Loan advance – Photo Bolsillo http://photobolsillo.com/ Fri, 11 Nov 2022 03:09:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://photobolsillo.com/wp-content/uploads/2021/08/cropped-icon-32x32.png Loan advance – Photo Bolsillo http://photobolsillo.com/ 32 32 How to keep your credit score safe – NBC 5 Dallas-Fort Worth https://photobolsillo.com/how-to-keep-your-credit-score-safe-nbc-5-dallas-fort-worth/ Fri, 11 Nov 2022 03:09:00 +0000 https://photobolsillo.com/how-to-keep-your-credit-score-safe-nbc-5-dallas-fort-worth/ A student from North Texas contacted our NBC 5 and Telemundo 39 Responde teams after learning of thousands of dollars in debt incurred in his name. Find out what parents can do now to help protect their children’s financial future. ‘THIS IS REALLY STRESSFUL FOR ME‘ Shortly after turning 18, Josue Guevara said he went […]]]>

A student from North Texas contacted our NBC 5 and Telemundo 39 Responde teams after learning of thousands of dollars in debt incurred in his name.

Find out what parents can do now to help protect their children’s financial future.

‘THIS IS REALLY STRESSFUL FOR ME

Shortly after turning 18, Josue Guevara said he went to his bank to apply for a credit card for the first time. It was there that he learned that his credit was already in bad shape.

“Surprising to me. I ran out of words,” Guevara said.

Guevara said he discovered thousands of dollars in debt, accumulated in his name, from when he was just a baby.

“They even said I owed $40,000, which is important to me because the highest amount I’ve had in my hands is $100, not $40,000,” Guevara said.

The student has filed a police report and is struggling to unravel years of debt that he says doesn’t belong to him. Guevara worries that it will be difficult to obtain student loans to continue her studies once her scholarships run out.

“I really want to solve this problem because it’s really stressful for me,” Guevara said.

IDENTITIES OF TARGETED CHILDREN

“Stories of identity theft from children are absolutely heartbreaking because these are young people trying to get started,” said Eva Velasquez, President and CEO of the Identity Theft Resource Center.

Velasquez explained that children’s identities are an attractive target for thieves. With a few data points including a Social Security number, full name and date of birth, Velasquez said a thief can make a few changes to start spending.

“There is no file for this child in the credit reporting agencies, one will then be created with this new date of birth, the social security number and the thief is building this credit file for this minor”, Velasquez said. “A lot of times they’ll tap into it and take advantage of it until they’ve maxed out the lines of credit, and then they’ll walk away.”

While adults watching bank statements, tax returns, and credit reports can spot a problem early, a child’s identity theft can go undetected for years.

A Javelin A Strategy & Research study published in 2021 estimates that child identity fraud affects one in 50 children each year. The same study indicates that children’s personal information is increasingly being targeted by criminals and people the child may know.

Javelin’s study indicates that most, 73%, of child victims of identification know their abusers.

STEPS PARENTS CAN TAKE

Parents can take steps to make their children a harder target for identity theft.

First check if your child has a credit report at all three credit bureaus: Experian, Equifax and TransUnion.

“You can, as a parent or legal guardian, check your child’s credit report or request one for free to make sure nothing is wrong. If there’s no credit report on file with Experian, that’s a good thing,” says Rod Griffin, Director of Public Education and Advocacy at Experian.

Parents should complete documentation to prove they are entitled to this information. If the child is under 16, parents can also freeze their child’s credit report with each of the three credit bureaus free of charge.

Here are links to instructions for freezing a minor’s credit report at Experian, Equifax and Transunion.

Parents must fill out an application for the freeze and send it, along with a copy of their child’s birth certificate and social security card, by mail.

“I understand that some parents are wary of sending paper documents in the mail, and that’s a valid fear, but I’m more concerned that the child’s credentials are already in the wild. , which they most likely are, and trying to reduce that risk surfaced by freezing credit,” Velasquez said.

There are other safeguards that parents can take. The Federal Trade Commission says parents should question any form or document asking for personal information about their child. Ask if it’s really necessary to share your child’s social security number on a standard form. If so, ask how this information will be protected and whether it is possible to use a different ID or just the last four digits of the child’s SSN.

Studies show that people you know can pose a risk, so don’t share too much information about your child on social media. Also watch what your kids are sharing.

RED FLAGS

Velasquez said parents should act quickly if they receive collection letters, bills, credit card offers or other personal financial correspondence on behalf of their child. Don’t assume this is a clerical error.

“It could just be a mistake, but you won’t know until you follow up. The sooner you catch these issues, the easier it is to fix them,” Velasquez said.

If you’re being denied government benefits because someone is already using your child’s social security number, that’s a red flag. Parents should also take action if someone calls about an overdue bill on their child’s behalf, but it’s not an account you opened for the child.

RESOURCES

If you learn your child has been the victim of identity theft, the FTC says you should report fraudulent accounts. Contact each company’s anti-fraud department to close the account. Ask for written confirmation that your child is not responsible for the fees.

Contact all three credit bureaus to report that someone has used your child’s information. Request that fraudulent accounts be removed from your child’s credit report.

The Identity Theft Resource Center offers a helpline to guide consumers through the steps they can take.

The Federal Trade Commission also has information on identifying and preventing child identity theft. here.

If you are a victim of identity theft, you can report it here.

NBC 5 Responds is committed to finding your concerns and getting your money back. Our goal is to provide you with answers and, where possible, solutions and resolution. Call us at 844-5RESPND (844-573-7763) or complete our customer complaint form.

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How to Get a $50,000 Personal Loan – Forbes Advisor https://photobolsillo.com/how-to-get-a-50000-personal-loan-forbes-advisor/ Tue, 01 Nov 2022 00:06:16 +0000 https://photobolsillo.com/how-to-get-a-50000-personal-loan-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. A personal loan is a financing option that you can use to cover a variety of different expenses. Whether you need a loan for debt consolidation, home improvement projects, or something else […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

A personal loan is a financing option that you can use to cover a variety of different expenses. Whether you need a loan for debt consolidation, home improvement projects, or something else entirely, a personal loan can make your goals more manageable.

Larger personal loans of $50,000 can be offered to qualified individuals through various financial institutions and online lenders. Follow these five steps to get a $50,000 loan.

1. Consider qualification requirements

The first step is to review the qualification requirements of different lenders. Here are some commonalities personal loan terms you might encounter.

  • Minimum credit score: You should check your credit score to get an idea of ​​how your credit measures up to lenders’ standards. We recommend a minimum score of 670.
  • Revenue: Some lenders may want confirmation that you earn a minimum wage before giving you a personal loan, but not all lenders will disclose the minimum income they require.
  • Debt-to-income ratio (DTI). If you have too much debt relative to your income, you may struggle to qualify for financing, especially a $50,000 personal loan. A DTI of less than 36% is ideal, although some lenders will approve a highly qualified applicant with a ratio of up to 50%.

As you review lender requirements, make a list of personal loans you think you might be eligible for. You should also keep a separate list of lenders who are unlikely to approve your application so you know which ones to avoid.

2. Prequalify with multiple lenders

Once you have a list of lenders you think could work with you, check to see if any of them offer prequalification. Many lenders allow interested borrowers to prequalify for a loan, allowing you to see what terms you may qualify for when you apply, although they are unsecured. Prequalification usually only requires a flexible credit applicationwhich has no impact on your credit score.

3. Compare your offers

Then it’s time to compare your pre-qualified loan offers and choose the best personal loan for you. Of course, you will want to pay close attention to the interest rates offered by different lenders. A lower interest rate has the potential to save you a lot of money on your loan.

However, there are other details that could influence your decision, including:

  • Fees (opening fees, application fees, prepayment penalty, etc.)
  • Loan amount (can you borrow up to $50,000?)
  • Repayment period
  • Monthly payment
  • Uses of the loan
  • Funding speed

4. Complete and submit your application

After making your final choice, complete and submit your official loan application. You should expect to provide more information on your full application than on your initial prequalification form.

Here are some of the details and documents your potential lender may request when you apply for a personal loan:

  • Personal information (name, address, social security number, date of birth, etc.)
  • Employer and job title
  • Income and proof of income (e.g. pay stubs, tax returns, etc.)
  • Chequing and savings account balances
  • Copies of bank statements
  • Monthly rent or mortgage payment

5. Manage and repay your loan

If approved, you should receive final loan documents that confirm the details of your loan agreement, such as your interest rate, repayment term, monthly payment, and loan amount.

Lenders ask you to sign your loan agreement to confirm that you accept the terms and conditions of the financing. After your signature, the lender can begin the process of sending you the loan proceeds. You can expect a direct deposit to your bank account the same day or within a few days.

Once you have received your loan proceeds, your loan repayment period begins. The lender will expect you to start repaying your loan according to the terms set out in your loan agreement. Some lenders may offer you a rate reduction if you sign up for autopay.

How to get a $50,000 loan with bad credit

Qualifying for a $50,000 personal loan with bad credit can be a challenge. Many lenders are unwilling to approve a borrower for a personal loan unless they have at least one fair credit score or better.

However, you may be able to find lenders willing to work with you if you have bad credit. Of course, your income, DTI ratio, and other factors will also need to meet the lender’s borrowing criteria. Your credit alone does not guarantee loan approval.

If you are able to qualify for a personal loan with bad credit, you must be prepared to pay higher interest rates and fees in exchange for the credit risk you pose as a borrower with bad credit. credit. Additionally, bad credit can limit the amount of loan you are eligible for.

Where to get a $50,000 loan

Long term costs of a $50,000 loan

It is always wise to calculate the cost of a loan before making your final decision on whether or not to accept an offer. You can use tools like Forbes Advisor personal loan calculator to estimate the monthly payments and overall interest you would pay over the life of a loan.

If you take out a low-interest loan for consolidate debt, a new personal loan could help you save money in the long run. But even in this scenario, you must commit to not accumulating additional debt after consolidation. Otherwise, you could end up with bigger debt problems down the road.

Conclusion

Exit $50,000 Personal loan could be useful in many different financial scenarios. However, it is important to make an honest assessment of your situation before committing to such debt.

If you think a $50,000 loan is right for you, be sure to shop around for the best deal available. It’s important to get the lowest interest rate and fees possible, especially when borrowing larger sums of money.

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$100 Instant Loan Apps: No Credit Check Required https://photobolsillo.com/100-instant-loan-apps-no-credit-check-required/ Fri, 28 Oct 2022 22:21:36 +0000 https://photobolsillo.com/100-instant-loan-apps-no-credit-check-required/ RapidEye/Getty Images There are times when you need a small amount of money to cover a bank overdraft or an unexpected expense. However, applying for a loan to borrow a few dollars is usually not worth it. Luckily, an instant $100 loan application can help you cover a smart shortfall right away. The following instant […]]]>

RapidEye/Getty Images

There are times when you need a small amount of money to cover a bank overdraft or an unexpected expense. However, applying for a loan to borrow a few dollars is usually not worth it. Luckily, an instant $100 loan application can help you cover a smart shortfall right away. The following instant $100 loan application options are best when you need a cash advance.

7 instant loan apps that don’t check your credit

Here are seven apps that will lend you $100 fast — and won’t check your credit first.

1. Win

The Earnings app is one of the cheapest ways to borrow up to $100 a day. Unlike many other cash advance apps, there are no subscription fees or hidden charges. Instead, Earnin asks you to send a tip that you deem fair in appreciation of the loan.

To borrow with Earnin, you will need to show that you are receiving a paycheck. As mentioned, you can borrow up to $100 per day of your income. One of Earnin’s best points is its user-friendliness. There are no credit checks and no hidden fees. In addition, an interest-free period makes it possible to borrow money at low cost. Earnin will keep a tally of what you borrowed and withdraw the funds to repay the loan on your next paycheck.

2.David

David is an excellent banking alternative. You can manage all your banking needs using the app and a linked debit card. And if you regularly need a quick cash boost, having an account with Dave could be a lifesaver. You can borrow up to $500 in ExtraCash, interest-free. All you need is to have direct deposit installation.

There is a $1 monthly membership fee when banking with Dave. However, there are no other fees, such as monthly maintenance, minimum balance, overdraft or ATM fees. Plus, receiving your paycheck as a direct deposit means you could get paid up to two days earlier than expected. If you’re wondering if opening an account with Dave is worth it, the fact that you can borrow up to $500 quickly without interest or fees could be a big selling point.

3. Bridget

Brigitte can give you a cash advance with no credit check or fees up to $250. There’s a $9.99 monthly membership fee to borrow from Brigit, but it might be worth it if you tend to ask for cash advances often.

Brigit also offers ways to build your credit, such as a 12 or 24 month loan. When you borrow, the Brigit app will deposit the amount into a Credit Builder deposit account. You will need to choose a monthly repayment amount between $1 and $24 for a 12 month loan and between $1 and $50 for a 24 month loan. Brigit will report your payment history to the credit bureaus, helping you boost your credit score when you repay your loan on time.

4. Payactiv

payactiv is one of the greatest payday advance services available. More than 1,500 employers including walmart and Uber offer employees access to Payactiv. Each employer will determine the amount they will allow an employee to borrow against their earned wages. However, even if you don’t work for a participating employer, you can still use Payactiv as a banking alternative.

When you borrow against your future paycheque, the funds can be deposited into a Bank account or card to use for whatever you need. The money you borrowed as a cash advance will be deducted from your next paycheque.

5. Chime

Carillon is a financial alternative for anyone who cannot or does not want to open a current account in a traditional bank. After applying for a Chime account, you will receive two accounts: a spending account for paying bills, which is similar to a checking account, and a backup account.

All financial tasks are performed through the Chime app. When using Chime, you may receive a push notification prompting you to get a Chime instant loan. Chime loans start at $100, depending on the amount of direct deposits you receive and your activity.

Chime loans must be repaid in three monthly installments. When you take out a Chime instant loan, you pay a fee of $5 per $100. Once you have repaid a loan, you can receive another loan offer as a notification through the app. Overtime, Carillon may offer you a higher loan amount.

6. Silver Lion

MoneyLion offers interest-free, credit-check-free cash advances up to $250. Best of all, funds are available within minutes. The main eligibility requirements for getting a MoneyLion loan include having a current account open for at least two months and steady banking activity with regular deposits.

When you need to borrow more, MoneyLion offers Credit Builder Plus Loans up to $1,000. To access larger loans from Credit Builder, you will need to pay a monthly subscription fee of $19.99 per month. Credit Builder Loans must be repaid over 12 months. Your lending activity and payments will be reported to the credit bureaus to help you establish your credit.

7.Albert

You can borrow up to $250 for free when you are in need from Albert. There’s no late fee or interest charged when you borrow money. To qualify, you will need to receive a regular paycheck. The funds you need are borrowed from your next paycheck.

Albert charges a small fee if you need the cash advance immediately. Or you can wait two to three days to receive the funds for free. As long as you continue to repay your Albert cash advances, you are entitled to up to three cash advances per pay period.

Carry

Life happens, and sometimes you need a quick push to handle things. cash advance apps allows you to quickly borrow the funds you need. The instant $100 loan apps reviewed here are some of the best. Most don’t run a credit check and charge little to no fees, so you can make ends meet quickly.

FAQs

  • Which app can I borrow $100 from?
    • There are several instant $100 loan apps you can choose from to borrow a small amount of money quickly. This guide goes over the main options like Chime, Dave and more.
  • Which apps lend you money instantly?
    • If you’re looking for a small amount of cash, there are instant $100 loan apps like Brigit, Dave, and Earnin to borrow money quickly. Even better, you can continue to borrow money instantly as long as you repay your loan.
  • Which app will lend me $20?
    • This guide reviews the best $100 instant loan apps that make it easy to borrow a small amount of money fast. You can borrow up to $100 to $250 with minimal effort.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

Chime is a fintech company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, NA; FDIC members.

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Home Equity Loans Vs. Personal Loans: A Guide https://photobolsillo.com/home-equity-loans-vs-personal-loans-a-guide/ Wed, 26 Oct 2022 21:41:03 +0000 https://photobolsillo.com/home-equity-loans-vs-personal-loans-a-guide/ Home Equity Loan Vs. Personal Loan: Questions to Ask to Help You Decide What are your plans? There are many reasons to take out a loan, but knowing why you need the money can help you decide which loan is right for you. If you plan to complete home renovations, you may be able to […]]]>

Home Equity Loan Vs. Personal Loan: Questions to Ask to Help You Decide

What are your plans?

There are many reasons to take out a loan, but knowing why you need the money can help you decide which loan is right for you. If you plan to complete home renovations, you may be able to deduct the interest on the loan with a home equity loan.

But if you don’t own a home or want to consolidate debt, a personal loan may be better suited to your needs. The timeliness of your plans could also affect which loan is best for you, which we’ll discuss later.

What is your credit situation?

If you’re not sure what your credit report looks like, be sure to check before deciding which loan to choose. If you have good to excellent credit, you can qualify for a personal loan and take advantage of their lower fees. However, if you have a bad credit score, you may not be able to get a personal loan.

If you own a home and have some equity, a home equity loan may be the best choice for you. Keep in mind that you may not qualify for better interest rates if you apply for a home equity loan and your credit is weak.

How urgently do you need money?

If the time it takes to get a loan is a big factor, the big winner is the personal loan. The process for a home equity loan includes determining the value of your home, which adds a few extra steps that a personal loan does not require. A home equity loan requires an application, underwriting and possibly an appraisal before the loan is granted.

So if you’re not in a rush and want to do some renovations in the future, a home equity loan is always a great option. However, if you need money for an emergency, a personal loan is a better option. A personal loan can usually take a few days or a week for the borrower to receive the money, while a home equity loan can take up to a month.

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In a pinch? Here are the four loans you can get the fastest https://photobolsillo.com/in-a-pinch-here-are-the-four-loans-you-can-get-the-fastest/ Sun, 23 Oct 2022 14:30:49 +0000 https://photobolsillo.com/in-a-pinch-here-are-the-four-loans-you-can-get-the-fastest/ Image source: Getty Images When you’re in a bind and need cash fast, it’s important to know what your options are. There are different types of loans that you can get relatively quickly, depending on your needs. Before taking out a personal loan, it’s important to understand the different types of personal loans and find […]]]>

Image source: Getty Images

When you’re in a bind and need cash fast, it’s important to know what your options are. There are different types of loans that you can get relatively quickly, depending on your needs. Before taking out a personal loan, it’s important to understand the different types of personal loans and find the one that’s right for you. Here are four of the most common.

1. Credit cards

If you have good credit, you may be able to get a cash advance on your credit card. This is usually a quick and easy process, but it will come with high interest rates. So if you are able to repay the loan quickly, this could be a good option. Cash advances can be very useful in an emergency situation when you need money immediately.

Find out: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

Another benefit of using a credit card for a cash advance is that you may already have money available on your line of credit that you can use. This can be useful if you don’t want to take out a new loan or use other assets as collateral. However, using a credit card for a cash advance also has some drawbacks. First, as mentioned earlier, interest rates on cash advances are usually very high. This means that if you don’t repay the loan quickly, you could end up paying a lot of interest. Also, most credit cards have limits on how much you can borrow as a loan. So if you need a large sum of money, this might not be the best option.

2. Payday Loans

Payday loans are one of the fastest ways to get cash, but they come with high interest rates and fees. They’re usually only for small amounts of money, so if you need a lot of cash quickly, they’re probably not the best option. However, if you just need a little extra money to last you until your next paycheck, a payday loan might work. Payday loans are not ideal, Nevertheless. These are short-term, high-interest loans, usually due by your next payday in a single amount. Currently, 37 states regulate payday loans due to their high costs.

Payday loans are usually for $500 or less and are due on your next payday. Depending on state laws, people can get payday loans online or through a storefront lender. A typical two-week payday loan can have annual percentage rates (APR) as high as 400%. By comparison, credit card APRs can range from 12% to 30%. Payday loans should be considered an option of last resort.

3. Pawnbroker

Pawnbrokers are short-term loans secured by an object of value that people bring to a pawnbroker. As they are backed by the value of the object, they are cheaper than payday loans but are more expensive than a conventional loan. Pawnbrokers are regulated by the government. This type of loan is ideal for people who need cash quickly without a credit check.

Loan terms vary by pawnbroker. People can use valuables, such as jewelry or electronics, to get a loan based on the value of the item. No credit check is required. Those who may not qualify for a traditional loan can consider a pawnbroker. Once the loan amount is paid off, you will receive your items. If you don’t pay it back, the pawnbroker can seize the secured items.

4. Securities Lending

Title loans are another quick way to get cash. They are short lived secured personal loans supported by your car. Financial institutions put a lien on your car. If you are unable to repay the loan, they can seize your car, as it is used as collateral. Title loans generally do not consider your credit and can be approved quickly. However, a title loan is very expensive, with an APR of around 300%.

These are four of the most common types of loans that you can get relatively quickly. Consider which one best suits your needs and compare interest rates and fees before you apply. Understand how these personal loans work can help you make a smarter decision.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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8 alarming signs that you could be sabotaging your finances https://photobolsillo.com/8-alarming-signs-that-you-could-be-sabotaging-your-finances/ Fri, 21 Oct 2022 02:15:27 +0000 https://photobolsillo.com/8-alarming-signs-that-you-could-be-sabotaging-your-finances/ Managing your finances can be stressful, and many people make mistakes along the way. Unfortunately, the mistakes you make now with your money can take years to recover from, so it’s a good idea to do what you can to avoid them in the first place. Avoiding these pitfalls and setting achievable financial milestones will […]]]>

Managing your finances can be stressful, and many people make mistakes along the way. Unfortunately, the mistakes you make now with your money can take years to recover from, so it’s a good idea to do what you can to avoid them in the first place. Avoiding these pitfalls and setting achievable financial milestones will put you on the right path to a comfortable retirement.

Here are some of the most common ways people hurt their finances and what you can do to protect yourself.

6 smart ways to crush your debt today

1. Not taking advantage of matching contributions to your retirement plan

To satisfy employees, some companies offer top-up pension contributions. If your company has an employer-sponsored retirement plan, such as a 401(k) or 403(b), it may match a portion of your contributions up to a percentage of your salary. It is a common advantage. According to Vanguard’s “How America Saves” study, 51% of employers offered matching contributions.

Unfortunately, many people don’t take advantage of this benefit because they don’t want to lose money on their salary. However, this is a costly mistake that can cost you in the long run.

For example, let’s say you’re 25, earn $40,000 a year, and your employer will match 100% of your contributions, up to 3% of your salary. If you contribute $1,200 per year to your 401(k) – 3% of your salary – your employer will contribute an additional $1,200 per year to your 401(k).

If you stay with your employer for 10 years at the same salary, continue to make those 401(k) contributions and earn the same match, you will receive $12,000 in matching contributions. By the time you turned 35, you would have only contributed $12,000 to your 401(k). But with your employer’s $12,000 in contributions and an average annual return of 8%, your 401(k) would be worth $36,257. That’s over $24,000 of free money that you would otherwise lose.

  • Years of investment: ten

  • 401(k) Starting Balance: $0

  • Your contributions: $12,000

  • Contributions from your employer: $12,000 (100% of your contributions, up to 3% of your salary)

  • Annual rate of return: 8%

  • Total at age 35: $36,257

Talk to your payroll or human resources department to sign up for employer matching and get every dollar you’re entitled to.

2. Save money in a low-interest account

While it’s a good idea to put your money in a savings account in case of bad weather, keeping your money in a low-interest account could cause you to lose interest.

The FDIC reported that the national average annual return as a percentage of savings is 0.21% (as of October 18, 2022). With such a low APY, your money will earn very little interest. However, you can find high-yield savings options that pay much higher rates if you’re willing to shop around.

For instance, Ally has an online savings account that offers 2.35% (as of October 20, 2022) annual percentage yield (APY), and Marcus of Goldman Sachs offers an online savings account with an APY of 2.35% (as of October 18, 2022). Over time, the higher rate can help you earn significantly more interest on your savings.

Compare the best savings accounts.

3. Sell your investments when the stock market goes down

Watching the ebb and flow of the stock market can be frightening. When the value of your investments goes down, you might be tempted to sell your stocks to get some of your money back, but this can cost you dearly in the long run.

According to Morningstar, a leading investing site, over 20 to 30 years you can expect average market returns of 8% to 10% for stocks and 4% to 5% for bonds.

By keeping your money in the stock market rather than selling it, you can ride out market fluctuations and realize long-term gains.

4. Not building credit

Your credit history and credit score play an important role in your life. If you don’t have a strong credit history in your 20s or even 30s, it can be difficult to qualify for a car loan, buy a house, or get approved for an apartment. In fact, your credit can even affect your ability to find a job. In a survey conducted by the National Association of Professional Background Screeners, 44% of employers said they perform credit checks on some or all job applicants.

Warren Buffett Loves These 3 Dividend Stocks That Print Over $1.5 Billion A Year

If your credit is less than stellar, spend some time building your credit history and establishing good credit habits:

  • Make all your payments on time. Your payment history is one of the main factors used to determine your credit score. Make all your monthly payments on time to boost your credit score.

  • Pay off the debt. If you have credit card debt, student loan debt, or medical debt, focus on paying down your balances to reduce your use of credit.

  • Get a secure credit card. If you have bad credit or little or no credit history, you may not qualify for an unsecured credit card. Instead, you can apply for a secured credit card to start building your credit history. Secured credit cards require a security deposit and report your account activity to major credit bureaus.

  • Review your credit report. Regularly review your credit report and look for errors or inaccuracies. You can check your credit report for free at AnnualCreditReport.com. [Note: Typically, you can view a report from each of the three credit bureaus once per year. But due to the COVID-19 outbreak, you can view your credit reports weekly for free through December 2022.]

5. Pay only the minimum due on credit cards

According to the Federal Reserve, the average APR on all credit cards that charge interest was 16.17%, as of February 2022.

If you’ve only paid the minimum – which is usually 2% to 3% of your account balance – it can take you years to get out of credit card debt, and you’ll be paying back thousands of dollars of more than you originally charged.

6 smart ways to crush your debt today

For example, let’s say you had a credit card balance of $3,500 at 16.17% APR. If your minimum monthly payment was $105 per month, it would take you 45 months to pay off your debtand you would pay $1,178 in interest charges.

By increasing your monthly payments, you can lower your interest costs and get out of debt faster. Ideally, you want to pay off your credit card balance in full each month to avoid paying interest entirely.

6. Spend your raises when you get them

If you get a raise, you might end up spending the difference in your salary on new clothes, restaurant meals, or an upgraded apartment. But lifestyle inflation can cause you to live paycheck to paycheck despite your higher income, leaving you at a higher level of risk in the event of an emergency or if you are furloughed or laid off. .

Instead, use your raise strategically. Set aside some of your raise – say 10% to 15% – for fun spending. Deposit the rest of your raise in your savings account or retirement fund.

For example, if you earn $40,000 a year and get a 3% raise, your income will increase by $1,200 a year. You would set aside $180 – 15% of the increase – as extra spending money for entertainment, and the remaining $1,020 would be split between your savings account and your increased retirement contributions.

7. Not saving for an emergency

In a 2018 study, the Federal Reserve found that 40% of Americans would struggle to find $400 to pay for an unexpected expense. If you’re one of the millions of people who can’t afford a sudden car repair, medical bill, or other emergency, you may find yourself in deep debt; just one unexpected expense could derail your finances.

Start building an emergency fund today. While an emergency fund of three to six months worth of expenses is ideal, don’t let that number intimidate you. Set smaller goals, like building a fund of $500 or $1,000 to start with. Set aside some money each pay and add to it each month. Over time, you can build up your savings and give yourself additional security.

6 Ways to Supplement Social Security in 2022

8. Take out loans you can’t repay

Unfortunately, it is very easy to take out loans. Whether it’s a car loan, student loan or personal loan, you can borrow thousands of dollars to finance major purchases. Interest rates can cause you to pay back thousands of dollars more than you originally borrowed, and monthly payments can strain your monthly budget and make you feel like you’re drowning in debt.

To avoid getting into unnecessary debt, take out only the absolutely necessary loans and borrow the minimum amount you need. Apply for loans that you can afford to repay in just a few years and make sure you have a payment plan in place to pay them back on time.

The bottom line

If you’ve made mistakes with your money, you’re not alone; this is a very common problem. The important thing is to recognize some of the most common problems and take steps to prevent them from happening again. By coming up with a plan of action, you can create a more secure financial future. Consider using one of best investment apps to help you learn how to invest money to build a nest egg.

More from FinanceBuzz:

This article 8 alarming signs that you could be sabotaging your finances originally appeared on FinanceBuzz.

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Infinite Banking: what is it and how does it work? https://photobolsillo.com/infinite-banking-what-is-it-and-how-does-it-work/ Mon, 17 Oct 2022 22:06:27 +0000 https://photobolsillo.com/infinite-banking-what-is-it-and-how-does-it-work/ Infinite banking is a way to become your own bank, taking out loans against a permanent life insurance policy. Imagine never having to worry about a Credit checkhigh interest payments or reapplying for a car or student loan – it could be a reality via Infinite Banking. Being your own banker can be a useful […]]]>

Infinite banking is a way to become your own bank, taking out loans against a permanent life insurance policy. Imagine never having to worry about a Credit checkhigh interest payments or reapplying for a car or student loan – it could be a reality via Infinite Banking.

Being your own banker can be a useful tool on your path to financial freedom. Take a closer look at how the infinite bank concept works.

What is Infinite Bank?

Infinite Banking lets you become your own bank by leveraging the value of a dividend-paying permanent life insurance policy. Developed by economist Nelson Nash in the 1980s, Infinite Banking gives you the freedom to access your policy’s cash value by borrowing from yourself and paying it back at any time.

What is the infinite bank concept?

The Infinite Banking concept revolves around a whole life insurance policy. Whole life insurance versus term life insurance, is a permanent life insurance policy. This means that the policy is guaranteed for life as long as the premiums are paid on time. In comparison, a term life insurance policy only lasts for a certain time, such as 20 years, or until a certain age, such as 65.

The premiums for a whole life insurance policy are higher than those for a term life insurance policy. Your monthly premium payments go to three components:

  • Fees and operating costs
  • The part that covers the death benefit
  • The portion of the cash value held in a savings type account

A portion of each premium payment is directed to the savings portion as cash value. This is a unique feature of a whole life policy because you can borrow against this growing portion of the tax-deferred cash value to fund major life expenses such as to buy a house or pay for college. The cash value of your life insurance policy will allow you to become your own banker by following the principles of infinite banking.

How much money is needed for Infinite Banking?

The amount you need to start an infinite bank will depend on your life insurance policy provider. Age can affect the cost of monthly premiums, so it’s often best to start as early as possible. Since you can only borrow against the savings portion of the cash value, a large sum of money must be paid into the insurance policy over time before borrowing against it makes sense. For this reason, infinite banking is not always a good fit for the average American.

Is infinite banking legit?

Although many Americans may never have heard of infinite banking before, it is a legitimate way to borrow money without using traditional bank. Of course, the infinite bank concept may not be for everyone and has its pros and cons.

Benefits of Infinite Banking

According to the Federal Reserve, 9.58% of Americans’ monthly disposable income is currently spent on debt repayment. Infinite Banking focuses on redirecting that money to yourself through privatized banking.

Here are the benefits of IBC:

  • You can borrow for anything you want, without any explanation.
  • There’s no credit checks forced to borrow.
  • Dividends, loans and withdrawals are tax exempt.
  • The policy’s cash value continues to increase throughout the life of the policy, even while you’re borrowing.
  • You can contribute additional money to the value of your policy.
  • You can lend money cash value to family or loved ones.
  • Interest rates are generally lower than for a traditional loan.
  • You can repay yourself at your own pace.
  • You create a financial source by financing your future loans while creating a legacy for your beneficiaries in the form of a death benefit.

Disadvantages of Infinite Banking

Infinite banking requires a long-term strategy and a lot of discipline. The insurer will not establish regular payments on your behalf, but will expect the loan to be repaid. It is up to you to be financially responsible when you are your banker. This has a few drawbacks:

  • Monthly premiums can be high.
  • Unless you make arrangements in advance, the life insurance company will absorb the cash value when you die and the beneficiary will receive the death benefit.
  • If you do not repay the loan, the amount will be deducted from the death benefit.
  • Qualifying for a new whole life insurance policy can be difficult for people who are elderly or in poor health.
  • The amount paid out for a permanent life insurance policy and the cash value balance could grow more over time in other investments such as a index fund.

How to start Infinite Banking?

If you are interested in the concept of financing, here are some steps to consider to get started. Here’s how to set up infinite banking using a whole life policy:

1. Start young when premiums are lower

Like all life insurance products, premiums are lower when you are younger. Since your premium is locked in for the life of the whole life insurance policy, the sooner you apply, the better.

2. Choose a reputable insurer

Infinite banking is a lifelong process, so be sure to choose from reputable life insurance companies you are sure that you will be there for the long haul.

3. Choose an indirect recognition policy

Whole life insurance contracts pay you dividends on your investment. But if you borrow against their value, the insurer might only pay dividends on what’s in the account. A non-direct recognition policy pays you dividends on the full cash value, even if you borrowed against it.

4. Choose a policy with a cash value rider that benefits your loved ones

In most policies, the life insurance company will absorb the cash value when you die and your beneficiary will receive the death benefit. To avoid losing the cash value you’ve built up over your lifetime, add a rider to your policy that gives the beneficiary both cash value and face value.

5. Add an additional paid rider

Paying your monthly premiums could take a decade or more to create significant cash value that you can borrow against. Adding the paid-in capital gains insurance rider to your policy will allow you to pay more of your cash value to grow it faster.

6. Go ahead and borrow

When you’re ready to borrow, your loan will come from the cash value of your policy, which is used as collateral. Simply call your insurer and request financing. Unlike a traditional loan, you don’t have to explain why you need the money, and the loan won’t affect your credit. The loan is not recognized by the IRS as income, so it is tax free.

7. Get reimbursed

You will be charged interest, although it is likely to be less than interest on a bank loan. Although there is no monthly payment required, you must repay the loan. Take as long as you want to pay it off, but be aware that the loan reduces the death benefit until it’s fully paid off.

Infinite Banking Alternatives

This concept is not suitable for everyone, but there are alternatives to borrow at advantageous rates and see your savings grow over time. The key is consistency and financial discipline. Here are some alternatives:

Traditional banks

Most commercial banks offer a variety of savings and loan products to suit their customers’ needs. Learn more about GOBankingRates’ Annual ranking of the best banks.

credit unions

credit unions are non-profit institutions that reinvest all profits in their products. They offer competitive loan and savings rates that are often better than those of a traditional bank.

High Yield Savings Accounts

Several online banks offer high yield savings accounts which could offer you a higher interest rate than a savings account through a traditional bank.

The Infinite Banking concept in brief

IBC could be a powerful personal finance tool for high net worth individuals who could benefit from tax savings and want the freedom to borrow money quickly. Individuals can borrow against their whole life insurance policy without a credit check or lengthy underwriting process. While this is an excellent resource for financing major expenses such as a college education or real estate, coverage for these types of loans requires a significant investment in the cash value of the policy over time.

Tips

A quality permanent life insurance policy and long term financial plan are needed for the infinite bank to work. Start early, even if you don’t think you’ll need to borrow for years. The younger you buy whole life insurance, the cheaper it is. Getting coverage early also gives you more time to build cash value before you hit big milestones like buying a home or paying for a dependent’s college education.

Chris Ozarowski contributed to the reporting of this article.

Information is accurate as of October 13, 2022.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

This article has been updated with additional reports since its original publication.

This article originally appeared on
GOBankingRates.com:
Infinite Banking: what is it and how does it work?

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Do you need a good credit rating? What they mean for loans, cards https://photobolsillo.com/do-you-need-a-good-credit-rating-what-they-mean-for-loans-cards/ Sat, 15 Oct 2022 13:22:00 +0000 https://photobolsillo.com/do-you-need-a-good-credit-rating-what-they-mean-for-loans-cards/ A low credit score can limit your choice of loans or determine if you can get one. Here’s what you need to know. NEW YORK — You know credit scores exist. You might even know what yours is. But do you know how it’s calculated and why it matters? Your credit score determines whether you […]]]>

A low credit score can limit your choice of loans or determine if you can get one. Here’s what you need to know.

NEW YORK — You know credit scores exist. You might even know what yours is. But do you know how it’s calculated and why it matters?

Your credit score determines whether you can get a credit card, rent an apartment, buy a house, start a business, or even get a cell phone contract.

A low credit score can limit your choice of loans or whether you can get one – and if you can, it could have a high interest rate.

“There’s a huge cost to having a low credit score that happens to people, a real financial cost to them, and it’s a shame that people don’t learn that or know that or don’t lend to it. be careful until it’s usually too late,” said Colleen McCreary, consumer finance advocate at credit karma.

RELATED: Finance Experts Offer 6 Tips to Boost Your Credit Score

Here’s an overview of how you can create healthy habits to avoid having a low credit score:

What is a credit score?

A credit score is a mathematical formula that helps lenders determine how likely you are to repay a loan. Credit scores are based on your credit history and range from 300 to 850.

“It’s a score that’s going to determine how comfortable people are with lending you money,” McCreary said.

If your credit score is high, you can borrow more money. But if it’s low, you can borrow less or no money, or borrow money with a high interest rate, which can then create more debt.

RELATED: Social Security payments get biggest increase in over 40 years

Banks, landlords, and insurance companies look at your credit score to determine the type of credit card you can get approved for, if you’re the right fit for an apartment, and your insurance rate, among other things. .

“Essentially, the bank will say, ‘Hey, you don’t have a good credit rating. Instead of 2% interest, we’re going to give you 3% interest,’” he said. Kristin Myers, editor. of The balance, a personal finance site. “That could mean you’re paying more money over the life of a loan each month.”

How is my credit score calculated?

Although the idea of ​​credit scores is simple, how they are determined is more complicated.

Credit scores can come from several credit reporting agencies. The three most used are Experian, Equifax and Trans Union. Everyone has their own model for calculating credit scores.

Although we generally know what factors go into credit scores, agencies do not share their specific formulas with the public. But each produces a slightly different score.

“One scores like a basketball game, one scores like a football game, and one scores like a hockey game,” said McCreary, who added that you shouldn’t worry if an agency gives you some points less than the others.

RELATED: Student Loan Relief Applications Now Open for Beta Testing: How to Submit Your Information

Since you don’t know which agency your lender will go to to check your credit score, McCreary also recommends that you check all three before applying for major credit.

Here are the factors frequently used to calculate your credit score:

  • Bill payment history
  • Length of credit history
  • Current outstanding debt
  • How much of your available credit you are using
  • New credit applications
  • If you’ve had a debt sent to collection, foreclosure or bankruptcy

One thing that doesn’t affect your credit score is how much money you earn, McCreary said. But you should always be careful to only borrow the amount you can afford to repay.

Other aspects that don’t affect your credit score include your age, location, and demographic information such as race, ethnicity, and gender, according to Experian.

How can I find out my credit score for free?

There are several ways to check your credit score for free. A good place to start is to check if your bank offers this service to its customers. Plus, each of the three credit reporting agencies lets you check your credit score for free.

Everyone is entitled to one free credit report per year from the three annualcreditreport.comaccording to federal government.

Other companies such as NerdWallet, credit karma and WalletHub also offer this service free of charge.

What is a good credit score?

You are considered to have a good credit score if it is 670 or higher. If your credit score is above 750, you’re considered to have an excellent credit score, McCreary said.

“There’s this kind of dream scenario of having a credit score over 800, it’s a very high credit score and very few people ever get there,” McCreary said.

“Fair” credit scores are considered to be between 580 and 669, a credit score below 580 is considered bad credit.

How can I improve my credit rating?

The journey to improving your credit score is different for everyone. But some steps that can help you fight credit card debt include paying at least the minimum monthly payment and, if you can, paying a little more than the minimum in order to pay less. interest over time.

Additionally, McCreary recommends that you try to maintain a balance between your credit or loans and the amount you can afford to repay.

You can read more expert recommendations on how to boost your credit score here.

MORE: Finance experts offer 6 tips to boost your credit score

Does checking my credit score lower it?

Checking your credit score doesn’t lower it unless you do a ” difficult investigationwhich is only done when applying for a line of credit.

Informal inquiries, where you want to know your credit score, do not affect your score and it is a good habit to check your credit often to make sure it is correct.

On the other hand, lenders make tough inquiries when you apply for credit, such as a mortgage or car loan, and these appear on your credit report.

McCreary recommends not applying for multiple credits at the same time as this could hurt your credit score. It’s best to know your credit score ahead of time and then apply when you’re sure your loan will be approved.

Healthy habits for your credit score:

The first step is to check in at least once a year to make sure you’re comfortable with your current credit score.

If you’re considering applying for a large line of credit, you want to check your score a few months in advance and see how you can start improving it. If you’re currently trying to boost your credit score, it’s a good idea to check it often to see if your actions are making a difference.

If you feel you need professional help to improve your credit score, a good place to start is National Association of Personal Financial Advisors ‘ search engine for registered advisors. If you notice an error in your credit file, you can dispute it by contacting the respective credit reporting agencies.

Knowing your credit score and maintaining healthy habits in this regard is essential to having a good credit history. However, it’s important for people to know that their financial worth shouldn’t be tied to their credit score, Myers said.

“It doesn’t mean you’re a bad person or you struggle with money and constantly have to fight,” she said.

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This card will help you build credit while earning money at the same time https://photobolsillo.com/this-card-will-help-you-build-credit-while-earning-money-at-the-same-time/ Thu, 13 Oct 2022 13:17:32 +0000 https://photobolsillo.com/this-card-will-help-you-build-credit-while-earning-money-at-the-same-time/ Your credit score and the ability to take advantage of the loan products it unlocks are powerful wealth-building tools that, unfortunately, are generally not available to those with poor (or limited) credit history. Fortunately, there are options – like the Mission Lane Cash Back Visa® credit card – which can help you rebuild your credit […]]]>

Your credit score and the ability to take advantage of the loan products it unlocks are powerful wealth-building tools that, unfortunately, are generally not available to those with poor (or limited) credit history. Fortunately, there are options – like the Mission Lane Cash Back Visa® credit card – which can help you rebuild your credit while offering rewards at the same time.

Even better? The Mission Lane Cash Back Visa credit card is not a secure card, so it does not require a deposit. Cardholders earn 1.5% cash back on all purchases, making it an intriguing option to help improve your credit.

Keep reading to find out if the Mission Lane Card could be a good option for your wallet.

Subscribe to our daily newsletter

Why credit is important

First, a brief overview of why credit is so important. Your credit score opens the possibility of renting or owning a house; provides access to lines of credit or loans for emergencies, home renovations and major purchases; and even allows you to Earn valuable points and miles with credit cards to travel the world, as we show you how here at TPG.

In short, your credit score and report tell potential lenders how likely you are to pay off your debt. Factors that go into this calculation include your payment history, the age of your oldest line of credit, amounts you owe and more. It’s important to stay in control of your credit because the repercussions of bad credit decisions can take years to heal.

NATEE MEEPIAN/EYEEM/GETTY IMAGES

Related: How to check your credit score for free

Fortunately, there are ways to improve your credit – even with fair or minimal credit – and you can start doing it with the Mission Lane Cash Back Visa Credit Card.

How the Mission Lane Map Works

Even before getting the Mission Lane Cash Back Visa Credit Card, the company watches over you. This is because there is no credit check required to see if you will be able to get the card. You can complete this pre-approval process without negatively affecting the credit you are trying so hard to rebuild. Once you’ve received pre-approval, you can view your card terms before accepting the offer and submitting a formal application.

MISSIONARY WAY

The Mission Lane Cash Back Visa Credit Card is an unsecured credit card, which means you don’t have to pay a deposit to secure a line of credit. This limit can also increase over time, increasing your purchasing power the longer you keep the card. And depending on your creditworthiness, you may not have an annual fee (although the card may have fees of up to $59 for some applicants).

1.5% cash back

Many rewards cards have no annual fee, but the vast majority require very good to excellent credit. This can vary by issuer, but generally means a minimum credit score in the mid-700s. Earning rewards with a card aimed at those with fair credit is rare – until now.

The Mission Lane Cash Back Visa Credit Card earns cardholders up to 1.5% cash back on purchases.

This card presents a unique opportunity for those with fair credit to earn rewards while rebuilding and improving their credit.

@NINA_P_V/TWENTY20

Additional Resources and Tools

But Mission Lane doesn’t just offer a card to help you work towards a higher credit score. Cardholders also have access to tools and resources to learn about your money through Junction, Mission Lane Online Blog. It goes beyond just credit, covering topics like investing, budgeting, and even saving for college.

Articles on Junction cover topics such as:

  • How to use credit to rebuild your credit.
  • Prioritize bills and debts.
  • Manage your finances as a freelancer.

At the end of the line

If you are looking for a credit card that can help you rebuild your credit and secure your financial future, you should seriously consider the Mission Lane Cash Back Visa Credit Card.

The low or no annual fee card requires no deposit and has no hidden fees. You can even get pre-approved and see your card’s terms without thoroughly investigating your credit report before officially applying for the card. Finally, the card earns 1.5% cash back on purchases.

You’re just one step away from improving your credit with Mission Lane. Apply today.

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Nasdaq Bear Market: 3 Surefire Growth Stocks That Can Double Your Money By 2026 https://photobolsillo.com/nasdaq-bear-market-3-surefire-growth-stocks-that-can-double-your-money-by-2026/ Tue, 11 Oct 2022 09:06:00 +0000 https://photobolsillo.com/nasdaq-bear-market-3-surefire-growth-stocks-that-can-double-your-money-by-2026/ It’s been quite a year for Wall Street and the investment community. The very followed S&P500 produced its worst half-year return in more than 50 years. Meanwhile, the iconic Dow Jones Industrial AverageS&P 500 and technology dependent Nasdaq Compound (^IXIC) all plunged into a bear market. The Nasdaq has the worst of all, with a […]]]>

It’s been quite a year for Wall Street and the investment community. The very followed S&P500 produced its worst half-year return in more than 50 years. Meanwhile, the iconic Dow Jones Industrial AverageS&P 500 and technology dependent Nasdaq Compound (^IXIC) all plunged into a bear market. The Nasdaq has the worst of all, with a 34% drop from peak to trough.

While it’s undeniable that bear markets can be nerve-wracking and test the resolve of both regular and new investors, history also shows that they are ideal buying opportunities. Over time, every double-digit percentage decline in major indexes, including the Nasdaq, was eventually erased by a bull market rally.

Image source: Getty Images.

In other words, now is a great time for long-term investors to go shopping – and what better category to focus on than innovative growth stocks? Although it seems like growth stocks have been reduced to a pulp during this bear market, faster-growing companies have historically outperformed during periods of economic weakness.

The following are three surefire growth stocks you can buy during the Nasdaq bear market that have a real chance of doubling your money by 2026.

Assets received

The first supercharged growth stock with the ability to double your money by 2026 is a cloud-based lending platform provider Assets received (UPST 3.11%).

There is no doubt that the next two quarters will be difficult for a lending solutions specialist who has never experienced a real economic downturn before. As interest rates rise, the number of loans processed should decrease. But there’s a lot to like about what we’ve seen from Upstart over the past two years.

Before diving into the specifics of the business, consider this: the average economic contraction only lasts a few quarters. By comparison, expansion periods are almost always measured in years. A lending solutions-focused company like Upstart will spend a disproportionate amount of time profiting from expansion rather than navigating a challenging environment.

As for what makes this company so special, look no further than its artificial intelligence-powered lending platform. Instead of using the same credit-score-focused verification process that the banking industry has relied on for decades, Upstart uses machine learning technology to screen applications. Nearly three-quarters of all loans processed through Upstart are approved and fully automated.

In addition to saving banks and credit unions time and money, Upstart helps by expanding the loan pool. The average credit score for loans approved by Upstart is lower than for loans approved through the traditional verification process. However, the delinquency rate between the two processes was similar. This means Upstart can offer more customers to banks and credit unions without worsening their credit risk profile.

The other thing to love about Upstart is that its addressable market is booming. For years, the company primarily focused its efforts on personal loans. But following the acquisition of Prodigy Software in 2021, it has now shifted to creating auto loans. On a combined basis, the auto loan and small business loan markets are 10 times the size of the personal loan space.

Planet 13 farms

A second surefire growth stock that has all the tools and intangibles to double your money over the next four years is the US marijuana stock. Planet 13 farms (PLNH.F -2.38%).

When President Joe Biden took office in January 2021, there was probably no hotter industry than cannabis. But that buzz quickly died down after multiple attempts to pass cannabis reform measures failed in the US Senate. Although Biden has requested a review of the Schedule I classification of marijuana under the Controlled Substances Act, no guarantee of legalization is in the cards.

The good news for Planet 13 and other Multi-State Operators (MSOs) is that legalization is not a requirement for success. With roughly three-quarters of all states green-lighting cannabis to some degree, Planet 13 offers plenty of high-value markets.

Planet 13’s standout differentiator is its approach to expansion. While most publicly traded MSOs have opened outlets in 10 or more states, Planet 13 has only three operating dispensaries. But these are not your average dispensaries. The Las Vegas SuperStore spans 112,000 square feet and features a cafe and event center. Meanwhile, the Orange County SuperStore, which is about 15 minutes from Disneyland, California, has a whopping 16,500 square feet of retail space. These stores offer nostalgia and an experience that traditional pot stores cannot match.

Planet 13’s future involves a SuperStore-style location in Chicago, Illinois, as well as several community stores, each covering approximately 4,750 square feet, in Florida. Only a small number of MSOs are allowed to open dispensaries in legal Florida for medical marijuana. But once allowed in the Sunshine State, MSOs can open as many stores as they want. By 2024, Florida is expected to be the #3 cannabis market in the United States by annual sales.

Planet 13 maintains a unique operating model in the cannabis space and looks set to achieve recurring profitability. This gives it a good chance of delivering triple-digit returns to patient shareholders.

A person using a tablet to navigate a pinned board on Pinterest.

Image source: Pinterest.

pinterest

The third surefire stock to buy during the Nasdaq bear market that can double your money by 2026 is a social media specialist pinterest (PINS -1.87%).

Pinterest was a hot business to own during the early stages of the COVID-19 pandemic. But as vaccination rates rose and life returned to some semblance of normality, Pinterest’s monthly active user (MAU) count fell from its peak of 478 million. Investors are usually unhappy when a social media company has a dwindling user count.

However, the decline in MAUs over the past year does not tell the whole story. For example, looking at Pinterest’s MAUs over a five-year period would show a relatively steady upward trend.

But even more important than the total number of monthly active users on Pinterest’s platform is the company’s ability to monetize those users. Even with a decline of 21 million MAUs in the quarter ended June compared to the prior year period, the global average revenue per user (ARPU) Pink 17%, with particularly strong ARPU growth in international markets. Pinterest’s operating results demonstrate that advertisers are willing to pay a premium to reach its 433 million MAUs.

Something else special about Pinterest is the company’s operating model. While most advertising-focused companies depend on data tracking software or other tools to help advertisers target users, Pinterest’s entire platform is built around its users sharing freely and voluntarily what interests them. These interests can be presented to merchants on a silver platter. It’s this subtle differentiation that could help Pinterest become a serious e-commerce player by the middle of the decade.

Finally, Pinterest’s balance sheet is a game-changer. The company ended June with $2.66 billion in cash, cash equivalents and marketable securities, which is more than enough to reinvest in its business and sustain double-digit growth.

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