Personal Finance Archives - The Fearless Factor

As if fearing the health-related consequences of the COVID-19 coronavirus wasn’t enough, there’s also a fair amount of financial uncertainty related to recession and an unstable economy. People all across the United States are wondering how they’ll pay their bills and make ends meet as they file for unemployment and wait for a one-time stimulus… Read More

The post COVID-19 Scams appeared first on Credit.com.

January 12, 2021

Tagged All, Coronavirus, covid-19, Credit, Debt

How Much Money Do You Need to Buy a House?

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Personal Finance

8 min
2 years ago

Understanding how much money you need to buy a house can give you an idea of how much you should expect to save. You’re probably excited about the thought of buying your first home? If so, you have every right to be. But how much money do you need to buy a house? A calculator …

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The post How Much Money Do You Need to Buy a House? appeared first on GrowthRapidly.

January 12, 2021

Tagged budget, Buy, Buying, Buying a Home, Buying a house

7 Money Steps to Take Before 2021

Financial Planning

Financing A Home

Personal Finance

6 min
2 years ago

With the end of the year rapidly approaching, itâs a good time to take stock of your financial situation as you head into 2021. 2020 has been a strange year, and a difficult year for many people. With many peopleâs…

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The post 7 Money Steps to Take Before 2021 appeared first on MintLife Blog.

January 12, 2021

Tagged $1000, All, Coronavirus (COVID-19), Credit, Credit Cards

What Is “Accessible Income” on a Credit Card Application?

Banking

Office Furniture Items

Personal Finance

7 min
2 years ago

If you’re applying for a credit card, you might stumble upon this term “accessible income.” In fact, that’s the only situation in which you will come across the term: on a credit card application. So, you need to know what it is. Accessible income is not just income you earn from your regular job. Rather, …

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January 12, 2021

Tagged All, Auto, Auto Loans, Banking, Buying

If you’re applying for a credit card, you might stumble upon this term “accessible income.” In fact, that’s the only situation in which you will come across the term: on a credit card application. So, you need to know what it is.

Accessible income is not just income you earn from your regular job. Rather, it includes much more than that. It includes income from a wide variety of sources, like retirement savings accounts, social security payments, trust funds, just to name a few.

Accessible income can work in your favor because not only you can list income from your job, but also all types of other money you receive in a given year. This in turn will increase your chance of getting approved for the credit card, simply because you can list a higher income.

It also can get you approved for a higher credit limit, which in turn can help your credit score and allow you more spending freedom. In this article, I will explain what accessible income is and the types of income you need to include in your credit card application. Before you start applying for too many credit cards, consult with a financial advisor who can help you develop a plan.

What is accessible income?

Accessible income means all of the money that you have accessed to if you are 21 years old or older. According to the Credit Card Accountability Responsibility and Disclosure Act, lenders are required to offer you credit if you are able to pay your bill. If you do not make enough money and do not receive enough income from other sources and cannot make payments, they can reject your application. That is why they ask for your accessible income.

If you are between the age of 18 and 20, your accessible income is limited to income for your job, scholarships, grants and money from your parents or other people.

However, if you are 21 and older, your accessible income involves way more than that. It includes income from the following sources:

Income paychecks
Tips
Bank checking accounts
Savings accounts
Income of a spouse
Grants, scholarships, and other forms of financial aid
Investments income
Retirement funds
Trust funds
Passive income
Checks from child support and spousal maintenance
Allowances from your parents or grandparents
Social security payments or SSI Disability payments

To report that accessible income, just add them all up to arrive at a total and submit it. The credit card companies will not ask you to provide the specific source of each income

What does not count as accessible income

Loans including personal loans, mortgage, auto loans do not count as accessible income simply because they are borrowed money. So, do not list them when submitting your credit card application.

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Accessible income on the credit card application

Accessible income is only associated with credit card applications. In other words, you’re only asked that when you’re applying for credit cards. When applying for a credit card, you should take advantage of all sources of income and not just the income from your job.

So, you should make sure to gather all of the money you have accessed to that year. Not doing so means that you’re leaving other income that is just as important. As mentioned above, you should not include loans or any borrowed money.

When reporting your accessible income, be as accurate and truthful as possible. While some credit card companies may take your word for it, others may ask you to verify your income. In that case, you will need to provide hard proof like pay stubs, bank statements, statement from your investments accounts, etc…

Why providing accessible income important?

Your credit score is the most important factor credit card companies rely on to decide whether to offer you a credit card. However, your income is also important. The higher your income, the better.

A high income means that you’re able to cover debt that you may accumulate on your credit card. And the higher your chance is that they will approve you. The opposite is true. If you have a low income, some credit card companies may not approve you even if you have a good credit score. So, in order to increase your chance, you should take advantage of accessible income.

The bottom line

The only situation where you will find “accessible income” is on a credit card application. Accessible income is all income you have access to in any given year. That includes much more than your paychecks from your regular jobs.

But it also includes all types of money including checks from child support or alimony, allowances from your parents or grandparents, money in your retirement and investment accounts, etc. So, you should take advantage of it when applying for a credit card.

Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

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How To Retire At 50: 10 Easy Steps To Consider

9 min
2 years ago

Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that likeÂ at 50? Is it doable? Below are 10 easy steps to take to retire at 50.Â Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with Â a …

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The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.

January 11, 2021

Tagged All, Buying, Buying a house, Debt, Extra Money

10 Easy & Simple Steps to Retire at 50:

1. How much you will need in retirement.

The first thing to consider is to determine how much you will need to retire at 50. This will vary depending on the lifestyle you want to have during retirement. If you desire a lavish one, you will certainly need a lot.

But according to a study by SmartAsset, 500k was found to be enough money to retire comfortably. But again that will depends on several factor.

For example, you will need to take into account where you want to live, the cost of living, how long you expect to live, etc.

Read: Can I Retire at 60 With 500k? Is It Enough?

A good way to know if 500k is possible to retire on is to consider the 4% rule. This rule is used to figure out how much a retiree should withdraw from his or her retirement account.

The 4% rule states that the money in your retirement savings account should last you through 30 years of retirement if you take out 4% of your retirement portfolio annually and then adjust each year thereafter for inflation.

So, if you plan on retiring at 50 with 500k for 30 years, using the 4% rule you will need to live on $20,000 a year.Â

Again, this is just an estimation out there. You may need less or more depending on the factors mentioned above. For example, if you’re in good health and expect to live 40+ years after retiring at 50, $500,000 may not be enough to retire on. That’s why it’s crucial to work with a financial advisor.

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2. Maximize your tax-advantaged retirement accounts.

Once you have an idea of how much you need in order to retire at 50, your next step is to save as much as possible at a faster rate. If you are employed and you have a 401k plan available to you, you should definitely participate in it. Nothing can grow your retirement savings account faster than a 401k account.

See: How to Become a 401k Millionaire.

That means, you will need to maximize your 401k contributions, for example. In 2020, and for people under 50, the 401k contribution limit is $19,500. Also, take advantage of your company match if your employee offers a match.

In addition to the maximum contribution of $19,500, your employer also contributes. Sometimes, they match dollar for dollar or 50 cents for each dollar the worker pays in.

In addition to a 401k plan, open or maximize your Roth or traditional IRA. For an IRA, it is $6,000. So, by maximizing your retirement accounts every year, your money will grow faster.

3. Invest in mutual or index funds. Apart from your retirement accounts (401k, Roth or Traditional IRA, SEP IRA, etc), you should invest in individual stocks or preferably in mutual funds.Â

4. Cut out unnecessary expenses.

Someone with the goal of retiring at 50 needs to keep an eye on their spending and keep them as low as possible. We all know the phrase, “the best way to save money is to spend less.”

Well, this is true when it comes to retiring 15 years early than the average. So, if you don’t watch TV, cancel Netflix or cable TV. If your cell phone bill is high, change plans or switch to another carrier. Don’t go to lavish vacations.

5. Keep an eye on taxes.

Taxes can eat away your profit. The more you can save from taxes, the more money you will have. Retirement accounts are a good way to save on taxes. Besides your company 401k plan, open a Roth or Traditional IRA.

6. Make more money.

Spending less is a great way to save money. But increasing your income is even better. If you need to retire at 50, you’ll need to be more aggressive. And the more money you earn, the more you will be able to save. And the faster you can reach your early retirement goal.

7. Speak with a financial advisor.

Consulting with a financial advisor can help you create a plan to. More specifically, a financial advisor specializing in retirement planning can help you achieve your goals of retiring at 50. They can help put in a place an investment strategy to put you in the right track to retire at 50. You can easily find one in your local area by using SmartAsset’s free tool. It matches users with financial advisors in just under 5 minutes.

8. Decide how you will spend your time in retirement.

If you will spend a lot of time travelling during retirement, then make sure you do research. Some countries like the Dominican Republic, Mexico, Panama, the Philippines, and so many others are good places to travel to in retirement because the cost of living is relatively cheap.

While other countries in Europe can be very expensive to travel to, which can eat away your retirement money. If you decide to downsize or sell your home, you can free up more money to spend.

9. Financing the first 10 years.

There is a penalty of 10% if you cash out your retirement accounts before you reach the age of 59 1/2. Therefore, if you retire at 50, you’ll need to use money in other accounts like traditional savings or brokerage accounts.

10. Put your Bonus, Raise, & Tax Refunds towards your retirement savings.

If retiring at 50 years old is really your goal, then you should put all extra money towards your retirement savings. That means, if you receive a raise at work, put some of it towards your savings account.

If you get a tax refund or a bonus, use some of that money towards your retirement savings account. They can add up quickly and make retiring at 50 more of a reality than a dream.

Retiring at 50: The Bottom Line:

So can I retire at 50? Retiring at 50 is possible. However, it’s not easy. After all, you’re trying to grow more money in less time. So, it will be challenging and will involve years of sacrifices, years living below your means and making tough financial decisions. However, it will be worth it in the long run.

How Much Is Enough For Retirement
How to Grow Your 401k Account
People Who Retire Comfortably Avoid These Financial Advisor Mistakes
5 Simple Warning Signs Youâre Definitely Not Ready for Retirement

Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning to retire at 50, saving, etc). Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.

Source: growthrapidly.com

How long does it take to buy a house? The answer is: it depends. You can buy a house in a matter of weeks or it can take you anywhere from 4 to 6 months. The question is how ready are you? It can take a long time, and that’s just learning about various mortgage …

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The post How Long Does It Take To Buy A House? appeared first on GrowthRapidly.

January 11, 2021

Tagged Buy, Buying, Buying a house, Credit, credit score

How to Build an Emergency Fund

6 min
2 years ago

You never know what life will bring. You can unexpectedly lose your job. A medical emergency can present itself, or you may have unexpected home repairs. So, as financial advisors would say, having an emergency fund to cover these ’emergencies’ makes good financial sense. An emergency fund then is a stash a money you save …

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January 11, 2021

Tagged All, Buying, cit bank, Debt, Emergency Fund

3 Ways to Beat Debt Burnout

Credit Cards

Debt

Personal Finance

5 min
2 years ago

Paying off debt with âgazelle intensityâ is a great way to get rid of debt quickly. Cutting your budget to a nearly bare-bones level and working hard to increase your income, speed up debt payments and save up for retirement … Continue reading →

The post 3 Ways to Beat Debt Burnout appeared first on SmartAsset Blog.

January 11, 2021

Tagged All, budget, burnout, Buy, Credit

Here’s Your CIT Bank Routing Number

Banking

Office Furniture Items

Personal Finance

Savings Account

6 min
2 years ago

You may need your CIT Bank routing number for several things from sending money to friends and family to direct deposit money. This guide will help you find your CIT Bank routing number. What is a routing number? A routing number is a 9-digit number that banks use to identify themselves. Think of it as …

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January 10, 2021

Tagged Banking, cit bank, CIT Bank Routing Number, Financial Wize, FinancialWize

You may need your CIT Bank routing number for several things from sending money to friends and family to direct deposit money.

This guide will help you find your CIT Bank routing number.

*TOP CIT BANK PROMOTIONS*
PROMOTIONAL LINK	OFFER	REVIEW
CIT Bank Money Market	1.00% APY	Review
CIT Bank Savings Builder	0.95% APY	Review
CIT Bank CDs	0.75% APY 1 Year CD Term	Review
CIT Bank No Penalty CD	0.75% APY	Review

What is a routing number?

A routing number is a 9-digit number that banks use to identify themselves. Think of it as an address that lets banks know where to send the money.

A routing number is often referred to as the ABA number or check routing number.

The American Bankers Association created the bank routing number in 1910 in order to process paper checks and allow banks and other financial institutions to send and receive funds from and to other financial institutions.

Unlike other banks such as Wells Fargo routing number and Citibank routing number, which have several routing numbers for different states, CIT Bank only has one routing number.

That is because CIT Bank is an online-only bank. So it does not matter where you live, you only need to know one routing number.

CIT Bank Routing Number:

The CIT Bank routing number is: 124084834.

As mentioned above, because CIT bank does not have local branches, you will only need to remember the number above to do your transactions, regardless of where you live.

So, for example, if you live in New York, your CIT Bank routing number is still 124084834.

You will need your CIT bank routing number for several reasons. For instance, you need it for:

To set up direct deposit
For ACH payments;
To transfer funds between accounts at different banks;
For bill payments;
To receive government benefits;
To receive tax refunds;
For wire transfers;
To have payments like paycheck deposited into your account

How to Find Your CIT Bank Routing Number?

There are several ways to find your CIT Bank routing number.

Your CIT Bank personal check.

For your CIT bank “eChecking” account, you can find your routing number at the bottom left hand corner of the personal check.

On this page:

In case you have missed it, we have listed the CIT Bank routing number earlier in this article. It is: 124084834.

Cit bank online:

Find your routing number online by going to their resources and FAQs page.

Call customer service:

Lastly, you can call customer service at 855-462-2652 to get your routing number. However, you will need to identify yourself to get your number.

Once you do so, a representative will be able to help you.

Routing Numbers for Domestic Wire Transfers

With your CIT Bank account, you are able to wire money to other bank accounts in the United States.

Other banks can also wire money to your account as well.

So, to get funds from a domestic wire, use this routing number: 124084834.

You will also need the following:

The recipient’s name as it appears on the account;
The address of the recipient including the city and state;
Account number of the recipient; and
The bank routing number.

One thing to be aware of, while CIT bank does not charge for incoming wires, they will charge you a $10 fee for outgoing fee unless you maintain a daily of $25,000 or more.

If you are a commercial, listing service, and institutional client, call CIT Bank at 877-748-0004 to get the correct routing number for wire transfers.

Routing Numbers for International Wire Transfers

CIT Bank does not have outbound international wire transfers at this time. But, you can receive an international transfer from another bank.

So, just provide the routing number 124084834 to whoever wants to send you an international wire transfer. Also CIT Bank does not have a SWIFT code, which is used for international transfers.

The Bottom Line

You will need your CIT Bank routing number to do several financial transactions. For example, you will need it to set up direct deposit, automatic payment, or wire transfer.

So it’s important to know what it is and to keep it handy.

However, if you don’t have an account with CIT Bank yet, make sure you check out their CIT Bank savings accounts and best CD rates.

Speak with the Right Financial Advisor

If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).
Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

*TOP CIT BANK PROMOTIONS*
PROMOTIONAL LINK	OFFER	REVIEW
CIT Bank Money Market	1.00% APY	Review
CIT Bank Savings Builder	0.95% APY	Review
CIT Bank CDs	0.75% APY 1 Year CD Term	Review
CIT Bank No Penalty CD	0.75% APY	Review

The post Here’s Your CIT Bank Routing Number appeared first on GrowthRapidly.

Source: growthrapidly.com