In Part 1 of this series, we defined passive income as money received on a regular basis that only requires a little time or effort after the initial set-up. Now, we’ll look at specific examples of passive income to help you determine which might fit best with your situation and goals. Let’s get into it!
Money Market Account: Here's What You Need to Know
Money market accounts were introduced during the 1970s as a type of mutual fund that brokerage houses sold. At the time, the federal government also capped how much interest local lending institutions could offer customers on the savings account, leaving them at a competitive disadvantage. A few Baby Boomers may recall how banks and credit unions offered incentives such as kitchen appliances and new gadgets to encourage people to open accounts.
But the Garn-St. Germain Depository Institutions Act in 1982 changed everything. The Act allowed local lenders to provide savings options with higher interest rates under the money market account umbrella. Now, working families can choose between a variety of money market products with competitive rates.
Topics: Investing & Retirement
Tips for Decorating Your Home for Fall with Thrifted Pieces
Decorating my home for each season is one of my favorite things to get me into the spirit of the upcoming seasonal activities. Fall, in particular, is one of my favorite seasons to decorate for because it gives such warm and cozy vibes.
However, incorporating new seasonal styles and décor pieces into your home at each season change can be expensive. And, of course, with styles changing all the time, last year's trends are rarely still in style, making you feel like you have to go out and buy more to keep up.
This year, I decided to try decorating my home for fall with easy-to-find items from local thrift stores. In doing so, I found great pieces that can be reused each year and for multiple seasons, depending on how I style and mix and match them. Below are some of the items that I was on the hunt for:
Topics: Personal Finance, Seasonal
CD vs Money Market: Steady Returns or Flexibility
Maintaining a diverse financial portfolio helps reduce investment risk and generate greater returns. Part of that balanced approach involves including assets that can be quickly leveraged. Basically, things such as money market accounts and certificates of deposit (CDs) are akin to having cash on hand. The major difference is they generate better interest rates than passbook savings accounts.
If you are considering adding a money market or CD as part of your portfolio strategy, it’s essential to understand the choice is not necessarily either-or. Money markets and CDs are both valuable assets with slight differences. Those CD vs money market distinctions could be simplified by just saying one provides steady returns while the other offers flexibility. But a deeper understanding could help you better prepare to build an actionable portfolio that achieves your financial and quality of life goals.
Topics: Investing & Retirement
This Saturday, the Coastal Carolina Chanticleers will kick off their 2022 football season. As an alumnus of the university and a huge college football fan, I've been waiting for this moment since our last season ended.
Topics: Coastal Carolina University
Is a Certificate of Deposit Right for You? Explore the Risks and Benefits
Commonly called a CD, a Certificate of Deposit is a savings-based investment that produces a higher return on investment than many others in its class. Considered a sound, reliable investment, CDs are generally part of a well-balanced portfolio. By understanding how they work, as well as their benefits and disadvantages, community members can make informed decisions about adding CDs to their mix of financial holdings.
Topics: Investing & Retirement
Every year when the kids head back to school, and the weather gets cooler, the south gets ready for their favorite season of the year, football season. Sports have become such an integral part of our society that I feel like our seasons of the year revolve around them; Football Season, Basketball Season, Baseball Season and Summer.
With sports playing such a huge role in people's lives, they tend to start their children in youth leagues as early as possible and fill their nights and weekends with sporting events from that time on. According to the National Council on Youth Sports, parents spend an average of $671 per year on youth sports, with 20%of parents spending over $1,000 or more per year—on each child!
The good news is parents have options when it comes to sports-related spending. Check out the BALANCE blog post below for tips on how to balance the family sports budget:
Topics: Personal Finance
The phrase “passive income” is often thrown around by people wanting to make money by teaching you ways to earn it. Because the concept is so intriguing, there are a lot of misuses and misrepresentations of the term. After all, who doesn’t want to learn how to make thousands of dollars a month without doing anything to earn it?
Topics: Personal Finance
4 Tips to Acclimate Your Child to a New School Year from Horry County Schools' Teacher of the Year
Preparing your child for a new school year can be difficult. Not only are there new school clothes and supplies that you have to stock up on, but meeting a new teacher and settling into a new environment can be both mentally and emotionally taxing and may require some help from you.
Topics: Home, Life & School
It’s a tough reality of living in a computer-driven world: scams will always find their way into popular technologies. Digital payment apps are no exception. With their use becoming increasingly a part of our everyday life, knowing the steps for safeguarding your information and maintaining control of your money is essential.