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29

I've never heard of those services before, but from looking at one of the websites they don't have ANY kind of Ts and Cs, legal disclaimers, etc. which I feel certain they would need if they were legit. They ask you to pay $48 just to be a member on their site with nothing at all about how likely you are to actually find a cosigner through them, and not even ...


1

Your best option with an underperforming credit evaluation is to give up equity in your business in exchange for your loan amount. While this may not be preferable, your credit standing is less of an issue and the assets entitled to the investor you sought will be considered as collateral. Your obstacle is finding an investor willing to take an equity stake ...


1

That is correct if you actually do it -- that is, if you actually view the growing balance on your credit card as "tying up" some of the cash in your wallet, rendering it unspendable. So for instance if you know you have run up $80 of credit card charges, you know that four Andrew Jacksons in your wallet are reserved for that and cannot be spent. Or they ...


4

I would like to offer a bit more nuanced advice to getting a first credit card - specifically for things you should do before you get one. I base this on both my own experience with credit cards (through periods of both good and bad financial health), and the experience of seeing my kids struggle to varying degrees. 1. Do you have a budget? Specifically, ...


-1

I work in the credit card sector and I can tell you absolutely, if you are in either UK or USA, this is correct as long as you are able to have control over your spending. Never get a pay-monthly, never spend more than what you can afford to pay back at the end of the month. Find one that might offer 0% int. in the first 12-18 months. A good record of paying ...


13

In the US that would be generally correct. By using your credit card responsibly (i.e. paying off the entire balance every month) you would build positive credit history which can help you with getting loans or mortgages in the future. You may also benefit from cash-back or other benefits, depending on the credit card. Certain type of purchases (rental ...


1

The country with the high interest rate deposit accounts: might every well have restrictions on taking that money out of the country. Otherwise, everyone in the world would be doing what you suggested and the Ukraine would go broke within weeks, and has a very good reason for offering those high rate deposit accounts; currency instability is one that leaps ...


1

One option would be a pledged asset line of credit -- basically you take out a line of credit or loan that is backed by the securities you have invested. Many/most investment firms will offer a product like that. This way you don't have to liquidate any securities and incur capital gains, and you can work out a loan with your family member where his ...


1

Structuring a loan to someone based on market performance is a Pandora's Box. Or perhaps it's as Forrest Gump said: "Life is like a box of chocolates. You never know what you're gonna get." Some random thoughts... Why should your brother have to indemnify you for realized losses if you sell your underwater securities? The loss already exists and that's ...


-3

Yes, a huge savings on taxes possibly. 2019 if married u can make 24k and pay zero income tax. If u make 29k you will pay 10% on 5k, 500 bucks in federal income tax. You borrow 5k from 401k. Deposit in IRA you now have 5k writeoff, so your taxable income drops back to 24k. Saved 500 dollars. No missed market cause your back in with IRA. All intrest ...


9

Inherently lending money for gambling is not a good investment because the casino maintains a spread. The odds of one winning against the casino is lower than the odds of the the casino winning against the player. For example in roulette, the probability of red or black winning is less than 50% because the roulette wheel contains 0 or 00, while the payout ...


0

If you take a 401(k) loan which you pay yourself, and we assume your 401(k) makes 8% interest per year. Then your net savings are as follows: If you do borrow: Your change in wealth in the 401(k) is $600 Your change in wealth in non-tax advantaged accounts is -$600 Opportunity Cost to the 401(k) is -$200 If you do not borrow from 401(k): Change in wealth in ...


1

There's several different factors to consider here: You're avoiding paying 10% on the loan. You're adding more money to the 401(k) account. It's possible that you're ending up adding more money than your contribution cap would otherwise be; I'm pretty sure that paying yourself interest doesn't count towards your contribution limit. However, I recall there ...


6

Let's say both loans require only one payment per year, and you will pay off the loan at that time. Let's say your 401k earns 8% per year. Status quo: After one year, your $10K debt becomes $11K, which you pay off. Meanwhile, the $10K in your 401k becomes $10.8K. Alternative: You pull out $10K today and pay off the debt; but now you owe $10K to your ...


4

You probably can do it, but there are some important considerations: Mortgage rates are typically lower than other types of loans, including business loans. This alone may be reason enough to avoid it. Mortgage application documents usually ask you the source of your down payment. This includes other loans and even gifts, in which case you may have to ...


3

Much like the question asked previously, the two most important things in obtaining a mortgage is debt-to-income ratio and income. Equity in the house being purchased is important but that can be nearly zero if one is using some kind of "mortgage insurance". PMI (private mortgage insurance), VA, and FHA are kinds of mortgage insurance which make down ...


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