects that showcase your expertise and build a robust professional portfolio.

You can also consider a side hustle like freelancing or consulting to gain a broad range of experiences that can make you an attractive candidate for high-level positions.

Experience Building: Take on varied projects, freelance, or consult in your niche.
Portfolio Enhancement: Document your successes and gather testimonials or recommendations.

#8 – Continuous Learning and Adaptability to Stay Ahead

In the dynamic job market, staying complacent can mean getting left behind. Cultivating a habit of lifelong learning and adaptability is crucial. Did you know you are an appreciating asset?

This may involve updating your skill set to keep pace with technological advancements, attaining new certifications, or attending industry conferences and workshops. Remember that cross-skills, like project management or business analytics, are also valuable and can complement your primary expertise.

Embrace change and be willing to pivot when necessary to maintain your competitive edge and earning potential.

Professional Development: Seek out further education and certifications.
Adaptability: Stay open to industry shifts and be ready to pivot your skills accordingly.

Careers That Make 200K a Year is Common

In certain careers, a $200K annual salary is not an exception but rather a common expectation.

Positions in healthcare such as surgeons, specialists, and anesthesiologists often offer salaries exceeding this amount. Moreover, top-level executives, experienced lawyers, and investment bankers are typically in the higher income bracket due to the high stakes and demands of their industry. In tech, senior software engineers and IT executives with strong track records in hot markets like Silicon Valley can command these salaries, too.

Success in these careers requires a combination of advanced education, considerable experience, and sometimes, the right location.

Healthcare: Surgeons, Specialist Physicians, Anesthesiologists, Orthodontist
Corporate: C-level Executives, Investment Bankers, Senior Legal Counselors
Technology: Senior Software Engineers, IT Executives
Skilled Tradesperson: plumber, electrician, HVAC contractor, mechanic

Definitely a leap from jobs that pay $25 an hour.

Key Factors in Landing 200K Jobs

Now, you must learn the key components to secure that $200000 + job.

Factor #1 – Choosing the Right Industry for Maximized Earnings

To maximize your earning potential, it’s vital to choose an industry known for its high salary caps, which are listed below.

Tech Focus: Cybersecurity, AI, Machine Learning.
Healthcare Focus: Specialized Doctors, Medical Consultants.
Finance Focus: Investment Strategists, Financial Advisors.
Legal Focus: Corporate Lawyers, Litigators.

Within these industries, focus on roles that are crucial to core operations, innovation, or revenue generation.

For tech, this might involve AI, machine learning, and cybersecurity. In finance, investment strategists and financial advisors are in demand. In healthcare, specialized practitioners command higher salaries whereas, in the legal field, corporate lawyers and litigators typically earn more.

Just to note… taxes will take a substantial amount out of your paycheck. So, you want to aim for $200k as net income.

Factor #2 – Climbing the Ladder: From Mid-Level to Top-Tier Positions

Transitioning from a mid-level position to top-tier status demands a proactive career strategy. Aim for roles that impact the company’s bottom line, such as project management or strategic planning, which often lead to executive positions.

Make sure to seek mentors who can offer guidance, and build a reputation for reliability and innovation. Networking within your industry can uncover hidden opportunities and give you a competitive edge.

Strategic Positioning: Focus on profit-impacting roles and responsibilities.
Career Growth: Network, seek mentorship, and demonstrate leadership capabilities.

Always aim to bring value to your organization, as this will be your leverage when seeking promotions and negotiating salary increments.

Factor #3 – Negotiation Tactics for a High Paying Salary

Securing a salary of $200k often hinges on your ability to negotiate effectively.

Begin the negotiation process by researching the standard salary for your position in your industry and region. Articulate your value by enumerating your accomplishments, experiences, and the results you can deliver.

Prioritize non-salary benefits that may be equivalent to a higher income, such as bonuses, commission, stock options, or flexible work arrangements. When discussing figures, aim higher to give room for negotiation.

Research: Know industry salary benchmarks.
Value Proposition: Clearly communicate your potential contribution.

Remember, negotiation is a dialogue, so listen carefully, be respectful, and maintain a professional demeanor throughout the process.

Factor #4 – Building Professional Relationships That Open Opportunities

Fostering robust professional relationships is key to unlocking high-paying roles, as connections can lead to opportunities that aren’t publicly advertised.

Networking is an art. It goes beyond just asking the question, “What do you do for a living?“

Actively engage with peers at industry events, be genuinely interested in others, and offer help before you ask for it. Maintain a positive online presence on platforms like LinkedIn, where you can connect with like-minded professionals and hiring managers.

Networking: Engage in industry events and platforms like LinkedIn.
Relationship Management: Nurture connections and seek meaningful interactions.

Don’t forget to nurture existing relationships – a recommendation from a trusted colleague can provide a significant edge in landing a coveted position.

Factor #5 – Cities and Regions with the Best High-Paying Job Markets

If you’re eyeing a lucrative salary, it’s strategic to consider the geographic landscape of high-paying jobs.

Major economic hubs like New York City, San Francisco, and Boston have dense concentrations of Fortune 500 companies and start-ups that offer competitive salaries, especially in finance and tech. However, these cities come with higher costs of living.

Comparatively, cities like Austin, Seattle, and Denver have burgeoning tech and business sectors with a more balanced cost of living.

Economic Hubs: New York City, San Francisco, Boston.
Balance Seekers: Austin, Seattle, Denver.

Consider looking for cities that have a vibrant job market in your industry, but a reasonable cost of living to maximize your income-to-expense ratio.

Factor #6 – Remote Work: A Gateway Being Global

The rise of remote work has opened a world of possibilities for professionals seeking higher salaries. You can work in a low cost of living country and still get a good income and save the rest.

With remote positions, you’re not limited by location and can work for companies with higher pay scales in stronger economies, practicing geographic arbitrage to your advantage. Sectors like tech, marketing, and design are ripe with remote opportunities that pay well.

Geographic Arbitrage: Tap into stronger economies and work remotely.
Global Accessibility: Utilize online platforms to access high-income roles worldwide.

To capitalize on this, enhance your digital presence, showcase your skills online, and engage with global job platforms. Also, consider the time zones and cultural work patterns of employers to ensure a smooth collaboration.

FAQs About Securing a 200K Job

A salary of $200k is relatively rare, with only a small percentage of U.S. households earning at this level.

According to recent statistics, 11.9% of U.S. households had an annual income over $200,000.1

However, this figure can vary significantly by industry, location, and level of experience.

This is 100% possible with the rise of technology and the internet.

To do this, you must focus on industries that value skills and experience over formal education.

Professions like real estate brokering, high-level sales, business entrepreneurship, or becoming a skilled tradesperson. You just need strong persistence.

The likely answer is typically one needs a grad degree or extensive experience in high-paying fields like medicine, law, engineering, or business.

However, specialized certifications, proven expertise, exceptional skills, or entrepreneurship can also be your ticket to this income level without traditional qualifications.

What Jobs Pay 200k a Year Interest You?

Now that you’re equipped with knowledge about reaching a $200k salary, consider which roles resonate with your skills and passions.

Maybe you’re intrigued by the challenge of a tech startup, or the idea of saving lives as a healthcare specialist is what drives you. Perhaps the strategic element of financial planning appeals to your analytical side, or the autonomy of forging your path as an entrepreneur is a calling.

Remember, selecting a profession that not only offers financial rewards but also aligns with your interests and values is crucial for long-term satisfaction and success. High tech degrees are highly sought after right now.

The great part about making this amount of money is you can increase your savings rate, but that doesn’t mean you should leave beyond your means.

There are plenty of avenues that will have you making over six figures quickly.

Source

Statistic. “Percentage distribution of household income in the United States in 2022.” https://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us/. Accessed February 28, 2024.

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

March 5, 2024 by Brett Tams

Want to learn how to get free furniture? Do you want to transform your living space without breaking the bank? Here’s a guide on furnishing your house without spending any money. Whether you’re looking for sofas, beds, dishes, or other household items, there are ways to get free furniture. Today you’ll learn: You may be…

Want to learn how to get free furniture?

Do you want to transform your living space without breaking the bank? Here’s a guide on furnishing your house without spending any money.

Whether you’re looking for sofas, beds, dishes, or other household items, there are ways to get free furniture.

Today you’ll learn:

The different places to get free furniture
How to find high-quality furniture for free
Creative strategies for styling your home for free

You may be able to get furniture for pretty cheap or even free. If you are looking to save some money, then finding ways to get free stuff can help you spend less money.

11 Places To Find Free Furniture

Below are 11 places that give away free furniture.

1. Facebook

Facebook is one of the best places to find free furniture near you. By utilizing Facebook Marketplace and local community groups, you can score the furniture pieces you need for your home.

Here’s a step-by-step guide to finding free furniture on Facebook.

Click the “Marketplace” option in the left-hand menu.
Search for “free furniture” in the Marketplace search bar.
Once you’ve entered the search term “free furniture”, you can filter your results for options such as “Free or “Price: Free”. This will narrow down listings to only free listings.
Optionally, you can also join local community groups on Facebook. These groups have members who often give away free furniture they don’t want to bother selling.

It’s important to be safe when arranging pickups and meeting people online. Stay safe by meeting in public places, bringing someone with you, and letting someone know where and when you plan on meeting this person.

2. Buy Nothing Groups

The Buy Nothing Project started in 2013 and the main purpose is to get free things that you need without having to go and buy more things.

These groups encourage recycling and giving items a second chance rather than throwing them away when you no longer need them.

To get started, find and join a local Buy Nothing Group on Facebook. You can search for groups specifically for your city. Read and understand the group rules for the Buy Nothing Group and regularly check the group for new posts.

If you see a piece of furniture you’re interested in, respond to the offer politely and express your interest. You can even share why you need the item, so the person knows it’s going to good use.

Buy Nothing Groups are incredible communities for sharing, getting, and giving support to others. If you have the means, consider giving things to the Buy Nothing Group when other members of the community need something.

My sister has given away a ton of free furniture in local buy-nothing groups such as a sectional couch, TV stand, coffee table, bed frames, dressers, outdoor furniture, and more. There are lots of decent furniture pieces that you may be able to find in your local buy-nothing group as well!

3. Craigslist

Craigslist is another great spot for finding free furniture for your home.

Here’s a list of tips to find free furniture on Craigslist.

Look for the “Free” section. This page will show you a long list of items people are giving away for free in your local area.
When in the “Free” section, use the search bar and type in keywords like “furniture”, “couch”, “bed”, or other items you’re interested in getting.
Contact the poster on whichever item you’re interested in and use the contact information provided to reach out.

When meeting with people from Craigslist, it’s important to coordinate a spot that is safe and well-lit. It doesn’t hurt to bring a friend with you and let someone know where you’re meeting the online person and at what time.

4. Freecycle

Freecycle is a network of local groups for people who want to give away stuff and receive items for free. Here are some tips for finding furniture on Freecycle.

Visit the Freecycle website, find your local Freecycle group, and join the group by signing up with your email.
Search the local Freecycle group for furniture. Type in keywords in the searcher like “furniture”, “couch”, and “table”.
If you can’t find the furniture you’re looking for, create a “Wanted” post and state what you’re looking for and why you need it.

Contribute to the community when you can by offering items you no longer need. And as always, prioritize safety when arranging pickups. Let someone know your plans and choose public places to pick up furniture.

5. Ask friends and family

You can possibly get free furniture from friends and family, especially if they are looking to declutter or upgrade their home with new furniture.

Let family and friends know you need furniture. Be honest about your situation and clearly communicate the type of furniture you’re looking for, whether it’s a couch, table, bed, etc.

In a casual setting, such as at a family dinner, mention that you’re in need of furniture for your place. People may be more inclined to offer items they no longer use.

You could even make a Facebook post simply asking if anyone has any furniture they no longer want.

To make things as easy as possible, offer to pick up the furniture from your friend or family member. They’ll probably be really happy to get rid of the furniture and have more space in their home.

6. Ashley Furniture – Hope to Dream Program

Hope To Dream is a program by Ashley Furniture with the main goal of providing free mattresses and bedding to children in need. This program operates through partnerships with local organizations and charities.

The qualifications for the Hope To Dream program include:

Underserved children between the ages of 3 and 16 who do not have beds.
Families with very low income, live in poverty, or transitioning from homelessness.
Nominated by a school social worker, case manager, church, and other charitable organizations.

The Ashley Furniture free bed assistance program is a helpful one to look into if you are looking for free furniture for low income families.

Here is more information on the Hope To Dream program.

7. The Salvation Army Furniture Vouchers

Salvation Army accepts furniture donations, but sometimes they sell their furniture items at a high price. If you are low-income, you may qualify for Salvation Army free furniture vouchers.

The Salvation Army gives free furniture vouchers to people in need as part of their assistance program.

To get support, contact your local Salvation Army and ask about their assistance program, specifically related to furniture. Explain your situation and provide any required documentation to assess your eligibility for assistance. You may need to provide proof of your financial situation and ID.

Some Salvation Army locations conduct interviews as part of the application process. Once the application process is completed, the Salvation Army will inform you of your outcome.

If approved, the Salvation Army will provide you with furniture vouchers.

8. Dumpster Diving

Dumpster diving is a unique way to score free furniture, but it’s important to approach this activity with caution and respect for local laws and safety.

Here are some tips for dumpster diving:

Understand local laws regarding dumpster diving. Some areas have strict rules against it while other places are lenient.
Choose dumpsters in safe and legal areas and avoid private property without permission.
Inspect items for damage, stains, and signs of infestations.
Dumpster dive when people are likely to move out and throw away furniture, like the end of the month, college move-out periods, or large item pickup days.
Drive around your area on normal trash day as well, as sometimes people will put out furniture they no longer want.

It’s also handy to bring gloves and a flashlight. If you’re unsure about the legalities of dumpster diving, it’s best to check with local authorities.

9. College campuses on move-out day

College campuses are a gold mine on move-out day. Students throw away items they no longer need or cannot take home with them ALL THE TIME.

You should find out when the official move-out dates are for the colleges near you. These dates are always online on the college’s website.

On move-out days, arrive early to the campus where students are likely to leave items. Carry tools such as a screwdriver or wrench in case you need to disassemble furniture so that it can fit in your car.

As always, make sure to inspect furniture for damage, pests, and other issues.

10. NextDoor

NextDoor is a social networking platform that connects people in the same neighborhood or community. This is a great spot for finding free furniture locally.

To get started, sign up for NextDoor and verify your address to join the specific neighborhood community where you live. Browse the “Free” section as members are constantly posting items that they are giving away for free.

You can even set up alerts for specific keywords. Set up alerts for furniture-related items, so you can get notified as soon as someone posts free furniture in your area.

If you aren’t having luck searching for items on NextDoor, consider creating a “Wanted” post. Be specific about the items you’re looking for and why you need the item.

11. Answer online surveys and get free gift cards for free furniture

While, this will take some time, because furniture is not cheap, one way is to earn free gift cards.

You can earn free gift cards by answering online surveys and doing other online tasks, and you can use these gift cards to help you get free furniture.

So, this would work like this – You could get free gift cards to places like Amazon or TJ Maxx as a reward for answering online surveys or earning points in other ways. You can simply collect gift cards until you reach the amount that you need to buy your wanted and essential household items.

Some of my favorite rewards sites are:

I recommend signing up for all of them so that you can get the most surveys and tasks possible, which will then pay you with more gift cards.

My sister gets free gift cards all the time, and just the other day, she logged into several of the accounts that she is signed up for (such as Fetch Rewards and Swagbucks) and turned in her points. This led to her getting $275 in free Amazon gift cards. She personally likes to wait until she has a lot of gift cards that she can redeem at once, like for furniture!

Recommended reading: 16 Real Ways To Earn Free Gift Cards (Amazon, Target, Visa)

Frequently Asked Questions

Below are answers to common questions about how to get free furniture.

Where is the best place to find free furniture?

The best places to find free furniture are Facebook Marketplace, Facebook Buy Nothing Groups, and college or university campuses (on the last day of the semester before summer break).

Wherever you get furniture, it’s important to inspect items thoroughly for cleanliness and functionality before bringing it home.

Is there a way to get free furniture for low income?

If you or your family is low income, there are several ways you can get free furniture.

Here are some tips:

Reach out to local charities or outreach programs and inquire about available resources.
Most Salvation Army locations provide assistance to families in need.
Some Goodwill’s also have programs for individuals facing economic challenges. Contact your local Goodwill to find out more information and to see if they have Goodwill Industries furniture vouchers to give away.
Local churches and community centers sometimes organize furniture drives or give resources to those in need.
See if there are any furniture banks, American Red Cross (such as if you’re a victim of natural disasters like hurricanes and floods), social services, veterans groups, victims of domestic violence groups, or welfare programs near you (depending on the eligibility criteria, of course).
If you’re in North Carolina and are looking for furniture assistance programs, a place to reach out to is Crisis Assistance Ministry in North Carolina.
Reach out to thrift stores and see if they give away furniture to low-income households.

Is it safe to get free furniture?

When getting free furniture, it’s important to prioritize safety and take certain precautions. When getting new furniture, make sure to inspect the item thoroughly. You don’t want to take items home with infestations like bedbugs or cockroaches.

You will also want to clean the furniture before bringing it inside your home by using appropriate cleaning agents to disinfect and sanitize. It’s also important to check for recalls on furniture. You can check the Consumer Product Safety Commission (CPSC) website to search for recalls.

How To Get Free Furniture – Summary

I hope you learned some new ways when it comes to how to get free furniture.

Finding free furniture is possible with the right resources and patience. Resources, like Buy Nothing Groups, NextDoor, and other platforms, have many options for people in need of free furniture.

Whether you are looking to furnish a small apartment or a big house, there are many places to get free furniture near you.

What’s your favorite way to find free furniture?

Apache is functioning normally

March 4, 2024 by Brett Tams

If you’re considering booking a flight with Turkish Airlines or redeeming Miles&Smiles miles for a flight operated by a partner airline, it’s good to be aware of its cancellation and refund policies. If your plans aren’t firm, you can weigh the pros and cons of making the booking in the first place.

But even with the best laid plans, things might need to be changed at the last-minute. Below is what you need to know about Turkish Airlines’ cancellation policy for cash and award tickets.

Turkish Airlines 24-hour cancellation policy

The Turkish Airlines refund policy abides by the U.S. Department of Transportation 24-hour rule.

Free cancellations are available within 24 hours on flights to or from the United States booked at least seven days before departure. You may receive a full refund back to the payment card if you cancel a flight within this risk-free cancellation period.

Turkish Airlines flight cancellation policy

Turkish Airlines’ cancellation policy varies depending on your destination, ticket type and fare class.

The airline sells various tickets across two cabins, economy and business. For example, for domestic travel in economy class, you can book an EcoFly, ExtraFly or PrimeFly ticket.

Let’s break it down.

Turkish Airlines cancellation policy for domestic flights (within Turkey)


Cancellations made within one hour of departure	Not allowed.	Not allowed.	Not allowed.	Not allowed.
Cancellations made between one and 12 hours before departure	Not allowed.	Penalty of 560 Turkish lira ($18.35).	Penalty of 490 Turkish lira ($16.06).	Penalty of 820 Turkish lira ($26.87).
Cancellations made more than 12 hours before departure	Penalty of 525 Turkish lira ($17.20).	Penalty of 375 Turkish lira ($12.29).	No penalty.	No penalty.
Non-refundable fare classes	Q, T, L, V, P, W, U.	V, P, W, U.

The cancellation policy differs for Turkish Airlines flights between Turkey and Cyprus. You can find those fare policiesh here.

Turkish Airlines cancellation policy for international non-branded fares

		Semi-flexible
	Not allowed.	Permitted, subject to deductions.	Permitted, subject to deductions.
	Not allowed.	Permitted, subject to deductions.	Permitted, subject to deductions.

Turkish Airlines cancellation policy for international branded fares

The following rules apply to economy tickets.


	Not allowed.	$70 change fee. No refunds.	$0 change fee. $140 refund fee.

And the following rules apply to business class fares.

	BusinessFly	BusinessPrime
	$70 change fee. No refunds.	$0 change fee. $0 refund fee.

How to cancel a Turkish Airlines flight

You can cancel a Turkish Airlines flight by accessing your booking information from the Manage Booking page. Enter the record locator and the passenger’s last name, and your booking details will populate on the next page. From there, you’ll have the option to change or cancel your flight.

You also can cancel your flight by dialing the Turkish Airlines call center at 800-874-8875. Follow the prompts, and a customer service agent will be available shortly.

How to cancel a Miles&Smiles award flight

If you need to cancel a Turkish Airlines award flight booked with Miles&Smiles miles, you can do so online or by calling the Turkish Airlines U.S. call center at 800-874-8875.

To get your miles redeposited, you must pay a fee of:

150 Turkish lira ($4.91) for domestic flights.
$70 for international flights.

In case of a no-show, you can get your miles back as well for the following fee:

200 Turkish lira ($6.55) for domestic flights.
$150 for international flights.

Depending on how many Turkish Airlines miles you redeemed, the fees to get them back in your Miles&Smiles account aren’t terribly high.

Other ways to get your money back

Even if you’ve purchased a ticket that doesn’t allow refunds, you may still be able to get your money back, depending on how you booked and if you’re covered with travel insurance.

Cards with travel insurance benefits

Chase Sapphire Preferred® Card

on Chase’s website

Chase Sapphire Reserve®

on Chase’s website

The Platinum Card® from American Express

Ink Business Preferred® Credit Card

on Chase’s website

Annual fee

Travel protections (not a comprehensive list)

• Trip delay: Up to $500 per ticket for delays more than 12 hours.

• Trip cancellation: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.

• Trip interruption: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.

• Baggage delay: Up to $100 per day for five days.

• Lost luggage: Up to $3,000 per passenger.

• Trip delay: Up to $500 per ticket for delays more than 6 hours.

• Trip cancellation: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.

• Trip interruption: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.

• Baggage delay: Up to $100 per day for five days.

• Lost luggage: Up to $3,000 per passenger.

• Trip delay: Up to $500 per trip for delays more than 6 hours.

• Trip cancellation: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.

• Trip interruption: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.

• Lost luggage: Up to $3,000 per passenger.

Terms apply.

• Trip delay: Up to $500 per ticket for delays more than 12 hours.

• Trip cancellation: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.

• Trip interruption: Up to $10,000 per trip. Maximum benefit of $20,000 per 12-month period.

• Baggage delay: Up to $100 per day for five days.

• Lost luggage: Up to $3,000 per passenger.

Learn more

For The Platinum Card® from American Express, note the following disclaimers:

Trip delay:

Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
Underwritten by New Hampshire Insurance Company, an AIG Company.

Trip cancellation:

Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
Underwritten by New Hampshire Insurance Company, an AIG Company.

Trip interruption:

Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.
Underwritten by New Hampshire Insurance Company, an AIG Company.

Loss luggage:

Assuming your reason for cancellation meets certain eligibility requirements, you can get a refund. Examples of covered reasons to cancel a trip include a qualifying illness or injury, severe weather, jury duty, quarantine and more.

It’s also possible to purchase travel insurance from a third party to ensure you’re covered for your trip.

🤓Nerdy Tip

If you’re not certain of your travel plans, purchase an upgrade called Cancel For Any Reason (CFAR) insurance, which allows you to cancel your bookings and receive up to 75% of your money back, regardless of why you cancel.

The bottom line

Depending on where you’re traveling and the fare you booked, Turkish Airlines flights can be eligible for refunds, but the less expensive fares tend to include a penalty clause for you to get your money back.

The Turkish Airlines 24-hour risk-free cancellation policy allows you to cancel a U.S.-bound or U.S.-departing flight for free as long as it departs more than seven days in the future.

As far as canceling award tickets, you’ll be charged up to $70 to get the miles redeposited into your Miles&Smiles account.

To view rates and fees of The Platinum Card® from American Express, see this page.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:

Source: nerdwallet.com

Apache is functioning normally

March 4, 2024 by Brett Tams

If you’re wondering, “Can you write a check from a savings account?” the short answer is no. You can’t write checks from a savings account; instead, you can do so from a checking account, which is designed to provide that specific financial service. Savings accounts are primarily for earning interest on your deposits and transferring money occasionally.

Checks might seem like an old-fashioned payment method, but they are vital in specific transactions. For instance, you might need to pay the deposit for an apartment rental by check. In addition, personal checks are more secure for mailing payments than cash.

While you may want to draw funds from a savings account, that’s really not its purpose. Here, you’ll learn the details on this situation and also a possible work-around or two.

Key Points

• Writing checks from a savings account is not possible; it can only be done from a checking account.

• Savings accounts are primarily for earning interest and occasional money transfers, not for check-writing.

• Checks are still important for certain transactions, such as apartment rental deposits and secure mailing of payments.

• Savings accounts are designed for saving money, earning interest, and providing security for future needs.

• While payments cannot be made directly from a savings account using checks, automatic transfers and mobile banking can be used for certain transactions.

Why You Can’t Write Checks from a Savings Account?

You can’t write checks from a savings account because these accounts are for earning interest on cash you leave alone. Federal law, in fact, prohibits check-writing from such accounts and may restrict how often you can transfer money out of a savings account, too.

Part of the way a bank makes money is to lend out your funds on deposit in a savings account for other purposes. You earn an annual percentage yield, or APY, on your deposit for giving the bank the privilege of using your money that’s in a savings account. In other words, your financial institution is depending on some savings-account money staying put, not being regularly transferred out via checks.

Checking accounts, however, are designed to allow customers to write checks and make purchases. They may not make much or any interest, but you can move your money out of these accounts via checks and electronic transfers. You can even write a check to yourself to access your money.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!

What Accounts Can You Write a Check From?

One of the ways that checking accounts vs. savings accounts differ is that you can’t write checks from a savings account. However, both checking accounts and money market accounts can let you move funds out via checks. You can choose from the following types:

• Standard checking. This account typically provides a checkbook and debit card to make purchases. You might earn meager or no interest, but you can access your cash quickly. And, as with most kinds of checking accounts, you’ll be able to get cashier’s checks and certified checks if needed.

• Premium checking. This is a checking account on steroids, with better interest rates, rewards programs, and customer perks. In addition, these accounts might have monthly fees or steep minimum balance requirements in order to get those enhanced benefits, so check your customer agreement carefully.

• Rewards checking. Think of rewards checking as akin to a premium checking account but focuses on providing cash back for debit card usage. Again, it’s crucial to read the fine print for these accounts, as they usually require specific spending habits to be worthwhile.

• High-interest checking. This kind of account, also known as high-yield checking, blends saving and checking together by providing higher interest rates while allowing you to write checks and use your debit card.

While this account attempts to provide the best of both worlds, you’ll likely receive a lower interest rate than a savings account. You also might have to fulfill strict requirements (such as a monthly high account balance or transaction count).

• Student checking. High school and college students can access banking through these accounts. Student checking accounts typically provide leniency for overdrafts and promotional rewards for new customers. However, your account will change to a standard checking account when you lose student status, meaning you may lose the advantages of a student account.

• Second chance checking. Customers with less than perfect banking histories can struggle to find a bank that will provide them with an account. Unpaid bank fees and repeated overdrafts can cast a shadow over your banking record, making financial institutions hesitant to work with you. Fortunately, numerous institutions offer second chance checking to give customers another shot at banking. These accounts might restrict spending or charge monthly fees to cover their risk but can help you get back on your feet.

• Money market account. Many money market accounts also combine some of the features of savings and checking accounts. For example, money market accounts can earn higher interest than typical checking accounts (making them more like savings accounts) but allow you to write checks, as with a checking account.

Recommended: How to Sign Over a Check to Someone Else

What You Can Do With a Savings Account

While you can’t write checks with a savings account, the different types of savings accounts offer these functions and benefits:

• Security. You can safely save for the future, whether that means building an emergency fund or saving for a down payment on a house. If you bank at a Federal Deposit Insurance Corporation (FDIC)- or National Credit Union Administration (NCUA)-insured institution, you will have up to $250,000 per depositor or shareholder, per insured institution for each account category.

• Interest. As noted above, you’ll earn interest. The annual percentage yield (APY) will help your money grow.

• Convenience. You can also use mobile banking with a savings account. This feature allows you to access your account from your phone to deposit checks, transfer money, and view monthly statements.

• Perks. You may be able to snag some perks by opening a savings account, such as some banking fees being waived or a one-time cash bonus.

• Automated savings. You can set up automatic transfers from your checking account to savings to help increase your savings in an effortless way.

• Account linking. You can link your savings account as a backup to your checking to help avoid overdrafting.

Quick Money Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

Tips for Using a Savings Account to Make Payments

If your goal is to make payments from a savings account, you can’t use a check, as you’ve learned above. Plus, saving accounts may often have monthly transaction limits, meaning you can’t move money from the account for every monthly expense and random bill that may pop up. Generally, you can transfer money from a savings account six times a month.

You can, however, set up a small number of automatic transfers out of your savings account. Follow these tips:

• Have your account details handy. Double-check your account and routing numbers to make sure you are transferring funds out of the right account.

• Limit the bills you pay with your savings account. The less information is out there, the less likely it is to fall into a thief’s hands.

• Don’t attempt more than your account’s transaction limit. Usually, plan on paying no more than six monthly bills with your savings account. Check with your financial institution, however, to find out your exact transaction limits.

• Maintain an adequate balance. Transferring money from your checking account and depositing cash or paychecks into your savings account will help ensure you don’t overdraft the account.

Banking With SoFi

Savings accounts are excellent tools for earning interest and working towards your financial goals. However, they are less suitable for making payments because you can’t write checks from a savings account. Although you can make payments from savings accounts in a pinch, it’s better to use checking accounts for these transactions. After all, it’s what checking accounts are designed for.

If you’re looking for a banking partner who can provide the best of both checking and savings accounts, see what SoFi offers. When you open an online bank account, you’ll have the convenience of spending and saving in one place. Plus, with our Checking and Savings, you’ll earn a competitive APY and pay no account fees, two features that can help your money grow faster. Plus, you’ll receive both paper checks and a debit card to help you make payments.

Better banking is here with up to 4.60% APY on SoFi Checking and Savings.

FAQ

Why do checks come from checking accounts?

Checks come from checking accounts because banks intend payments to flow frequently from these accounts. In addition, checking accounts are the most convenient way to deposit and withdraw money from a bank because you can withdraw money an unlimited amount of times per month.

Why can I not write checks with a savings account?

You can’t write checks with a savings account because the account is for saving money and earning interest payments. Banks don’t provide checks for a savings account because the intention is for you to save money and leave at least a chunk of it untouched in the account. On the other hand, checking accounts allow you to write checks.

Can I write any check from a savings account?

You can’t write a check from a savings account because that is not how they operate according to federal guidelines. You can save money and earn interest with a savings account, while a checking account allows you to write checks.

Photo credit: iStock/AndreyPopov

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 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.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% 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 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 4.60% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

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Source: sofi.com

Apache is functioning normally

March 4, 2024 by Brett Tams

As you’re growing up, you learn about money from the people who raise you. Their lessons are based on their life experiences, which means there’s likely some bias built in.

That’s not necessarily a bad thing — you may have a savvy aunt who taught herself to manage her own money after a divorce, or a parent who cautioned you about debt because they struggled to pay down theirs. Hearing their stories can spare you from making financial mistakes. Even with all that history, though, you’re likely to make some financial decisions that will cause your relatives to wince.

Credit cards in particular can be a touchy subject in families where older generations avoid them out of the fear of costly debt, while younger generations embrace them for their rewards and convenience. Managing credit cards when it feels like you’re being “bad” can be difficult. Still, it’s totally OK to forge your own financial path based partially on family lore, and partially on your own goals and experiences.

Approach credit cards with care

If you’re a first-generation credit card user, it’s essential to understand how they work — this includes learning about the types of credit cards available, how you’re billed and what happens if you get into debt. Beware of common credit card myths, like the idea that you should carry a small balance from month to month because it’s good for your credit score (there’s no need to pay interest for the sake of your credit score).

Start by using your first credit card for a basic expense or two each month, and be sure to pay the entire balance when it’s due. You can still use cash or a debit card for some expenses, and a credit card for others.

Gloria Garcia Cisneros, a certified financial planner in San Diego, recommends using technology to help you manage your card. Automate payments to avoid missing due dates, and take advantage of apps that track spending so you don’t have to do so manually in a spreadsheet, she says. Also, create the habit of checking your credit card statements each month to review your spending, and avoid saving your credit card information on merchant websites so you’re less tempted to make impulse purchases.

Credit cards are more than a way to spend — they can help you establish your credit history, provide extra protections on purchases and can earn rewards on your everyday spending. Used carefully, credit cards can be a tool that helps you move toward other financial goals.

Lea Landaverde, the founder of the Riqueza Collective, a bilingual financial education and media company, learned this at the age of 18, when she realized she first needed to build her credit history to qualify for a rental home. “I had to learn how a credit card could benefit me.”

Examine the origins of your credit card beliefs

The messages you tell yourself about credit cards were installed in your mind long ago by loved ones who modeled certain behaviors. Credit card-related misconceptions and beliefs get passed down in families, especially when previous generations lived through difficult times. “When parents say debt is bad, they’re coming from a place of fear or trauma,” Landaverde says.

Garcia Cisneros was raised by her grandparents, who had widely different attitudes toward credit. “My grandpa was so against credit cards. He was like, ‘Cash under the mattress, cash is king,’” she says. Meanwhile, her grandmother not only used cards, but also maxed them out. “I didn’t know which one was right or wrong. When I got my first credit card, it was an emotional, impulse decision.”

Even if you’ve been financially independent for years, it’s hard to turn off that voice in your head that repeats relatives’ money beliefs that don’t match your current lifestyle. You can recognize why certain loved ones are credit card-averse, and use that family fear of debt as motivation to manage your credit cards thoughtfully.

Set boundaries with loved ones

Beware of family members who see your credit card as their funding source because they don’t understand how their actions can affect your credit. Garcia Cisneros is willing to help her family financially, but she has learned to set limits after a relative used her card while on vacation. Now, she only provides money for emergencies in the form of a loan with interest.

Celebrate your progress

As you become more confident with your credit card use, keep an eye on your credit score and pat yourself on the back when you see it go up. After all, you’re not just managing your credit card wisely, you’re creating an entirely new money mindset.

If you make a mistake or have to deal with an emergency expense and get into debt, it doesn’t have to derail your money goals forever. “You can start over,” Garcia Cisneros says. “You always have tomorrow.”

This article was written by NerdWallet and was originally published by The Associated Press.

Source: nerdwallet.com

Apache is functioning normally

March 2, 2024 by Brett Tams

Whether you’re planning on hitting the road for spring or summer break or launching yourself into home improvement projects, Discover’s bonus categories for the second quarter of 2024 can offer some value for your spending.

From April 1 through June 30, 2024, holders of eligible cards like the Discover it® Cash Back and Discover it® Student Cash Back can earn 5% cash back at gas stations, electric vehicle charging stations, home improvement stores and on public transit, on up to $1,500 in combined spending for the quarter. All other purchases earn 1% cash back. Activation is required to be eligible for the higher rewards rate.

Here’s what you need to know about which purchases qualify.

Discover bonus rewards categories for 2024
Q1 (Jan. 1–March 31)	Restaurants. Drugstores.
Q2 (April 1–June 30)	Gas stations/EV charging stations. Home improvement stores. Public transit.
Q3 (July 1–Sept. 30)	TBD (In 2023: Gas stations; digital wallets).
Q4 (Oct. 1–Dec. 31)	TBD (In 2023: Amazon, Target).

Discover’s Q2 bonus categories unpacked

Discover’s 5% categories come with terms. For the second quarter of 2024, here’s what will qualify:

Gas stations and EV charging stations

To earn the bonus rate, a purchase must be classified as made with a place that sells automotive gasoline or offers an electric vehicle charging station to the public. When you’re on the go, those purchases made at the pump or inside the gas station may also qualify for the elevated rewards rate.

Some purchases may not qualify, such as those made at supermarkets, supercenters, wholesale clubs and parking garages.

Public transit

Eligible public transit purchases that earn 5% back will include passenger buses, railways, ferries, taxis and rideshare services made in the U.S. Long-range passenger land, rail and water transportation services won’t qualify.

Home improvement stores

If you’re planning some home renovation projects or need to stock up on supplies, you can earn more value by doing it within Discover’s promotional window.

Eligible purchases will include those made online and in store at home improvement stores; building supply stores like lumber, paint and hardware stores; and lawn, nursery and garden supply stores. Purchases made through third parties like contractors may not qualify to earn 5% back. And purchases made at stores that offer home furnishings, home appliances, plumbing, heating supply and floor coverings won’t qualify.

Maximizing Discover’s Q2 bonus categories for 2024

To make the most of your bonus categories for the quarter, don’t forget these steps:

Log in to your Discover account to activate the bonus categories.
Use your Discover card for any purchases you make in those categories.
Track spending to know when or whether you’ve reached the $1,500 spending limit. (You can view an automated tracker while signed in to your Discover account.)

Considering the Discover it® Cash Back?

The Discover it® Cash Back card can be a worthy contender for your wallet if you’re organized enough to keep track of bonus categories that change every quarter and require activation. It’ll also work best if you’re not in the habit of maintaining a monthly balance, as the card’s steep interest charges will chip away at the value of rewards.

The card’s features include:

Annual fee: $0.

APR: 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 17.24%-28.24% Variable APR.

Sign-up bonus: INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.

Source: nerdwallet.com

Apache is functioning normally

February 29, 2024 by Brett Tams

Inside: Secure your financial future with insights into the top appreciating assets. Find the best appreciating assets and learn how to grow wealth with strategic investments.

Asset appreciation isn’t just an economic term; it’s the fuel that powers wealth creation. Think of appreciating assets as the golden geese, steadily laying valuable eggs that grow in size over time.

This is a crucial concept that triumphs and what you own can become the cornerstone of your financial success.

Asset appreciation isn’t just a buzzword; it’s the driving force behind significant wealth accumulation.

Whether you’re just starting or looking to expand your portfolio, understanding the role appreciation plays can mean the difference between mediocrity and staggering success.

Now, let’s dig in and help move your net worth higher.

What Are Appreciating Assets?

Appreciating assets are the golden geese of the investment world. They are the powerful engines that drive your net worth higher over time.

When you invest in assets like real estate, stocks, and even fine art, you’re placing a bet on their future value.

Unlike the car that loses value the moment you drive it off the lot, these assets typically gain worth, supernova-style, expanding your financial universe with every passing year.

How do assets appreciate in value?

Appreciation, at its core, is an asset’s journey from ‘worth X’ to ‘worth X and beyond’. But how does this magical wealth-building happen?

Several factors can give assets a financial boost.

For starters, the traditional law of supply and demand plays a huge role—if more people want it and there’s not enough to go around, the value goes up.
Toss in the influence of interest rates, economic growth, and geopolitical stability, and you have a mix that can push asset value into new echelons.
Even inflation can be a friend to assets, increasing their nominal value over time.

Remember, appreciation isn’t a given; it’s a hopeful trajectory bolstered by market forces and wise decision-making. You want to hop onto the appreciation train with assets that offer the promise of increasing in value, not just for now, but well into the future.

How to increase net worth with appreciating assets

Increasing your net worth with appreciating assets is like laying bricks for a financial fortress—it requires strategy, patience, and a mix of assets that have a history or strong potential for growth.

Start by assessing your current holdings and considering where you can diversify with assets that shine in appreciation prospects. It’s a game of balance, where you mix higher-risk, high-reward options with stable, gradual growers.
Make a habit of routinely re-evaluating your assets, keeping in mind economic trends and your personal goals. Sometimes, this may mean letting go of underperformers in favor of assets with brighter horizons.
Consider leveraging tax-advantaged accounts and investment strategies to maximize your wealth growth.

Most importantly, ensure liquidity so you can capitalize on new opportunities. Having liquid assets means you won’t miss out when the next big appreciating asset comes knocking.

Top 5 Appreciating Assets You Must Own

#1 – Stocks with High Growth Potential

Stocks are the daredevils of the investment world, particularly those brimming with high growth potential. They’re the kind that can catapult your net worth to the stratosphere if chosen wisely.

Tech giants like Nvidia, Microsoft, Google, Amazon, and Meta are testament to this—their growth over the decades has turned modest investments into fortunes.

Investing in high-growth potential stocks is like spotting a gem in the rough – if you spot the right ones, your financial prospects could shine brightly. You must learn how to invest in stocks for beginners.

Personally, I cannot stress how important it is to learn how to invest in the stock market as I can attest this is how you quickly grow your net worth.

Best For: Investors with a higher risk tolerance who are aiming for greater returns or dividend stocks and have the patience to weather market fluctuations.

#2 – ETFs to Streamline Investments for Optimal Performance

Exchange-Traded Funds (ETFs) are the investment world’s multitaskers, pooling the potential of various assets for optimum performance. By offering a diversified portfolio within a single share, they allow investors to spread their risk while reaping the growth benefits of different markets and sectors.

ETFs provide an easy and efficient way to diversify investments, reducing risk while still offering growth opportunities. They’re especially game-changing for those who prefer a “set and forget” strategy, as many ETFs are designed to passively track indexes or sectors. Many track the S&P, so you can easily invest in the overall market.

They’re cost-effective, often having lower fees than traditional mutual funds, and are accessible to investors with varying levels of experience.

Best For: Both beginners and experienced investors looking for a blend of simplicity, cost efficiency, and diversification in their investment strategy.

#3 – Real Estate: A Staple in Appreciating Assets

Real estate has long stood as a bulwark in the investment community, a reliable appreciator that doubles as both a tangible asset and a potential home. It’s a market marked by stability and a historical uptrend in value, making it a classic choice for those seeking long-term wealth growth.

Owning property is synonymous with the very concept of asset growth, with the power to withstand economic ebbs and flows. Location continues to be the drumbeat to its rise in value – a prime spot can transform a simple parcel into a gold mine.

Plus it is a tangible asset that provides utility and can serve as a hedge against inflation.

Whether it’s through REITs, crowdfunding platforms like Fundrise, or direct ownership, real estate can anchor your investment strategy on solid ground.

Best For: Investors seeking a tangible asset with a dual aim of long-term capital appreciation and passive rental property income. Ideal for those ready to manage properties or hire management, and for those who can handle the responsibilities of ownership.

#4 – Your Own Business: Betting on Your Entrepreneurial Spirit

Your own business isn’t just a job, it’s a reflection of your passion and an opportunity to control your financial destiny. When successfully executed, a business can become one of the most valuable appreciating assets, offering unparalleled autonomy and potentially substantial economic rewards.

Starting a business can lead to exponential wealth growth as the company expands and becomes profitable.
Your business’s value can significantly increase over time, making it a formidable asset in your net worth.

Owning a business is not just about the profits; it’s a journey of personal growth, resilience, and the triumph of turning passion into paychecks. It’s a path that can lead to great wealth, especially when one approaches it with clear strategy and unquenchable enthusiasm.

Best For: Individuals with entrepreneurial spirit, a viable business idea, and the readiness to invest time and capital into a long-term venture. Suitable for those who are tenacious and willing to face the challenges of entrepreneurship head-on.

#5- Self-Investment: The Ultimate Asset with Infinite Returns

Investing in yourself is like planting a seed that grows into a sturdy, towering tree, sheltering your financial future.

This investment can unlock doors to better opportunities, higher incomes, and greater job satisfaction. Whether it’s through education, health, or personal development, the returns on self-investment can be limitless.

Personal development often correlates with higher levels of personal and financial success.

Remember, when you invest in yourself, you become capable of crafting a life that not only brings in wealth but also contentment and a deeper sense of success.

Best For: Any individual seeking to enhance their career trajectory, entrepreneurship potential, or personal satisfaction. This approach is ideal for those who are committed to lifelong learning and self-improvement.

Other Examples of Appreciating Assets You Can Own

The Role of Bonds in a Diverse Securities

Bonds, those steadfast soldiers of the investment world, offer a buffer of safety amid the high-flying volatility of other assets. In a diversified portfolio, bonds contribute stability and predictable income, making them an essential element for many investor’s strategies.

They provide a fixed income stream with less volatility than stocks, acting as a cushion in economic downturns.
Bonds can offer a balance in investment holdings, mitigating risk and providing steady returns. Just make sure the returns are higher than an interest-bearing money market account.

Best For: Investors seeking to balance their portfolio with a lower-risk asset or those nearing retirement who prioritize income and stability over high growth.

Cryptocurrencies: The Digital Gold of Tomorrow?

Cryptocurrencies have emerged as the mavericks of appreciating assets, offering a wild ride with the allure of high-stakes jackpot payouts. As the “digital gold” of the modern era, they encapsulate the spirit of decentralization and technological innovation.

While their volatility can stir up investor heartbeats, their dramatic price appreciation stories make them impossible to ignore for those seeking the thrill of potentially explosive gains.

Even as the cryptocurrency markets continue to ebb and flow, they offer a unique proposition in wealth growth strategies—a high-risk, high-reward horizon that has many gazing toward the future with wallets in hand.

Best For: Tech-savvy investors with a high risk tolerance, seeking to diversify with a modern asset class that has considerable growth potential.

Fine Art and Collectibles: Value Beyond Beauty

Fine art and collectibles are not just a feast for the eyes; they’re also a banquet for your investment portfolio.

These assets bring value that transcends their aesthetic appeal, becoming cherished as cultural treasures and financial boons alike. With the intrinsic charm of rarity and historical significance, art pieces and collectibles can appreciate substantially over time, especially when curated with an expert eye.

For instance, this rare portrait of George Washington is expected to fetch $2.5 million at an upcoming auction.¹

Best For: Connoisseurs with a passion for the arts or history, and investors looking for long-term, value-holding assets that also serve as cultural and personal investments. Ideal for those with substantial capital ready to navigate the less liquid markets.

Precious Metals: Why Gold and Silver Remain Attractive

Gold and silver aren’t just the treasures of lore—they’re enduring staples for those looking to fortify their wealth. Their allure lies in their history, intrinsic value, and the stability they can provide when economic tides turn tumultuous. Gold and silver are known for their resilience during economic downturns and inflationary periods. As such, learn how to invest in precious metals.

They are tangible, finite resources with universal value, often resulting in consistent demand.

Best For: Investors looking to hedge risks or seeking a stable store of wealth.

Prospects of Private Equity in Upcoming Markets

Private Equity (PE) forms the backbone for the next wave of market disruptors and innovators. Investing in private companies, especially in emerging markets, can yield substantial capital appreciation as these businesses grow and mature, sometimes well before they hit the public sphere.

This has significant potential for appreciation as companies scale up their operations and increase their market footprint.

Best For: Sophisticated investors with a high-risk tolerance and a long investment horizon. They typically have a significant amount of capital to invest and are looking for opportunities outside of public markets to achieve potential high returns.

Venture Capital’s Role in Shaping Future Wealth

Venture Capital (VC) is the financial catalyst that turns innovative startups into tomorrow’s industry leaders. By injecting capital into early-stage companies, VC not only generates the potential for staggering returns but also plays a critical role in shaping future markets and consumer trends.

It plays a critical role in shaping the business landscape of tomorrow by investing in innovation today. With its penchant for high-risk ventures, VC remains an appealing asset class for those with a futuristic vision who are keen to be part of the next big thing.

Venture capital isn’t merely about capital gains; it’s an embrace of progress, a stake in the evolution of industries, and a partnership with the brightest minds of a generation.

Best For: Investors who have a deep understanding of emerging markets and technologies, a high-risk tolerance, and the patience for long-term investment. Also ideal for those who wish to actively participate in the entrepreneurial process and impact the future direction of new businesses.

The Thriving Market for Vintage Automotive Collectibles

Vintage automotive collectibles are revving up the collectibles market with a roar.

Car enthusiasts and investors alike recognize that certain classic models don’t just retain their charm; they accelerate in value over time. The emotional connection, the engineering legacy, and the nostalgia factor turn these vehicles into appreciating assets with a personal touch.

Plus they offer a tangible investment that can be appreciated both visually and through the driving experience.

Best For: Auto enthusiasts who appreciate the craftsmanship of vintage models and are prepared for the hands-on involvement required. Most may see them as a collectible rather than an investment.

Sports Memorabilia as Lucrative Investments

Sports memorabilia takes you on a trip down memory lane, connecting you to pivotal moments and legends of the past. This nostalgia mixed with exclusivity propels their value, making them sought-after assets in the realm of investing.

The emotional and sentimental value tied to sports icons and historical moments can drive considerable investment interest and demand.

Best For: Sports fans who want to combine their passion with investment potential and like to show off their memorabilia.

Land: The Original Real Estate Investment

Land is the progenitor of all real estate investments, offering a blank canvas for potential development or holding value as a scarce resource. With an appeal that has stood the test of time, land remains one of the most fundamental appreciating assets in the investment portfolio.

It is a finite resource; they’re not making any more of it, so demand can only go up as supply remains constant.
Increases in development, population growth, and changes in land zoning can significantly enhance land value over time.

Best For: Investors seeking to hedge against inflation and looking at long-term growth prospects. Land is best for those who have the capital to invest without the need for immediate returns and can wait for the right opportunity to maximize their profits.

Commodities: A Staple in Diverse Investment Portfolios

Commodities offer a slice of the global economic pie, essential for their role in everyday life—from the grain in your breakfast cereal to the petroleum powering your car. As tangible assets, commodities can provide a buffer against inflation and diversify investment portfolios. A similar case could be made for trading currencies.

Commodities, including metals, energy, and agricultural products, often increase in value with inflation and global demand. They provide an investment route less correlated with the stock market, adding portfolio diversification.

Best For: Diversification seekers and those comfortable dealing with market fluctuations who understand global economic trends. Ideal for investors who wish to hedge against inflation and have an interest in tangible or sector-specific assets.

Navigating the High-Yield Savings Landscape

High-yield savings accounts have emerged as essential vehicles for preserving and modestly growing wealth.

In 2022-2024, with interest rates eclipsing their traditional counterparts, these accounts are more relevant than ever for savvy savers seeking to keep pace with inflation. They provide a safe haven for emergency funds or short-term financial goals while offering better returns than a typical savings account.

They provide a low-risk option to grow savings with the added convenience of liquidity. Just like certificates of deposit or CDs.

Best For: Individuals aiming for a secure, accessible place to save money with a better yield than traditional banking products. Especially well-suited for those starting to build their emergency funds or setting aside cash for near-term expenses.

Peer-to-Peer Lending – A Trend to Watch for Asset Growth

Peer-to-peer (P2P) lending shakes up traditional banking by directly connecting borrowers with investors through online platforms. This asset class is gaining traction, providing a novel way to potentially generate higher returns compared to traditional fixed-income investments.

P2P lending platforms offer higher returns on investment over standard savings, as you’re effectively acting as the bank.
It’s a cutting-edge way to diversify your investment portfolio beyond traditional stocks and bonds.

Best For: Investors looking for alternative income streams and who are comfortable with the risk associated with lending money.

Intellectual Property and Patents: An Overlooked Avenue for Wealth Creation

Owning the rights to an invention or unique creation can lead to a wealth of opportunities, with patents often being a gold mine for inventors and savvy investors alike.

Patents, in particular, hold the promise of a decade-long fruitful life, offering the potential for significant monetary returns through licensing or sales.

Best For: Inventors, entrepreneurs, and investors who are versed in industries where innovations are rapidly commercialized. It’s well-suited for those able to navigate the intricacies of patent law and capable of investing in the enforcement and marketing of their IP.

Alternative Investments: Unique Opportunities for Accredited Investors

Accredited investors have the advantage of accessing a broader range of alternative investments that may not be available to the general public, offering potentially higher returns and portfolio diversification. These can include private equity, hedge funds, and exclusive real estate deals.

It’s crucial, however, for accredited investors to conduct thorough due diligence and assess their risk tolerance when allocating a portion of their portfolio to these alternative assets.

Best For: Seasoned investors looking for diversification and higher risk-reward ratios and qualify as an accredited investor.

Luxury Goods: When Opulence Equals Investment

Luxury goods are not only symbols of status and opulence but can also solidify your investment game. High-end watches, designer handbags, and exclusive jewelry collections often see their value climb, defying the usual wear-and-tear depreciation.

They resonate with collectors and enthusiasts, transforming personal indulgence into a viable investment strategy.

Best For: Investors with a penchant for the finer things in life and enthusiasts looking to blend personal enjoyment with financial gain.

Secrets of the Antique Trade: Seeking Out Hidden

The antique trade is akin to a treasure hunt, where seasoned savvy meets the thrill of discovery. Unearthing hidden gems within flea markets, estate sales, and auction houses not only provides a historical connection but can also reveal investment diamonds in the rough.

Antiques carry the potential for significant bottom line appreciation due to factors like rarity, provenance, and desirability among collectors.

Like finding this antiquated nautical map at an estate sale and now listed for $7.5 million. ²

Best For: Collectors with a passion for history and an eye for value.

What If You Have A Depreciative Asset?

If you’re holding onto a depreciative asset, it’s like grasping a melting ice cube: time can whittle away its value.

Consider selling to repurpose the capital into something that appreciates, upgrading to a more efficient model, or simply using it fully before its value dips too low. Each depreciative asset requires a tailored strategy, balancing between cutting losses and extracting maximum utility.

It’s a strategic financial dance — knowing when to hold on and when to let go of depreciative assets can ensure they serve your bottom line more than they hurt it.

FAQs

Appreciating assets are financial powerhouses that grow your wealth over time. They combat inflation and can provide additional income streams.

By increasing in value, they enhance your net worth, creating a more robust financial foundation for your future endeavors.

Appreciating assets are typically categorized based on their nature and the way they generate value. Common categories include tangible assets like real estate and collectibles, financial assets like stocks and bonds, and intangible assets like patents and copyrights.

The assets that don’t often depreciate include real estate, precious metals like gold and silver, and certain collectibles such as fine art or vintage cars. These assets maintain value or appreciate over time, resistant to the typical wear and tear or technological obsolescence that affects other assets.

Which Asset that Has Appreciation in Value Interests You

In conclusion, adding appreciating assets to your portfolio is a strategic move towards achieving financial security and building long-term wealth.

These assets combat inflation by potentially increasing in value over time, providing an opportunity to earn returns that exceed the average inflation rate.

However, these assets are not considered to be part of your liquid net worth. With all appreciating assets, you must consider the potential taxes on your various investments.

To facilitate this wealth-building strategy, it’s vital to practice saving diligently—consider automating your savings, cutting unnecessary expenses, and increasing income streams. By consistently setting aside funds, you can gradually invest in diverse appreciating assets such as stocks, real estate, or retirement accounts.

This is how you start forming a life consistent with financial freedom.

Source

Barrons. “Rare Portrait of George Washington Could Fetch $2.5 Million at Auction.” https://www.barrons.com/articles/rare-portrait-of-george-washington-could-fetch-2-5-million-at-auction-e2f19134. Accessed February 20, 2024.
Los Angeles Times. “A $7.5-million find: Overlooked Getty estate sale map turns out to be 14th century treasure.” https://www.latimes.com/california/story/2023-10-25/map-dealer-discovers-14th-century-portolan-chart-getty-estate-sale. Accessed February 20, 2024.

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

February 29, 2024 by Brett Tams

A secured credit card is a bit different than an unsecured credit card. It’s an unsecured card that most of us think of as a traditional credit card. The difference between a secured card and an unsecured card is that a secured card requires a security deposit to get. That deposit is either a down payment on your credit line or your entire credit line.

And because building credit requires having credit to use, secured credit cards are a fabulous way to fill the gap for those that don’t have a credit history or who’ve ended up with a bad or poor credit rating. And roughly 30% of Americans have bad credit or poor credit, which is almost 70 million people

And with poor credit, you can find it difficult or even impossible to get a car loan or mortgage. It can even make getting an apartment lease tough. And it can make getting a traditional credit card tough too. And even if you can get a loan, lease or credit card, your bad credit will cost you in higher interest rates and monthly payments.

There’s no instant cure for bad credit, but you can improve your score with work and careful planning. One of the ways you can improve that score is with a secured credit card.

Are you asking: “What is a secured credit card?” Keep reading for an explanation of what one is and how it can help build or rebuild your credit score and/or credit history.

What Is a Secured Credit Card?

Some credit card issuers offer secured credit cards. These cards are an option for those with less-than-perfect credit scores or no credit history. But, they have a catch. That catch is a required deposit.

OpenSky® Secured Visa® Credit Card

No credit check to apply. Zero credit risk to apply!
Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
Extend your $200 credit line by getting considered for an unsecured credit line increase after 6 months, no additional deposit required!
Get free monthly access to your FICO score in our mobile application
Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and Transunion
Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
Fund your card with a low $200 refundable security deposit to get a $200 credit line
Apply in less than 5 minutes with our mobile first application
Choose the due date that fits your schedule with flexible payment dates
Join over 1.2 million cardholders who’ve used OpenSky to build their credit

Need more credit?

When you apply for a secured credit card, the credit card issuer takes a refundable security deposit. That deposit gets you approved for the card and for a small credit line. The credit line is usually small like $200 or $500. But some cards offer higher credit lines—even up to $3,000.

With most secured cards, your security deposit is your credit limit. Your deposit acts as collateral against any payments you might miss and your poor or absent credit rating. Since your deposit equals your total credit limit in most cases, the issuer won’t lose money if you miss a payment.

Secured Vs. Unsecured Credit Cards

The other main form of credit card is an unsecured credit card. Credit card issuers don’t require a deposit when for traditional unsecured credit cards.

You can have a good credit score and still get turned down for an unsecured credit card based. For example, they may turn you down if your annual income isn’t high enough or if you have several other credit cards near their limit

Who Are Secured Credit Cards For?

Secured credit cards are intended for two types of cardholders:

Those who want and need to improve bad credit or poor credit scores
Those who need to start building on a limited or nonexistent credit history

Both of these types of cardholders are challenged with low credit scores.

If you fit into either of the above categories and as a result, you’re having trouble qualifying for a traditional credit card, secured credit cards could be a good solution.

Keep in mind that it’s still possible to be turned down for a secured credit card, particularly if you have a blemish like bankruptcy on your credit history.

How Secured Cards Help You Build Credit?

The major credit bureaus calculate your credit scores. They use many factors in modeling that score. While a secured card can’t fix all the issues that go into your score, like payment history, debt usage, credit history, account mix and credit inquiries, it can help you with most.

One of the big factors in your credit score is the percentage of on-time payments. The higher the percentage the better with 100% being ideal. Issuers that offer secured cards report your payments to the credit bureaus each month the same way they report unsecured credit card payments.

The best way to build your credit with a secured card is to use the card responsibly and make your monthly payments on time, every time. That way, you’ll build a positive payment history on your credit.

There are other ways to use your card to build your credit too.

The credit bureaus also look at how much of your credit you use—called debt usage. If you keep the balance on your secured card low, it helps boost your score. As a general rule, don’t use more than 30% of your credit limit if possible. Even better, use no more than 10%. Thirty percent of $500 is $150. Ten percent is $50. Following that guideline shows you can use credit wisely by not maxing out your card or cards.

Another factor credit bureaus look at is your account mix. You want a healthy mix of accounts. Long-term accounts increase your available credit limit, so they lower your debt usage. They also add to your account mix. Keeping your secured card—even if you’re not using it—is a good idea.

Note though, if you apply for too many credit cards, it can hurt your score. Each application puts a hard inquiry on your credit report. So, find one card and apply and only apply for another if you’re declined. Also, consider applying to cards that don’t check your credit history like the OpenSky® Secured Visa® Credit Card or one that prequalifies you with a credit check like the Merrick Bank Secured Credit Card.

Merrick Bank Secured Credit Card

Choose your own credit line based on how much money you want to put down as a security deposit.
Initial deposits can be from $200 to $3,000. You can increase your credit line at any time by adding additional money to your security deposit, up to $3,000.
After 9 months, we review your account for a credit line increase. No additional deposit required!
Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds.
Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
Get your FICO® Credit Score for free each month.
Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts.
Card issued by Merrick Bank, Member FDIC.

Tips for Using a Secured Card Wisely

Getting a secured card is only the first step. You must use the card in a smart manner to get the most benefit from it.

You might find yourself tempted to put the card away and never use it. That approach provides limited value for your credit score. It just shows up on your credit report as available credit.

You want to use the credit, a little, to prove you can use it responsibly. One way you can do that is through occasional small purchases.

For example, you can buy a parent or sibling a small gift they need, such as a blender or microwave. Then you pay that off over the course of a few months or in full at the end of the month.

Pay for minor car maintenance with it, like an oil change. Most oil changes come in under $75, which makes it something you can reasonably pay off in a month or two. You also get something useful and necessary out of the deal.

Don’t use your card for impulse purchases. Your credit limit might cover the cost of a video game or new jacket you want. Give yourself a two-day cooling off period and then ask: “Is that the best use of my credit card?” In most instances, the answer is no. Those kinds of purchases eat up credit you might need for an emergency, without providing much value in return.

Is There a Downside to Secured Cards?

Secured cards can have higher interest rates—dubbed annual percentage rate or APR—than other credit lines, though APRs vary a lot from card to card. There are many secured cards that have better APRs than traditional credit cards—especially rewards credit cards that charge higher interest rates to make up for the rewards you earn.

For example, the Applied Bank® Secured Visa® Gold Preferred® Credit Card at publication time has an ongoing APR of just 9.99% Fixed and the First Progress Platinum Prestige Mastercard® Secured Credit Card an ongoing APR of 15.24% Variable APR for Purchases.

Like any credit card, secured credit cards may charge an annual fee. Fees tend to range from $29 to $50. But, like traditional credit cards, there are secured cards that have no annual fee.

If you’re dreaming of earning points or cash-back with a secured card, you’re out of luck. These cards don’t come with added perks outside of helping you build credit. But, if you use it right and do build your credit, you’ll be on your way to qualifying for a rewards credit card before you know it.

Always make sure you understand exactly what the company offers before you apply. That way you can get a card that better suits your situation.

Parting Thoughts on Secured Credit Cards

You can answer the question, what is a secured credit card, by saying it’s an opportunity to build your credit.

When you can’t get an unsecured credit card, it makes rebuilding your credit more difficult. A secured credit card lets you establish that you can use credit responsibly, make on-time payments and keep an account in good standing.

Credit.com helps consumers by providing practical information about getting and using credit. To help you track your quest for better credit, and to find out where you stand before applying for a new credit card, get your free Experian credit score, right here on Credit.com. Your score includes a free credit report card that helps you track where you stand on payment history, debt usage, credit history, account mix and credit inquiries and how you can improve each area.

Source: credit.com

Apache is functioning normally

February 29, 2024 by Brett Tams

The Automated Clearing House (ACH) system is a quick, simple, and secure way to transfer money between banks. However, online identity theft can still happen.

One way to mitigate the possibility of unauthorized electronic payments is to use an ACH positive pay service. Offered by banks and credit unions typically to businesses, ACH positive pay is a tool that allows you to manage and monitor transactions to ensure that only authorized payments will be paid from your accounts.

Read on to learn more about what ACH positive pay is, how it works, and its benefits.

What Is ACH Positive Pay?

ACH positive pay is a fraud prevention service offered by many banks and credit unions that allows businesses to control which ACH transactions are allowed to post to their accounts.

Also known as positive pay for ACH, the service typically allows you to set up a list of approved vendors that are paid automatically, along with the option to add filters, such as expiration dates and caps on the amount of money that can be paid to a particular company. You can add vendors to your approved list before an initial transaction to make sure the payment goes through.

Any transaction that fails to meet your parameters for payment will trigger an alert. You can then decide if you want to approve or deny the payment. This can go a long way toward preventing fraudulent transactions before they happen.

While banks typically charge for positive pay services, some institutions now offer it for free.

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How Does ACH Positive Pay Work?

The exact way that an ACH positive pay service works will vary depending on your financial institution. Generally, there are four key steps in the positive pay process.

1. Authorization: A business provides its bank with a list of authorized ACH transactions, including details such as the transaction amount, originator ID, and effective date.

2. Incoming transactions: When an ACH transaction is initiated, the bank checks the transaction details against the authorized list provided by the business.

3. Decision: If the transaction details match an authorized transaction, the bank allows the transaction to proceed. If there is no match, the bank rejects the transaction and notifies the business.

4. Notification: The business receives a notification of the rejected transaction and can review the details to determine if it is fraudulent. If it is legitimate, the business can authorize the transaction for future processing.

Recommended: ACH Transfer Limits: All You Need to Know

What Is Positive Pay For Checks?

Just like a positive pay for ACH system, many banks and credit unions offer businesses positive pay services for checks. The service works in a similar way but, rather than protect against fraudulent electronic transactions, it seeks to prevent check fraud.

With positive pay for checks, businesses provide their bank with a list of issued checks. The bank’s positive pay system then matches the date, check number, dollar amount, and account number of each check presented against that list to protect against forged, altered, and counterfeit checks. Checks that are considered suspicious are sent back to the issuer (you) for examination. This gives you the chance to examine and approve any questionable checks, reducing the chances that any fraudulent checks are processed.

Recommended: ACH vs Check: What Are the Differences?

What Is Reverse Positive Pay?

Reverse positive pay is a variation on the concept of check positive pay that gives the job of filtering check transactions to the business rather than bank.

With the reverse positive pay system, the bank provides the company with daily notifications about all presented checks and clears only those that are approved by the company.

If the company does not respond within a set period of time, the bank will typically go ahead and cash the check(s) in question. The reverse positive method is not as reliable and effective as positive pay, but generally costs less.

Recommended: Guide to Check Verification

Features and Benefits of ACH Positive Pay

Here’s a look at some of the benefits of setting up ACH positive pay for your business.

Security and Fraud Control

One of the biggest perks of ACH positive pay is increased security and fraud detection. You can set up several different blocks, filters, and alerts, such as:

• ACH block This blocks all ACH transactions except for accounts that you specifically authorize.

• ACH fraud filter This allows you to set up filters to control what activity is and is not automatically processed.

• Activity alerts This allows you to monitor all activity or only receive alerts for potentially fraudulent transactions.

Flexible Notifications

While the details of ACH positive pay systems vary by financial institution, businesses can typically choose to receive notifications via email, SMS, or through their banking portal. This allows you to choose the communication method that works best for your business. Notifications can typically also be customized based on the type of transaction or alert.

Recommended: How Often Should You Monitor Your Checking Account?

Internal Control Support

Positive pay systems help businesses maintain internal controls by providing a clear audit trail of authorized transactions. This allows businesses to easily reconcile their accounts by comparing authorized transactions with their bank statements.

The Takeaway

Offered by many banks and credit unions, ACH positive pay can be a valuable tool for businesses looking to enhance their security and control over ACH transactions. By implementing ACH positive pay, you’ll be able to make decisions on unusual ACH transactions before the money is removed from your account.

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Better banking is here with up to 4.60% APY on SoFi Checking and Savings.

FAQ

Can I reverse an ACH payment?

While ACH payments are generally non-reversible, there are a few exceptions. You may be able to reverse an ACH payment in one of these scenarios: the payment was for the wrong dollar amount, the account number provided was incorrect, the payment due date was incorrect, or there was a duplicate payment.

To reverse an ACH payment, you typically need to contact your bank or financial institution within 24 hours of the transaction and provide them with the necessary information, such as the transaction details and the reason for the reversal. You typically need to pay a fee to have an ACH payment reversed.

Is positive pay only for checks?

No, positive pay is not only for checks. While positive pay is commonly associated with check fraud prevention, there are positive pay services available for other types of transactions, including ACH transactions.

ACH positive pay allows businesses to control which ACH transactions are allowed to post to their accounts, similar to how positive pay works for checks. With ACH positive pay, businesses can provide their bank with a list of authorized ACH transactions, and the bank only processes transactions that match the list.

What is an ACH block?

An ACH block is a security feature offered by banks that allows businesses to block all ACH transactions from posting to their accounts, except for those explicitly authorized. With an ACH block in place, any ACH transaction that does not match the list of authorized transactions will be rejected by the bank.

Photo credit: iStock/nortonrsx

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.

SOBK0124044

Source: sofi.com

Apache is functioning normally

February 28, 2024 by Brett Tams

Dulles International Airport (IAD) is one of three airports servicing the U.S. capital. It is situated about 26 miles outside Washington, D.C., in the Northern Virginia suburbs.

Compared to its counterpart in Virginia, Ronald Reagan Washington National Airport, Dulles’ footprint is at least 12 times larger, sitting on more than 11,000 acres.

Washington-Dulles is known for its vast international flight options, for being a major United Airlines hub, and for its iconic main terminal, designed by well-known architect Eero Saarinen (the same architect who brought the New York-JFK terminal that’s now the TWA hotel to life).

Washington-Dulles is comprised of a main terminal building which features ticketing, security and a small set of “Z” gates, plus baggage claim and customs on the bottom floor.

There are two separate midfield terminals that run parallel to the main terminal: one long building housing the A and B concourses, and another housing the C and D concourses.

Map of IAD terminals

Dulles Airport main terminal

The Washington-Dulles main terminal building is the immediately-recognizable structure most people think of when picturing the airport, with its vaulted ceiling and all-glass facade.

(Photo by Sean Cudahy)

Inside, the building is huge, spanning 1.1 million square feet, and is close to a quarter-mile in length.

The main terminal is divided two floors: departures upstairs and arrivals downstairs.

Upper level

Inside the main terminal on the upper level, there are four large islands with ticket counters for domestic and international airlines.

(Photo by Sean Cudahy)

All passengers pass through security in the main terminal, so if you’re a Clear member, you’ll be able to use the service no matter which airline you’re flying.

The standard TSA checkpoint is downstairs.

Once you pass through security, you’ll catch the Aerotrain or people movers to your specific departure terminal.

Downstairs

Downstairs on the arrivals level is baggage claim with 15 carousels, as well as the airport’s customs facilities, which include Global Entry access.

Food options

Pre-security: Cafe Americana, District Chophouse, Capitol Gounds Coffee.

Retail

International Currency Exchange, Dulles Gourmet Market.

Lounges

The main terminal building houses a brand new Capital One Lounge just beyond the TSA PreCheck lanes.

(Photo by Sean Cudahy)

Capital One Venture X Rewards Credit Card

NerdWallet Rating

Annual fee

$395

Transportation

Since Dulles operates out of three main terminal buildings, travelers have to take transportation to move between each.

Aerotrain

(Photo by Sean Cudahy)

The most convenient option is the Washington-Dulles Aerotrain, an automated train system that runs between a few of the terminals. It’s usually a quick ride, with a maximum of two minutes between stations.

(Photo by Sean Cudahy)

You can take the Aerotrain if you have a flight in the A gates, B gates or C gates. However, note that it is a decent walk from the station to the C gates.

People movers

(Photo by Sean Cudahy)

One of Dulles’ best-known quirks is its “mobile lounges,” or “people movers.” These Star Wars-esque machines haven’t entirely been phased out with the Aerotrain.

Inside, the people movers feel like a combination of a waiting room and a bus, and they take passengers from one terminal to another.

You’ll typically ride the people movers if you’re:

Flying out of the D gates (one of United’s concourses).
Connecting between United’s D gates and Terminal A (gates A1A through A6F).
Arriving on an international flight to get to the customs area in the main terminal.

Passenger walkway

If you’d rather get some steps in, there’s also a 1,000-foot underground pedestrian walkway that connects the main terminal with Concourse B, featuring moving sidewalks in both directions.

Dulles Terminal A

(Photo by Sean Cudahy)

Airlines

United (regional United Express flights, gates A1A through A6F).
International airlines occupy the main portion of terminal.

Lounges

Air France Lounge, near gate A20.
- Open daily from 10:30 a.m. until last flight
- Priority Pass eligible.
Virgin Atlantic Clubhouse, across from gate A32
- Open starting around four hours before Virgin Atlantic flights.
- Priority Pass eligible.

Other amenities

Food and beverage

Jersey Mike’s Subs.
Smashburger.
Starbucks.
Extreme Pita.

Cacao Chaser.
Capitol City Ink.
Duty Free America.
Gen X Wireless.
Hudson News.
International Currency Exchange.
Souvenir Library.

Terminal B

(Photo by Sean Cudahy)

Airlines

American Airlines.
Delta Air Lines.
Southwest Airlines.
International carriers like Aer Lingus, ANA, Lufthana, TAP Air Portugal and others.

Lounges

British Airways Lounge, located near Aerotrain station: Open daily from 6:00 a.m. to 10:30 p.m.
Lufthansa Business Lounge, located across from gates B49 and B51: Open 1:30 p.m. to 10:00 p.m. daily. Priority Pass eligible.
Turkish Airlines Lounge, located next to gate B43: Open 7:15 a.m. to 11:00 p.m. daily. Priority Pass eligible.

Other amenities

Food and beverage

Bracket Room.
Capitol Grounds Coffee.
Carrabba’s Italian Grill.
Chick-fil-a,
Commanders Burgundy & Gold Club.
DC-3 Hot Dog Joint.
Five Guys.
Peet’s Coffee.
Potbelly Sandwich Shop.
Vino Volo.
Wendy’s.

Cacao Chaser.
Chanel & Christian Dior.
DC Marketplace.
Duty Free Americas.
Eden’s Boutique.
Estée Lauder / M.A.C. Flag World.
Gen X Wireless.
Montblanc.
Ralph Lauren Polo.
See’s Candies.
Stellar News.
Sunglass Hut.
Travel Tech.
Vera Bradley.
Vineyard Vines.
Washingtonian.

Terminal C

(Photo by Sean Cudahy)

Airlines

Lounges

United has four lounges in Concourse C:

A United Club near gate C4: Open 2 p.m. – 7 p.m. daily.
A United Club near gate C7: Open 5:30 a.m. – 10 p.m. daily.
A United Club near gate C17: Open 5:30 a.m. – 10 p.m. daily.

Other amenities

Food and beverage

Au Bon Pain.
Auntie Annie’s.
Be Right Burger.
Chef Geoff’s.
Devil’s Backbone Taproom.
Starbucks.

Brookstone.
Capitol City Ink.
Duty Free Americas
Hudson News.
International Currency Exchange

Terminal D

Airlines

Lounges

United Club near gate D8: Open 5:30 a.m. to 10:00 p.m. daily.

Food and beverage

Bistro Atelier.
Dulles Gourmet Market.
Pizza Hut.
Rusty Taco.
Starbucks.

Duty Free Americas.
Forbes News.
International Currency Exchange.
NBC4 Travel Store.

A ‘bonus’ concourse of sorts, Dulles has a small handful of Z gates located in the main terminal building. A mix of airlines service these gates, and the only food and beverage options are Dunkin and Subway.

Washington-Dulles has several parking options. The priciest are right near the terminal and in garages, and the most affordable is a cheaper, satellite economy lot requiring a shuttle. You can reserve your parking online or take your chances of finding a free spot at the airport.

Terminal parking

Located just in front of terminal.
$29 per day or $6 per hour.
Follow covered walkway to terminal (brief walk).
There’s an additional “Valet” parking option for $39 per day that allows convenient pickup in front of the terminal parking lot for ultra convenience.

Garage 1 or Garage 2 Parking

Parking garage close to terminal.
$21 per day or $6 per hour.
Walk to the terminal via an underground or covered pedestrian walkway or take a shuttle.
Garage 2 is the most convenient for international departures.

Economy parking

Satellite parking lot.
$14 per day.
Shuttle service runs every 15 minutes. Give yourself at least 15 minutes of travel time to the terminal.

Rental cars

To get to and from the rental car facilities, you’ll have to take one of the airport’s free shuttle buses, a few minutes’ ride.

Dulles has most major rental car companies, including:

Enterprise.

Washington Metro Access

Dulles has direct access to the Washington Metro system via the Silver Line station. It’s located opposite the main terminal, across the terminal parking parking facilities. You’ll take an underground path with moving walkways to get to the Silver Line station.

From there, you can catch a Metro train that will take you through Tyson’s Corner, and eventually through Rosslyn and into downtown D.C. Metro’s trip planner shows it’s a ride of more than 50 minutes to Metro Center, a key connecting station in downtown D.C.

Check Metro’s website for information on hours of operation and fares.

Uber/Lyft from Dulles

Customers hoping to use a rideshare service like Uber and Lyft when they get off the airplane can be picked up on the arrivals level outside baggage claim outside Doors 2, 4 and 6.

(Top photo courtesy of Sean Cudahy)

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:

Source: nerdwallet.com