Bank of America Customized Cash Rewards Secured Card – 3/2/1% Cashback & No Annual Fee

Bank of America’s Cash Rewards card, now called Customized Cash Rewards, has no annual fee and offers 1% cash back on all purchases; 2% or 3% on select categories. It’s notable that there’s also a Secured version of the card which is very similar to the ordinary version and is one of the best secured cards available.

Bank of America Customized Cash Rewards Secured Card

Card Details

  • No annual fee
  • A minimum refundable security deposit of $300 (maximum of $4,900) is required to open this account.
    • Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established. If you provide a deposit that exceeds the calculated maximum amount based on your ability to pay, a check will be returned to you for the difference.
  • 3% foreign transaction fee
  • Rewards earnings rates go as follows:
    • 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
    • 2% cash back at grocery stores and wholesale clubs
    • 1% cash back on all other purchases
  • You’ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1% with no limit. Each month, as you plan for future purchases, to change your 3% choice category you must go to Online Banking or use the Mobile Banking App. Rewards do not expire.
  • Cash rewards can be redeemed as a statement credit to your credit or a deposit to your Bank of America checking, savings, or Merrill investing account.
  • 23.99% APR
  • No signup bonus on the Secured card version

Our Verdict

Not many Secured cards come with no annual fee and still offer rewards. There are a few other option that offer the same, though the Bank of America Customized Cash Rewards card is from a major bank and could be helpful in establishing a relationship with the bank. Bank of America also offers a Secured version of their Unlimited Cash Rewards card, so be sure to compare which is best for you. The Discover secured card is another good option for a secured card. All of these are solid options for someone who is struggling to get a credit card and wants to build a credit history.

Hat tip to reader Cyan

Source: doctorofcredit.com

American Express Blue Business Cash/Blue Business Plus $250/15,000 Membership Rewards

American Express is offering sign up bonuses on the Blue Business Cash & Blue Business Plus cards. The bonuses are as follows:

  • Blue Business Cash $250 bonus after $3,000 in spend within the first three months
  • Blue Business Plus 15,000 Membership Rewards points after $3,000 in spend within the first three months

We’ve seen a bonus of Blue Business Cash card of $500. Blue Business Plus has been as high of 40,000/50,000 points in the past as well.

Source: doctorofcredit.com

How to Make End-of-Year Donations

Making a charitable donation at the end of the year–or any time of year–can be a win-win-win.

The organization you give your money to benefits. You get to enjoy the good feeling that comes with supporting a project or cause that you believe in. And, you may also be able to lower your tax bill.

This year, the rewards for giving may be especially sweet. Two new tax changes for 2021 can boost donors’ tax deductions for charitable giving, meaning they may be able to give more to charity at a lower net cost.

Here are some things you may want to consider when planning and making your end-of-year charitable donations.

What Qualifies as Charitable Giving?

In the eyes of the Internal Revenue Service (IRS), a charitable donation is a gift of money, property, or other asset that you give to a qualifying organization, known as a 501(c)(3). To find out if an organization you’d like to support is eligible to receive tax-deductible contributions, you can search for it on the IRS’s database .

You may want to keep in mind that money or assets given to political campaigns or political parties do not qualify as tax-deductible donations. In fact, no organization that qualifies as a 501(c)(3) can participate in political campaigns or activities.

Organizations that engage in political activities without bias, however, can still sometimes qualify. So, a group can educate about the electoral process and remain within guidelines. They just have to go about it in a nonpartisan way.

It’s also possible for the IRS to implement measures that can affect charitable donating. For example, there was a tax relief provision passed in the form of the Coronavirus Aid, Relief and Economic Security (CARES) Act.

Under it, tax deduction limits shifted for both those individually and jointly filing. So, it’s essential to stay updated on current tax laws and provisions that may affect your charitable donations’ taxation.

Recommended: IRA Tax Deduction Rules

Can I Deduct My Year-End Charitable Donation?

In the past, charitable donations could only be deducted by tax filers who itemized their deductions. That means that rather than take the standard deduction, they chose the more complicated path of listing all of their eligible expenses.

However, the IRS has a special new provision that will allow individuals to easily deduct up to $300, and joint filers to deduct up to $600, in donations to qualifying charities in 2021, even if they don’t itemize.

This is basically an enhancement of the one-year tax break Congress put in for 2020 under the (CARES) Act that allowed a tax deduction for cash gifts to charity up to $300.

The difference is that for 2020, the deduction was limited to $300 per tax return. The new provision allows a married couple filing jointly to deduct up to $600 in cash gifts to charity for 2021.

The rules have changed for people who itemize as well. If you are itemizing on your return, the IRS has increased the limit for charitable tax deductions from 60% to 100% of your adjusted gross income (AGI). And, if you want to give more than that 100 percent threshold, the excess can be carried over into the next tax year.

Whether you’re looking to give $50 to your favorite local organization, or you’re considering a much larger charitable donation, these tax changes make it a particularly good time to do so.

Tips for Making End-of-Year Donations

To make the most of a charitable donation, here are some strategies you may want to keep in mind:

Making a Timely Donation

The deadline for charitable donations is December 31st. If you’re looking to deduct the donation in the current tax year, you will want to make sure your charity has ownership of whatever asset you are donating by the closing of business on the 31st. You may also want to make sure that your preferred payment method is accepted by the charity so it doesn’t get kicked back and cause delays.

Taking Advantage of Company Matching Programs

Your place of employment might have a matching program for charitable giving. They might, for example, match your donation amount dollar for dollar up to a certain amount. If so, it could significantly bump up the amount you could otherwise afford to give.

If you’re unsure about whether your company has a program, it can be worth reaching out to your HR department for further information.

Giving Rewards on Your Credit Card

If you are giving on a budget, you might consider donating rewards you earn on your credit cards, such as hotel points or airline miles. This can be a great way to use points or other rewards that would otherwise just expire. Many credit card companies, hotels, and airlines will make it easy to give your rewards to nonprofit organizations.

Recommended: Credit Card Rewards 101: Getting the Most Out of Your Credit Card

Donating Assets from your Brokerage Account

If you’re looking to lower your capital gains tax, you may want to consider donating assets from your brokerage account to a nonprofit. This may take some time and planning, but the benefits of donating an over-allocated position that’s outperforming can be worth it.

You may be able to receive tax advantages and rebalance your portfolio, while also helping an organization increase its assets.

Setting up a Recurring Donation

You can get a headstart on next year by creating a recurring contribution now. Many organizations allow you to donate monthly through their websites using a credit card, so you might be able to earn rewards at the same time. By establishing your donation plans now, you won’t have to even think about end-of-the-year giving next year.

Keeping Good Records

If you want to deduct your donation on your taxes, you’ll want to make sure you have the right receipts to back up the transaction.

For cash donations under $250, you’ll either need a bank record (like a canceled check or bank statement) or a written acknowledgment from the charity which includes the date and amount of your contribution.

For cash donations over $250, a bank record isn’t insufficient. Instead, you’ll need something in writing from the charity which includes the date and amount of your donation.

Noncash donations from $250 to $500 in value require a receipt that includes the charity’s name, address, date, donation location and description of items donated. If the noncash donation exceeds $500 in value, you’ll also need a record of how and when the items were acquired and their adjusted basis.

If the donation exceeds $5,000 in value, you’ll need to get a written appraisal from a qualified appraiser.

Speaking with a Professional

An accountant can help answer any questions you may have about how the new tax laws will impact your tax contribution, as well as help you make the most strategic and efficient charitable donation.

The Takeaway

Giving can be a good idea for a number of reasons, especially in 2021. In addition to helping a nonprofit organization meet its operating costs for the year, you can feel good about what you are doing with your money, and you may also benefit from special tax deductions.

Giving can also help you get the new year started on the right foot. If you’re looking for other ways to get your financial life in order (now, or any time of year), you may also want to consider signing up for SoFi Money®.

SoFi Money is a cash management account that allows you to earn competitive interest, spend, and save all in one place. And, since you won’t pay any account fees or other monthly fees, you can focus on putting your money towards more important things.

Start saving for the things in life that matter to you with SoFi Money.

Photo credit: iStock/ThitareeSarmkasat


SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC .
Neither SoFi nor its affiliates is a bank. SoFi Money Debit Card issued by The Bancorp Bank.
SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

The Blue Business Plus Credit Card from American Express Review

Advertiser Disclosure: This post includes references to offers from our partners. We receive compensation when you click on links to those products. However, the opinions expressed here are ours alone and at no time has the editorial content been provided, reviewed, or approved by any issuer.

The Blue Business® Plus Credit Card from American Express is a popular small business credit card with a fairly standard rewards program and no annual fee. Like many other Amex business credit cards, the rewards program is based on Membership Rewards, a proprietary portal that allows you to redeem for a wide range of merchandise and cash equivalents.

Blue Business Plus is meant for business owners with good to excellent credit. It competes with a number of other popular small business credit cards, including  Capital One Spark Miles for Business. Blue Business Plus also competes with American Express’s color-coded business card family, which includes the Plum Card, Business Green Rewards, Business Gold Rewards, and the Business Platinum Card.

Key Features

These are the most important features of the Blue Business Plus Credit Card from American Express.

Welcome Offer

Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of card membership.

Membership Rewards and Redemption

Get rewarded for business as usual. Earn 2X Membership Rewards® points on everyday business purchases such as office supplies or client dinners. The 2X rate applies to the first $50,000 in purchases per year, and 1 point per dollar thereafter.

You can redeem accumulated Membership Rewards points for general merchandise, travel, transportation (including Uber rides), gift cards, statement credits, and other items at Amex’s Membership Rewards portal. Point values vary by redemption method, with merchandise generally worth $0.01 per point and statement credits worth $0.006 per point.

Introductory APR

There is a 0% introductory APR for 12 months from account opening date on purchases. For rates and fees of the Blue Business® Plus Credit Card from American Express, please visit this rates and fees page.

Regular APR

Following the end of the introductory period, variable regular APR applies. It’s currently 13.24% to 19.24% variable, based on your creditworthiness and other factors.

Important Fees

Blue Business Plus has no annual fee or fees for additional employee cards. Foreign transactions cost 2.7%. Late and returned payments cost up to $39 each. See rates and fees.

Spend Above Your Credit Limit

Blue Business Plus comes with a spending limit. However, cardholders can spend above their credit limits without first applying for a higher limit, provided they pay off the amount spent above the limit in full by their statement due date. Above-limit spending is not unlimited – according to American Express, it “adjusts with your use of the Card, your payment history, credit record, financial resources known to American Express, and other factors.”

Additional Business Benefits

Blue Business Plus comes with a nice lineup of business-friendly benefits, including digital receipt storage, expense tagging and tracking, and the ability to designate an employee as your account manager and dispute resolution point person.

Credit Required

This card requires good to excellent credit.

Advantages

  1. No Annual Fee. Blue Business Plus doesn’t have an annual fee. That’s a nice contrast to other popular small business cards.
  2. Long Introductory APR Period. Blue Business Plus’s 0% APR introductory period lasts for 12 months from account opening. That’s much more generous than many fellow competing business cards, and in line with top low APR consumer credit cards. Once the introductory APR period ends, variable regular APR applies.
  3. Good for Business Owners Without Stellar Credit. Although Blue Business Plus requires good to excellent credit, it’s not the most exclusive card out there. If you don’t have major blemishes on your credit record, there’s a good chance you’re going to be approved for this card. That’s certainly not the case for more exclusive American Express business products, such as Business Gold Rewards and Business Platinum.

Disadvantages

  1. Has a Foreign Transaction Fee. Blue Business Plus comes with a 2.7% foreign transaction fee, so it’s not ideal for business owners who frequently travel abroad. If you’re looking for a piece of plastic that doesn’t penalize you for setting foot in other countries, try one of the Capital One Spark cards.
  2. Points Accumulate Slowly. Blue Business Plus earns just 1 Membership Rewards point per $1 spent after the first $50,000 in purchases each year. That’s a slower rate of accumulation than some direct competitors, including Chase Ink Business Cash Credit Card.
  3. Point Values Can Be Low. Come redemption time, Membership Rewards points’ values vary based on what they’re being redeemed for. Merchandise redemptions are usually worth $0.01 per point, but cash equivalents can be worth much less – $0.005 or $0.006, in some cases. By contrast, the Capital One Spark family’s miles or cash back points are always worth $0.01 apiece, while Chase Ink Business Preferred‘s points can be worth as much as $0.0125 at redemption or even more when points are transferred to travel partners. If you’re looking for a generous business loyalty program, look to that card.

Final Word

American Express has a somewhat deserved reputation as an issuer of gold-plated and platinum-plated cards with luxurious fringe benefits, impeccable service, and generous loyalty features. Many of the company’s high-end cards live up to this image – but not all of them.

The Blue Business® Plus Credit Card from American Express is a middle-of-the-road rewards card that doesn’t require massive revenues or an off-the-charts credit score – a true business credit card for the rest of us. Blue Business Plus’ broad appeal does come with some drawbacks, including a so-so rewards system, but there are worse cards out there. If you don’t qualify for a more generous American Express card at the moment, it’s not a bad place to start.

For rates and fees of the Blue Business® Plus Credit Card from American Express, please visit this rates and fees page.

Source: moneycrashers.com

American Express Claws Back $200 Fine Hotel & Resorts Credit When Rebooked (Booked Before Benefit Added)

American Express recently introduced a $200 hotel credit that can be used select prepaid bookings (Fine Hotels + Resorts® and The Hotel Collection) when using American Express Travel. Reddit user u/JimmyGodoppolo had an existing booking that was made before the benefit was added, there was no cancellation fee so they cancelled and rebooked. The $200 credit posted and then was clawed back, when contacting American Express they said this was done as the original booking was made before the benefit was added.

Seems ridiculous, shouldn’t matter when the original booking was made as the rebooking still met the terms of the $200 credit. Counter datapoint here.

Source: doctorofcredit.com

7 Money Lies We Tell Ourselves

Do you think you’re telling yourself the truth about money? We may think we know the facts about our finances. But our beliefs can often overshadow the facts.

Our wishes, hopes and fears can tip the scales away from the truth. This makes it easier for us to believe what we want to about money — and it can happen without us even realizing it.

The “money lies” we tell ourselves can change the way we think and act when it comes to finances. And since most of us rarely talk about money with our friends and family, the money lies we tell ourselves stick around. That can lock us into destructive beliefs and reinforce poor financial habits.

But no matter what money lies we tell ourselves, it’s never too late to set the record straight. Let’s look at some of the most common money lies we all buy into at some point — and the truth behind them.

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1. I’ll be happier when I have $_____.

Bundles of money stick out of a bucket.Bundles of money stick out of a bucket.

“With $___ in the bank (whatever amount you think is ideal), many of my problems would go away, and I’d be happier.”

Does this sound familiar?

Goals and target numbers for earnings, savings and budgets are great. But if you make the mistake of thinking some magic number will flip a happiness switch for you, think again.

When we tell ourselves this money lie, we put too much emotion into a single number. And we may be setting ourselves up for disappointment — both if we never get $__, and if we do get $__ and realize it doesn’t make us as happy as we thought it should.

The good news? Studies show that making progress toward our goals can be incredibly satisfying, regardless of whether we hit the target.

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2. I deserve it, regardless of whether I can afford it.

A woman holds many shopping bags and looks miffed.A woman holds many shopping bags and looks miffed.

“I work hard, and I don’t treat myself often.”

“I could kick the bucket tomorrow (YOLO).”

“I’m getting a great deal!”

These are just some of the rationalizations we use to convince ourselves that it’s OK to buy something.

Whatever legs this money lie stands on, it’s usually used to soothe the sting of expensive purchases — those that aren’t really essential — and perhaps items we know, deep down, we don’t really need.

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3. I have strong financial willpower.

A woman chooses between an apple and a huge hamburger.A woman chooses between an apple and a huge hamburger.

When faced with temptation, most of us lie to ourselves that we’re great at resisting it. But, when was the last time you chose not to buy something you really wanted? When was the last time you made an impulse buy?

The average American spends at least a couple of hundred dollars a month on impulse purchases.

And we’re more likely to buy on impulse and spend more when we’re stressed. That’s probably why impulse spending shot up about 18% in 2020.

Plus, those of us who are shopping with credit cards are probably spending more on the regular basis than we realize. The average credit card shopper spends about 10% more with their cards than they would with cash. And that’s not even counting the cost of interest if the balance isn’t paid in full.

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4. I’ll save more later.

A piggy bank with a sad face lies on its side.A piggy bank with a sad face lies on its side.

Most folks focus on buying what we need and want now, and we tell ourselves we’ll start saving for the future later. If we save anything at all, it’s likely to be whatever we have left over. In fact, fewer than 1 in 6 of us are saving more than 15% of our income, and 1 in 5 aren’t saving any money.

No matter the reason, when we tell ourselves this money lie and put off saving, we’re prioritizing the present over the future.

That can catch up with us on a “rainy day” or whenever we do start thinking seriously about retiring. By that time, there can be a lot of heavy lifting to play “catch up” with our savings — or it may even be too late.

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5. I have plenty of time to plan for my financial future (& I don’t need to think about it yet).

A drawing of a clock in the sand of a beach is washed away by waves.A drawing of a clock in the sand of a beach is washed away by waves.

The future can seem really far away when we’re looking 10, 20 or even more years out. When we feel like we have a lot of room between now and then, it’s easy to make excuses to not plan or save for it.

This money lie is an excuse for procrastination. It’s the rationale we use when we have a hard time managing our negative feelings or uncertainties about our financial futures. And it makes us turn a blind eye to the years of interest that we lose out on when we don’t plan.

Benjamin Franklin may have spoken best about the truth behind this money lie when he wisely said, “by failing to prepare, you are preparing to fail.”

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6. There is good and bad debt.

A piggy bank with slips of IOUs sticking out.A piggy bank with slips of IOUs sticking out.

We tend to assign moral value to debt, thinking of mortgages and student loans as “good” debt, and considering credit card debt as “bad.”

This money lie gets us to think the wrong way about debt. All debt comes with some cost, and it’s critical to understand how every loan affects our current and future selves.

Instead of focusing on whether debt is “good” or “bad,” concentrate on the total cost of the interest over time (it’s often higher than you think) and on deciding whether the loan is really helping you achieve your goals.

About half of us seem to already be on track with that thinking, saying that we expect to be out of debt within one to five years.

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7. Wanting more is bad.

Ladders lead up into the clouds.Ladders lead up into the clouds.

While I think we can all agree that obsessive greed is wrong, it’s not a bad thing to want more for you and your loved ones.

When we tell ourselves we shouldn’t want more than we have, we agree to settle for less. And we may be tricking ourselves into thinking it’s OK that we’re not doing something (or enough) to improve our financial situation.

This money lie holds us back and can make it hard to improve our financial behaviors.

When we frame wanting more as a positive motivator, it can be easier to take the chances or do the work needed to get to that next financial level we may want.

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How to Stop Losing Out to Costly Money Lies

Hands holding one-hundred dollar billsHands holding one-hundred dollar bills

How many of these money lies sound like something you’ve told yourself?

At some point, I think we’ve all tricked ourselves with at least one of them. Maybe we were rationalizing a decision, or we were trying to make ourselves feel better about what we wanted to do with our money. And we probably didn’t make the best financial choices as a result.

Here’s the truth: Honesty goes a long way with finances.

What we tell ourselves and what we believe about money influences our financial behaviors. If we’re not telling ourselves the truth, our money lies won’t just drain our wallets. They can affect our financial awareness and inflate our confidence. And they get in the way of maintaining or growing wealth.

When we recognize the money lies that we believe, we can reset our thinking, change our mindset and start taking action. And that sets us up to make better choices and make more progress toward our big financial goals.

P.S.: Sign up for my emails to continue the conversation. My subscribers get my best insights! Just email me at ian.maxwell@revirescowealth.com, and put SUBSCRIBE in the subject field.

This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. Consult your financial professional before making any investment decision. For illustrative use only.
Investment advisory services offered through Virtue Capital Management, LLC (VCM), a registered investment advisor. VCM and Reviresco Wealth Advisory are independent of each other. For a complete description of investment risks, fees and services, review the Virtue Capital Management firm brochure (ADV Part 2A) which is available from Reviresco Wealth Advisory or by contacting Virtue Capital Management.

Founder & CEO, Reviresco Wealth Advisory

Ian Maxwell is an independent fee-based fiduciary financial adviser and founder and CEO of Reviresco Wealth Advisory. He is passionate about improving quality of life for clients and developing innovative solutions that help people reconsider how to best achieve their financial goals. Maxwell is a graduate of Williams College, a former Officer in the USMC and holds his Series 6, Series 63, Series 65, and CA Life Insurance licenses.Investment Advisory Services offered through Retirement Wealth Advisors, (RWA) a Registered Investment Advisor. Reviresco Wealth Advisory and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

Source: kiplinger.com

12 Ways Retirees Can Earn Passive Income

A senior black man uses a smartphone
wavebreakmedia / Shutterstock.com

These days, “retired” doesn’t always mean “not working.”

According to a study of U.S. retirees from the nonprofit Transamerica Center for Retirement Studies (TCRS), “nine percent … are currently working for pay, including five percent who are employed part-time, two percent who are employed full-time, and two percent who are self-employed.”

More than half — 56% — of those surveyed said their top reason to keep working was “wanting the income.” The good news: You might be able to make some extra dollars via passive income — money that comes in without you doing much work, or any work at all.

Passive income is often synonymous with a large upfront investment, such as buying rental properties or dividend-producing stocks. But the following passive-income strategies can bring in extra bucks without investing a bunch of money or time.

1. Rent out a room in your home

Got an empty nest? Someone may be willing to pay to roost there.

You can advertise your spare space on your own or list it on a vacation rental website such as:

Yes, it takes some work: You might have to keep the room tidy and wash a load of sheets and towels once the guests depart. But in some parts of the country, you can earn enough money in just a few days to cover a mortgage payment, as we detail in “Do This a Few Days Each Month and Watch Your Mortgage Disappear.”

If you’re the gregarious type, you can have fun talking up your town or even showing visitors around. If not, advertise it as a “Here’s your key, we won’t bother you” arrangement. Some people simply want an inexpensive place to sleep and don’t care about sitting around chatting with the host.

2. Rent out your vehicle or gear

Your spare bedroom is just one of many things you could rent to others to bring in extra money.

Use your imagination. Maybe you have a ladder, stroller, surfboard, bicycle, boat, camera equipment or a great selection of power tools.

Peer-to-peer rental sites like the following will help you find folks who occasionally need such things but don’t want to own them:

Whatever you’re renting, keep in mind that ordinary insurance might not cover the commercial use of your property. An insurance rider may cover some items, but you may need a separate policy, so consult your insurance agent.

3. Become a peer-to-peer lender

What is peer-to-peer lending? In short, P2P lending sites such as Prosper accept loan applications from borrowers. Investors like you can put some of your money toward loans to those borrowers. When loans get paid back, so do you — with interest.

Overall, P2P investments “can provide solid returns that are really hard to beat,” according to Clark.com, the website of financial guru Clark Howard.

As with any loan, however, there’s the possibility of default. You may not earn anything or may even lose money.

Sound too complicated? Maybe this simpler form of P2P is for you: Worthy sells 36-month bonds for $10 each. The money that comes in is loaned to U.S. businesses, with lenders who have purchased these bonds getting a 5% annual rate of interest on their investment.

To learn more about Worthy bonds, check out “How to Earn 80 Times More on Your Savings.”

4. Get rewards for credit card spending

If you’re going to shop with plastic, make sure you’re rewarded.

The form that the reward takes is up to you. Some people covet airline miles. Others take their rewards as cash or a credit against their monthly statement.

The number of rewards credit cards — and their pros and cons — can be a little dizzying. For an easy way to compare your options, stop by our Solutions Center and check out travel rewards cards or cash-back cards in the Money Talks News credit card search tool.

5. Use cash-back apps

An app called Ibotta lets you earn cash rebates on purchases from retailers, restaurants or movie theaters.

Or you can do your online shopping through cash-back portals like:

These websites enable you to earn cash back on purchases from thousands of online retailers. To learn more about them, check out “3 Websites That Pay You for Shopping.”

6. Sell your photos

Smartphones have made decent photography possible for just about anyone. The next time you capture a killer sunset or an adorable kid-and-dog situation, don’t keep the image to yourself. Apps like Foap — which is available for Android and Apple devices — will help you sell it.

You can do even better if you have a good digital SLR camera, a tripod and other equipment. Stock photo companies like Shutterstock and iStockphoto, which favor high-definition, high-quality images, are venues for selling photos on just about any subject you can find.

7. Write an e-book

It’s possible to bring in cash without a high-powered book contract, thanks to self-publishing platforms.

Amazon’s Kindle Direct Publishing, for example, allows you to write, upload and sell your words fairly easily. My two personal finance books are for sale on Kindle, and they provide a steady stream of passive income.

I also sell PDFs of the books through my personal website. I use a payment platform called E-junkie to handle payments and deliver the book downloads — and this brings me more money per book than Amazon does, even when I offer readers a discount.

If you’re fond of a particular fiction genre, write the kind of stuff you’d like to read. Nonfiction sells, too: cookbooks, travel guides, history, memoirs and how-tos are a few examples. Or maybe you have a specific skill to teach — job-hunting or food preservation or raising chinchillas.

Pro tip: Fiverr.com is a good marketplace through which to find freelancers to hire for help with formatting, design and cover art.

8. Create an online course

If you’ve got useful knowledge, why not monetize it? Sites like Teachable and Thinkific will help you build a course that could change someone’s life, either professionally or personally.

Note that online courses are not limited to computer-based topics. A quick search turns up classes on:

  • Cake-making
  • Watercolors
  • Digital scrapbooking
  • Drone cinematography
  • Free-diving
  • Blacksmithing
  • Yoga
  • Parenting
  • Novel writing
  • Job hunting
  • Building a pet-care business

And that’s just for starters. Like writing an e-book, creating a course will take some work. But again: Once it’s up, the work is done.

9. Join rewards programs

Rewards sites like Swagbucks reward you with points for activities such as searching the internet, watching short videos and taking surveys. You can cash in your points for gift cards or PayPal cash.

Maybe you didn’t retire to spend hours taking surveys. But if you’re going to search the internet anyway, why not use Swagbucks’ search engine and earn some points?

To learn more about Swagbucks, check out “6 Ways to Score Free Gift Cards and Cash in 1 Place.”

10. Wrap your car with advertising

Turn your vehicle into a rolling billboard with companies like Carvertise. They’ll pay you for the privilege of putting removable advertising decals for a business on your automobile.

Writer Kat Tretina describes the process at Student Loan Hero. You can expect to earn $100 to $400 a month, depending on how much and where you drive, she says. Requirements include having a good driving record and a vehicle that has its factory paint job.

Pro tip: Car-advertising scams make the rounds regularly. Tretina offers these tips to avoid being victimized:

  • Legitimate companies don’t charge an application fee, and they’ll have a customer service phone line that lets you talk with a real person.
  • The car-wrapping cost should be covered by the company.
  • Take a hard pass on any company that doesn’t ask questions about your driving record, auto insurance, driving routes and type of vehicle.

11. Create an app

Maybe yours is one of those minds that says, “There should be an easier way to do (whatever) — and I think I know what it is!” If so, creating an app could bring in extra income.

It could also bring in zero dollars. But nothing ventured, nothing gained, right?

For example, personal finance writer Jackie Beck — who cleared $147,000 of debt — used her expertise to create an app called “Pay Off Debt.”

Not a coder? App-builder services exist. The WikiHow.com article “How to Create a Mobile App” tells how to get started. It’s a time-consuming process. But that’s one of the beauties of retirement: You set your own hours.

12. Become a package ‘receiver’

OK, this idea is unproven — so far. But it’s a solution whose time has come. The boom in online shopping has been a boon for thieves who find it easy to swipe packages left outside front doors before the intended recipients get home from work.

You might be able to do your part to thwart those lowdown thieves by marketing yourself as a “professional package receiver.”

Try this: Put the word out — through friends, social media, places of worship — that you are available to accept deliveries. If a package is for someone in your neighborhood, you could watch the shipping company’s tracking info and be at the home to take the package in. Or you could specify that packages be shipped to Original Recipient, c/o Professional Package Receiver — that’s you.

Before asking a fee of, for example, $1 per package, ask the person who wants to hire you what it’s worth to them. You might be surprised by a response like, “I’ll give you $5.” Decide, too, whether you’ll be charging per package or per order, and whether you’ll set a weight limit, such as no packages over 30 pounds.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

Chase Adds Terms Allowing Ability To Check Checking/Deposit/Investment & Utility Accounts For Card Approvals

Chase has added new terms regarding information they are allowed to access, it states (emphasis ours):

We may obtain and use information about your accounts with us and others such as Checking, Deposit, Investment, and Utility accounts from credit bureaus and other entities. You also authorize us to obtain credit bureau reports and any other information about you in connection with: 1) extensions of credit on your account; 2) the administration, review or collection of your account; and 3) offering you enhanced or additional products and services. If you ask, we will tell you the name and address of the credit bureau from which we obtained a report about you.

This is likely due to Project REACh, or the Roundtable for Economic Access and Change which aims to consumers with no credit score access to credit cards. Some large financial institutions (JPMorgan Chase, Wells Fargo, U.S. Bank) have agreed to share information.

Hat tip to Proud Money

Source: doctorofcredit.com

How to Have a Baby Shower on a Budget

It’s an honor to be asked to throw a friend or family member a baby shower. But along with that honor, often comes a hefty price tag. Between the food, flowers, decor, and favors, the cost of these soirees can add up quickly.

Fortunately, you don’t need to spend a fortune to throw a fun and memorable celebration for soon-to-be parents and their loved ones. From scoring a cheap (or free) venue to DIYing the centerpieces, there are a number of ways to cut baby shower costs without looking like you cut any corners.

Tips for Throwing a Great Baby Shower on a Budget

These inexpensive baby shower ideas can help you throw a memorable celebration for a mom-to-be and help her become better financially prepared for a baby.

Coming up with a Baby Shower Budget

Before you begin the planning process, it can help to determine the total you can spend on the event and then create a budget. You may also want to find out if family members from either side are willing to chip in financially or by offering to help make something for the party. When setting up your baby shower budget, you’ll likely want to include: the venue, invitations, decorations, food and drinks, entertainment and/or games, prizes and party favors.

Finding a Free (or Low-Cost) Venue

A baby shower doesn’t have to be at a fancy restaurant, hotel, or banquet hall to be festive. It could take place at your, or someone else’s, home. If you’re hosting a baby shower in warm weather. You might consider having it outdoors, such as in your backyard. You could even host a more casual shower with an outdoor barbeque or even a poolside party.

Other low-cost locales options include: a nearby park, the clubhouse of your (or someone else’s) apartment complex, or the meeting room at someone’s place of business.

Limiting the Baby Shower Guest List

Generally, the more people you invite to the shower, the more money you will spend. To keep costs in check, you may want to consider limiting the invite list to the parent-to-be’s closest family and friends. A smaller group not only cuts down on costs, but can also help to create a more intimate gathering that allows the guest of honor to spend time with each guest. It can be a good idea, however, to run the invite list by the expectant mom to be sure that you don’t exclude any important people.

Going Digital With Invitations

You can save money on baby shower invitations by using a digital service, such as Evite, MyPunchbowl, or Paperless Post. These sites and apps typically allow you to choose from a range of free baby shower invitation templates or, for a small fee, upgrade to a more elaborate design. These sites also make it easy to keep track of responses. And, guests will likely appreciate the ability to RSVP with the click of a button. You may, however, want to send paper invites to older guests, particularly if they don’t use an email address often.

Ditching the Caterer

Feeding guests typically takes up the biggest portion of a baby shower budget. One way to help keep the cost of food down is to forgo the caterer and head to your local warehouse club (like Costco or Sam’s Club). You’ll likely be able to create a delicious spread of appetizers, finger foods, and desserts for a lot less than ordering trays from a catering company or restaurant.

Timing it Right

You can also cut down on food costs by not holding the shower right at lunch or dinner time. That way, guests won’t arrive expecting a full meal, and you’ll be able to serve a lighter menu that includes simple appetizers and snacks. A late-morning party can be particularly wallet-friendly–you might simply offer coffee, juice, fruit, and pastries. Or, you might opt for an afternoon tea and serve sweets and finger sandwiches.

Keeping the Cake Simple

A gourmet bakery cake can look beautiful, but it could easily bust your budget. According to CostHelper , an average bakery cake runs around $3 to $4 a slice. To cut costs without sacrificing on taste, you might consider ordering a cake at your local grocery store’s bakery or the bakery at a wholesale club, then having it personalized (which the store will often do free of charge).

DIYing Centerpieces

Fresh flowers look lovely, but they can get expensive if you order arrangements from a professional florist. Instead, you may want to head to your local farmers market, grocery store, or warehouse club to find flowers at reasonable prices that fit your color scheme, then make your own centerpieces. A simple way to get great results is to use flowers in the same color family (like shades of pink or all white). You can pick up vases at the dollar store, or go with Mason jars, which look trendy and can be used for other purposes after the shower is over.

Printing Decor and Games for Free

Instead of racking up a big bill at the party store, you may want to comb the web for free baby shower printables. You can likely find food signs, games (like baby shower bingo), decorations, and favor tags that you can simply print right from your computer.

Making Edible Favors

Sweets can make great baby shower favors, and you can easily bake them yourself without spending a lot. You may also find that there is a family member who would be delighted to take on this task. Edible favors can be as simple as iced sugar cookies (in your color scheme) or as elaborate as cake pops that look like baby rattles.

Considering a Virtual Baby Shower

If the guest of honor’s family and friends are spread out all over the country, having a virtual baby shower is one way to include everyone that’s important, and also keep costs down. You can set a celebratory mood by choosing a Zoom background that fits the theme of your shower, and also include a link so guests can download the background as well. Friends and family can watch the mom-to-be open gifts that were sent to her ahead of time. You can also organize games throughout the virtual baby shower and create a digital guest book that attendees can sign and share their words of wisdom for the expecting parents.

The Takeaway

You can plan a memorable baby shower even on a limited budget. And, spending less doesn’t mean the event will be any less special.

Some easy ways to trim the cost of having a baby shower include: hosting the shower in your home or backyard, heading to your local warehouse club (for food, flowers, and even the cake), using free printables for decor and games, and giving homemade sweets as favors.

You can also make a baby shower more affordable by setting a budget and saving up enough money to cover it in advance (so you don’t end up relying on credit cards).

Looking for a good place to build your party fund? A SoFi Money® cash management account can be a good option. With SoFi Money’s “vaults” feature, you can separate your savings from your spending while earning competitive interest on all of your money. You can even set up separate vaults for separate savings goals.

Start saving for your next milestone celebration with SoFi Money.

Photo credit: iStock/vejaa


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Source: sofi.com