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This weekly credit card news roundup contains what you should know about the cards in your wallet, other available offers, and new product announcements or reports that made us forget about our stock market whiplash for a few minutes. What’s the Lowdown? Here’s what caught our attention between Jan. 29 and Feb. 4, 2021: Report Shows Average Credit Card APR Is Now a Skosh Higher The average credit card interest rate is now 20....

What Does “Insufficient Funds” Mean? “Insufficient funds” is a banking term for when your account does not have enough money available to cover a payment. For example, say you write a check or sign up for automatic bill pay with your electric company to pay your light bill. When that payment hits your account (either because your biller pulls the funds or deposits your check), the bank compares how much you have (available funds) and how much you owe on the payment....

The balance of payments has three components: the current account, the financial account, and the capital account. Current accounts measure international trade, net income on investments, and direct payments. The financial account describes the change in international ownership of assets. The capital account includes any other financial transactions that don’t affect the nation’s economic output. What It Means A country’s balance of payments tells you whether it saves enough to pay for its imports....

Alternate name: balloon mortgage, balloon payment mortgage How Balloon Payments Work If borrowers understand the risk and are willing to subsidize a balloon payment out-of-pocket—without pinning hopes on a home appreciating in value to cover the large payment—a balloon payment loan could work. Otherwise, these types of real estate loans can be very risky. Notable Happenings In the 1970s, it was common to see balloon payment language as part of real estate financing....

What Is Fidelity Investments? Fidelity Investments is best known as a mutual fund company and provider of retirement services and products, such as 401(k) plans and IRAs, for businesses and individuals. Fidelity is also an online discount brokerage firm. Founded in 1946, it is one of the largest multinational financial services corporations in the world with 30 million customers and $8.3 trillion in total assets. As a mutual fund company, Fidelity has risen on the backs of some of their widely held mutual funds, such as Fidelity Contrafund (FCNTX), managed by William Danoff and Fidelity Magellan (FMAGX), made famous in the 1980s by legendary fund manager Peter Lynch....

Whatever the circumstances of your departure, the examples below can help you craft a polite and appropriate resignation letter. When writing your own resignation letter, you can use these examples for inspiration. You can find a template below that you can download and use to write your own letter. Basic Resignation Letter Samples Two Weeks’ Notice Resignation Letter ExampleUse this resignation letter example when you are providing your employer with two weeks’ notice....

We’ve created sample resumes for jobs ranging from entry-level positions to executive and management roles. You’ll find examples for every skill level, many professions, and several different resume formats. How to Choose the Best Resume The first step to writing a great resume is to choose the best type of resume for your work history, experience, and the jobs you’re applying for. How can you choose the right format for you?...

Surplus Funds Surplus funds in the investment world typically refer to positive cash flow or, in simpler terms, surplus funds represent money you don’t need to pay your expenses. When you have surplus funds, it’s not generally a good idea to let them sit in a non-interest-bearing account. Instead, it’s wise to put this extra money to work by investing it for a time you may need it. Investing Surplus Funds in an IRA for Non-Retired Investors For non-retired investors, getting surplus funds into an IRA can be as simple as setting up a systematic investment plan (SIP)....

The most immediate result of Biden’s order is the establishment of a special enrollment period from Feb. 15 to May 15, where HealthCare.gov—the health insurance marketplace created by the Affordable Care Act (ACA)—will be reopened for new enrollees. The order applies to people in the 36 states that use HealthCare.gov. The District of Columbia and the remaining 14 states have their own health insurance marketplaces and enrollment rules, and are not covered under the special enrollment period....

What Bookkeepers Do A bookkeeper is someone who works for a company (either as an employee or a contractor) to keep the financial books. Most bookkeepers these days use accounting software like QuickBooks for this task. A bookkeeper is responsible for accurately recording transactions, including accounts receivable, accounts payable, inventory, and (sometimes) payroll, and providing reports on a monthly, quarterly, and annual basis. I have a bookkeeper for my consulting/writing business....

Bridge loans are typically used during the process of purchasing a home to “bridge” the gap between the sales price of your new home and your new mortgage on that residence in the event your existing home doesn’t sell before closing. A HELOC can have many different uses. Using a home as collateral can be risky, as this gives the lender rights to the house if payments are not made....

Learn why budgets are important and some ideas to help you create one for your business. What Is a Budget? A budget is an outline for how an entity plans to maintain financial health. Budgets can be made by any entity that has financial concerns—whether it’s a couple budgeting out their year, a corporation budgeting for the next fiscal quarter, or a government agency budgeting how it will spend its limited resources....

Learn more about what the Bureau of Labor Statistics does and why this information matters to everyday workers and investors. Employment Report The most important statistic is the Jobs Report. Every month, the BLS reports on how many jobs have been created. It also details which sectors of the economy are hiring. The BLS conducts the Employment Report through a survey of businesses. One section of the Employment Report, manufacturing jobs, is one of the most important leading economic indicators....

Learn how business liabilities arise and impact a business, the types of liabilities, and how to analyze them. What Are Business Liabilities? Business liabilities are, by definition, the amounts owed by a business at any one time. They’re often expressed as “payables” for accounting purposes. Unless you’re running a complete cash business (paying and collecting only cash), your business probably has liabilities. Alternate name: payables How Business Liabilities Work When you buy anything for your business, you pay either with cash from your checking account or you borrow, and all borrowing creates a liability and a claim on your total assets by creditors that must be repaid at some point through cash or the loss of other resources....

High, Low, and Relative Volume High volume is an indication that a market is actively traded, and low volume is an indication that a market is less actively traded. Some assets tend always to have high volume, as they are popular among day traders and investors. Other assets tend always to have low volume and aren’t of particular interest to short-term traders. There is also “relative” volume. For example, when a stock typically has high volume but volume drops off, it indicates that traders are losing interest in the asset, at least temporarily....

Individual stocks are re-priced constantly during trading hours based on supply and demand influences, and when you buy a stock, you are becoming a partial owner of the company. When you buy into a mutual fund you are buying a partial interest in a collection of assets that usually include stocks, bonds, and derivatives. Mutual Fund Prices Mutual funds are priced differently than stocks, starting with the availability of shares....

Getting Started With Calculating Your Mortgage People tend to focus on the monthly payment, but there are other important features you can use to analyze your mortgage, such as: Comparing the monthly payment for several different home loansFiguring how much you pay in interest monthly and over the life of the loanTallying how much you actually pay off over the life of the loan versus the principal borrowed, to see how much you actually paid extra...

For example, you might use a 403(b) loan for a major purchase like a home. Before you do so, however, it’s important to understand how that can affect your savings for retirement and the potential tax implications. Some 403(b) Plans Allow You To Borrow A retirement plan loan allows you to borrow against your savings, then pay that money back to the plan over time. The IRS does not assess tax penalties against this money if you repay it according to the terms and requirements set up by the plan....

What Is the Capital One Venture Rewards Program? The Capital One Venture Rewards program offers rewards in the form of miles, but they’re not like frequent flyer miles that have the most value when you redeem them for award flights. Rather, you can use your Venture miles to cover just about any travel-related expense or redeem them for statement credits, gift cards, and other options. For those who don’t like waiting in airport security lines, Capital One’s Global Entry or TSA PreCheck travel programs can help you skip those long lines....

Regardless of your ideal―or your deal-breakers―there are a few factors to consider when deciding on the best place to retire. Consider Retiring Locally Before making any decision, pre-retirees should determine whether a move is necessary. If your current hometown is affordable and close to family, friends, and activities, and if you’re mortgage-free, there’s no reason to move for the sake of moving. In fact, moving in that scenario might actually remove you from the people and things you enjoy....