Every time you use your credit card to invest, keep an eye on your credit account for any questionable transactions. If you notice anything suspicious, report it to your card issuer immediately.
Safer ways to invest using a credit card
Buying stocks with your credit card is risky business, but that doesn't mean you can't use your credit card to help you profit from the market. There are safer ways to do this that do not involve the direct purchase of shares. Instead, you can tap into your credit card to increase funds.
Credit card (Photo: Pixabay)
Use an investment app
Investing apps like Acorns and Stash are a great way to use your credit card to start building your investment portfolio. For example, Acorns allows you to link your credit card to a round-up program for every purchase you make and offers a "found money" feature that earns money when you shop with an Acorns partner. There are a variety of similar investing apps that you can easily use from your phone to help your money grow safely.
Open a credit card that invests in rewards
While many rewards cards earn you cash, points, or miles that you can use toward future purchases, some Credit cards They offer the option of depositing the rewards into an investment account.
Invest your cash back rewards
If you already have a cash rewards card, you can request your money back in the form of a check or deposit. Your issuer may require you to meet a minimum amount, such as $25, before you can receive a check or deposit, which you can then use to finance your own investments. Consider opening a brokerage account with low fees and no minimum deposit that you can add as you earn.
Conclusion
When stock prices are low, it's a great time to invest. However, it is important to do so responsibly and carefully. Although it may be tempting to buy stocks with the credit card, doing so is also very risky and could lead to fraud. It is wiser to take advantage of your credit card in other ways to earn money from your spending, such as using cash back rewards to invest or connecting your card to an investing app.
Scottie Pippen played for the famous Chicago Bulls and had a successful career. Investing in bad decisions within the field of aviation, gourmet food and construction led to the loss of more than 120 million dollars that left him bankrupt. Now he is one of the many athletes have lost everything.
Zamorano
Which puts it on the list of many athletes have lost everything it is the fact that he took a loan due to lack of money. Occurring what happens frequently; not being able to pay his debts adequately and today he finds himself with a debt of more than 3 million dollars.
Mike Tyson
Thanks to mismanagement and a luxurious life his fortune went downstream in jewelry, clothing and material goods. All of this wouldn't be so serious if he hadn't also gotten involved in cocaine. And for this reason, an excellent talent was lost in bad administration and vices.
souleyman sane
For today's businesses, this amount may not seem like a big deal, but for this time it was a respectful transaction. Sané couldn't support herself and today she can't pay her checking accounts. He also found himself in the midst of investment losses. Since the investment of 150 million euros generated losses and led him to enter the list of many athletes have lost everything.
Salvador Cabanas
After making great expenses with fame and luxuries, his life had a fame greater than any title; got involved in a crime. In 2010, in Mexico City, he got involved in a terrible situation in a shooting.
With a stable recovery, Cabañas was able to get back on his feet and perform basic activities again. However, he did not return to the soccer fields and he did not have money to support himself, which is why it is known that today he is a baker in his family's workplace.
Marion Jones
Famous for her participation in the Olympic Games, as well as being on the list of the many athletes have lost everything he also found himself in the terrible state of having to return his gold medals. All this for having been proven positive within positive doping tests. In addition, he had to serve a fine for competing under illegal substances in and to survive, he had to sell his mother's house.
andreas brehme
Unfortunately, Andreas is on the list of many athletes have lost everything this is due to a huge debt of 200 thousand euros. Today he works cleaning toilets and his last renowned job was in 206 when he was a technical assistant for Stuttgart. A terrible end for a sports star.
Allen Iverson
Another basketball star who was involved in debt and losses was Allen Iverson. Although he earned more than 155 million dollars, he tried to put everyone around him at ease, he made several loans that he could not pay off and they led him to bankruptcy. A pity for this basketball star.
Julius Albert
A former star of Barcelona and of the mattresses of Atlético de Madrid, who was a teammate of the famous Maradona. He couldn't beat his addictions as the teammate. The vices marked his life and his time as a player; for this reason, they left him in a family support group and also without a career. Julio Alberto deteriorated as a result of drugs.
George Best
One of the best players of the time was nicknamed the Fifth Beatle. That because of his likeness and also because of his fame in the 1960s. Best was controversial and spent his entire fortune on money, drinks, women and cars. Another excellent career marked by vices.
Michael Vick
Famous quarterback from San Francisco couldn't seem to manage $190 million. He found himself in controversy and even ended up in jail after a street dog fight. . He lost all his winnings and his bad decisions lead him to enter the list many athletes have lost everything
Evander Holyfield
Another famous boxer from the 2000s was Evander Holyfield. Also eccentric and controversial was the protagonist of the ear bite to Mike Tyson. However, it is on the list of many athletes have lost everything living a life of extreme luxury with luxury cars, parties and a mansion he went straight for bankruptcy afterwards.
Antoine Walker
The Celtics player described himself as a human ATM. His friends and family spent about $180 million that Walker counted as his estate. A sadness to see that, with friends like that, who wants enemies.
Ailton da Silva
Ailton was the most expensive transfer to Werder Bremer from Germany. However, he spent 100 thousand euros per month on clothes, not having good money management and failing investments led him to bankruptcy. What goes up fast sometimes also falls fast if you don't know how to manage it.
john daily
The famous golfer saw his estate lost in the doom of Las Vegas. It is estimated that he had about 60 million dollars won and it was the same that he put into play in the Sin City bets. What a lousy management!
Manuel Francisco dos Santos – Garrincha
One of the best Brazilian soccer players who participated in historic moments could not stand fame, exposure and money. He fell into poverty which led him to depression and with alcohol, gambling and vices he died at 49. Without a doubt the most famous case of South Americans in this situation. Whoever watches the videos of this athlete can certainly clearly see all the talent he had.
Pete Rose
One of the best hitters of all time, Pete Rose fell into the temptations of gambling and had to retire without entering the Hall of Fame. All for not knowing how to manage your money. His name to this day is famous for his great records, but also for his vices.
Christian Vieri
An excellent Italian player from the golden age realized how much money he had. He lost all his savings from life in the casino. With nights out, alcohol and women. Later, he ended up bankrupting the company he had and ultimately lost $14 million.
Lawrence Taylor
Lawrence Taylor, the linebacker who is part of the Hall of Fame, made his addiction to drugs, mainly cocaine, ruin his property. Subtracting absolutely nothing. Another career marked by illicit substances.
Paul Gascoigne
Undoubtedly one of the worst results on the list many athletes have lost everything Paul Gascoigne was devastated by drugs. He is commonly drunk and was a constant presence on the streets, his last news was that he was in a ditch after a game of golf and a lot of drinking. His life as a sports star seems completely distant.
A recent survey by the National Council of Financial Educators (NEFC) shows just how concerned Americans are about their personal finance due to the effects of the coronavirus crisis.
According to the survey, which requested responses from 1,201 people between March 23 and 27, 58.2% say that the crisis has had a negative impact on their personal finance (30.9% rated the impact as somewhat negative, and 27.3% described it as very negative). Around 32% of those surveyed said that the crisis has had neither a positive nor a negative impact, while the remaining 9.9% said that the pandemic has had a positive effect on their finances (6.8% indicated that the effect was very positive, while 3.1% said something positive).
Personal finance (Photo: Pixabay)
That's the feeling right now, but what about the future?
A person at a desk with a calculator in one hand, a pen in the other, and a laptop in front of him.
Are you in the majority?
When asked about their concerns about COVID-19 affecting their personal finance over the next three months, anxiety levels went up. In response to this question, the majority of respondents, 43%, said they were very concerned, while 27.8% said they were somewhat concerned. Overall, 70.8% classified themselves as concerned about the impact of the disease on their personal finances. Also, the 15% claimed to be neutral, with no concerns one way or the other, while the 6.7% was not very concerned, and the 7.5% was not concerned at all.
NFEC also asked if people were more concerned about their health or finances at the moment. To this question, 58.8% said that their health was their main concern, while 41.2% said that their personal finance.
This marks a change from a poll that came out on March 12. In that survey, 47% said they felt the coronavirus posed a threat to the global stock market and economy, while only 15% felt it posed a threat to them personally.
They are ready?
The new NFEC survey also looked at the level of readiness of personal finance of the americans Most feel ready, with 17.5% saying they are very ready, and 29.2% saying they are somewhat ready. In general, the 46.7% reports some level of readiness. On the other hand, 33.2% says that it is not ready, 12.4% is considered somewhat not ready, and 20.8% is identified as very not ready.
The findings coincide with the start of National Financial Literacy Month on April 1. Congress designated April as National Financial Literacy Month in 2004 to raise awareness of the importance of financial education "and the serious consequences that can be associated with a lack of understanding of financial personal finance«.
The survey results will be used to encourage people to financially prepare for future disruptions, such as pandemics, that could negatively affect their personal financeNFEC officials said. According to CEO Vince Shorb:
If you are thinking of making a spreadsheet of personal budget for your expenses, or you just want to better understand your money management, you should start with these five essential steps.
Even if you don't use a budget spreadsheet, you probably need some way to determine where your money is going. Thus, using templates can be of great help so that you can be in control of your financial life.
Furthermore, this strategyIt will allow you to save so you can achieve your goals. Finding a way to track finances is the big trick. Here are the steps that can help you make a good budget.
5 steps to make your personal budget
Step 1: Write down your net income
To create a good budget, the first step is to identify how much you earn. However, it is important to remember that your salary is not equivalent to what you can spend, since there are essential expenses and also the debts that we all have.
So, when making your budget, you must subtract from your salary the values of taxes, social security, among other accounts. The amount after deductions will be your net income, it is also the number you will use to create your personal budget.
Tip: If you have a hobby or talent, you may be able to find a way to supplement your income. Having a source of extra income can also come in handy if you ever lose your job.
Organize your finances through a personal budget (Photo: Internet).
Step 2: Control your expenses
Tracking and categorizing your expenses is helpful in identifying where adjustments can be made. This will be of great help to know in which aspects you are spending the most money, also where you could cut back more easily.
Start by making a list of your expenses that are fixed, such as utilities, rent, mortgage, or car payments. It's unlikely you'll be able to cut these expenses, but it's helpful to know how much they take up your salary.
Next, list your most variable expenses, such as food, entertainment, and gas. In these expenses you can find ways to cut back. Bank and credit card statements are good starting points, as they often detail or categorize your expenses for the month.
Tip: Record your daily expenses with what you can: a pen and paper, an app, or your smartphone. You can use this spending and budgeting tool if you have a Bank of America account.
Step 3: Set your goals
Before you start examining the data you have, create a list of all the financial goals you want to achieve both in the short and long term. Short-term goals should not take about a year to achieve.
On the other hand, long-term ones can take 2 or more years. The important thing is to identify which goal has the highest priority so that you can make your budget.
Step 4: Make a plan
Use the information you compiled to help you understand how you will spend your money in the coming months. You can fairly accurately predict your fixed expenses. Use your past expenses as a guide to try to predict variable expenses.
Step 5: Change your habits when necessary
Now you have everything you need to make a good personal budget. Having documented your expenses and income, you can begin to see where some money is left over or where you can cut back.
The desire to buy is the first thing you should look for as you cut back. Evaluate your expenses in needs. For example, if you need Internet at home, if possible, you can contract a cheaper service, instead of contracting the fastest.
Such decisions come with big trade-offs, so be sure to carefully weigh your options.
Although the greatest concern regarding the current pandemic of coronavirus is to stop its spread and save lives, we cannot, at the same time, ignore the fact that the virus will also affect the economy and, more importantly, people's finances.
So, while taking plenty of precautions about maintaining health and hygiene standards, also consider taking some steps to prevent any potential damage to your credit score and financial health.
coronavirus (Photo: Pixabay)
Here are some tips that will help reduce the negative impact of coronavirus on your credit score and keep your overall financial health secure.
Reduce luxury lifestyle and spending
One of the best ways to be prepared to handle an unprecedented emergency like coronavirus is to reduce non-critical expenses. Evaluate where you can spend less. Eliminate any non-essential expenses and figure out exactly how much you would need for essentials like food, shelter, and transportation. This will help you get through this transition period. You should also review your credit card usage and take all possible steps to avoid increasing debt, as missed credit card payments can lead to debt and negatively impact your credit score.
Turn to contactless digital payments
According to the World Health Organization, banknotes can carry the virus and, therefore, it is advisable to resort to contactless payments. The government has also asked banks to encourage customers to use digital payment methods such as debit cards, credit cards, mobile banking, for transactions instead of paper money as a method of protection against coronavirus.
Check your credit report regularly
Although keeping track of your credit report should be a regular practice, now is the time to be extra vigilant about it. In these uncertain times, you should be well aware of all the activities that occur around your finances and monitor your credit report for any unwanted or fraudulent activity. The idea is to take care of these issues as soon as possible before they do damage to your credit score.
Manage debt obligations and keep lenders up to date
Paying credit card bills and EMI loans on time are the most important steps in achieving and maintaining a good credit score. If you don't make payments on time, you may incur a late fee, a penalty interest rate, and ultimately risk damaging your credit score. If you think that due to the pandemic you may stop paying, you should contact your lender as soon as possible and find a way to work together to find a mutually feasible solution.
Avoid using the credit card as an emergency loan
The pandemic may affect your monthly salary or business income. When compared to a credit card, a personal loan is a more viable option at these times. You are charged a GST 18% in credit card EMI, the payment duration of a credit card ranges from 12 to 48 months, while the same in a personal loan can be up to five years and the The interest rate charged on the credit card is much higher compared to a personal loan.
In times like these, you should not accumulate too many bad debts, but pay them off as soon as possible. The economic uncertainty that may follow the pandemic may affect your ability to repay credit, thereby negatively affecting your credit score and credit history. To avoid such a scenario as a first step, it is necessary to prioritize the payment of your loans. Make a list of all outstanding loans and then identify the ones that need to be addressed first. Ideally, you should start by paying off the most expensive loan.
By paying off debts that charge higher interest rates first, your total interest expense is reduced as bad debts with higher interest rates accrue interest more quickly. You can also liquidate underperforming or unprofitable investments to pay off outstanding debt and protect yourself from falling into the debt trap. Use any windfall, such as income tax returns, expiration proceeds from life insurance to pay outstanding credit installments before the coronavirus.
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