With cashless economies becoming the norm, debit card transactions have increased exponentially, and almost all major retailers across the country accept debit cards as a mode of payment. Their ease of use with other benefits and cashback options add to their appeal. Debit cards can also be used to withdraw cash instantly, which is especially useful when cash payment is the only option. Having the right debit cards is the key to enjoying maximum benefits. Empower Debit Card The Empower app, powered by AI and cutting-edge technology, has made finance management a breeze. It helps individuals with every aspect of financial planning, from investment and retirement to health savings. The company offers a cashback debit card, which provides 1% cashback on the first $1,000 spent using the debit card every month. Also, those who register for the card can additionally open a savings account. With the Empower Referral Rewards Program, one can receive a credit of $5 upon referring a friend to Empower. U.S. Bank Visa® Debit Card The U.S. Bank Visa® Debit Card has emerged as a popular, convenient option for users as it is accepted by millions of retailers in the country and has flexible autopay and recurring payment options.

As many parts of the world are steadily moving toward a cashless economy, debit cards are becoming highly popular and accepted modes of payment. These cards can be used for shopping at all major retail stores and withdrawing money instantly. Also, most debit cards offer lucrative benefits, such as rewards, cashback, and no annual fees. But to get the most out of debit cards, it is important to avoid certain mistakes. 1. Using too many debit cards As different banks offer different deals and benefits on debit cards, many tend to use multiple cards to benefit from a variety of offers. But such deals and offers come with additional fees, so, the more cards one has, the higher the aggregate fee one would have to pay. These extra charges can increase the expenses. So, it’s best to have a maximum of three cards to avoid spending too much money on fees. 2. Using debit cards for big purchases A debit card uses the funds deposited in the cardholder’s bank account. So, if one tries to pay an amount that exceeds the total balance in the account, the transaction may bounce. For this reason, it’s best to use a credit card for large transactions so that one can repay the amount flexibly until the deadline.

For centuries, gold has been a sought-after possession. Today, it is also a sound investment option for both conservative and risk-taking investors, as the metal has intrinsic value and is accepted as a legitimate high-value asset across the world. From diversifying the portfolio to making long-term safe investments, gold can be a beneficial and relatively safe investment option. But, if one’s not familiar with the market, one could make costly mistakes while investing in gold. Common mistakes to avoid 1. Overlooking associated costs When one thinks of gold investments, they might only imagine buying and stocking up gold bars, gold coins, or jewelry. While the metal itself is a legitimate investment option, physical gold comes with a 10% production cost. Then there are also safety and storage concerns associated with gold as well as transaction fees. 2. Not exploring all options Many think of gold as a physical asset, but gold investment goes beyond that. Those strictly interested in gold investment and not personal use are better off buying ETFs (exchange-traded funds), which track gold prices, or gold mining stocks. With these options, the investor holds shares of gold mining companies that can be bought or sold on stock exchanges.

Regardless of economic conditions or inflation, precious metals remain relevant in the market. That’s why investments in precious metals like gold, silver, and platinum are considered safe hedges against economic and financial turbulence. But, investing in precious metals is a major financial decision, and just like every other type of investment, it involves some benefits and drawbacks. Understanding certain aspects before diving in can help protect oneself against potential financial repercussions. K now the various ways to invest in precious metals While buying precious metal in its concrete form may seem like the most obvious way of investing in it, it’s not the only strategy. Many people also buy gold, silver, or platinum futures, wherein they essentially sign a contract to purchase or sell the precious metal at a specified price and on a specific predetermined date. Those who opt for futures investments do not physically possess the precious metal but only the contract. Yet others may choose to invest in gold, silver, or platinum exchange-traded funds (ETFs), exchange-traded receipts (ETR), bonds, etc. Understanding the pros and cons of each method of precious metal investment helps one make the best financial decision. Check if the precious metal is allocated When investing in precious metals, one should always choose allocated ones, which guarantee the highest safety levels.

Investment requires a lot of planning and research. It is also essential to understand the personal goals and objectives of investments so that one can make an informed decision about where one wants to invest one’s money. Though there are so many investment opportunities in the market, knowing which is right for an individual needs some study and guidance. Here are some of the things one should consider before making any investment decisions. Objective of investments Before investing, it is important to determine one’s long-term and short-term investment goals, along with the objective of the investments. Some people may want to make investments to pay for college, start a business, or have a retirement plan. Anyone already employed may have a 401(k) that can help in their old age, but what about now? Depending on these factors, one can decide where they want to put their money. Risk tolerance level Before making any investments, one must determine one’s market risk tolerance level. This simply means the amount of loss one is willing to take, which also calculates the potential return on investment. High-risk, medium-risk, or low-risk tolerance are some categories that can bifurcate one’s tolerance level. Once the risk tolerance level is defined, one can choose the right investment method.

Buying investment stocks may sound like a great idea. But only when doing so with proper research and planning. Doing the homework and delaying the investment cycle is better than making hasty investments and losing hard-earned money. The stock market is risky, and studying it tends to have better results than guessing. Individuals need to consider their affordability, risk tolerance, and other factors aside from researching the company, its performance, and stock pricing. 1. Set a budget Determining the capability of stock investment is not limited to setting a budget. To begin with, assess the current financial situation. Investment is not about winning in a short time, so instead, focus on performing well consistently. To better understand, assess the income sources, create an emergency fund, and eliminate any high-interest debts to repay. This data can help review the budget, arrange it accordingly, and even make necessary changes in spending habits. Financial planning can come in handy to improve stock investments, savings, and lifestyle. 2. Set goals Along with setting a budget for stock market investments, consider the aim of making stock investments. Is it more focused on short-term outcomes like purchasing a car or a home, or is the focus on long-term investments and gradually working towards a lavish lifestyle and financial security?

Loans come in handy when running short of money. One can use them to purchase the latest gadgets, pay off healthcare bills, or meet other expenses. However, taking a loan could be tricky despite the benefits because failing to repay it leads to debt. And those in debt often make mistakes in an attempt to clear their dues, leading to more trouble. So, here are five errors to avoid when paying off debt. Trying to get out of debt alone People often try to climb out of debt alone because they do not want their relatives and friends to know about their financial situation. However, a little free and confidential help could make clearing off debts easier. One could speak to available nonprofit credit counseling agencies with trained and certified staff members. The agency may recommend debt-relief solutions, including credit consolidation, debt settlements, or debt management programs. Not setting a practical budget If one tries to get out of debt without a realistic plan, it may not work. To deal with the problem systematically, individuals must create a budget. The budget should account for necessities like food, transportation, housing, healthcare, education, and insurance. Such a budget helps save money to pay off debt.

Taking out a loan is a significant financial responsibility that requires careful consideration. For some, it can be a way to get out of high-interest debts; for others, it may be a financing option for a particular purchase. In either case, borrowers are exposed to high risks when they opt for cash loans, which are loans received in cash. That’s why one must exercise caution and consider several factors before signing up for cash loans. Check credit history Based on one’s financial activities, individuals are awarded a credit score between 300 and 900. A higher score signifies better credit, which increases the chances of getting a loan approved and improves the terms and interest rates offered. Before applying for a cash loan, borrowers must always check their credit history to ensure they can negotiate accordingly. Equifax, TransUnion, and Experian, the three major credit bureaus, offer users a limited number of free credit reports per year, which can be a valuable resource. Research well When taking out a cash loan, consider where the loan will be taken from. Banks, credit unions, or other private financial institutions offer loans. Remember that each body has a unique set of terms and conditions, so it is important to carefully read the fine print before applying for a cash loan.

“A penny saved is a penny earned” is an age-old but evergreen proverb. While many schemes help people save, the 401(k) plan is a popular one. Provided by one’s employer, this savings plan helps people set aside a specific sum every month , which they can use after retirement. The amount is deducted automatically from the employee’s paycheck and deposited into a special account. While the 401(k) has many benefits, users should avoid certain mistakes. Not knowing the different types of 401(k) accounts Under this scheme, there are two types of accounts: traditional and Roth 401(k). In the traditional plan, while the amount entering one’s savings account isn’t taxed, the amount withdrawn after retirement is taxable. In contrast, Roth 401(k) users incur taxes from their incomes but not during withdrawals. Each plan has pros and cons, which account holders should know to avoid confusion. Withdrawing early from the 401(k) With 401(k) accounts, being a little patient is always good. If one withdraws before turning 59.5, they face a 10% penalty over and above the income tax on the distribution. Even if a plan does not involve such a penalty ( which is uncommon), one might miss out on any additional returns that can be earned from the investments.

An annuity is an insurance plan in which the investor is promised a series of annual sums, immediately or in the future. These plans are a great way of collecting money for one’s financial needs. Typically, an annuity has higher fees and less flexibility than savings schemes like a 401(k) or IRA. Nonetheless, it can be a superb choice for individuals who have maxed out their allowable contributions on these accounts. Investing in annuities Wisely investing in annuities requires close consideration of several things, such as: Type of annuity There are three major types of annuities to choose from – fixed, variable, deferred, and immediate annuities. Each of these annuities has its pros and cons. Fixed annuities: In these arrangements, the investor is guaranteed a fixed sum at a later date. These annuities have lower returns, as the investments are generally safe and predictable. Variable annuities: Here, the investor splits the money in a mutual fund portfolio as the buyer chooses. The annuity received depends on the performance of these funds. These investments are ideal for seasoned investors who understand the market well. Deferred annuities: With a deferred annuity, the money stays in the account for longer, giving it more time to grow, resulting in a larger payout over time.