source AMC screencap There are a lot of cash-sharing services out there that are specifically designed to be used between friends and family, as a way to split the bill without ever exchanging paper money. The most popular payment apps include Venmo, Google Wallet, Snapcash, and a handful of bank P2P services. These are a little different from ecommerce apps like PayPal, which are typically used for more goods-and-services types of transactions that take place between a seller and a buyer, rather than among friends. In reality, many of these payment apps can do both, but for our purposes, we’ll focus on the former. Venmo, a subsidiary of PayPal, has emerged as the most popular payment app – by a long shot – with reportedly $20 billion transferred between users in 2016. It’s been called the “social media” of money exchange. That said, as a person who has tried Venmo as well as other payment apps, I’m here to make the … [Read more...] about Here’s why you should stop using Venmo, and start using Facebook Messenger for paying back your friends
Which bank should i use
These Are The Sites Where You Should Change Your Password Right Away ALSO, if you use Chrome as your browser, download this extension : It will let you know if the site you are browsing is affected by Heartbleed. It's an adaptation of Valsorda's site. Multiple popular websites were exposed to a major Internet bug called Heartbleed earlier this week. As much as 66% of the web may have been compromised by Heartbleed. Some websites running SSL encryption, such as Airbnb, Pinterest, USMagazine.com, NASA, and Creative Commons, among others, were exposed to a major security bug called Heartbleed on Monday. The bug was reportedly discovered by a member of Google's security team and a software security firm called Codenomicon. The bug affects web servers running Apache and Nginx software, and it has the potential to expose private information users enter into websites, applications, web email and even instant messages. And while most security experts advise that you always use websites and … [Read more...] about Heartbleed Bug Hits The Internet: What Is It? How Does It Affect Me? What Should I Do?
Which bank offers the best home loans? Find the best deals on home loans in Malaysia. Compare mortgage conditions of different banks and apply for the one you like online CIMB may have very attractive interest rates for loan sizes above RM500k, while Public Bank may be more attractive for loans of a lower amount. It is uncommon for one particular bank to have the most attractive interest rates across all loan sizes. If you require a Zero Moving Cost Package (the bank absorbs the legal fees and stamp duty for the loan agreement): Only a handful of banks have Zero Moving Cost packages. In such situations, even if the bank offers a very attractive interest rate, it still is not the "best fit" for the customer. Another key differentiator for the "best" mortgage loan is the difference in service and efficiency between different banks. This is usually highly under-appreciated. The efficiency of a bank is the difference between a 3 days approval process versus a 3 weeks approval process. Bank … [Read more...] about Bank Negara’s New Home Loan Measures: Which Bank is Best for You?
Crowdfunding has gained increasing prominence in recent years. Just as how TripAdvisor uses reviews by tourists to garner data to compile rankings of hotels and places of interest, and how Uber depends on private car owners to provide a convenient, on-demand taxi service, crowdfunding boasts a similar concept. Crowdfunding refers to raising funds from the public for specific purposes, such as fundraising for a charity, getting money to kickstart production of a new product by individual inventors, and so on. In a business context, crowdfunding is a way to raise funds from the public for business needs. For investors, it is an alternative way to invest in private companies. In Peer-to-Peer (P2P) Lending, also known as Marketplace Lending, companies “borrow” money from investors and offer interest in return – this is the debt-based model and is more popular due to its simplicity. Another type of P2P Lending is the equity-based model which is more complicated and … [Read more...] about Crowdfunding: Wise to bank on the wisdom of the crowd?
Over the past five years, I’ve written about money a lot. A lot. I don’t pretend to be a financial expert or hold any kind of certification, but between writing, editing, and reading hundreds (thousands?) of stories about money, I’ve picked a few things up. Chief among them is that the best, most critical first step you can take to improve your finances is to track your spending. If you think about it for 30 seconds, it makes perfect sense. If you don’t know where your money goes today, how are you going to realistically plan where it should go tomorrow? Unless we start writing things down, we’re all going to continue lying to ourselves about how much we spend on bagels, anyway. For a few years, I let LearnVest (where I used to work) track my spending automatically, by connecting my accounts. That was fine, and I recommend it, or a similar service like Mint or You Need a Budget, over doing nothing. But I couldn’t get granular … [Read more...] about After writing about money for half a decade, here’s the spreadsheet I built to keep track of my spending
The US economy is still in solid shape, according to Cleveland Fed President Loretta Mester Mester, a voting member of the Federal Open Markets Committee, reiterated in a speech Friday that the current downturn in US stocks is simply a “soft patch” and the economy is primed to continue its slow and steady growth. Here’s Mester (emphasis ours):“At this point, I see the market volatility and sharp drop in oil prices as posing risks to the forecast, but I believe it is premature to conclude they necessitate a material change in my modal economic outlook. While there is a possibility that a steeper, more persistent drop in equity markets could lead to a broader and more persistent pullback in risk-taking and credit extension, with spillovers to the broader economy, so far we have not seen this. Solid labor market indicators, including strong payroll growth, and healthy growth in real disposable income suggest that underlying U.S. economic … [Read more...] about FED’S MESTER: After a soft patch, I think the US economy will ‘regain its footing’
Certified financial planner Sophia Bera answers: I have a high-earning job, and, to be frank, a ton of extra cash (think hundreds of thousands). What should I do with it? Wow! Way to go! You are doing a great job of maximizing your earnings while also living significantly below your means. I’m assuming that you don’t have any debt and that you’ve set aside at least three months of net pay in an online savings account. One challenge is going to be figuring out how you can lower your tax bill since you’re a high income earner. I would start by interviewing a few tax accountants and finding one to work with that can help you navigate through your tax situation in addition to hiring a financial planner that can show you how all the financial pieces work together. I recommend that you have an accountant review your tax return because higher income earners are often subject to AMT (Alternative Minimum Tax) and you want to make … [Read more...] about ASK A FINANCIAL PLANNER: ‘I’m sitting on a lot of extra cash — what do I do with it?’
My spending habits in college became a part of life post-grad: eating out almost every night, shopping on the weekends, buying unnecessary arts and crafts materials for DIY projects I never do. All the small purchases added up on my credit card bill, which most of my money went to pay off. I was essentially living paycheck to paycheck. Limiting my spending never really crossed my mind, but I really hoped to start developing habits to help me get rich. I finally decided to try to manage my budget. I downloaded Mint, a personal finance app for budgeting and money management. It tracks my spending, sets budgets for different categories of spending, and even gives advice on what I can do to maximize savings. I connected all my credit card and debit card accounts to get the best overview of my spending as well as my student loan debt: my total net worth. I was at -$17,552. After using this budgeting app for a month, here’s how it changed the way I looked at my … [Read more...] about I used an app to set up my first-ever budget and it changed the way I look at my money
Planning my month-long trip to visit Thailand, Hong Kong, and China last July was a hassle. It was also a lot of money. The expenses started even before I left the country: I had to manage all the paperwork: getting visas, renewing passports, calling the travel agency, and planning itineraries, which added a few hundred more on top of my flight and hotels. But that was not the end of it. There are some things you should always do before traveling abroad – like booking your flight well in advance and making two copies of your passport should it get lost or stolen – but there were a few more choices that saved me from incurring small fees along the way that could have collected into one giant sum. These are the five things I’m glad I did before I left the US: Usually about 1% – 3%, depending on the card, foreign transaction fees might not seem like a big deal. My credit cards were from Bank of America and Chase, and both had 3% foreign … [Read more...] about 5 things I did to save money on a month-long trip through Asia before I even left the US
The most creative thing done by central banks since the financial crisis is taking benchmark interest rates into negative territory. But, according Willem Buiter and his team at Citi, the results have ultimately been fairly “unspectacular.” “Overall, the striking point is how unspectacular the move to negative rates has been,” Buiter and his team wrote in a note to clients on Monday. “Money has not flooded out of the banks, exchange rates have not plunged, thrift has not been destroyed, and inflation has not soared. After many years in which it was virtually unthinkable for interest rates to go below zero, the evidence suggests that there is no discontinuity at the zero bound.” Wind the clock back just 10 years or so and the economic orthodoxy more or less said there was a lower bound on monetary-policy rates that existed at 0%. Going below that rate, in this line of thinking, would basically create a malfunction in the modern … [Read more...] about The most creative thing central banks have done since the financial crisis has had ‘unspectacular’ results