Key Takeaway: The FDIC insures certain types of bank deposits up to $250,000 per depositor and per bank. This includes savings accounts, checking accounts, money market accounts, and certificates of deposit (CDs). Investments such as stocks, bonds, mutual funds, and annuities are not insured by the FDIC. It is important to research and understand the…
Key Takeaway: Eligibility requirements must be met before applying for the aged pension through Centrelink. These include age, residency, and income thresholds. Before applying for the aged pension, necessary documentation must be gathered, such as a birth certificate, proof of citizenship and residency, and tax file number along with an income statement. There are multiple…
Key Takeaway: There is no limit to the number of Social Security cards you can get, but it is recommended to have only one to avoid confusion and potential fraud. You are only eligible to apply for additional Social Security cards if you have a valid reason, such as a legal name change, document correction,…
Key Takeaway: Checking your credit reports is a good way to find out if your social security number is on the dark web as some identity theft activities can appear on your credit report. Identity theft protection services can monitor your personal information for any suspicious activity, alert you of any potential breaches, and aid…
Key Takeaway: Banking involves managing and safeguarding money through various financial products and services, while investment planning involves making informed decisions to maximize returns on investments and achieve long-term financial goals. Banking is generally considered less risky than investment planning, as it provides lower but more predictable returns, while investment planning involves more risk and…
Key Takeaway: DHS authorization with Social Security is a process that allows non-citizens to work legally in the United States by obtaining an Employment Authorization Document (EAD) from the Department of Homeland Security (DHS). DHS authorization is required for non-citizens who want to work legally in the United States and who are not eligible for…
Key Takeaway: Initial investment refers to the money that is required to start a business or investment project. It can include expenditures such as research and development costs, equipment, inventory, and office space rent. The importance of initial investment lies in providing the necessary funding for business startups and investing for future return on investment….
Key Takeaway: To claim extra Social Security benefits, you need to meet certain eligibility requirements such as age, disability, or being a surviving spouse. These benefits may include Supplemental Security Income (SSI), spousal benefits, or survivor benefits. It’s important to understand the definition of “extra” Social Security benefits and to explore different examples of what…
Key takeaway: Understanding equity is essential for purchasing an investment property: Equity is the difference between the market value of your property and the amount you owe on your mortgage. This can be used as collateral for a loan to purchase an investment property. Identifying available equity is crucial for determining investment property purchase options:…
Key Takeaway: Consider different types of investment property loans, such as conventional loans, FHA loans, and VA loans, to find the best fit for your financial situation. Be prepared to meet various requirements, including a satisfactory credit score and history, stable income and employment history, and a reasonable debt-to-income ratio. Take steps to improve these…
Key Takeaway: Investment style refers to a set of strategies and techniques used in selecting investments, with the goal of achieving desired financial goals and outcomes. There are different types of investment styles, including value investing, growth investing, index investing, and dividend investing. Each style has its own unique characteristics and can be used to…
Key Takeaway: Service cost in pension refers to the cost of providing pension benefits to employees over a specific period of time, often a year. It is one of the key components of pension cost and is used to determine the contributions that employers and employees need to make to fund pension benefits. Service cost…