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At Tech News, we believe in demystifying the power of artificial intelligence and transforming it into tangible opportunities for financial success. Our newsletter is your go-to resource for navigating the ever-evolving landscape of AI, from understanding the basics to uncovering lucrative paths for making money in this exciting field.
Debt Basics
When dealing with debt, it’s important to recognize that there are various types and they won’t always result in the same outcome. For example, going into debt for school or business purposes or taking out a mortgage to buy a home could be considered investments that might yield greater financial earnings for you in the future. This kind of debt may be costly in the short term but could potentially end up paying for itself in the long term if it’s an investment in an asset such as education or real estate. However, debt that isn’t likely to make a future return is simply a financial burden in both the short term and the long term. This is the kind of debt that must be managed carefully to avoid letting it quickly spiral out of control.
Credit Report
To get a glimpse of your financial future, many businesses look at your past. Your financial history is contained in your credit report, which can determine everything from whether you qualify for a loan and the rate you'll pay on that loan to your prospects for renting an apartment or obtaining car insurance. A strong credit report is key to building and managing your finances.
Building Credit
Understanding what credit is and how your credit score can be improved is a crucial step toward reaching your financial goals. Your credit score is a measure of factors that may affect your ability to repay credit. It's a complex formula that takes into account how you've repaid previous loans, any outstanding debt, and other financial history.
Credit Scores
When you apply for credit, lenders determine your credit risk by examining your credit scores, also known as FICO® scores. Each of the three main credit bureaus — Experian, TransUnion, and Equifax — keeps credit information about you that is used to calculate your FICO scores. This includes your payment history, the amount of money you owe, the length of your credit history and the number of recently opened credit accounts.
Mobile Banking
We’re living in an increasingly mobile world, with Wi-Fi available almost anywhere, anytime. It’s no surprise that just about every bank now offers mobile banking capabilities through countless banking account management and monitoring apps. In fact, 52 percent of smartphone owners with bank accounts use mobile banking, according to a survey done by the Federal Reserve in 2015.
Electronic Banking
Technology is evolving faster than ever, and as banking and money management becomes increasingly electronic, it's important to understand new capabilities – not only for convenience, but also for security. Electronic banking, which is also known as electronic fund transfer (EFT), refers to the transfer of funds from one account to another through electronic methods. A 2015 study by the Federal Reserve found that 22 percent of mobile phone owners use mobile payments. As electronic banking becomes increasingly widespread, you'll likely encounter instances where it's preferable to make payments or transfer money electronically.