Money Management

There are over 33 million small businesses in the U.S. If you’re planning on opening one of your own, see how to decide the type of business. [[{“value”:”

Small businesses may be defined as those with 500 employees or fewer, but there’s nothing “small” about them. Small businesses account for 99.9% of all enterprises in the U.S., with an estimated 33 million companies consisting solely of the business owner.

If your dream is to join the ranks of small business owners, you may have already spent a great deal of time thinking about the type of business you would like to open. Before taking the plunge, ask yourself the following questions. By the time you’ve answered them, you’ll know whether you’re headed in the right direction.

What are my interests and passions?

Evaluate your interests and hobbies. Is there a job you would happily take on, even if you weren’t getting paid for it? Naturally, you want to earn a living, but remaining enthusiastic about a job you don’t love is tough. Think about your natural talents and whether they can help you start a business.

Is there a market demand?

Research the market to determine business opportunities, including the demand for the products or services you would be selling. Do you see any emerging trends or niche markets that offer an opportunity to get in on the ground floor and grow your business?

What skills and experiences do I have to offer?

Consider your most marketable skills. Can you repair electronics practically with your eyes closed? Are you great with children or an especially strong writer? You automatically have a competitive edge when you choose a small business that meshes with your skills.

What financial resources do I have available?

Getting a new business off the ground typically requires an initial investment of some kind. Consider your personal finances and the resources you have available to you. Do you have enough to get a business up and running, or do you need to explore financing options? If you require a business loan, how comfortable are you with taking on debt?

Honestly assessing whether you’re willing to enter into a new enterprise with debt will help you determine which business you’re most interested in. For example, buying a business franchise could easily cost $100,000 or more, while start-up costs associated with a janitorial or cleaning service average around $3,500.

RELATED: Best Business Credit Cards

What do I want my life-work balance to look like?

Different types of businesses require different time commitments, with some having more irregular hours than others. One example of this is a plumbing business. You could easily be called out at night or over a holiday weekend because someone’s basement is flooding. If you want clear-cut set hours, take that into consideration as you consider the best business type for you.

Once you’ve narrowed it down

Once you’re certain of what you want to do, don’t be afraid to seek advice from mentors and other entrepreneurs who can help you avoid the pitfalls of being a new business owner. One good place to start is with the Small Business Administration (SBA). Among the SBA’s programs is a program called SCORE. SCORE offers free mentoring through 300 chapters nationwide and online via video chat. With more than 10,000 volunteer mentors, SCORE is rich in expertise.

While SCORE and programs like it can’t promise that you’ll have $1 million in your bank account after your first year in business, it can give your odds of success a little boost.

Any time you can settle on a business that will bring you joy, provide financial support, and serve the needs of others, it’s a win-win situation.

Alert: highest cash back card we’ve seen 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 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.The Motley Fool has a disclosure policy.

“}]] Read More 

If you’re considering applying for Global Entry, now is the time. The application fee will increase by $20 on Oct. 1. Find out how your credit card can help. [[{“value”:”

Going through customs when returning to the United States after traveling on an international flight can be time-consuming. After a lengthy flight, the airport customs line is the last place you want to be when you’re craving a long shower and a change of clothes.

However, a Global Entry membership can save time and get you through customs faster. Those wanting this membership must apply and pay a $100 application fee. Unfortunately, the fee is about to increase later this year. Here’s what you need to know about this news.

Global Entry can reduce your time spent at the airport

Many people who frequently travel abroad invest in Global Entry. This U.S. Customs and Border Protection (CBP) program allows expedited clearance for eligible pre-approved, low-risk travelers arriving in the United States. This service is available at over 75 select airports.

With this membership, you can enter the Global Entry queue instead of the standard line that most travelers get into, which may allow you to clear customs faster. Once you’re approved for Global Entry, the membership is valid for five years. A Global Entry membership also includes TSA PreCheck perks.

However, you must first apply, pay an application fee, and undergo an interview. During your interview, a CBP staff member will determine whether you’ll be granted a membership.

Travelers should expect an application fee increase this fall

On April 2, 2024, the CBP published a final rule to the Federal Register updating the fee structures for some of its Trusted Traveler Programs. The agency studied the fees necessary to recover costs associated with processing applications for these programs.

The final rule states that the Global Entry fee will increase from $100 to $120, beginning on Oct. 1, 2024. You must pay the newly increased fee if you apply for Global Entry or renew your existing membership on or after this date. If you’re an existing member, prepare for the increased cost so you’re not caught off guard when it’s time to renew.

Don’t let your credit card perks go to waste

If you have a travel rewards credit card, it may offer reimbursement for this application fee. Many credit cards with this perk offer up to $100 in statement credit for TSA PreCheck or Global Entry application fees and allow cardholders to redeem the credit once every four years. You must pay the application fee with your credit card to use this benefit.

If you’ve been considering becoming a Global Entry member and have a card with this benefit, don’t let it go to waste.

Applying for Global Entry soon before the fee amount increases is a good idea. Credit card issuers could increase the statement credit they provide in the future to cover the increase, but there’s no guarantee that this will happen. Applying and paying the fee with your card now could allow you to maximize this credit card perk and keep more money in the bank.

If you’re interested in earning rewards when you swipe your card for travel purchases, consider applying for a travel rewards credit card. Check out our list of the best travel credit cards. If you prefer a cash back credit card, another option is applying for one of the best cash back cards.

Alert: highest cash back card we’ve seen 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 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.The Motley Fool has a disclosure policy.

“}]] Read More 

You can save money at Costco without ever visiting a warehouse. Read on for a few examples of how to do it. [[{“value”:”

If you’ve ever seen anything from The Ascent about Costco, you know we love the place. And why not? It’s got everything you might ever need, and what they don’t have, you clearly don’t need. But I have a confession to make: I don’t like going inside Costco.

I have a membership, and I buy items from Costco, but I’d rather have my teeth drilled without anesthetic than go into a Costco warehouse.

Fortunately for me, I don’t have to. I never have to set foot inside Costco in order to save more than enough money to justify my membership fee.

Wondering how you, too, can avoid the crowds and still save a bundle? Here are some tips for you.

1. Use Costco’s mail order pharmacy

Costco’s mail order pharmacy offers the same discounts to members who use the in-store pharmacy. It’s famous for being cheaper than other retail pharmacies, and that’s no different for the mail order option. You’ll simply register online, transfer your prescriptions, give them your insurance information, and you’re off to the races.

Hot tip: This also applies to your pet’s prescriptions, so if they have a lot of pharmaceutical needs, you can have Costco handle Fido and Fluffy’s meds, as well.

2. Watch for Costco fliers in the mail

Costco sends me a flier every so often with the newest and greatest deals they have to offer. Usually I discard them without even looking at them, but back in January, it caught my eye that the protein powder I buy was on the list of specials. And boy, was it special. At first glance, I thought it was the same price as what I was paying on Amazon, but after looking a little closer, I realized the container was much bigger (a size that’s not even available elsewhere).

This is basically all I have for dinner most days, so you can imagine how much of my budget is spent on this product. Being able to get it for 6% less per pound was a huge budget saver, and now that I know it’s offered through Costco, I can just order it online and have it delivered. Easy peasy.

3. Use Instacart through Costco.com

Of course, you can mail order most things (though not everything) through Costco.com, but did you know you can also get your groceries (and other items) delivered via Instacart through Costco.com with members-only pricing? It’s true. You can even get a rotisserie chicken brought right to your door.

There is a minimum of a $35 order required, and prices are (very) slightly higher than they are in the store, but there are no additional charges from Instacart for Costco Same-Day besides a tip for your driver.

4. Keep an eye on online-only savings

Costco.com is actually a bit of a treasure trove if you have the time to dig through it. Not only does it offer most of the products that are in the warehouse for delivery via either shipping or Instacart, it has specials like its online-only savings that rotate each month.

Though not exclusively, most of these items are big-ticket purchases, with deep discounts for members. For example, in June, you can get an Aquaterra Spa with a $2,000 discount or an 85-inch television for $1,600, both with free delivery.

5. Check out Costco’s partner program

Costco has partnerships with all kinds of other companies, through both the Costco Next program and the Costco Services program.

Costco Next connects members with the online shops of some of the company’s most reliable brands that literally offer everything from cookware to cosmetics, clothing, sporting goods, and even sheds, and hooks them up with a members-only discount, too.

Costco Services are partner offers specifically geared to members that provide discounts on all sorts of things you might need, from insurance to home improvement to new cars (seriously). Members get access to these relationships established by Costco with providers with exceptional reputations that save you money and time, without ever setting foot inside the warehouse!

You, too, can save money at Costco without ever going inside

It’s true — you never have to go to Costco in person to save money. It’s really kind of a great deal for your secret inner introvert, or the outer one that you wear around every day. Although you may pay a tiny bit extra for the convenience of having Costco brought to you, you’re still generally going to save money over the competition on a huge range of goods and services simply by being a member.

Top credit card to use at Costco (and everywhere else!)

If you’re shopping with a debit card, you could be missing out on hundreds or even thousands of dollars each year. These versatile credit cards offer huge rewards everywhere, including Costco, and are rated the best cards of 2024 by our experts because they offer hefty sign-up bonuses and outstanding cash rewards. Plus, you’ll save on credit card interest because all of these recommendations include a competitive 0% interest period.

Click here to read our expert recommendations for free!

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.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Kristi Waterworth has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Costco Wholesale. The Motley Fool has a disclosure policy.

“}]] Read More 

Making mortgage payments for 30 years can be stressful, but you may be able to pay your mortgage off sooner. Find out how one writer is doing exactly that. [[{“value”:”

My husband and I have owned our home for nearly five years. In addition to saving and investing some of our income, we’ve made paying off our mortgage sooner a priority. While we have a 30-year mortgage, we’d prefer not to spend 30 years paying off this debt.

Luckily, we’ve made money moves that have allowed us to shave three years off our loan payments. We hope to continue making progress over the next several years. I’ll explain how we’re eliminating our mortgage debt faster — and show you how you can do this, too.

Additional payments toward the loan’s principal made a difference

Over the last few years, we have made extra mortgage payments in addition to our regular ones. We applied any additional payments to the loan’s principal (the money we borrowed when taking out the loan). Doing this can shorten the length of the loan and save on interest.

Some people choose to make regular extra payments throughout the loan’s life. For example, if their regular mortgage payment is $1,650, they might pay $1,800 a month instead. However, our additional payments were more sporadic and the amounts have varied. This approach puts less pressure on us while still allowing us to reduce our loan balance.

Whenever we had extra money, we used it to make an extra principal payment. In some months, we paid only an extra $20; in others, we paid an extra $300. There were quite a few months when we didn’t make any extra payments at all due to financial constraints. Despite our sporadic approach, we’re three years ahead on our loan timeline.

Here’s a tip: If you make additional payments on your loan, ensure the money goes to the principal. If you don’t specify this, your mortgage lender may instead apply it to the interest due. You want it applied to the principal because interest charges are added to the principal balance, so reducing the principal faster reduces the total interest you pay.

We’ve trimmed nearly $11,000 off our loan balance

In addition to being three years closer to paying off our debt, I was curious to see how much money we’ve saved due to our efforts. I reviewed the amortization schedule for our loan. This schedule breaks down the principal and interest details for each payment throughout the loan.

This allowed me to see where our loan balance would stand today had we only made the minimum payments due every month. Then, I looked at our current loan balance. I subtracted both numbers to determine our total savings.

Thanks to all the extra payments we’ve made over the past few years, we are nearly $11,000 ahead on our home loan. These savings free up money for other financial goals.

Here’s how to pay extra on your mortgage

Are you looking for a way to trim your loan balance and the length of your loan? You may want to follow a similar approach. Here are a few tips for success.

Apply extra payments to the principal: You can specify this when making an online payment through your lender’s website. If you’re writing a physical check, you can specify on the memo line that you want the extra payment applied to the principal.Verify whether your lender charges prepayment fees: Some mortgage lenders charge prepayment penalties when borrowers pay their loans off early. Prepayment penalties are rare, but it’s worthwhile to find out ahead of time so you know what to expect and aren’t surprised by additional fees when you finally pay off your mortgage.Pay what you can, even if you make only sporadic extra payments: Don’t feel pressure to make extra payments if it’s not within your budget. Do what you can, even if you can only afford to make additional payments occasionally. Any progress, even small, will save you money in the long run.

If you own a home and have a mortgage, you may want to explore whether this strategy could help you pay off your loan sooner. If you plan to buy a house soon, you can review current mortgage rates before getting preapproved for a home loan.

Alert: highest cash back card we’ve seen 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 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.The Motley Fool has a disclosure policy.

“}]] Read More 

Are you hoping to begin a business without spending thousands? You can start a business without high initial costs. Here are a few low-cost ideas. [[{“value”:”

Do you dream of starting your own business but have minimal savings for upfront costs? I have some good news — you don’t need thousands of dollars to start a company. There are many small businesses that you can run without making a substantial initial investment.

Believe it or not, you may even be able to keep your business start-up costs well under $1,000. Here are a few business ideas that could help you earn a living working for yourself.

1. Virtual assistant agency

Becoming a virtual assistant is an option for those who desire to help others. This is best for people with varying skills and those willing to learn new ones. Many people and companies hire virtual assistants to help them manage their everyday affairs.

You could be asked to answer emails, schedule appointments, or book travel arrangements in this role. Since this job is done virtually, you can keep your start-up and operating costs low.

If you already have internet access and a computer, you have the basic tools needed to get started. As you expand, your business may benefit from paid solutions like small business project management software. But you can compare software solutions and costs to keep your business expenses affordable — plus you don’t need fancy software immediately.

2. Cleaning service

Another business that doesn’t require more than $1,000 to begin is a cleaning service. You can keep your initial costs low by offering your services to clients who provide cleaning products and supplies. But even if you want to invest money in quality cleaning products you bring to each house, you can do so without spending hundreds of dollars.

You can bring basic cleaning supplies and products and let your clients know that you intend to use their tools, like mops and vacuum cleaners. You can later purchase your own cleaning equipment to bring to client sites as you earn more money. This is an easy way to trim your operating expenses while you work to build a steady client base.

3. Content writing company

If you’re a creative who excels at juggling multiple projects, content writing might be for you. Many businesses need help crafting quality content; you can offer them your writing services.

You don’t need much money to get started. You’ll need internet access and a computer that works well. If you already have a laptop or desktop computer, you’re set. But even if you need to invest in a new computer, you can get a powerful laptop for under $500.

It will take time to build a solid client base, but this kind of business can earn good money, and many writers maintain low operating costs years into their career.

4. Professional organizer

For those who are organized and like problem-solving, a professional organizing business is another option to explore. Many people lack the time and skills to organize their homes and work spaces, so they hire experts to help.

You’ll use your skills to help clients create effective spaces so they feel happier and get more done. You don’t need to spend much money upfront to get your business running, either. You’ll need to market yourself to find clients, then consult with them to assess their needs (and their space). Then they cover the cost of the storage solutions and organizational must-haves (like shelving systems) that you then use to transform their cluttered spaces.

Always keep your finances in mind

Running a small business is an excellent way to earn money on your terms. You can control your schedule and offer services that align with your interests and skills.

But make sure you keep your finances in mind every step of the way so you can make informed choices. And if you open a business credit card, use it only for purchases you can afford to pay off right away to avoid debt. For additional tips, check out our small business resources.

Alert: highest cash back card we’ve seen 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 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.The Motley Fool has a disclosure policy.

“}]] Read More