Use this noteworthy advice to plot out a smooth transition to retirement. Krakenimages.com / Shutterstock.com
Baby boomers were never “average.” The generation wears uniqueness as a badge of honor. However, approximately 10,000 boomers turn 65 every day. While we each have specific goals, ideas and financial circumstances, there are some things that apply to us all. Here is some exceptional advice for both the average and extraordinary guy, gal or duo as you transition to retirement.
Grandparents put the most emphasis on these values. They may even care about them more than some parents do. Sylvie Pabion Martin / Shutterstock.com
Grandparents are known for their giving nature, to the point of spoiling their grandchildren. Those spoils are often financial or material — but certainly not exclusively. A grandparent’s experience and knowledge are precious, and they often draw on them to instill important values in the younger generations. The Senior List — a website for older adults and their caregivers — recently surveyed…
Use this list to make sure a home meets your needs for safety and comfort. SeventyFour / Shutterstock.com
With rising house prices and interest rates, more people are switching to renting rather than buying a single-family home. However, finding a single-family home to rent is somewhat similar to buying one. This is especially true when it comes to open houses. Many landlords will open their single-family homes to the public when searching for new tenants. This is ideal for renters who want to…
The Shark Tank star has been a fierce critic of credit cards. Find out what he thinks you should do with yours. [[{“value”:”
Image source: Getty Images
Mark Cuban is well-known as the billionaire investor that has been featured on Shark Tank for many years, but he has also been successful in ways that go beyond what you may have seen on TV. However, just because Cuban is a billionaire today doesn’t mean that he didn’t make his share of financial mistakes along the way.
Using (misusing) credit cards is one of Cuban’s biggest financial mistakes, as he has said several times. In fact, he has gone as far as telling people “If you use your credit cards, you do not want to be rich.”
Of course, it’s important to put this statement into context and clarify what Cuban is trying to convey. Here’s a rundown of Cuban’s credit card advice and what it could mean for you.
Do you strive to use credit cards the right way while maximizing your rewards? Check out our list of the top cash back credit card offers right now.
In a nutshell, Cuban advises people to pay off their credit card debt as quickly as possible and then get rid of the cards.
As Cuban said when appearing as a guest on Dave Ramsey’s show, “People ask me, ‘where’s the best place to invest?’,” Cuban said. “The best place to invest is to pay off all your credit cards and burn them. Your credit card, you know what your return is. If you pay 15 or 20% interest, and pay that down, you just earned 15 or 20%.”
Cuban’s point is that you’re unlikely to be able to build wealth by investing in the stock market or any other asset class while you have credit card debt.
Think of it this way. The S&P 500 has historically produced average returns of about 10% per year. If you earn these returns while paying 20% interest on a credit card balance, you’re setting yourself up to lose money, even if your investments perform well.
To clarify, although Cuban tells people to “cut up your credit cards,” his advice generally pertains to carrying a balance on credit cards. It isn’t necessarily a bad idea to use credit cards and pay the balance off before it starts accumulating interest. In fact, Cuban even said in one of his interviews advising against credit cards that “I should have paid off my cards every 30 days.”
In addition, it’s well-documented that Cuban himself uses credit cards. He has shared that he has an American Express Centurion Card and that he uses it to make large purchases. And in a 2017 interview, Cuban said that “over time, what I’ve learned is using a credit card is OK if you pay it off at the end of the month.”
The bottom line is that credit cards can be an excellent financial tool if used properly. Not only can you earn rewards for purchases you were going to make anyway, but during the 30-day period before the bill is due, your money is still in the bank earning interest. There are 0% intro APR offers available for as long as 21 months that can help you finance a larger purchase and pay no interest at all if you pay it off before the introductory period ends.
But as Cuban (rightly) cautions, paying credit card interest is rarely, if ever, a smart financial move. It’s important to avoid it if your goal is to build as much wealth as possible.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, 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.American Express is an advertising partner of The Ascent, a Motley Fool company. Matt Frankel has positions in American Express. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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Want to join a warehouse club but need help deciding which one to join? Find out which membership features make Sam’s Club a better choice than Costco. [[{“value”:”
Image source: Upsplash/The Motley Fool
Costco and Sam’s Club are warehouse clubs with members-only deals that can help you keep more money in your checking account. Both retailers have similarities — you must be a member to shop the deals, many items are sold in bulk, and you can get discounts on gasoline.
But there are some key differences to consider before you join either club. Depending on your needs and the benefits you value, Sam’s Club may be a better membership option. Here are three reasons to join Sam’s Club instead of Costco.
If you’re looking to stretch your dollars further, it’s wise to consider the cost of an annual membership before you join. Costco members pay higher fees than Sam’s Club members.
Let’s take a closer look at each retailer’s membership options:
Costco’s Gold Star membership costs $65 annually. This is the most basic membership, which allows shoppers to access members-only deals in-club and at Costco.com.Costco’s Executive Membership costs $130 per year. This membership provides more perks, like extra discounts when you order checks and the opportunity to earn 2% rewards on eligible Costco purchases.
Meanwhile, Sam’s Club has more affordable membership fees:
A Club membership is $50 per year. This is the standard membership you can buy to shop the best Sam’s Club deals.A Plus membership costs $110 annually. You earn 2% Sam’s Cash on eligible purchases and get more perks like extra pharmacy and optical savings and 50% off tire installation.
Sam’s Club also has discounted memberships for eligible shoppers, like teachers, healthcare workers, veterans, and seniors. Plus, the retailer runs new-member promotions, which can provide savings on your first year of membership.
If an affordable membership fee is what you’re after, Sam’s Club is the clear winner.
Ready to join Sam’s Club? Using a rewards credit card to pay your annual membership fee is wise. Many shoppers prefer credit cards that earn cash back rewards.
With a cash back rewards card, you can earn cash when shopping at Sam’s Club and other retailers. Check out our curated list of the best cash back credit cards to discover how easy it is to earn cash back rewards.
Here’s another reason some shoppers prefer to invest in a Sam’s Club membership instead of a Costco card. Plus members can take advantage of early shopping hours. During select hours, only Plus members can shop. This perk is available at participating clubs.
Shopping during these hours may help you get your shopping done faster. If you want to waste less time shopping and don’t mind shopping earlier in the day, this membership perk may prove valuable. Early shopping hours vary by location, so check with your local club to find out more.
Another unique feature at Sam’s Club is Scan & Go. This tool allows all members to scan and pay for their goods through the Sam’s Club mobile app.
You can scan product barcodes through the Sam’s Club mobile app as you shop. Once you’re ready to check out, you can pay electronically. Don’t forget to use a credit card that earns rewards. Explore our list of the best rewards credit cards that offer big rewards on your everyday purchases.
This feature lets you skip the regular checkout line. If you hate long lines, this is a winning membership perk. All you have to do is show your digital receipt before you leave the club. You’ll see a running cart total as you shop, which can make it easier to stay on budget.
Scan & Go users can also score additional discounts when shopping in-club. Deals are advertised on in-club signage, the Sam’s Club website, and the mobile app. By purchasing eligible items and using Scan & Go to check out, you can maximize your savings.
Warehouse club deals may help you trim your spending. But before you rush to become a member, consider which retailer’s membership is best for you. If an annual membership is out of your budget, there are other ways to save, such as shopping at stores like Target and Aldi.
Another option is to earn cash back rewards by using cash back apps. Every time you save money or earn cash back rewards, it benefits your finances.
We love versatile credit cards that offer huge rewards everywhere, including Costco! This card is a standout among America’s favorite credit cards because it offers perhaps the easiest $200 cash bonus you could ever earn and an unlimited 2% cash rewards on purchases, even when you shop at Costco.
Add on the competitive 0% interest period and it’s no wonder we awarded this card Best No Annual Fee Credit Card.
Click here to read our full review for free and apply before the $200 welcome bonus offer ends!
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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and Target. The Motley Fool has a disclosure policy.
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You don’t have to pay full price to fly Southwest Airlines. Find out how Costco can help reduce your upcoming airfare costs. [[{“value”:”
Image source: Upsplash/The Motley Fool
Costco members can save money on essentials like food, household goods, toiletries, clothes, and electronics, but that’s not all. You can also find significant savings on Costco’s selection of gift cards.
The warehouse club sells discounted physical and electronic gift cards to popular retailers. Whether you’re looking to save money when dining out with your sweetie or booking travel, Costco may have a gift card that can help you keep more money in your checking account.
Need to book flights for upcoming travel plans? Don’t miss this travel gift card from Costco. You can save $50 on Southwest Airlines flights when you buy a gift card. This gift card deal could help you stretch your travel budget further. Find out more before you book Southwest flights.
Costco has an electronic Southwest Airlines gift card deal that is a favorite among frequent travelers. Now is a great time to scoop up this gift card before you book flights for the holidays.
Costco sells it for $449.99, saving you $50.01 since it has a face value of $500. The card can be used to purchase Southwest Airlines flights and is redeemable at Southwest.com, Southwest ticket counters, or by calling 1-800-I-FLY-SWA.
Once purchased, you’ll receive your gift card via email. Costco members can buy up to five gift cards in one transaction. If you like flying with Southwest and want to maximize your travel savings, this is a worthwhile gift card deal to consider buying.
Want to save more? Take advantage of opportunities to earn rewards. Joining free airline and hotel loyalty programs is one way to get rewarded when you travel. Here’s another way: With the right rewards credit card in your wallet, you can earn more travel rewards.
Redeeming the points or miles you earn for free flights and hotel stays can be a win for your wallet. Ready to earn travel rewards so you can trim your vacation spending? Click here to see our curated list of the best travel credit cards.
Applying for an airline credit card is another option. These rewards credit cards are best for travelers who are loyal to one airline, since they provide rewards opportunities and benefits that are specific to one airline.
Explore our top airline credit card picks to discover how these cards make it easier to save money on air travel.
If you’re a Southwest Airlines loyalist, consider a Southwest credit card. You can earn more Rapid Rewards points and access card benefits that may improve your flying experience. Examples of such perks include discounts on in-flight purchase and annual travel credits. If you fly with this airline often, you may benefit from having a credit card like this in your wallet.
If you’re a Costco member, don’t ignore valuable membership perks. Paying $65 to $130 a year for a membership is an investment. But by taking advantage of as many Costco benefits as possible, you can maximize the value of your membership and keep more money in your pocket.
If you’ve never purchased discounted gift cards from your local club or Costco.com, check to see if there are any gift card deals that align with your typical spending habits. Buying discounted gift cards from Costco and using them to pay for everyday purchases is a smart money move.
We love versatile credit cards that offer huge rewards everywhere, including Costco! This card is a standout among America’s favorite credit cards because it offers perhaps the easiest $200 cash bonus you could ever earn and an unlimited 2% cash rewards on purchases, even when you shop at Costco.
Add on the competitive 0% interest period and it’s no wonder we awarded this card Best No Annual Fee Credit Card.
Click here to read our full review for free and apply before the $200 welcome bonus offer ends!
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.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool recommends Discover Financial Services and Southwest Airlines. The Motley Fool has a disclosure policy.
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