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Standard “Plain-Vanilla” Credit Cards Standard credit cards are referred to as “plain-vanilla” credit cards, because they offer no frills or rewards. They’re also relatively easy to understand. You might choose this type of credit card if you want a card that isn’t complicated and you’re not interested in earning rewards. The standard credit card allows you to have a revolving balance up to a certain credit limit. Credit is used up when you make a purchase and then more credit is made available once you’ve made a payment....

Putting Your Spouse on the Payroll If you have a spouse who wants to help out and you have enough money coming in from the business and other sources, it might be tempting to have the spouse work in the business but not as an employee. Your spouse may also be a part-owner of the business and they may receive dividends (if the business is a corporation) or a share of the net income from a partnership or LLC....

While we think of home-based business owners as working at home, that’s not necessarily the case. Software trainers, truckers, and interior decorators are just three examples of people who may run home-based businesses but have to travel to provide their services. Many online businesses are ideally suited to be home-based businesses, but it’s also increasingly common to see professionals from travel agents to notaries public operating home-based businesses. The Advantages of Home Businesses There are a number of aspects to running a home business that draw people to it, particularly when it comes to saving money on expenses and taxes....

Economists at Wells Fargo on Wednesday predicted existing single-family home prices will be driven down in 2023 by rising mortgage rates, which have already eroded affordability and driven many buyers out of the market. The average rate for a 30-year mortgage shot up to 6.75% last week, the highest since 2006 and more than double what it was last year, according to the Mortgage Bankers Association. The median existing home sold for $389,500 in August, according to the National Association of Realtors, and a 5....

The Property Assessment Your local tax assessor’s office determines your home’s value. Property assessments may be done every year or even just once every five years. It depends on state or local law. You should receive your value assessment first and then your property tax bill a little later. The assessment is based on the tax assessor’s estimation of the market value of your property. Value is typically determined in one of three ways:...

Learn when your business needs renters insurance, what is covered by business renters insurance, what you can expect to pay for it, and how to get renters insurance for your small business. When Your Business Needs Renters Insurance Businesses that rent commercial space will likely need renters insurance, which can help protect their properties and operations. There are two main types of insurance policies for businesses: a business owner’s policy (BOP) and a commercial package policy (CPP), Bernie Deuster, senior vice president of sales at WaFd Insurance Group, told The Balance in an email....

Your credit score is calculated using the information on your credit report (a record of your credit and loan accounts) and indicates the likelihood that you’ll pay back money loaned to you. Each month or so your credit card issuer (among a few other businesses) reports your account activity to one or more of the three major credit bureaus to be included in your credit report. That means your credit limit, credit card balance, payment history, account status, and date you opened the account will all influence your credit score....

When You Apply for a Mortgage When you want to buy a house, the first step is to get prequalified for a mortgage. It’s a helpful step for everyone because it ensures you’re shopping within your budget. During this process, lenders will typically check your credit using a soft inquiry, which doesn’t hurt your credit score. However, some may process a hard inquiry. Once you’ve found a house and need to finalize the mortgage, your lender will need to process a hard inquiry on your credit report, which will affect your credit score....

It took the average buyer 48 days to apply for and close on their mortgage loan in July. Calculating Average Days on Market Most real estate agents know the average number of days on market in their neighborhood by heart, so all you have to do is ask. You can also calculate the number yourself by figuring out the day each home goes on the market in a given month, and then counting the days pending....

If you’re an entry-level candidate, a page should be plenty. For more experienced candidates, it’s fine to have a longer resume. Read below for more detailed information on how long your resume should be, and tips for making your resume the perfect length. How Long a Resume Should Be The length of your resume should be based on your experience and the type of job you’re seeking. Andrew Challenger, senior vice president, Challenger, Gray & Christmas, Inc....

Someone doing this may say that they have $5,000 in credit card debt, $10,000 on a car loan and $20,000 in student loans. Mentally, it sounds a lot better than saying that they have $35,000 in debt. It is just one of the many excuses people use to justify staying in debt. It is time to address this issue. Why I Should Find Out How Much Debt I Have It is important that you do not separate the total amount of debt that you owe from each other because it can make it much easier to continue to go into debt....

Here’s how to figure out how much income you’ll need to buy a house. Understanding Debt-to-Income Ratios Your debt-to-income (DTI) ratio is the amount of debt you have in relation to the amount of money you earn. For example, if your gross monthly income is $5,000 and you currently have debt obligations that total $2,000, you’d calculate it like this: $2,000 / $5,000 = 40% Your DTI is 40%, which means 40% of your income currently goes toward debt payments....

But how do you decide how much you should budget for home repairs? The 1% rule of thumb is a good place to start. This involves setting aside 1% of the home’s purchase price for repair and replacement costs. However, that rule of thumb may not be right for everyone. Other factors, such as the home’s age and condition, also dictate how much you should save for repairs. We’ll look at the 1% rule of thumb, the square-footage rule, and ways to fine-tune your calculations....

Learn about what out-of-state medical expenses may be covered under your healthcare plan and what type of health plans you should consider if you expect to travel. Does Your Plan Cover Medical Expenses Out of State? In many cases, health insurance restricts you to a network of healthcare providers. Learning the terms of your health insurance policy will tell you whether your plan includes providers out of state or not....

Your credit report—the compilation of your credit history—must contain at least one account that has been active for at least six months for a credit score to be generated for you. Otherwise, there’s not enough information to generate your credit score. What Determines the Length of Credit History? Credit scoring calculations look at a few different factors to determine the technical length of your credit history. The age of your oldest account is one factor....

How long you workHow much you make each yearInflationAt what age you begin taking your benefits Take a look at how these factors affect the benefits you will receive and how the Social Security Administration calculates its figures. How Is Social Security Calculated? There is a three-step process used to calculate the amount of Social Security benefits you will receive. Step 1: Use your earnings history to calculate your Average Indexed Monthly Earnings (AIME)....

There are other forces compelling people toward self-employment. The freelance market is booming as many businesses today (even very large ones) require a more flexible “just-in-time” workforce and prefer to employ contractors rather than full-time employees. In many professions becoming self-employed is no longer a matter of choice. However, self-employment has its challenges, and you should fully understand and prepare for all aspects of entrepreneurship in order to avoid unpleasant surprises down the road....

There are quite a few issues you should address with your prospective partner before forming a partnership. Attend to these issues before you start, and you have a better chance of a successful venture. Have the Same Vision For a partnership to be successful, all parties involved should agree on the same strategic direction for the company. If one partner wants to build a well-known national chain of retail outlets and the other partner only cares about earning a decent living, the business is destined to fail....

There are more than 14 million self-employed homeowners around the nation, and you can be one of them if you know the steps to take. What Lenders Are Looking for When You’re Self-Employed Lenders look at many of the same mortgage requirements of self-employed borrowers as they do if you’re working for a company. Here are the big things they’ll consider: Your Credit Score Having a good credit score is more important than ever if you’re self-employed....

Series I bonds mature in 30 years and are designed to earn interest and protect investors from inflation. As of May 2022, the initial interest rate was 9.62% through October 2022, the highest since it was introduced in 1998 as a result of inflation. That is a combination of a 0% fixed rate and an inflation rate of 9.62%. Series I bonds can only be purchased directly from the U....