How Long Does Something Stay on Your Credit Report?

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A danger foreseen is half avoided. We all wish we could be warned ahead of time or could foresee a problem in time to reduce its negative impact. But the reality proves quite the contrary. No matter how hard we try, things will always go south. Especially when it comes to financial mistakes.

Have you ever wondered how long does something stay on your credit report in case you’ve made a mistake? In an ideal world, we don’t miss a step. Unfortunately, ‘errare humanum est’ (i.e. to err is human).

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Top 10 Best Personal Finance Podcasts Worth Investing Your Time In

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Are you keeping track of your finances? That‘s a good start. Being bombarded from every direction, we struggle to find content that matters. Financial podcasts can benefit your money management right off the bat.

Did you know that listening to the best financial podcasts can do wonders in your financial life? Whether you’re looking for financial advice online or ways to improve your life, financial podcasts provide a ton of value. Try to consume content that matters in a more convenient way.

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Big Day Freebies: 39+ Places That Give You Free Stuff On Your Birthday

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Face it, the best part about birthdays is presents. The more, the better, right? But what can be better for the possibility to pamper yourself without spending a dime? Sure, by knowing places that give you free stuff on your birthday, your birthday celebrations can go much longer. Brighten up your birthday with some extra treats.

Do you like freebies? Of course, you do! Make your big day feel extra special thanks to some places that give free stuff on your birthday. The best thing is that tons of businesses allow redeeming freebies during your birthday week or even month. Start planning your totally free day in advance is a clever way to get the best freebie deals.

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How to Save Money while Traveling Overseas

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International travel is an increasingly popular choice for students and young people. In 2012, youth travelers spent $217 billion on tourism spend worldwide.

Fortunately, it’s getting easier and cheaper to see the world, and you can save big when traveling by making some smart moves with your money.

Voluntourism

First, think about what kind of overseas adventure you want. There are many ways to go about it, and volunteer tourism, or what’s come to be known as “voluntourism” is a fast-growing trend. Over 1.5 million volunteers are heading overseas and spending $2 billion each year for a different kind of holiday.

The idea is that volunteers experience a country and culture by working on a local community project (usually in a developing country), and the community benefits from the work of the volunteers. Common examples are working in an orphanage, helping to build a school, and doing conservation work.

Volunteers usually pay a (somewhat) inclusive fee to placement providers. Programs start from about $1,700 for a week-long placement in Nepal, for example, and go all the way up to $29,995 for a 27-week, multi-country trip.

Gap Year

Another option is a gap year, a period ranging from three months to two years in which you usually live and work overseas. About 30,000-40,000 American students choose to take a gap year every year, and the numbers continue to grow. In 2015, the American Gap Association reported a 22 percent increase in students enrolling in gap programs over the previous year. The average gap year is usually between 6 to 12 months and costs between $6,500 and $9,000.

But what about managing your money?

No matter how you go about your travels, one thing you’ll have to consider is how you’ll manage your money. Assuming you’ll be working, you’ll probably need to open a bank account in your chosen country to get your wages paid into, and you’ll want a debit card to make everyday purchases easier.

It will usually be much more cost-effective than converting your foreign money back to your American account and converting back to foreign money when withdrawing it. There are even ways to travel without using your credit card at all.

Money Transfers

Transferring money and converting currencies can be costly – something you want to avoid when backpacking overseas. If you’ve got savings in an American bank account and want to transfer that money into your foreign bank account, or need to transfer costs to a business in a foreign country, you’ve got a couple of options.

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Let’s say you’ve saved $10,000 to get you started in sunny Sydney, Australia.

You’ve set up an Australian bank account, and now you need to transfer your funds from your American bank account.

The “old school” way of doing this is a simple bank to bank transfer.

Your bank will have an exchange rate for Australian dollars – let’s say 1 USD = 1.28 AUD.

You’ll be charged a transaction fee (about $35), and in some cases, you might also be charged a receiving fee and other nasties. But let’s give your bank the benefit of the doubt.

With a 1.28 exchange rate and a $35 transaction fee, you’re $10,000 USD will get you $12,765 AUD.

You can probably do much better than that.

Go Online

It’s possible to completely avoid those extra fees by going with an online money transfer provider instead of a bank to bank transfer. The best providers won’t charge transaction or receiving fees and will offer competitive exchange rates.

The closer their advertised exchange rate is to the mid-market rate – the benchmark rate that traders use – the more money you’ll squeeze out of the transaction. You can find the mid-market rate with a quick google search like, “USD to AUD”.

Now let’s compare one of the biggest players in this space, Transfer Wise, one of the winners in the inaugural finder.com International Money Transfer Awards.

Transfer Wise’s exchange rate for Australian dollars is 1 USD = 1.312 AUD, which is very close to the current mid-market rate of 1.32, and there is no transaction or receiving a fee. So for your $10,000, you’ll potentially receive $13,120 AUD.

That’s $355 more than what you would have received with the bank transfer example above, and when you’re a young budget traveler, those savings can make a big difference.

Research Is Key!

So whether you go on a short volunteering stint or decide to live abroad, a little research about how you move your money internationally is worth your while. Online international money transfer services usually have lower fees and more competitive exchange rates, which could save you hundreds – even thousands – of dollars.

Instead of wasting that money on avoidable fees, use it to travel longer and fund more overseas adventures – you won’t regret it!

Jennifer McDermott is Consumer Advocate at personal finance comparison website finder.com. With more than 12 years’ experience under her belt, having analyzed consumer trends in the travel and lifestyle industries.

Pool Party Ideas that Won’t Bust Your Budget

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Want to throw the best pool party? With fruity cocktails, festive floats, and creative ideas for bright, colorful décor, your epic pool party doesn’t have to cost you an arm and leg.

Don’t go nuts! All it takes is some creativity and careful planning. Fill your mind with plenty of pool party ideas to take your next poolside bash to the next level. Face it, we all love an excuse to get together and hang out. Dipping our toes into a pool is a great way to forget all the responsibilities for a little while.

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Have You Ever Wondered Where Does All the Money Go?

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Just like you decide how to spend your pocket money, the government gets its money from a different type of taxes to finance various public services like schools, hospitals, the police, and housing. Understanding where state tax dollars go can help explain how countries spend their money.

Indeed, the government helps educate children, build and repair roads & bridges, provide health coverage for low-income groups, and much more. As a result, spending money on such services is economic vitality. It helps build strong and healthy nations.

The US government spent $70, 352,596,760 for education expenditures In 2017/2018, which is 5.3 percent of GDP

We all know that money can be hard to manage. Yet, with Gross Domestic Product indicator, it’s easier to determine a country’s economy and health.

Related: Check our infographic about how much Americans spend money.

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Personal Loans for Business: A Clever Way of Getting Financed

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If you stopped getting a paycheck today, would you simply wait till your business collapse? Hope as any other concerned business owner you’d better apply for personal loans for business when a cash flow hiccup becomes out of your control.

We all know that money doesn’t make you happy but face it, it’s next to impossible to live without it. Whether you like it or not but cash is a king today. Even more, cash is a necessary evil in keeping your business alive and healthy.

You must agree, spending money is fun. We all wish we could spend money on two-vacations-a-year-in-a-foreign-land or buy a holiday home at Lake Tahoe. Who of you does not want to have a share of the American dream?

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How to Use Student Loans for Living Expenses in a Smart Way

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As a rule, the story starts with how excited they are to get into a college. In the end, a remarkable number of them had to resort to loans for school to pay for the college.

With 20 million people that attend college in the United States, about 60% borrow money to help pay the tab, according to the Chronicle of Higher Education.

Say, you are a first-year student and wonder, ‘How much student loan can I get?’, find out the amount of your loan for school right now.

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4 Business Loans for Simpler and Quicker Invoice Financing

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Small business is booming, with thousands of U.S. businesses seeking loans for capital to expand or to fund acquisitions. If your American business needs additional capital, consider turning to invoice financing as a much sensible funding option. The truth is that this could be a good choice for enterprises that want to expand and make their plans a reality.

It’s naturally that small and medium-sized businesses gravitate towards traditional financial products, such as a business loan and overdraft. While in fact, almost half of those enterprises look for outside source of funding.

Business Loan

Different off-the-shelf business financial products are not always the perfect choice when meeting your funding needs. It’s not always the case, though the chances that one option will suit all of your financial needs are rather slim.

To help you make it big in day-to-day funding, the blend of different financial loans can be the key to cover your bases. Sure, each financial blend has a lot to offer. Case in point that every business is different meaning that only one of the top four financial solutions can help you get straight to the matter. And if picked right, you can expect to get more financial flexibility and greater growth opportunities.

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