Common Questions
Having adequate financial resources is an important part of achieving success. A well-planned financial strategy can provide the resources to help you meet your financial goals. Having the right financial resources can help you build wealth, prepare for retirement, and protect your assets. When considering financial resources, it is imperative to consider all available sources. These include savings, investments, and other financial products.
What is a Roth IRA?
Individual retirement accounts (IRAs) are used to save for retirement. Roth IRAs are special types of tax-advantaged individual retirement accounts to which you can contribute after-tax dollars. Visit the link below to dig deeper into why IRAs are so beneficial.
Article link: https://www.investopedia.com/terms/r/rothira.asp
What is a credit card?
A credit card is a thin rectangular piece of plastic or metal issued by a bank or financial services company that allows cardholders to borrow funds with which to pay for goods and services with merchants that accept cards for payment. Credit cards impose the condition that cardholders pay back the borrowed money, plus any applicable interest, as well as any additional agreed-upon charges, either in full by the billing date or over time.
Article link: https://www.investopedia.com/terms/c/creditcard.asp
What is a high-yield savings?
A high-yield savings account is a type of savings account that can pay up to 10 to 12 times the national average of a standard savings account. It offers a great way to save money while earning higher interest rates.
Article link: https://www.investopedia.com/articles/pf/09/high-yield-savings-account.asp
What is an Annual Percentage Rate (APR)?
Annual percentage rate (APR) refers to the yearly interest generated by a sum that's charged to borrowers or paid to investors. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment.
Article link: https://www.investopedia.com/terms/a/apr.asp
What are the benefits of using credit cards?
Keeping cash transactions to a minimum and using credit cards responsibly is much better than using debit cards. Credit cards offer more protection against fraudulent activity and have additional features such as rewards and bonuses. Additionally, credit cards offer the ability to better track expenses, making it easier to create budgets and stay on top of your finances.
Article link: https://www.investopedia.com/articles/pf/10/credit-card-debit-card.asp
When can I apply for a credit card?
Consumers can apply for credit cards starting at age 18, but the law requires them to have an independent income or a co-signer. However, most major issuers don’t allow co-signers anymore. So, a person aged 18, 19 or 20 usually has to earn and prove their own income before being approved for a credit card.
Article link: https://www.nerdwallet.com/article/credit-cards/how-old-apply-for-a-credit-card