Small Business Archives - Page 36 of 115

Apache is functioning normally

May 29, 2023 by Brett Tams

When I worked for my old brokerage firm, I was a W-2 employee and the retirement plan options were simple. I had the 401k and could also do a Traditional or Roth IRA outside of it. Things changed a bit when I started my own company.

I officially became a small business owner and had man more choices on retirement plans. What options do hands-on owner-operators have and which one is the best for you? If you have a small company and want a retirement program, you want to consider these plan choices.

Traditional or Roth IRA

I know what you’re thinking. A traditional or Roth IRA isn’t exactly a “business retirement plan”. But, if you are self-employed or own a business, you can still take advantage of these retirement accounts. An IRA is an Individual Retirement Account and can be a great way to save for retirement while also taking advantage of tax benefits.

There are two types of IRAs: traditional and Roth. With a traditional IRA, you will make your contributions with pre-tax dollars, reducing your taxable income for the year. The money will then grow tax-free until you withdraw it in retirement, at which point all of the withdrawals are taxed as ordinary income. With a Roth IRA, you will make contributions with after tax dollars (reducing your take home pay). The money will still grow tax-free until you withdraw it in retirement, but the difference is that all of your withdrawals are tax free.

With either type of IRA, there are contribution limits and other rules you should be aware of before setting up an account. It’s also important to do research on different providers so you can find an IRA with low fees and good investment options.

Feature	Roth IRA	Traditional IRA
Tax Treatment	Contributions are made with after-tax dollars and grow tax-free. Distributions in retirement are tax-free.	Contributions are made with pre-tax dollars, reducing your taxable income. Distributions in retirement are taxed as ordinary income.
Income Limits	Contributions are limited based on income. In 2023, the phase-out range for single filers is $130,000-$145,000 and for married filers is $195,000-$205,000.	There are no income limits for contributions, but there are limits on tax deductions based on income and participation in an employer-sponsored retirement plan.
Required Minimum Distributions	Roth IRAs do not have required minimum distributions (RMDs) during the account owner’s lifetime.	Traditional IRAs have RMDs starting at age 72, which require the account owner to take a certain amount of money out of the account each year.
Early Withdrawals	Contributions can be withdrawn at any time without penalty. Earnings can be withdrawn penalty-free after age 59 1/2 and after 5 years of account ownership.	Early withdrawals before age 59 1/2 may be subject to a 10% penalty, in addition to income taxes.
Contribution Limits	In 2023, the contribution limit is $6,500 per year ($7,000 for those age 50 or older).	In 2023, the contribution limit is $6,500 per year ($7,000 for those age 50 or older).

The SIMPLE IRA

These plans are very easy to create, and they have very low administrative costs and no annual IRS reporting requirements. You set up traditional IRAs for each eligible employee; they can contribute to the IRA on a tax-deferred basis (via payroll deductions, and you can either match the contributions of plan participants or contribute a fixed percentage of all eligible employees’ pay. The employees own the money in their IRAs.

I had considered going with the Simple IRA initially, but the one item I didn’t like is that it has a 25% early withdraw penalty for the first two years. This is well over the standard 10% all other plans have. In the event I did get into a bind, I didn’t like the idea of having to pay the extra to get it out.

The SEP IRA

A Simplified Employee Pension plan lets you make contributions toward your retirement and your employees’ retirements. (You can even have a SEP and another kind of retirement plan at your business simultaneously.) A SEP allows business owners annual tax-deductible contributions equal to 25% of your compensation (if you have a corporation) or 20% of self-employment income (for a sole proprietor).

This is currently what I have and should satisfy me for a few more years. I even opened up two separate accounts so I could invest with Betterment and another where I control my own investments. Pretty soon I hope to graduate to the next level…

The Solo 401(k)

Are you ready to fly solo? As in a “Solo” 401(k). Yes, you can have a 401(k) when you are self-employed. A business owner may establish one and include their spouse in the plan, provided the spouse is an employee of the business. A solo 401(k) throws in a profit-sharing twist on the standard 401(k). Solo 401ks may be funded by the employee (deferred compensation) and the business (a percentage of profit).

As an employee of your business, you can contribute an amount up to the standard yearly 401(k) contribution limit (catch-up contributions permissible if you are 50 or older). Additionally, solo 401(k) plans allow you to make tax-deductible profit-sharing contributions equal to 25% of your compensation (corporate entity) or 20% of self-employment income (sole proprietor). It is even possible to have a solo Roth 401(k). These plans do require a TPA (third-party administrator).

Ultimately, the Solo 401(k) will allow me to contribute the most pre-tax, but my income has to get me there first 🙂

Here’s one way to compete with larger companies for prime employees. Contributions are usually deductible at both the federal and state levels, with contribution limits equivalent to a SEP. Contributions aren’t mandatory. If your business has a bad year, you don’t have to make them. The assets placed within the plan grow tax-deferred. Again, annual tax-deductible contributions may be made according to the 25%/20% rule depending on your business entity.

New comparability plans

Basically, this is a form of profit-sharing plan that rewards senior or key employees more than others. The classic situation for this plan is when you have a small business whose multiple owners take home similar earnings but are of different ages. The plan must be tested to meet Internal Revenue Code nondiscrimination requirements, of course. It allows different levels of compensation to different groups within a small business.

Plan Type	Description	Contribution Limits	Employer Contributions	Employee Contributions	Eligibility Requirements
401(k) plan	An employer-sponsored retirement plan that allows employees to save for retirement on a pre-tax or after-tax basis.	$22,500 per year (2023), with catch-up contributions allowed for those over 50.	Employers can choose to match employee contributions up to a certain amount, or make a profit-sharing contribution.	Employee contributions can be made on a pre-tax or after-tax basis.	Available to any business, including self-employed individuals.
Traditional IRA	An individual retirement account that allows individuals to save for retirement on a pre-tax basis.	$6,500 per year (2023), with catch-up contributions allowed for those over 50.	None, but some employers may offer a SIMPLE IRA option for employees.	Contributions are made by the individual.	Available to anyone under age 70 1/2 who has earned income.
Roth IRA	An individual retirement account that allows individuals to save for retirement on an after-tax basis.	$6,500 per year (2023), with catch-up contributions allowed for those over 50.	None, but some employers may offer a SIMPLE IRA option for employees.	Contributions are made by the individual.	Available to anyone with earned income below a certain threshold.
SEP IRA	A Simplified Employee Pension Plan that allows employers to make tax-deductible contributions to a traditional IRA for each eligible employee.	The lesser of $66,000 or 25% of employee compensation for the year.	Contributions are made by the employer.	None, but employees can contribute to a traditional IRA outside of the SEP plan.	Available to any business, including self-employed individuals.
SIMPLE IRA	A Savings Incentive Match Plan for Employees that allows employers and employees to make contributions to a traditional IRA.	$15,500 per year (2023), with catch-up contributions allowed for those over 50.	Employers can choose to match employee contributions up to a certain amount, or make a non-elective contribution.	Contributions are made by the employee.	Available to businesses with 100 or fewer employees.
Defined Benefit Plan	A retirement plan that provides a specific benefit amount at retirement, based on factors such as salary and years of service.	Contributions are determined by an actuary based on funding requirements.	Contributions are made by the employer.	None, but employees may be required to meet certain eligibility requirements, such as a certain length of service.	Generally available to larger businesses with the ability to fund ongoing plan obligations.

What plan is best for your business?

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If you are reading this, you are probably thinking about putting a plan into place or switching to a retirement program more easily administered than the one you have now? But which one should you choose – and what is the next step? Take a big step today and take advantage of all that is available in the marketplace – consult an independent financial professional and a CPA to review your options and find the program that fits your needs.

Source: goodfinancialcents.com

Apache is functioning normally

May 29, 2023 by Brett Tams

Small business owners have many options when it comes to setting up a retirement plan for their business and employees. Previously, I had mentioned the SEP IRA as one of the more common choices. Another option is the the SIMPLE IRA. But don’t let the name fool you. When it comes to the rules of the SIMPLE IRA, I actually think it’s one of the most confusing when compared to the rest of the retirement plan options.

SIMPLE IRA stands for Savings Investment Match Plan for Employees. Often times I’ll refer to it as the “mini-401k” as it’s traditional used for employers with less than a 100 employees. In addition to that, the administrative cost of a SIMPLE IRA for your employer is considerably much less than what a 401(k) would be.

If you are a business owner, here are some consideration if your interested in opening a Simple IRA for you and your employees.

What You Give to Your Employees is Theirs-Immediately

In 401k plans, you are allowed to put a vesting schedule that requires the employee to work there for a certain number of years before they can take the money if they quit or get fired. This is not the case with the Simple IRA. The day that you make a contribution to your employee’s account, the money is immediately theirs. If they want to cash it out, then they can; although they have to pay a pretty stiff penalty.

Employers Have To Match in a SIMPLE IRA

Each year, the you are required to make a contribution to your SIMPLE IRA account whether it be in the form of a match or what’s called a non-elected contribution. Matching contribution states that the employer has to match at least what you match. So, if you’re matching 3%, the employer has to match 3% as well. Note that 3% is the most that the employer has to match, which could be considerably different than compared to a 401(k) or SEP IRA.

You do have the option to reduce the matching amount to 1% for two of a five year period. That means if you do decide to do this, that you have to match the full 3% for the remaining three of those five years. This aspect makes the Simple IRA a little tricky and not quite that “simple”.

If you don’t want to worry about the match, then you can elect to do a non-elective contribution. This means that you will have to contribute 2% of your employee’s salary no matter what.

Remember, what you match is based on the employee’s salary, not yours or the businesses. Business owners often times get this confused.

The Employees Control the Investments

With most 401(k)s, you are limited to the investment options of the 401k provider. This is considerably different when compared to the SIMPLE IRA. Being a self employed retirement plan, the SIMPLE IRA gives you the discretion of what exactly you want your money invested into. If you want to buy 100 shares of XYZ stock, then you have the capability and freedom to do so. (Note: you are allowed to do this in a SEP IRA, too)

Employees Can Defer, Too.

Employees, if they choose, can defer up to $11,500 per year into the Simple IRA. You are currently allowed to contribute up to $11,500 per year in a SIMPLE IRA. If they are over the age of 50, then they are allowed a catch-up contribution, which is $2,500. These are the same contribution limits as the business owner, as well. Please note that the $11,500 is far less than the $16,500 that you are eligible to contribute to a 401k.

No Borrowing Allowed

Simple IRA’s do not allow you to borrow as a 401k plan may. If they have to get money, they’ll have to pay tax and penalty, which is higher than most plans-see below.

The SIMPLE IRA Two-year Rule.

This is something that should be definitely noted within the SIMPLE IRA. Most retirement plans — 401(k)s, regular IRAs, or Roth IRAs, etc. — have the 10% early withdrawal penalty if under the age of 59.5. But with the SIMPLE IRA, it takes it one step further. If the SIMPLE IRA that you’ve started is less than two years and you cash that out, instead of the normal 10% penalty, you will be subject to a 25% penalty in addition to ordinary income tax. That is a huge item to not be overlooked. Keeping in mind as well too that doesn’t apply to just cashing it out. If you were attempting to roll over your SIMPLE IRA into a rollover IRA, the 25% penalty would apply as well. The key point is just to wait the two years before converting into either a regular IRA or cashing it out.

Source: goodfinancialcents.com

Apache is functioning normally

May 28, 2023 by Brett Tams

With the never-ending changes and challenges affecting the U.S. financial landscape, multiple community development entities are helping to counter some of their adverse effects by fostering community development initiatives.

Some examples include Community Development Financial Institutions (CDFIs) and Community Development (CD) Banks. These play a significant role in promoting economic growth and inclusion for underserved communities.

This article thoroughly explores CDFIs and the institutions that support CDFIs, outlining their significance, objectives, and how they meet capacity building initiative requirements. We also highlight the federal government’s involvement, explaining its role evolution and the numerous related economic development activities available to those who need them.

What is a Community Development Financial Institution (CDFI)?

Community Development Financial Institutions (CDFIs) are a type of financial institution that provides products and services to financially disadvantaged communities for economic development purposes.

They are essential and critical in promoting inclusion and economic growth to marginalized communities in urban and rural communities countrywide. Legislations like the Community Reinvestment Act help encourage these programs. However, the Community Reinvestment Act is not the only reason for their existence.

CDFI Certification

To become a CDFI, a financial institution must apply for a CDFI certification. This certification ensures that the institution can receive the right federal assistance resources and allows people to benefit from the CDFI fund’s programs.

How did the concept of CDFIs start?

The roots of Community Development Financial Institutions (CDFIs) extend to the 1880s, when minority-owned banks began serving economically disadvantaged communities. These organizations provided essential financial services to areas that mainstream financial institutions neglected or could not reach.

As the years progressed, new types of mission-driven financial institutions emerged. For example, the development of credit unions in the 1930s and 1940s offered alternatives to the traditional community bank that had limited services.

Moreover, new community development corporations emerged in the 1960s and 1970s, providing additional resources and support for underserved areas. These institutions gradually paved the way for the rise of nonprofit loan funds in the 1980s, establishing the groundwork for today’s modern CDFI model.

The Riegle Community Development and Regulatory Improvement Act of 1994 recognized the need to support the growing community development finance sector. With that in mind, it established the Community Development Financial Institutions Fund (CDFI Fund). This fund aimed to promote economic revitalization and community development in low-income areas by investing in and providing assistance to CDFIs.

Since its inception, the CDFI Fund played a substantial role in the growth and impact of CDFIs, enabling them to serve the financial needs of economically disadvantaged communities and contribute to their overall development and prosperity.

Types of CDFIs

Currently, multiple types of Community Development Financial Institutions (CDFIs) exist, each catering to the unique needs and challenges economically disadvantaged communities face. We explore their types and roles below.

Community Development Banks

Community Development Banks are for-profit, federal government supported and regulated financial institutions. These institutions have a board of directors that includes community representatives. CD banks provide affordable banking services, loans, and other financial products to economically distressed and underserved communities.

Operating in these communities creates jobs, improves infrastructure, and promotes economic growth. They also help increase access to capital for small businesses, including affordable housing projects and community service facilities.

Community Development Credit Unions

Community Development Credit Unions (CDCUs) are nonprofit financial cooperatives owned and controlled by their members. As is the case with traditional credit unions, they provide financial services such as savings accounts, checking accounts, and loans.

CDCUs only cater to low-income and underserved communities, offering affordable rates and financial education programs to promote inclusion and help people build credit and assets. The National Credit Union Administration (NCUA), an independent federal agency, regulates these credit unions.

Community Development Loan Funds

Community Development Loan Funds, or CDLFs, are nonprofit entities that finance community development projects by offering loans and technical assistance to marginalized communities. They facilitate access to affordable housing, promote small businesses, and help establish community service facilities to sustain growth. They also serve as an alternative source of capital for those who cannot access traditional bank financing services by offering flexible terms and underwriting criteria.

Community Development Venture Capital Funds

Community Development Venture Capital Funds offer equity and debt-with-equity investments to small and medium-sized businesses in economically distressed areas. They can be for-profit corporations or nonprofit entities.

By offering long-term capital, they help businesses grow, create jobs, and foster innovation. They also provide technical assistance, mentoring, and business development support to maintain the long-term success of their portfolio companies.

Microenterprise Development Loan Funds

Microenterprise Development Loan Funds are loan funds that provide small-scale loans, or microloans, to entrepreneurs and small businesses that might not qualify for traditional financing. They offer small capital amounts that range from hundreds to a few thousand. These loan funds help low-income people, women, and minority entrepreneurs who need smaller loan amounts and more flexible terms.

Community Development Financial Institution (CDFI) Consortia

CDFI Consortia are collaborative networks of CDFIs that pool resources, experience, and capital to increase their impact on community development services. They can access larger funding opportunities and share best practices to serve their target communities by working together. They can also provide joint technical assistance and support services, helping to strengthen individual CDFIs that are part of the network.

Understanding Community Development Financial Institutions

The main goal of CDFI fund programs is to provide affordable loans, community development banking services, financial help, and technical assistance to low-income communities. They foster economic development and empower small business owners, minorities, and marginalized communities by offering access to investment capital and other resources with fewer demands than traditional finance institutions.

CDFIs differ from traditional financial institutions because they focus on community development and serving minority communities. They also collaborate with religious institutions, community service organizations, and rely on federal funding and agencies to address the needs of their target populations.

What’s the federal government’s role in CDFIs?

The Federal Reserve Bank supports CDFIs through various initiatives, tax credits, and programs. One such program is the CDFI Fund, which the U.S. Department of the Treasury administers. The CDFI Fund provides financial, technical, and other resources to CDFIs, casting a wider net to help low income people and communities access their services.

In addition to the CDFI Fund, the Federal Reserve Bank supports CDFIs through programs and training initiatives such as:

Bank Enterprise Award Program
Capital Magnet Fund
CDFI Bond Guarantee Program
CDFI Equitable Recovery Program
CDFI Program
Rapid Response Program
Native Initiatives
New Markets Tax Credit Program
Small Dollar Loan Program

These initiatives by the Federal Reserve Bank provide financial incentives and resources for CDFIs and community development entities to invest in eligible community projects, promote economic growth, and create jobs.

How has that federal role changed over time?

The federal government’s role in supporting the CDFI industry changes over time to respond to the changing needs of disadvantaged communities and the growing recognition of the importance of financial inclusion.

Early efforts, for example, provided seed capital and technical assistance to establish and grow CDFIs. With the maturation and evolution of the industry, the government started focusing on building capacity, collaboration, and supporting innovative endeavors.

Recent changes emphasize leveraging private sector investments, regulatory relief, and encouraging partnerships between the CDFI industry and other financial institutions. Examples include minority depository institutions (MDIs) and mainstream banks.

CDFIs’ Role in Financial Inclusion

Financial inclusion is an essential part of CDFI initiatives. Access to affordable financial products and services helps bridge the gap between poor communities and mainstream financial institutions. CDFIs also promote financial knowledge, support small businesses, finance affordable housing activities, and facilitate economic development initiatives.

CDFIs also ensure that economically distressed communities can access essential community services facilities like healthcare centers, schools, and childcare. Their work helps contribute to these communities’ overall well-being and stability. It creates a solid foundation for long-term economic growth.

Business Model

CDFI business models are unique in combining traditional financial services with a strong emphasis on developing and positively impacting the communities they cater to.

They generate revenue by collecting interest and fees on loans, investments, and other financial products. However, they also rely on grants, donations, and especially government funding like the CDFI fund to support their operations.

CDFIs collaborate with organizations like government agencies, nonprofits, and private sector partners to attain their goals. Additionally, they leverage tax credits, guarantees, and other financial tools to attract more investment capital and support their lending activities.

CDFIs Provide Opportunity for All

CDFIs provide real opportunities by addressing the financial needs of underserved communities to help them succeed and promote their economic growth. To do this, they offer access to affordable financial products and services to communities that experienced systematic lockouts from these programs.

By emphasizing their needs and giving them more accessible and affordable ways to prosper, low-income individuals and businesses have access to essential financial tools. These tools were traditionally out of reach for mainstream financial institutions.

Moreover, CDFIs support small businesses owned by women, minorities, and individuals in economically distressed communities. By offering tailored financing solutions, technical assistance, and business planning resources, CDFIs help these entrepreneurs overcome barriers to entry, create jobs, and contribute to local economies.

Another significant aspect of CDFIs’ work is their focus on affordable housing and community development projects. They finance the construction and rehabilitation of affordable housing units and invest in community facilities like schools, healthcare facilities, and childcare. These are essential to the well-being and stability of low-income communities and help them worry less about factors beyond their control or that are too expensive to access otherwise.

CDFIs also promote financial education and empowerment by providing resources and training to help people develop financial literacy skills, manage their finances, and build assets. These initiatives contribute to breaking the cycle of poverty and promoting economic self-sufficiency.

By partnering with various stakeholders, such as government agencies, nonprofit organizations, and private sector partners, CDFIs leverage resources and expertise to maximize their impact. This creates a ripple effect that extends beyond the immediate recipients, fostering inclusive and resilient communities.

Types of CDFIs

Many community development financial institutions focus on addressing the needs of economically disadvantaged communities. These include community development banks, credit unions, loan funds, and venture capital funds.

Federal agencies like the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) regulate community development banks and credit unions. They offer various banking services, from deposit accounts to loans, catering to low-income communities.

Loan funds make affordable housing possible, support small businesses, and help community facilities. On the other hand, venture capital funds offer equity investments that support small businesses and startups in underserved communities.

“Newer” CDFI Resources

As community development financial institutions evolve, multiple resources and programs are emerging to support their growth and impact. Examples include:

CDFIs as Capital Plus Institutions

Sometimes, community development financial institutions are called “Capital Plus” institutions. This is because they provide investment capital, development services, technical assistance, and financial education to support the long-term success of their clients.

This approach allows community development financial institutions to significantly impact low-income and economically distressed communities, promoting economic opportunity and inclusion.

Emergency Capital Investment Program (ECIP)

The Emergency Capital Investment Program (ECIP) is a federal initiative that provides capital to CDFIs and MDIs to support their lending activities after the economic challenges caused by COVID-19. This program helps ensure that these institutions have the resources to continue providing essential financial services to underserved communities, small businesses, and minority-owned businesses during times of crisis.

Paycheck Protection Program Liquidity Facility (PPPLF)

The Paycheck Protection Program Liquidity Facility (PPPLF) is another federal initiative that supports the lending activities of CDFIs and other financial institutions participating in the Small Business Administration (SBA) Paycheck Protection Program (PPP). By providing liquidity to these institutions, the PPPLF enables them to continue offering loans to small businesses needing financial assistance during challenging economic times.

CDFI Rapid Response Program

The Rapid Response Program from the CDFI Fund provides immediate financial assistance during crises or natural disasters. CDFIs can quickly access funds for disaster recovery, emergency relief efforts, and other needs, serving as “financial first responders” for the communities they support.

These newer resources and programs demonstrate how the federal government, private sector, and other stakeholders support the work of CDFIs and promote financial inclusion and economic opportunity. By leveraging these resources, CDFIs can better address the needs of low-income communities nationwide and foster economic development in urban and rural communities.

Source: crediful.com

Apache is functioning normally

May 27, 2023 by Brett Tams

FAQ

What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down up to $5,000,000* (Subject to lender limits) /2 open VA loans at one time $548,250* (Call 888-573-4496 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Plumas County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Plumas County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

Get your Certificate of Eligibility (COE)
- Give us a call at (877) 432-5626 and we’ll get your COE for you.
Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
Get pre-approved, to get pre-approved for a loan, you’ll need:
- Previous two years of W2s
- Most recent 30 days paystubs or LES (active duty)
- Most recent 60 days bank statements
- Landlord and HR/Payroll Department contact info
Find a home
- We can help you check whether the home is in one of the Plumas County flood zones
Get the necessary inspections
- Termite inspection: required
- Well or septic inspections needed, if applicable
Get the home appraised
- We can help you find a VA-Certified appraiser in Plumas County and schedule the process
- Construction loan note: Construction permit/appraisal info
  1. Building permit
  2. Elevation certificate
Lock in your interest rates
- Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
Close the deal and get packing!
- You’re ready to go.

What is the Median Home Price?

As of March 31^st, 2021, the median home value for Plumas County is $294,510. In addition, the median household income for residents of the county is $55,359.

How much are the VA Appraisal Fees?

Single-Family: $600.
Individual Condo: $600.
Manufactured Homes: $600.
2-4 Unit Multi-Family: $850.
Appraisal Turnaround Times: 7 days.

Do I need Flood Insurance?

The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
In Plumas County, rivers like the Middle Fork Feather River and Wolf Creek have flood hazard areas around them. However, the city of Quincy can see significant flooding around Spanish Creek which crosses through the north.

How do I learn about Property Taxes?

Charles W. Leonhardt is the Plumas county tax assessor. His office can be reached at 1 Crescent Street Quincy, California 95971. In addition, his office can also be reached by calling (530) 283-6380.
The state of California offers incentive programs that expand statewide for new, growing, and relocating businesses. Two of these programs are the California Competes Tax Credit which offers qualifying businesses with a tax credit, and the New employment Credit which offers a tax credit for taxpayers who hire full-time employees. Furthermore, the state offers several other programs to further diversify the state’s economy.

What is the Population?

The county’s population of 18,807 is 83% White, 9% Hispanic, and 3% American Indian.
Most county residents are between 18 and 65 years old, with 17% under 18 years old and 28% older than 65.
In total, the county has about 8,047 households, with an average of two people per household.

What are the major cities?

The county has one city and 46 census-designated places, including Quincy, which serves as the county seat.

About Plumas County

Plumas County is full of beautiful streams, rivers, and forests covering about 70% of the county. However, the most significant employment industries in the county are health care, retail trade, and construction. Hence the most common types of employment are administrative support, food preparation, and construction.

In addition to its existing industries, the county is also taking an active role in helping small businesses within the county grow. The county has a partnership with the U.S. Small Business Administration, which provides free business counseling, SBA guaranteed business loans, home & business disaster loans, and federal government contracting.

When it comes to education, the county is home to the Plumas Unified School District, which has eleven schools that serve about 2,147 students annually. In addition, higher education opportunities are also available in the county with the Feather River Community College District, which offers 4-year degree bachelor programs.

Finally, the county is also a perfect place for people who enjoy the outdoors, with places like Bald Eagle Mountain, Dixie Mountain, and Lake Almanor. Furthermore, both visitors and residents can enjoy the county’s many trails, camping grounds, and water-based recreational activities for the whole family to enjoy.

Veteran Information

The county is currently home to 1,852 veterans.

Plumas County is home to one VFW post:
- Post 3825 Kenneth M. Hayes – 292 Lawrence Street, Quincy, CA 95971.
County Veteran Assistance Info.
- Plumas County Veterans Services Office – 270 County Hospital Road, Suite 206, Quincy, CA 95971.

Apply for a VA Home Loan

For more information about VA Home Loans and how to apply, click here.
If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.
VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

There are no VA-approved condos available in Plumas County. Although if you’re still interested in getting a condo through the approval process, call us at (877) 432-5626.

Links

California VA Loan Information

VA Loan Information by State

Source: vahomeloancenters.org

Apache is functioning normally

May 27, 2023 by Brett Tams

Whether you run an e-commerce business or a traditional brick-and-mortar store, investing in digital marketing can be essential in promoting your brand and remaining competitive in the marketplace. Digital marketing typically involves online marketing methods, but it can also include local marketing options.

1. Optimize your website for mobile

With more consumers browsing and making purchases using their smartphones and tablets, using a responsive design for your website will allow it to display correctly on mobile devices, as well as desktops. This is especially important for e-commerce businesses looking to drive sales.

Website builders such as Squarespace and Wix, as well as dedicated e-commerce platforms such as Shopify and BigCommerce, typically offer mobile-friendly templates and features. As you design your website, check to see how it looks and functions on a mobile device and make any necessary adjustments.

2. Create business profiles

A free advertising strategy and an easy way to improve search rank for your business is to claim and update your business profiles on Google, Bing, Yahoo and other popular search platforms. Your business profile is a useful way to provide current and potential customers with essential information about your business, such as address, phone number and store hours. Also, adding images, photos and logos can be helpful when engaging potential customers.

The Better Business Bureau, Yelp for Business and Nextdoor are other platforms where details about your business can gain the attention of local customers.

3. Understand your target audience

Knowing your target audience, the consumers who are likely to buy your products and services, allows you to customize your digital marketing strategy for different segments of your customer base. For example, if you own a coffee shop and want to sell bags of your specialty blends to customers outside your local area, your digital marketing strategy would typically be different than the one you use for walk-in customers.

Identifying different groups in your target audience allows you to customize the digital marketing strategies you use to engage them — whether it’s through social platforms, local listings, email or another method.

4. Invest in local marketing

If your business operates in a local market, you’ll want to take advantage of the digital marketing strategies that specifically appeal and relate to that audience. Some local marketing strategies to consider include:

Local TV and radio ads.
Digital billboards, signs and displays in high-traffic locations.
Direct mail campaigns in your local area.
Hosting or participating in community events.

With these strategies, you can easily include your business’s website and social media handles on any materials or information you distribute in your local community.

5. Start a blog as part of your content marketing strategy

Blog articles, one of the simplest ways to get involved in content marketing, can have a significant impact on your ability to attract customers and drive sales. Articles as well as newsletters, videos, infographics, e-books and other materials can be shared on your website and through email and social media posts.

Writing about topics related to your business, showing your expertise and providing helpful information can drive more traffic to your website and help improve search rankings for your business.

6. Engage on social media platforms that suit your business

Just like content marketing, social media marketing is another type of digital marketing. Many consumers rely on social media marketing to guide purchasing decisions. However, instead of trying to excel on all social media platforms, determine which platforms are best for your business and focus your energy there.

For example, if you’re starting an online boutique, you might find that platforms with an emphasis on images, such as Pinterest and Instagram, match your digital marketing strategies better than others.

Zeroing in on a few platforms can make it easier to stay active and respond quickly to customer interactions.

7. Build your contact list to maximize email marketing

Using customer relationship management with email marketing is an effective digital marketing tactic that’s often used to build loyalty and engage new customers. CRM software can help you collect and store information about your contacts — your existing customers and potential customers who have interacted with your business in some way.

Your contact list can be used to share newsletters, special offers, announcements, discounts and other information about your business and products. Also, information such as a contact’s first name and location can autopopulate to personalize outgoing emails.

8. Encourage customers to leave online reviews

Customer reviews can be personally rewarding and strengthen the reputation of your business. Reviews can also be helpful in building rapport with existing customers and influencing others to visit your website. You can place signs at your location, in addition to including links on your website and in emails, to encourage customers to write reviews of your business.

You’ll want to monitor your reviews for any negative feedback as well, so you can quickly work to resolve the issue. Meeting bad reviews head-on can help you improve your products and processes and can give you the opportunity to strengthen your relationship with customers.

9. Use digital ads to reach your target audience

If it’s within your marketing budget, placing digital ads on Google and social media platforms can help get your business in front of your target audience. Digital ads generally give you the ability to choose keywords, target your specific audience and engage prospective customers who are likely to want your product or service. Digital advertising can be used to target customers in your local area, in a specific age range and in a niche market.

Retargeting tools are also offered by many of these platforms and allow you to show your ads specifically to customers who have already interacted with your business website and shown an interest in your products.

10. Explore influencer marketing opportunities

You may want to consider adding influencer marketing to your social media marketing efforts. Influencers have a sizable number of followers on social media, and their reviews and promotion of products can affect the buying decisions of their audience.

A nano-influencer may be an especially good choice for small businesses. Because they have less than 10,000 followers, they often have strong engagement with their community and can be less expensive than influencers with higher follower counts. When selecting an influencer, it’s important that their audience be similar to your target audience and that you thoroughly review them and their platforms.

11. Use SMS marketing to build customer loyalty

Short Message Service (SMS) marketing is a fairly cost-effective way to promote your business through text messages. You can use SMS to regularly engage existing customers with information about special offers, discounts, store events and other promotions. Like email marketing, you’ll want to get permission before sending texts to your contact list.

SMS marketing software can automate the process of sending text messages to existing and potential customers. Also, Multimedia Messaging Service (MMS) messages can be used when you want to share photos, images, videos, audio files and other content with your contact list.

12. Respond to online feedback

Customer service can be a determining factor in attracting and retaining customers. You can extend your in-person customer service practices to your business website. A good place to start is to create a contact page on your website with information on how customers can contact you and then respond promptly to requests, questions and comments you receive.

You might also consider investing in a chatbot service for extended 24/7 customer support hours. Chatbots can provide answers to frequently asked questions and can be a particularly useful tool for e-commerce businesses.

13. Monitor your campaigns and adjust your strategy

Monitor your digital marketing strategies to determine what’s working well and what can be changed. It’s important to remember that not all of your strategies will be successful. A large part of your digital marketing efforts will involve testing and trying new things to determine the best methods for your business.

For example, if a Facebook ads campaign for a new product doesn’t meet your expectations, you can adjust your strategy by changing the ads in the campaign, picking another social media platform or using a different digital marketing method.

14. Spend within your marketing budget

Although marketing is necessary for attracting customers, it can be difficult to devote a large budget to these efforts. That’s why creating a marketing budget is essential. As you consider how to allocate funds, you may want to lock in the “basics” to establish your digital presence — launching and optimizing your business website, setting up your social media profiles and building an email list. Then, you can branch out and investigate other tactics that might require more of your budget, such as digital ads and local marketing tactics.

Rieva Lesonsky, a freelance writer, contributed to this article.

A version of this article originally appeared on Fundera, a subsidiary of NerdWallet.

Source: nerdwallet.com

Apache is functioning normally

May 26, 2023 by Brett Tams

Yesterday I shared the most important money tip: to gain wealth, you must spend less than you earn. Get Rich Slowly has covered many ways to reduce the spending side of the equation. But how can a person increase the earning side?

Consider an entrepreneurial endeavor. Start a small business based around one of your hobbies. It’s not difficult to earn a couple thousand dollars each year doing something you love in your free time. The key is to not let the hobby-as-business overwhelm you. Keep it fun. Don’t let it become a chore.

With that in mind, here are some real-life examples of hobbies I’ve seen people turn into side-businesses. I know people who:

Repair computers. Are you a tech geek? Start a business providing computer advice for family and friends. Help people set up new computers, add peripherals, remove viruses and spyware, and maintain home networks. Consider offering hour-long training sessions in programs you know well.
Make photographs. Sell your photos! Take a community college class to enhance your skills. Enter photo contests. Display your photos at the county fair. If you make a good image, you can sell it repeatedly for $50, $100, $200. I recently met a woman who now makes her living by selling images through iStockPhoto.
Garden. If you have a huge garden, consider selling produce or flowers. In rural areas, you can run a small road-side stand on weekends selling fresh roses, blueberries, tomatoes, whatever. If you live in the city, let your neighbors know you have fresh produce for sale (or trade).
Make music. Can you play an instrument? Hire yourself out to play at weddings or dinner parties. Start a small group. Play at holiday events (especially Christmas). Get creative: play at street fairs and farmers markets.
Write. Do you write well? Offer your services to friends and family. Edit important letters. Proof papers. Compose pieces on commission. Start a weblog about one of your passions!
Build things. If you have a shop and some skills, teach yourself to build tables or bookshelves or cabinets or chairs. Sell these items on craigslist or to people you know.
Knit. If you’ve been bit by the knitting bug, put that yarn habit to work. Create simple, beautiful hats and scarves. Take commissioned projects. My wife is learning to knit adorable little stuffed animals; she could sell them for $20 a pop.
Repair cars. Offer to perform simple car repairs for friends and family. It’s a win-win situation: you make some extra cash, and they save money. (Just be sure not to get in over your head.)
Cook. Do people rave about your food? Offer to cater events. Provide food for a picnic, for a cocktail party, for a sit-down dinner. Sell cookies and cakes.
Haul things. If you have a van or a large pickup, offer your services for transporting couches and dressers, etc. Hire yourself out to haul barkdust and mulch. Help people move. In March, I met a fellow who advertises on craigslist. Several times a week, as he drives home from work, he hauls something from one part of the city to another for $25. It takes little him little extra time and generates a couple hundred dollars a month. It’s his “mad money”.

The possibilities are endless. The key is to examine your passions and talents to find something for which people would pay you. You won’t get rich quickly through these side businesses (though there’s nothing that says you can’t), but you will boost the earning side of your wealth accumulation.

Everyone has something that they can do well. Discover what it is you can do, and then market your abilities. The best part is: you’ll be making money while simultaneously improving your skills so that you can make even more money in the future!

Addendum: Via e-mail, Melissa A. reminded me of another great use for hobbies: “Hobbies are a good way to make gifts for people cheaper than it costs to buy them too.” This helps with the “spend less” side of the basic equation. My wife has given knitted items as gifts. I sometimes give photographs. One of my favorite birthday gifts ever was a batch of chocolate chip cookies.

Source: getrichslowly.org

Apache is functioning normally

May 26, 2023 by Brett Tams

In the past decade, we’ve seen a major transformation in the banking sector. As the world continues to digitize, the financial landscape has shifted in response, giving birth to a plethora of online banking services. One such innovation that has garnered widespread adoption is online checking accounts.

As a key financial tool, a checking account serves as a lifeline for day-to-day transactions, paying bills, and generally managing one’s finances. But with online checking accounts, convenience, accessibility, and often better rates and lower fees have made them an attractive alternative to traditional banks.

10 Best Online Checking Accounts

These best online checking accounts offer a range of features, from high annual percentage yield (APY) to robust mobile apps, all designed to meet the varying financial needs of users. Here are our top 10 picks for 2023.

1. Chime Checking Account

Chime, a financial technology company that offers online banking services, is revolutionizing the banking industry with its online checking account that pairs both convenience and value into a single offering.

2. Axos Bank Rewards Checking

Axos Bank is an online-based bank that’s shaking up the banking industry with its online Rewards Checking account, a unique blend of convenience and value.

3. Current Account

Current, a pioneering financial technology company, delivers cutting-edge banking solutions with its Current Account.

4. SoFi Checking and Savings Account

SoFi, a modern financial platform offering a suite of financial services, is setting new standards in the world of banking with its online bank account that combines remarkable earning potential and considerable convenience.

5. Ally Bank Interest Checking Account

Ally Bank, renowned for its customer-centric digital banking services, provides a comprehensive offering through its Ally Bank Interest Checking Account.

6. Consumers Credit Union Serious Interest Checking

Consumers Credit Union, committed to enhancing its members’ financial prosperity, offers an appealing solution with its Serious Interest Checking®, a high yield checking account.

7. Quontic High Interest Checking

Quontic Bank, committed to maximizing customer earnings and supporting financial inclusivity, offers a high interest checking account that combines convenience, high-yield potential, and an innovative digital banking experience.

8. Alliant Credit Union High-Rate Checking

Simplicity and high yields are the cornerstone of Alliant Credit Union’s High-Rate Checking account, a solution tailored to meet the needs of modern-day banking customers, whether they’re on-the-go or prefer traditional banking methods.

9. Schwab Bank Investor Checking

Charles Schwab brings its robust reputation in the investment sector to banking with its Schwab Bank Investor Checking account, designed for those seeking seamless integration of banking and investing.

10. Navy Federal Credit Union Free EveryDay Checking

Navy Federal Credit Union’s Free EveryDay Checking is an easy-to-use, accessible banking solution for everyone.

What is an online checking account?

An online checking account operates much like the checking accounts you’re accustomed to at traditional brick and mortar banks, with the primary difference being that it’s mostly or entirely digital. They are provided by online banks, credit unions, and even financial technology companies that are not banks themselves.

Online checking accounts have surged in popularity for a variety of reasons. Their major draw is the convenience and flexibility they offer. With these accounts, you can deposit cash, pay bills, transfer money, make debit card purchases, and even deposit checks digitally using the bank’s mobile app. This means that all your transactions can be completed without visiting a physical branch location.

Additionally, online only banks typically offer higher annual percentage yields (APY) than traditional banks, meaning your money grows faster. The absence of physical branches translates into reduced overhead costs for these financial institutions, enabling them to pass on the savings to customers in the form of higher interest rates and lower fees. These accounts also often have lower minimum balance requirements and monthly maintenance fees compared to their brick-and-mortar counterparts.

Lastly, many online banks are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), providing the same level of safety for your deposits as traditional banks.

Criteria for Evaluation

Selecting the best online checking accounts was not a task taken lightly. We’ve considered a variety of factors in our analysis to ensure that our picks provide a mix of the most advantageous features for diverse financial needs. Here are the key criteria we used in our evaluation:

Annual percentage yield (APY): We considered the APY offered on the checking accounts. Higher APY means your money grows faster, making it a key feature to look for in an account.

Monthly fees and other costs: Monthly maintenance fees can eat into your savings. We favored accounts with low or no monthly fees. We also looked at other potential costs like overdraft fees, out of network ATM fees, and foreign transaction fees.

ATM access: Easy and wide-ranging access to ATMs is crucial. We considered online banks with large ATM networks and those that offer ATM fee reimbursements.

Customer service: Exceptional customer service is important, especially for an online only bank where in-person assistance is not an option. We assessed the quality of customer service provided by each bank.

Mobile app experience: A great mobile app can make managing your money a breeze. We evaluated the usability, functionality, and reliability of each bank’s mobile app.

Additional features: Other features like early direct deposit, mobile check deposits, cash back rewards, and savings tools can add value to online checking accounts. We considered these additional features in our review.

How to Choose the Right Online Checking Account for You

Choosing the right online checking account is crucial. It can simplify your financial management, enhance your monetary gains, and align with your lifestyle needs. Below are key factors to consider in making an informed decision:

Financial Habits: Evaluate your typical financial behaviors. Do you frequently use ATMs, and will you need access to an extensive, fee-free ATM network? If you regularly maintain a high balance in your checking account, an interest-earning account could be beneficial. Conversely, if you tend to keep a low balance, consider an account with no minimum balance requirement to avoid potential fees.
Goals: What are your financial goals? If you’re aiming to save, consider an account that earns interest. If you’re focused on investing, select an institution that offers seamless integration between checking and investment accounts.
Lifestyle: Assess your lifestyle and daily needs. Do you travel often and need an account that doesn’t charge foreign transaction fees? If you prefer digital banking, look for accounts with robust online platforms and mobile apps that allow for easy money management on the go.
Fees: Examine the fee structure carefully. Consider potential monthly maintenance fees, overdraft fees, and ATM fees. Look for accounts offering fee waivers or reimbursements.
Customer Service: Exceptional customer service is crucial, particularly for an online bank. Look for 24/7 customer support, availability of live chat, and timely response to queries.
Security: Ensure that the bank employs stringent security measures to protect your account from fraud or unauthorized transactions. Features like two-factor authentication, alerts for suspicious activity, and FDIC insurance are vital.

Bottom Line

In today’s fast-paced, digital age, online checking accounts provide a convenient, accessible, and often more financially rewarding alternative to traditional banking. However, the key to making the most of these benefits is to choose the right account based on your individual needs, lifestyle, and financial goals.

By carefully considering factors like your financial habits, goals, lifestyle, potential fees, customer service, and security measures, you can find an online checking account that not only meets but exceeds your expectations. Remember, your checking account is at the heart of your financial life – choose wisely.

Frequently Asked Questions

Are online checking accounts safe?

Yes, online checking accounts are safe as long as they’re offered by a reputable bank or credit union that has FDIC or NCUA insurance. This insurance protects your money up to $250,000 per depositor.

Can I deposit cash into an online checking account?

Depositing cash into an online checking account can be more challenging than with a traditional bank. Some online banks have agreements with certain ATM networks or retail outlets where you can deposit cash. You can also deposit cash into a traditional bank account and then transfer it to your online account.

What should I do if I need to write a check?

Many online banks offer free or low-cost checkbooks. However, if you seldom write checks, you may not need a physical checkbook. Instead, you can use the bank’s online bill pay service, which sends a check or electronic payment to the recipient on your behalf.

Do online banks offer customer service?

Yes, most online banks offer robust customer service options, including phone support, live chat, email, and often extensive FAQ sections on their websites. Some even offer 24/7 support.

Source: crediful.com

Apache is functioning normally

May 26, 2023 by Brett Tams

Community colleges are an oft-overlooked resource for cheap education. They offer classes from trained professionals and provide access to expensive equipment that you otherwise would never be able to use. I love community college for several of reasons:

Affordability — Community college classes are affordable. Despite recent tuition increases, a class at Portland Community College costs about $200. Community education courses (non-credit classes) cost even less. Some employers will pay for classes; my business will pay for one class per employee per term. If your employer doesn’t have a similar policy, ask!
Facilities — Community colleges have facilities and practical training unavailable at most universities. My local community college has a wood shop, an automotive shop, and quality darkrooms. Many students take classes simply for access to the facilities. A typical woodworking class is self-directed — you decide what your project is, and then have open access to expensive equipment and an instructor willing to help you use it.
Instructors — Community college classes are generally taught by real professionals from the field. When I learned computer programming, my classes were taught by instructors who wrote code every day for actual employers. (One of my instructors also taught at Portland State University — she taught the exact same courses at Portland Community College for a quarter the cost.) When I take photography classes, I’m being taught by active professional photographers. One of my writing instructors was Craig Lesley, a prominent Northwest author.
Networking — Community college classes allow you to network with instructors and students, making valuable contacts in your hobby or profession. I took photography classes at the community college for a couple of years, and the contacts I made in these classes continue to benefit me: I can e-mail my former instructors with questions and ideas; I trade photography equipment with other students; I get to watch as certain students make the leap from amateur to professional. I’m currently in a writers group with a former instructor. Some students land jobs through the contacts they make in class.
Convenience — Community colleges are aware that they serve a large population of students seeking continuing education. They try to make their classes as convenient as possible. I’ve taken night classes in computer science, writing, photography, algebra, Spanish, and business management. I’ve taken weekend classes in application design. I’ve taken late-afternoon classes in assembly language programming. Community colleges make it easy to get additional education.
Education — Most importantly, community colleges act as a safety net for those who need an education. Some kids aren’t ready for high school. Others aren’t ready for college. Community colleges are there to help those who have realized the value of an education and are looking to correct mistakes they’ve made in the past. Even adults in mid-career can use community college courses to change their focus. After eighteen months of community college computer programming courses, I landed a job hacking C++ for an environmental engineer.

When I was in high school, I made fun of the local community college. You’d never catch me going to such a place. No, instead I went to a fancy private institution where yearly tuition cost as much as a nice car. And while I was earning my degree from this fancy private institution (which I love, by the way — don’t get me wrong), I made fun of the local community college. That was a place for losers. I’m older now, and wiser.

Over the past fifteen years I’ve attended a score of community college courses. Only one (small business management) has been a dud. Oftentimes on AskMetafilter, a user will post a question like “How can I improve my photography skills?” or “I want to get better at programming for cheap” or “What’s a good way to learn woodworking?” My answer is always: sign up for a class at the community college.

Source: getrichslowly.org

Apache is functioning normally

May 26, 2023 by Brett Tams

In the past, you had to drive to your bank and work with a teller to manage your deposit accounts. These days, however, you have the option to complete virtually any banking need with any device that has internet access. You can pull out your smartphone and deposit a check. Or you may use your laptop to check your account balance.

That’s where banks called neobanks come in. It’s no surprise that neobanks are more popular than ever before. Let’s take a closer look at what they are and how they work so you can decide whether a neobank makes sense for your particular situation.

20 Best Neobanks

While traditional banks take up more market share than neobanks, you can still find a good amount of them if you do your research and shop around. The right neobank for you will depend on your unique lifestyle, needs, and preferences. To help you hone in on the ideal option, here’s our list of the top neobanks of 2023.

1. Chime

Founded in 2012, Chime is a financial technology company that offers banking services from The Bancorp Bank, N.A. and Stride Bank N.A. The Chime Checking Account is free of monthly maintenance fees and no minimum balance requirements.

Its perks include early direct deposit, automated savings features, access to over 60,000 or more fee-free ATMs, and free debit card replacement. In addition, you can take advantage of SpotMe and get up to $200 in fee-free overdrafts.

There’s also a Chime’s Savings Account, which offers a competitive interest rate with no cap on the amount of interest you can earn. Other services include Secured Chime Credit Builder Visa® Credit Card that doesn’t require a credit check, making it a suitable option if you have limited credit. Chime should be on your radar if you prefer a one-stop-shop for all of your banking needs.

You can read our full Chime review to learn more.

2. GO2bank

For more than a decade, Green Dot Corporation has specialized in alternative banking products. In 2013, GoBank made its debut as the first digital bank offering digital financial services. Then, in 2021, the company launched GO2bank, its second online bank.

GO2bank stands out from other neobanks which require you to sign up online because you can pick up their debit cards in person at Walmart and other popular retailers. GO2bank’s bank account tends to be a popular product in addition to its secured credit card that can help you build credit.

For a comprehensive overview, read our full GO2bank review.

3. Current

Since its inception in 2015, Current, which is not a bank, but a fintech company based in New York City, has partnered with Choice Financial Group and Metropolitan Commercial Bank to offer banking services. Its flagship products are a personal checking and debit card you can access via a mobile app on any iOS or Android device.

Even though Current’s product line is limited, the neobank prides itself on no shortage of perks and benefits. You can get your deposit up to two days early and earn cash back for debit card spending from more than 14,000 merchants. Additionally, Current doesn’t charge minimum balance fees or bank transfer fees and offers fee-free ATM withdrawals from ATMs in the Allpoint network.

If you would like to learn more, take a look at our Current review.

4. Revolut

Founded in 2015, Revolut is one of the largest European neobanks, serving more than 16 million customers. It has expanded its footprint to the U.S. market and has plans to become one of the most reputable neobanks in the world.

Revolut is unique in that it offers a wide array of financial services, such as bank accounts, debit cards, peer-to-peer payments, cryptocurrency, and currency exchange. It supports both individual consumers and businesses with more than 30 currencies. For a neobank with a diverse lineup of offerings, Revolut has you covered.

To learn more, read our full Revolut review.

5. Quontic Bank

Quontic Bank is a full-service, FDIC-insured online bank that was founded in 2002. It offers a range of banking products and services, including checking and savings accounts, credit cards, mortgages, and business banking solutions.

They offer some of the best annual percentage yields (APYs) in the industry. Quontic accounts come equipped with no overdraft fees, no incoming wire transfer fees, no monthly service fees, and access to over 90,000 surcharge-free ATMs.

Quontic also has a savings accounts feature called “Roundup”, which makes saving money simple and easy. In addition, they have a responsive U.S. based customer service team available to assist with any questions or concerns.

Read our full Quontic review for more information.

6. Dave

When Dave began in 2017, its sole focus was paycheck advances. Over time, it evolved to offer a checking account with no minimum balance requirements. If you become a Dave customer, you can receive early access to your paycheck, without a credit check or interest charges.

Dave also offers handy built-in budgeting features and doesn’t charge overdraft fees or ATM fees, as long as you use an ATM from the MoneyPass network. Dave may make sense if you’d like the option for small cash advances to get you through a financial hiccup from time to time.

See also: Free Online Checking Accounts: No Opening Deposit Required

7. Albert

Albert began as a money management app in 2016, but is now a personalized banking service that has attracted over 6 million customers. This digital banking account offers cash back and a range of benefits.

These including no-interest cash advances of up to $250, integrated budgeting and savings tools, and annual savings bonuses of up to 0.10%. There are no minimum balance requirements or overdraft fees. However, there is a minimum monthly fee of $4. Keep in mind that you’ll need to have an external bank account to open an account with Albert.

8. Varo

Varo Bank began in 2015 as a fintech company that partnered with The Bancorp Bank. In 2020, it acquired its own national banking charter, making it different from other neobanks you might come across. Even though Varo operates as an actual bank, it focuses on online banking via its website and mobile app.

Its checking account is free of monthly fees and there’s no minimum balance requirement. Plus it comes with a debit card. In addition, Varo partners with more than 55,000 ATMs through the Allpoint ATM network.

We can’t forget its other perks, such as contactless payments, credit cards with reporting to the major credit bureaus, early direct deposits, and no foreign transaction fee or transfer fees. Varo might be worthwhile if you’re looking for a checking account with all the bells and whistles.

Read our Varo Bank review to learn more.

9. Aspiration

Aspiration was founded in 2013 under the motto “Do Well. Do Good.” It partners with financial institutions like Coastal Community Bank and Beneficial State Bank to offer cash accounts, savings accounts, and a few investment accounts.

Aspiration’s most popular product is the Aspiration Spend & Save Account, which is a hybrid of a checking account and savings account. There’s also the Zero credit card, which offers cash back and plants a tree every time you make a transaction. Aspiration can be a good fit if you’d like to get rewarded for your spending and like the idea of one account for your checking and savings goals.

Read our full review of Aspiration to learn more.

10. Bluevine

Bluevine made its debut in 2013 as a fintech company with a mission to improve banking for small and mid-sized business owners. Its flagship product is the Bluevine Business Checking. It’s completely free and comes with a competitive annual percentage yield and unlimited transactions. This is rarely seen in the world of business checking.

In addition to the business checking account, Bluevine offers financing products, such as lines of credit of up to $250,000. Bluevine should be on your radar if you’re a business owner in search of fast, convenient startup banking and financing.

11. SoFi

Social Finance or SoFi entered the market as a student loan refinance company. Recently, however, the fintech company received its own bank charter to offer digital banking services. You can use the SoFi Checking and Savings combo account to manage your spending and saving needs in one place.

Fortunately, SoFi doesn’t charge monthly maintenance fees, overdraft fees, and ATM fees. Additional perks and extras include no-fee overdraft coverage, sub accounts for various savings goals, and additional products like credit cards, cryptocurrency trading, and retirement accounts, like an individual retirement account.

Read our full review of SoFi to learn more.

12. Acorns

Acorns has a reputation as an easy-to-use micro investing app. Since 2012, many people have downloaded it on their iOS or Android devices to invest their spare change. Over time, Acorns has expanded to offer a checking account.

You can open Acorns Checking for free and enjoy perks such as no monthly or overdraft fees, early direct deposit, mobile check deposit, and access to a network of 55,000 ATMs.

The checking account seamlessly integrates into the Acorns micro investing feature. Plus when you use your Acorns debit card, you can earn cash back at participating retailers and use it to invest, along with your spare change. If you’d like to get started with investing, Acorns is worth considering.

13. One

One is a neobank owned by Walmart. It offers a budget-friendly overdraft program with customized budgeting and savings options for its customers. One’s banking account allows users to organize their money into subaccounts called Pockets.

Pockets offer saving rates of 1% on up to $5,000 for any customer and 1% on up to $25,000 for customers with direct deposit. Additionally, One provides fee-free overdraft coverage of up to $200 for customers with direct deposits of at least $500 per month.

14. Cheese

Cheese is a digital banking platform that was launched in March 2021 and caters specifically to the immigrant and Asian American communities. It offers up to 10% cash back at 10,000 businesses, including Asian-owned businesses and restaurants.

Cheese’s customer support is available in English and Chinese, with more languages to be added in the future. One of the benefits of opening an account with Cheese is that accounts earn interest and do not have monthly fees or ATM fees when using the national MoneyPass ATM network.

15. Unifimoney

Unifimoney is a money management and investment app that helps you manage your banking, investing, and borrowing needs all in one place. It caters to account holders who earn at least $100,000 per year but have significant amounts of student debt. You can download Unifimoney to pay bills, deposit checks, and write checks.

It’s unique in that it also allows you to refinance student loan debt and can create a diverse investment portfolio with particular stocks, cryptocurrencies, precious metals, stocks, and exchange-traded funds (ETFs).

In addition, you can turn to Unifimoney for insurance products, like car insurance and health savings accounts (HSAs). If you’d like to get started with Unifimoney, open the Unifimoney high-yield checking account with as little as $100.

16. NorthOne

Headquartered in New York and founded in 2016, NorthOne offers digital business banking services. If you’re a startup, entrepreneur, or small business owner, NorthOne can be a good fit. It differs from other banks that serve businesses in that there are no transaction limits that require premium upgrades.

You can open a business bank account for a flat $10 monthly fee and won’t have to worry about additional fees for deposits, transfers, ACH payments, or app integrations. In addition, you’ll get to create as many “Envelopes” or sub accounts as you want so you can save for payroll, taxes, and other business needs.

17. Oxygen

San-Francisco based Oxygen focuses on two accounts: the free thinker account for individuals and the pioneer account for business users. Even though it doesn’t charge fees, like monthly fees, ACH fees, and overdraft fees, you will have to pay an annual fee that can go up to a few hundred dollars.

While most neobanks don’t allow for cash deposits, Oxygen does. As long as you have an Oxygen bank account, you can make deposits at GreenDot locations, which are usually located inside popular retailers, like Walmart, Walgreens, and CVS. If you don’t mind paying an annual fee and like the convenience of being able to deposit cash, Oxygen is worth exploring.

18. Bella

Bella is a fairly new player in the neobanking space. Its partner bank is nbkc bank, which allows it to provide banking services. With Bella’s checking account rewards program, you can receive a random percentage of cash back on randomly selected purchases.

The cash back amount may be anywhere from 5% to 200%. Like most neobanks, Bella doesn’t charge monthly fees, ATM fees, and overdraft fees. You can also opt for a no-fee savings account. Bella accounts are FDIC insured for up to $5,000,000.

19. Lili

Lilli services small business owners and believes that managing two accounts is a hassle. That’s why this neobank offers a single account you can use for both your business and personal transactions.

Come tax time, Lili will eliminate financial stress and let you automatically save a certain percentage of your income into a “tax bucket.” Plus, it produces quarterly and yearly reports instantly, reducing your tax prep costs. While the Lili Standard account is free, Lili Pro will run you a couple dollars per month.

If you upgrade to Lili Pro, you’ll get cashback rewards on all your debit purchases and 1% interest on your savings accounts. Lili could be a solid pick if you’re a freelancer or solopreneur hoping to simplify your finances.

20. Monzo

Monzo is a UK-based neobank that just opened up to the U.S. market in late 2022. All accounts are insured by the FDIC for up to $250,000. Plus fee-free withdrawals are available at more than 38,000 ATMs.

Furthermore, Monzo is similar to Aspiration as it strives to protect the planet. Additionally, this neobank offers budgeting tools that can help you meet various savings goals.

What is a neobank?

Often called challenger banks, neobanks have recently entered the financial services industry and challenged banking norms. Most neobanks are financial technology or fintech companies that offer the same banking services you may find at traditional banks, like Bank of America or PNC.

But they promote innovation and act like digital only banks or online banks as they don’t have any physical branches and operate via apps. Most of these apps are user-friendly and loaded with a variety of handy features, such as early deposit and savings tools to simplify the banking experience. They are specifically designed to give you greater control of how you manage and spend your money.

Also since neobanks don’t have any physical branches, their overhead costs and customer acquisition costs are low and enable them to offer more affordable banking products and services. Many neobanks let you choose from a number of free and paid premium subscription services.

Are neobanks safe?

Since neobanks are fairly new and different from many traditional banks, you might wonder whether they’re safe. Fortunately, most of them are very safe because they operate within a regulated market.

These financial institutions typically work with U.S. banks to offer FDIC-insured accounts, which protect your money from potential bank failures and the losses that come with them. To help determine if a neobank is safe, check out their ratings and reviews on reputable websites like the Better Business Bureau (BBB).

Neobanks vs. Traditional Banks

To further explain neobanks and their modern spin on traditional banking, let’s take a closer look at how they differ from traditional banks.

Neobanks

Neobanks operate without physical branches. To take advantage of their offerings, you’ll likely need to download an app and provide some personal information.

While you can expect fewer banking and credit products than you’d find at traditional banks, you’ll reap the benefits of lower fees and extras that improve the overall banking experience.

Some neobanks have decided to expand their lineup of products and services to create more of a one-stop-shop you’d get from a traditional bank. Since most neobanks don’t earn money from lending, like incumbent banks, their business model depends on interchange fees or transaction fees, which usually come from debit cards. They might also charge for premium accounts and extra features.

Traditional Banks

Traditional banks often have brick-and-mortar locations across the country or in a specific geographic region or area. But many of them also have digital banking divisions in which you can perform banking services online.

Most banks focus on strong customer relationships and earning interest through loans as well as account fees from banking, lending, and investing. They typically target customers who appreciate customer engagement and a traditional in-person banking experience.

See also: Best Alternatives to Traditional Banks

Pros & Cons of Neobanks

Just like all types of financial institutions, neobanks have benefits and drawbacks you should consider, including:

Pros

Lower fees: Compared to traditional banks, neobanks offer lower fees. That’s because they don’t have the high overhead costs associated with the upkeep of physical branches.
Higher rates: Neobanks often pride themselves on higher interest rates on their checking and savings accounts. This can make it easier and faster for you to save money.
Convenience: Perhaps the greatest benefit of neobanks is the convenience they bring. You can perform a variety of banking tasks, like depositing checks or making payments from your smartphone device, round-the-clock.
Easy access: You can manage your banking 24/7 without ever having to leave your home and visit a local branch. All you have to do is download an app from the app store.
Simple setup: It’s usually fast and easy to open an account with neobanks. Many of them will approve you, regardless of your credit score or credit history.
Focused services: While most neobanks don’t offer all the services you might find at traditional banks, the few services they do provide focus on service quality and are typically loaded with perks and benefits. For example, you can get a no fee checking account with cash back rewards.

Cons

No bank charters: Neobanks don’t have bank charters. Instead, they often partner with traditional banks to insure their products. Before you move forward with a neobank, ensure they partner with a Federal Deposit Insurance Corp or FDIC-insured bank and offer their own FDIC insurance.
Customer service restrictions: Since neobanks operate on app instead of through physical branches, customer service can be a downside. You may have to turn to chatbots or social media for basic banking questions and support. If you notice fraud in your account, it may be more difficult to resolve the issue.
Fewer services: Traditional banks usually pride themselves on a long list of services, including loans, wealth management, and brokerage services. Neobanks, however, tend to limit their offerings to checking accounts and savings accounts.
Unproven track record: Neobanks are still in the startup phase as many made their debut within the last few years. This means that they may fail and force you to look elsewhere for your banking needs.
Require knowledge of technology: While most neobank apps are intuitive and designed for the average person to use with ease, they may still be inconvenient for some people. If you don’t consider yourself tech literate, a neobank might not make sense.

Bottom Line

There’s no denying that neobanks have revolutionized the banking industry and financial industry. If your primary goal is convenience and you prefer mobile or online banking, a neobank can be a great alternative to a traditional bank or legacy bank. Just make sure you explore all your options and read the fine print before you choose one.

Source: crediful.com

Apache is functioning normally

May 24, 2023 by Brett Tams

A common misbelief is that one must be rich to invest. It’s easy to invest with little money in a variety of assets and save for your goals. More platforms let you “micro invest” and purchase small amounts of expensive assets.

Even if you only invest a few dollars each month, that money can start building wealth.

Consistently investing small amounts can be more effective than waiting to accumulate a lump sum because you can earn compound interest.

Some people may never invest because they don’t think they have enough money.

In This Article

Best Ways to Start Investing with Little Money

It’s possible to invest as little as $5 at a time and diversify your portfolio. As your financial situation improves, you can increase your monthly investments and try more ideas.

1. Invest in Index Funds

Investing in index funds can be the best option to start investing small amounts of money.

First, index funds let you invest in hundreds of companies with a single investment to quickly diversify your portfolio and minimize risk.

Second, most index funds have low investing fees and expense ratios. For example, a fund with a 0.03% expense ratio costs 30 cents in annual fees.

Most brokers don’t charge trade commissions to buy or sell index funds. Paying fewer fees means you can invest more cash.

Some of the types of index funds you can invest in include:

US stocks
International stocks
Emerging markets
Corporate bonds
Government bonds
Real estate investment trusts (REITs)

The various online stock brokers offer stock and bond index exchange-traded funds (ETFs). These funds trade like individual stocks. The share price fluctuates during the market day and you can buy shares at any time.

Your 401k provider likely offers index mutual funds. The investing strategy is the same except the share price updates once a day after the stock market closes.

Most online brokers offer index funds and don’t charge any trade commissions. However, some can be easier to invest with when you have little money.

Minimum Investment: $5 (varies by broker)

Betterment

Using a robo-advisor like Betterment can be one of the easiest ways to invest in index funds. This fully-automated investing app automatically rebalances your portfolio to maintain your target asset allocation.

You can also enable tax-loss harvesting to minimize your taxable investment income by selling investment losses to offset your investment gains.

You will answer several questions about your age, investment goals and risk tolerance to recommend an investment portfolio of stock and bond index ETFs.

As you grow older, Betterment shifts your portfolio to a more conservative allocation.

Not having to manage your portfolio is one advantage of using a robo-advisor when you don’t have the time or desire to self-manage your investments.

Betterment also offers fractional investing so you can buy partial shares of funds to instantly diversify your portfolio.

Other brokers may require you to buy whole shares which makes buying multiple funds at once difficult if you have limited funds.

You can create a portfolio with $0 and start investing with a $10 initial deposit. The annual account fee for Betterment is 0.25% of your portfolio value.

Acorns

Another unique way to invest in index funds is by using Acorns. This micro-investing app invests your spare change by rounding up your debit and credit card purchases.

You can choose to invest in a premade portfolio of stocks and bonds with different risk levels.

Acorns buys fractional shares of index ETFs when with as little as $5. Taxable and retirement investment accounts are available along with an online checking account.

Monthly plan fees range between $1 and $5 per month.

2. Workplace Retirement Accounts

A workplace retirement account such as a 401k, 403b or a Thrift Savings Plan (TSP), this can be the best place to start investing with little money. See if your employer offers matching contributions. If so, invest enough each month to earn the full match and invest “free money.”

If your workplace doesn’t offer a retirement plan or matching contributions, you can open an individual retirement account (IRA). Most brokers offer IRAs with no account fees or minimum initial deposits. You have multiple investment options.

One perk of investing with a retirement account is the tax benefits. You only pay taxes once. Traditional contributions reduce your current annual income, grow tax-deferred and you pay income taxes when you make a withdrawal. Roth contributions require you to pay income taxes upfront but your withdrawals are tax-free.

Your workplace retirement account investment options can include:

Stock index mutual funds
Bond index mutual funds
Target date funds
Company stock

The investment options are different for each employer yet most plans offer target date funds. Choosing a target date fund that’s nearest to your planned retirement year can be a good option. The fund invests in stocks and bonds and adjusts to a conservative risk tolerance as retirement approaches.

If you only decide to invest in a target date fund, you won’t have to rebalance your asset allocation. However, you should monitor the target date fund performance. You may also decide to self-manage your portfolio by buying index funds to reduce your investment fees.

You can invest as little as $1 at a time into each fund. If you’re uncomfortable managing your own retirement account, Blooom can provide a free portfolio analysis and recommend a portfolio allocation.

Minimum investment: $1

3. Individual Stocks

After establishing an index fund portfolio, you may decide to buy stock in individual companies. There are many online brokers to choose from and most don’t charge account fees or trade commissions to buy or sell shares.

You may decide to buy dividend-paying stocks to earn consistent passive income. Another option is holding companies with strong growth potential that can beat the stock market but may not pay a dividend.

M1 Finance is one of the best free investing apps. You can buy fractional shares of stocks and ETFs with a minimum $25 investment. There are also premade ETF portfolios that can make it easier to diversify. As you invest new money, M1 rebalances your asset allocation.

The minimum initial deposit is $100 for taxable accounts and $500 for retirement accounts to start using M1 Finance.

You can also consider investing with Charles Schwab. You can buy fractional stock slices as small as $5 for many stocks and there are no trade fees or account minimums. But, you will need to self-manage your investment portfolio.

Minimum investment: $5

Tip: Using one of the top investment sites can make it easier to research stocks.

4. Crowdfunded Real Estate

Real estate is a longstanding way to earn passive income without relying on the stock market. However, owning investment properties is expensive and can be time-consuming.

Thanks to real estate crowdfunding, you can invest small amounts of money into commercial and multi-family real estate. These properties have multiple tenants and can provide a more stable income than a single-family rental property. A property manager screens the tenants, collects rent and makes repairs.

You can earn recurring dividends from monthly rent payments. It’s also possible to make money when a property sells for a higher value than the original purchase price.

DiversyFund is one of the best crowdfunding platforms. You can start investing as little as $500. The Growth REIT lets you invest in multifamily apartments across the United States.

One downside of crowdfunded real estate is the multi-year investment commitment. Most platforms require a five-year investment to avoid early redemption fees. As a tradeoff for the long-term commitment, you can earn annual returns that compete with the historical S&P 500 average return of 7% per year.

Minimum investment: $500

5. Small Business Bonds

The bond index funds you invest in hold corporate and government debt. Investing in small business bonds can help you earn a higher yield. Worthy Bonds yield 5% per year and let you invest as little as $10 at a time.

Each bond matures in 36 months but you can sell your position sooner with no early withdrawal penalty.

Read our Worthy Bonds review to learn more.

Minimum investment: $10

6. High-Yield Savings Accounts

It’s wise to keep cash that you need instant access to in a high-yield savings account. Banks are a low-risk way to earn passive income but your returns are not as high.

You might consider keeping your emergency fund in a high-yield savings account that doesn’t charge any account fees. Also, consider opening separate “sinking fund” accounts for various savings goals to avoid borrowing money. A savings account can also be a good place to park cash until you decide where to invest it and earn a higher potential return.

Ally Bank has a competitive interest rate for the high-yield savings account. There are no account fees or minimum balance requirements. The Surprise Savings booster tool can help you calculate a “safe-to-spend” amount and transfer your extra cash into savings.

Minimum investment: $1

7. Certificates of Deposit

Investing in stocks and bonds can provide higher investment returns but carry more risk. A bank certificate of deposit locks in a specific interest rate for the investment term. For example, a 12-month term CD has the same interest rate for the next 12 months.

Instead of keeping your free cash in an interest-bearing savings account, consider opening a bank CD with a similar or higher interest rate.

If the savings account interest rate drops, the CD can earn more interest until the CD matures. Most CDs have early redemption penalties if you withdraw the cash before the term ends. At the end of the term, you can redeem your CD balance penalty-free or renew the CD at the then-current term.

Some banks, including CIT Bank, offer no-penalty CDs. These CDs don’t charge an early withdrawal penalty but may offer lower yields than a term CD.

As bank interest rates are low, the passive income you earn from CDs can be lower than the inflation rate. But earning some interest income can be better than nothing.

Minimum investment: $100

8. Peer-to-Peer Investing

You earn income from savings accounts and bank CDs as the bank lends your money at a higher interest rate. Peer-to-peer lending platforms let you earn a higher rate as you lend directly to the borrower and bypass the bank.

Prosper lets you invest in crowdfunded personal loans with a three-year or five-year repayment term. Borrowers make monthly payments and you make money from the interest payment, minus a 1% service fee. The historical annual returns are between 3.5% and 7.6%.

You can lose money if the borrower defaults on the loan. To avoid losing money, Prosper lets you buy notes in $25 increments and recommends a $2,500 initial investment to properly diversify. You can invest in multiple loans to diversify your portfolio.

Prosper also assigns each borrower a risk rating and you can see basic credit profile details. There’s also an auto-invest feature that spreads your investment across multiple risk ratings. You might be able to easily diversify your portfolio by auto-investing and avoid investing in too many risky loans.

Minimum investment: $25

9. Physical Gold

Precious metals such as physical gold and silver are a popular alternative asset. Unless you invest in gold royalty stocks, you won’t earn dividend income. You make money by selling your precious metal investments above your purchase price.

Buying gold coins and bars can be one of the best ways to invest in gold. Physical gold is expensive and you may not be able to buy an entire ounce or gram at once.

Vaulted lets you buy fractional shares of physical gold bars. Your stash is held at the Royal Canadian Mint. Once your balance is high enough, you can request FedEx delivery to receive your physical gold. There is a 1.8% transaction fee to buy or sell and a 0.4% annual maintenance fee.

It’s also possible to invest in gold trust ETFs that trade on the stock market. Most investing apps let you trade these funds. The share price mimics the price of physical gold.

But most gold ETFs don’t offer physical delivery as the fund family owns the bullion.

Minimum investment: $10

10. Cryptocurrency

When you’re deciding what to invest in first, cryptocurrency probably isn’t going to be at the top of the list. After all, this digital asset is highly volatile and doesn’t earn interest.

Many people who buy crypto do so as an alternative to stocks and gold.

For example, you might buy cryptocurrency as a way to diversify once you hold a sufficient amount of stocks, index funds and gold.

The most popular cryptocurrency is Bitcoin. This cryptocoin has the best name recognition and more merchants accept it as payment instead of paper currency.

There are other “alt-coins” like Ethereum that can also be worth owning if you believe in the long-term potential of cryptocurrency.

It has been fairly difficult to buy cryptocurrency but more platforms are making it easy to buy cryptocurrency. PayPal and Square let you buy Bitcoin and use it to pay for purchases.

However, you won’t be able to move your Bitcoin balance off of their platform.

Another easy way to buy cryptocurrency is through an online broker like eToro. You can trade cryptocurrency futures after a minimum $50 initial deposit.

EToro also lets you copy the investment portfolios of experienced cryptocurrency investors which can improve your income potential.

A third way to buy cryptocurrency is using a digital currency exchange such as Coinbase. Buying directly from an exchange lets you own real Bitcoin and alt-coins. You can transfer them to a cryptocurrency wallet for added security from hackers.

No matter where you decide to buy cryptocurrency, you can buy fractional shares of Bitcoin and other coins. Investment minimums and transaction fees vary by platform.

Minimum investment: $2 (varies by platform)

11. Treasury Bonds

Most investors get exposure to government bonds by holding bond index funds in their brokerage account or 401k workplace retirement plan.

As bonds can be pricey and confusing to buy, bond funds make it easy to earn passive income.

You can have more control over which bonds you own by buying U.S. Treasury bonds. You can choose the maturity date. Each Treasury bond has a $100 minimum investment with a maturity date of up to 30 years.

It’s also possible to buy Treasury Inflation-Protected Securities (TIPs) as a hedge against future inflation.

Another option is purchasing Series I or Series EE Savings Bonds. Both types of savings bonds have a $25 minimum investment.

You can buy Treasury bonds from TreasuryDirect.

Minimum investment: $100 for Treasury notes and bonds ($25 for savings bonds)

12. Fine Wine

A long-term investing idea is owning fine wine. You can open a standard portfolio at Vinovest with a $1,000 minimum initial investment.

Vinovest automatically builds your wine portfolio making it easy to start if you’re unfamiliar with wine investing.

Each bottle in your portfolio remains in climate-controlled cellars across the world and is insured against damages. You decide when to sell your wine. It’s possible to request delivery if you want to open a bottle.

Collectible wine can increase in value as it ages and the scarcity of unopened bottles increases. Wine investing is like owning physical gold and doesn’t earn dividend income.

It can take up to 30 years to earn the best value before you sell a bottle.

Minimum investment: $1,000

13. Fine Art

Another unique investment option is investing in fine art. Masterworks lets you buy shares in classic and modern pieces with a $1,000 minimum investment.

The holding period for most pieces is between three and ten years. You earn a profit if the piece sells for a profit.

Due to the relatively high initial minimum investment and waiting years to earn income, you may invest small amounts of money in other ideas first to make money fast.

Minimum investments: $1,000

Summary

There are many ways to start investing little money today and earn recurring income. Many platforms have small minimum investments which make it easy to try several ideas and diversify your portfolio.

As you increase your income, you can boost your monthly investment.

How do you invest your money? Which idea are you going to try first?

Josh is a personal finance writer and Founder of MoneyBuffalo.com. He has been featured in publications like Student Loan Hero, Well Kept Wallet and the US News and World Report.

Source: debtdiscipline.com

Traditional or Roth IRA

The SIMPLE IRA

The SEP IRA

The Solo 401(k)

Profit-sharing plans

New comparability plans

What plan is best for your business?

What You Give to Your Employees is Theirs-Immediately

Employers Have To Match in a SIMPLE IRA

The Employees Control the Investments

Employees Can Defer, Too.

No Borrowing Allowed

The SIMPLE IRA Two-year Rule.

What is a Community Development Financial Institution (CDFI)?

CDFI Certification

How did the concept of CDFIs start?

Types of CDFIs

Community Development Banks

Community Development Credit Unions

Community Development Loan Funds

Community Development Venture Capital Funds

Microenterprise Development Loan Funds

Community Development Financial Institution (CDFI) Consortia

Understanding Community Development Financial Institutions

What’s the federal government’s role in CDFIs?

How has that federal role changed over time?

CDFIs’ Role in Financial Inclusion

Business Model

CDFIs Provide Opportunity for All

Types of CDFIs

“Newer” CDFI Resources

CDFIs as Capital Plus Institutions

Emergency Capital Investment Program (ECIP)

Paycheck Protection Program Liquidity Facility (PPPLF)

CDFI Rapid Response Program

Table of Contents

FAQ

What is the VA Loan Limit?

How to Apply for a VA Home Loan?

What is the Median Home Price?

How much are the VA Appraisal Fees?

Do I need Flood Insurance?

How do I learn about Property Taxes?

What is the Population?

What are the major cities?

About Plumas County

Veteran Information

Apply for a VA Home Loan

VA Approved Condos

Links

1. Optimize your website for mobile

2. Create business profiles

3. Understand your target audience

4. Invest in local marketing

5. Start a blog as part of your content marketing strategy

6. Engage on social media platforms that suit your business

7. Build your contact list to maximize email marketing

8. Encourage customers to leave online reviews

9. Use digital ads to reach your target audience

10. Explore influencer marketing opportunities

11. Use SMS marketing to build customer loyalty

12. Respond to online feedback

13. Monitor your campaigns and adjust your strategy

14. Spend within your marketing budget

10 Best Online Checking Accounts

1. Chime Checking Account

Key Features

2. Axos Bank Rewards Checking

Key Features

3. Current Account

Key Features

4. SoFi Checking and Savings Account

Key Features

5. Ally Bank Interest Checking Account

Key Features

6. Consumers Credit Union Serious Interest Checking

Key Features

7. Quontic High Interest Checking

Key Features

8. Alliant Credit Union High-Rate Checking