When money is the topic of discussion, everyone has an opinion to offer. You should not rent, instead, choose to buy. Steer clear of credit cards; they’re shady. What makes you panic about your credit score? It’s pointless. Frankly, there’s a ton of dumb and ignorant advice floating around, and it can be a tough decision to pick what’s right and what’s wrong. Okay, we have arrived to straighten things out. Here’s every piece of dumb financial advice making the rounds – and what you should follow instead.
Dumb Tip #1: Save Money In Your Checking Account
You’ve definitely heard that the ideal way to multiply your money is to put it in a savings account forever. That’s a mindless tip. Probably you’re only in search of a place to store it safely – but still receive more money. Stashing it away in a safe or under your mattress will give you nothing. A regular savings account won’t do you any good either. (Well, 0.06% is negligible these days.) But a debit card named Aspiration allows you to earn up to 5% cashback and offers up to 16 times the average interest on the money kept in your account. Not bad! Enter your email address here, and link your bank account to find out the extra cash amount that you can receive with your free Aspiration account. And don’t panic. Your money is insured by FDIC and under military-grade encryption. Those are fancy words for “this is completely secure.”
Dumb Tip #2: Get 3 Auto Insurance Quotes For Best Price
People would never stop telling you to shop around. “You ought to get three distinct quotes to receive the best price for your car insurance,” they share their two cents. At first, it seems like a great tip. But here’s what’s wrong with it: Making a comparison among 3 different companies is not enough. We recommend taking 40 and comparing them. But who has that much time on their hands? A company named Savvy can surely do it for free for you. People can get an average of $826 a year back in their accounts – and also, you’ll still receive the same coverage you already have. Your last renewal date doesn’t matter; you can ask your old company for a check for the remaining time of your previous policy. (Read: They might owe you money.) You need not fill out any forms or dial any numbers. It just takes two minutes to see how much Savvy can give you back in your account. Also, the best news? Since we’re not driving much, some insurers have been dropping the prices this month.
Dumb Tip #3: You Must Save $1,000,000,000,000,000 Before Dying
Has the thought of your family’s financial future after you are gone crossed your mind? Most likely, your checking account balance won’t be enough forever. You might be wondering that you neither have money nor time for that. But a company called Fabric is here to help you apply for a term life insurance policy that is capable of providing your family a good amount of money (the coverage amount you opted for) if you die. (We got the news that people are getting policies for as less as $14 a month.) You may have given this a thought a while back, but found it too overwhelming. Frankly, this is among the most convenient and genius things that you can put your money in at this moment. All it takes is 10 minutes for applying, and you don’t have to leave your house – you can apply at home from your browser. So, if you want to ensure a secure future for your family after you pass away, spare 10 minutes to fill out an application.
Dumb Tip #4: You Have To Be A Billionaire To Make A Real Estate Investment
The stock market can be unpredictable in a scary way. Stock prices rise and fall and who can tell when the whole graph would take a crashing dip? It would be smart to diversify and put your money in a real estate investment, but don’t you need millions of dollars to do it? Now you can invest the way 1% does, and to begin, all you need is $500. A company by the name of DiversyFund will invest your money in private real estate – particularly, in apartment buildings that it co-owns with its investors – and you just need $500 to get started. Their online dashboard will show you the exact properties that are included in your portfolio – for example, a 30-unit waterfront property in Stuart, Florida, or a 54-unit apartment complex in Salt Lake City, Utah. Moreover, you would be free from all the worries of becoming a landlord – DiversyFund does all the stressful work for you. Historically speaking, Real Estate has been considered to be much more stable than the stock market. According to the studies, you will earn an average annual return of 7% over the long term through stock market investments. DiversyFund may not be able to guarantee the performance of those investments – no one can predict that – but conventionally, real estate has towered above the stock market for the last 30 years. In conclusion, you don’t have to be wealthy to invest in real estate. $500 in your pocket and you are good to go. Sign up here to begin the investment right away.
Dumb Tip #5: You Need To Clear Your Credit Card Bill Every Month
If you are burdened under credit card debt, you’ll understand. The anxiety, the never-ending fear, the interest rates… Truth be told, your credit card company couldn’t care less. It is just putting money in its pockets by swindling you with excessive interest rates. A website called AmOne is here to rescue you. If the amount you owe your credit card company is $50,000 or less, AmOne will present you with a low-interest loan that will help you settle the balance and pay off every penny. The advantage? You’ll just have one bill to pay every month. And since personal loans come with much lower interest rates (AmOne rates begin at 3.99% APR), you’ll be racing out of debt. Also: No credit card payment this month. AmOne will keep you away from long queues and making bank calls. If you are unsure about qualifying, it’s free of cost to check online. It will take two minutes of your time and you’ll be out of debt way sooner.
