Money Management

When people are in need, you can be sure that scammers are not far behind. Here are 10 common scams meant to separate job hunters from their money. [[{“value”:”

FlexJobs, a subscription service that helps job hunters find remote and flexible jobs, including work-from-home positions, freelance work, and part-time employment, recently brought a startling statistic to our attention. According to the Federal Trade Commission (FTC), employment scams tripled between 2020 and 2021, and continue to grow.

You’ll notice that scammers came out of the woodwork in the early days of the pandemic as unemployment crept dangerously high. It continues as Americans continue to seek jobs that offer a life-work balance and bring them satisfaction. Here, we take a look at 10 of the most common job scams, as shared by FlexJobs.

1. Fake job postings

With the help of artificial intelligence (AI), scammers have learned to create fake companies and jobs. They even create fake websites to go along with their sites and job postings. The goal is to get you to apply for a job and use any personal information you provide — including your Social Security number and address — to steal your identity.

If there’s an ounce of doubt, find the company’s contact information on its real website, and call to learn if the job posting belongs to them. Do not use any information taken from the website you’re directed toward.

2. Cryptocurrency exchanges and Ponzi schemes

Another scam involves convincing a mark that they can invest in a “sure-fire” investment. People sign on after being offered a huge profit at very little risk. Once the mark has taken money from their bank account and transferred it to the person on the other end of the line, the money is gone forever, and so is the scammer. Never invest with a company that introduces itself to you. There are plenty of legitimate brokerages that will handle your investments honestly.

3. Posing as a legitimate job board or company

There’s nothing to stop a scammer from using an existing company name you can trust to give their scam legitimacy. The scary part is how legit they look on the surface. However, with a little snooping, you can identify a fake. For example, a job board may instruct applicants to send their resumes to a specific email address.

Again, learning the truth is as easy as calling the company the scammers are pretending to be part of and asking for verification. In the meantime, do not give the scammers the opportunity to empty your checking or savings account.

4. Slightly altered web addresses

One way scammers get away with claiming to be part of a respected organization is by recreating the legitimate company’s website as closely as possible. What will be different is the URL (because only the real company website has the real URL).

Let’s say you get a work-from-home offer from a company claiming to be FlexJobs. FlexJobs’ URL is FlexJobs.com. If the website you’ve been directed to is different — like FlexJobs.org or FlexJobs.net — you know you’re being scammed. Do not provide any personal or financial information unless you’re certain you’re dealing with a legitimate company.

5. Taking a shortcut to your personal financial information

Typically, when you’re offered a job and have accepted, you provide your new employer with your Social Security number and address. If you’re having your paychecks automatically deposited, you’ll need to give the employer your banking information. If a company asks you for this information before you’ve checked it out and accepted the job, it’s probably a scam. Do not provide personal information until you know who you’re working with.

6. Recruiting through social media and chat

Scammers like to use instant messaging services like WhatsApp and Telegram to conduct fake job interviews. If you’re unemployed and need to pay your mortgage and other bills, you may be tempted to believe it’s a real job interview. If someone reaches out to you through chat of any kind, ask to speak with them via telephone. Even then, research, research, research.

7. Online reshipping

Falling for an online reshipping scam means accidentally becoming a criminal. Here’s how it works: Your new “employer” tells you you can work from home. Your job consists of repacking and mailing goods. What you may not know is that those goods you packaged are stolen. Again, research whether the company is legitimate.

8. Data entry scams

One common scam involves promising a lot of money for a job that does not require a high level of skill. Once you’re on the hook, the company tells you that an upfront payment is required for processing or training. No legitimate data entry job requires you to pay for processing or training or make unrealistic promises about wages.

9. Pyramid investment schemes

Those lucky enough to be near the top of a pyramid scheme will scream from the rooftops that their business is legit. It works like this: You’re asked to invest with the promise that you’ll make money when people who follow you into the program invest. In order for you to make money, someone else has to lose money. It’s as simple as that. Unlike the Egyptian pyramids, pyramid schemes are not built to last.

10. Assembling products

This scam has been around for a long time, primarily because it’s so effective. In it, you’re offered a work-from-home assembling position. However, you’re told that you are required to pay an enrollment fee and purchase the supplies and materials you’ll need to get started.

Naturally, you have to purchase the supplies from the scammers. Once you pay, the chance of receiving an assignment is low. Even if you do, these companies are known to reject the finished products because they never had any intention of paying you.

Whether you’re looking for a full-time job or hoping to find a side hustle to add cash to your budget, scammers are on the lookout. As a general rule, if you can’t verify a phone number, street address, web address, or an employee’s name, you’re looking at a scam. Your best bet is to block them and move on.

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

One bank is trying to offer funding for veteran-owned businesses. Read on to see which one. [[{“value”:”

Starting a small business is no easy feat. You need a great idea, a well-thought-out plan, and the right team to get your venture off the ground. And once you’ve done that, you need to keep the momentum going.

But at the core of many businesses is funding. And that could prove to be the most challenging piece of the puzzle. However, if you’re a former military member, you may be in luck. Bank of America is on a mission to provide funding to small businesses. And it may be a resource to turn to for your new venture.

Helping veterans succeed

The Veteran Loan Fund is an online platform whose aim is to connect military veterans with mission-focused business lenders and education partners. So far, the initiative has funded more than 500 small businesses founded by veterans, resulting in the creation or retention of over 3,000 jobs.

The goal is to grow the Veteran Loan Fund to $100 million across the nation by 2027. The fund’s first $15 million round, which was given out in under 12 months, was made possible by a $5 million commitment of long-term, below-market-rate lending capital from Bank of America in 2021, coupled with support from other major institutions. The next round will have Bank of America supplying $10 million in new support.

How to get funding for your VA-owned small business

To qualify for funding via the Veteran Loan Fund, you need to meet these criteria:

Be someone who’s served in the U.S. armed forces or the spouse of someone in that categoryHave a U.S. businessHave equity invested in your business

From there, you can complete an online assessment to see if you qualify for aid.

If you’re not eligible for aid via this specific source, worry not — you may have other options. For one thing, you can try seeking funding from a community bank or credit union. You can also seek to borrow against your home equity for funding, or even look to a personal loan.

More resources for former military members

If you’re a former military member who’s looking to start a business, or a current veteran business owner, you should know that there’s a world of support out there outside of funding. For one thing, the Small Business Administration offers training programs for veterans. And within the veterans category, there are different subsets, like women veterans and service-disabled veterans.

Also, the federal government awards a portion of its contract dollars to veteran-owned businesses. You may be eligible to secure one of these contracts, which could be a huge source of revenue. You can also go here to learn more about available business counseling in your area.

It’s great to see a huge player in the banking industry like Bank of America step up to help veteran-owned businesses succeed. But the truth is, many banks are committed to helping VA-owned businesses and small businesses in general. Don’t hesitate to explore the different resources available to you.

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Bank of America is an advertising partner of The Ascent, a Motley Fool company. Maurie Backman has positions in Bank of America. The Motley Fool has positions in and recommends Bank of America. The Motley Fool has a disclosure policy.

“}]] Read More 

Is DoorDash a good side hustle for you? Read on to learn more about one Dasher’s experience. [[{“value”:”

A friend of mine who worked full-time for many years took a career break recently after having a baby. She loves being home with her toddler, but the idea of not earning an income is pretty foreign to her. As such, my friend recently decided to start working for DoorDash to drum up extra cash. And while it’s largely been a positive experience so far, there are some negatives to be aware of. Here are her top pros and cons.

Pro No. 1: Extra income without spending a lot of money

My friend happens to own a vehicle that’s a plug-in hybrid, so when she’s driving locally, she doesn’t necessarily have to fill up on gas. So she doesn’t really have to spend a lot of money to earn money with DoorDash, since her route tends to be pretty local.

Pro No. 2: A way to keep busy and avoid spending money

Even though my friend’s toddler keeps her busy, she’s used to working a full-time job. And when you have that mindset, it can be difficult to fill your downtime. My friend realized she was swiping her credit card a bit too often online out of boredom. The upside of working her DoorDash side hustle is that it keeps her busy so she’s less inclined to shop online.

Pro No. 3: The work isn’t mentally taxing

As my friend puts it herself, working for DoorDash isn’t rocket science. You pick up food and deliver it to a given address, all the while following directions on your GPS. If you can drive a car, you can work for DoorDash.

Con No. 1: The income is inconsistent

DoorDash’s base pay model has drivers earning anywhere from $2 to $10 or more on a per-order basis. Clearly, that’s a big range. Different factors go into your DoorDash income, like the times you sign up to deliver at and how well (or not) customers tip. Though my friend likes the gig, she does wish she could more consistently anticipate how much she’ll earn, as that would make maintaining her household budget much easier.

Con No. 2: Driving all over town can get exhausting

Sometimes, my friend will sign up to be a Dasher for hours at a time if she has child care coverage (which she often does at night, since her husband is home and done with work). But while the work isn’t hard, it can be physically tiring if you do it for many hours in a row.

Con No. 3: It can get boring

My friend appreciates the fact that she doesn’t have to strain her brain to work for DoorDash. But she admits that sometimes, all of that driving around can get boring. To make the experience more pleasant, on occasion, she’ll ask a friend to come along for company. Or she’ll load up on podcasts or good music so she can stay entertained.

It’s important to find the right side hustle for you

Ultimately, my friend says that the pros of working for DoorDash well outweigh the cons, so she plans to keep at it as long as it works for her. If you’re looking to take on a side hustle, whether to pay off debt, boost your savings account balance, or just plain keep busy, you should really aim to find a gig that works for your schedule and isn’t something you dread. You’ll also have to make sure you’re meeting your income goals.

My friend is fortunate in that the money she earns from DoorDash is extra cash for her family. Before leaving her full-time job, she and her husband crunched the numbers carefully to make sure they could get by on his income alone for a period. So she has the flexibility to work a side hustle whose pay isn’t always consistent.

Your situation may be different, though. So a gig with a fixed wage, like an hourly rate, may be a better option for you.

All told, if you’re new to the world of side-hustling, you may want to give DoorDash a try if you have access to a car and don’t mind the idea of spending hours on the road. But if your stint as a Dasher doesn’t work out, there’s also no reason to stick with it when there are plenty of options out there to explore.

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

A 5-year CD won’t have the best interest rate on the market today. But it might be worth opening one regardless. Learn if a 5-year CD is the best place for your savings. [[{“value”:”

Any time you have savings that aren’t earmarked for some particular goal — emergency fund, retirement, buying a house, travel — you have to figure out where you’re going to store it. One option is a long-term certificate of deposit (CD), like one with a five-year term. CDs typically have higher interest rates than a high-yield savings account (another option for long-term savings), and they can guarantee those rates for the length of their terms.

Of course, locking your money in for five years isn’t a decision to make rashly. Many 5-year CDs come with early withdrawal penalties, which will slap you with a hefty fee for trying to withdraw cash before your CD matures. But if you have a long time horizon, here are some reasons to lock into a 5-year term this year.

1. Get a guaranteed rate of return

Most CDs can give you something that most bank accounts can’t promise: a fixed interest rate. When you lock into your CD term, you’ll know in advance how much interest you’ll earn. Unlike with savings and money market accounts, your CD rate won’t fluctuate, which can be a good thing if interest rates drop across the board later this year.

This does come with a caveat: If interest rates were to rise, you might be stuck earning at a lower rate than with other CD products. But if you think interest rates will drop in the near future, a 5-year CD would then freeze rates before they do, effectively extending this period of great interest earnings.

2. Restrict access to your savings

If you’re afraid you might spend the savings you’ve built up, a CD could help you control that temptation. Most CD providers charge hefty penalties for any early non-emergency withdrawals. This creates some friction between you and your savings, making it more difficult to spend frivolously.

Course, you could also get a no-penalty CD. These CDs allow you to liquidate your account before your term ends without levying a penalty. But these CDs are usually only available in shorter terms (like six months), and you’ll have to close your CD account to access your money, as they don’t allow partial withdrawals. They could be great for short-term savings, but if you have a longer time horizon, you’ll likely have to accept restricted access to your savings.

3. Earn high interest for longer periods

As discussed above, CDs can freeze interest rates, which makes them especially useful in 2024. As inflation continues to moderate, the Federal Reserve will likely start cutting rates later this year. While no one is certain when the Fed will start cutting rates (not even the Fed seems to know), there’s a good chance we could see a few rate cuts starting this summer.

Even if it doesn’t happen in 2024, it’s likely it will happen with increased frequency in the years to follow, assuming inflation continues to ease. That would bring in a low tide for savings rates on all accounts, including CDs. By locking into a 5-year CD term, you could end up earning at a high APY at a time when rates are much lower.

Right now, the best 5-year CDs have super competitive rates compared with the same CD term in previous years. They’re not, however, the highest-paying CDs on the market. If you’re looking to earn the most interest on your savings for the short-term, you might be better off with a shorter term, like a 1-year CD.

But I wouldn’t dismiss 5-year CDs because they have lower rates. In fact, you could end up earning more interest just by locking your money up for a longer period. For example, Quontic has a 5 Year CD currently at a 4.30% APY. With $10,000 invested in this CD, you’d earn $2,343 after five years, or an average of $468 per year. A 1 Year CD from the same bank has a 4.50% APY, which would leave you with $530 for the same deposit. But when your term ends next year, there’s no guarantee you’ll find another CD with a comparable rate, which might even leave you earnings less than 4.30%.

All in all, I would consider a 5-year CD if you have a long time horizon. Though you might not get the highest APY today, your lifetime CD earnings might be greater than what any chain of short-term CDs could offer. If you’re interested, take a look at some of the best CDs and see what CD rates banks are offering.

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

House hunting isn’t easy, especially in 2024’s market. Keep reading for a few prescient lessons one writer got when her first offer attempt fell flat. [[{“value”:”

When I decided to try to buy a house again a little over two years ago, I didn’t realize that by the time I’d be ready, I’d be facing an all-around terrible market. Sellers have the edge here, as they’ve had for a while, due to a lower supply of homes for sale.

In February 2024, there was a supply of just 2.9 months’ worth of houses, according to the National Association of Realtors. It takes more like four to six months’ worth to equalize the market between buyers and sellers.

And rates are still stubbornly up, too — the average rate on a 30-year fixed mortgage is 6.87% as of this writing. When I do get a mortgage, I’m basically guaranteed to want to refinance it if rates ever come back down.

Despite the difficulties, I’m out here trying. The first offer I made on a house was rejected, though. Thankfully, I was able to turn it into a learning experience with the following five nuggets of wisdom.

1. Finding one good one means there are more

To be honest, this was perhaps the lesson I needed most at the moment. It took looking at multiple houses to find one worth further consideration.

I’m not looking for a fixer-upper; after many years of renting, I am seeking a house in need of very few updates beyond paint (I crave color in my life). And since the location is one very important factor that you cannot change about a house, the ones I viewed in undesirable neighborhoods weren’t going to work for me.

So just the sheer fact that I finally got to tour one in great shape, in a nice neighborhood, signaled to me that the search was not hopeless. The right house was out there for me — it just wasn’t that one.

2. Waiving an inspection is still a bad idea

The reason I was turned down wasn’t one I expected. I offered the asking price for the house, and my agent built in an escalation clause up to the limit of my budget. I also wrote a check for a sizable earnest money deposit, to show I was a serious buyer. And finally, I sought a mortgage pre-approval before I started house hunting. But my offer was rejected because I refused to waive a home inspection.

While this was disappointing, I understand that the seller likely wanted as little potential hassle as possible. But I refuse to make a huge financial commitment to a mortgage without having a professional inspector look at the home first. Concerning issues coming up on an inspection doesn’t mean necessarily terminating the contract. I could buy a house with known issues anyway — but I want to know what I’m buying either way.

3. A rejection means more time to save money

A rejected offer may come with a big silver lining for your bottom line. Owning a home is expensive, and the upfront costs of down payment, closing costs, inspections, moving, and more are really just the beginning. Even if you’ve got the cash set aside for all these expenses, it’s a good idea to keep putting money in your savings account while you search for a place to buy, if you can. The longer your home search goes, the more time you have.

4. The right agent will advocate for you as a buyer

I adore my real estate agent. She came highly recommended by friends who bought in this area in 2019 (in a much different market!), and has been in the business longer than I’ve been alive.

In addition to being amazing about scheduling showings on the fly and sharing her decades of wisdom, she also advocated for me in making the offer. She made sure the seller’s agent knew that my finances were rock solid, I was flexible for closing, and I wouldn’t have backed out of the sale for a frivolous reason.

5. Refining your budget is always smart

Finally, reaching the point where I felt comfortable making an offer on a house gave me insight into the home prices I should be targeting, based on size, location, and level of updates to the house itself.

Unfortunately, I was a bit optimistic in my original estimate of what purchase price I’d likely be looking at, but thankfully, my revised estimate is still within my original budget. And I’m all the happier that I met my original savings goal and just kept saving.

A “no” isn’t a tragedy

Yes, it’s disappointing to lose out on a house you could’ve seen yourself living in and making your own. But ultimately, there will be other houses. Every home you view is a learning experience, and every no you receive is, too. Maybe next time, you’ll boost your earnest money deposit, build an escalation clause into your offer, or you’ll decide to switch your focus to a different part of your town.

Try not to get too attached to any one house, and be open to the possibilities in this frustrating housing market. The right one is out there for you — and for me, too.

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

Saving money can be a challenge, but there are ways to make it more of a game rather than a sacrifice. Here are three approaches I’ve tried. [[{“value”:”

Most people don’t really love to put money into their savings account. After all, if you’re saving it, you can’t spend it on fun things like a night out or a new pair of shoes. But it’s important to sock money away so you can accomplish long-term and short-term financial goals.

I don’t want to resent the fact that I have to save money, so I’ve tried to find a few ways to make it actually seem fun so I’m both more likely to do it and more likely to enjoy the process. Here are three of the ways I try to trick my brain into being excited and happy to save.

1. I focus on what I’m saving money for

One of the single best techniques I’ve used to make saving fun is to focus on what I’m saving money for. After all, many of the reasons we need to save — like buying a new house or not being deprived in retirement — are enjoyable and worth looking forward to.

In the past, to help remind me of why I’m sacrificing, I’ve put a picture of my dream house in the front of my wallet, where I see it whenever I’m about to reach for my credit cards. I’ve made a beach scene my desktop background to help deter my online shopping habit and remind myself of the great vacations I’m saving for.

When I end up having to pass on something like an expensive concert ticket because I’m saving for a bigger goal, I also remind myself that I’m not giving up the concert — I’m getting a chance to get that house with the lake view in the future. By shifting my mindset in this way, it’s made it a whole lot easier for me to make the cuts I need to free up money to save.

You can try these techniques out yourself. Print that picture of the senior couple on the beach, or stop and think of all you’ll be getting to enjoy due to saving for retirement.

2. I make a game out of it

Making a game out of savings has also been really helpful for me. For example, I’ve done a 52-week savings challenge in past years, where I save $1 in week one, $2 in week two, and so on until I end up with $1,378 in my savings account at the end of the year.

I’ve also tried to see how long I can go without charging any non-necessities on my credit cards. My husband and I have played games where we each try to make the cheapest delicious meal or try to go as long as we can eating out of our freezer and pantry without hitting the grocery store.

There are tons of options for these games, from challenging a partner or friend to see who can have the most no-spend days to putting every $5 bill you get handed back in change into a special jar.

By making savings into a game, it becomes fun instead of a sacrifice.

3. I track my progress

When I get to watch my account balance grow, it makes me feel as if all my sacrifice is amounting to something. That’s why I have separate savings accounts for each goal — I can more easily see if I’m on track. If you keep tabs on how much you are actually saving toward different goals, this can help you to stay excited, too.

All of these techniques have helped me to change the way I look at saving money. It’s no longer something I have to do — it’s something I want to do. Give them a try to see if they could help to change your mindset, too

These savings accounts are FDIC insured and could earn you 11x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More