Joel covered a lot this week, so here's a quick outline of what you need to know to get yourself on your way to financial happiness:
This week we saw the second biggest bank failure in US history. With Silicon Valley Bank failing, it's important to remember which banks you should put your money in. Although you shouldn't have your money in a big bank that is only giving you a small return, you shouldn't move your money to any bank either. Always make sure that the bank you're putting your money in is FDIC insured.
As homes are costing so much to buy, you may want to rent. If you want to spend even less on rent, you can rent on standby. There's a company called Landing that allows you to rent all kinds of apartments in 375 cities for $1295 a month. The apartments are fully furnished, but there is a catch. You may be asked to vacate with a 72-hour notice. It sounds stressful, but if you want to live the digital nomad life, it might be a great idea for you.
Money Move of the Week: Sell your electronic devices! You probably have an old electronic device that you'll never use again. You can go to a site like sellcell.com and try to get some money by selling them.
A small bump in your credit score could give you a discount on your mortgage! If you're credit score is in the high 600s you may be paying up to $40k more over the life of a $300k loan than if your credit score was in the mid 700s.
So if you're trying to get that bump, here's a couple things you should do:
- Make your payments on time.
- Don't use much of your available credit. If the company offers you a $10k line of credit, only use $2k.
- If your credit is really bad, consider signing up for another credit card meant to build your credit
Of course you can always check out your credit score through your credit card company or Credit Karma.
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