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This article is sponsored by Marcus by Goldman Sachs. Financial freedom means so much more than feeling free from your expenses. We believe financial freedom is the peace of mind you get from knowing your money is taken care of. When you partner with trusted financial institutions to help your money work for you, you can focus on being the CEO of your life. For the go-getter visionaries who are excited about building personal wealth, digital tools and products from trusted institutions like Marcus by Goldman Sachs can help you get ahead in achieving—and overachieving—your most ambitious goals, financially and personally. No matter the next step in your future, there are tools and tips that can help set you up for financial success so you have more time to focus on other money matters like planning that vacation of your dreams or securing the capital to fund your next venture. Together with Marcus by Goldman Sachs, we wanted to share a few of our favorite tips of the trade to help...
Sep 16, 2022
A California man went to deposit $33,000 in Bank of America — and never saw the money again. According to ABC7 Bay News, the California man in question — Brian Leonard — had a certified check for $33,000. The check was drawn from Leonard’s Wells Fargo account, so that he and his wife could get their kitchen remodeled. He drew a certified check in the hopes that it would “clear quickly,” as typically, certified checks clear within 24 hours of deposit. But the next day, when he checked his account to make sure he had enough money to pay his contractor, he was in for a big surprise — and not in a good way. “The woman said that there was no record of the transaction. So as far as she was concerned, no transaction happened,” he said to the outlet. And it got worse. When the California man drove over to the bank’s branch in Oakland, CA, to see what was going on, the branch was closed . Getting aggravated yet? Don’t worry — so was he, and rightly so. “When I realized the branch was closed,...
Feb 4, 2022
New year. New resolutions. New winning habits. If it hasn’t been on your list, investing some of your money in the stock market should be. People all over the country are making real money in the stock market every day, and you can too. Maybe you’re skeptical, having heard horror stories from others about large losses. Or maybe you think you need to know a lot or spend time or money you don’t have to be a successful investor. Don’t let these thoughts and feelings stop you. Here are three things to think about as you consider buying your first share. Risk and Reward Few investment options rival the stock market. Some people, wary about its risks, park their money in savings accounts or investment properties. However, over time, the stock market has returned approximately 7% (post-inflation) each year since 1940. Compare that to a 1.5% post-inflation return for real estate. You can earn more than that by parking your money in certain savings accounts, and without the headaches of...
Feb 12, 2021
Although he’s a newcomer to Los Angeles, Anthony Davis is already uplifting the surrounding community. According to Variety , the Lakers basketball star partnered with First Entertainment, the official credit union of the team. The partnership introduces the new Lakers Debit Card for which fans can sign up now . The aim is for fans’ passion for the team to connect to their need to manage finances. “From the moment I joined the Lakers, I’ve looked for ways to build stronger connections to the city and to our dedicated fans,” said Davis. “The First Entertainment partnership has been a great way for me to be able to share the passion that has brought so many of us together, no matter where we are or where we’re from.” https://www.instagram.com/p/CE8DXjbDJMo/ In addition to the Lakers-themed debit card, Davis and First Entertainment also designed a first-look, Limited-Edition Lakers Kit. Fans who sign up for the card automatically enter for a chance to win the bundle. “We explained our...
Sep 15, 2020
By this point, the economic effects of the coronavirus aren’t news. If anything, there’s been so much coverage surrounding the topic that it’s hard to ascertain the right thing to do. From job loss to quarantine retail therapy, you may feel like your financial life has been in a tailspin since March. So we put together this post offering several simple steps to help you navigate the coronavirus outbreak and the havoc it may have wreaked on your personal finances. 1. Cut spending When lockdown first went into effect, many of us thought we’d be spending dramatically less — after all, quarantine means we can’t blow our paychecks (or blow off steam) at the local bar or take a luxurious vacation. And while certain types of spending are down, others have risen — including money spent on video streaming, food delivery, gaming, and alcohol, according to a New York Times analysis of data from Earnest Research . If you find yourself with less disposable income these days, it’s important to...
Jul 27, 2020
When it comes to personal finance advice, it can often feel difficult to find information that is relevant to the black experience. Black Americans often face financial hurdles such as pay inequality, predatory lending and hiring discrimination, all of which have contributed to a racial wealth gap. “People are working hard, but if every part of their life is discounted, how can they catch up?” says financial educator Tiffany “The Budgetnista” Aliche. According to the most recent data from the Federal Reserve, as of 2016, the median black household net worth was just over $17,000, while for the same year the median net worth for white households was over $170,000. And while the median household income for black Americans has risen between 2013 and 2018, it is still 33% lower than the national average . Marcus Garrett, co-host of the podcast “Paychecks & Balances,” says the answer to closing the wealth gap between black and white Americans is multifaceted. “First, we must address what...
Jul 23, 2020
What would you do with an extra $500? Kickstart your emergency fund ? Finish paying off one of your credit cards? Or would you need the money to pay your bills? According to the Federal Reserve, 44 percent of American adults would have difficulties handling an unexpected expense of $400. I remember the days when I looked ahead to the end of the month with disappointment, knowing that my money would run out before I got there. To stave off some of those feelings of fear, I began looking for ways to make money. Quick ways to make money in 30 days When facing a difficult financial situation, you might have a bit of time to make ends meet. If you have 30 days to get back into good standing — or even if you’re just looking for a regular way to make an extra $500 each month to meet your goals faster — there’s good news. The following ideas can be quick ways to make money. Do two or three items on this list, and you could earn $500 by the end of the month. Start by selling something Some...
Apr 10, 2020
Let’s be real — some of us might not have made as much financial progress as we would have liked in 2019. Thankfully, it’s a new year, and we have another chance to do better. CompareCards commissioned a survey of almost 800 credit cardholders and found that nearly 1 in 5 cardholders with credit card debt didn’t make any progress towards paying off their debt last year. On top of that, 35 percent of cardholders entered 2020 with more credit card debt than they had in the beginning of 2019. In this article: Key findings Many cardholders started the new year with card debt Nearly 1 in 5 indebted cardholders didn’t make any payoff progress in 2019 The credit card debt gender gap continues How to prioritize paying off credit card debt in 2020 The bottom line Key findings Nearly 1 in 5 cardholders with credit card debt didn’t make any payoff progress this year. 35 percent of cardholders have more credit card debt now than they did on Jan. 1, 2019. On the other hand, 34 percent now have...
Jan 10, 2020