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Unlike apartment dwellers, house renters often seek the perks that come with traditional homeownership — like a yard, more privacy, and, perhaps most importantly, a sense of stability and a stronger connection to the neighborhood. Renting a house doesn’t mean just passing through. Whether it’s getting involved in local events or establishing roots in the community, house renters tend to…
Experts weigh in on how you can make an outstanding impression in a second interview. iJeab / Shutterstock.com
Congratulations — you made it to the second round of interviews for a job. Now, it’s time to step up your game and make an even stronger impression. The second interview is your chance to stand out and prove you’re the obvious choice for the job. It’s also an opportunity to revisit any questions you feel could use a bit more clarity or detail. If you’re feeling nervous, don’t worry.
Why do so many Americans go into debt — and what can they do about it? Prostock-studio / Shutterstock.com
Debt weighs heavily on the minds and wallets of people across the country. The average American has racked up $104,215 of debt across mortgages, auto loans, student loans and credit cards. Mortgages make up the majority of this debt. HELOCs (home improvement lines of credit) and auto loans take the second and third spots. While credit card debt ranks in fourth place, it still majorly impacts…
Now may not be the right time for everyone to invest, but a CD remains an excellent choice for some. Find out why. [[{“value”:”
Image source: The Motley Fool
Sure, interest rates are slipping on the heels of the Federal Reserve’s 0.50% cut to its benchmark interest rate a few weeks ago, but I can still give you two good reasons to consider buying CDs before the rates drop more:
Once you’ve locked it in, a CD rate can’t drop.Early withdrawal penalties can be a pretty great guardrail.
I’m not suggesting that everyone drop their money into a CD. If you don’t have an emergency fund in a high-yield savings account to help you through a financial crisis, building that should be your priority. However, if you’re looking for an excellent way to grow money you’re unlikely to need right away, a CD can be a superb option.
What’s more, you can choose how long you want to hold that CD. Where else can you find options stretching three months to 10 years? If you like to settle in the middle, a 5-year CD is almost always available.
Let’s dive deeper into the two significant reasons CDs are worth consideration.
Once you’ve purchased a CD, the annual percentage yield (APY) is guaranteed to remain the same throughout the term of that CD. For example, let’s say you snag a CD with an APY of 4.90%, and you’re concerned about how quickly the rate on your high-yield savings account or money market account is falling.
You hear the Federal Reserve will continue to drop rates over the next year, and you wonder if there’s a safe haven for money you’ll need down the road. A CD can serve this purpose. Will you earn as much as you might earn investing in the S&P 500? Probably not, but one thing a CD can give you that the stock market can’t is a guaranteed rate of return.
If searching for the right CD feels daunting, click here to find a curated list of some of the best rates we’ve found.
Let’s say you have $1,000 you don’t expect to need soon. Maybe you’re starting a fund for a small child you expect will need braces on her teeth one day, or you’re saving up for a long-term goal, like buying a classic car. In either case, you don’t want to risk a penny of your principal, but you like the idea of earning interest.
Fortunately, you find a CD that requires a low minimum deposit but pays an APY of 4.00%. You decide to go with a 48-month term.
If, during that time, interest rates plummet, your rate remains steady at 4.00%. Until the day the CD matures, you know precisely how much you can expect to earn.
How often have you started to save for something, only to withdraw the money for another reason? That’s a fairly common occurrence in most of our lives.
As you learn more about CDs, you may worry about the phrase “early withdrawal penalty.” No one likes being penalized, even if the penalty results in losing some of the interest you would have otherwise earned.
However, there’s something to be said for knowing that cashing out a CD before it matures could cost you. This is especially true if the penalty acts as a guardrail, helping train you to leave savings and investments alone until they have time to grow.
Each time you allow a CD to mature, you flex your financial muscles. More importantly, you build a more secure financial future — and with all the turmoil and uncertainty within the U.S. economy, that’s what it’s all about.
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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.
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It has less to do with financial prudence and more to do with the luck of the draw. PeopleImages.com – Yuri A / Shutterstock.com
Despite railing against the trappings of mainstream capitalist America in the ‘60s and ‘70s, baby boomers went on to trade their bohemian headbands for suits, ties — and blossoming investment portfolios. Boomers, which were born between 1946 and 1964, have now become “the wealthiest generation that has ever lived,” according to a new global wealth report from the financial firm Allianz.
These institutions can do so much more than just help you save on higher education. Monkey Business Images / Shutterstock.com
Going to a community college is a surefire way to save money earning a degree. How much money? Try $15,000, on average. What’s more, after you complete your two-year degree at a community college, scores of four-year universities have scholarships specifically for transfer students that could save you thousands of dollars more. So, we’re all clear on how community college helps with saving…
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