I can’t believe the Grow Your Dough Throwdown is over!
It’s been an exhilarating ride, and I wish I could say that I was excited to share the results.
Alas, my portfolio got its butt kicked, while my wife’s portfolio, on the other hand, did rather well.
In fact, I think everyone kicked my butt.
Oh, well; life goes on…..
The exciting thing is that the Grow Your Dough Throw Down 2.0 is ready to launch, and I will have details at the end of this post.
Until then, let’s take a look at how I did.
TD Ameritrade – My Lousy Portfolio
If you recall, previously I had purchased five different stocks with my initial portfolio with TD Ameritrade. Two of my stocks have performed horribly: EHealthInsurance.com and Yahoo.com. My other three were doing okay, but not great. Those were Fidelity Guarantee and Life (an insurance company IPO), Dunkin Donuts, and Bank of New York. After three quarters of the year, my portfolio was down almost $100, and I knew there was no way that I would catch the leader, so I thought to myself, “Why not go big or go home?”
I sold all of my positions, then purchased RIG, which is Transocean, an offshore drilling contractor. I read about Transocean from another stock picker and he absolutely loved it, and I thought with a 17% dividend and a potential to buy on a dip, I might have a chance to walk away with the Grow Your Dough Throwdown title.
My hope fell short. Really short.
As oil continued to drop, so did Transocean’s stock price. My total account value is down to $551.73, for a net return loss of 45% for the year. In case you haven’t figured this out yet, that is not how you Grow Your Dough, not in the very least. I went from having a balanced portfolio to becoming a speculative investor, which is basically what I warn all my clients against.
Luckily, it was only for $1000, and the stock still could come back… ha, ha because you heard that one before. Either way, I definitely did not win the Throwdown, but I don’t think I took last.
Is there a trophy for next to last? 🙂
Ally Invest – The Blue Chippers
Ally Invest , then Tradeking, was the brokerage firm that I used to build a Blue Chip portfolio. The stocks I selected were General Electric, Coca-Cola, McDonalds, Microsoft, and Verizon. For the year, the account didn’t do as great as I had hoped, having a total value of $1032.41 at year-end. Three of the stocks ended up being down for the year – General Electric, McDonalds and Verizon – with the other two being up. Either way, we are still up, so I can’t be too unhappy about that.
Motif – The New Kid on the Block
Motif, which you will hear more about in a sec, was the investment platform that I was least familiar with. The more Motif investing reviews I read and how it is structured, the more I like it, especially for those who are wanting to invest in a specific period over a sector in the market.
I purchased three different Motifs: the Onward Online Ad’s Motif, the Cleantech Everywhere Motif, and the Obamacare Motif. For the end of the year, my portfolio value is $1032.18, barely beating out the Blue Chip portfolio at TradeKing. Once again, I will share more about Motif here at the end of the post.
Betterment – So Easy
Out of all of the investment platforms I opened an account with, Betterment was no question the easiest one to get my money funded and then invested. It’s even easier than opening an account at Capital One 360.
For the year, my total account balance is $1060.82. With how Betterment investing works, I just selected my target goal, and then they constructed a portfolio that consisted of 90% stocks and 10% bonds, which are predominantly invested in ETF’s. I’m still a big fan of Betterment, especially for those who know little about investing and want a super slick interface to get started.
Lending Club
The two peer-to-peer platforms in Prosper and Lending Club fared well for the last part of the year as well. Lending Club has a new feature where you can see your account returns, and you can also adjust that for past-due notes. Basically, this feature is for those that make defaults on their loans. For the net annualized return, with Lending Club it was 6.75%, with an adjustment account value of $1050.93.
These notes are currently past due and haven’t defaulted yet, so if those happen to pay my net annualized return for the year, they would be 12.24%, with an account value of $1090.41. Considering how low interest rates are, and having made money off your CDs, even the 6.75% is nothing to sneeze at.
Prosper
With Prosper, they currently don’t have the adjusted return, so the total value is $1086.51 for an 8.64% return.
The Winners
It definitely became a neck and neck race for who was going to win the Grow Your Dough Throw Down. Barely squeaking a victory by less than $14 was Phil Taylor from PTMoney.com. His total value was $1327.05. Below is a screen shot of some of his holdings for the year.
In a very close second place was Rob Berger from Doughroller.net. His account value year-end was $1313.55. Rob went the Tesla, AT&T, and Apple approach to yield his return.
Congratulations fellas, you both did well and definitely take down this CFP®.
Grow Your Dough ThrowDown 2.0
I am excited to announce we are going to continue the Grow Your Dough Throw Down into 2015. This time, we are going to have 20 different personal finance bloggers participate.
Motif, which I mentioned above, has agreed to be a sponsor for the event. They are going to create a custom leader board where you will be able to track my Motif, including the other 19 participant Motifs, to see how we are doing on a daily basis. I’m so excited that Motif was pumped about the Grow Your Dough Throw Down this past year, and when they approached me about creating the custom leader board and being a part of it, I was definitely all ears.
VA loans are a great mortgage option for many military families. We launched the MilitaryVALoan.com Show with our guest host Bernard Edwards to learn from real estate professionals that serve veterans and their families about what it’s like to use a VA loan when purchasing or refinancing a home.
In this episode, Bernard Edwards speaks with real estate professional Chad Vasquez who shares some of the lesser known details about home buying with a VA loan.
Get started on your home buying goals today.
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>>View first episode: Bernard Edwards interviews VA loan consultant William Doom
A VA loan requires no down payment, but you will be charged a VA funding fee.
“With the VA loan, many know one of the benefits is that it requires no money down,” says Vasquez, “but, what surprises them is being charged the VA funding fee.”
A VA funding fee is a one-time, upfront payment required for all VA home loans. This fee helps sustain the program as it is self-funded and doesn’t use taxpayer dollars or other VA program funding. Your funding fee will be determined by the loan amount, your service history, including length and time of service, and the type of loan. Funding fees vary from 0 to 3.3 percent of the loan.
Vasquez also notes: “The good news is that the amount can be added to your loan, so the fee isn’t out of pocket.”
>>Related: 2018 VA Funding Fee Chart
Appraisals may be harder to get for VA loans than conventional loans.
“The VA appraiser is going to make sure that the property is in a certain condition — it can’t have a hole in the roof or extreme peeling paint. This is to protect the veteran and ensure they’re purchasing something of good quality,” says Vasquez.
“The most unique thing I’ve seen required for a VA loan is that the door between the garage and kitchen must be a fire-rated door. This isn’t required for other home loans, but it’s a good safety feature.”
Edwards adds: “For some, it may seem that VA appraisals are a bit harder to pass, but that’s actually great for you as a homeowner. It’s extra assurance of what you’re purchasing that other loan types don’t give.”
Get started on your home buying goals today.
Bernard A. Edwards, the host of “The MilitaryVAloan.com Show” is the founder of Troops To Agents, which empowers veterans and spouses to become successful real estate professionals. He also is launching The Military Transition Camp, dedicated to helping military members design every aspect of their post-uniform life: mindset, health, purpose, career, money, fitness, emotion, relationships, and spiritual growth. Follow him on LinkedIn or Instagram for behind the scenes footage and insights from his interviews and travels. Service history: Technical Sergeant (E-6) Retired; 16 years of service; U.S. Air Force.
FULL VIDEO TRANSCRIPT:
Bernard Edwards: Hey everybody. It is the Military VA Loan Show and I’m here with none other than Chad Vasquez. We’re going to talk a little bit about real estate, about VA loans, and on this show, how we always do, about becoming a homeowner with your military VA loan. Chad, you’ve been in real estate working for how many years now?
Chad Vasquez: Coming up on three years in Hawaii, so I’ve got a little bit of knowledge on how things go here on the island.
Bernard: What was the first year, besides when you had your actual license, when you experienced using a VA loan?
Chad: Using VA loans to buy my first home was in Texas. Then, I actually came to Hawaii and started doing real estate. It’s a little different here, but using your VA loan is an incredible opportunity.
Bernard: Nice. When you first used it in Texas, you weren’t working in the business as much at
that time. You knew that you wanted to get into real estate, you wanted to be able to
invest. What was that experience like? What were some of the surprises that you had?
Chad: That’s a great question. With the VA loan everyone knows some of the benefits are that it’s no money down. That’s one of the fantastic things. One of the surprises in the VA loan is there’s actually a VA funding fee. That’s something that everyone pays so that the Veteran’s Affairs can actually insure those no money down home loans. It can be around 1.5% the first time. It actually goes up each time you use the VA loan. The good news is that actual amount gets put into your loan, so it’s also not out of pocket.
Bernard: Nice.
Chad: But that was a surprise.
Bernard: Nice. Yeah, and one thing that Chad just mentioned is that a lot of people get it, they have this idea that the VA is the one that’s actually giving you the loan, but the VA is actually insuring the loan and with that we don’t have to pay private mortgage insurance, which is something that’s common in the civilian sector.
Chad: Correct.
Bernard: And another thing that we’re able to save money each month. You’ve had quite a few clients, tons of clients each year that have that military background. For them, what’s the process been like as far as obtaining their VA loan?
Chad: Really good question. Usually we either talk to them first or a VA qualified lender does, but either way talking to a real estate agent to get some good advice. We’re always going to give you information, the knowledge that we have about the local housing market, so you can make the best choices for you and your family. That’s the most important. Equally to talking to a real estate agent, is talking to a good knowledgeable VA lender — somebody who does a lot of VA loans, somebody who can help you with that process.
Bernard: Yeah, it’s definitely, there’s some unique things to all different types of loans out there, conventional loans, FHA loans, VA loans, and you do, like Chad’s saying, you do want to have somebody that specializes in that, that’s shown proven success in your particular market because each market could be a little bit different. I mean here on island we have kind of different pockets of the island, and even the way that things might work on one corner of the island versus another may be a little bit different and you do want to work with someone who’s really versed. What are some of the unique things, say, when it comes to home inspections and appraisals that you’ve seen with the VA loan?
Chad: Nice. So here when the VA or Veteran’s Affair appraiser comes out to make sure the value of the home is equal to the size of the loan you’re getting, they’re going to make sure that the property is in a certain condition. That means it can’t have like a hole in the roof, it can’t be having really bad peeling paint, things like that they’re going to hit on the inspection just to make sure the veteran is protected, they’re getting something of a good quality. Some of the unique things we’ve seen is, for example, the door between the garage and the kitchen has to be a fire rated door for the VA. It doesn’t have to be for other home loans, but that’s a good safety feature as well.
Bernard: Great. That’s one thing I’ve noticed is that, yes, for some people they may seem that the VA appraisals and inspections are a little more harder to pass, but that’s great for you as a homeowner ,because that’s extra assurance that you’re getting versus one of these other loans that doesn’t do all that policing for you. You have to go out and find and add these things, whereas the VA loan process they’re really having your back and ensuring that that property that you’re going to get is an investment. There might be some minor things, carpet, cosmetic type things that aren’t able to pass, but really big items that are knocking down the value of your property, those things are not going to pass. That’s the VA having your back.
Chad: Yup.
Bernard: Now, for you, I get to interview real estate professionals from all walks of life, and one of the awesome things about you, you’re a veteran and you’re currently serving in the Guard. Can you tell us a little bit about your military career from active duty to now what you’re doing?
Chad: Absolutely. I was active duty Marine Corps infantry back in 2000 when I joined the first time. After I got out there was a break in service. When we moved back here to the island of Oahu in Hawaii there are all five military branches here, so I actually wanted to go back and do reserve time. So I’m now currently in the United States Air Force Reserve. That helps a lot too because I actually can keep a pulse on things that are changing with the military. There’s things that have changed even in the last 10 years that weren’t the same when I got out.
Bernard: That’s awesome. Well, Chad thank you so much for stopping by.
Chad: My pleasure.
Bernard: Thank you for your service. Check us out on militaryvaloan.com where we’ll be coming at you with more questions and answers.
The rise of cryptocurrencies has led to a significant shift in the financial landscape. As crypto gains popularity, many financial institutions are adapting to this change by offering specialized banking services to accommodate crypto transactions.
This article explores the best crypto-friendly banks, explaining why they are considered top choices in the ever-evolving crypto space.
15 Best Crypto-Friendly Banks
Here are the top crypto-friendly banks and banking services providers, each offering a unique set of services tailored to the needs of cryptocurrency enthusiasts.
1. Cash App
Among its many features, Cash App allows users to buy Bitcoin and instantly withdraw funds to personal wallets.
Partnerships with banks such as Sutton Bank and Lincoln Savings Bank enable Cash App to provide banking services. This collaboration between Cash App and crypto-friendly banks ensures that customers have a convenient and secure way to manage their crypto transactions.
Sutton Bank also issues the Fold Visa® Prepaid Card, which allows you to earn Bitcoin on every purchase.
See also: How Does Cash App Work?
2. Revolut
Revolut is a UK-based fintech company that was founded in 2020. It has quickly become a major banking player in the UK, Europe, and the US, as well as a top crypto-friendly bank. Their user-friendly mobile app lets customers easily buy cryptocurrencies like Bitcoin and manage their digital assets. The app also features automatic buy orders that activate based on certain market conditions, making the crypto investment process even smoother.
What sets Revolut apart from competitors is the variety of crypto-related services they offer. Customers can stake select crypto assets, make off-chain transactions between users, and pay bills using crypto through automatic conversion to fiat currency.
With over 50 cryptocurrencies on the platform and plans to expand, Revolut is dedicated to staying ahead in the digital currency world. Although there are transaction fees for crypto payments, users can reduce these fees with account upgrades. Revolut’s upcoming launch of its native coin, RevCoin, highlights their commitment to providing a diverse and dynamic crypto banking experience for their growing customer base.
3. Quontic
Quontic is the first online bank to offer a rewards checking account that allows you to earn Bitcoin. With its innovative Bitcoin Rewards Checking account, users can easily integrate crypto into their everyday banking experience. Quontic only supports Bitcoin. However, its unique offering makes it a top choice for those looking to capitalize on the increasing prominence of digital currencies.
The Bitcoin Rewards Checking account offered by Quontic stands out due to its 1.50% rewards on all Point of Sale (POS) transactions made with the associated debit card. These rewards are paid out in Bitcoin, allowing users to accumulate the popular cryptocurrency as they make everyday purchases. Furthermore, the account acts as a secure wallet for users to store their Bitcoin, providing a seamless banking experience for crypto enthusiasts.
This FDIC-insured bank account requires a minimum opening deposit of $500 and is not available in Hawaii and North Carolina.
4. SoFi
SoFi is an innovative financial institution that has embraced the crypto revolution. Through its SoFi Invest platform, customers can trade crypto and access educational resources to learn about digital currencies.
With just a $10 minimum investment, users can start trading Bitcoin, Ethereum, Dogecoin, Cardano, and over 20 other coins on a platform available 24/7. Users can trade cryptocurrencies alongside stocks, fractional shares, and ETFs within the SoFi app, making it an all-in-one investment platform.
SoFi takes security seriously and offers a range of tools to protect your crypto holdings from theft. These include two-factor authentication, SSL encryption, partnering with trusted exchanges like Coinbase for transactions, and not sharing personal information with trading partners or custodians. This ensures that your investments are safe and secure on the platform.
The SoFi app also provides a wealth of educational resources, such as their Crypto Guide for Beginners, Crypto Glossary, and Guide to Crypto Staking, to help you make informed investment decisions. Keep in mind that due to its volatility, crypto carries a higher degree of risk compared to traditional investments.
Crypto trading on SoFi Invest is subject to a 1.25% markup on crypto transactions, which is added to the market price from the exchange. While there are no plans to allow transfers between SoFi Invest accounts and external wallets at this time, the platform’s focus on security and convenience makes it an attractive option for those interested in trading crypto.
5. Vast Bank
Vast Bank has made history as the first full-service national bank to provide customers with the ability to buy, sell, and hold cryptocurrencies. Through an intuitive mobile banking app, users can access both a checking account with a competitive 2.65% annual percentage yield (APY) and a dedicated crypto account.
As a nationally chartered and federally regulated U.S. bank, Vast Bank ensures a high level of security and reliability for its customers. By using the Vast Crypto Banking app, users can easily deposit USD into their checking account, purchase cryptocurrencies, and safely store their crypto alongside their fiat funds.
This crypto bank currently supports a wide range of popular cryptocurrencies. Among them are Bitcoin (BTC), Ethereum (ETH), Filecoin (FIL), Cosmos (ATOM), Chainlink (LINK), Cardano (ADA), Litecoin (LTC), Aave (AAVE), Bitcoin Cash (BCH), Orchid (OXT), Tezos (XTZ), and Algorand (ALGO).
Vast Bank offers the convenience and safety of traditional banking, such as FDIC insurance for checking accounts, a debit card with access to 56,000 free ATMs worldwide, account transfers, bill pay, and mobile deposits. However, it is important to note that digital assets held in the crypto account are not insured by any government entities, including FDIC or SIPC.
6. Wirex
Wirex is a standout in the world of crypto-friendly banks, offering users a seamless banking experience that supports both fiat currencies and cryptocurrencies. Available in 130 countries and boasting over 3.5 million users worldwide, Wirex provides a multi-currency account and a Visa card for convenient fiat payments.
One of the main attractions of Wirex is its generous savings interest rates, which reach up to 6% for cryptocurrencies such as BTC, ETH, and LTC. For those who prefer to save in fiat currencies like USD, AUD, HKD, or DAI, an impressive 12% interest rate is available. Additionally, users can earn an extra 4% interest when saving in WXT, Wirex’s native token.
Built on both Ethereum and Stellar blockchains, WXT offers exceptional performance and versatility within the decentralized finance (DeFi) sector. Wirex rewards its users with up to 4% WXT cashback each time they use their card for in-store or online purchases. The multicurrency card allows for hassle-free payments when traveling abroad, automatically converting to the local currency with no exchange fees, and offering savings of up to 3% on international transactions.
Beyond being a Bitcoin-friendly bank, Wirex offers a wallet app that supports over 100 coins and includes DeFi and NFT capabilities. This combination of features makes Wirex an excellent choice for those seeking a comprehensive and crypto-friendly banking experience.
7. Ally Bank
Ally Bank is an online bank that has embraced the crypto revolution, offering an array of services to support digital assets. Some notable features from Ally’s website include:
Crypto trusts: Ally offers private trusts that invest in and track the price of specific cryptocurrencies, allowing customers to indirectly trade them as they would a stock.
Bitcoin futures: Ally provides access to exchange-traded funds (ETFs) that invest in the purchase of bitcoin futures contracts. This allows customers to gain exposure by speculating on the future price of Bitcoin without directly owning it.
Crypto stocks: Ally enables customers to invest in publicly traded companies that buy and hold cryptocurrency. Buying shares of these stocks provide indirect exposure to crypto.
Ally Bank’s crypto trading services on the Ally Invest platform, integration with popular cryptocurrency exchanges, and digital asset storage and management make it a top choice for crypto enthusiasts seeking a crypto-friendly bank.
8. BankProv
BankProv is a forward-thinking US financial institution that provides a range of services, including business banking, cash management, personal banking, and cryptocurrency offerings. Embracing modern technologies, this crypto bank utilizes API banking, the ProvXchange network, and specializes in lending.
Its support for various digital assets ensures that customers can access a diverse range of investment options, making it a strong contender among crypto banks. Customers can enjoy real-time transactions through the ProvXchange network, while the API integration allows for seamless interaction with various platforms and software solutions.
BankProv provides crypto-backed loans and credit lines for organizations secured by Bitcoin or Ether, as well as equipment and infrastructure loans for crypto mining operations. Additionally, Bitcoin ATM operators can take advantage of secure cash vault services, expedited money transfers, and other perks tailored to businesses operating within the crypto sector.
9. Juno
Established in 2019, Juno is a fintech company offering a digital banking platform with hybrid accounts for managing both cash and cryptocurrencies. Despite not being a traditional bank, Juno’s exceptional services make it a top contender for cryptocurrency investments.
Juno enables users to purchase a range of popular cryptocurrencies without fees, and provides two types of checking accounts: Basic and Metal. The Basic account is free with a $5,000 daily funding limit, while the Metal account, free with monthly qualifying deposits of $250 or more, offers a $25,000 daily limit and up to six times higher savings.
Bonus rewards are a highlight of Juno’s offerings, with users earning up to 5% on cash deposits and yearly cashback for payments with cash or crypto. The JCOIN Loyalty Program allows customers to earn tokens and redeem them for exclusive discounts and cashback boosts. New users can benefit from a welcome offer, which includes bonuses for initial deposits, trades, and referrals.
Free cash withdrawals are available at Allpoint and MoneyPass® ATMs, with additional out-of-network withdrawals for both account types. Juno’s mobile banking app is compatible with iOS and Android, supporting Apple Pay, Google Pay, Samsung Pay, and debit cards. The platform also offers the unique feature of converting paychecks into crypto through partnerships with over 500 payroll providers, allowing users to automate their investments seamlessly.
10. Monzo
Monzo is an innovative online-only bank that has gained popularity in the UK for its modern approach to banking. More recently, Monzo has expanded its services to accept applications from US customers, broadening its reach in the financial market.
With a Monzo account, customers can manage all their bank accounts, including non-Monzo accounts, on a single dashboard through the Monzo app. While the bank itself does not support crypto trading, users can still invest their Monzo account funds into cryptocurrencies through crypto exchanges like Coinbase and Crypto.com. This feature provides Monzo users with indirect exposure to cryptocurrency while still enjoying the convenience and security of a modern bank.
11. Axos Bank
Axos Bank, a crypto-friendly institution, started providing its commercial banking clients with TassatPay access in May 2022. TassatPay is a private, permissioned blockchain-based digital payments platform that enables 24/7 real-time payment capabilities and has processed over $400 billion in transactions. This platform is endorsed by a primary bank regulator.
Axos also offers exposure to various crypto-related exchange-traded funds (ETFs). These include the Bitwise 10 Crypto Index Fund (BITW), Bitwise Crypto Industry Innovation ETF (BITQ), ProShares Bitcoin Strategy ETF (BITO), and ProShares Short Bitcoin Strategy ETF (BITI), among others.
12. Standard Chartered Bank
Standard Chartered Bank has demonstrated a strong interest in cryptocurrencies and blockchain technology, regularly conducting research and sharing insights on digital currencies. Recognizing the growing demand in the market, Standard Chartered is launching a crypto exchange and brokerage service to provide its customers with access to digital assets.
The bank’s direct crypto trading and investment services are still in development. However, their commitment to staying informed about the latest trends in the digital currency market and taking steps to launch new services indicates their growing involvement in the crypto space.
13. USAA
USAA, a financial institution dedicated to serving current and former military personnel and their families, provides a range of tailored financial products and services. Among these offerings is an integration with Coinbase, a leading cryptocurrency exchange.
Through this partnership, USAA customers can conveniently link their Coinbase accounts to their USAA portal, enabling them to easily monitor their digital asset balances and track transactions. This feature streamlines the process of staying informed about one’s cryptocurrency holdings and activity, offering an added layer of convenience for USAA members.
14. Fidor
Fidor is a pioneering online bank headquartered in Munich, Germany. It offers innovative banking services designed to support digital assets. Its integration with popular cryptocurrency exchanges and crypto wallet services makes it an ideal choice for those looking for a crypto-friendly bank. Additionally, Fidor provides support for ICO and token sales, giving customers access to new and emerging cryptocurrencies.
15. PayPal
Although PayPal is not a bank, it offers various banking services and has expanded its support for cryptocurrency in recent years. PayPal enables users to buy, sell, and hold cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
By partnering with Paxos Trust Company, a regulated provider of cryptocurrency products and services, PayPal ensures a secure and compliant experience for its customers. While it does not offer the full range of services that traditional banks do, PayPal’s support for crypto makes it an appealing choice for those who want to manage their cryptocurrencies alongside other financial transactions.
Bottom Line
The increasing popularity of cryptocurrency has led to a growing number of crypto-friendly banks, offering a range of services to accommodate the unique needs of digital asset users. These banks provide an array of services, from crypto trading and custody to debit cards and loans backed by crypto.
As the crypto industry continues to evolve, it’s crucial to stay informed and choose the best crypto-friendly bank to suit your needs. With so many crypto-friendly banks available, you can now manage your crypto alongside traditional banking services, providing a seamless and efficient way to navigate the world of cryptocurrencies.
Frequently Asked Questions
What makes a bank crypto-friendly?
A crypto-friendly bank is one that supports and facilitates cryptocurrency transactions, storage, and trading. These banks typically offer a range of services tailored to the needs of digital asset users, such as integration with popular crypto platforms, crypto-backed loans, and the ability to spend crypto using a debit card.
Can I store my cryptocurrencies in a traditional bank account?
While some banks offer crypto-friendly services, cryptocurrencies are typically stored in digital wallets rather than traditional bank accounts. However, many crypto-friendly banks provide integration with popular crypto wallets and exchanges, allowing you to manage your crypto alongside your fiat currency.
Are crypto-friendly banks safe and secure?
Many crypto-friendly banks are FDIC-insured and follow strict regulatory requirements to ensure the security of your assets. It’s essential to research each bank’s security measures, such as two-factor authentication, encryption, and secure storage of crypto before choosing a crypto-friendly bank.
How do I choose the best crypto-friendly bank for my needs?
To choose the best crypto-friendly bank for your needs, consider the range of services offered, the bank’s reputation, and any fees associated with their services. You may also want to look for banks that provide educational resources, customer support, and a user-friendly platform for managing your crypto.
Can I use a debit card to spend my cryptocurrencies?
Some crypto-friendly banks and financial service providers offer debit cards that allow you to spend your crypto just like traditional fiat currency. These cards typically convert your cryptocurrencies to the local currency at the point of sale, making it convenient to use crypto for everyday transactions.
Do crypto-friendly banks offer loans and credit products?
Some crypto-friendly banks offer crypto-backed loans and lines of credit. These products allow you to leverage your crypto without selling it, providing greater financial flexibility for crypto users.
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In recent months the FDIC has managed two of the largest bank failures in U.S. history. The collapse of Silicon Valley Bank (SVB) and Signature Bank happened shockingly fast. And First Republic wasn’t far behind. Consumers have plenty of questions, as the banking sector looks shakier than at any point since the 2008 recession. But perhaps the biggest is also the most basic: is my money safe? The good news is, yes. The federal government acts to protect bank deposits in a number of ways. The two most important, and effective, are insurance and liquidity. For help managing your money and preparing for potential future bank failures, consider working with a financial advisor.
The Federal Government Insures Deposits
The most direct way that the government acts is through depository insurance. For banks, this is managed by the FDIC (Federal Deposit Insurance Corporation). For credit unions, which operate similarly to banks, deposit insurance is managed by the NCUA (the “National Credit Union Administration”).
In both cases, the government insures each depositor at each institution for up to $250,000. This means that if the bank fails and its assets are wiped out, the government will reimburse you for any and all lost money up to $250,000. It periodically updates that amount for inflation.
This rule applies to each depositor, so the government won’t protect multiple accounts at the same bank. However it applies to each institution as well. So if you have three accounts with a single bank, you are only protected up to $250,000. However if you have accounts at three separate banks, your money at each institution is protected up to the limit. There are some instances in which you could have multiple accounts protected at one institution, if they are different types of accounts.
This also applies only to depository institutions, places which offer products like checking and savings accounts. It does not apply to investment banks. The government will reimburse you if your checking account is wiped out, but it won’t make you whole for stock market losses.
The Federal Reserve also has shown willingness to expand its footprint of protection. When Silicon Valley Bank collapsed, the government lifted this $250,000 cap. It guaranteed that it would reimburse all of the money that businesses and individuals had on deposit, including about $18 billion in uninsured cash. It did the same with Signature bank, guaranteeing about $1.6 billion in uninsured assets.
The FDIC and the Federal Reserve Backstop Liquidity
Depository insurance is the guarantee of last resort, and the government uses it very rarely. Before reimbursing consumers the FDIC and the Federal Reserve try to prop up a bank’s liquidity and keep it from failing. They do this in two main ways.
Lender of Last Resort
First, the Federal Reserve acts as a lender of last resort when banks need cash. This is the government’s preferred method of protecting deposits at healthy banks.
One of the major ways that a bank can fail is if too many depositors try to take their money out all at once. The bank might not have enough cash on hand to cover all of these demands, which can force it to sell off assets at a loss or even might bankrupt the institution altogether.
To prevent this, the Federal Reserve extends emergency loans to banks in need of cash. Banks can borrow money from the government to cover their immediate needs and make depositors whole. This is useful to solve cash flow crises, when an otherwise stable institution might be forced into insolvency by a short-term demand for money. The bank takes out a loan to meet its short-term demands and repays that loan with the returns on its long-term investments.
To cover particularly large liquidity issues, the Federal Reserve has recently created the Bank Term Funding Program. This was instituted in the wake of the SVB and Signature collapses, and it will act as a lender of last resort for large institutions.
Broker of Last Resort
As noted above, lending to banks can work well for a healthy institution that has cash flow issues. Any bank, no matter how well-managed, is vulnerable to a bank run and emergency loans can cover that short-term crisis.
Loans will not work for banks that are failing though. While the government will, typically, extend loans to try and shore up an immediate crisis (such as it did in the case of SVB and Signature), that is only a stopgap solution when the bank is going out of business. And that happens more often than most consumers realize. Banks may fail because they made bad investments, because they have lost too many customers or because their underlying business model has gone wrong in some way.
In this case, the Federal Reserve and the FDIC act as a broker of last resort to try and sell the bank to another, healthier institution. Their goal is to find a solvent bank that will take over the failing bank’s deposits and assets, effectively folding one institution into another.
When successful, the FDIC doesn’t need to reimburse depositors at all. Often, from the outside, this looks like a simple merger and individual consumers notice no change except for the name on the door. The new institution takes over the deposits and loans of the old one. This is particularly important because large depositors frequently have more than $250,000 on account with their banks. One estimate by the FDIC suggests that about 43% of all bank deposits are uninsured, so mergers are a critical tool for making sure that depositors are protected against bank failures.
Depositors Are Historically Well-Protected
Banking protections are an incredibly complicated issue, and the government has a wide range of regulatory and financial tools that it uses to protect depositors. For example, the Federal Reserve conducts regular oversight of banks to look for bad investments and risky assets that might cause a failure (although, as the case of SVB made clear, this system is far from foolproof).
The takeaway is this, though: As a depositor, your money is about as safe as it can be. Making sure that depositors feel like their money is secure is a huge priority for the government, and several different agencies and entities work to make sure of that. Banks are monitored to try and prevent failures, and the Federal Reserve acts to give them liquidity quickly and at need. When a bank does fail, the government moves quickly to find a buyer for those assets and deposits. And if all that doesn’t work, it simply cuts a check to reimburse depositors for cash that they’ve lost.
It’s not a perfect system, but depositors haven’t lost money to a bank failure in the United States since the 1930s.
The Bottom Line
Your money is as safe as it can be in the bank. Between depositor insurance, emergency loans and bank sales, the government works hard to protect what you have.
Banking Tips
In addition to traditional banks, online banks have become a new issue in finance, with many wondering if they are safe for consumers.
A financial advisor can help you plan to keep your money safe. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.
“Vibecrafts: Curated Art, Decor, and Inspiration for Soulful Spaces.”
At https://vibecrafts.com/ “VibeCrafts”, you’ll find an impressive range of home decor items that are sure to elevate the style and vibe of your living space. From neon lights to wall mirrors, tables to wall paintings, name wall hangings to wall sculptures, there’s something for everyone to add a touch of personality and style to their home. In this article, we will explore the various home decor items available on vibecrafts.com and how they can transform your space into a stunning sanctuary. https://vibecrafts.com/collections/neon-lights/ “Neon Lights for Room” are a popular choice for adding a vibrant and eye-catching element to any room. Vibecrafts.com offers a wide selection of neon lights that come in different shapes, sizes, and colors, allowing you to customize your space to your liking. Whether you want to create a cozy ambiance with warm-toned neon lights or make a bold statement with bright, colorful neon signs, these neon lights can instantly enhance the mood of your room. You can use them as wall art to create a focal point, as accent lighting to add a cozy glow, or even as a headboard for your bed to create a unique and stylish look. The neon lights from vibecrafts.com are not only visually appealing but also energy-efficient and easy to install, making them a practical and trendy choice for room decor.
“Wall Mirrors Online” are not only functional but also an essential element in home decor. They can add a touch of elegance and sophistication to any room while also creating an illusion of space and reflecting light, making your room feel brighter and more open. Vibecrafts.com offers a wide range of wall mirrors online, including various shapes, sizes, and styles to suit your preferences. Whether you’re looking for a sleek and modern mirror for your bathroom, a decorative mirror for your living room, or a statement mirror for your entryway, you’ll find a diverse collection of wall mirrors that can enhance the aesthetic appeal of your home.
“Designer Tables For Home” are not only practical furniture pieces but also important elements in home decor. They can serve as functional surfaces for various purposes, such as dining, working, or displaying decorative items, and can also add style and personality to your space. Vibecrafts.com offers a selection of designer tables for home that are not only functional but also visually appealing. From coffee tables to side tables, dining tables to console tables, you’ll find a range of styles, materials, and finishes to choose from. Whether you prefer a minimalist, Scandinavian-inspired design or a bold and eclectic look, these tables can be the perfect addition to your home decor.
https://vibecrafts.com/collections/horizontal-wall-paintings/ “Horizontal Wall Paintings” are an excellent way to add color, texture, and personality to your walls. Vibecrafts.com offers a collection of horizontal wall paintings that are perfect for creating a stunning focal point in your room. From abstract art to landscape paintings, these wall paintings are designed to add a touch of artistic flair to your space. With different themes, colors, and sizes available, you can choose a wall painting that complements your existing decor or makes a bold statement on its own. The horizontal orientation of these paintings adds a unique and modern touch to your walls, making them a standout piece in your room.
“Customized Name Wall Hangings” are a personalized and meaningful addition to your home decor. Vibecrafts.com offers customized name wall hangings that can be tailored to your preferences. Whether you want to display your family name, your child’s name, or a special word or phrase, these customized name wall hangings can add a personal touch to your space. Made with high-quality materials and craftsmanship, these wall hangings are not only visually appealing but also meaningful and sentimental, making them a perfect gift or a cherished keepsake for your own home.
“Best Wall Sculptures” are a creative and artistic way to decorate your walls and make a statement. Vibecrafts.com offers a collection of best wall sculptures that are handcrafted and designed to add a touch of elegance and intrigue to your walls. From metal sculptures to wood carvings, these wall sculptures come in different styles, sizes, and finishes, allowing you to find a piece that complements your decor and adds visual interest to your walls. Whether you prefer abstract designs, nature-inspired motifs, or contemporary art, these wall sculptures can be a captivating addition to your home decor.
Vibecrafts is an ultimate shopping destination of huge and exclusive collection of home decor and craft for people of all age’s. We provide Décor and Craft Items that suits best to your walls and Home. You can choose different type of décor Items as per your needs and desires, We have.
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Investing columnist Matthew Amster-Burton has been answering questions from the Mint.com Facebook page and Twitter. This week: questions about 401(k)s and other retirement plans.
Rolling over a 401(k) to a Roth IRA
Al asks: Can I roll my 401(k) into my Roth IRA when I leave my job?
Sort of. How’s that for a satisfying answer?
Here’s the deal. Unless you have a Roth 401(k) (a fairly new and rare beast), a 401(k) is like a traditional IRA, not a Roth IRA. You put pre-tax money into a 401(k): unlike the rest of your paycheck, your 401(k) contribution goes straight into the account without the IRS taking its share via withholding. Of course, you’ll still have to pay taxes later when you withdraw the money… or convert it to a Roth.
If you roll your 401(k) over to a Roth IRA, you have to pay income tax on the entire balance. Since you’re leaving the money in a retirement account, there’s no early withdrawal penalty, but the converted amount is considered income and you could end up in a higher tax bracket. Furthermore, the tax payment has to come from outside the account. For example, if you’re in the 25% bracket and you roll a $50,000 401(k) over to your IRA, you’ll need to cough up $12,500 cash.
The bottom line: Roll it over to a traditional IRA. You won’t pay any tax or penalty and you can look into doing partial Roth conversions, or none at all, depending on your tax situation.
Pros and cons of 401(k)s and 457(b)s
Robert asks: What are the pros and cons of a 401(k) vs. a 457(b)?
If you’ve never heard of a 457(b), you’re probably not eligible for one, but stay with me a minute, just in case.
A 457(b) is a pre-tax savings plan similar to a 401(k). While 401(k)s are widespread, only public employees and certain highly compensated employees in the private sector have access to a 457(b). (Isn’t “highly compensated employee” a great euphemism for your boss’s boss? It’s right up there with “high net-worth individual.”)
If you have access to a 401(k) and a 457(b), you can contribute $17,000 (if you’re under 50 years old) to either or both. Yes, that means $34,000 in total. The main difference between a 401(k) and a 457(b) is that with the 457(b), you can make withdrawals at any age without a penalty, as long as you’re no longer working for the employer where you signed up for the 457(b).
If you’re a public employee, therefore, it generally makes sense to contribute to a 457(b) before contributing to a 403(b) (the government employee equivalent of a 401(k), and I am so sorry for the alphabet soup), as long as you don’t forego a matching contribution.
There’s a special wrinkle to non-governmental 457(b)s, however: unlike a 401(k), the money isn’t entirely yours. Until you actually withdraw it, it’s an asset of your employer and could be turned over to creditors in bankruptcy. The actual risk of this happening is remote, but it’s scary enough that private sector employees should fill their 401(k)s before considering the 457(b).
The bottom line: A governmental 457(b) is excellent, so use it; a private 457(b) is good, but riskier, so use it only if you fill up your 401(k).
Rolling over 401(k) contributions
Craig asks: Can I annually, or even more regularly, roll over contributions I have made to my employer’s 401(k) into my Roth IRA? I am under 59.
No—except in one unusual situation.
Generally speaking, you have to leave 401(k) money in the 401(k) until you change jobs, retire, or quit in a huff and slide out the back of the plane.
Some employers, however, allow in-service distributions of after-tax contributions. What this means:
You contributed the full $17,000 maximum to your 401(k)
Your company allows you to contribute additional money, after tax
That additional money can be rolled over into a Roth IRA
Yes, this means you have to max out your 401(k) before there’s even a chance you can do this. (Actually, sometimes you can also get away with it if you’re over 59-1/2.) If you’re a highly compensated employee (yay!) and are contributing $17,000 already, by all means, ask your benefits office about in-service distributions.
There’s one other situation where you might be able to do rollovers without cleaning out your desk. If your employer’s plan is a SIMPLE IRA, rather than a 401(k) (yes, a SIMPLE IRA is yet another similar pre-tax retirement plan), you can roll over any money that’s been sitting in the plan for at least two years. And you probably should, because SIMPLE IRAs tend to charge high fees and offer lousy investment options.
The bottom line: You probably can’t do this.
Do you have an investing question for Matthew Amster-Burton? Head over to the Mint.com Facebook page or Twitter and ask away!
Matthew Amster-Burton is a personal finance columnist at Mint.com. Find him on Twitter @Mint_Mamster.
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Rutherford / Cannon County, TN – WGNS has an update from FEMA and the Small Business Administration about assistance that is available for home and business owners that suffered any damage caused by storms on March 31 and April 1, 2023.
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If you filed an application for assistance with FEMA to receive financial help, they’ll send a FEMA Home Inspector to your property. Media Relations Specialist Kim Keblish said to make sure you verify the inspector is with FEMA…
In addition to the low interest loan rate, there is a secondary perk to receiving an SBA loan. That perk comes in the form of a 12-month 0% interest deferment program. Adera explained…FEMA and / or SBA websites – or you can visit the Rutherford County Courthouse where SBA officials are temporarily stationed. The SBA has also set up an office in the same building as FEMA officials in Woodbury at the East Side Elementary School at 5658 McMinville HWY.
Again, to apply for FEMA assistance if damage was caused to your home during the storms that hit Rutherford and Cannon Counties on March 31, 2023 or April 1, 2023, you can visit the disaster recovery center in Cannon County. You can receive in-person support from a FEMA specialist or from a SBA specialist. The SBA officials can help you in-person at East Side Elementary School in Woodbury (5658 McMinville HWY in Woodbury.) They are open Mon. – Sat. From 7AM to 7PM and Sunday from 1PM to 7PM.
There is also a temporary disaster recovery center in Macon County, TN. It is at the 911Call Center (898 TB-52 Scenic Route in Laveyette, TN).Because it is a temporary center, it is only open now through Sunday, April 30th. On Friday or Saturday, it is open from 8AM to 7PM and on Sunday from 1PM to 4PM.
FRAUD: If you suspect fraud from someone impersonating a FEMA worker, call the FEMA Disaster Fraud Hotline at 866-720-5721. FEMA suggests, you should also contact local law enforcement.
Popular WGNS News Article Headlines:
More News from FEMA – Debris Removal: Debris removal from private property is the responsibility of property owners and is usually ineligible for reimbursement under FEMA’s Public Assistance Program. Sometimes, FEMA may determine that debris removal from private property is eligible for program funding. But there are factors that affect that decision. Those factors are based on the severity of the disaster and whether debris on private property is so widespread that it threatens public health and safety or the economic recovery of the community. In such cases, FEMA works with state and local governments to designate specific areas where debris removal from private property is eligible for funding. In those cases, debris removal must be in the public interest, not merely benefiting an individual or a limited group of individuals.
Removing debris can be a challenging job for residents, business owners and governments. Owners may remove debris themselves or get help from insurance settlements and/or assistance from citizen volunteers, the private sector and voluntary organizations. Often, local or state governments dispose of disaster-related debris that private property owners place at the curb for pickup on a scheduled date.
Tips for cleaning up debris on private property (Below)
Stay safe. Wear protective gear such as gloves and masks when handling debris. Contact your local emergency manager if your property is littered with storm-related debris that poses a threat to public health or safety and must be removed. Emergency managers know which government agency to contact about having hazardous debris removed. As you clear debris, look carefully for any visible cables. If you see any cables, wait for professionals to handle them.
Toxic substances. If you suspect the debris contains dangerous ingredients, seal them in plastic bags to prevent them from becoming airborne. Never burn debris; it can be toxic.
Contact your insurance company early to file a claim. Photograph/videotape the damage and debris and keep all receipts for the work performed.
Check with local officials before placing debris for collection to determine where and when pickups will be conducted.
Separate debris into six categories when disposing along the curb:
Electronics (such as televisions, computers, phones)
Large appliances (such as refrigerators, washers, dryers, stoves or dishwashers. Be sure to seal or secure the doors so they are not accessible)
Vegetative debris (such as tree branches, leaves or plants)
Construction debris (such as drywall, lumber, carpet or furniture)
Household garbage, discarded food, paper or packaging
Place debris away from trees, poles or structures including fire hydrants and meters.
Don’t block the roadway with debris.
For the latest information on Tennessee’s recovery from the severe storms, straight-line winds and tornadoes, visit FEMA.gov/Disaster/4701. You may also follow TN.gov/TEMA; Twitter.com/TEMA, Facebook.com/TNDisasterInfo, @FEMARegion4/Twitter and Facebook.com/FEMA.
How Often Should You Rebalance Your Portfolio? – SmartAsset
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Choosing the right asset allocation matters for achieving your investment goals. But it isn’t just set-it-and-forget-it. Rebalancing your portfolio from time to time is necessary to ensure that you have the right mix of investments, based on your goals and risk tolerance. The question is, when do you need to rebalance? Knowing how often to rebalance portfolio allocation is a basic – yet important – investing lesson to learn. A financial advisor can offer valuable insights as you rebalance your portfolio.
What Is Portfolio Rebalancing and Why Is It Important?
Portfolio rebalancing simply means adjusting the weightings of different assets in your portfolio. This is achieved by buying and/or selling securities to bring your asset allocation back in line with your goals.
For example, say you prefer to hold 80% of your investments in stocks and 20% in bonds. But higher-than-expected returns have pushed the stock portion of your portfolio to 90%. To get back to your ideal 80/20 mix, you’d have to sell off some of your stocks or purchase more bonds to act as a counterweight.
Portfolio rebalancing matters for maintaining the appropriate level of risk in your portfolio. Say you’re more risk-averse and prefer to hold a higher proportion of bonds. If you don’t rebalance, you could expose yourself to more risk than you’re comfortable with if the stock portion of your portfolio grows.
On the other hand, failing to rebalance could mean you’re not taking enough risk to achieve your investment goals. You could end up with too much of your money in bonds or fixed-income investments, which could limit your portfolio’s growth potential.
Rebalancing regularly can help with maintaining a diversified portfolio. It’s also an opportunity to take a closer look at what you own to decide if those investments still match up with your needs and objectives.
How Often to Rebalance Portfolio?
Deciding how often to rebalance your portfolio is entirely a personal decision. You could do it monthly, quarterly, biannually or once a year. The advantage of using a time-based approach is that it’s easier to get into a habit of rebalancing, so you don’t forget to do it. And while you’re rebalancing, you may tackle other tasks as well, such as reviewing expense ratios for the mutual funds or exchange-traded funds you hold or commissions you’re paying to your brokerage.
You can also choose to rebalance once your asset allocation reaches a specific tipping point. So again, say you’re focused on investing 80% of your portfolio in stocks and 20% in bonds. You may set a rule for yourself to rebalance any time the stock portion of your portfolio grows to 85%. This is a fairly standard rule of thumb to follow, though you may choose a different percentage instead. For example, you may decide to rebalance if your asset allocation changes by 10% or 15%.
The advantage of rebalancing this way is that it allows you to avoid having your portfolio allocation be off-kilter for extended periods of time. If you were to only rebalance once a year, for example, it’s possible that you could go most or all of the year with an asset allocation that doesn’t match up to your goals or risk tolerance.
The key with either approach is to avoid overdoing it. Say you follow a set calendar for rebalancing quarterly. Rebalancing just because it’s time to rebalance may be counterproductive if your asset allocation hasn’t shifted course in a major way. Likewise, rebalancing once your asset allocation moves beyond a set percentage range could be problematic if it means paying more fees to your brokerage.
While many brokerages have adopted $0 commission trades for U.S. stocks and ETFs, fees may still apply to trade mutual funds or bonds. So even though rebalancing could help you to keep your portfolio in line, it may mean paying higher fees.
How to Rebalance Your Portfolio
If you want to rebalance your portfolio, the first step is to take an inventory of your current holdings. Specifically, you’ll want to break down what percentage of your portfolio is dedicated to different asset classes, i.e. stocks, bonds, cash and cash equivalents, real estate, etc. You can also drill down even further by looking at your allocation to domestic versus international investments and by market sector.
So if 80% of your portfolio is made up of stocks, for example, consider:
How much of that is U.S. stocks
How much is international stocks
Which stock sectors you own (i.e. healthcare, financials, utilities, etc.)
Whether you own more large-caps, mid-caps or small-caps
How much of your investments are in growth vs. value stocks
Digging deeper into your holdings can help you quantify which type of investments you need and want to have in your portfolio, based on your preferred investing strategy. If you set your asset allocation by age, for example, then your ideal allocation should reflect the level of risk that a person in your age range would typically be comfortable with.
Once you know what you own and what your ideal asset allocation should be, you can rebalance by buying or selling securities as needed. You may also want to consider asset location along with allocation. Asset location means where you keep your investments.
So you might have money invested in a taxable brokerage account, a 401(k) plan at work and an individual retirement account (IRA). All three have different tax profiles and all three may offer a different range of investments or charge different fees. When rebalancing, it’s important to consider the entirety of your portfolio across all investment accounts to decide where to keep which assets.
For example, your 401(k) may include target-date funds. These funds base their asset allocation on your target retirement date, then rebalance themselves automatically as you get nearer to that date. If the majority of your 401(k) is invested in a target-date fund then you may not need to do much to rebalance. But you’d still want to look at the fund’s underlying holdings and compare them to the funds you hold in your IRA or brokerage account. This way, you can avoid becoming accidentally overweighted.
Also, consider whether it makes sense to let an algorithm rebalance for you if you’re investing with a robo-advisor. Some, though not all, robo-advisory platforms include automatic rebalancing as an account feature. The pro is that you don’t have to do any heavy lifting to rebalance. The con, of course, is that rebalancing decisions are guided by an algorithm rather than a human perspective. So that’s one reason you may still want to talk to a financial advisor about the right way to rebalance.
The Bottom Line
There’s no single answer for how often to rebalance a portfolio. At a minimum, it can be helpful to review your portfolio and rebalance as needed at least once a year. The important thing when deciding how often to rebalance is to choose a frequency that fits your overall investing style.
Tips for Investing
If you’re considering a robo-advisor for automatic rebalancing, remember to weigh the costs as well as the other features that may be included. Robo-advisors typically charge an annual management fee which may or may not be tiered based on your account balance. So you might pay a management fee of 0.25% or 0.30%, which is lower than the 1% typically charged by human advisors. But think about what you’re getting in return, aside from automatic rebalancing. Is tax-loss harvesting included? Do you have the opportunity to speak to a human advisor if needed? Asking those kinds of questions can help you decide if a robo-advisor is right for you.
Consider talking to a financial advisor about the ins and outs of portfolio rebalancing and why it’s important. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Rebecca Lake, CEPF®
Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She’s worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children.
New York, April 26, 2023 (GLOBE NEWSWIRE) — The Digitally Printed Wallpaper Market recorded a valuation of USD 3.2 billion in 2022 and is expected to reach USD 17 billion by the end of 2032, expanding at a CAGR of 18.4% over the decade. Digitally printed wallpaper is a type of wallcovering created using digital printing technology. Unlike traditional wallpaper, which utilizes the screen-printing process, digitally printed wallpaper is made using large format printers that print high-resolution images onto wallpaper material. This permits more intricate and detailed patterns, textures and imagery to be printed onto the material. Furthermore, this capability also enables the customization of designs according to individual preferences or needs.
To get additional highlights on major revenue-generating segments, Request a Digitally Printed Wallpaper Market sample report at https://market.us/report/digitally-printed-wallpapers-market/request-sample/
Key Takeaway:
In 2022, by substrate, the market is dominated by vinyl. Vinyl wall coverings are long-lasting, scratch-resistant, and simple to maintain.
By printing technology, the Inkjet segment is dominant with a market share of 62% in the overall market.
By end-user, the commercial segment is dominant because commercially printed wallpaper is frequently used to create distinctive designs that advance branding, improve ambiance, and distinguish places.
The North American region is dominant with a market share of 37%.
The CAGR of the Asia Pacific region is expected to have a high growth rate.
Factors affecting the growth of the Digitally Printed Wallpaper industry
Several factors affect the growth of the digitally printed wallpaper industry. Some of them are as follows;
Growing demand for customized wallpaper: As consumers increasingly desire personalized and customized wallpaper designs, digital printing technology provides the freedom to craft unique pieces according to individual tastes and preferences.
Advances in digital printing technology: High-quality digital printers have enabled greater precision, color accuracy, and detail when producing wallpaper designs; this has resulted in an uptick in demand for digitally printed wallpaper.
Growing consumer preference for aesthetically pleasing home decor products: With an increasing focus on home aesthetics, consumers are willing to invest in unique and captivating wallpaper designs that enhance the overall aesthetic appeal of their living spaces.
Rising disposable income: As disposable income continues to increase; consumers are willing to spend more on home decor items such as digitally printed wallpaper.
Growing demand for eco-friendly and sustainable wallpaper materials: As demand for environmentally friendly and sustainable wallpaper materials such as non-PVC wallpaper grows, the digitally printed wallpaper industry faces new opportunities.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/digitally-printed-wallpapers-market/#inquiry
Market Growth
The market for wallpaper that has been digitally produced has been expanding consistently in recent years. The demand for personalized also customized wallpaper designs is on the rise, and advances in digital printing technology and growing consumer preference for aesthetically pleasing home décor goods are also contributing factors to the growth. Moreover, the market has grown as a result of the expansion of the real estate sector, as well as rising disposable income and shifting living preferences. The demand for digitally printed wallpaper is anticipated to rise further as eco-friendly as well sustainable wallpaper materials, such as non-PVC wallpaper and gain appeal.
Regional Analysis
North America leads the Digitally Printed Wallpaper Market, boasting a 37% share. Europe is the biggest demand and awareness driver for personalized home decor goods; their supply chains and customer base are well-established within this industry. Over the forecast period, the Asia Pacific region also experienced substantial revenue generation growth at an increased compound annual growth rate (CAGR) of 7.3%. With growing consumer awareness and demand for personalized decor items, analysts anticipate further expansion of this sector across other regions such as South America, the Middle East, and Africa.
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Scope of the Report
Report Attribute
Details
Market Value (2022)
USD 3.2 Billion
Market Size (2032)
USD 17 Billion
CAGR (from 2023 to 2032)
18.4%
North America Revenue Share
37.0%
Historic Period
2016 to 2022
Base Year
2022
Forecast Year
2023 to 2032
Market Drivers
Digital printing technology advancements: The growth of digital printing technology has made it easier and more affordable to produce high-quality custom wallpaper patterns. Now that smaller producers and designers have more entry points into the market, there is more rivalry, which encourages innovation.
Customization and personalization: As consumers look for distinctive and personalized products more and more, digitally printed wallpaper offers them a platform to express their uniqueness. Digital printing can be used to create unique wallpaper patterns to fit a range of tastes and preferences.
Growing consumer desire for environmentally friendly products: Thanks to advances in digital printing technology, wallpaper can now be made with environmentally friendly materials and processes.
Market Restraints
High initial investment: Setting up a digital printing factory to produce wallpaper and buying the required equipment are both expensive. This might make it more difficult for new rivals to enter the market and for smaller companies to expand.
Limited sustainable choices: Only a limited number of sustainable and eco-friendly materials are readily available, despite the growing demand for environmentally friendly wallpaper choices. Because of this, it might be more difficult for companies to meet customer demand, and the cost of environmentally friendly choices might increase.
Market Opportunities
Increasing Demand for Personalized and Customizable Home Decor Products: Digitally printed wallpaper presents a practical and adaptable choice for consumers who are increasingly looking for one-of-a-kind and customized decor items. One of the primary benefits of using this type of paper for creating unique designs and patterns is that demand for digitally printed wallpaper is anticipated to increase.
Technology advancements related to digital printing: As this field develops, it is anticipated that quality, speed, and economy will further improve. This can lower production costs and increase output, increasing customer access to and affordability of digitally printed wallpaper.
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Report Segmentation of the Digitally Printed Wallpaper Market
Substrate Insight
Vinyl is the most popular substance for wallpaper created digitally. The market proportion of this substrate is 37%. Vinyl wall coverings are easy to keep, durable, and scratch resistant. Because they are impermeable, they can be used in high-moisture spaces like bathrooms and kitchens. Nonwoven substrates are favored for digitally printed wallpaper because they are reliable, simple to use, and can hide wall flaws. Nonwoven walls are additionally breathable and can help stop the growth of mold and mildew.
Printing Technology Insight
With a market share of 62% in the overall industry, the inkjet segment dominates, because of its high-quality output, accessibility, and adaptability. Inkjet printing is widely used in the global market for digitally produced wallpaper. Ink droplets are sprayed using this technology onto the surface of the wallpaper material to create a high-resolution picture with vibrant colors and fine details. Electrophotography, also known as digital laser printing, is another method used to produce wallpaper that has been digitally produced. This technique uses a laser to create an electrostatic image on a drum, which toner particles then transmit to the wallpaper material.
End User Insight
With a market share of about 40%, the commercial sector dominates. Commercially printed wallpaper is frequently used to create distinctive designs that advance branding, improve ambiance, and distinguish places. Restaurants can use digitally printed wallpaper with food pictures to make the dining experience more inviting for their customers. Hotels could also use beautiful scenery as a backdrop to create inviting, peaceful environments for visitors. Residential digitally printed wallpaper is used to design distinctive areas that reflect the tastes and personalities of the homeowners. Homeowners can choose from a wide variety of patterns, colors, and designs, or even make their own to match their decor.
For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/digitally-printed-wallpapers-market/request-sample/
Market Segmentation
Based on Substrate
Nonwoven
Vinyl
Paper
Others
Based on Printing Technology
Based on the Type of Wallpaper
Wildlife
Scenic Beauty
Lifestyle
Architectural
Portrait
Wedding
Fashion
Abstract
Others
Based on the End User
Residential
Commercial
By Geography
North America
The US
Canada
Mexico
Western Europe
Germany
France
The UK
Spain
Italy
Portugal
Ireland
Austria
Switzerland
Benelux
Nordic
Rest of Western Europe
Eastern Europe
Russia
Poland
The Czech Republic
Greece
Rest of Eastern Europe
APAC
China
Japan
South Korea
India
Australia & New Zealand
Indonesia
Malaysia
Philippines
Singapore
Thailand
Vietnam
Rest of APAC
Latin America
Brazil
Colombia
Chile
Argentina
Costa Rica
Rest of Latin America
Middle East & Africa
Algeria
Egypt
Israel
Kuwait
Nigeria
Saudi Arabia
South Africa
Turkey
United Arab Emirates
Rest of MEA
Competitive Landscape
The global digitally printed wallpaper market is highly fragmented and features a number of players operating within it. These key players strive to find innovative ways to serve customers better and retain them for longer periods of time, using production methods and materials with the minimum investment required.
Some of the major players include:
A S Creation Tapeten AG
Grandeco Wallfashion Group Belgium NV
Graham and Brown Ltd
MX Display Ltd
Flavor Paper
Moonavoor Sisustus
JOHNMARK LTD
Glamora Srl
Inkiostro Bianco PI
Tecnografica
Syndikat4
DAISY JAMES
ELITIS
MINDTHEGAP
YO2 Designs
Arte International
Astek
Momentum Textiles & Wallcovering
Londonart
Other Key Players
Recent Development of the Digitally Printed Wallpaper Market
In 2021: Muraspec Group introduced a new line of wallpaper 2021 that featured environmentally friendly choices made from recycled materials.
In 2020: Flavor Paper and artist Wayne White teamed up to release a new brand of digitally printed wallpaper with his work on it.
Browse More Related Reports:
3D printed wearables market accounted for USD 3,570.84 million in 2021. It is projected to grow at a 9.1% CAGR
3D Printers Market is expected to be worth around USD 17,940 million by 2031 from USD 13,220 million in 2021, growing at a CAGR of 21%
3D printing materials market size is expected to be worth around USD 17,775.07 million by 2032 from USD 1,624.16 million in 2021
Digital photography market is valued at USD 47.8 billion in 2022. It is expected to reach USD 68.08 billion at a 3.6% CAGR between 2023 and 2032.
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Life insurance is a major component of most any overall financial plan – regardless of one’s age or employment status. That is because loved ones could be faced with massive debts to pay – including the cost of a funeral and other financial expenses – if the unexpected should occur.
The proceeds that are received from life insurance policies are income tax-free, so loved ones can use the entire amount of the funds for their needs. This can help them to avoid a financial hardship, at an already difficult time in their lives.
When you are in the process of seeking life insurance coverage, several key factors are essential to keep in mind before making a long-term commitment to a policy. These should include obtaining the proper type and amount of insurance coverage, as well as making sure that the insurance company that you are purchasing the policy through is secure and stable financially and that it has a good, solid reputation for paying out its claims to policy holders and beneficiaries. One company that meets these criteria is Geico Insurance Company.
The History of Geico Insurance Company
Geico has been in business since 1938. Over the past 80 years, the company has grown and expanded exponentially, and today the company is ranked as the second largest private passenger auto insurance company in the United States.
The name Geico is an acronym for Government Employees Insurance Company, which goes back to the company’s beginnings. The founder of Geico, Leo Goodwin, initially targeted a customer base that consisted primarily of United States government employees and military personnel.
The company now insures military and government personnel, as well as private consumers. In 1996, Geico became a wholly owned subsidiary of Berkshire Hathaway, which is headed by the world’s most famous investor, Warren Buffett. For the past several years, Fortune magazine has named Berkshire Hathaway’s property casualty insurance operation as the most admired in the U.S.
Presently, Geico is made up of its primary unit, the Government Employees Insurance Company, along with several affiliates, including:
Geico General Insurance Company
Geico Indemnity Company
Geico Casualty Company
Geico Advantage Insurance Company
Geico Choice Insurance Company
Geico Secure Insurance Company
Geico is headquartered in Chevy Chase, Maryland (near Washington, DC). The company also has some regional offices that are dotted throughout the U.S., including locations in:
Buffalo, New York
Dallas, Texas
Frederickson, Virginia
Lakeland, Florida
Macon, Georgia
San Diego, California
Tucson, Arizona
Virginia Beach, Virginia
Woodbury, New York
There are also several services centers, which are in Iowa, Indiana, and Hawaii, as well as some claims centers, which can be found in Houston, Texas, as well as in Seattle, Washington, and in Marlton, New Jersey.
Geico Life Insurance Review
Today, Geico insures more than 15 million auto insurance policies – and growing – and the company has more than 24 million vehicles insured. It is one of the fastest growing major auto insurers in the country, employing more than 36,000 associates, and providing customer service 24 hours per day, seven days per week, and 365 days per year. As of year-end 2016, Geico had assets under management of more than $32 billion.
The company has also earned a long list of various awards and accolades over the years. For example, Geico was named to Ward’s 50 top group of financially high-performing insurers for the 21st consecutive year in 2011. This award recognizes that Geico achieved outstanding financial results in the areas of safety, consistency, and performance.
Also, Geico was rated as being superior by consumers in 2007, for its customer advocacy. Forrester defines this as being “the perception by customers that a firm (Geico) does what’s best for them, and not just what is best for its bottom line.”
Geico was also rated as #1 by the Kanbay Research Institute for being the most desired insurer amount consumers based on the following factors:
High regard for customer service
Focus on staff training and development
Likewise, the owner of Geico, Berkshire Hathaway, was named as being a leading company in world insurance markets. These rankings include:
#1 global insurance company by revenues in 2013, based on an analysis of companies in the Global Fortune 500.
#2 writer of private passenger auto insurance by direct premiums were written in 2013. (Before reinsurance transactions, includes state funds. Based on U.S. total, includes territories).
Geico has also been named a leader in ethical practices in the property/casualty industry, and Berkshire Hathaway was appointed as a leader in ethical practices in the financial services sector by Ethisphere Magazine.
Also, Geico achieved the highest overall score in Forrester Research’s 2014 U.S. Mobile Auto Insurance Functionality Benchmark. With perfect scores in policy information and management categories, Forrester proclaimed Geico as “The pocket auto insurer.”
Geico’s Mobile App and insurance site received a #1 ranking on Keynote’s 2015 Mobile Insurance Scorecard, competing against top insurers. Geico is also ranked first for technical quality, according to Keynote KCR (Keynote Competitive Research).
While the company has traditionally been known for its vehicle coverage options, Geico doesn’t just offer auto insurance. The insurer offers a broad range of coverage products and services, including life insurance, home owner’s insurance, and even identity theft protection.
Insurer Ratings and Better Business Bureau Grade
Due to its stable financial footing, as well as its timely payment of customers’ insurance claims, Geico has been given high ratings from the insurer rating agencies. These include the following:
AA+ from Standard and Poor’s
Aa1 from Moody’s
A++ from A.M. Best Company
Also, although Geico is not an accredited company through the Better Business Bureau (BBB), the company has been given a grade of B by the BBB. This is on an overall grade scale of A+ to F.
Throughout the past three years, Geico has closed out a total of 2,514 customer complaints – of which 158 have been closed out within the previous 12 months. Of these total 2,514 complaints, 1,655 regarded as the company’s product and/or services, while 658 were regarding billing and/or collection issues. Another 125 considered advertising and/or sales issues, 55 were concerning guarantee and/or warranty issues, and the remaining 21 complaints focused on delivery issues.
Life Insurance Products Offered Through Geico
Customers of Geico can obtain life insurance coverage via Life Quotes, Inc. The company offers term life insurance policy, which provides pure death benefit protection, without any cash value or savings build up. Because of this, the premiums for term life insurance can typically be quite affordable – especially for those who are young and in good health at the tie of policy application.
As its name implies, term life insurance is purchased for a set period – or term – such as five years, ten years, 15 years, 20 years, or even for 30 years. In most cases, the amount of the death benefit coverage, as well as the sum of the premium, will remain level throughout the term of the policy.
And, provided that the premiums are paid on time, the company that issues the term life insurance policy will not be able to cancel the coverage. Once the term of a policy reaches its end, the insured may opt just to purchase a new policy (if he or she qualifies based on their then-current health).
As with its other forms of insurance coverage, getting life insurance via Geico can be a natural process. For example, by teaming up with Life Quotes, Inc., customers can expect the following benefits:
Easy paperwork/application process
Natural customer service process
Convenient payment plans for paying the premium, which include monthly, quarterly, or annual payment options
A full range of coverage limits to meet each customer/policy holders’ needs
When applying for life insurance through Geico / Life Quotes, Inc., an applicant’s health is considered. Once approved, the life insurance policy will typically cover death due to any cause, other than that of suicide within the first two years of policy ownership.
Once an individual has been approved for life insurance coverage through Geico / Life Quotes, policy holders can access their policy directly through the Geico website. This can make it easy to check coverage, as well as to make changes to one’s account, such as address and other contact information, and the name of the policy’s beneficiary.
The Geico website also helps to prompt a policy holder with various information that may assist them in reviewing their life insurance coverage, and in deciding whether to alter their coverage limits in the future. For example, some of the reasons why someone may want to change the amount of their coverage include:
A change in household income/employment status
Marriage, divorce, or becoming widowed
The birth or adoption of a child
Retirement
New grandchild(ren)
Serious illness and disability
Caring for an aging parent
Starting a new business
Selling off one’s home and purchasing another
New Drivers under 25
Now, Geico does not offer permanent life insurance coverage – which includes whole life, universal life, indexed universal life, variable life, or variable universal life – all of which include both death benefit protection and a cash value component.
Purchasers of many of the insurance plans that are offered through Geico may qualify for a premium discount.
Other Products and Services Available
While Geico is a primary insurer of automobiles, it also provides a wide selection of other products such as life insurance and other types of coverage, such as:
Motorcycle insurance
ATV insurance
Umbrella insurance
Home owner’s insurance
Renters insurance
Condo insurance
Co-op insurance
RV (Recreational Vehicle) insurance
Boat insurance
Personal watercraft insurance
Flood insurance
Mobile Home insurance
Overseas insurance
Travel insurance
Commercial Auto insurance
Ridesharing insurance
Business insurance
Identity Protection insurance
Snowmobile insurance
Collector Car insurance
Mexico Car insurance
Pet insurance
Jewelry insurance
How to Get the Best Rates on Life Insurance From Geico Insurance Company
If you have been seeking the best rates on term life insurance from Geico – or from any insurer – it can be beneficial to work with an independent life insurance agent or broker. In doing so, you will be better able to compare side-by-side the policies and the premium prices from numerous different insurance carriers. From there, you will then be able to choose which one will be the best for you.
When you are ready to move forward with the life insurance purchase process, we can help. We are an independent life insurance brokerage, and we work with many of the top life insurance carriers in the market place today. We can assist you with obtaining all the pertinent details that you require for making a well-informed buying decision, and we can do so for you quickly, easily, and conveniently – all without you having to meet in person with an insurance agent. If you are ready to get started, then all you should do is just simply fill out our quote form.
We understand that the purchase of life insurance coverage can be somewhat overwhelming. There are many different variables to consider – and you want to be sure that you are making the best decision regarding type and amount of coverage for your specific needs. The good news is that the life insurance purchasing process can be done so much easier when you are working with an expert on your side. So, contact us today – we’re here to help.