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2 weeks ago | 
bankrate.com | Brian Baker |Emmanuel Nyame |Erin Kennedy
There are many different types of retirement plans, but one of the lesser known is the cash balance plan. These plans have grown in popularity in recent decades and are often used by high earners in smaller businesses to set aside more for retirement than they could in traditional plans such as a 401(k) or IRA. Here’s what investors should know about cash balance plans. What is a cash balance plan?
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2 weeks ago | 
bankrate.com | Meaghan Hunt |Emmanuel Nyame |Michele Petry
A cost segregation study is an approach real estate investors can leverage to maximize their savings on income-generating properties. They are conducted by highly skilled teams of professionals, which may include tax accountants, attorneys, engineers and more. These studies have downsides to keep in mind as well, including an upfront cost and a risk of audit when employing the findings.
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2 months ago | 
bankrate.com | Karen Bennett |Marc A. Wojno |Emmanuel Nyame
To use a debit card, you’ll need to open a checking account and may need to provide valid identification and a form of payment to do so. Debit cards are linked to checking accounts, so it’s important to keep track of your balance and avoid overspending. Credit cards can offer more fraud liability protection than debit cards, and cash can help you avoid overspending. Once upon a time, cash was king. These days, however, many prefer the convenience of using a debit card to make purchases.
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2 months ago | 
bankrate.com | Andrew Dehan |Emmanuel Nyame
Because a mortgage is one of the most substantial financial commitments you’ll make in a lifetime, it’s important to do your due diligence and ensure you’ve investigated all of your options thoroughly. Before you choose a mortgage lender, though, you must shop around and compare multiple offers to get the best deal. Regular payments on the same sized loan can vary by $100 a month, according to a survey by the Consumer Finance Protection Bureau.
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2 months ago | 
bankrate.com | Denny Ceizyk |Kellye Guinan |Emmanuel Nyame
72 percent of credit card debt holders make at least some effort to earn credit card rewards, according to data from a recent Bankrate survey. More than half (54 percent) of credit card debtors say it’s gotten harder to pay off their credit card debt in the past year. 41 percent of Americans who maxed out or came close to maxing out their cards saw their credit scores decline. 33 percent of U.S. adults have more credit card debt than emergency savings.
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2 months ago | 
bankrate.com | Jim Probasco |Michele Petry |Emmanuel Nyame
“How much can I afford to pay for a house?” It’s a question all hopeful homebuyers ask themselves. Coming up with a monthly payment that works for you might be easy — simply subtract your monthly expenses from your gross monthly income. Unfortunately, that number might not align with the amount of money a bank will lend you. That’s because banks and other lending institutions have a formula they often use to determine what you can afford: the 28/36 rule. What is the 28/36 rule?
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2 months ago | 
bankrate.com | Meaghan Hunt |Pippin Wilbers |Emmanuel Nyame
Student loans can be used to cover certain living expenses, but borrowers should use caution in doing so. Creating a budget and discerning wants from needs can help students to minimize debt and comply with borrowing guidelines. Misuse of student loan funds can result in serious consequences, including the future inability to borrow. Part-time employment, scholarships and grant opportunities can help cover expenses in place of student loans and won’t require repayment down the line.
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2 months ago | 
bankrate.com | Erik Martin |Michele Petry |Emmanuel Nyame
Putting your home in a trust can protect your assets while you’re alive and make the ownership transfer easier after your death. The trustee is often an adult child of the homeowner, who will ultimately inherit the property. Benefits of putting a home in a trust can include tax savings and avoiding probate court. When you purchase a home, your name is on the title to the property, indicating ownership.
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Mar 7, 2025 | 
bankrate.com | Denny Ceizyk |Emmanuel Nyame |Julie Linton
It is possible to have multiple personal loans as long as you have the income and credit score to qualify. Lenders typically limit how many personal loans you can have with them at the same time. Having multiple personal loans could become unaffordable if you experience a sudden drop in income. Consider alternatives before taking on additional debt. A personal loan is a type of installment loan, and it’s possible to borrow more than one at a time if you qualify.
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Feb 28, 2025 | 
bankrate.com | Marcos Cabello |Marc A. Wojno |Emmanuel Nyame
Money market accounts, savings accounts, and certificates of deposit (CDs) can give your savings a boost by earning interest, all while keeping your money safe. Understanding how these interest-bearing deposit accounts work, and the differences among them, can help you make the best choice about where to save, and grow, your cash. What is a money market account? A money market account is an interest-bearing savings account available at most banks and credit unions.
