How To Pay Off Holiday Debt
Holiday debt has become a significant problem in the US, with many Americans falling into debt due to their holiday spending. Unfortunately, most people cannot afford to take on this kind of debt year after year. Recent studies have shown that holiday debt is a major issue for millions of Americans. An estimated 42% of all US […]
How to Refinance your Mortgage: Step by Step
A mortgage refinance is a type of home loan that allows you to pay off your existing mortgage with a new one. This can be beneficial if you want to lower your monthly payments, change the terms of your loan, or take advantage of low interest rates. To qualify for a refinance, you will need to have […]
You’re Debt Free, Now What? Money Moves That Make Sense
First of all, congratulations on becoming debt free! It was probably a long and tedious journey, but you’ve made it! Paying off debt is a marathon, and completing the race definitely calls for a celebration! The end of a chapter means the beginning of a new one, which begs the question, now what? Many people […]
What is the Medical Debt Relief Act?
It’s no secret that healthcare costs in the U.S. have become staggeringly high over the last decade, making it difficult for the average person to afford and pay off medical debt. According to a report published by the Kaiser Family Foundation in 2021, approximately 100 million Americans have some form of medical debt. Medical debt in the […]
New Year, New Financial Habits: Top 5 Resolutions for 2023
Achieving financial stability requires sacrifice and persistence. The beginning of a new year is always an ideal time to reflect on your financial goals and make resolutions to improve your financial future. However, many people procrastinate or make easily avoidable mistakes that prolong unsavory financial situations. Don’t get to the end of 2023 only to […]
Financial Investment
A financial investment is the practice of using money to purchase and hold assets for the purpose of making a profit. These investments can include stocks, bonds, mutual funds, real estate, commodities and other financial instruments. The goal of most investors is to accumulate wealth by creating a portfolio of assets that generate returns over […]
What Is Amortization?
Amortization refers to the process of spreading out the cost of an asset over its useful life. In financial terms, it is the gradual reduction of a loan or debt through regular payments of principal and interest over a specified period. Amortization is used primarily in two contexts: loans and intangible assets. For loans, it refers to the gradual reduction of […]
Principal
In financial terms, the principal refers to the initial amount of money that is borrowed or invested, upon which interest is calculated or earned. It is the original amount of money involved in a financial transaction, such as a loan or investment, and it represents the basis for all subsequent financial activity. In the context of loans, the principal is […]
Bond
A bond is a financial instrument used by governments, corporations, and other organizations to raise capital. It represents a debt obligation, meaning that the issuer (borrower) promises to pay the bondholder (lender) a specified amount of interest over a fixed period of time and to return the principal amount at the end of the bond’s term. Bonds […]
Cash Flow
Cash flow is the movement of money in and out of a business or individual’s accounts over a given period. It measures the amount of money that flows into and out of a business, indicating how much money the company has on hand to pay its debts, cover expenses, and make investments. Cash flow can be classified […]