Here are some of your most frequently asked questions:
How can I save more money?
Answer: To save more money you will need a budget, which is a code name for spending plan. Your budget helps you to analyze what is coming in and what is going out. If you have more money coming in than going out this is an opportunity to save.
If at the end of the month you feel like you are saving enough scrutinize your budget more carefully. Is there room to cutback in certain areas? If there is, use the excess to increase your savings contributions.
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What is identity theft?
Answer: Identity theft is the unauthorized use of a person's identity for personal gain. Identity theft is illegal and punishable by jail and fines. It can be one of the most difficult situations to deal with.
The ill effects of becoming a victim it can last for years. Some of the common problems victims face is:
- Money is fraudulently withdrawn from your checking or saving accounts;
- Mysterious charges appear on your credit card bill;
- Credit score is damaged;
- May experience difficult opening new banking or credit card account;
- Calls from collections agencies;
- You could end up with a criminal record in error.
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What is a mutual fund?
Answer: A mutual fund company pools money together from a group of investors and invests that money in stocks, bonds, short-term money-market instruments, other securities or assets, or some combination of these investments. The combined holdings of the mutual fund are known as a portfolio. Each share of the mutual fund is the investor's ownership stake in the holdings and the income those holdings generate.
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What is credit?
Answer: Credit is your ability to borrow money. A lender must be confident in your ability to repay the loan before a loan can be given to you.
There are two types of credit that most people use, revolving credit cards and loans. Credit cards give you revolving access to a fixed amount of money, which is known as a credit limit. Loans on the other hand let you borrow a lump sum of money for a longer period of time.
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How can I increase my credit score?
Answer: While it is unknown how each credit bureau computes your individual score, some things you can do to increase your credit score include:
- Paying your bills on time;
- Do not apply for new credit too frequently;
- Hold onto old credit cards as credit extends your credit history;
- Correct any mistakes with the credit bureau immediately.
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Do I need life insurance?
Answer: Whether or not you need life insurance usually depends on the plans you have for your estate. Life insurance does not need to be a part of everyone's estate plan. However, it can be useful, especially for parents of young children and those who support a spouse or a disabled person.
In addition to helping support your dependents, life insurance can provide immediate and much needed cash in the event of death. Insurance proceeds can help pay the deceased's debts, funeral expenses, income or estate taxes.
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What is stock?
Answer: A stock is a share in the ownership of a company. This stock represents a claim on the company's assets and earnings. The more shares you own the greater your ownership stake in the company becomes. (Shares of stock and ownership equity mean the same thing.)
As a shareholder you are generally one of the many owners of a company. This means that you have a claim to what the company owns. Granted what you get may be in small by comparison to what board members and executive mangers receive, you are still owed a portion of the earnings.
As a shareholder you can expect to be compensated in two primary ways:
- If the price per share increases in the future you are able to sell your shares for a profit.
- If the company earns money you may be paid income in the form of a dividend.
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