Tag: Personal Finance
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How do Banks Make THEIR Money?
Banks generate revenue through a variety of sources, but the majority of their income typically comes from interest on loans and fees charged for services. Here is a breakdown of how banks make the majority of their income: Interest on loans is the largest source of income for banks, accounting for around 60-70% of their…
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The 50-30-20 Rule. What is that?
The percentage of income that most millionaires invest can vary widely depending on factors such as their age, risk tolerance, and personal financial goals. However, it is generally recommended that people save and invest a significant portion of their income in order to build wealth over time. One commonly cited rule of thumb is the…
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5 Tips for Saving Money on a Tight Budget During a Recession
The current recession has hit many people hard financially, making it more important than ever to be mindful of your spending and to look for ways to save money. By creating a budget, cutting unnecessary expenses, shopping around for better prices, looking for ways to save on monthly bills, and finding ways to bring in…
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The Value of Personal Finance Awareness in Our Daily Lives
What is the value of dedicating time to personal finances in our daily lives? Imagine that you spend all your money to buy tickets for a concert from your favorite artist. This could result in running out of resources to cover other essential needs in your life. That is why this question is essential when…
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Should I Pay My Credit Card Early?
Paying your credit card before your payment date (the cut-off date) each month has its benefits. You will say, “Obviously, if I don’t want to pay interest, I should pay off my credit card as soon as possible.” But you may be surprised at the added benefits of being cautious. Should I pay off my…