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Apache is functioning normally

November 13, 2023 by Brett Tams

About 95% of Americans have a bank account, and many people have both a checking and a savings account. Sometimes, though, there may be advantages to what is considered a hybrid account, offering the best of both worlds (or at least some of the benefits of each).

For instance, you might have the ease of access that you get with a checking account: Hello, debit card! And you might also earn a higher interest rate, the way you might with some savings accounts vs. checking.

Financial institutions may offer different versions of hybrid accounts. Read on to learn about some of the most common features so you can decide if a hybrid bank account is right for you.

Defining the Hybrid Account

There are a variety of bank accounts available to consumers. And the type of accounts people are drawn to will depend on their financial goals, situation, and how they choose to organize their finances.

A hybrid account can merge the features of both checking and savings accounts. Here’s a bit more about hybrid accounts:

• A hybrid account is one that combines the perks of a checking account with features of an interest-bearing savings account. Instead of linking your checking and savings account, they’re basically functioning as one cohesive account.

• A hybrid account allows access to your money on a day-to-day basis, like a checking account would. That can mean that you may get a debit card to use with it.

• On the flip side, it allows your money to grow the way it might in a savings account.

Of course, every financial institution is different, and each might have a different approach to crafting a hybrid bank account. But the main gist of a hybrid account is that it’s a bank account that bears some resemblance to a day-to-day checking account and a long-term savings account.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.

Different Types of Accounts

To understand what can make a hybrid account a useful tool, it’s helpful to first understand the features and pros and cons related to traditional checking and savings accounts and then compare.

Checking Accounts

Checking accounts usually allow you to deposit money, write checks, or use a debit card to pay for goods and services. There are typically no withdrawal limits, and you can often link a checking account to other accounts and credit cards. It might be the account you use to pay recurring bills each month, like a car loan or student loan payment.

Banks may pay you interest on the money that sits in your checking account. However, regular checking account interest rates are typically low, with an average rate of 0.06%.

These rates don’t always catch up with the national inflation rate, which is currently about 3.7%. That means your money is actually depreciating in value while it sits in the account. In the long term, this may not make checking accounts a particularly good place to park a lot of cash.

Checking accounts may also charge fees for the services they offer, such as monthly maintenance fees.

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Savings Accounts

Savings accounts are another type of deposit account that you can open with your financial institution of choice. They usually earn some interest, with the current standard savings account earning about 0.46%.

However, high-yield savings accounts are an alternative to traditional accounts; they may sometimes offer interest rates of 4% or more. Higher-interest savings accounts can help you beat inflation so your money doesn’t lose value by growing at a slower rate than inflation. You may find these accounts offered at online banks vs. traditional ones.

Savings accounts are generally appealing because they are a separate place to store money you don’t necessarily want to use on day-to-day expenses. For example, it could be a good place to keep your emergency fund or even to save for a vacation or a move across the country.

However, there are some downsides to savings accounts, too. A few to note, which may or may not apply to only the high-interest variety:

• They sometimes don’t allow consumers to use them for direct payments.

• There may be restrictions on the number of savings account transactions you initiate every month.

• There may be restrictions such as a balance cap that sets a limit on the amount of money on which you can earn a high rate.

• There could be a minimum opening deposit and ongoing balance requirements to earn the higher interest rate. Or, if you fail to meet the amount, you might be assessed a minimum balance fee, which could offset the extra interest you’re earning.

If you’re considering this as an option, you may want to look closely at the fine print when choosing your savings account.

💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.

Hybrid Accounts: the Details

Hybrid bank accounts will often take benefits from checking and savings accounts and combine them into one account. A hybrid account may allow you to use checks or a debit card for day-to-day transactions, while still offering the interest rates typically associated with a savings account. Hybrid bank accounts are often more likely to be offered by online vs. traditional banks.

Traditional brick-and-mortar banks must pay for their storefront locations, the people who staff them, and ATMs. They may do so by charging more and/or higher fees and paying lower interest rates, while online banks can often afford to drop fees and pay higher rates.

You may hear the term money market account (or MMA) used by some financial institutions when describing their hybrid accounts. Keep in mind that this is different from a money market fund, which is a type of investment.

Introducing SoFi Checking and Savings

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

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

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 http://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

November 12, 2023 by Brett Tams

Are you wondering, “How much cash should I have on hand?” There are two ways to look at this question. One meaning is how much actual currency (say, $20 bills) you should keep in your wallet or at home. Another way to look at that question is how much liquid money should you have available in case of emergency, such as cash in a savings account vs. equity in your home, which can be a challenge to tap into quickly.

This guide will cover both of those scenarios and help you understand the importance of having some cash accessible when it’s needed, whether in case of an emergency or everyday spending. Read on to learn the specifics.

How Much Cash Should You Have If You’re Still Working?

First, consider how much cash the typical person who’s working should have available. You may be at a stage of life when you are putting away money towards certain financial goals, such as retirement or your child’s college education. That’s money you don’t want to touch.

Which is why you also likely need to have money in an emergency fund. This is money you can quickly access if you have an unexpected medical or car repair bill or if you were to lose your job. This money can tide you over and help you avoid resorting to using your credit cards to pay for things. Credit card debt is high-interest debt, with interest rates currently over the 20% mark on average.

Financial experts usually advise that people add up their monthly expenses: housing, food, healthcare, utilities, discretionary spending, etc. Then, you want to sock away three to six months’ worth of those monthly expenditures. That money doesn’t have to be accumulated all at once. You might automate your savings and have a small amount transferred from checking into an emergency savings account every time you get paid.

What’s nice about an emergency fund is that the money is immediately accessible when you need it. Unlike, say, the equity in your home, your invested funds (the value of which can rise and fall), and a valuable family heirloom, the cash is ready and available. A good place to keep it might be in a high-yield savings account, where it will be insured up to the FDIC or NCUA limits.

💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.

How Much Cash Should You Have If You’re Retired?

If you are retired, the same basic thinking holds true about how much cash to have available. Whether you are on fixed income or still bringing in some kind of paycheck, you will want to have at least three to six months’ worth of living expenses available.

Some experts suggest that those who are retired should keep more than that amount in cash available. They believe that 12 to 24 months is a wiser number. That way, if you are hit with a major medical bill that you can’t negotiate down, you will be able to tap your cash vs. sell off investments. That’s an example of why an emergency fund is a priority.

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How Much Cash Should I Keep at Home?

Now that you understand how much cash to have available in a liquid form, consider how much literal cash (as in the bills you get when using an ATM) to keep on hand.

Of course, you don’t want too much cash sitting in a drawer when it could be safely in a bank or credit union, earning interest. But it can be wise to keep at least $100 or $200 on hand.

For instance, you might imagine what would happen if a mammoth storm came through and knocked out power to a portion of your town and many businesses were closed. You might need to fill your gas tank to drive to the next town over to get food, or you might have to pay for some emergency supplies or to refill a medication prescription.

While some people may want to keep more than that amount “just in case,” the prevailing wisdom is to have no more than $1,000. If you keep that much cash in your house, you may want a home safe. Otherwise, theft, fire, and simply forgetting where you stashed it could be issues.

💡 Quick Tip: The myth about online accounts is that it’s hard to access your cash. Not so! When you open the right online checking account, you’ll have ATM access at thousands of locations.

How Much Cash Should I Keep in My Wallet?

How much money you need to keep in cash in your wallet will vary. Many people today use their debit card and payment apps for daily spending and carry very little or even no cash. But having some money, perhaps $100 or so, can be a wise move.

You might wind up needing to buy something at a local, cash-only business. Or you might be purchasing something from a store that adds a surcharge for those who use cards or mobile payment apps, to recoup the fees they are charged. Having a bit of money in your wallet could help you out in this and other situations.

Where Should I Store My Cash?

You might consider keeping day-to-day money in a checking account, and emergency money in a separate savings account. That way, you don’t need to battle the constant temptation to spend it. Keeping cash in an account insured by the Federal Deposit Insurance Corporation (FDIC) and that earns a solid interest rate are wise moves as well. Online banks typically offer these features.

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

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Source: sofi.com

Apache is functioning normally

November 12, 2023 by Brett Tams

It’s not your imagination: America is pet-crazy. Two out of three households have a pet, and as the holidays roll in, these furbabies are increasingly part of the planning.

Perhaps they occupy the center of the holiday card (wearing a cute Xmas sweater… or an ugly one), travel with their pet parent to Grandma’s house, or receive a pile of presents.

Consider these pet spending statistics: Last year, consumers spent almost $137 billion year-round on their animals, an increase of 11% year over year. Could this spending soar still higher as the winter holidays unfold?

To learn more about this trend, SoFi surveyed 1,200 pet-owning adults from coast to coast in October 2023. Here, you’ll learn more about how animals are making the season more magical and memorable… and how they are being gifted with holiday goodies.

For starters, did you know the following pet spending statistics?

• 70% of people typically buy their pets gifts. Of those, more than a quarter (27%) spend more than $100 on gifts.

• 89% plan to dip into their wallet in some way to maximize their pets’ holiday joy.

Read on to learn the full story on pet owners’ habits and their holiday spending statistics. You may be surprised!

Holiday Joy: Pets Play a Major Role

The holidays are all about togetherness, whether that means watching a game, baking holiday treats, or watching “A Charlie Brown Christmas” on heavy repeat. But SoFi’s survey revealed that people love sharing the season with their pets.

In fact, more than one in four respondents (27%) say they can’t stand the idea of spending the holiday season without their pet by their side. If they can’t take their four-legged friend with them, over the river and through the woods, they might even wish they could just stay home!

So, how do pet owners celebrate the holidays with their pets? Besides getting them gifts, including pets in holiday photos is a popular choice for many (58%), as is putting up decorations, such as stockings, personalized for their pet (47%).

“Why include pets in holiday traditions? It’s simple — these traditions create bonding moments,” says Chris Allen, founder of Oodle Life, a pet blog . “One year, Max actually unwrapped his own gift, a squeaky toy, and the joy on his face was priceless. It not only made our day but also made us feel more connected as a family, furbaby included.”

Here’s are respondents’ favorite ways to include pets in their holiday celebrations:

• 70% get holiday pet gifts.

• 58% include pets in their holiday photos.

• 47% have personalized holiday decor for their pet (such as a stocking or ornament).

• 45% make a special holiday meal for their pet.

• 40% dress up their pets in holiday attire (such as sweaters and hats).

• 40% let their pet be a taste-tester when cooking or baking holiday meals.

• 30% take their pets to holiday events.

• 28% bake holiday treats for their pets.

It just may be that the pet owners who forgo gifts for their critters are taking the extra time to bake holiday biscuits for them.

Including pets can help bond a family. “Our furry friends are integral family members, and holidays just aren’t complete without their spirited participation,” says Dr. Mollie Newton, DVM, founder of pet care resource site, PetMeTwice, “My own whiskered sidekick has his own stocking, which hangs proudly beside the family’s every December.”

Pets Dress the Part for the Holidays

Is there anything cuter than a grumpy cat in a Santa hat? Or a pooch dressed up to look like Max from “How the Grinch Stole Christmas?” Not really! And when pet people party, you can bet most will deck their pet out in special garb: 68% dress up their pet for holiday celebrations.

So let’s take a closer look at exactly how pet people like to deck out their dogs, felines, and other beloved pets for the holidays.

Of the pet owners who dress up their pets, here are the most popular ‘fits:

• 71% bought their pet a holiday sweater.

• 61% put a holiday-themed collar/harness on their pet during the holidays.

• 59% made their pet wear a holiday hat (think Santa hats, antlers, and elf ears).

• 47% bought their pet snow and cold-weather gear (such as snow jackets or boots).

• 35% bought themselves and their pet matching pajamas.

“Every Christmas, we put a little reindeer antler headband or Santa hat on our Labradoodle, Max,” says Oodle Life’s Allen, “He struts around, and it’s like he knows he’s the center of attention!”

What better way, after all, to prepare for a pet family’s holiday photo than donning matching hats or pajamas!

Pet Owners Go Big for Holiday Gifts

The vast majority of pet owners will likely go holiday gift shopping for their furry companion, and we wouldn’t be surprised if they wrapped the present and put it under the tree. After all, owners want pets’ holidays to be jolly and joyful, too.

About those presents: Many of these aren’t just random impulse purchases. Nearly half of pet owners (46%) say their pet has a holiday wish list. And almost one in five (18%) say their pet’s list is longer than their own!

The SoFi survey revealed that 70% of people typically buy their pets gifts. Wondering how much people spend on their pets? Consider this: Of those who dip into their wallets, more than a quarter (27%) spend more than $100. Talk about pampered pets! This year, 75% of pet owners plan to buy their pets gifts, so the numbers appear to be growing.

Overall, two key factors are likely to impact how much people spend on pets: their earning power and whether or not they have kids.

Household Income Plays a Bigger Role in Pet Gifting

According to SoFi’s research, the more financial means a person has, the more likely they are to go big on gifts for their pets. Perhaps if they are used to buying themselves more luxurious items, they may be more inclined to do the same for their animal. There are designer dog clothes, for instance, costing hundreds of dollars per garment.

In short, as income rises, so too does spending on gifts for our furry friends:

• 42% of respondents with a household income of $100,000 and up spend more than $100 on pet gifts.

• Only 12% of respondents with a household income under $100,000 spend more than $100 on pet gifts.

39% of Dual-Income Families With Kids Plunk Down $100+ on Pet Presents

Among pet owners, you might think that dual income families who don’t have kids would spend the most, overall, on holiday gifts for their pets. Think again. The SoFi survey uncovered surprising stats on pet gifting:

Dual-income families with kids actually spend more on pet gifts than those families with no kids.

• 39% of dual-income families with kids spend more than $100 on pet gifts.

• 21% of dual-income families with no kids (DINKs) spend more than $100 on pet gifts.

Perhaps seeing how much joy pets bring kids has an impact: It might encourage parents to dip into their wallets more deeply.

Overall, Families With Kids Spend More on Their Pets

Nearly everyone aims to celebrate the holidays affordably, but a much-loved pet may encourage people to spend more freely during the festive season.

More than eight out of 10 (82%) pet owners spend at least $25 more than usual on their pets during the holidays. Some spend still more freely, with 34% of SoFi survey respondents doling out at least $100 more than their norm.

Just as kids inspire families to splurge on pet gifts, they also appear to inspire holiday pet spending overall.

Pet owners with kids tend to spend more on their pets during the holidays:

• 46% of dual-income families with kids spend at least $100 more.

• 35% of single-income families with kids spend at least $100 more.

• 30% of dual-income, no kids households (DINKS) spend at least $100 more.

• 23% of single-income, no kids households spend at least $100 more.

While 43% of pet owners say: “My pet is spoiled so I splurge on them during the holidays,” it probably comes as no surprise that those with kids say this most often:

• 78% of families with kids agree with this statement.

• 22% of families with no kids relate to this statement.

Nearly Half Budget Ahead of Time for Holiday Pet Spending

When the holidays approach, many pet parents assess how much they have to spend for the holidays. Whatever type of budget they use, there’s a good chance it includes funds to make the season special for their animals.

Interestingly, nearly half know how much they will spend on their pets for the holidays and sock that money away in advance — that’s good financial planning in action. Here are the details:

• 49% say “Yes, I know how much I’ll spend on my pets and put that money aside for holiday spending.”

• 51% say “No, I don’t plan for how much I’ll spend on my pet during the holidays.”

Note: No word on how much pets are planning to spend on their parents….

Generally, pet parents take a number of different pet-related costs into consideration during the holidays. It’s not just about squeaky toys and catnip, after all. It’s about photos with, say, Molly, the beloved guinea pig, front and center. Yes, nearly half of our respondents budget for holiday photos with their pet. And more than one out of three pet owners account for the cost of getting their pet groomed for the season. Got to look sleek for those pictures, right?

Take a closer look at where the dollars go. Aside from holiday gifts, pet owners told SoFi that they plan for the following costs:

• 45% budget for taking holiday photos.

• 38% budget for getting their pet groomed for the holidays.

• 38% budget for seasonal veterinary needs.

• 35% budget for bringing their pets along when they travel for the holidays.

• 33% budget for buying holiday attire for their pet(s).

• 26% budget for boarding or care for pets because they’re booking holiday travel without their animal.

How to Spoil Your Pet… Without the Debt

Just because many SoFi survey respondents may spend lavishly on their pets over the holidays (as many Americans do), that doesn’t mean they abandon their financial savvy and become bad with money. They apply the same money-smart tactics for their pet purchases as they do for their own gear. Coupon clipping? Check. Signing up for emails that might bring rewards? You bet.

Here’s how they make the most of their cash during the holidays:

• 62% say they use coupons to help save money on holiday spending for their pets.

• 48% say they subscribe to pet company marketing emails to scan for deals.

• 40% get money-saving tips from friends and family.

• 24% say they follow influencer recommendations (yes, petfluencers can really have pull).

Recommended: A Guide to Budgeting for Beginners

Sometimes Naughty, Always Loved

Much as people adore their kitties, rabbits, and dogs, let’s face it: The answer to “Who’s a good boy?” is not always “You are!” Pets can be rascals — chewing shoes, shredding upholstery to ribbons, and leaving muddy pawprints.

Indeed, while many pet parents will be rewarding their good boys (and girls) this season, not all critters may deserve their gifts.

In fact, 22% of pet owners surveyed by SoFi say they’d put their pet on the naughty list.

What’s more, the holiday season gives animals ample occasion to run wild. You know the drill: cats deciding to climb the Christmas tree, or a dog dragging lovingly prepared food off the table (Remember how “A Christmas Story” ended?).

Here’s what the SoFi survey respondents had to say on this aspect of the holidays with pets.

What do pet owners dread most during the holidays?

• 37% of respondents say it’s their pet knocking over the Christmas tree or knocking ornaments off the tree.

• 27% say it’s their pet tearing open gifts early.

• 26% say it’s their pet stealing food from the table or counter.

• 24% say it’s their pet misbehaving around family and friends at gatherings.

• 17% say it’s untangling their pet from holiday lights.

Holiday Pet Safety Also a Concern

Amid all the revelry, pet parents are also focused on keeping their animals safe. After all, most people know facts like poinsettia being mildly toxic to dogs. Here’s how SoFi survey respondents feel about protecting their critters, because happy holiday pets are healthy holiday pets.

Almost one in four (23%) worry about needing to use pet-safe holiday decorations. The same percentage fear their pooch might get sick because friends and family overfeed them or slip them slices of forbidden foods just because, hey, it’s the holidays.

Here’s another source of anxiety for pet parents: being separated from their animal companion during the season. Nearly one-third of them worry about having to travel without their pet. They want to make sure wherever they are over the holidays, they have their furbaby right by their side… or in their lap.

“Involving our pets in our holiday celebrations helps us all feel a little more connected during the holiday seasons,” says Devin Stagg, Marketing Manager at dog-training provider, Pupford. “While I think they enjoy the treats and toys, I believe the greatest benefit is to the pup parent!”

Recommended: Tips to Cut Costs When Traveling With Pets

Pets Inspire the Spirit of Giving

If anyone needs further proof that pets are really and truly part of the family, take note. Pets have a way of inspiring gift giving across the generations. Few can resist giving them a little treat, whether that’s a fancy organic dog biscuit or a cat teaser.

According to SoFi’s survey, among families with children, 61% say their kids give gifts to the pet. And grandparents love their grand-furbabies, with almost one in three putting a pet present under the tree.

Pets themselves are often a favorite gift, too: 39% of pet owners say they’ve given someone else a pet as a holiday gift. Of those, 36% say they spent more than $100 on the pet, and 5% say they spent more than $1,000.

Takeaway

It’s no secret that Americans love their pets, and so when the holidays roll around, those animals get lavished with love, gifts, and special treatment. SoFi’s survey of 1,200 pet owners in October 2023 uncovered just how much people splurge on their furbabies, what they buy, why, and how pets can leave their imprint (or pawprint) on the holiday season.

When budgeting for the holidays — whether shopping for people, pets, or any other seasonal expense — having the right banking partner can make a difference. A solid financial institution can help give you the tools to make the most of your money.

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

SOBK1023025

Source: sofi.com

Apache is functioning normally

November 11, 2023 by Brett Tams

Cars are integral to our daily lives: We drive them to and from work and school. We use them to get groceries and go to the doctor. And, when our budget allows, we use them to get out of the house and treat ourselves to an evening of fun.

But what happens when your car breaks down and you don’t have the money saved up to fix it? That’s a reality for more than half of Americans, according to Bankrate’s 2023 Emergency Savings Report, an annual survey done in partnership with the survey and market research firm SSRS. Almost 60% of Americans say they wouldn’t use cash from emergency savings to pay for an unexpected car repair. Instead, they’d turn to credit cards, friends and family, or personal loans.

Using personal loans for car repairs can be a good solution when you don’t have the cash on hand, and it may be more affordable than paying with a high-interest credit card. Below, we’ll explore the pros and cons of using personal loans for car repair as well as some alternative options.

What Personal Loans Are and How They Work

A personal loan is a loan from a financial institution that borrowers can use for a wide range of purposes, from weddings and vacations to debt consolidation and medical costs to home renovations and, yes, car repairs. You’ll repay your personal loan, plus interest, over a set number of months.

As you start to explore your options, it helps to understand how personal loans work and the different types of personal loans available.

Pros and Cons of Personal Loans for Car Repairs

Taking out a personal loan to cover the cost of car repair can be helpful, but are there drawbacks to consider? Let’s review the pros and cons:

Pros	Cons
Get fast funding to cover repairs	Increased debt
Prioritize your family’s safety on the road	Upfront fees
Ensure you can still drive to and from work to generate income	Temporary drop in credit score
Avoid high-interest credit card debt to cover repairs	Less room in monthly budget

Pros

• Get fast funding to cover repairs: Many personal loans offer same- or next-day funding, which means you can pay for car repairs quickly and get back on the road.

• Prioritize your family’s safety on the road: Without access to cash, some drivers may be tempted to forego necessary repairs and put themselves, their families, and other drivers in danger by driving with a damaged vehicle. A personal loan allows you to pay for damage now at a potentially lower cost before the issue grows and becomes more expensive to fix.

• Ensure you can still drive to and from work to generate income: Despite the advent of remote working, many people still rely on their vehicle to get to and from their job. Without it, you’ll need to pay for rideshare or a car rental or depend on the kindness of a coworker to give you a lift. Otherwise, you may need to skip work and miss out on that pay. Repairing your car quickly with a personal loan helps ensure you can get yourself to and from work on time.

• Avoid high-interest credit card debt to cover repairs: Many Americans reach for their credit card to cover the cost of emergency car repair. According to Bankrate’s 2023 survey, 25% of respondents said they’d swipe their card to pay for repairs. The problem? More than a third of Americans have more credit card debt than emergency savings — and such debt can be hard to overcome when you don’t have funds set aside for unexpected expenses.

Cons

• Increased debt: The biggest drawback of taking out a personal loan is the increased debt. Sometimes debt is necessary, like taking out a mortgage to buy a home or getting a student loan to pay for college. However, if it’s possible to avoid debt for small expenses like car repair, you typically should. That said, fixed-rate personal loans may be a more manageable form of debt for borrowers than a variable-rate credit card.

• Upfront fees: Many personal loans come with origination fees at the start, especially for borrowers without great credit. These fees, plus the interest on the loan, mean you’ll end up spending much more for the car repair than you would if you paid out of pocket.

• Temporary drop in credit score: While many lenders allow you to prequalify for a personal loan without an impact on your credit score, there will be a hard inquiry on your credit report when you officially apply. Such hard inquiries temporarily lower your credit score, but don’t worry: Your score will likely rebound over time, and if you responsibly manage your personal loan, you may even see it grow higher than when you started.

• Less room in monthly budget: When you take out a personal loan, you’ll have fixed payments for a set number of years. It’s crucial that you make these payments every month and on time. That means you’ll have a little less room in your budget until it’s paid off. If you’re living paycheck to paycheck or struggling to build your emergency savings, this tighter budget can be problematic.

Recommended: What Are Daily Simple Interest Loans?

How to Use a Personal Loan for Auto Repairs

Personal loans are straightforward. Aside from a few restrictions that vary by lender, you can use personal loans for almost anything. You’ll apply and, upon approval, have the funds deposited in your checking account. Then you can take that money and pay the mechanic directly to repair your car.

Applying for a Personal Loan

So how do you get a personal loan for car repairs? First, make sure you meet a lender’s requirements, and then you can go through the application process.

Requirements

These are the typical personal loan requirements you’ll need to meet to get approval:

• Credit score: Each lender will have its own personal loan credit score requirements. If you have bad credit, don’t sweat it: There are lenders out there with personal loans for poor-credit borrowers. Just expect to pay higher fees and interest.

• Collateral: Many personal loans are unsecured, meaning you don’t have to put up any collateral. However, if you are struggling with your credit score, you may have an easier time getting approved (and at a lower rate) if you’re willing to put up collateral, such as your car.

• Proof of income and employment: Lenders want to know that you have a means of repaying the loan. To that end, you may need to prove that you’re employed — and that you make enough to cover the monthly payment.

• Debt-to-income ratio: Lenders commonly analyze your debt-to-income (DTI) ratio, which compares your monthly debt payments vs. the amount of money you make in a month. The lower the ratio, the more likely you are to be approved.

• Origination fee: Some personal loans may include an origination fee to be paid up front, often expressed as a percentage of the loan amount (somewhere between 1% and 10%). You may be able to pay this out of pocket, but often lenders roll it into the loan’s total cost or even deduct it from the loan amount you receive.

Recommended: Compare Personal Loan Rates and Terms

Application Process

When you’re ready, you can apply online, over the phone, or in person (it’ll vary by lender). You’ll usually hear back about approval quickly — and may even receive the loan funds on the same day.

Many lenders let you check your personal loan rates and eligibility online before you apply. There’s no hard credit inquiry for this, so it’s a nice way to see if you qualify and compare lenders.

Alternatives to Personal Loans for Auto Repairs

The ideal alternative to getting a personal loan to fix a car is paying with cash from your emergency fund. But if you don’t have an emergency fund — or don’t have enough saved up yet — paying with credit is your main option.

Personal loans are a top option, but there are some alternatives to personal loans for auto repairs:

Credit Cards

Many mechanics will let you pay for auto repair with a credit card. This can be an attractive option if you have a rewards credit card that pays cash back.

The problem is that many borrowers have variable-rate credit cards with high APRs. If you don’t pay off the debt quickly, the interest charges will start to rack up.

Title Loans

Title loans allow you to use your car as collateral to secure funding. It’s a common option for bad-credit borrowers who can’t afford car repair, but be cautious: These loans are short-term, and if you don’t repay yours, the lender will take your vehicle from you.

This is a last-resort loan. For most borrowers, there’s likely a better, safer option.

Payday Loans

Payday loans are convenient for borrowers who need cash now, because there’s usually no credit check or collateral, and you can get the money right away.

The catch? These predatory loans can have high fees and interest rates reaching more than 600%. When it’s time to repay the loan (your next payday), you might find that you can’t afford to repay it — and you’ll have to take out a bigger loan to pay off the first one.

If you’re thinking about a payday loan for car repair, it’s a good idea to reconsider. Payday loans can lead to mounting debt and bankruptcy. And even if you pay yours off, it typically won’t help build your credit score (most lenders don’t report on-time payments to credit bureaus).

Instead, you might want to consider other alternatives, like secured personal loans or even a loan from friends and family.
💡 Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.

The Takeaway

Personal loans for car repairs may be a smart option when you don’t have the cash on hand. With a personal loan, you can get fast funding to pay for the repairs within a day or two, and the small available loan amounts mean you don’t have to borrow more than you need. There are some alternatives to personal loans for auto repairs, including credit cards. However, if you’re unable to pay off what you owe quickly, the interest charges will begin to pile up.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.

FAQ

Can personal loans be used for car repairs?

Yes, you can use personal loans for car repairs. In fact, unexpected emergencies such as car repairs are a very common use case for personal loans. You can use personal loans for almost anything.

What sorts of financing can you get for a vehicle repair?

Drivers who can’t afford vehicle repair with their own emergency savings can consider a number of financing options, including personal loans and credit cards.

While title loans and payday loans are alternatives, they’re generally a risky solution that could lead to car repossession, major debt, or even bankruptcy. Similarly, some mechanics may offer their own financing, but Consumer Reports warns that these loans can be predatory, with interest rates up to 189%.

Is getting a personal loan to repair a car a good idea?

If you can’t afford to repair your car out of pocket, a personal loan can be a good idea. Personal loans may have lower rates than a credit card, and making on-time payments on your loan could even help boost your credit score.

And if the alternative is not fixing your car, you’ll either have to drive an unsafe, damaged vehicle or get around without an automobile — which can be inconvenient and lead to lost wages if you miss work.

Photo credit: iStock/demaerre

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

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

SOPL0423007

Source: sofi.com

Apache is functioning normally

November 10, 2023 by Brett Tams

Bilt Rewards is a unique credit card rewards program that allows members to earn points on rent payments without paying transaction fees. Members with the Bilt World Elite Mastercard® Credit Card can also earn Bilt Points on non-rent spending, including bonuses on dining and travel purchases.

One way to redeem these points for travel expenses is to transfer Bilt Rewards points to airline and hotel loyalty programs. Prominent Bilt transfer partners include American Airlines AAdvantage, United MileagePlus, Emirates Skywards, World of Hyatt and the company’s newest transfer partner: Marriott Bonvoy.

Bilt airline transfer partners

Bilt Rewards members can transfer their points to 12 airline frequent flyer programs. Notably, that includes the American Airlines AAdvantage program — which is exclusive to Bilt.

Bilt members can transfer points to the following airline loyalty programs at a rate of 1:1 (1 Bilt point will become 1 airline mile).

Bilt Rewards hotel transfer partners

Bilt Rewards members can transfer to three hotel partners at a rate of 1:1.

Marriott Bonvoy is the newest transfer partner for Bilt Rewards. Members can transfer points to Marriott Bonvoy at a rate of 1:1. Plus, for every 20,000 points transferred to Marriott in a single transaction, Bilt Rewards members will receive an additional 5,000 Marriott Bonvoy points.

How to earn Bilt Rewards points

With a $0 annual fee, cardholders earn 1 Bilt Rewards point per dollar spent on rent (up to 100,000 points in a calendar year) without paying any extra transaction fees. If necessary, Bilt will charge you for your rent and then send a check to your landlord on your behalf.

Bilt cardholders also earn:

3 points per dollar on dining.
2 points per dollar on travel booked directly through a hotel, airline, or car rental agency.
1 point per dollar on all other purchases.

Members must use the card on five transactions within each statement period to earn points.

On the first of the month — which the company calls “Rent Day” — Bilt cardmembers earn double points on non-rent categories, including 6 points per dollar on restaurants, 4 points per dollar on travel and 2 points per dollar on other purchases. There are usually other promotions as well on Rent Day.

How to transfer Bilt Rewards

The easiest way to transfer Bilt Rewards points to partner loyalty programs is in the Bilt Rewards app.

After logging in, navigate to the “Travel” tab.

From there, select “Flights” or “Hotels.” Then scroll down and select a specific loyalty program. At that point, you’ll be able to enter your partner loyalty number to link your loyalty account with your Bilt Rewards account. You’ll get 100 Bilt points for each loyalty program you link.

Then you can enter however many points you’d like to transfer.

🤓Nerdy Tip

In some cases, the app cautions that transfers may not happen instantaneously. For instance, the app specifics that American Airlines AAdvantage transfers may take up to 72 hours to complete.

Which Bilt transfer partners are best?

NerdWallet values Bilt Rewards points at 2 cents per point. Here is how NerdWallet values some of the top transfer partners when you redeem these programs’ points or miles for flights or hotel stays:

Transfer partner	Estimated value
American Airlines AAdvantage	1.7 cents.
Air France/KLM Flying Blue	1.2 cents.
Air Canada Aeroplan	1.4 cents.
British Airways Avios
Emirates Skywards
Hawaiian Airlines HawaiianMiles	1.2 cents.
IHG One Rewards
Marriott Bonvoy
United MIleagePlus	1.2 cents.
World of Hyatt	2.3 cents.

The best Bilt transfer partners are generally the highest valued ones: World of Hyatt and American Airlines. But that doesn’t mean you shouldn’t ever transfer to other partners, especially if you need to top off your account to be able to book a trip or if you find a surprisingly good redemption rate with one of the other loyalty programs.

Is transferring your Bilt Rewards worth it?

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 2023, including those best for:

Source: nerdwallet.com

Apache is functioning normally

November 10, 2023 by Brett Tams

The Credit Cards Competition Act of 2023 is pitting retailers against banks. Proponents say it’ll benefit merchants by lowering some of their operating costs, enabling them to reduce prices. Opponents say that not only are merchants likely to keep those savings to themselves, but credit card companies also may end up slashing the rewards they offer to make up for the revenue they’ll lose.

For now, this is all still speculation. Also up in the air is when this legislation might move forward in Congress. “Your guess is as good as mine,” says Stephanie Martz, chief administrative officer and general counsel of the National Retail Federation, an organization in favor of the Credit Card Competition Act.

Should the Credit Card Competition Act pass, consumers may notice some changes.

The Credit Card Competition Act, in a nutshell

To understand the Credit Card Competition Act, it helps to first understand what happens when you use a credit card to make a purchase. The card issuer, a bank or credit union, actually makes the payment for you, and you later repay the issuer when you pay your credit card bill.

Issuers don’t pay merchants directly, however. Payment networks like Visa, Mastercard, American Express and Discover work as the intermediary, sending purchase information back and forth between the merchant and the card issuer. Payment networks charge merchants interchange fees, also known as “swipe fees,” to do this, and those fees, in part, go toward funding the rewards that your credit card earns.

And here’s where much of the conflict lies. Under the current system, if a merchant accepts credit cards, it is “locked in” to whatever payment network that credit card runs on (the payment network logo that is displayed on the card) — and thus the merchant must pay whatever fee that network charges.

Among payment networks, Visa and Mastercard are the biggest players by far. The Credit Card Competition Act is a bipartisan bill that, according to its backers, is intended to break up what they view as a Visa-Mastercard duopoly. It would require large banks to allow more choice in terms of what payment network can be used for processing transactions that involve their credit cards. So if, for example, a shopper used a Visa card to make a purchase, the merchant could choose Visa as the payment network to process the transaction, or it could opt for another (and possibly less expensive) network.

Supporters of the measure hope that adding this element of competition would bring down interchange fee rates, saving merchants money and allowing those merchants to, in theory, pass along those savings to their customers.

But not everyone agrees that the bill would be a win for consumers.

How it might affect you

If the Credit Card Competition Act passes, there will be no change in how you use your credit cards to make purchases in stores or online. However, experts speculate that consumers could be affected in other ways.

Merchants may pass interchange savings along to shoppers — or not

Supporters of the Credit Card Competition Act cite lower operating costs for retailers as a main benefit, especially small businesses like your neighborhood corner store.

“Swipe fees are the second-highest operating cost, on average, for these businesses. Only labor is a higher cost,” says Doug Kantor, general counsel of the National Association of Convenience Stores. “A big piece of that is that the fees automatically rise with inflation. As we see inflation in the economy, merchants’ costs go up. Convenience store owners are left chasing their tails to try to maintain some profitability with these rapidly rising fees.”

Supporters say lower swipe fees for retailers could get passed down to consumers in the form of reduced, or at least stable, prices. They say consumers could also benefit if retailers opt to reinvest in themselves by hiring more employees, expanding their product offerings and opening additional store locations. Prices may not go down in those cases, but the customer experience could improve.

But the Credit Card Competition Act doesn’t require merchants to pass along the savings, so opponents aren’t convinced it will happen at a large scale. “I frankly sit on the devil’s advocate side, and I don’t see that happening,” says Matt Garfield, managing director within the retail and consumer products practice at FTI Consulting, a business advisory firm.

Garfield anticipates that small merchants will use the savings from lower swipe fees to keep prices stable, increase their cash cushion or put toward business improvements.

Credit card rewards could look different

If you’re a committed credit card rewards optimizer sitting on a pile of points and miles, the possibility that the Credit Cards Competition Act would pass is likely making you sweat. A major concern is that with reduced income from swipe fees, credit card issuers will cut back on their rewards programs and partnerships with airline loyalty programs.

This could result in consumers carrying fewer credit cards, since card offers might be less appealing, and taking fewer leisure trips, since their spending may not earn as many miles, Garfield says. “Credit cards will have to continue to think about how they drive loyalty among their customer base.”

If the Credit Cards Competition Act were to pass, an increase in other non-points-centric perks — like airport lounge access and easier paths to status with airlines — could be one way for credit card issuers to continue to entice consumers, according to Garfield.

Plus, the process of accommodating additional payment networks is more complex, compliance-wise, which also comes at a cost for banks, according to Brock Kannan, an adjunct professor at Wake Forest University School of Law who teaches banking law and regulation. To offset such costs, credit card issuers might have to increase other fees or alter their rewards programs in some way, Kannan says.

Credit access and security are also concerns

The loss in interchange revenue could make banks and credit unions more risk-averse in their lending practices, says Jason Stverak, deputy chief advocacy officer for the Credit Union National Association. “Primarily, our major concern for credit unions is the loss of access to credit for many individuals in this country.”

Opponents also express concerns about security risks to consumers posed by adding additional payment network options. The Credit Card Competition Act does instruct the Federal Reserve to identify card networks that are a national security risk or are operated by foreign state entities. Those networks will not be available options.

In terms of credit access, as a consumer you don’t have much sway when it comes to banks’ risk management decisions. But you can take steps to establish credit or boost your eligibility for credit cards or other loans, such as using secured credit cards or becoming an authorized user on someone else’s account.

When it comes to security, you can also reduce your risk of credit card fraud by routinely checking for suspicious charges on your credit card statements and setting up text alerts that will notify you when a purchase is made on your card. If you spot unusual activity, report it to your credit card issuer immediately.

Source: nerdwallet.com

Apache is functioning normally

November 9, 2023 by Brett Tams

Inside: Are you looking for ways to make money quickly and easily? This guide has you covered with tips on how to double your money in 24 hours.

Doubling your money is an aspiration many investors feasibly target, and it’s critical to your future financial stability.

This enticing objective involves transforming a small amount of money and doubling it for tomorrow. You need cash fast, so that is why you are reading this post.

You will quickly learn there are easy ways to double money in 24 hours and others that over time you can be skilled at and easily double your cash.

Given that 58% of borrowers struggle to meet basic monthly expenses and 70% of borrowers are using loan money for rent and other basic expenses. ¹

You want to learn how to double your money before you actually need to, so by inevitably secure financial confidence for upcoming expenses.

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

How can I double my money quickly?

Doubling your money in less than 24 hours isn’t straightforward, but it is possible if you’re willing to take high risks.

These are popular methods to double your money:

Engagement in day trading. It’s risky but one of the fastest ways to double your investment.
Try your hand at gambling. Remember, the house typically has the upper hand. This is not recommended as you are more likely to lose more money than you prefer.
Consider investing in digital real estate. This is similar to real-life property flipping.

Most importantly, avoid get-rich-quick schemes; they’re mostly scams. So, do your homework before diving in!

20 Easy Ways to Double Money in 24 Hours

As inflation rises and people are struggling with their budgets, the question of how to double money in just 24 hours often comes up.

While it may sound like a lofty goal, there exist strategies that can significantly boost your financial growth in a surprisingly short time.

However, keep in mind these are not risk-free endeavors, and they each require a good understanding and judicious implementation to yield profitable results.

1. Invest in Stocks

If you’re hunting for opportunities to double your money fast – investing in stocks could be your ticket, especially with the current volatility.

Although there’s a risk factor involved, it’s a time-tested strategy for impressive returns. Learn how fast you can make money in stocks.

Honestly, one of the best ways to improve your net worth is learning how to invest in the stock market. Yet, many people shy away from the idea.

By not investing in stocks, you are slowing your pace to financial freedom. So, why not learn how to invest in stocks for beginners?

The choice entirely depends on your risk appetite, investment horizon, and personal preferences. Start by evaluating your risk tolerance. Personally, I can tell you this is one of the ways I double money in 24 hours consistently.

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2. Options Trading

Options trading can double your cash in a mere 24 hours, thanks to its inherent rapid return benefits. However, with the potential for high returns, it also poses significant risks.

Options trading is an advanced strategy for buying stocks with an option contract. Thus, you get the right but not a duty to buy (call options) or sell (put options) a stock at a specific price.

It presents the possibility of doubling, tripling, or quadrupling your money.

This is an avenue to pursue if you want the potential for huge profits, but you must take this investing course to learn the proper way to trade options.

However, you run the high risk of losing the entire investment! So, this is risky for novice investors and you need a brokerage for this type of trading.

Trade & Travel

Learn to trade stocks with confidence.

Whether you want to:

Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….

Making $1,000 every.single.day is NOT a pie-in-the-sky goal.

It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…

3. Flip Items for Arbitrage

Retail arbitrage, essentially the practice of buying and reselling goods, is a beneficial way of doubling one’s money in a short time. This can be particularly effective by taking advantage of clearance sales in mainstream stores like Walmart and Kohl’s, and then reselling the products on online marketplaces.

Notable items often flipped include apparel, books, electronics, and toys. You can check a full list of popular items to flip.

According to the Flea Market Flippers, you can use a variety of platforms to sell your flipped items.

4. Rent Out Your Property

Renting out unused property or space can be a lucrative form of passive income. This may include a spare room, or underutilized sections like a garage, with various platforms facilitating such financial transactions like Neighbor or VRBO.

Another example is it is financially beneficial to rent out items, like a lawn mower which costs $500 but brings in $15-20 for each rental. Thus, paying for itself in a short amount of time.

Despite the potential risks associated with property investments, including unpredictability in the real estate market and tenant issues, leveraging a good understanding of the local market can make it quite possible to double your investment over time.

5. Become A Side Hustles Expert

Becoming a side hustle expert requires a clear understanding of your goals and the willingness to trade your time for money. You can identify profitable opportunities which can range from ridesharing to teaching English as a second language (ESL) online.

Honestly, this is best to set up BEFORE you are desperate for cash.

Patience is key as nurturing a side hustle often takes time before it becomes an efficient income-generating endeavor.

To help you out, here are specific side hustles based on your stage of life:

6. Rent Out Your Skills

Renting out your skills is a smart quick-fix to double your money within 24 hours. It’s all about capitalizing on what you can do best and offering it to those who need it.

Start by identifying a skill or knowledge you’re proficient in. Are you a wizard in web design? A maven of SEO?
Select the right platform. Websites like Fiverr, Freelancer.com, and TaskRabbit are excellent for freelancers.
Promote your services. Reach out to your networks or use social media to boost your visibility.

This is a great way to earn $300 fast if you know what you are doing.

TaskRabbit

Find local jobs that fit your skills and schedule.

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7. Deliver with DoorDah or GrubHub

Double your income in a day by delivering with platforms like DoorDash or GrubHub. As a courier, you get paid for each delivery – so the more you do, the higher your earnings.

With a smartphone and transportation, you can start making extra cash immediately. Some top delivery options:

Working with DoorDash
Serving with GrubHub

Remember, it’s all about completing as many deliveries as possible. Every order increases your day’s earnings, potentially doubling them if you put in enough hours.

8. Invest in Cryptocurrencies

Invest in cryptocurrencies like Bitcoin, Ethereum, and Bitcoin Cash holds the potential to double your money in 24 hours due to their volatile nature.

To start:

Keep tabs on crypto trends through monitoring websites or apps.
Buy popular or promising cryptocurrency during their low-cost phase.
The trick to doubling your funds is selling at peak prices.

Remember, trends can change rapidly, so only invest what you can afford to lose. For newbies, it’s beneficial to seek advice from a financial advisor knowledgeable in the crypto market.

9. Take Surveys

Looking to double your money in a day? Consider taking paid surveys. However, you will have to take quite a few surveys to make a significant amount of cash.

To boost your earnings:

Seek high paying surveys – Survey Junkie could bring in up to $3 per survey.
Use free time efficiently – complete quick tasks on Swagbucks.
Refer friends – earn 10% of their earnings on Swagbucks.

Remember, more effort equals higher rewards!

Swagbucks

Swagbucks is a fun rewards program that gives you free gift cards and cash for the everyday things you already do online.

Earn points when you shop at your favorite retailers, watch entertaining videos, search the web, answer surveys, and more!

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10. Lend Money on Peer-to-peer platforms

Lending money on Peer-to-Peer (P2P) platforms can be a profitable strategy, offering a unique method for individuals to loan and borrow money without traditional financial institution interference.

Users can sign up as lenders on recognized P2P platforms like LendingClub, Prosper, and Upstart, and yield high-interest returns based on their borrower’s creditworthiness.

However, this process also poses risks such as potential defaults, making it important for the lenders to do their research and diversify their loans across multiple recipients.

11. Do Odd Jobs

Engaging in odd jobs is a practical approach to earning additional income. Whether it’s mowing neighbors’ lawns or offering handyman services, these simple tasks can often pay upward to $30 per hour.

Digital platforms, like TaskRabbit, even allow you to list your talents locally, extending your reach for potential earnings.

All in all, odd jobs provide an accessible door to financial gain without requiring a significant starting capital.

12. Selling High Demand Printables

Selling printables online is a viable way to generate income. It’s important to create a follower base or an email list to successfully promote and sell your products.

With strategic pricing and high-quality content, you could potentially double your initial investment in a short span of time.

Here are the digital products that sell on Etsy that are in high demand.

By creating high-demand printables, you can buy low, sell high, and double your money all within 24 hours!

13. Max Out you 401(k) Match

Maxing out your 401(k) match can double your money in no time. While this may not happen in 24 hours, it can happen the next time you get paid and greatly increase your retirement savings.

When you contribute to your 401(k) plan, your employer might match it by 50% or 100%. You will have to check your Human Resources department to see what your company offers.

Contribute the maximum amount your employer is willing to match. This is free money for you. For instance, if you’re making $100,000 and your employer’s match is up to 3.5% of your salary, put in at least $3,500.

Are you one of the 5 people making this costly mistake? ²

14. Sell Courses and Subscriptions

Selling courses and memberships online is a highly profitable low-risk venture that requires just a small initial investment of your time and money. Once the course is developed, it can continue to generate passive income every month.

Tools such as Podia or Teachable allow you to easily sell and manage your courses, while also offering additional benefits such as digital downloads, subscription plans, and an opportunity to begin selling directly to your followers.

15. Work for Employers

In case you haven’t heard, time is money. And you can trade your time for money at any point.

Working for employers often ensures a steady income which can be supplemented by various benefits.

One of the greatest advantages is the employer match on a 401(k) account, which allows employees to double their contributions effortlessly. This means that if an employee contributes 5 percent of their salary to the retirement account, the employer adds another 5 percent.

Expert Tip: Continually upgrade your skill set to increase your value to employers. More demanding or specialized tasks often command higher pay, propelling you towards your double-money goal quicker.

16. Sell Your Goods

Selling goods online provides a dynamic platform for entrepreneurs, allowing them to reach a wider audience. This involves identifying high-demand products, purchasing from a reliable supplier, and selling them on popular e-commerce platforms like Amazon, eBay, and Etsy.

Get involved in flea market flipping. Hunt for undervalued items at yard sales or flea markets and resell online. Facebook Marketplace could be a goldmine.
Unload used or vintage items. These platforms can help you earn huge profits, especially from expensive items. Don’t let seller fees deter you; big profits are still achievable.
Books are an easy sell. Buy used ones from local or online stores and sell them in different areas or on different platforms. Diversifying the categories you offer can potentially boost your profits.

Pricing is set considering the purchase cost, overheads, and the competitive market.

17. Invest in Collectibles

Investing in collectibles presents a thrilling opportunity to generate significant profit in a short span. The key is identifying profitable niches, such as vintage comic books, rare coins, or baseball cards.

The rarity and condition of an item directly influence the price it can command.

The strategy involves buying low, often from garage sales or online platforms like eBay or Etsy, and selling high. However, one must perform diligent research and be aware of market trends, as failure to do so can lead to risks.

18. Get Rid of Your Most Valuable Items

Selling your own possessions is an effective way to declutter your home while also generating a potential cash flow.

This is one way to accumulate over $1,000 in cash earnings.

This may not be what you want to do, but your possessions are worth money and it may be necessary.

19. Save Money and Increase It

You’ve heard it said: a penny saved is a penny earned. This principle isn’t just about saving but also growing your money as an effective way to double your income.

Here’s how:

First, begin with saving. The more you can put away, the better. Remember, your coffee can strategy may not earn interest, so consider a deposit into a savings account.
Next, let’s talk about compound interest. Suppose you invest $1000 at a 5% interest rate. After a year, your money grows to $1050. The next year, you earn interest on this increased amount. Over time, the effect snowballs, significantly augmenting your investment.
Lastly, protection against inflation is key. Always aim for an interest rate higher than the rate of inflation. This means, in real terms, your money is consistently growing.

Done right, these steps can effectively increase your savings rapidly.

Raisin

Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.

You can open a free Raisin account in just a few minutes!

Compare Rates

20. Game or Bet on A Sport

While it’s often overlooked, betting on sports or games could be a fast track to doubling your money in less than a day. This risky Vegas plan may be worth the potentially rewarding pursuit.

Beware – while some have been successful, this method is heavily debated due to the significant risk factors. As such you may be better off becoming a referee for youth sports, which is a popular side hustle for men.

Remember, it’s all fun and games until the cash is lost – don’t stake what you can’t afford to lose.

FAQ

Doubling $1,000 quickly calls for some calculated risks and smart choices.

One way is investing in stocks, potentially high-return yet high-risk assets. Another route could be starting a side hustle, like an online course or freelance work, where initial investment is low but returns could be impressive.

This is a hard ask given many people this month. However, doubling $3000 fast can be achieved through smart investments and income diversification.

Using online platforms and flipping high-demand items may yield quick profits. Additionally, utilizing skills for a freelance portfolio or selling an online course can quickly boost initial capital.

Doubling your $5000 swiftly may seem like a daunting task, but with strategic planning, connection establishment, and careful investments, it’s more achievable than you might think.

Here’s how you can try it:

Start by investing in stocks. Rapid-growth stocks or volatile currency pairs can double your money. Invest wisely based on market analyses.
Try real estate flipping. Buy undervalued properties, renovate, then sell.
Entrepreneurship is another avenue. Turn your skills or ideas into a profitable business.
Peer-to-peer lending platforms yield high return rates with the right borrower.
Playing the lottery or gambling could work, but highly risky.

Remember, to double up money quickly, ensure you are knowledgeable in your chosen method and anticipate potential downsides. Do comprehensive research first.

Is Doubling Money in 24 Hours Possible?

Yes, you, dear reader, can indeed double your money in 24 hours! It won’t be a cakewalk though, requiring specific skills, solid strategies, and of course a pinch – maybe a handful – of luck.

You could tap into high-growth potential fields like day trading, selling high-demand goods online, or capitalizing on your skills as a content creator. Remember, this quick win has its fair share of risks too.

Now, make sure to do proper due diligence and check the integrity of whatever way you choose to make more or dive into the gig economy.

Now, learn how to double 10k quickly.

Source

Federal Reserve Bank of St. Louis. “Fast Cash and Payday Loans.” https://research.stlouisfed.org/publications/page1-econ/2019/04/10/fast-cash-and-payday-loans#:~:text=However%2C%207%20of%2010%20borrowers,difficulty%20meeting%20basic%20monthly%20expenses. Accessed November 7, 2023.
Motley Fool. “1 in 5 Americans Are Making a Terrible 401(k) Mistake.” https://www.fool.com/investing/2018/02/09/1-in-5-americans-are-making-a-terrible-401k-mistak.aspx. Accessed November 7, 2023.

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

November 7, 2023 by Brett Tams

U.S. Bank has announced it will offer double rewards for Shopping Deals, Travel Center purchases, and cash back offers.

U.S. Bank has announced that it will offer a double bonus shopping opportunity for U.S. Bank rewards credit cardholders from November 30 to December 3, 2023. During this time, cardholders can earn double bonus rewards when they use a U.S. Bank rewards credit card for purchases, including double travel rewards and double shopping rewards.  

There are three ways cardholders can double their rewards:

1. Double rewards can be earned on purchases made through the Shopping Deals website or browser extension
2. Rewards may be doubled on prepaid hotel and car rentals booked through the Travel Rewards Center
3. Double cash back can be earned on activated cash back offers

To qualify for double cash back, cardholders must first activate the offers in the U.S. Bank mobile banking app or online banking website and then make purchases between Nov. 30 and Dec. 3, 2023, using a U.S. Bank rewards credit card. Cash-back deals will show up as a statement credit. Bonus rewards for travel will show up in one to two statement cycles, and bonus rewards for shopping deals will be dependent on merchant restrictions….

Additional seasonal Double Bonus shopping opportunities will be scheduled quarterly, later in 2024, to give cardholders additional opportunities to earn extra rewards next year. 

Our Verdict

Regular credit card rewards will not be doubled, far as I can tell. Could still be useful to save some of your U.S. Bank cash back offers for those dates to get double.

Source: doctorofcredit.com

Apache is functioning normally

November 7, 2023 by Brett Tams

When you carry large amounts of debt across different credit cards and loans, it’s easy to feel snowed under. Making the minimum payment on each leaves you paying a lot in interest and doesn’t make it easy to eliminate all that debt.

One debt repayment strategy you might want to consider is the debt snowball. Many find it to be an effective method of paying off outstanding debt, and it may help you get back to healthy financial practices faster.

Let’s look at what a debt snowball strategy looks like, including how to use a debt snowball calculator.

Debt Terms Defined

Before we go into creating a debt reduction plan, let’s make sure you’re up to speed on certain debt terms.

Interest Rate: The interest rate is the percent of the amount you borrow that you pay to the lender in addition to the principal.

Annual Percentage Rate: This is the interest rate charged per year for purchases you make with a credit card, and may include other fees.

Minimum Payment: Loans and credit cards have a minimum amount you must pay each month on the balance, though you certainly can pay more.

Bankruptcy: If you’re unable to pay off your debts, filing bankruptcy may be a last-ditch solution to consider. Essentially, it reduces or eliminates your debts. Know that it will negatively impact your credit for many years. That’s why it’s worth it to come up with a plan for the ultimate debt payoff strategy.
💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

What Is the Debt Snowball?

Just like an actual snowball, the debt snowball method starts out small. You first tackle the smallest debt balances you have. Once those are paid off, you apply what you were paying on those to the next smallest debts. You continue to pay at least the minimum due on all your debts.

However, by focusing your attention on one debt at a time, you then free up more money to make larger payments on other debts until it’s all gone. Your snowball of debt repayment, so to speak, grows over time.

Benefits of the Snowball Method

The snowball method is one of the fastest ways to pay off debt. And over time, this method will help you have fewer payments as you pay off credit cards and loans and put more money to the remaining debt.

Drawbacks of the Snowball Method

The smallest debts you have may not be the ones with the highest interest. So while you’re paying off the little loans, the debts with higher interest continue to accumulate interest, which adds to your debt.

Check your score with SoFi Insights

Track your credit score for free. Sign up and get $10.*

Debt Snowball vs. Debt Avalanche

If you have larger loans with higher interest, the debt snowball method may not be your best option. You might also explore another popular way to pay off debt: debt payoff strategy, the debt avalanche method.

With the debt avalanche method, you start paying down the loans and credit cards with the highest interest first. By doing so, you reduce the amount of debt you have at those higher interest rates, which slows down the amount of interest that accumulates over time.

Just like with the snowball, you pay off one debt and then put the money you were paying on that debt toward the loan or card with the next highest interest rate until it’s all paid off.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

How Is Debt Snowball Payoff Calculated?

To use the debt snowball payoff method, you’ll need to gather information about all the debt you have. Let’s use the following example:

• Personal loan 1 balance: $3,000

◦ 12% interest

◦ Minimum payment: $100 per month

• Credit card A balance: $2,000

◦ 17% interest

◦ Minimum payment: $25 per month

• Credit card B balance: $1,000

◦ 22% interest

◦ Minimum payment: $30 per month

• Personal loan 2 balance: $750

◦ 8% interest

◦ Minimum payment: $20 per month

Even without a snowball debt payoff calculator, you can reorder these debts so that you focus on the one with the lowest balance first:

• Personal loan 2: $750

• Credit card B: $1,000

• Credit card A: $2,000

• Personal loan 1: $3,000

Now that you’ve ordered your debts from least to greatest, you can see how, once you pay off the $750 loan, that money can go toward the credit card with the $1,000 balance. Once that’s paid off, you put all that money toward paying off the $2,000 credit card balance, and then finally, to pay off the $3,000 loan.

Debt Snowball Payoff Examples

Let’s look at what the monthly payments for these reordered debts would look like, if you were able to set aside $400 a month toward paying them off.

# Payments	Personal Loan 2 ($750)	Credit Card B ($1,000)	Credit Card A ($2,000)	Personal Loan 1 ($3,000)
1	$245	$30	$25	$100
2	$245	$30	$25	$100
3	$245	$30	$25	$100
4	$25.19	$249.81	$25	$100
5	–	$275	$25	$100
6	–	$275	$25	$100
7	–	–	$300	$100
8	–	–	$300	$100
9	–	–	$300	$100
10	–	–	$300	$100
11	–	–	$300	$100
12	–	–	$300	$100
13	–	–	$300	$100
14			$260.72	$139.28
15	–	–	–	$400
16	–	–	–	$400
17	–	–	–	$400
18	–	–	–	$400
19	–	–	–	$400
20	–	–	–	$400
Total principal & interest	$7,568	Total interest	$829

As the chart shows, what might have taken you years to pay off can be paid off in under two years with the debt snowball method.

One way to keep your finances on track while you’re paying off debt is to create a budget. A money tracker app can help you come up with a spending and saving plan that works for you.

Is a Debt Snowball for You?

There’s no one-size-fits-all when it comes to debt payoff strategies. But to determine whether the debt snowball method is right for you, consider how many different debts you have as well as their interest rates. If your larger debts have higher interest rates, you might consider the avalanche method.

But if your interest rates vary, or the smaller debts have higher interest, you might benefit from paying off those lower amounts first before snowballing those payments into the larger debts.

The Takeaway

If you’re trying to pay off outstanding debt, you have options. The debt snowball method has been proven effective for many people. If nothing else, it’s a way for you to focus your attention on whittling down debt and minimizing how much you pay in interest.

Take control of your finances with the SoFi Insights money tracker app. Connect all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

How long to pay off debt using snowball?

The amount of time it takes to pay off your debt with the snowball method will depend on how much debt you have and how much you can budget to pay it down. However, you may be able to pay off your debt faster with this method.

What is the best way to pay off debt using the snowball method?

The debt snowball method pays off your smallest balances first, then rolls those payments up toward the larger debts until they are all paid off.

What are the 3 biggest strategies for paying down debt?

To pay down or pay off debt, you can consider the debt snowball method (which pays off the smallest balances first), the debt avalanche method (which pays off the balances with the highest interest first), or debt consolidation (which provides a new loan with a single payment and single interest rate).

Photo credit: iStock/Abu Hanifah

SoFi’s Insights tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings, SoFi credit cards or loan balances, and fractional shares subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

SORL1023020

Source: sofi.com

Apache is functioning normally

November 7, 2023 by Brett Tams

The Offer

Direct link to offer

American Express is offering a sign up bonus of three free nights (up to 50,000 points per night) Marriott Bonvoy Business Card after spending $6,000 within 6 months.

Card Details

Anniversary free night award up to 35,000 points (this is a free night certificated that can be used on properties costing up to 35,000 points)
$125 annual fee (not waived first year)
Card earns at the following rates:
- Six Marriott rewards points per dollar spent at participating hotels
- Four Marriott rewards points per dollar spent at U.S. restaurants, U.S. gas stations, wireless telephone services purchased directly from U.S. service providers and on U.S. purchases for shipping
- Two points per dollar spent on all other purchases
Silver status; earn gold status by making $35,000 in purchases within a calendar year
Receive 15 nights towards elite status
Premium in room internet access at participating properties
No foreign transaction fees
Can only get the bonus once per lifetime

Our Verdict

Previous bonus has been 125,000 points. Standard offer is 100k points. All time high was the 2021 offer for 125k + two free night certificates. Not sure if we will ever see that COVID-era type bonus return though. Obviously this offer is better if you’re staying at properties that cost 50k points or more (well really more than 41.6k), otherwise you are better off waiting for the 125k point offer to return. In any case I wouldn’t sign up unless you have need for these certificates in the short/medium term.

Source: doctorofcredit.com