Need to open a bank account but confused on what type of “bank” is best for you? Big Bank vs. Online Bank vs. Credit Union – what’s the difference? Learn the pros and cons of each type of lending institution and how to choose the best one based on YOUR wants, needs and goals from the information in this post! Traditional Banks When people hear the term traditional bank, they typically think of one that has a brick and mortar presence. They also tend to think of the big four players in the industry, which are Bank of America, Citigroup, JP Morgan Chase and Wells Fargo. Now while these are the largest players in this category, it’s worth noting that the category is very broad and includes regional banks such as Regions Financial and BB&T as well as smaller local, community and neighborhood banks. The biggest reasons to choose a traditional bank are technology and convenience. The biggest drawbacks to them tend to be an impersonal feeling when it comes to the customer experience, fees being on the higher end when compared to other types of banks and interest rates on deposit accounts being on the low end. Now let
Did you ever wonder why some people never seem to be able to keep money around? They get paid on Friday and all the money is gone before Monday? Well, in this post we’re going to talk about 5 habits that might be keeping a person broke. Habit #1- Not knowing your subscriptions Subscriptions can add up quickly. You can have $5 here, $10 dollars there. You should take a moment and review your bank statement or credit card statement to see what monthly subscriptions you have. You also need to determine what you use and do not use. Cancel the ones that are not being used. Keep an eye out for what you are being charged for in your subscriptions. Sometimes subscriptions plans can increase in price without you being aware so if something you were paying 10 bucks a month for now turned into 20 bucks. Habit #2 – Spontaneous Shopping Who does not like shopping for new things; rather it be clothes, electronics, or even shoes? There has to be a limit to what people can buy based on their budget. One way people dig themselves into a deeper hole is by not realizing how much they
Do you need help understanding your business financial statements? You have come to the right place, here we will discuss the three main business financial statements. Starting a business can be nerve racking especially trying to figure out how much the business made or how much is coming out. That’s where financial statements come in and help you keep track of your business. Let’s expand your knowledge on the basics of business financials. What Are Financial Statements? Financial statements are written documents that outline a company’s operations as well as its financial success. Government organizations, accounting firms, and other entities frequently audit financial statements to assure they are precise and for reasons related to taxes, financing, or investments. The balance sheet, income statement, and cash flow statement are the three main financial statements for Businesses. Let us get into what each of them consist of. What is a Balance Sheet? A balance sheet is a summary of a company’s assets, liabilities, and shareholders’ equity. The Balance sheet gives insight about your business and its operations. Assets include two categories which are current and non-current assets. Current assets are cash equivalents, Accounts receivables, inventory, and prepaid expense. Non-current assets are properties,