Understanding Loan Terms What Does APR Really Mean?

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Introduction to Loan Terms Navigating the world of loans can feel like stepping into a maze. With numerous terms and conditions, it’s easy to get lost in the jargon. Among these terms, APR—Annual Percentage Rate—often stands out as one of the most crucial yet misunderstood concepts. But what does it truly mean? Understanding loan terms … Read more

What Is a Defined-Benefit Plan?

A defined-benefit plan, commonly known as a traditional pension plan, is a retirement plan funded by an employer that calculates employee benefits based on a formula that takes into account several factors, including age, employee’s salary, and length of employment. Defined-benefit pension plans, which still exist in some public-sector jobs, were common in the private … Read more

CD vs. High-Yield Savings: What’s the Difference?

If you can’t accept the risks of the stock market, you need to decide on the best place to keep your money while maximizing earnings. Many look to high-yield savings accounts (HYSAs) and certificates of deposit (CDs) as options. Both offer safe and somewhat lucrative ways to grow savings with minimal risk. But which is … Read more

How to Get Renters Insurance in 4 Easy Steps

According to a recent report by SafeHome.org, about 55% of renters have insurance. However, a survey from the report finds that 16% of renters who don’t have a policy say they are likely to buy one in the coming 12 months. If you’re buying renter’s insurance for the first time, you may be relieved to … Read more

What Is a Checking Account?

Checking accounts lie at the center of our financial lives, acting as the primary account where paychecks and other funds come in and where bills and other expenses exit. Like a security checkpoint at an airport, everything passes through no matter where it’s going to or coming from. Because checking accounts are so important, it’s … Read more

How Long Does It Take to Refinance a House?

If you’re like many homeowners, a sizable percentage of your budget goes toward your home loan each month. A mortgage refinance could help make those payments more manageable by lowering your interest rate, changing your loan term, or eliminating mortgage insurance. You could also tap your home equity with a cash-out refinance, which lets you … Read more

Best High-Yield Savings Account Interest Rates 2024

Savers who want to earn the most interest on their money should look at the best high-yield savings accounts. With interest rates on the rise, savers are earning higher rates in HYSA than they have in more than a decade. These accounts offer the functionality of traditional savings accounts but receive a much higher interest … Read more

What Is an Accredited Investor?

Certain alternative investments—such as hedge funds, private equity, and venture capital—aren’t available to anyone with an investment account. This is because they’re generally not registered with the U.S. Securities and Exchange Commission (SEC). If you’d like to invest in these things, you’ll likely need accredited investor status first. However, you can’t just sign up to … Read more