Checking Accounts and Bad Credit

If not being able to get loans and credit cards wasn’t enough, a bad credit rating can even be a barrier when it comes to acquiring a checking account. A checking account is a necessity these days as you simply cannot keep all the cash you have, on you all the time. Unfortunately, banks see people with a poor credit score to not be financially strong enough to even pay up on bank charges. They, of late, have been referring to the credit history of their applicants before granting them an account. The points described below need to be kept in mind while scouring for such an account.

Bank Charges

Few banks will be willing to allot you a checking account with checks, if you have a bad credit score, but the ones that do will surely try to make a bit more money off you. And they know that they can either biff you off and tell you to come back when you have an acceptable credit score, or use this opportunity to trap you with high charges for running your account. After all, since no one else is ready to offer you an account, they have a monopoly and can dictate terms with you.

Online Checking Account

This is another option worth exploring. Internet banking accounts generally ask for a lower credit score anyway, and can often brag about lower bank charges and transaction costs, as compared to physical accounts. They will, of course, ask you to maintain a minimum balance in your account all the time. This means you may or may not be able to avail the overdraft facility. Of course, it is always better to open an online checking account with a more reputed bank. They may charge a higher fee but you

Ways to Make Money Without a Job

Tre Cool, the renowned drummer of the American band Green Day says, “I never completed high school and I am very rich and very successful.” Education is important, but it’s not mandatory to have a regular job to be successful. A daily 9-6 working hours routine doesn’t always guarantee you a step upwards in the ladder of success. You need to explore your caliber and channelize all your efforts in the direction you want to take. It can be music or sports, painting or acting. The beginning might not be a walk in the park, but hard work can definitely make you successful. The other option to make money is to begin with certain activities that will fetch you dollars, and later on you can make a change.

Earning money can be easy if you are well informed about the different ideas and options that can help you in this direction. You can achieve this by pursuing your hobby as a career, or taking up some temporary work available in the society. Given below are some ways to make money without doing a job.

Creative Instinct
If you have creative abilities, just explore them. Use your painting, singing, or dancing skills to teach others. Put up hoardings or advertise online. Be patient and see the results. Teaching handicrafts and photography is a good option to make money fast.

Blogging
This one of the best options to make money online. Just start a blog having relevant content, news, and the latest buzz. Sign up for Google AdSense to get posted with ads. Every time the ad gets clicked, it will fetch you bucks.

Freelancing
If you have a passion for writing, opt for online freelance writing. There are numerous websites that look for freelance writers. Join their site and

Fastest Ways to Make Money

With growing inflation, many people these days are searching for ways to earn extra income by working for a few more hours apart from their regular jobs. Though, some succeed in doing so, many fail to discover the fastest ways to make money. Here are some of the ways, which can help you upgrade your lifestyle.

Stock Market Transactions

It is a well-known fact that, the stock market is one of the quickest ways of earning money. On a given day, a trader can buy shares of companies at lower prices, and get phenomenal returns by selling them at higher levels on the same day. However, it also depends on the market conditions and overall profile of the company you are investing in. You can also earn quick money by taking delivery of the shares and selling them at upper levels after a few trading sessions. However, only those traders who have a deep knowledge of the markets can succeed in short-term trading. Knowledge of the company fundamentals and results, company news and technical charts of stocks, can help traders earn more in a very short period. However, one should note that, stock markets are volatile and hence, only experienced and knowledgeable people can earn money in this way.

Doing Labor Jobs

You can take up jobs like watering the garden, cleaning residential and office spaces, plumbing, painting, washing cars, etc. These jobs can also be done on a part-time basis by continuing with your main job.

Online Jobs

With the advancement of Internet, many online jobs are being offered to people above eighteen years of age by multi-national and other companies. Jobs such as content writing, creative writing, data entry, can help you to make some quick bucks. The best thing about these jobs is that, you can earn

How to Make Extra Money During the Summer

During summers, people, especially the teens, get into a partying mode, spending money or going on vacations. Working to earn a little money is out of the question for them. However, in these uncertain economic times, every penny counts and earning a little extra is a great option especially if you mix work with fun. You don’t have to search for a job, rather do what you are interested in. This will not only help you enjoy earning money, but also gain expertise in what you have always liked to do.

Fun Summer Jobs

– If you love golf or want to learn it, become a caddy for a golf course. You are definitely going to make pretty good cash from this high profile game.
– Deliver newspapers. This consumes only a few hours of your time. When not delivering newspapers, opt for some complementary work like watering gardens, mowing lawns, walking neighborhood pets, etc.
– If you have a lot of things that you don’t use, and they are lying in your backyard adding to the waste, hold a yard sale. Sell all the things you don’t require and get money for the things you do need.
– There are a lot of seasonal positions vacant in hotels, resorts, parks, etc. especially in summers. Many of these places hire just for the season and pay good wages.
– If you are good at shopping and in creating unusual gift ideas, specialize in a shopping service. There are organizations that fear the time-consuming task of gift selection, wrapping, and giving. They will love to pay a good wage if you offer them your services.
– If you love pets, then instead of walking neighborhood pets, you can start a pet escort service. It doesn’t require any investment at all. There are many

Easy Money-making Ideas for Teens

Making money for any teenager may not always appear as an easy task. However, that does not mean one needs to feel disheartened about the same. Teenage years are the ones where youngsters love to live a spirited and carefree life. But, this is also a phase when teens can know about the importance of money and learn to value the same. Therefore, there are many parents who believe their teenagers would learn the ropes of a professional life by working at an early age. Well, teens can surely make money in the holiday season once they get the hang of certain things. Take a look at the easy money-making ideas for teens which are given below. However, remember not everything is easy and would require a lot of hard work as well!

4 Ways to Make Money

Well, babysitting and mowing lawns may not always give you the allowance you are hoping to receive. In order to find a job that pays you well, the first step is to do some research. The second step is to go over our list of easy money-making ideas given below.

Garage Sale
If your mommy has been hollering about clearing the garage or cleaning your room, you can see the positive side in this situation. Collect all the items you don’t really require but cannot discard. Hold a garage sale and sell items such as toys, old gadgets, books, or clothes!

Tutoring
Are you good at your studies? A home tutor is very much in demand and this can earn you a decent amount on an hourly basis. Besides, you always remain in touch with your subject and the joys of teaching are an added plus point!

Arts and Crafts
A creative teen can come up with many easy ways of

Creative Ways to Make Money

The more you get, the lesser it seems. That’s what money is all about for many people. We wait endlessly for our increments, and we always want those extra few bucks to splurge on things we need, or rather, desire. While jobs always give a certain kind of stability, many people travel that extra mile to make more money. Some of them employ creative ways to generate an extra income so that they have some cash in hand. Definitely, today’s mantra is all about green bucks. The paragraphs below enlist some creative ways to make money.

Freelance Writing

– If you have a flair for writing, you would surely believe that the pen is mightier than the sword.
– With the popularity of the Internet and social media, new options are being opened up in various segments.
– Writing reviews, blogs, articles, online content, etc., will help you make money and keep the creative juices flowing as well.
– You can look for reliable websites that will publish content.
– Freelancing for certain companies can give you the option of obtaining work on a long-term basis if your writing is appreciated.

Selling Handmade Greetings and Paintings

– If you can draw or illustrate well, you can create beautiful and exclusive greeting cards and paintings.
– Handmade greeting cards always have that personal touch that is not depicted in the customized ones.
– Use new techniques and create some meaningful paintings. Survey the market to know the choices and budget and plan your work accordingly.
– This will also help you stay in touch with your creative side while filling your pockets simultaneously.

Freelance Photography

– If photography is your hobby, and your current job has nothing to do with it, use your talent to start a related business.
– If

How to Make Money with Postcards

In October 1869, the postcard was born in Austria. Thanks to Raphael Tuck, a German printer and lithographer, the postcard became a popular mode of sending and receiving greetings in Europe. In 1873, the US government issued plain postcards for a cent. However, the monopoly of the same was broken when commercial picture postcards were issued in 1893. Sadly, when World War I broke out, the golden age of picture postcards came to an end. However, today there are clubs and groups that are reviving that lost glory.

If you are stocked up with a postcard collection and don’t know what to do with it, here are a few ideas that could put your beloved collection to use and help you make some money out of it too!

One of the most popular ways is to find out if there is someone who would be willing to part with a large number of postcards. The postcards could be photographs, illustrations of modes of transportation, sports, important personalities, and so on. It could be anything that holds one’s interest and could be sold easily.

There are many online malls, which allow you to buy the postcards outright, or place a bid on select cards. Else, you can purchase cards from someone who is willing to part with his or her rare collection of cards. Once you collect enough cards with you, segregate them into two categories – the ones that could be sold easily, and the ones that could take a bit of time.

Once they are segregated, you need to price them. Before you do that, it would be wise to check the prices on the Internet, or consult someone who is an expert in this business. You could then post an ad on one or more online

How to Invest in Distressed Debt

Possessing wealth is not enough. You also need to invest it in a proper manner, if you wish to enjoy it for a longer period. Most people go for some kind of investment to grow their money. People who are willing to take risks, put their hard-earned money at stake and invest in high-risk investment options like stocks, mutual funds, etc. Those who wish to play it safe, go for a fixed but low-return instrument like bank deposits. No matter what investment option you choose, it is imperative that you think logically, before investing your money in it. You simply cannot afford to allow your investment to shrink due to volatility in the economy. Distressed debt is yet another investment option for the enterprising folks, who are willing to take risks.

How Does it Work?

Distressed debt refers to the bonds of a company, which is not doing well financially. The company might have already filed for bankruptcy or could be heading towards one. When the company faces a financial crisis, it can choose to sell its bonds to new buyers, in order to attract capital. Thus, it simply means investing in the bonds of a failing company. In such a scenario, the company usually sells its bonds at dirt cheap prices. This is often the last resort to recover from a financial turmoil. Mostly, these buyers are financial entities such as mutual funds, private equity firms, brokerage firms, hedge funds, and specialized debt funds. These entities have their own criteria, which enables them to invest in the right companies. They usually check a company’s background on the basis of following parameters:

– Does it have any legal problems?
– Does it have overextended debts?
– Are there any operational issues?
– Has it been underperforming?

Investment Advice for Beginners

Ideally, most people would like to earn money with as little effort as possible. Risk averse individuals, with sufficient liquidity, may consider depositing their money in Money Market Accounts (MMAs) that offer a rate of return that is comparable to the interest earned on a CD (certificate of deposit). Unlike a CD, there are no penalties for early withdrawal from a MMA. Moreover, the money that is deposited in a MMA is insured. Hence, people who are risk averse, have sufficient liquidity, and are interested in regular withdrawals would do well to deposit their money in a MMA in lieu of temporary financial investment.

How do Beginners Choose their Investments?

Stock Investments
Stock investment/trading confers upon the investor the opportunity to reap dividends and earn by way of capital appreciation. The preferred stock investing strategy, viz. capital preservation or capital appreciation, will determine the kind of (shares) investment that should be pursued by someone who intends to play the market. Investing in companies that are in the mature growth phase of the business cycle, and have been undervalued by the stock market, will result in the investor earning dividend income in addition to capital gains. In case of dividend-yielding stocks, the intrinsic value of a share is assessed using the Dividend Discount Model (DDM) while the return on investment (ROI) can be calculated using the following formula:

Return on Investment = (D1+P1- P0) / P0

D1 = Dividend Received
P1 = Selling Price
P0 = Purchase Price

Technical analysis may prove handy for those who are adept at reading graphs and charts, and looking for patterns and replications. Fundamental analysis, on the other hand, is useful for people who are comfortable with analyzing financial statements (10-Ks and the 10-Qs) in order to determine market timing. This is because investors

Best Short-Term Investments

Short-term investments provide an opportunity for investors looking to make a quick buck without a long hold. They can result in huge profits within a short span of time, if handled cautiously.

High-Yield Savings Accounts

High-yield savings accounts are one of the most common forms of short-term investment. Nowadays, many banks offer such accounts with a higher APY (Annual Percentage Yield) and a much better rate of return than the local brick-and-mortar bank. Basically, it is a savings account at an online bank, and offers the facility of transferring money to and from the person’s checking account. However, opening this account is not an easy task, as the banks offer this facility only to certain valued customers. The investor should meet any one of the following criteria, in order to open such an account:

– He should make a sufficiently large initial deposit.
– He should limit his transactions.
– He should maintain a high average balance.

It is always advisable to first check with the existing bank, if there is any kind of facility which can yield better profits. In case, the bank doesn’t have anything to offer, one can check online.

Penny Stocks

Penny stocks are those that trade for less than one dollar. As compared to others, they are a riskier form of investment; however, the monetary returns can be substantial. The volumes traded daily can run into hundreds of millions for a sub-penny stock. In the past, some of these stocks have shown an enormous rise from 25 cents to USD 20, and on the other hand, there have also been cases when these stocks have become worthless. They represent all the small companies across the US, and are gaining popularity because of the comparatively smaller initial investment. They are powerful enough to turn a small

Good, Safe Investments

Investing money for future use and liabilities is a known concept to the majority of us. Most people secure themselves and their families financially through different means of investments such as stocks, government bonds, property, etc. In wake of a global financial meltdowns, that leads to many asset losses and unemployment, it is understandable why individuals are vary of investments that do not give good returns immediately.

As an investor, one needs to understand three important things before investing hard-earned money. These three things more or less decide how safe an investment option is.

Risk Appetite: The amount of risk one is willing to take is termed as risk appetite. Higher the risk, higher the returns.

Time Frame: Time frame refers to the duration one is willing to invest for, keeping in mind volatility of the market and personal requirements and liabilities. Time frame includes short, medium, and long term investments.

Diversified Portfolio: Diversifying one’s portfolio helps to spread out risk in different types of investments. Diversifying helps in wealth management, as one can move funds between different investments, as per need and markets, without sustaining losses.

Good Return on Your Investment

Most investment advisers follow standardized formulas for calculating the proportion of investments one should make. ‘Start investing young’ holds true if you want to increase your returns, even in a bad market scenario. The following is one of the many formulas used to help one assess and understand the concept of safe investments.

Age Matrix Formula
Formula: 100 – age of the investor
For example: 100 – 30 (age of investor) = 70
Therefore, 70% of the total amount to be invested (wealth assets) should be put in equities and the remaining 30% in government backed securities.

A younger person can invest in a high risk market, as the age

Fundamental Analysis for Beginners

Fundamental analysis is the detailed assessment and analysis of a company’s future or growth, which gives a fair idea about its worth in the stock market. It involves careful study of the revenue, expense, sales, asset management tools, liabilities, and all the financial aspects dealing with an organization’s performance and survival. It’s the best way to determine whether the stock in question is valued, undervalued, or being traded at a fair price.

Need for Analysis

The elements that decide the value of a stock, keep fluctuating due to a variety of reasons. Ideally, it’s market value or current rate should almost be the same as its real value. But, the market price is either more or less than its original value. This deviation may prompt people to buy or sell a share. If the price is less than the intrinsic value of the stock, we ideally buy it, and if the stock is overpriced, we sell it. This is exactly where fundamental analysis comes in picture. In order to determine the real value of a stock, a number of parameters have to be scrutinized. Hence, it is all about evaluating a security’s value, based on an authentic set of information.

Stock Fundamental Analysis

Consider an investment of USD 100 in a stock which rises to USD 120. The profit gained is USD 20 or 20%. Now consider another company’s stock which has USD 1 as market price and it rises to USD 2 in the same trading session. This is a 100% rise in the value. If you invest in 10 stocks of this company, the earnings would double, in this case USD 20. Thus, it can be seen that a lower-valued tax can fetch better profit on a relatively small investment. There are many companies in a

Types of Investments

Investment is the process of risking one’s savings in the hope of a monetary gain. An investment involves the act of using a good or its money equivalent to create another good or fetch the returns of the invested amount in terms of interest or profit share. The basic purpose of an investment is to hold an asset in order to obtain recurring or capital gains. Take a look at the various types of investments.

Aggressive Investment: Aggressive investors invest in stock markets and business ventures. This type of investment can involve the act of investing in a real estate, renovating it, and renting it out. Aggressive investment involves a greater amount of risk.

Business Management: The value of the business assets is determined after which they are used to generate revenue. Business assets can be physical, financial, or intangible. Physical assets include property and machinery that is in possession of the business. Financial assets include the liquid assets of a business and the company stocks and bonds.

Conservative Investment: Conservative investors invest in cash. They put their money in investment accounts like savings, mutual funds, and certificates of deposit.

Economics: In context of economics, investment is the per unit time production of goods, which are not consumed and are rather used for production in the future. Tangibles like property, as also intangibles such as the costs incurred in on-the-job trainings are included in this type of investment. Income and interest rates form the determinants of an investment decision. A growth in income boosts investments while a rise in the rates of interest is not conducive to greater investments as it makes borrowing money costlier.

Finance: Investments in finance refer to the cost of capital invested in buying financial assets and securities. They include investments made in shares, bonds,

Purpose of a Bank Reconciliation Process

Bank reconciliation is the process of reconciling the bank statement balance, with the book bank account balance in the customer’s (client’s) books of accounts. The procedure should result in the tallying of the two balances, i.e., the adjusted bank balance calculated must equal the adjusted book bank balance figure. The process of preparing a reconciliation statement is a structured one, where bank reconciliation forms containing pre-printed items leave omission errors out. These forms are found on the back side of your monthly bank statement hard copies and make the process a whole lot easier. Read the following paragraphs to understand the purpose of a bank reconciliation process.

The purpose behind bank reconciliation is to identify and rectify divergences between the two bank balances. A divergence of the two balances can occur because of one of the following two things:

– Entries counted in the bank statement, not reflected in the account books.
– Entries made in the books of accounts, that are yet to be known to the bank.

Some entries that get missed out in the books of accounts are as follows:

– Bank charges and fees that are directly deducted from the bank’s side, are mostly only known by the business when the bank statement arrives.
– Bank’s collection of receivables, on the business’s behalf, does not get recorded in the books, till the actual bank intimation of receipt, arrives in the form of a bank statement.
– Any deposits made, directly in the bank account, without intimating the business, are recorded in the bank statement, but obviously not in the account books.
– Any interest earned on the bank balance is something that does not get calculated on the business’s side, and hence does not get recorded in the books till an official intimation arrives.
– Any errors from the bank

Mobile Banking Services

Mobile phones are basically communication devices that can be used for several other purposes, such as for executing financial or banking transactions. After internet banking, mobile banking has added another dimension to banking by enabling us to carry out any kind of transactions like payments, balance inquiry, and the transfer of funds, using our mobile phones.

Banking transactions over the mobile phone are usually performed either by sending an SMS message to the bank or by using mobile internet. When you send an SMS message requesting a financial transaction, it goes to the SMS center of your cellular service provider, and from there it travels to the bank’s system. You then receive the response that is sent by the bank via the service provider, all within a few seconds.

Doing Bank Transactions with Your Mobile Phones

Nowadays, banks have come up with a range services for reducing their cost of operation, while providing more easily accessible and faster services to the customers. You can use your mobile banking facilities to inquire the balance of your account, and request a statement or details of the last few transactions and the management of pension and insurance policies. In addition to these, you can request the bank to activate alerts, such as the minimum balance alert.

You can order or request a checkbook or card, and pay bills with the help of mobile banking. It has also made fund transfer (both national and international) quite simple and fast. It can give you the facility of carrying out cash deposition and withdrawals. Some other services include portfolio management services, personalized alerts, notifications on security prices, mobile recharging, etc. You can also receive online updates of stock prices, and perform stock trading as well.

Classification
There are generally two ways to classify mobile banking