Most American consumers understand the importance of their personal credit scores. But did you know that lenders often look at your personal credit when you apply for business financing?

Building business credit is important to secure business loans, credit cards, and supplier terms. If your personal credit score doesn’t make the grade, that may be difficult.

Here’s how to build business credit with bad personal credit.

Understanding Business Credit vs. Personal Credit

First things first: what’s the difference between business and personal credit?

Your personal credit score is linked to your Social Security Number and reflects your personal financial history.

Your business credit score works differently. It’s tied to your Employer Identification Number (EIN) and reflects your company’s financial history.

Despite these differences, both your business and personal credit scores will reflect your payment history, which is what lenders are primarily concerned about. Strong credit can give you better access to credit cards and loan programs and help you qualify for preferential interest rates.

Is Business Credit Tied to Personal Credit?

Your business credit remains completely separate from your personal credit history. That’s mainly because your business credit is tied to your company’s EIN, not your Social Security Number. If you own multiple businesses, you’ll have a separate credit report tied to each company.

Still, business owners often discover that their business and personal credit histories overlap in the eyes of lenders, especially if your business is a sole proprietorship or if it has a limited operating history. If your business credit record isn’t enough, your lender might ask for a personal guarantee for a business loan.

When Does a Business Loan Show Up on Your Personal Credit Report?

Since your business and personal credit reports are separate, a business loan will generally not appear on your personal credit report.

However, this doesn’t mean your personal credit history will be unaffected by a business loan.

How Does Personal Credit Impact Your Business?

Does personal credit affect business credit? Not directly, but it’s possible for low personal credit to affect your business credit in two ways.

Lenders Will Evaluate Personal Credit

If your business is relatively young, you won’t have had enough time to establish a business credit history. When you apply for credit, your lender or supplier will look into your personal credit history. If your personal credit score is low, it can be difficult to obtain business credit.

You Risk Repeating Mistakes

Your personal credit score is a reflection of your financial habits. If it’s on the low side, you have probably had some issues handling money. If you have made late payments, maxed out credit cards, or made other mistakes that harmed your personal credit, you may make the same mistakes in handling your business finances.

Your credit report and credit score tell potential creditors about your money habits, but the information in them is also important to you. If your credit isn’t good, you need to understand why and correct those mistakes before they creep into your business life.

The Importance of Separating Personal and Business Credit

One of the most common mistakes business owners make is using personal assets to cover business expenses.

In the earliest days of your business, this can feel like a natural way to fund your business, but it’s important to separate personal and business credit as soon as possible. Here’s why.

• Protect Your Personal Assets – Using your personal credit to run a business can put you at risk. If you default on a loan or your business fails, your creditors can come after your personal assets to cover what you owe.
• Simplify Your Tax Situation – Intermingling personal and business finances can cause a major headache once tax season rolls around. Keeping your personal and business finances separate will make it easier to identify business-related deductions, which can save you money in the long term.
• Look More Professional – Using a personal check to pay for inventory or equipment sends a red flag to vendors and suppliers, hinting that your business is less than legitimate. Keeping your business and personal assets separate can give your company a professional appearance and help you build brand recognition.
• Build Business Credit – Perhaps most importantly, keeping your personal and business credit separate ensures that your business will develop a financial history of its own.

The more you treat your business as a separate financial entity, the more you’ll see your business credit score grow.

Why Business Credit Matters

Even if you have a perfect personal credit score, it’s still important to build business credit. Here are a few things you can do with a strong business credit score.

1. Gain Access to Business Loans and Credit Cards

Most business owners will require some type of funding to start, maintain, or scale their enterprises. Many small businesses struggle to secure the funding they need to cover expenses.

With a strong business credit score comes access to higher loan amounts or credit limits, both of which can be invaluable when purchasing large quantities of inventory or specialized equipment. Maintaining a strong business credit score will make getting the funding you need faster and easier.

2. Negotiate Better Contracts with Suppliers

Lenders aren’t the only ones who look at your business credit score. You can leverage it to secure better repayment terms with vendors and suppliers. In some cases, vendors may look at your business credit score as they determine whether they want to enter into a contractual agreement.

A strong business credit score will make you more competitive, giving you room to negotiate the best terms when relying on suppliers to provide you with supplies or equipment. Otherwise, you may find yourself bound to the terms your vendors set, limiting your options and locking you into high interest rates.

3. Protect Your Personal Credit Score

It bears repeating that business owners should work hard to keep their personal and business data finances separate. The more you use your personal credit to cover business expenses, the more you risk damage to your credit score through hard credit inquiries or opening multiple lines of credit in a short window.

How to Build Business Credit Without Personal Guarantees

Given the importance of business credit, it’s important to learn how to build business credit with bad personal credit.

Some lenders will extend business loans on a conditional basis, requiring you to sign a personal guarantee. A personal guarantee requires you to be responsible for some or all of the business debt should you default on your loan.

Personal guarantees offer lenders protection but can endanger your personal assets and affect your debt-to-income ratio. That could make it hard to get a mortgage or car loan.

Here are some basic steps to help you build business credit without the risk of a personal guarantee.

1. Obtain an EIN

Start by ensuring that your business has an employer identification number, or EIN. This number will function as your company’s primary identification number and can be used to apply for credit cards and open business checking or savings accounts.

2. Get Your DUNS Number

Business credit reports are generated by three major business credit bureaus: Equifax, Experian, and Dun & Bradstreet.

Dun & Bradstreet won’t automatically start tracking your financial data. You’ll need to register with the bureau to obtain a DUNS number, which will ensure that your record of on-time payments contributes to your business credit score.

3. Apply for a Business Credit Card

This step can be tricky if you have poor personal credit. But even if your options are limited, it helps to obtain a business credit card since your payment history will be reported to the major business credit bureaus.

4. Apply for Vendor Trade Lines

Some vendors offer “vendor trade lines,” a specialized type of credit that companies extend to newer business owners. 

This can be a great way to start building business credit, and it doesn’t necessarily demand a strong personal credit score. Just make sure to ask whether the vendor reports on-time payments to the major business credit bureaus so you can start building business credit.

5. Apply for a Secured Business Credit Card

Wondering how to get business credit cards with bad personal credit? Consider applying for a secured business credit card. 

This requires a cash deposit that will double as your credit limit, but that’s still less risky than signing a personal guarantee. Once you build your business credit, you may qualify for an unsecured business credit card option.

6. Apply for a Working Capital Loan

Working capital loans provide an influx of cash that can be used for day-to-day expenses. These loans tend to be smaller than other forms of business financing, making them more accessible to business owners with poor personal credit. 

As long as your lender reports your payments to the major credit bureaus, you can also use your loan repayments to help build your business credit.

7. Check for Errors on Your Business Credit Report

It can take as long as a year to develop a meaningful business credit score, but make sure you monitor your business credit from the start. Not only will you know exactly where you stand, but you can also weed out errors in your report that could drag your score down. 

Report errors to the credit bureau that issued the report immediately. It can take time to erase these errors, but having them corrected will guarantee that your score is accurate.

Bottom Line: Can I Start a Business with Bad Personal Credit?

Your credit score shouldn’t keep you from launching a successful business.

The tips outlined here show you how to build business credit even if your personal credit is subpar. Taking advantage of these options can empower you to succeed in the business world and give your company a distinct credit profile.

The post How to Build Business Credit with Bad Personal Credit appeared first on FinMasters.

What is a Store Credit Card?

A store credit card is a special type of credit card that is offered through a partnership between a retailer and a credit card issuer.

For example: Amazon partners with Chase to offer an Amazon Prime credit card. Other stores partner with different lenders to offer their own unique credit cards.

What makes store credit cards unique is that they typically come with perks or rewards specific to that retailer. For example, Target’s REDCard Credit Card offers 5% off your purchases and gives you an extra 30 days to make returns.

How Do Store Cards Compare to Regular Credit Cards?

Store cards and regular credit cards are quite similar in many ways. Both give you a way to borrow money from a line of credit when you want to make a purchase. When you use the card, the amount of the purchase gets added to your card balance.

At the end of each statement period, you’ll get a bill that you have to pay. If you pay the bill in full, you won’t owe any interest. If you carry a balance, interest will start to accrue.

Like many regular credit cards, store cards also offer rewards, though they’re typically tailored to the specific retailer the card comes from.

The biggest difference is that some store credit cards are closed-loop cards, which limits where you can use them.

Closed Loop vs. Open Loop

There are two types of store credit cards:

• Closed loop cards are not full credit cards. You can only use them at a specific retailer.
• Open loop cards, sometimes called co-branded cards, are full credit cards. You can use them anywhere you can use a typical credit card. However, their perks and rewards are typically focused on the specific retailer.

Many stores offer both a closed loop and open loop card option. For example, Amazon shoppers can apply for the closed-loop Amazon store card or the open-loop Amazon Prime Rewards Visa Signature Card.

Before you apply for a store card, it’s important to check whether it’s an open-loop or closed-loop card.

In general, closed-loop cards are easier to qualify for but may have higher interest rates. Open-loop credit cards have stricter credit requirements but lower interest rates.

Do Store Credit Cards Affect Your Credit?

Store credit cards, like any other credit card, have an impact on your credit score. This is true of both closed-loop and open-loop store cards, which means it’s important to treat store cards like you would any other card.

If you make your monthly payments on time and keep your credit utilization low. If you do, you will build your credit score. If you make late payments or let your credit utilization get out of hand, you could harm your credit.

Store cards can be a great way for people to build credit. Closed-loop cards typically have easier qualification requirements than open-loop store cards and traditional credit cards.

The fact that you’re limited to one store when using the card reduces the lender’s risk. The retailer also has a vested interest in approving your application because you’re likely to shop there more frequently if you have a store card.

To make sure that your store credit cards help, rather than hurt, your credit, treat them like any other credit card and take a few basic steps to use them responsibly. Sign up for automatic payments to avoid late or missed payments, and make sure to only use them to buy things you can afford. Aim to pay each month’s statement in full before the due date so you can avoid costly interest charges.

If you use a store card properly, you can improve your credit score and qualify for regular credit cards.

Watch Out for “Credit-Building Store Cards”

Some retailers, especially online ones, advertise their store cards as special credit-building tools for people who have bad credit or no credit. Some will even say that anyone can qualify.

These may sound appealing if you want to build credit, but it’s important to look at the fine print. Some of these cards have high fees, and in many cases, the products for sale are wildly overpriced. Avoid these stores and look for another way to build credit.

Store Credit Card Advantages and Disadvantages

Before signing up for a store credit card, it’s important to consider all the pros and cons.

Should You Sign Up for a Store Credit Card?

Choosing a credit card is a personal decision. You’ll have to consider your financial situation and shopping habits.

A store credit card might be a good idea if you shop at a specific retailer regularly. For example, people who shop at Target or Walmart for most of their shopping needs might want to get the Target REDcard or Walmart Credit Card for their unique perks.

A store card can also be a good idea if you’re looking to build credit and can’t qualify for more traditional cards.

If you don’t shop somewhere frequently, a store card from that retailer won’t be a good choice. Even if it’s an open-loop card that you can use elsewhere, the rewards you earn will be worth less to you than the more flexible rewards offered by traditional cards.

The Bottom Line

Store credit cards can be a useful tool for people who shop at a specific retailer regularly or people who want to build their credit. However, it’s important to remember that traditional credit cards will typically offer better rewards on purchases at locations other than that one retailer.

If you shop somewhere on a daily or weekly basis, consider applying for their store card. If brand loyalty isn’t your thing, you’ll be better off with a traditional credit card.

The post How Do Store Credit Cards Work and Should You Use Them? appeared first on FinMasters.

Although you might be over the moon with your new mattress, you may not know what to do with the old one. Mattresses are bulky and heavy, so they require plenty of room to store.

They’re also quite expensive, so selling a used mattress could be an attractive option.

Is It Legal to Sell Used Mattresses?

First, let’s tackle the issue of legality. Generally speaking, it’s legal to sell used mattresses in the US. However, regulations may vary by state.

Some states have specific laws regarding the sale of used mattresses, such as requiring them to be cleaned and disinfected before you can resell them. Additionally, it’s important to disclose the condition of a used mattress to potential buyers to avoid any potential legal issues related to false advertising or consumer fraud.

State-by-State Guide to Selling Used Mattresses

• Alabama (AL): It’s legal to sell a used mattress but illegal to claim it is new.
• Alaska (AK): Contact the Alaska Department of Health for updated information.
• Arizona (AZ): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• Arkansas (AR): It’s legal to sell a used mattress but illegal to claim it is new.
• California (CA): It’s legal to sell a used mattress unless it has visible stains.
• Colorado (CO): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• Connecticut (CT): It’s legal to sell a used mattress, but it must be sanitized and correctly labeled.
• Delaware (DE): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• Florida (FL): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• Georgia (GA): It’s legal to sell a used mattress, but used filling must be labeled.
• Hawaii (HI): It’s legal to sell a used mattress, but you must clearly label the condition of the materials.
• Idaho (ID): Contact the Idaho Department of Health for updated information.
• Illinois (IL): It’s legal to sell a used mattress, but you must clearly label its condition.
• Indiana (IN): It’s illegal to sell a used mattress as a retailer but not as an individual.
• Iowa (IA): It’s legal to sell a used mattress, but you must clearly label its condition.
• Kansas (KS): It’s illegal to sell a used mattress.
• Kentucky (KY): It’s legal to sell a used mattress, but you must clearly label its condition.
• Louisiana (LA): It’s illegal to sell a used mattress as a retailer but not as an individual.
• Maine (ME): Contact the Maine Department of Health for updated information.
• Maryland (MD): It’s illegal to sell a used mattress as a retailer but not as an individual.
• Massachusetts (MA): It’s legal to sell a used mattress, but you must clearly label its condition.
• Michigan (MI): It’s legal to sell a used mattress, but you must clearly label its condition.
• Minnesota (MN): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• Mississippi (MS): It’s legal to sell a used mattress, but you must clearly label its condition.
• Missouri (MO): It’s legal to sell a used mattress, but you must clearly label its condition.
• Montana (MT): It’s legal to sell a used mattress, but you must clearly label its condition.
• Nebraska (NE): There’s currently no law on selling used mattresses.
• Nevada (NV): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• New Hampshire (NH): Contact the New Hampshire Department of Health for updated information.
• New Jersey (NJ): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• New Mexico (NM): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• New York (NY): Selling a used mattress is legal, but retailers require a special license.
• North Carolina (NC): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• North Dakota (ND): Contact the North Dakota Department of Health for updated information.
• Ohio (OH): It’s legal to sell a used mattress, but you must clearly label its condition.
• Oklahoma (OK): Contact the Oklahoma Department of Health for updated information.
• Oregon (OR): It’s legal to sell a used mattress, but you must clearly label its condition.
• Pennsylvania (PA): It’s legal to sell a used mattress, but you must clearly label its condition.
• Rhode Island (RI): Contact the Rhode Island Department of Health for updated information.
• South Carolina (SC): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• South Dakota (SD): Contact the South Dakota Department of Health for updated information.
• Tennessee (TN): It’s legal to sell a used mattress, but you must clearly label its condition.
• Texas (TX): It’s legal to sell a used mattress, but it must be sanitized and correctly labeled.
• Utah (UT): It’s legal to sell a used mattress, but you must clearly label its condition.
• Vermont (VT): It’s legal to sell a used mattress but illegal to claim it is new.
• Virginia (VA): It’s legal to sell a used mattress, but it must be sanitized before the sale.
• Washington (WA): It’s illegal to sell a used mattress as a retailer but not as an individual.
• West Virginia (WV): It’s legal to sell a used mattress, but you must clearly label its condition.
• Wisconsin (WI): It’s legal to sell a used mattress, but you must clearly label its condition.
• Wyoming (WY): Contact the Wyoming Department of Health for updated information.

People who would like to sell a used mattress are strongly encouraged to contact their local Department of Health first. Regulations change frequently, and that’s the only way to get the most recent information.

How to Sell a Used Mattress

This step-by-step guide will ensure you make the most out of your sale.

1. Know the Laws and Regulations

The first thing you should do is research the existing laws and regulations connected to the process of selling used mattresses. Since selling mattresses is subject to far more regulation than other household items, you need to know what’s allowed in your state.

In most US states, selling used mattresses is legal, but only if they’re sanitized properly and labeled correctly. That means you must sanitize them before selling them and label them as “used” in your ad.

Some states don’t have any regulations concerning the sale of used mattresses, while some of them don’t allow it at all.

2. Set a Price

Once you’ve determined you’re allowed to sell a used mattress, you should set the price at which you’re selling your product. The price of the used mattress is affected by numerous factors, but the most common market price for a used mattress in good condition is around 20–30% of its retail value. Therefore, if you paid $1,000 for the mattress when you bought it, you can probably sell it for $200 to $300.

If you’re not sure what the best price for your particular mattress is, you can always look at other ads to see the prices of used mattresses with similar features.

3. Select a Marketplace

Once you have a number in mind, you must decide where to sell your used mattress. You can choose between countless online and offline marketplaces to sell your mattress.

Most people choose online marketplaces and websites because they make the entire process significantly easier for both the seller and the buyer. Creating ads on these sites is usually free, so you can also list your mattress ad across several platforms.

4. Create an Ad

Now, it’s time to create an advertisement. In the ad, you need to describe your mattress in detail. Be honest and include accurate and complete information about the mattress.

Don’t forget to list your asking price and mention whether your price is fixed or not. Many sellers are open to offers and sell their mattresses to people who bid the largest amount. You should also mention where the mattress is located, whether you can deliver it, or whether interested buyers need to pick up the mattress themselves.

Lastly, upload pictures of the mattress. Include both wider shots and close-ups, along with pictures showing any wear or damage.

Add your contact information, and your ad is ready.

5. Say Bye-Bye to Your Old Mattress!

After you’ve published your advertisement, the only thing left to do is wait for inquiries from prospective buyers. A week or two is enough for potential buyers to find your ad and contact you if they’re interested.

Don’t worry if you don’t sell your used mattress instantly. Not many people purchase used mattresses, so you must wait until the right buyer comes along.

6. Donate the Mattress

If you can’t sell your mattress, you can always donate it. Many local charities, religious organizations, and homeless shelters accept used mattresses in good condition.

Feel free to call these organizations and find out who might accept your donation. While you won’t get any cash in return, it’s always nice to help someone in need.

Where to Sell a Used Mattress

Since online websites, platforms, and marketplaces are the go-to option for people selling used mattresses, here are 9 where you can sell your mattress.

Remember that mattresses are bulky, heavy, and expensive to ship. That usually makes local marketplaces your best bet.

1. Craigslist

Craigslist is a popular online classifieds website that allows users to post ads for items they want to sell, including used mattresses. It’s free to post an ad on Craigslist, and it can be a great way to reach local buyers.

2. Facebook Marketplace

Facebook Marketplace is a platform for buying and selling items within your community. It’s free to post an ad, and you have access to a large number of potential buyers. It’s safe and reliable, so it’s one of the favorite marketplaces among both sellers and buyers.

3. eBay

When using eBay, you can list your mattress for auction or at a fixed price and reach a large audience of potential buyers. However, you will be responsible for shipping the mattress to the buyer, and some fees may be associated with listing your mattress on eBay.

4. Amazon

Amazon is among the most popular marketplaces worldwide, whether you’re looking for brand-new or used products. You can list your mattress on Amazon, but you’ll have to pay a fee to sell your mattress. You’ll also have to handle the shipping and customer service.

5. SleepSherpa

SleepSherpa is an online marketplace created specifically for mattresses, so it’s a great option if you want to ensure you’re reaching the right audience. You can list your used mattress on the website and easily reach potential buyers specifically looking for a used mattress.

6. MattressAdvisor

Another outstanding online marketplace specifically for mattresses is MattressAdvisor. You can list your used mattress on the website, which may be a great way to reach potential buyers specifically looking for a used mattress.

7. OfferUp

OfferUp equips its users with a free mobile app that they can use to buy and sell items online. If you choose OfferUp, you’ll easily reach a local audience of potential buyers and sell your used mattress in no time.

8. Trove Market

Trove Market specializes in vintage and antique furniture, including used mattresses. You can list your used mattress on the website and wait for other users to see your ad. Ince most users are looking for used items on this online marketplace, selling a used mattress should be an easy task.

9. Chairish

Chairish also specializes in vintage and antique furniture. Like Trove Market, Chairish allows you to reach a larger group of people specifically looking for used goods.

Before you choose a platform you’ll use, you should check what every online marketplace requires from its sellers. Some websites might have their own rules and restrictions regarding the sale of used mattresses, so it’s never a bad idea to check the website’s policies before listing your mattress.

The Bottom Line

Selling a used mattress is a delicate topic. It’s not the same as selling other household items, so special laws and regulations are applied. If you’ve rewarded yourself with a new mattress recently and are looking for the best way to get rid of the old one, selling it might be just the option.

However, before you do that, you might want to gather the latest information about the legality of selling used mattresses in your state.

The post How and Where to Sell a Used Mattress: A Step-by-Step Guide appeared first on FinMasters.

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Selling used clothes can give you some returns, but you’ll likely get much greater profits from your used shoes.

Where to Sell Used Shoes Online?

Selling used shoes online is generally much easier than selling them at brick-and-mortar stores. In most cases, you’ll simply have to take a few high-quality photos of the shoes, upload them to the platform you’re using, then ship them to buyers once you’ve found them.

You could even send the shoes directly to an online store, then get paid when the store finds a buyer for you.

While you could use general-purpose platforms such as Craigslist, eBay, or even Facebook marketplace, you’ll generally have an easier time (and earn more) on these dedicated websites.

1. Swap

Website	www.swap.com
Best for	Comfortable men’s, women’s, and children’s shoes
Cost	85% cash fee or receive 20% store credit for items priced at $8.00 and under; 30% cash fee or receive 20% store credit for items priced at $8.01 and over.
Payout options	Store credit or PayPal
Delivery options	Mail

Swap is one of the biggest marketplaces for selling used clothes and shoes. It specializes in maternity, men’s, women’s, and children’s items, making it an ideal place to buy second-hand goods for the whole family.

However, while buying used shoes on Swap is exceptionally easy, selling them can be a bit complex. The platform has very stringent criteria for which items it will accept. Your shoes will need to be in pristine condition, without any stains, odors, pet hair, or signs of excessive use.

You’ll have to send your items for inspection to the Swap team. If they meet all the criteria, Swap will publish your items, set the price, and send you money once they’ve been sold.

2. Crossroads

Website	www.crossroadstrading.com
Best for	Trendy shoes
Cost	70% of the sold price or 50% trade credit.
Payout options	Zelle
Delivery options	In-store/ drop-off/ consignment/ mail

Crossroads Trading can be an excellent option if you have trendy or even designer shoes you want to sell. They’ll even accept vintage items if they’re in demand and have no visible damage.

It’s in your best interest to visit the site’s selling guide to learn what types of items are most likely to be accepted, then see whether you have shoes that fit those styles.

You can choose how you want to send your shoes to Crossroads. If there’s a store in your vicinity, you can simply visit it, have the staff go through your items, and get paid on the spot if they’re accepted. Alternatively, you can request a shipping label from the site and send your items, drop them off if you already have a buyer, or use the Crossroads consignment service.

3. StockX

Website	www.stockx.com
Best for	Unworn shoes
Cost	10% fee on the first sale; 9.5% fee on the 3rd sale (or after you’ve sold over $500 worth of shoes); 9% fee on the 6th sale (or after you’ve sold over $1.500 worth of shoes); 8.5% fee on the 25th sale (or after you’ve sold over $5.000 worth of shoes); 8% fee on the 250th sale (or after you’ve sold over $30.000 worth of shoes).
Payout options	PayPal, ACH transfer, Venmo, or debit
Delivery options	Mail

If you have brand new, unused shoes that don’t fit you or that you don’t like, you can sell them on StockX.

The process is simple. You’ll have to create a seller’s account, upload high-quality photos of the shoes you want to sell, and set your price. Alternatively, a buyer might propose a price they’d be willing to pay, and you can accept the deal if you want.

4. Kidizen

Website	www.kidizen.com
Best for	Children’s shoes
Cost	Flat 12% fee plus $0.50 marketplace fee.
Payout options	Direct deposit or PayPal
Delivery options	Mail

Kidizen is a second-hand online store for maternity and children’s clothing, shoes, and accessories. You can use it to sell anything your children have outgrown or no longer use, including toys and books, baby home decor, bedding, and more!

While the shoes you sell don’t have to be brand new, they do need to be in excellent condition and have minimal signs of wear and tear.

You can sell your items independently by setting up a storefront, or you can choose to partner with Kidizen’s “Style Scouts,” who will handle your listings for you.

You will receive your payment once your items have been shipped to the buyer.

5. Flyp

Website	www.joinflyp.com
Best for	Trendy/designer shoes
Cost	40% to 60% fee, plus a 5% consignor service fee.
Payout options	Direct deposit via Stripe
Delivery options	Mail

Flyp helps sellers declutter their closets without a hassle. The platform accepts everything from clothes and shoes to handbags and accessories.

Though it prioritizes well-known designer items, it allows you to sell used shoes of any brand as long as they’re trendy and look almost brand new.

To sell your items on Flyp, you’ll need to partner with a Pro Seller. You’ll take photos of the shoes you have, upload them to the platform, and Pro Sellers will bid for a chance to sell them. You can choose the Pro you’ll partner with, send them the shoes, and they’ll start listing them.

They’ll take higher-quality photos, communicate with prospective buyers, and handle all the rest. You’ll get paid once your Pro Seller gets paid.

6. ThredUp

Website	www.thredup.com
Best for	Gently-used shoes and low-effort selling
Cost	85% to 97% fee for items priced between $5.00 and $19.99; 70% to 85% fee for items priced between $20.00 and $49.99; 40% to 70% fee for items priced between $50.00 and $99.99; 20% to 40% fee for items priced between $100.00 and $199.99; 20% fee for items priced at $200.00 and over.
Payout options	Store credit, direct deposit, or PayPal
Delivery options	FedEx or USPS

If you’re looking for a simple, fast way to declutter your closet and get rid of gently used shoes you never wear, ThredUp could be the platform for you. It’s designed to make the entire process as simple as possible for both buyers and sellers.

All you have to do is fill up a bag or box with goodies and ship it out to ThredUp. ThredUp’s team will take photos and list the eligible items, while the items that haven’t been accepted can be sent back to you or recycled.

You’ll get paid once a buyer purchases your shoes from ThredUp.

7. Grailed

Website	www.grailed.com
Best for	Men’s shoes
Cost	Flat 9% fee
Payout options	Direct deposit or PayPal
Delivery options	Mail

Initially, Grailed was a men’s-only second-hand online shop, but it has recently expanded to offer women’s items as well.

With this in mind, the vast majority of its users are still male, so you’ll have the best luck selling men’s shoes on this platform.

To sell on the site, you must first create a seller’s account. Take at least three (though preferably more) high-quality photos of the shoes you want to sell, and upload them. Make sure to take close-up photos of any potential signs of wear and tear your shoes may have so that prospective buyers know what to expect.

Include a detailed description of the shoes, mentioning their size, style, color, overall condition, and any additional details, then wait for buyers to contact you.

You’ll get your payment as soon as the buyer receives your items.

8. Poshmark

Website	www.poshmark.com
Best for	Stylish, brand-name shoes
Cost	$2.95 fee for items priced $14.99 and under; 20% commission fee for items priced $15 and over.
Payout options	Instant transfer, PayPal, Venmo, Direct deposit, or check
Delivery options	Mail

Poshmark is one of the best-known online stores for selling and buying used goods and accessories. It’s simple to use, has plenty of daily buyers, and offers you great earning potential.

As with most similar platforms, it requires you to first create a seller’s account in a few simple steps. Once your account is up and running, you can upload pictures of the shoes, clothes, or accessories you’d like to sell, add detailed descriptions, and set your price.

As a general rule of thumb, sellers with multiple listings for different types of items have greater success, so it could be in your best interest to publish several listings at once.

9. Goat

Website	www.goat.com
Best for	Sneakers
Cost	$5 fee plus a 9% commission fee.
Payout options	ACH direct deposit or PayPal
Delivery options	Mail

Goat is a somewhat exclusive platform with very stringent criteria for what types of items can be sold on it. Though it sometimes accepts clothing and accessories, it mainly focuses on shoes – sneakers, to be more specific.

To sell anything on Goat, you first need to apply to become a seller. Currently, the platform doesn’t accept all applications, so you might have to wait a while until you can create your seller’s account.

Once you have an account and become an authorized seller, you can start listing your items. When you have a buyer, you’ll first send your shoes to Goat for authentication, and Goat will handle the rest. You can expect your payment once Goat ships everything out.

10. Kixify

Website	www.kixify.com
Best for	Sneaker collectors
Cost	Flat 10% fee
Payout options	PayPal
Delivery options	Mail

Kixify specializes in shoes only, making it one of the best platforms for all the sneakerheads and collectors out there. You can send any high-quality and collector’s edition sneakers you may have, as long as they’re in great condition.

Getting started with Kixify couldn’t be easier. You’ll just have to set up your storefront and list your items. You’ll ship your items directly to the buyers and receive your profits via PayPal.

Where Can You Sell Your Shoes Locally?

Though it’s much easier to sell your shoes online, it’s sometimes not worth the trouble. If you don’t have enough shoes to create online storefronts or if you don’t want to bother with shipments, customers, and store policies, it’s much less troublesome visiting a local store that accepts second-hand shoes.

Take a look at a few of the stores where you can sell your shoes locally.

1. Clothes Mentor

Website	www.clothesmentor.com
Best for	Women’s designer shoes
Cost	70% to 75% fee
Payout options	Cash
Delivery options	In-person

Clothes Mentor has over 120 locations across the US. If you happen to live near one, you can visit the store to sell your shoes.

Currently, Clothes Mentor accepts only women’s shoes that are trendy, only gently used, and perfectly clean.

The staff will inspect your items on the spot, use a sophisticated computer algorithm to determine the price, then give you a cut of the profits.

2. Flight Club

Website	www.flightclub.com
Best for	Branded sneakers
Cost	9.5% fee plus a $5 seller fee
Payout options	Check, Bank transfer, or PayPal
Delivery options	In-person or via mail

Flight Club has only three locations: New York, Miami, and Los Angeles. However, you don’t have to drop off the shoes you want to sell in person if you don’t live near the store. You can also ship them via mail.

You and the staff will agree upon the price, and they’ll start selling your shoes to both in-person and online buyers. You will get paid once your shoes have been sold.

3. Stadium Goods

Website	www.stadiumgoods.com
Best for	Unused streetwear shoes
Cost	20% fee
Payout options	Hyperwallet
Delivery options	In-person or via mail

Stadium Goods is a relative newcomer to the market, established in 2015. However, it’s quickly become one of the biggest shoe resellers in the US.

It accepts only brand-new, unused sneakers, so you can only sell your shoes if they’re in pristine condition.

You can drop off your shoes at Stadium Goods’ location in New York or send them your shipment via mail. You’ll get paid once your shoes have been sold, though Stadium Goods only offers payouts once a week.

4. Beacon’s Closet

Website	www.beaconscloset.com
Best for	Shoes for specific seasons
Cost	70% cash fee50% store credit
Payout options	Cash, Venmo, PayPal, or Apple Cash
Delivery options	In-person or via mail

Beacon’s Closet has locations in New York and Brooklyn, so you could sell your shoes there if you’re in the neighborhood.

As a general rule of thumb, the stores will accept any item that’s in good condition, with no signs of excessive wear and tear. Occasionally, they may reject some of your shoes if they’re not fit for the current season or are out of style.

If your items are accepted, you’ll get paid on the spot.

5. Round Two

Website	www.roundtwostore.com
Best for	New and used shoes
Cost	N/A
Payout options	Cash
Delivery options	In-store

Round Two has locations in New York, Miami, and Los Angeles, making it an excellent choice for selling used shoes if you’re in one of those cities.

You’ll need to do some research before you go ahead and drop off your shoes since you’ll get a chance to determine your price. If you make a deal with the staff, you’ll get paid in cash on the spot. The entire process is pleasant and streamlined: you can get in and out in less than 5 minutes.

Tips for Selling

It doesn’t take much effort or skill to sell your used or brand new yet unwanted shoes. However, if you want to get the best bang for your buck, there are a few things you should do: 

• Choose the Right Platform – Every platform has a different specialty. You’ll get the best price by selling shoes at dedicated platforms (designer shoes at stores specializing in them, sneakers at those focused mostly on sneakers).
• Take High-Quality Photos – If you’re creating your own listings, focus on the quality of your photos. Even the best shoes won’t sell well if the photos make them look bad;
• Be Transparent About the Damage – Everyone expects used shoes to show some signs of wear and tear. Tell your prospective buyers about any damage your shoes may have, and let them know what they can expect.
• Add Detailed Descriptions – Include as much detail about your shoes as possible: style, color, size, condition, etc. The more information you give, the more confidence your prospective buyers will have when buying from you.

How to Set a Price

Unless you’re selling your shoes at a store that determines its own pricing, you’ll be responsible for setting your prices.

If you go too low, you’ll lose money and the interest of prospective customers: buyers assume that cheaper products are of lower quality. If you go too high, no one will ever buy your shoes.

Do some research beforehand. Look around and see what similar pre-owned shoes are selling for. Examine the condition of similar shoes, then compare these with your shoes. Consider how much you’ve paid for them in the first place.

If all else fails, you can likely ask the store you’re using to assist you in determining the best price for the products you’re selling.

Final Thoughts

Selling gently-used shoes that you no longer use or brand-new shoes you’ve never wanted is an excellent way to earn money on the side. You’ll even get the advantage of enjoying more space in your closet.

So, do a bit of research to find out the best store that accepts pre-owned shoes and get rid of the clutter in your home. Maybe you can even treat yourself to a new pair of shoes once you’ve gotten rid of the old ones!

The post 15 Best Places to Sell Used Shoes and Make Money on the Side appeared first on FinMasters.

Virtual Assistants do many different types of work for many different types of employers. Your experience as a VA will depend largely on the people you work for. When I started my VA journey, I was already running social media accounts of my own. I decided to use those skills by offering my services to social media influencers.

This job has allowed me to work from home, make my own hours, and even travel the world. Traveling is not usually part of the job, but depending on the circumstances and your availability, you can make that happen too!

I was invited as a plus-one on a trip to Paris!

Tasks of a VA

Virtual Assistants do many different types of work, and your tasks will vary with your employer’s needs. I’m sure there are even more avenues than I can think of: anyone in any field can always use assistance!

A ‘work day in my life’ video where I show all of my usual daily tasks

What Skills Do You Need?

The main qualification to become a VA is to be tech-savvy. No two clients are alike, and they each have different needs. The key is to be ready to learn anything that they may need help with.

To learn editing skills, I would recommend starting with iMovie for video editing, and GarageBand for podcast editing (they both come free on Macbooks!) I love both of these and haven’t encountered much that I can’t do on them.

It also helps to be organized and good at time management. Working as a VA, you are usually in charge of your own schedule. If you’re not good at managing your time, you can quickly become overwhelmed and miss deadlines.

Experience

For most positions, experience is not needed. Many of the tasks are simple everyday things that clients no longer have time to do him or themselves.

For an Influencer VA, editing is most likely a must. Some influencers have a specific editor, so it may not be necessary for your job, but it’s always good to know how to handle their work and show your value.

You can even take skills from previous work experience, and share how that has helped you become more organized, responsible, etc. Experience doesn’t always need to be in the same field!

What Are The Hours Like?

As I mentioned before, you can usually make your own hours. There are some things to keep in mind with that, though, like time zones. Depending on the work that you’re doing, you may be in a back-and-forth with your client to ask about their preference for colors, designs, etc.

If your client is in a different time zone, this might cause you to work early mornings, late nights, or even weekends. Also, your client may need something done with a short turnaround, so sometimes it’s like being on call.

The greatest part about being virtual is that you can travel as much as you want and work from anywhere in the world, as long as you’re willing to bring your computer with you.

On average, each client will need about 10 hours of work from you each week. This is great because you can start out while you have another job, and be a VA on the side until your business starts to pick up.

If you’re editing videos for the client, you may be working anywhere from 20-40+ hours per week. It really depends on exactly what your clients need help with!

How Do I Find Clients?

Finding clients can be difficult, but if you market yourself correctly, they can come to you! I have had several clients reach out to me because they found me through social media.

You can sign up for freelancing platforms like Upwork or Fiverr, but since it’s more competitive, you may have a harder time finding clients. Many people on these platforms are desperate for work and prepared to underbid you, so rates may be very low.

On my Instagram, which is just for personal use, I started using #virtualassistant or #videoeditor. If someone is searching Instagram for an assistant, I have a chance of popping up. Also, since I do that on my personal Instagram, it almost acts as a slight ‘interview’. The clients can check out my pictures and see if my content is similar to their style or if we have any common interests.

I mentioned that I have been posting YouTube videos for years, and that also helps clients to find my page and see exactly what work I can do.

What To Say?

Reaching out to someone that has no idea who you are is considered a ‘cold email’. The best way to send a cold email is to keep it short and sweet. These people get loads of emails per day and don’t have the time to read a long one from someone they don’t know.

If you focus on personalization, this last one shouldn’t happen, but: don’t send mass emails! That’s a great way to end up in the spam folder, and then your email will never be seen.

Do I Need a Resume?

A resume is always a good idea. Before I had professional experience in this field, my resume included my current job at the time (which had NOTHING to do with being a VA or even being tech-savvy). I used that job to show that I am responsible, capable of learning new things, and organized.

I also included that I had been editing my own videos since 2018, to show that I did have knowledge of the social media world. Even if you need to list your own content creation as experience, DO IT!

How to Showcase Your Skills to a Potential Client?

A work sample is just as important as a resume. This position is all based in tech, so it makes sense to showcase your skills that way! A work sample or portfolio can include some of your digital work like websites designed, photographs edited, or graphic designs.

My work sample is like a presentation, where I used my skills to make it look cohesive and still show my accomplishments. This is a creative job, so don’t be afraid to use some color and show that you have a good eye for design! Even my resume is colorful and includes a photo so that they can match a face with my name.

A page from my work sample. It’s colorful and shows off my skill while remaining professional.

How to Travel the World as a VA

I always get asked how my virtual job turned into becoming a world traveler. Basically, I got really lucky. Travel is usually not part of the job description, but if you’re interested, it is possible. Influencers travel often, and if they don’t have an ‘in-person’ assistant, you can express that you are open to travel and that your schedule allows it.

Some trips allow for plus-ones, and the client might enjoy having a personal assistant throughout their work trip. Your job description can be completely different while traveling with a client, and switch from all virtual tasks to all in-person tasks.

How Much Should I Charge?

If you are just starting, a good range is $30-$50 per hour, depending on the work and the workload. After gaining some experience, you can charge anywhere from $60-$80 per hour. This is what I’ve heard from others in the business, but I’m not there yet!

Before you get too excited, your rate also depends on your skill set. A VA that edits videos or creates an entire website can charge more than a VA that only organizes emails. So learn as much as you can and expand your skill set!

As I mentioned, some clients may only need your help for about 10 hours per week. In that case, you can have multiple clients at once, depending on how much free time you have. Since you’re in charge of making your own hours, remember not to overwhelm yourself!

Getting Paid

It’s not uncommon to have a client that doesn’t have a typical payroll that you would find at an office job. In those situations, you can use PayPal, Venmo, Cash App, Wise, or other reliable money transfer services.

You can choose whether you would like to be paid weekly, biweekly, or monthly, and you can work out what works best for your client. Oftentimes, it can be a little overwhelming for a client to pay weekly, but it all depends. As for taxes, I set aside a percentage of each paycheck to save for when taxes are due. Make sure to keep this in mind, or tax season will not be fun!

Things to Remember

If you want to become a VA, just remember to know your worth and take chances! Reach out to the company that you’ve always admired, or send an email to your favorite influencer. This job is learning as you go, and always doing your best to accommodate your client.

I’m happy to help and answer any questions that you have! I have a Patreon account where I share all of my tips and even templates to help you on your journey www.patreon.com/leannasal. I also post ‘VA Work Days in my Life’ videos that you can find here: www.youtube.com/leannasal.

The post How to Make Up to $50/Hour as an Influencer VA appeared first on FinMasters.

You may not have heard of Nassim Taleb, but if you’ve ever heard an analyst discussing a “black swan” event, you’ve been exposed to his work. Taleb’s 2007 book “The Black Swan: The Impact of the Highly Improbable” is his best-known work but far from his only one. He is widely recognized as a writer, philosopher, and thinker, and his ideas are widely discussed in the financial world and society in general.

Before he became an author, Taleb was also a very good trader and developed a unique strategy to manage risk and benefit from unforeseen events.

Who Is Nassim Taleb?

Taleb was born in Lebanon to educated professional parents: an oncologist and an anthropologist. His family was influential in Lebanon, with a Lebanese supreme court justice and deputy prime ministers among his relatives.

Through training and early career, he is both a trader and a mathematician, with a specialization in statistics, derivative pricing, and the role of randomness. This background allowed him to hold multiple roles in risk management at firms like Deutsche Bank, BNP Paribas, and UBS.

He made most of his money during crashes, first in 1987, then in 2000. In 2007-2008, he was the chief advisor to several funds that brought returns of 65%-115%.

Nassim Taleb Core Thinking

The basis of Taleb’s thinking is the mismatch between the models used in finance and real-world real risks. He explains that many events are possible but that this non-zero probability is ignored by most observers, who rely on faulty assumptions and/or datasets.

He nicknamed such an event “Black Swans.” Until black-colored swans were discovered in Australia, we believed that all swans had to be white. It was not impossible for these birds to be black, but we built our conviction on an incomplete dataset.

The idea was detailed in his 2007 book The Black Swan: The Impact of the Highly Improbable. The book followed his 2001 Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets and cemented his reputation as a foundational thinker and philosopher.

The black swan theory emphasizes that what was previously considered impossible can suddenly become a reality. It is often the ones the less aware of the black swan possibility that are the most affected.

The theory became extremely popular in financial circles over time. Its publication coincided with the 2007 crisis, when it became obvious that the risk models used by the financial industry had not correctly measured the risk of a financial crisis, leaving complex derivative products like mortgage-backed securities heavily exposed.

Other Taleb Insights

The black swan theory is Taleb’s most famous idea, but it’s far from the only one. There are other recurring themes in his thinking.

Antifragility

Most risk management systems classify things into 2 categories: fragile and robust. Fragile items or portfolios will be damaged or destroyed by external shocks. Robust systems will survive shocks, even if they might be a little dented.

Taleb argues that there is a third category he calls antifragile, which thrives in a crisis. He expands this idea far beyond portfolio risk management, discussing how it can apply to entire companies or even nations and civilizations. He elaborated further on this idea in the book Antifragile: Things That Gain from Disorder.

Skin In The Game

This is a concept he actually touched upon in a previous book but really shaped into a full concept in one of his latest publications, the book published in 2018, Skin in the Game: The Hidden Asymmetries in Daily Life.

In the book, he argues for the need for decision-makers to be directly exposed to the consequences of their decisions for society to function. He also warns, in a theme that runs through most of his books, against the “intellectual-yet-idiots,” well-educated intellectuals using complex models and thinking to arrive at blatantly wrong conclusions.

Why Does Nassim Taleb Matter?

Many of Taleb’s ideas might, on a superficial level, seems obvious. But the more you think or read about them, the more you realize how profound they are.

For example, the idea of antifragility. Should we make our society antifragile, so it thrives when facing a pandemic, a hurricane, or a war? That sounds nice but at what cost? How do you balance the need for efficiency (often coming with increased fragility) with the need for antifragility?

Or how do you account for and plan for the risk of black swans, like the war in Ukraine or maybe even a Chinese invasion of Taiwan? For that matter, do the decision-makers on these issues have “skin in the game”?

Taleb’s Style

I would not let that deter readers from his work. He is an insightful writer and there is plenty to learn from his work. Some of his most virulent critics have a personal beef against him after debating with him and not really enjoying the experience.

Taleb has centered his career and philosophy around risk management, so unsurprisingly, this is mostly his concern when it comes to today’s markets.

He has stated that:

The stock market is way too overvalued for interest rates that are not 1%. I think that we may have a collapse in many, many prices

Nassim Taleb

Despite his skepticism of the US stock valuations, he is even more negative about other markets: “A positive for the U.S. is it is still considered the safest place to invest with the highest credit rating.” Taleb believes things will be much worse in other countries such as Egypt, Europe, and even Japan…

Trading Using Taleb’s Method

Taleb is not actively trading anymore, so there is no fund we can analyze to see how his opinions translate into actual holdings. However, we can look back at what he did when he was a trader.

A big part of his strategy relied on options, especially deeply out-of-the-money options. This is how he made millions in the “lucky” crash of 1987, more in one day than in the previous 5 years of work.

Investors willing to learn from Taleb not only philosophy but also trading will look at his barbell strategy. The idea is to be exposed to almost exclusively low-probability events.

So you might keep some very low-risk assets, like cash, to provide safety in case of unforeseen risks and very high-risk assets, like options or derivatives, to pump up your returns, with nothing in the middle.

Needless to say, this can be a rather complex method and not for the faint of heart. It was fitting for Taleb, a mathematician, and an aggressive and technical trader who enjoyed risk-taking but would not fit the large majority of investors.

Conclusion

Nassim Taleb is a very influential thinker, and rightly so. His books have changed how millions of people understand and manage risks.

His impact has expanded far beyond finance or economics and reached into politics, sociology, and even international affairs, to the point that the term “black swan event” is overused and stretched far from its original definition.

He has also a very assertive personality and can sound like a doomsayer at times.

Still, as one of the most famous risk experts in the world, we should listen to his warnings, keep ourselves ready for the inevitable black swans, and maybe even make our lives, portfolios, and society more antifragile.

The post Investor Profile: Nassim Taleb appeared first on FinMasters.

Tax season comes at the same time every year, but many are caught off guard when federal and state returns come due. Tax forms and reporting schedules do look intimidating, but tax filing is a must.

Many people seek professional tax assistance, but using tax prep software is a good alternative, especially if you’re filing a relatively simple return.

Can You File Your Taxes On Your Own?

Yes. You can self-prepare your tax returns and submit them online through the IRS e-file system.

Both options are popular. According to the IRS filing season statistics database, about 45% of submitted tax declarations in 2022 were self-prepared, and 55% were done by tax professionals.

The real question is: Should you do your own taxes?

You can safely prepare your tax return using free tax software if you have one main income stream (a salaried job), few debts, and investment assets. But more complex tax situations like self-employment, rental property ownership, or multiple investment income streams warrant paying for premium tools and advice.

Modern tax software programs offer access to both DIY and managed tax prep options.

Best Tax Software of 2023

Selecting tax software can be as time-consuming as doing the returns. To save you the effort, we analyzed a dozen popular online tax filing ups and rounded up the 6 best tax software companies.

BEST FOR SMALL BUSINESS OWNERS

TaxAct

TaxAct is a national tax software provider that first launched an app for professional tax preparers. They later released a consumer version for filing federal and state returns electronically. The online tax software guides you through all applicable tax forms with a convenient questionnaire to prepare your tax returns.

Pricing: Free version available. Then, from $19.55.

• $100K filing accuracy guarantee
• Convenient business expenses filings
• Submit multiple tax returns for the same year from one account

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BEST FREE TAX SOFTWARE

Cash App Taxes

Cash App Taxes is a free tax-prep feature available in Cash App’s digital wallet. Great for DIY tax filing, Cash App determines which tax forms you need to fill in and pulls together the necessary data. Though there’s some manual typing to do, you can get done with your federal and state taxes in very little time. Then you can track your tax refund online.

Pricing: Free.

• All major IRS forms and schedules supported
• Fast, convenient tax prep in under 15 minutes
• Free filing of business or freelance income

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BEST FOR PROFESSIONAL TAX ASSISTANCE

TurboTax

TurboTax is the biggest name in the tax software space, and for good reasons. Impeccable user experience, on-demand tax advice, and guided tax filing experience have earned TurboTax a 4.6 rating from 200K+ reviews. It may not be the cheapest tax software, but it is one of the most comprehensive ones. 

Pricing: Free plan available. Then, from $39.

• DIY or done-for-you federal and state tax filings
• All tax forms, deductions, and tax credits supported
• Money back if you get a bigger state refund from another provider

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BEST VALUE FOR MONEY

Jackson Hewitt

Jackson Hewitt operates over 6,000 tax prep services locations around the country (including 3,000 in Walmart stores). In 2022, it debuted a $25 flat-free online tax filing service for federal and unlimited state tax returns. The service covers all common tax situations and helps you whizz through both forms with automatic calculations.

Pricing: $25 flat fee.

• Multiple ways to submit tax documents online or in-person
• Advance loans for early access to tax refunds
• Extra tax services at a reasonable price

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BEST FOR STATE TAX FILINGS

eFile

eFile is a Florida-based tax software provider offering a preparation platform for self-filing. The app helps you collect all the necessary tax documents, run a preliminary tax bill estimate using one of the 15+ calculators, and then sit down to do your return. You get started for free and pay only when you e-file the final return.

Pricing: Free plan available. Then, from $25.

• All state income tax returns for only $32
• No sneaky upgrades to higher tiers
• Top self-service tools and resources

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BEST PERSONALIZED SUPPORT

H&R Block

H&R Block offers a long list of financial and tax prep services. The company operates a network of 8,900+ retail tax offices across the country and offers online DIY or managed tax preparation and filing services. H&R Block is one of the world’s largest and oldest tax preparation companies and has been in business since 1955.

Pricing: Free plan available. Then, from $19.95.

• Upfront, transparent pricing plans
• Virtual tax prep + desktop tax software
• Extra banking and lending services

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TaxAct

TaxAct is a highly regarded national tax preparation software launched in 2000. Since then, the company has accurately processed over 90 million tax returns (federal and state). In 2022, TaxAct was purchased by Cinven, a global private equity firm, for $720 million because of its high Net Promoter Scores (a measure of customer experience) and customer retention rates.

On the free plan, you can report W-2 income, unemployment income, and retirement income. Plus, claim child tax credits, earned income credits, and your stimulus credit. 
For other tax situations, opt for one of the three premium plans: Deluxe, Premier, or Self-Employed.

Plans are based on the number of supported IRS forms. Deluxe allows more deductions for dependents, student loan interest, mortgage, HSA contributions, and more. Premier includes support of investment income filings, rental income, royalties, and foreign income filings.

Self-employment income filings are available on the highest tier, but the plan is well worth the money. That’s because you can also access a deductions maximizer tool, year-round support, and real-time tax alerts.

If you also need help with business taxes, TaxAct has affordable plans for Partnerships, S-Corps, C-Corps, Estates & Trusts, and Nonprofits. Both can be bundled with personal tax return prep to save on fees.

TaxAct plans are cheaper than other tax software providers like TurboTax and eFile. State filing fees, however, are steeper. If you have tax returns due in several states, look into other tax software companies.

Cash App Taxes

Cash App Taxes software was originally launched as Credit Karma Tax but rebranded to ‘Cash App Taxes’ in 2020 post-acquisition. The main selling point is simplicity: Users can view their transactional wallet history and export the data for tax purposes in one click to prepare a federal filing, then a state tax return.

To get started, navigate to the “Taxes” tab in the Cash App. Then answer a couple of quick questions and input the missing data. You can report salary, self-employment income, interest, and investments (on Form 1099).

Cash App supports W-2 imports — as uploads or mobile pictures — but the data processing experience can be inconsistent. On the pro side, you can upload the past year’s tax returns created with TurboTax, H&R Block, or TaxAct to pre-populate some forms. On the downside, you can’t import 1099 forms from banks and brokerages.

You can also file business taxes with Cash App if you report as a Sole Trader, Partnership, S-Corp, or C-Corp. However, this tax provider doesn’t support certain business tax credits (e.g., Credit for Small Employer Health Insurance Premiums) and Schedule K-1 filings.

State tax filings are more nuanced. As of January 2023, Cash App only supports e-filings in 17 states. Though they promise to start supporting a total of 40 states and Washington DC by the end of the year. Also, you can only file one state return with Cash App. Multi-state, part-year state and non-resident state filings aren’t supported.

Cash App Taxes has limited customer support. The official live chat hours are 8:00 a.m. to 8:00 p.m., but responses can be delayed. You can also reach the team by email (if you manage to find the proper address). No phone support is available, though. But that’s how things are with most free tax filing services.

Cash App Taxes is a great option for tax self-preparation if you live in the supported state, have reasonably good tax literacy, and have a relatively simple tax situation.

Pricing: free, but you will need to open a Cash App account.

TurboTax by Intui

TurboTax has been around since 1984 and has been owned by Intuit since 1993. This tax software has been through multiple updates, so it has a modern UX feel and compliance with the latest editions of the US tax code.

You have two options with TurboTax:

• DIY tax filing (with a free plan available)
• Done-for-you personal and business tax prep

If you want to prepare taxes yourself, TurboTax helps estimate your adjusted gross income (AGI) via a helpful questionnaire.

You can also auto-upload all financial and tax documents as PDFs or photos. An in-built scanning tool sweeps all the information to ensure 100% accuracy. TurboTax promises to pay for federal or state tax penalties or interests if the app makes a calculation error.

The app also provides tips for tax savings, such as claiming all above-the-line deductions like student loan interest rates, IRA contributions, or alimony payouts. Then, you can submit itemized deductions for various expenses (which must not exceed 7.5% of your AGI) to optimize your tax bill.

If you get stuck at any stage, contextual prompts are available. You can also request help from a tax professional for a separate fee or opt for a full-service tax prep package, starting at $169.

TurboTax Full Service includes access to a certified CPA who’ll work on your filings in real time. You can discuss different tax optimization strategies, go through all your deductions, and tap them for any other tax questions year-round. The above features make TurboTax the best overall tax software for those who can afford it.

For cash-strapped folks, TurboTax offers a free tax filing service for qualified taxpayers. It includes Form 1040, filing only for W-2 income with some deductions (IRS standard deduction, EIC, child tax credit, and student loan interest deduction).

Otherwise, TurboTax will automatically apply the appropriate paid plan for e-filing your taxes.

Pricing	Do It Yourself	TurboTax Live	Full-Service
Basic		$89 (state & federal)	$209 federal $49 per state
Deluxe	$59 federal $39 per state	$129 federal $49 per state	$259 federal $49 per state
Premier	$89 federal $39 per state	$179 federal $49 per state	$369 federal $49 per state
Self-Employed	$119 federal $39 per state	$209 federal $49 per state	$399 federal $49 per state

Jackson Hewitt

Jackson Hewitt has a massive physical footprint of affordable in-person tax services. You can drop your documents at a Walmart with a tax pro and get everything sorted. Reasonable prices and excellent service make JH a solid choice for first-time tax filers.

If you already know the chops, the $25 flat fee online service is a better option, especially when you’re filing in multiple states. The price doesn’t change.

Jackson Hewitt’s online tax service covers all 1040 forms, plus reporting on Schedule A to K-1. The app guides you through all the filling sections using a self-paced interview. You can skip one if it doesn’t apply to your tax situation, which saves time.

When anything is unclear, click an embedded link to get a short explanation or navigate to a pop-up screen with extra details. If you’re still struggling, Jackson Hewitt has an extensive knowledge base. Or you can contact support via phone, email, or live chat. Note: Support only deals with product-related or troubleshooting questions — you shouldn’t expect tax advice.

You can also apply popular tax credits and itemized deductions. Although, you’ll have to input most of the information manually. Jackson Hewitt’s tax software doesn’t support import forms. Be careful with the numbers because there’s no professional backup. You can’t request a tax return review by a professional filer online.

On the pro side, you get other guarantees like 100% calculation accuracy. If there’s any number-crunching error, Jackson Hewitt will compensate for any tax penalties from the IRS. Likewise, the team guarantees a maximum refund. If you prove them otherwise, the company will refund your $25 fee and pay an extra $100.

For additional peace of mind, you can buy a Protection Plus package for $29.95. It includes:

• Audit Assurance — an option to have Jackson Hewitt tax professionals liaison with the IRS or State tax authorities in case you’re flagged for an audit.
• ID Theft Restoration — Jackson Hewitt will work with the credit reporting agencies to remedy an identity theft incident, plus provide six months of credit monitoring services.

Identity theft is expensive, and recovery can take time. Having extra support is a sound idea.

eFile

eFile extends a comprehensive set of DIY tax prep features for a more affordable price than TurboTax and H&R Block. Unlike the two, eFile auto-downgrades you to a lower plan after you’re done declaring taxes. If you don’t use premium features, you’re not paying for them.

If you have a W-2 income below $100K (joint or single) with no dependents and claim limited tax credits, you can qualify for a free federal tax return submission.

Alternatively, the paid tiers are only $25/$35+ $32 for unlimited state tax filings. For comparison, state tax returns cost $44.95 each with TaxAct. eFile operates in 41 states plus Washington DC, meaning you can save a lot if you draw income from multiple places (e.g., have investment properties in several states).

 eFile covers many common tax situations, including:

• Self-employment, freelance, business, farming, or clergy income
• Household employment taxes
• Capital gains and losses
• Unemployment income
• Standard and itemized deductions
• Education credits and deductions
• Business credits and deductions

As part of your plan, you get assigned a Taxpert®: a dedicated support professional, available to answer any queries you have via your personal support page. Most replies arrive within a day or faster.

On the downside, eFile doesn’t offer any extra advisory services or return reviews by qualified tax professionals.

H&R Block

H&R Block, founded by Henry and Richard Bloch, has been in the tax business for almost 60 years. Unlike other legacy companies, H&R Block successfully transitioned into the digital era. Apart from in-person tax assistance, the company offers:

• DIY online tax filing
• Guided online tax preparation
• Managed tax e-filings
• Desktop tax software

Each option has several paid tiers and a Basic (free) plan for online tax filing. The free tax service includes capped W-2, unemployment, interest/dividend income, education and student loan deductions, child tax credit, and earned income tax credits. That’s more features than TaxAct or TurboTax gives away for free.

With a paid plan, you can handle more advanced scenarios like:

• HSA or retirement plan contributions
• Child and dependent care deductions
• Cryptocurrency income reporting
• Rental income declaration
• Freelance and self-employed income reporting
• And more

If you want to work with a tax pro, plans start at $85 for virtual, in-person, or drop-off submissions. You can start with one way and switch to another at no extra cost. In this case, you receive personalized advice, extra guidance, and a qualified sweep by a tax professional with at least 10 years of experience (as H&R Block advertises).

In turn, users with high financial literacy can save money by using a downloadable H&R Block tax app (starting at $19.95). The desktop software supports personal and business tax filings, locally and with the IRS. In this case, however, extra $19.95 state e-filing fees apply.

That said, a virtual tax filing service is more convenient. This way, you can auto-import some of your tax forms, including W-2 and different versions of 1099s. Then e-file your return straight from your account.

On the support side, you can either use self-help resources or the Live Chat feature on-site. Or opt for an add-on Online Assist service (starting at $40) to get unlimited on-demand chat or video screen-casting sessions with a CPA or a tax prep expert. That’s an affordable way to get extra help without leaving your home.

The appointed expert won’t review or e-file complete tax returns. If that’s what you want, look into one of the “File with the Tax Pro” plans starting at $85 + state fees.

Pricing	Do It Yourself	Desktop tax software
Basic	$0 federal $32 per each state	$29.95 license + $39.95 for each state $19.99 e-file fee
Deluxe	$55 federal $32 per each state
Deluxe + State		$54.95 license + $39.95 for more than one state submission $19.99 e-file fee
Premium	$75 federal $32 per each state	$74.95 license + $39.95 for more than one state submission $19.99 e-file fee
Premium & Business		$89.95 license + $39.95 for more than one state submission $19.99 e-file fee
Self-employed	$110 federal $32 per each state

Best Tax Software Comparisons Table

	TaxAct	Cash App	TurboTax	Jackson Hewitt	eFile.com	H&R Block
Federal and state tax returns prep
Multiple state submissions
Joint fillings for married couples
Self-employment income filings
Business tax filing
Foreign-sourced income filings
Investment income filings
Supported OS	Windows macOS Web	Mobile-only	Windows macOS iOS Android Chromebook Web	Web only	Web only	Windows macOS Web
Offline app version
Tax form imports
Tax refund tracker
Tax credits and deductions
Audit support
Tax advisory
Tax extension filing
In-person tax filing assistance
Live online tax filing assistance
Pricing	From $19.95	Free	From $39	$25 flat fee	From $25	From $19.95

What Happens If You Fail to File Taxes?

If you missed the first tax deadline (April 18, 2023), you can request an extension and submit your return until Oct 16, 2023. But don’t drag your feet any further. Taxes aren’t fun, but failure to report your income leads to worse consequences.

Think about tax filing as going to the dentist. The longer you delay your visit, the more painful and expensive the whole ordeal will get. File for your taxes even if you are unable to pay the total amount due right now. The penalties for not filing taxes are worse than those for not paying them.

What Happens if You Don’t Pay Your Taxes?

When you don’t pay your taxes, you will receive a notice from the IRS explaining your bill, accumulated penalties, and interest, along with instructions for resolving the problem. The authorities will help you arrange a payment plan if you can’t pay the balance immediately.

No action on your part will create more problems. The IRS will forcefully collect the outstanding payment via wage garnishment, bank levies, or the seizure of property and vehicles. Tax authorities have ten years to collect unpaid tax payments and will use all available means.

If money is tight, seek professional credit counseling. Many non-profits help cash-strapped individuals set up a tax repayment plan for free.

When Should You Hire a Tax Professional?

A tax return is a ledger. It contains a detailed list of all the money you’ve earned and spent on deductible expenses. Tax software helps consolidate the numbers and streamline the total calculations and takes advantage of the IRS free file program to electronically submit your federal return (and e-file state return when applicable).

Many apps also direct you towards extra deductibles and tax credits up for grabs, but they can never compare to a tax professional’s knowledge, especially regarding business deductions.

Working with a tax professional is better for people with multiple income streams: a traditional job, several side hustles, and many investment assets. A qualified tax pro can suggest various tax tips for legally optimizing your tax bill for this year (and the coming ones).

Finally, if you feel you don’t understand how taxes work, what your tax liabilities are, and when they come up, working with a professional at least once is an excellent way to fill this knowledge gap. By paying for pro advice once, you can avoid costly mistakes in the future, like tax penalties and arrears.

The post 6 Best Tax Software Providers for 2023 appeared first on FinMasters.

Negotiating your salary is often essential for getting a compensation package that meets or exceeds your expectations. Unfortunately, many job hunters hesitate to do so for fear of offending prospective employers and costing themselves a job offer.

While you must handle negotiations tactfully, you shouldn’t be so afraid of rocking the boat that you fail to advocate for yourself.

Here’s what you need to know to get the pay you deserve, including why negotiating is so valuable, how to prepare for the conversation, and what to do during the discussion to maximize your odds of success.

Why Should You Negotiate Your Salary?

Negotiating with a prospective employer can be intimidating, and many professionals are reluctant to risk it. In 2022, Fidelity Investments found that 58% of working Americans accepted the initial offer for their current positions without negotiating^[1].

However, those that negotiate are more likely to get what they want than you might expect. The same Fidelity study found that 85% of Americans who negotiated their previous job offers got at least some of what they requested.

In addition, CareerBuilder found in 2016 that 73% of employers reported being perfectly willing to negotiate salary^[2]. The data is a little outdated, but there’s little reason for that number to have decreased. In today’s tight labor market, it may have even increased.

The risks of negotiating may be low, but the benefits are significant. Negotiating a higher salary increases the floor for all your future raises. Even if you never negotiate again, that can considerably increase your lifetime earnings.

If nothing else, negotiating with your employers demonstrates characteristics that can increase their perception of your value as an employee. For example, it shows that you know your worth and are confident enough in your communication skills to advocate for yourself in stressful situations.

Learn More: College Is Worthless! You’ve Heard the Stories, but Is It True?

How to Prepare to Negotiate Salary

Determine Negotiability

Negotiating your salary is almost always a good decision, but ‘almost’ is the operative word. Though rare, there are circumstances where it would be inadvisable to ask for additional pay.

Most commonly, it’s a bad idea to negotiate salary after you’ve already accepted an offer verbally or in writing. Not only will you have a tough time convincing your prospective employer, but you’re more likely to give a negative impression. It might not cost you the job, but you don’t want to get off on the wrong foot in your new role.

It’s also worth considering the degree of negotiability in your salary. Your leverage can vary significantly depending on your qualifications and your prospective employer’s needs, which should inform how aggressively you negotiate.

For example: a recent college graduate with no work experience will generally have less negotiating power than someone with years of relevant experience and a proven track record.

Assess Your Market Value

To negotiate your salary effectively, you need to know what your labor is worth. That can mean the difference between making a counteroffer you can realistically obtain and throwing out random requests based on what you’d like to earn in a perfect world.

Fortunately, it’s easier to assess your market value than ever, thanks to sites like Glassdoor and Salary.com. You can use them to explore compensation packages belonging to individuals with your qualifications in similar positions or even those who held the job you’re interviewing for previously.

Salaries can vary widely with location, so try to understand what similar positions are paying in your area.

Figure Out Who You’re Negotiating With

Most companies will put you through several rounds of interviews. Depending on the company, you might meet with the human resources manager, hiring manager, prospective boss, and even your future coworkers before you get an offer.

As a result, it can be challenging to figure out the right person to ask about compensation. If you’re unsure, consider asking your recruiter if you have one. A prospective coworker might also be able to speak from experience and point you in the right direction.

Once you have that information, do some research on the individual with whom you’re going to be negotiating. Look for things you have in common that will help you build rapport and make them like you before you make your requests.

In addition, consider their position when deciding how to approach your negotiations. For example, it may be less risky to negotiate aggressively with an HR representative. Conversely, you probably want to be more respectful when negotiating with a prospective boss to avoid negatively affecting your future working relationship.

Practice Your Pitch

Negotiation skills are as critical for employees as for independent contractors, but employees tend to get much less practice. Most W-2 workers stay at their jobs for about four years. That means you’ve likely negotiated only rarely, and it’s probably been a long time since you’ve had reason to do so.

As a result, you shouldn’t expect to walk into your prospective employer’s offices and navigate your salary negotiations with ease. As with everything else, practice makes perfect, so spend time working on your pitch before you give it.

Generally, it’s best to practice with another person, so ask a friend, family member, or partner to help you. The exercise will be most effective if they can give you a realistic response, so consider choosing someone in your network with relevant experience.

How to Negotiate Your Salary

Preparation is critical to successful negotiations, but there’s just as much to think about when it’s time to execute. Let’s discuss some of the choices you’ll have to make when negotiating and the pros and cons of various options, then outline some tactics and techniques that will help maximize your chances of success.

Negotiation Timing

One of the first strategic decisions you’ll have to make is when to bring up the subject of compensation. Generally, your two primary choices are during the interview process or after you’ve received an initial job offer.

The most significant benefit to asking during the interview process, especially relatively early on, is that it lets you determine whether it’s worth continuing. Since each job you interview for requires hours of work and weeks of waiting, you can save a lot of time by addressing compensation upfront.

However, the earlier you bring up salary, the more likely you’ll come across as tactless to your prospective employer. Everyone knows that pay is one of your most important considerations, but discussing money can still strike some people as being in bad taste.

Ultimately, there’s no universally correct choice, and you’ll have to make a calculated decision based on the circumstances. For example, it might make sense to bring up compensation early if you already have a job offer from another firm.

Not only would you be on an understandably shorter timeline, but you’d also have less to lose by accidentally offending the second prospect.

Communication Method

Many people find negotiating stressful or intimidating, which makes it tempting to raise the issue via email. That’s not necessarily improper if you received your initial offer via email, but you’re generally better off negotiating over the phone, via video, or in person.

As nerve-racking as it can be, negotiating through a medium that facilitates eye contact, tone, and body language makes it much easier to convey what you intend. It also lets you get live feedback from the person you’re negotiating with, adjust your tactics on the fly, and resolve the issue more quickly.

Meanwhile, negotiating through email puts you at risk of projecting a lack of confidence or communication skill, which can negatively impact your chances of success and your future relationship with your prospective employer.

Negotiation Tactics and Techniques

Negotiating is a lot like closing a sale, and it’s beneficial to approach the discussion like a salesperson with a bag of tricks.

Fortunately, it’s not always necessary to pull out all the stops. If the person you’re negotiating with seems reasonably amenable to your requests, there’s probably no need to launch a full-court press.

Negotiation Mistakes to Avoid

We’ve outlined a game plan for preparing for negotiations and handling yourself in the actual discussions.

Avoiding mistakes like these can help optimize your chances of getting the pay you want, but try not to stress about being perfect. Remember, most employers expect you to negotiate your salary and will be willing to work with you.

Practice Your Negotiation Skills

There’s a lot to keep track of when you’re negotiating your salary, and it can be incredibly challenging to manage it all at once. You’ll probably need extensive practice to become effective at the tactics we discussed.

Training with people you know is helpful, but there’s no substitute for a live experience. When you’re not desperate for a job, test your negotiation skills in legitimate interviews. With less pressure and a longer time horizon, you can master the skills you need to get your ideal compensation package.

Learn More: 20 Weird Jobs That Pay Surprisingly Well in 2023

The post The Power of Negotiating Your Salary: How to Get the Pay You Deserve appeared first on FinMasters.

If saving money were easy, everyone you know would have thousands in their bank accounts, extra real estate, vehicles, and more. Yet they don’t. As many as 56% of Americans don’t even have $1,000 in their savings account – and no, it’s not because they eat too much avocado toast. 

If you want to increase your savings, it helps to know about the most effective saving methods, tricks, tips, and strategies. You just might find them in one of these books.  

1. But First, Save 10

By Sarah-Catherine Gutierrez

“But First, Save 10: The One Simple Money Move That Will Change Your Life” is one of the simplest books on personal finances you’ll ever read. Every complicated financial term and concept is so plainly explained that by the end of the book, you’ll feel like an expert financial manager.

Though it’s generally geared toward younger women, the book offers nuggets of advice for people of all ages, genders, interests, and lifestyles. Anyone who wants to increase their savings can learn quite a bit from it.

Some of the main concepts covered in “But First, Save 10” include using financial automation tools, paying down debt, creating and funding your emergency fund, and saving/investing toward retirement. The focus is on helping you establish a sustainable routine that allows you to achieve financial freedom.

About the author: “But First, Save 10” was written by Sarah-Catherine Gutierrez, also known as Ladysplaining Money. She’s a professional speaker, writer, and founder of Aptus Financial, a financial planning company in Arkansas. She’s also one of the co-founders of SAVE10, an organization aiming to help women reach financial independence.

2. The Year of Less

By Cait Flanders

“The Year of Less,” (the full title is “The Year of Less: How I Stopped Shopping, Gave Away My Belongings, and Discovered Life Is Worth More Than Anything You Can Buy in a Store”) was one of Wall Street Journal’s best-sellers upon its release in 2018. 

As you can guess from its full title, the book is aimed at all those young adults who looked to Carrie Bradshaw from “Sex and the City” for financial advice. 

The author, Cait Flanders, wrote the book based on personal experience. After a period of being virtually addicted to shopping and wasting money on unnecessary items, she decided to turn her life around. She developed an interest in the zero-waste movement and started spending money only on essentials. 

The book documents her journey from excessive consumerism to smart spending, offering insightful advice on how you can do the same. 

Though Cait’s approach might be extreme, it exemplifies just how easy it is to give in to your whims and waste money and just how much of a difference you can make if you rein yourself in. 

About the author: “The Year of Less” was written by Cait Flanders in 2018. Flanders spent her early 20s working for the Ministry of Education in Canada, writing speeches and press releases. She’s worked as a writer at the Globe and Mail and manages a successful personal finance blog, “Blonde on a Budget”. 

She’s found success with her first book, “The Year of Less,” and has published another one in 2020, “Adventures in Opting out.” 

3. The Financial Diet

By Chelsea Fagan and Lauren Ver Hage

“The Financial Diet” could be your perfect book if you’re not very financially savvy or not interested in personal finances at all.

It’s a beginner-friendly personal finance book that offers tips and tricks to help you get out of debt, adjust your spending, and increase your savings even when you’re living paycheck-to-paycheck.

It offers a little bit of everything: advice on how you can create your budget, how to invest, and how to make your home more budget-friendly. You’ll even find tips on how to talk about uncomfortable topics such as finances and personal budgets with your close ones.

It’s a unique book that makes for surprisingly light reading.

15 Best Books on Saving Money 

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About the authors: “The Financial Diet” was written by Chelsea Fagan and Lauren Ver Hage. The two founded one of the most popular financial YouTube channels, also named “The Financial Diet.”

Before starting the channel, Chelsea was a writer for several publications, including Vice, Cosmopolitan, and the Atlantic. She’s the author of another popular book, “I’m Only Here for the WiFi.”

Lauren is an art director with previous experience working for advertising agencies and Nickelodeon. She created illustrations for “The Financial Diet” book and continues to work alongside Chelsea on their YouTube channel.

Read key ideas on Blinkist →

4. Clever Girl Finance

By Bola Sokunbi

“Clever Girl Finance” has everything you need to get the right start on your financial journey. The book teaches you how to keep an eye on your expenses and build a workable budget. It offers solid tips on how to make the most out of your finances, even when you have less than a modest salary.

You’ll learn how to use credit without getting yourself into unmanageable debt, start lucrative side hustles, and make smart investments. Perhaps most importantly, you’ll learn how to change your mindset and start thriving.

It’s a highly insightful book that’s not reserved solely for the clever girls out there, despite what the title may imply. Even though the book is filled with real-life stories of dozens of women who’ve achieved financial independence, the stories offer value to men and women alike.

About the author: “Clever Girl Finance” was written by Bola Sokunbi, a professional speaker, author, and certified financial education instructor. Bola has no less than four best-selling titles under her name, but “Clever Girl Finance” isn’t just the title of her latest book. It’s the name of one of the biggest personal finance platforms designed for women, founded by Bola herself.

Through the book and the website, Bola shares her biggest financial mistakes and how she’s overcome them. She helps you understand that making mistakes isn’t the end of the world. You can still succeed as long as you turn mistakes into learning experiences.

Read key ideas on Blinkist →

5. The No-Spend Challenge Guide

By Jen Smith

“The No-Spend Challenge Guide” shares some conceptual similarities with “The Year of Less.” Both books aim to help you spend less money on unnecessary things. The approaches, however, are vastly different.

“The Year of Less” offers goals that may be somewhat extreme and unattainable for the average person. After all, not everyone can just start buying and paying for the absolute necessities and nothing else. “The No-Spend Challenge Guide” is more realistic.

It teaches you how to control and understand your shopping impulses, not ignore them altogether. It helps you learn how to create a workable budget and actually stick to it.

Some key takeaways include understanding why budgeting alone isn’t enough and how you can improve your financial planning and debt management and save on some of your biggest financial obligations. You’ll even get some excellent insight into how you can make your life more enjoyable without spending any money.

About the author: “The No-Spend Challenge Guide” is a practical personal finances book written by Jen Smith. She was the average young adult with no job and a massive debt of $78,000. Still, she managed to get a hold of her finances, pay off her debts, and start living life to the fullest.

Jen founded the website Modern Frugality, previously known as Saving with Spunk, where she provides additional tips and tricks that help you save more, spend less, and pay off debt.

6. Suddenly Frugal

By Leah Ingram

“Suddenly Frugal” is a detailed guide to living a happier, more fulfilling life while sticking to a tight budget. It’s filled with countless pieces of advice that are easy to follow, practical, and unique.

While everyone tends to talk about saving money through “vacationing less” or “buying fewer avocado toasts,” “Suddenly Frugal” goes into all the big and small things you could do to increase your savings, from switching to reusable microfiber rags instead of paper towels to choosing the right appliances and making your home more budget-friendly.

The book claims to be able to help you increase your savings by as much as $25,000 a year, though that’s only true if your current lifestyle is very extravagant. Still, with all the tips and tricks in the book, you can certainly expect to save more than you’d imagined.

About the author: “Suddenly Frugal” was written by Leah Ingram, a health, lifestyle, and financial author. She’s written for publications such as Parade and Good Housekeeping, and she runs her own blog “Leah Ingram,” previously known as “Suddenly Frugal.”

On the blog, she shares countless pieces of advice, tips, and stories regarding finances, health, shopping, and more.

7. The 30-Day Money Cleanse

By Ashley Feinstein Gerstley

“The 30-Day Money Cleanse” is an insightful money management guide that helps keep you accountable with your finances. Unlike many books in the personal finance category, this isn’t a simple list of the major do’s and don’ts of spending and saving. It’s a comprehensive guide that helps you build a healthier relationship with money.

The book is designed to help you identify and eliminate your major money-related stressors, overcome your bad spending habits, and understand precisely where your money is going. Dispersed throughout, you’ll also find the basics of investing and how you can get started with it. It also has unique prompts that help keep you on the right track.

About the author: “The 30-Day Money Cleanse” was written by Ashley Feinstein Gerstley, a renowned author and entrepreneur. She’s obtained a Bachelor’s in Finance and has dedicated her life to helping others achieve financial independence.

She founded “The Fiscal Femme,” an anti-racist organization focused on dismantling systemic racism. The organization’s core belief is that achieving financial well-being is only possible with true equality.

8. You Need a Budget

By Jesse Mecham

“You Need a Budget” is just what the title implies: a book explaining how critical it is to develop and stick to a reasonable budget. The book focuses on four simple rules of budgeting.

The first one is that you need to give every dollar you earn a job. You must know exactly where you will spend your money and why before you’ve actually spent it. That will keep you accountable and help you avoid unnecessary expenses.

The second rule is that you must break up larger expenses into more manageable ones. It’s much easier to cover hefty expenses such as vacations when you prepare in advance and start setting money aside long before you need it.

Rule number three is that you need to be flexible with your budget. Circumstances can change: you might lose your job or get a promotion, for instance. Whatever the case is, your old budget won’t work if your situation changes, so you’ll need to keep it adaptable.

Finally, you’ll want to focus on aging your money. By following the rules mentioned above, you’ll eventually increase the amount of time between you earning money and spending it. Ultimately, you’ll be able to get out of living paycheck-to-paycheck.

About the author: “You Need a Budget” was written by Jesse Mecham, who developed the four budgeting rules after discovering how valuable the principles were for him and his wife.

Besides writing the book “You Need a Budget,” Jesse also developed a comprehensive “YNAB” platform, one of the most popular financial finance software products for those trying to be smarter with their money.

9. The Total Money Makeover

By Dave Ramsey

“The Total Money Makeover” is an energizing, inspirational book that explains just how easy budgeting can be when you have a bit of guidance.

It offers actionable steps and simple advice that can quickly turn your financial life around. You’ll get the information you need to develop a working budget and pay off debt, regardless of how much you have.

The book will teach you how to create a safety net to help you cover emergencies. You’ll get the inside scoop on some of the most widespread money myths and learn just how dangerous they are and why.

Though the book was published almost a decade ago, much of the advice still works and can prove surprisingly useful.

About the author: “The Total Money Makeover” was written by Dave Ramsey from the Ramsey Show. Ramsey is a radio talk show host, an expert on personal finances, and the founder of Ramsey Solutions, a platform designed to empower and educate you on all things related to finances.

Read key ideas on Blinkist →

10. 365 Ways to Live Cheap

By Trent Hamm

“365 Ways to Live Cheap” is unlike anything you’ve read before. It’s not a get-rich-quick scheme or an investment plan that requires wealth to build wealth. It’s a simple, straightforward guide to all the small things you can do to make a big difference in your bank account.

You’ll find all kinds of great tips, from using cold water to wash your clothes to save a couple of dozen a year to seamlessly reducing your gas mileage and saving with your groceries. There are even pieces of advice on how you can save on insurance, like going straight for the insurance company and avoiding dealing with agents.

The book doesn’t simply list 365 ways you can save. It offers valuable philosophies, rules to follow, and strategies that can add to your savings in virtually no time at all.

About the author: “365 Ways to Live Cheap” was written by Trent Hamm, an author and entrepreneur. Trent founded the Simple Dollar website, a valuable educational resource on important financial matters.

11. Broke Millennial

By Erin Lowry

“Broke Millennial” is a simultaneously hilarious and surprisingly realistic book on improving your financial circumstances. You’ll find countless real-life stories from broke millennials, analyze and understand their financial mistakes, and learn how they overcame their struggles.

As the title suggests, the book is designed for all those broke millennials struggling to grasp financial topics and frightened of all the financial responsibilities they’ve had to take on.

You’ll find out how to best manage your debts and improve your relationship with money. You’ll even learn how to handle tough financial situations, such as dealing with going Dutch when you can barely afford the cost of your humble meal at a restaurant.

About the author: “Broke Millennial” was the first book written by Erin Lowry. It was named the best personal finance book in 2017 by Business Insider. Its astonishing success has prompted Erin to publish a full “Broke Millennial” series, which includes titles “Broke Millennial,” “Broke Millennial Takes on Investing,” and “Broke Millennial Talks Money: Scripts, Stories, and Advice to Navigate Awkward Financial Conversations.”

Read key ideas on Blinkist →

12. The Spender’s Guide to Debt-Free Living

By Anna Newell Jones

“The Spender’s Guide to Debt-Free Living” says it all in the title. It’s a book dedicated to every shopaholic person who needs to get their spending under control and eliminate debt as soon as possible.

The book was inspired by the author’s own experiences. Self-defined as a big spender, Anna used to live in the shadow of her suffocating debt. She was struggling to make ends meet and cover all her expenses, so she decided that enough was enough.

Anna developed her own budgeting method, which proved to be more than effective. She became debt-free in a little over a year, and her book could help you do the same.

Some of the key concepts you’ll learn with the book include creating your own debt-free pledge, identifying additional income sources, and spending wisely while remaining without debt.

About the author: Anna Newell Jones is the author behind “The Spender’s Guide to Debt-Free Living.” She’s a real estate agent and an author who mostly writes about personal finances. She’s best known as the co-host of a popular podcast titled “Less Alone: A Podcast About Connection.” She runs the blog “And Then We Saved,” sharing the best money-saving methods.

13. Your Playbook for Tough Times

By Donna Freedman

“Your Playbook for Tough Times” could be one of the best reads for those trying to live below their means, anticipating tough financial circumstances, or hoping to achieve their dreams without getting into unnecessary debt.

The book reads almost like a manual, giving you guidelines you’ll want to follow if you want to overcome financial hardships.

Some of the essential tips mentioned in the book include how to live frugally even when you don’t have to, how to enjoy life without overspending, and how to start with a “financial fire drill” as a step toward creating a proper budget.

About the author: “Your Playbook for Tough Times” was written by Donna Freedman, a renowned author who used to write for publications such as Anchorage Daily News and who’s recently started contributing to The Balance.

She’s published several successful books so far, including “Your Playbook for Tough Times,” “Your Playbook for Tough Times, Vol. 2”, “City Smart: Anchorage,” and “Anchorage.”

14. The Index Card

By Helaine Olen and Harold Pollack

“The Index Card” is one of the few books that shows that personal finances don’t have to be confusing, complicated, and overwhelming.

You don’t have to devote your life to trying to decipher finances and economics. You just have to follow a few simple rules. And you’ll find those rules right in “The Index Card.”

Written in plain, easy-to-understand language, the book goes over the key principles of personal finances: paying off your credit card balance each month, maxing your 401K, saving 20% of your monthly income, and more.

About the authors: “The Index Card” is a joint effort of Helaine Olen and Harold Pollack. Helaine is a well-respected financial journalist who worked for publications such as Slate and Washington Post. Harold, on the other hand, is a professor at the University of Chicago.

They came about writing “The Index Card” after Harold interviewed Helaine and stated that everything you should know about personal finances could fit on a single index card. To prove the point, they wrote this best-selling book.

Read key ideas on Blinkist →

15. Cut Your Grocery Bill in Half with America’s Cheapest Family

By Steve and Annette Economides

“Cut Your Grocery Bill in Half with America’s Cheapest Family” might sound infuriating to those who felt called out by the countless “experts” telling the millennials to stop eating avocado toast if they want to afford a home. However, this book is doing everything but trying to call you out for enjoying the small things in life.

It’s trying to teach you how to save thousands a year on groceries by making smarter shopping, prepping, and cooking decisions.

The book offers countless ways to max out your savings on groceries, whether you’re feeding a family of one or a family of 10.

About the authors: The authors of “Cut Your Grocery Bill in Half with America’s Cheapest Family” are Steve and Annette Economides. Steve worked as a graphic designer while Annette was a stay-at-home mom, and for years they struggled to make ends meet.

Getting tired of barely scraping by with $35,000 a year, they developed a plan for success. Their money-saving strategies have afforded them their first home, new cars, and debt-free vacations. They even managed to put their kids through college without accruing debt.

Final Thoughts

Regardless of your age, gender, background, and interests, managing personal finances is something you must master to save money and lead a more carefree lifestyle.

Though it might seem that increasing your savings is only possible if you get a great-paying job out of the blue or suddenly win the lottery, it’s achievable even if you’re currently living paycheck-to-paycheck.

The books on this list are just some of the top titles in the sphere of personal finances, offering you thousands of pieces of advice that could change your life around. You don’t have to heed the exact advice from every single book, nor stick to a single money-saving strategy.

Personal finances are just that – personal. Therefore, it’s in your best interest to gather inspiration from at least a few of these books, then sift through all the tips, tricks, and strategies and choose those that work for you.

The post 15 Best Books on Saving Money appeared first on FinMasters.

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Debt relief companies, more commonly referred to as debt settlement companies, can help you avoid bankruptcy if you’ve exhausted other forms of relief and still can’t pay your debts. They negotiate with your creditors to let you settle your accounts for less than you owe.

Debt settlement can help you break out of a desperate debt situation, but the process has serious drawbacks. It’s important to understand the debt settlement process before making a decision. In many cases, bankruptcy may be a better option.

Unfortunately, there are many dishonest companies in the debt relief industry, so it’s essential that you choose a provider carefully. To help you avoid scam artists, we’ve found the five best debt relief companies in 2023.

Required Reading: Debt Settlement: How It Works, Pros & Cons

Best Debt Relief Companies in 2022 Compared

Here are our favorite debt relief companies in 2023:

1. National Debt Relief – Best Overall
2. Freedom Debt Relief – Best For Credit Card Debt
3. Accredited Debt Relief – Best For Quick Results
4. JG Wentworth – Best for Customer Service
5. CuraDebt – Best for Tax Debt Relief

BEST OVERALL

National Debt Relief

• Prices: 15% to 25% of the enrolled balance
• Minimum balance: $10,000
• Allowable debts: Unsecured accounts
• Length of program: 24 to 48 months
• Approximate savings: 46% of the enrolled balance before fees; 25% after fees
• Founded in: 2009
• BBB Rating: A+
• BBB Score: 4.59/5 stars (1,617 Reviews)
• TrustPilot Score: 4.7/5 (35,979)
• Accreditations: AFCC, BBB

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BEST FOR CREDIT CARD DEBTS

Freedom Debt Relief

• Prices: 15% to 25% of the enrolled balance
• Minimum balance: $7,500
• Allowable debts: Unsecured debts
• Length of program: 24 to 48 months
• Approximate savings: Not disclosed
• Founded in: 2002
• BBB Rating: A+
• BBB Score: 4.36/5 stars (1,328 reviews)
• TrustPilot Score: 4.5/5 (37,895 reviews)
• Accreditations: AFCC, BBB, IAPDA

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BEST FOR QUICK RESULTS

Accredited Debt Relief

• Prices: 15% to 25% of the enrolled balance
• Minimum balance: $10,000
• Allowable debts: Unsecured debts
• Length of program: 12 to 48 months
• Approximate savings: 45% of enrolled balance before fees
• Founded in: 2011
• BBB Rating: A+
• BBB Score: 4.82/5 stars (240 Reviews)
• TrustPilot Score: 4.8/5 (4,382)
• Accreditations: AFCC, BBB

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BEST FOR CUSTOMER SERVICE

JG Wentworth

• Prices: 18% to 25% of the enrolled balance
• Minimum balance: $10,000
• Debt specialty: Unsecured debts
• Length of program: 24 to 48 months
• Approximate savings: 51% of the enrolled balance before fees
• Founded in: 1991
• BBB Rating: A+
• BBB Score: 4.25/5 stars (133 reviews)
• TrustPilot Score: 4.8/5 (4,283 reviews)
• Accreditations: AFCC, BBB

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BEST FOR TAX DEBTS

CuraDebt

• Prices: About 20% of the enrolled balance
• Minimum balance: $5,000
• Allowable debts: Unsecured debts; tax debts
• Length of program: 24 to 48 months
• Approximate savings: 50% of the enrolled balance before fees; 30% after fees
• Founded in: 2000
• BBB Rating: A+
• BBB Score: 4.81/5 stars (21 reviews)
• TrustPilot Score: 4.1/5 (11 reviews)
• Accreditations: AFCC, IAPDA

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National Debt Relief

Best Overall

Why We Chose It: National Debt Relief (NDR) is one of the most reputable debt settlement companies in the United States. Founded in 2009, it’s already received more positive reviews than almost all of its competitors. NDR averages nearly five stars on the BBB and TrustPilot and holds accreditations with the AFCC and the BBB.

In addition, NDR has a highly engaged customer service team. When customers encounter issues and leave complaints on review sites, NDR reaches out to rectify the situation within a few days at most.

NDR is also transparent about its prices and track record. It shares several examples of successful programs with real customers and discloses the average customer’s savings before and after fees. Those are approximately 46% and 25%, respectively.

How It Works: NDR specializes in debt settlement services, and its terms align with industry standards. You must have at least $10,000 in debt to sign up, and most unsecured debts are eligible, including credit cards, personal loans, and medical bills.

After applying, you undergo a free consultation with a debt expert, who will get more detail on your situation and discuss your options. Next, they’ll recommend a personalized debt settlement plan and monthly payment, subject to your approval.

If you decide to move forward, NDR aims to settle your debts in 24 to 48 months. You won’t pay anything until it settles with each of your creditors, at which point NDR charges 15% to 25% of the initial enrolled balance.

NDR works with customers across the country, but its services aren’t available in every state. Unfortunately, it doesn’t share which states it operates in, so ask about availability during your initial consultation.

Freedom Debt Relief

Best For Credit Card Debt

Why We Chose It: Freedom Debt Relief (FDR) is another top-tier debt relief company with an exceptional reputation. Founded in 2002, it has thousands of positive reviews on its BBB and TrustPilot pages. Its average rating is slightly lower than NDR’s but still well above four stars, and its customer service team responds to complaints quickly.

In addition, FDR has served over 850,000 clients since opening its doors, resolving more than $15 billion in debt. It also holds accreditations with the AFCC, the BBB, and the International Association of Professional Debt Arbitrators (IAPDA).

How It Works: FDR offers debt settlement services, but its terms are more flexible than others in the industry. Most notably, you may qualify with only $7,500 of debt, making them an attractive option if you fall just short of the typical $10,000 threshold.

FDR accepts most unsecured accounts, but it specializes in credit cards. That may indicate that they have closer relationships with card issuers than other providers, which could benefit you if you’re primarily struggling with credit card debt.

FDR’s enrollment process involves filling out an online application and scheduling a consultation with one of their specialists. They’ll help determine whether a debt settlement program could save you money.

If you agree to a program, FDR will try to settle your outstanding accounts in 24 to 48 months. As with NDR, you’ll only pay when FDR reaches an agreement with your creditors, and the fees range from 15% to 25% of the original enrolled balance.

FDR’s services are available in most states but not all of them, so you’ll have to double-check whether you’re eligible during your consultation.

Accredited Debt Relief

 Best For Quick Results

Why We Chose It: Accredited Debt Relief (ADR) is a well-established debt settlement company with a solid reputation. It started doing business in 2011 and has a nearly five-star average on its BBB and TrustPilot pages.

It’s received significantly fewer ratings than National and Freedom Debt Relief, but there are still thousands of reviews in total. In addition, ADR holds accreditations with the AFCC and the BBB.

ADR’s customer service team is also proactive about addressing problems its customers encounter. They consistently respond to what few complaints customers leave on their crowdsourced review pages within days.

Finally, ADR is transparent about the average customer’s approximate savings based on your initial debt amount – approximately 45%. However, it doesn’t disclose what you can expect to save after the company’s fees.

How It Works: ADR offers debt settlement services, and its terms are close to standard for the industry. For example, you must have at least $10,000 in unsecured debts for them to negotiate on your behalf.

However, unlike most of its competitors, ADR advertises that its programs can be as short as 12 months. If you want to get out of debt as fast as possible, it may be a better option than most, though there’s no guarantee you’ll see such quick results.

If you meet ADR’s requirements, you can apply online and schedule a free consultation with one of its debt specialists. They’ll review your finances and explore your debt relief options with you.

That includes the ADR program and its fee structure, which should sound familiar. In accordance with federal law, ADR won’t charge you until they reach a settlement with your creditor. At that point, its fees range from 15% to 25% of the enrolled balance.

ADR is another national debt relief company that doesn’t publicly disclose which states it operates in, so you’ll have to inquire about eligibility when you have your initial consultation.

JG Wentworth

 Best for Customer Service

Why We Chose It: In addition to creating an iconic jingle that’s been stuck in my head for 20 years, JG Wentworth is one of the oldest and most well-respected debt settlement companies in the United States.

Founded in 1991, it’s maintained a reputation for top-tier customer service for over three decades. It receives five-star ratings from thousands of people, replies to all negative reviews, and has accreditations with the BBB and the AFCC.

Many reviews praise JG Wentworth for going above and beyond to make customers feel safe and respected. You can keep the same representative throughout your journey and even communicate with them via text message.

JG Wentworth is also transparent about the realities of debt relief. It informs prospects immediately that creditors aren’t required to negotiate and that settlement is a last-ditch effort to avoid bankruptcy.

In addition, JG Wentworth shares that the average client saves 51% of their total debt balance through its program. However, that doesn’t include the company’s fees.

How It Works: JG Wentworth made its name purchasing structured settlements, converting consumers’ payments into a lump sum. It now offers debt settlement services.

If you have $10,000 in unsecured accounts, you can fill out an online application, and a representative will contact you for a free consultation. They’ll assess your eligibility and propose a debt relief program.

Should you accept, you’ll start making monthly payments into a dedicated account, and JG Wentworth will negotiate on your behalf. You can monitor your progress through an online portal and receive updates from your representative. Programs last 24 to 48 months, and fees are 15% to 25% of the initial enrolled balance, due upon settlement.

JG Wentworth’s services are unavailable in CT, GA, HI, IL, KA, ME, NH, NJ, OH, RI, SC, and VT. However, JG Wentworth will refer prospects from those states to law firms that provide debt relief services in their area.

CuraDebt

 Best for Tax Debt Relief

Why We Picked It:  CuraDebt has been in business for 23 years, opening its doors in 2000. It doesn’t have as many customer reviews as the other entries on this list, but the customers that leave comments tend to say good things.

CuraDebt has a nearly perfect rating on its BBB and TrustPilot review pages. It also holds accreditations with the AFCC and the IAPDA. It’s not accredited with the BBB, but the platform gives it an A+ rating.

CuraDebt isn’t as well-established as the other entries on this list, but it’s one of the only debt settlement companies to allow tax-related debts. If you want help navigating the unique challenges of settling with the Internal Revenue Service or your state tax department, CuraDebt may be your best option.

Learn More: When Should I Hire a Tax Debt Relief Company?

How It Works: CuraDebt offers debt settlement services for unsecured accounts and state or federal tax debts. You may qualify for a program with as little as $5,000 outstanding.

That makes CuraDebt more accessible than most of its competitors. However, if your debts are that low, you can probably use a less extreme method to meet your needs.

If you meet the requirements, you can schedule an initial consultation online. During the discussion, you’ll explore your financial situation and debt relief options with a counselor.

If debt settlement is your best option, they’ll create a program proposal for you. CuraDebt’s programs last between 24 and 48 months, save you roughly 50% before fees, and cost about 20% of your initial enrolled balance.

CuraDebt’s unsecured debt relief services are unavailable in CT, HI, ID, KS, LA, ME, MT, NH, NV, OR, SC, TN, UT, VT, and WV. Tax debt relief is unavailable in PA and PR.

Pros and Cons of Debt Relief Companies

If you’re drowning in debt payments that you can’t hope to afford, debt relief companies can sound like a much-needed lifeline. However, they have significant drawbacks that you must consider before you hire one.

Let’s explore the most notable pros and cons of debt relief companies to help you decide whether or not you should consider using one.

Pros of Debt Relief Companies

The only tangible benefit of hiring a debt relief company is that they’ll negotiate with your creditors for you. Theoretically, you can try to reach a settlement agreement with your creditors personally, but it’s often stressful, time-consuming, and challenging.

Outsourcing the work can save you time, energy, and mental stress. In addition, debt settlement companies have more experience in negotiation than you, and the best ones have good relationships with creditors. They might be able to reach an agreement faster than you could and achieve more favorable terms.

Cons of Debt Relief Companies

Unfortunately, there are many more downsides to hiring a debt relief company than advantages. The most significant ones include the following:

• Credit score damage: Debt settlement companies force you to stop making payments toward your debt, potentially for years at a time. Since payment history is 35% of your score, your credit will drop significantly. Settling an account for less than the outstanding balance also hurts your score.
• Exposure to lawsuits: When you default on a debt, there’s a chance your creditor or their debt collection agency could sue you to collect on the funds. Your debt relief company won’t be able to provide much assistance.
• Forgiven debts may be taxable: When you settle a debt for less than you owe, the absolved portion is taxable income. However, you don’t have to pay if your assets are less than your liabilities at the time. To figure out the tax repercussions of debt settlement, you may need to speak to a tax expert.
• Savings aren’t guaranteed: Debt relief companies won’t always reach a settlement agreement with your creditors. Even if they do, you might not save much money. Penalties and interest will continue to accrue on your debts, and relief companies charge you 15% to 25% of your enrolled balance.

Don’t let debt relief companies trick you into thinking that signing up for a debt settlement program is a magic bullet for getting out of debt. In reality, it’s expensive and high-risk, and you should only consider it as an alternative to filing bankruptcy.

Alternatives to Debt Relief Companies

Before you hire a debt settlement company or attempt to negotiate a settlement yourself, make sure you’ve exhausted all your other options. Of course, the best way to resolve your debt issues is to increase your net cash flow and pay them off in full.

Assuming you can’t solve your problems by tightening your budget or earning extra income, consider the following forms of debt relief next:

• Ask your creditors for help: Contact your creditors and ask them to help you pay them back. Reaching out, especially early, is a sign of good faith. They may have a hardship program that lowers your monthly payments or gives you more time to pay.
• Sign up for credit counseling: Credit counseling agencies are typically non-profit organizations that work with you to improve your finances. They also offer debt management plans, which involve your counselor negotiating with your creditors for better terms. However, they don’t have you stop making payments or settle your account for less than you owe, so they’re better for your credit.
• Execute a debt consolidation: Debt consolidation involves using a new credit account to pay off your existing debts. With a good credit score, you can consolidate your debts into a loan or credit card with more favorable terms.
• Consider bankruptcy. If you qualify for a Chapter 7 bankruptcy with no exposed assets, it can be a better option. The process can be over in six months, as opposed to two to four years for debt settlement. You can also discharge debts completely, instead of reducing them by 25% to 30%.

Each of the above options is more affordable than hiring a debt settlement company and does significantly less damage to your credit. Make sure you try to resolve your debt issues with them before resorting to a debt settlement company.

Learn More: What Is Debt Relief? How Does It Work and What Are Your Options

Are Debt Relief Companies Worth It?

Debt relief companies negotiate with your creditors on your behalf to settle your unsecured debts for less than you owe. Assuming you hire one that’s trustworthy, they can save you time, stress, and money.

However, the process damages your credit score significantly, and there’s no guarantee it’ll result in debt freedom. In addition, hiring a debt relief company to manage the process for you is expensive, and you may not save much money after paying their fees. Ultimately, you should only ever consider it as an alternative to bankruptcy.

FAQs

The post 5 Best Debt Relief Companies in 2023 appeared first on FinMasters.

Why Buy CATL Stock?

CATL stock is a way to get exposure to the EV industry without relying on EV manufacturers, who face an increasingly congested competitive landscape. Because CATL supplies many of the most prominent EV manufacturers, it’s less vulnerable to competitive pressure.

EV Sales: An Overwhelming GrowthTrend

EVs inspire polarized rhetoric and a lot of varied opinions, but the market is clearly adopting them at a prodigious rate. The numbers speak for themselves.

Projected EV Sales, US

Projected EV Sales, Global

The US market tends to get a disproportionate share of the attention, but the world’s largest and fastest-growing EV market is China, followed by Europe.

Despite worries about range, charging networks, and battery lifetimes, EVs are clearly here to stay, and demand is strong and growing. But what does that mean for EV manufacturers?

EV Manufacturers: Competition Matters

Specialist EV manufacturers were among the market darlings of the 2021 bull market. Tesla is among the most talked-about stocks in the world, and Rivian was among the most prominent IPOs of the last few years.

While the EV market overall is surging, investors have good reason to be wary of specialist EV manufacturer stocks. The market is set for an unprecedented degree of saturation in 2023, with over 40 new models set to be introduced.

These span the gamut from Rolls Royce and Bentley to Maserati, Lotus, Mercedes, Lexus, Audi, and BMW to mainstream brands like VW, Volvo, Ford, GMC, Jeep, Toyota, Honda, Hyundai, and Kia, and on to VinFast, Nio, BYD, XPeng and many more. Even DeLorean is getting in on the show!

It’s impossible to know which of these models will stick and which will fade, and how they will stack up to the entrenched dominance of Tesla. What we do know is that competition is going to be intense, especially in the luxury niche. All EV manufacturers will struggle to achieve or maintain market share.

The CATL Alternative

CATL is by far the largest manufacturer of EV batteries, with a market share of approximately 34%. The next-largest competitor, LG, has 14%, and BYD, which only makes batteries for its own vehicles, is third at 12%.

CATL’s list of customers and collaborators reads like a who’s who of EV makers and includes Tesla, Volkswagen, Stellantis, BMW, Daimler, Hyundai, Honda, Nio, Volvo, XPeng, Geely, and multiple bus manufacturers.

On Jan 6, 2023, CATL inaugurated a $1.91 billion factory in Germany, only three hours from Tesla’s European “gigafactory”. Another plant is under construction in Hungary, and there are reports of a Ford-CATL joint venture plant in the US or Mexico.

Aside from its dominance in lithium-ion batteries, CATL is a world leader in Lithium Ferro-Phosphate batteries, which don’t use expensive cobalt or nickel, charge fast, and have a long lifespan.

CATL has developed a battery with a 16-year lifespan, capable of driving a vehicle for a million miles with better fire safety and cold-weather performance than existing models.

CATL is a leading R&D spender and as of the first half of 2022, had 5,480 issued patents with another 7,444 pending.

CATL is proactively addressing potential resource availability issues by investing in mining and processing facilities for lithium and other key materials. The company’s base in China assures a steady supply of rare earth metals.

Note: CATL’s dominance of the EV battery market and its role as a supplier to multiple EV manufacturers place it in a position to succeed in the EV boom no matter which manufacturers eventually dominate the pack.

CATL Financial Performance

CATL has shown extremely high growth rates. Revenues in Q3 2022, the most recent available at this writing, are up 232.5% over the equivalent quarter last year, and profits were up 188%.

The long-term growth trend is equally impressive.

One concern is that free cash flow has been negative since 2001, but that is explained by other figures.

The negative cash flow is caused by rising R&D expenses, which are necessary to maintain the company’s competitive position and market share, and a surge in capital expenditure driven by the expense of constructing new plants to meet rising demand.

R&D and investments in manufacturing capacity are necessary expenses and indicate that the company intends to maintain its position well into the future.

With $18 billion in cash and $8 billion in debt, the balance sheet is solid, and CATL is certainly not facing any imminent cash or debt issues.

CATL Valuation

By some conventional measures, CATL’s valuation seems stretched. The Company trades at 42.6 times trailing earnings and 4.12 times trailing sales, which are fairly lofty measures by any standard.

These valuation measures are still well below previous levels: CATL’s P/E ratio averaged 141 in 2020 and 86 in 2021.

The Price/Earnings Growth (PEG) ratio is far more attractive at 1.06. which by usual measures suggests a fair correlation between today’s price and expected earnings.

There is an argument for the premise that CATL’s growth rate and dominant position in a booming industry justify the valuation ratios. Whether that argument is compelling enough to justify investment is something investors will have to determine for themselves.

How to Buy CATL Stock

CATL trades on the Shenzhen stock exchange (300750.SZ). This will be an issue for US investors who use brokers that don’t handle overseas markets.

While the Shenzhen listing is a deterrent for US investors, it also alleviates a key risk for Chinese stocks. The SEC has suggested that Chinese stocks could be delisted due to reporting concerns, which could have a serious impact on stocks with US listings.

There has been some discussion of a CATL listing in Switzerland, but this is unconfirmed and would still pose an obstacle for US investors.

There are still ways for US investors to buy CATL stock.

1. Use a Broker That Allows Overseas Trades

Several US brokers allow investments in overseas markets, including Fidelity and Charles Schwab. The number of markets available is limited, and you may need to meet special qualifications and pay additional fees.

Interactive Brokers offers the widest range of foreign markets of any broker available to US investors, with access to 150 markets in 33 countries. It might seem extreme to open a new brokerage account for a single stock, but if you’re interested in diversifying into foreign markets, it is certainly worth looking into their services.

Interactive Brokers is the only broker we know of that allows US investors to purchase shares directly on the Shenzhen exchange.

If CATL pursues a Swiss listing, it will be accessible through a larger range of US brokers.

2. Purchase Through a Fund

If you want to have CATL shares in your portfolio but you don’t want to change brokers or open a new account, another option is to buy a mutual fund or Exchange-Traded Fund (ETF) that has a significant holding in CATL. These funds are typically available through any US broker.

The downside of buying through a fund is the same as the upside: CATL will be only one of many holdings. If you really want to buy CATL, this is a downside; if you want diversified exposure that includes similar companies, it’s an upside.

Two types of funds are likely to hold CATL: funds focused on battery or lithium stocks and funds focused on China tech stocks.

Not all funds in these categories will hold CATL. Some funds restrict themselves to companies that trade on certain exchanges, and they may not be willing to buy shares on the Shenzhen exchange.

Top Fund Options

Here are four funds with prominent CATL holdings, two focused on Chinese stocks and two focused on battery and electric vehicle stocks. All holding percentages are as of February 5, 2023.

• The KraneShares Bosera MSCI China A 50 Connect Index ETF (KBA) holds shares in 5o large-cap stocks listed in Shenzhen and Shanghai. CATL is the single largest holding, with 8.07% of the fund’s assets.
• The VanEck ChiNext ETF (CNXT) tracks a cap-weighted basket of stocks on the Shenzhen SME and ChiNext exchanges. CATL is the largest holding, with 17.42% of total assets.
• The Amplify Lithium and Battery Technology ETF (BATT) focuses on lithium battery technology, including metals and materials, batteries, and EVs. CATL is the second-largest holding, with 7.62% of assets.
• The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) tracks the Bloomberg Electric Vehicles Index, which is focused on electric vehicles and future mobility. CATL is the largest holding at 4.76% of total assets.

Before selecting any of these funds, you should assess the entire portfolio, the investing strategy, the expense ratio, and other factors.

Should You Buy CATL Stock?

Every investment involves risk, and investment in CATL is no exception.

Many US investors perceive all Chinese stocks as high-risk investments. There are reasons for that perception: US-China tension and the possibility of escalated sanctions or even war over Taiwan are real concerns.

CATL is less vulnerable to these influences than many stocks. Because the stock trades on non-US exchanges, it is immune to the potential delisting controversies that surround Chinese ADRs in the US. Sanctions are also unlikely. CATL no longer receives government subsidies. It is a major supplier to US firms, and its major competitors are Asian, not US, companies.

CATL does not fit the “copycat” description so often applied to Chinese companies. The company is an innovator in its own right and does not rely on imported technology.

Despite this relative insulation, there is little doubt that CATL would be affected by a significant escalation of US-China tensions, and that the impact of actual military conflict would be significant.

Probably the greatest risk factor facing CATL is the possibility that the EV industry overall may not live up to its lofty expectations. A prolonged period of low oil prices, for example, could slow EV adoption. The ascension of conservative governments could lead to EV subsidies and supports being withdrawn. Safety or lifespan concerns could slow EV adoption.

All of these factors are impossible to predict and could have an impact on the entire industry.

The Bottom Line

CATL is a highly innovative company that dominates a rapidly expanding market. Its high-profile customer list positions it to ride the EV wave no matter which manufacturers emerge on top of the competitive duel. If you believe in the future of electric vehicles, CATL is a stock to consider.

While CATL is an interesting and appealing company, it trades on an exchange that poses certain accessibility issues for US investors. If you’re wondering how to buy CATL stock, there are still ways to do it!

The post How to Buy CATL Stock in 2023: What You Need to Know appeared first on FinMasters.

2022 was a tumultuous year for the world and financial markets. It was a year dominated by inflation, rising interest rates, high energy prices, and the deflation of an extended bull market.

2023 looks set to be dominated by the same trends. Inflation is still high, and the Fed has signaled that it will continue hiking rates. Markets remain vulnerable.

With many of the influences that dominated 2022 set to carry on into 2023, it’s worth looking closely at the most successful funds of 2022 and the strategies that propelled them to their gains.

3 Top Performing Funds of 2022

Picking the top 3 funds for any period depends greatly on the criteria chosen. Should we include ETFs or just managed funds? Only active or also passive? Only equities or also bonds? Only US or anywhere in the world?

This list is designed to reflect what worked in 2022 and give us a full view of the possible strategies instead of focusing purely on performance on a percentage basis.

1. iShares MSCI Turkey ETF

With 106% returns in 2022, this ETF has outperformed the others by a wide margin. It was followed by a bunch of energy-focused ETFs returning 60%+.

The 2022 performance of the iShares MSCI Turkey ETF comes after a very long period of decline that started in 2012. Part of the reason for the performance was the fund hitting a low of $19.62/share on January 2022.

Some of the 2022 outperformance has faded due to the catastrophic earthquake that recently hit Turkey and Syria, the worst in decades. But this is obviously something that could not have been predicted and does not change the record-breaking returns of 2022.

Still, with inflation still not under control and an economy in poor shape, it is not clear if Turkey is out of the woods yet, or if this is a technical rebound in a still ongoing long-term decline. The gains in 2022 were impressive, but there is no assurance that they will be repeated in 2023.

We can deduce a lesson from this fund, but the lesson is not to rush out and buy Turkish shares. This fund staged a dramatic recovery after several years of losses. That doesn’t mean that every losing index will turn around and win, but it does underscore the reality that to buy low and sell high, you have to start by buying low.

Next year’s biggest winner may be languishing in an oversold state today.

2. iShares S&P 500 Energy Sector UCITS ETF

The only ETF that came close to Turkey funds was a fund dedicated to hedging against rising interest rates risk: Simplify Interest Rate Hedge ETF.

It started the year at $37.54/share and went up to $85 in a brief spike, to then decline to then have a second spike just on 31st December 2022 at $71/share.

Inflation has been persistent in 2022, forcing central banks to raise rates. This has been devastating for bond investors and highly profitable for hedges against interest rates.

Inflation has slowed to some extent but remains at historically high levels. The Federal Reserve has signaled that rate hikes will continue, and most analysts expect high rates to prevail through 2023.

That does not necessarily mean that this fund will repeat its performance, but that performance does illustrate the value of locating investments that ride – or hedge against – rising macroeconomic trends.

Energy was the great winner of 2022 among all sectors, with the iShares S&P 500 Energy Sector UCITS ETF returning 85% in 2022. Altogether, energy ETFs represent 8 of 10 of the best-performing ETFs in 2022.

Source: Trustnet

Obviously, the energy war by Russia on the EU was the driving factor, but so was the chronic under-investment in production capacity since the oil price crash in 2014. The rapid shift from tumbling demand and negative oil prices in 2020 to peak demand exacerbated by war put energy in a high-profit spotlight.

Beyond oil & gas, coal also performed very well, with stocks like Peabody (BTU), which almost tripled in 2022 and up 29x since its lowest point at the end of November 2020.

Common Features of Successful Funds in 2022

Recovering Hated Sectors

The common thread between Turkey and fossil fuels is that they are sectors that were deeply hated in 2020-2021 after a long decade of decline and underperformance. Starting price matters, and betting on a sector or country left for dead is often a winning strategy.

Interestingly, this outperformance happened even when the sectors in question were far from fully recovered. Turkey’s inflation was 64% in 2022, and oil prices have struggled to stay above $80/barrel despite repeated production cuts by the OPEC+ cartel (OPEC + Russia). They might still have potential before the trend reverses.

Macroeconomics

The other theme of 2022 was the return of macroeconomic risk. Both energy and inflation made a dramatic comeback after years of being irrelevant. The war in Ukraine, but also persistent underinvestment in commodities and infrastructure, played a big role in causing it.

This might still play a role in 2023, but with likely subtle variations around the same theme (see below).

Investing Ideas From The Lesson Of 2022

1. Buying When There is Blood on the Streets

The first idea is to look for sectors that are out of favor, with persistent losses for years, ready to turn around.

One possibility is cannabis, which has gone from low to lower for a while now. This is a vector that we covered recently in this report.

Another one could be Chinese tech. It has recovered a little from the lowest points but is still far from recovered. Some sectors of international or US tech might be also getting low, but they would not really fit the bill of “hated for years” as they all reached all-time highs in 2021. So for recently down tech, if their growth profile is still intact could be a good move. The next Stock Spotlight report will cover such an e-commerce company.

The most daring investors might even want to test their luck with really risky bets like Ukrainian stocks, certainly trading at a huge discount (justified, in my opinion). I would, however, not want more than 5% of a portfolio on this idea.

2. Persistent Trends

Energy

This might sound paradoxical, but when a 10-year-long trend reverses, it usually takes time to run before losing steam. So we could expect energy or inflation-driven investing ideas to work as well in 2023, even if maybe not to the extreme levels of 2022.

This is something we will discuss in an upcoming report looking into a company involved in the logistics of gas transportation to the EU.

Inflation

Inflation is a more tricky question as it hinges on so many variables:

• Central bank decisions
• Supply chain issues
• Energy costs
• Geopolitics

Because of the inherent incertitude in predicting any hyper-complex macro data point like inflation, I would not recommend going all in on this topic. Keeping an eye on its potential effects, both positive and negative, is nevertheless recommended.

3. Black Swans and Hidden Risks

What may be more relevant is looking at macro risks that markets are dismissing too easily. The world was complacent about “transitory” inflation for a while. Something similar but unrelated to inflation might play out in 2023.

Maybe an intensification of the US-China tensions is something that’s not getting enough attention. If the recent panic about spy balloons shows us something, it is that both countries’ defense and intelligence communities are on the edge.

Trouble in the Middle East is also an option, with the recent mysterious bombing of military factories in Iran. Food prices could become a global issue if the Ukraine situation continues to deteriorate.

4. Something New and Unpopular

The investing principles illustrated by the success of the largest funds can be deployed at a smaller scale. An off-the-radar country or a single company out of favor can provide good returns if the fundamentals have turned around, but the markets have yet to realize it.

This can also include very large companies, with Tesla, Meta, Warner or PayPal down by more than 60% in 2022 and among the top 20 worst-performing stocks for the year.

Keywords like “worst performance,” “crash,” “sinking or tanking markets,” or “death of X” could be good indicators of something ready to rebound, if not for 2023, then 2024. The key is to avoid or at least manage the potential value traps:

• Danish Stocks Are World’s Worst Performing in 2022 Rotation
• Forget Crypto Winter. In Biotech, It’s Been Freezing for Months
• 2022 was the year crypto came crashing down to Earth
• The cannabis collapse: Why weed stocks are crashing again
• Tech’s reality check: How the industry lost $7.4 trillion in one year
• Petro’s Dividend Taxes May Almost Kill Off Colombia Stock Market
• Brazil Markets Sink as Traders Mull Lula’s Plan to Beef Up State

Conclusion

With hindsight, it is easy to claim energy would be the winner of 2022. All it took was correctly predicting the invasion of Ukraine, the problem of a global underinvestment in production capacity, and China ending its COVID policies. Not many analysts got even one of those right, even less all.

As the saying goes, “predictions are hard, especially about the future.”

This is why portfolio construction, risk management, and margin of safety are such important concepts. For example, tech investors that took some chips off the table in 2021’s all-time highs are probably okay. So are investors in emerging markets that took distance from Russia early enough.

The trick is not to let caution turn into fear or paralysis. The too-good-to-be-true prices of energy stocks in early 2022 were NOT a mirage. Fast-growing and profitable tech companies are likely still a good deal, irrespective of recent price actions.

Maybe Columbia or Brazil will be 2023’s Turkey (we just published a full article covering Brazil’s risks and opportunities). Or Biotech turns around when no one pays attention to it.

Stock pickers willing to do the work can look for the intersection of several trends. South American energy companies, biotech specialized in cannabis, Danish tech companies, any combo that might make sense and detect a bombed out price for an otherwise good company.

Of course, there are no guarantees – there never are – but when markets are beaten down, there will be opportunities. Looking at what succeeded in similar conditions can help!

Learning from Markets
These articles look at recent and not-so-recent market history to learn timeless investing lessons. It will also thrive to articulate these lessons into ideas or trends relevant to today’s markets and investment strategies.

The post What We Can Learn From The Top 3 Performing Funds of 2022 appeared first on FinMasters.

These days, it feels like you pay recurring bills for everything. On top of utilities, loan payments, and rent, you can get subscriptions to streaming services and even food delivery. It’s easy to wind up spending hundreds each month on recurring bills without realizing it.

BillTrim is a service that says it can help you save $900 a year on bills. That’s a bold claim but one that could appeal to many people. Let’s see if they deliver!

What is BillTrim?

BillTrim is an all-in-one bill management app. It can help you keep track of your bills, get reminders when they’re due, and pay them. It also helps you save money by negotiating or canceling services.

Every tool included with the service aims to make it easier to deal with and save money on your bills.

The service is available for a simple, one-time payment of $99. Given the company’s claim that it can help you save up to $900 in a year and that it will save you money within 3 hours, that can be an appealing offer.

How Does BillTrim Work?

BillTrim has one core system: a single vault for your bills. As you add bills to that vault, it offers tools to help you manage them and save money.

Signing up is a simple, three-step process:

1. Download the BillTrim app and create an account
2. Link your bank accounts
3. Link your billing accounts

Once you’ve done that, BillTrim will gather all of your information and place it in the bill vault. It can track bills from the accounts you’ve linked and recurring payments made out of your bank account.

Though you do have to hand over your bank info, BillTrim keeps it safe with 256-bit SSL encryption and two-factor authentication. The company also states that it collects and uses customer data exclusively for bill negotiation services.

There is a $99 fee to sign up for the service but no ongoing fees or charges. That means you don’t have to worry about canceling the service if you eventually decide you no longer need it. BillTrim also offers a money-back guarantee if you don’t save money in the first three hours.

Once you’ve set up your account, you can start using BillTrim’s services.

Features

BillTrim offers four services to make managing your bills and saving money easier.

Bill Vault

When you link your bank and bill accounts, BillTrim will monitor those accounts for incoming bills. Each time you receive a bill, the app will add it to your Bill Vault.

The Vault is a centralized location for tracking all of the bills you receive. That saves you the effort of going to four different websites to pay four different bills. It also makes it easy to track your bill history to see how the amounts you pay change over time.

Bill Reminders

Keeping track of all of your payment due dates is a hassle, and the last thing you want is to tank your credit by missing a payment. Plus, that can lead to paying late fees that just make your bills more expensive.

Pay From the App

Just like keeping track of multiple websites to find bills is a hassle, figuring out the best way to pay your bills can be annoying. Some companies let you pay your bill through their website, while others make you send a check or use your bank’s bill payment tools.

BillTrim offers a secure payment system that lets you simplify the process by sending payments through the BillTrim app.

Expert Negotiations

Expert negotiation is the core service here, and it’s where BillTrim can help you save some cash.

BillTrim has a team of negotiators who can work with billing companies on your behalf to help reduce your monthly bills. This can involve anything from asking a credit card company to reduce your account’s interest rate to getting an internet service provider to give you a discount on service.

The team of negotiators will contact your billers on your behalf. In some cases, they can help reduce your bill with no input on your part. In other cases, you might need to be part of a three-way phone call.

Though the negotiators aim to save you money without making you change services, if the expert sees an alternative service at a lower price, they’ll let you know so you can make that decision.

If you’re worried about your personal data, BillTrim may be able to negotiate for you if you upload images of your bills rather than linking your bank accounts. However, linking your accounts will give BillTrim more information about your bills, giving them more chances to find savings.

Pricing

Previously, BillTrim offered a service where the company would take a 25% cut of any savings it found for customers. However, the company has adjusted its fee structure to be much simpler. Instead, it charges a one-time $99 fee when you sign up.

There are no ongoing charges, subscription fees, or other costs on top of this one-time payment.

Customer Reviews

Customer reviews for BillTrim are generally strong. It has a 4.98 out of 5 based on 63 customer reviews left with the Better Business Bureau and a 4.9 out of 5 based on 1,663 reviews with Trustpilot.

Customer reviews revolved around the amount of money that customers saved and the ease of the process.

There are some negative reviews. In these reviews, customers accused the company of using untruthful tactics, such as pretending to be the customer when negotiating with billers or that the savings aren’t worth the hassle.

Alternatives

BillTrim is just one of many companies that claim to help people save on their bills. Before you sign up, you should look at all of your options.

Self-Driven Negotiation

The most obvious alternative is to negotiate your bills on your own. There’s nothing stopping you from calling up your internet company or credit card provider and asking them for a discount, just like BillTrim does.

Negotiating on your own means, you don’t have to give a company any of your bank information. You also won’t have the pay the $99 fee. However, it takes time, and you may not have the negotiation ability that BillTrim’s team does.

Trim

Trim is a similarly named service that works a lot like BillTrim. Make an account, link your bank and billing accounts, and let Trim do the work of negotiating on your behalf.

Trim’s claims are not as lofty as BillTrim’s. The company says you can save an average of $620 per year and can lower your bills by as much as 30%. However, one service it advertises, which BillTrim doesn’t, is the ability to cancel subscriptions for you, saving you a lot of hassle.

One thing about Trim that might be appealing is its price structure. Unlike BillTrim’s flat $99 fee, Trim charges 15% of the amount you save in the first year, with no charges if you don’t save money. Some customers might prefer that to BillTrim’s upfront payment.

BillShark

BillShark is another bill negotiation service that claims to cut people’s monthly bills. This time, the company touts a 25% savings within 2 minutes and a 90% success rate. It also offers an automated subscription cancellation service.

BillShark charges a one-time fee of 40% of the amount saved for its bill negotiation and a flat fee of $9 per canceled subscription.

One unique feature of BillShark is that it offers rewards. When you send a bill to the company to have them negotiate, you can get up to $25 in rewards for local stores, restaurants, and more.

For more alternatives, take a look at some of the best bill negotiation services available today.

Is It Worth It?

Deciding whether BillTrim is worth using depends on two factors.

First, you need to consider how many bills you have and how much you spend on them each month. The more bills you have, the higher the likelihood that BillTrim will save you money. If you don’t spend much on monthly bills, it can be hard to save much, meaning you might pay the $99 fee and save less than that amount.

Second, you have to determine the value of your time. BillTrim doesn’t do anything that you couldn’t do on your own by calling up your billing companies and negotiating with them directly. If you feel like that’s a worthwhile use of your time, you can save money without paying BillTrim’s fee. If $99 seems like a fair price to pay to save time and effort, BillTrim can be a good deal.

Most people probably aren’t going to spend the time calling a bunch of companies to negotiate their bills, so trying a bill negotiation service like BillTrim is worth doing.

However, you have to consider whether you prefer BillTrim’s one-time fee cost structure or the companies that charge a percentage of what they help you save.

Verdict

BillTrim is a service that aims to help you save money on your monthly bills. For a one-time fee of $99, the company will negotiate with utility companies, credit card issuers, and other businesses to help reduce your monthly bill.

They don’t do anything you couldn’t do on your own and at no cost, but for some, the $99 fee is worth saving the hassle. However, there is no guarantee that they’ll save you more than $99, and there are other similar services that charge a percentage of the amount saved, which may appeal to people who don’t want to spend $99 without a guarantee of savings.

The post BillTrim Review 2023: Is It Worth It? appeared first on FinMasters.

A Home Equity Line of Credit or HELOC is a way to tap into the equity of your home to cover large expenses like home renovations, debt consolidation, medical bills, and more. But not all HELOCs are created equal.

To help you find the best fit, we researched the top HELOC options and came up with this list of the best HELOC lenders. We’ll explore all of the features of each HELOC and outline the costs you could incur.

Best HELOC Lenders

In this article, we’ll look at 4 lenders (plus an honorable mention) that offer the best features of the available HELOCs. Each lender provides slightly different services which are beneficial to different borrowers.

1. Best Overall HELOC Lender – Connexus
2. Best Low-Fee HELOC – Bank of America
3. Best HELOC from a Credit Union – Bethpage
4. Best for Landing a Low APR – PNC
5. Honorable Mention: Best for High CLTVs – Alliant

Below you can read about HELOC features each lender offers and which borrowers best benefit from them.

Compare the Best HELOC Lenders

1. Connexus

Best Overall HELOC Lender

Connexus, an open-to-anyone credit union, offers banking and lending services, including home equity loans and home equity lines of credit.

The minimum loan amount of $5,000 and support of a combined loan-to-value (CLTV) ratio of up to 90% make Connexus a good pick for those with a small amount of equity in their home. The extended draw period of 15 years allows you to use the credit line longer than many HELOCs.

Note: The Combined Loan-to-Value Ratio or CLTV is the ratio of all loans secured by a property to the current value of the property. The higher the CLTV, the more you can borrow against a given amount of equity.

The low APRs, flexible terms and quick online application make a Connexus HELOC attractive.

Connexus HELOCs are not available in Maryland, Texas, Hawaii, and Alaska.

Pricing & Fees

You’ll need to be a member of the Connexus Credit Union to qualify for the HELOC. If you don’t meet any of the base eligibility requirements, you can qualify by making a $5 donation to the Connexus Association.

Connexus also charges closing costs. The exact amount you’ll pay depends on the value of the credit line and the state you live in. The maximum charge is $2000, while the minimum is $175.

Connexus offers an introductory rate of 4.5% on its HELOCs for the first six months and 6.99% afterward (introductory APR on HELOCs above 80% CLTV is 6.99%). This rate is variable and can change semiannually, but the APR is capped at a maximum of 16%.

If you choose an interest-only HELOC, you’ll only need to make monthly interest payments for the first 15 years. If you choose a traditional HELOC, you’ll need to pay 1.5% of the utilized credit line each month.

Pros & Cons

2. Bank of America

Best Low-Fee HELOC

This large institution, with more than 200 years of banking history, offers a wide variety of services, including mortgages and HELOCs.

Bank of America’s HELOCs have some of the lowest fees in the industry. There are zero application fees, annual fees, or closing costs, and the APRs offered are reasonably low.

With lines of credit up to $1 million, a 20-year repayment period, and rate discounts, Bank of America’s HELOCs could be a good option for those who wish to have a large credit line ( i.e., over $500,000).

Bank of America offers easy access to your funds, including checks, online banking, and using your ATM card.

Pricing & Fees

Bank of America charges zero fees or closing costs on HELOCs up to $1 million. But, if you close out your HELOC account within three years, you’ll need to pay a $450 early closure fee. The early closure fee is waived in Texas and Maryland.

The introductory APR for the first six months is 6.24%, changing to 9.6% after the six months are up. Bank of America offers several rate discounts.

• 0.25% discount for automatic payments
• Up to 1.5% discount for initial withdrawal (.10% for each $10k)
• 0.625% for Preferred Rewards members

These discounts are not available during the introductory period.

Bank of America also allows you to move some or all of your outstanding balance on your HELOC to a fixed-rate loan with a set repayment period. You can have up to 3 of these fixed-rate loan plans open simultaneously.

Pros & Cons

3. Bethpage

Best HELOC from a Credit Union

This full-service credit union offers various lending, investing, and banking products, including mortgages and HELOCs. Based in the New York area, membership at this credit union is open to everyone except Texas residents.

The HELOCs Bethpage offers come with a 12-month introductory rate lock and no fees, making it an attractive option for those looking to save money on their HELOC.

Credit lines are available as low as $10k and as high as $1 million. Still, you’ll need decent equity as Bethpage requests a CLTV ratio of 75% or less to qualify for the introductory APR.

Pricing & Fees

Bethpage does not charge for appraisals or closing costs on credit lines up to $500,000. Above that, you might need to pay fees, though Bethpage does not state what these will be.

If you choose to close out your credit line within three years, you will need to reimburse Bethpage for the closing costs. Depending on the value of your credit line, this can range from $500 to $15k.

Bethpage offers an introductory rate of 6.99% for an unheard of 12 months (6 months is usually standard). To qualify for this rate, your CLTV needs to be 75% or less, and your credit line needs to be at least $25k.

Once the introductory period is over, the variable rate is 7.5%. Bethpage advertises that the minimum rate is 3.25% and the maximum is 18%.

Additionally, Bethpage offers to convert your HELOC balance to a fixed-rate loan. You can have up to 3 of these fixed-rate plans on your HELOC with repayment periods of 5, 10, or 20 years.

Pros & Cons

4. PNC

Best for Landing a Low APR

This bank offers various services to individuals, small business owners, and large corporations. These include mortgages and HELOCs.

PNC offers HELOCs up to $1 million and supports a CLTV ratio of up to 90%. But where they really stand out is in helping you get the best APR. They offer you the option to switch between variable and fixed rates at will, and they offer a rate reduction for automated payments.

This can help you save money on interest throughout the life of your credit line. Unfortunately, there is a transfer fee for switching from variable to fixed and vice versa.

Pricing & Fees

PNC charges a $50 annual fee on all HELOCs. This fee is waived in Texas.

If you close out your credit line within 3 years, you will need to pay back any closing costs PNC incurred.

While PNC doesn’t advertise a specific interest rate, it offers conversion to a fixed-rate plan. PNC also offers reverse transfers from fixed-rate plans back to variable. This lets you take advantage of rising and falling interest rates.

For instance, let’s say interest rates are rising, so you convert your credit line balance into a fixed-rate plan at 8%. When the variable goes up to 10%, you are protected. If rates then fall to 6% variable, you can convert your 8% fixed plan back to variable.

The downside is that PNC charges $100 for each transfer, so you’ll want to ensure your potential interest savings outweigh the fee.

Pros & Cons

5. Honorable Mention: Alliant Credit Union

Best for High CLTVs

If you are looking for an alternative lender that offers high CLTVs and a wide range of credit line amounts, then the HELOCs offered by Alliant Credit Union might be a worthwhile option.

The main downside to Alliant – and the reason why they are not featured higher up on our list – is limited availability. HELOCs from Alliant are only available in 25 states plus Washington DC. That leaves half the nation unserved.

If you are in their coverage area, a HELOC from Alliant could be a good alternative to one from Connexus.

Pricing & Fees

Alliant doesn’t charge any charge closing costs on credit lines up to $250,000. Above that threshold, they will charge a flat fee of $1000. Alliant does not advertise a maximum credit line.

Alliant does charge a $50 annual fee which is waived during your first year. They also charge a $200 termination fee if you close the account within one year. Compare this to other lenders who charge for closing within the first 3 years.

Alliant advertises APRs starting as low as 7.75%. This rate is variable and, according to Alliant, can change monthly, as opposed to the semiannual schedule other lenders use.

And while Alliant doesn’t offer a fixed rate plan, they will refinance your HELOC, which could help you lower your interest rate and increase your credit line. You’ll need to pay a $250 fee if you don’t increase your credit line.

Pros & Cons

Comparing the Best HELOC Lenders

Below is a side-by-side comparison of the 5 top HELOC lenders we covered in this article. All of these lenders offer an interest-only HELOC, but aside from that, many of the HELOC features differ.

* It is worth noting that the advertised CLTVs will be dependent on your state laws (i.e., Texas sets a maximum CLTV of 80%) and your creditworthiness.

Choosing the Best HELOC Lender?

What are you looking for in a HELOC lender?

Low APRs are usually a good selling point, but since HELOCs are variable APR products, the APR you get today could easily increase next month.

It is also worth noting that per National Credit Union Association (NCUA) law, credit unions have to cap the interest rate on HELOCs at 18%.

Don’t forget about the fees. Annual fees and closing costs can eat away at low APR offers.

Home equity is another important factor to consider.

For instance, a homeowner in California with significant equity may need to choose a lender with credit lines up to $1 million. Whereas a homeowner in a rural area with very little equity will need to choose a lender that offers low starting credit lines and high CLTVs.

And if variable APRs make you uncomfortable, or you don’t have sufficient equity, you can always look at HELOC alternatives like home equity loans and cashout refis.

The post Best HELOC Lenders of March 2023: Fees, Pros & Cons appeared first on FinMasters.

If you’ve traveled outside of the United States and used a credit card or debit card, you might have noticed a foreign transaction fee showing up on your monthly statements.

Some card issuers charge an additional fee when you use your card outside the country it was issued in. With a bit of effort, you can minimize or avoid the fee entirely, helping you save money on your next trip.

What is a Foreign Transaction Fee?

A foreign transaction fee is exactly what it says on the tin. It’s an additional fee that card issuers charge when you use your debit card or credit card while outside the United States. The fee is composed of two different charges: one from the card issuer, typically a bank or lender, and one from the card network, such as Visa or Mastercard.

Most often, foreign transaction fees are charged as a percentage of the transaction. You might pay anywhere from 1% to 4% of the amount as a fee.

That means that if you make a $100 purchase using your credit card, you could pay between $1 and $4 in foreign transaction fees.

You can find how much your card issuer charges in your cardholder agreement.

Foreign Transaction Fees vs. Currency Conversion Fees

When you’re in another country, it’s important to understand the difference between foreign transaction fees and currency conversion fees.

When you make a purchase outside of the US, the merchant will typically charge you in whatever the local currency is, such as euro, yen, or pesos. When you swipe your card, your card issuer gives the merchant the appropriate currency and adds it to your account’s balance in dollars.

Some merchants work with a company that offers dynamic currency conversion (DCC). This lets merchants charge customers in the currency of their choice and receive local currency in return.

For example: if you’re in France, which uses euros, a local merchant using DCC could give you a bill in US dollars. That saves you from having to do the mental math to figure out the conversion. When you pay, the merchant will receive euros even though the bill came to you in dollars.

Merchants will let you choose between a charge in the local currency and dynamic currency conversion. Usually, you’ll want to pay in the local currency.

One reason is that DCC providers don’t offer the best exchange rates, so you could pay more than if you paid in the local currency. The second is that foreign transaction fees are based on where you make a purchase, not the currency used, so DCC does not let you avoid foreign transaction fees, even if the bill shows dollars and not a foreign currency.

Why Do Card Issuers Charge a Foreign Transaction Fee?

Card issuers charge foreign transaction fees for several reasons.

The simplest reason is that fees are a way for card issuers to make money. The more they can charge cardholders for using their cards, the more money a credit card issuer can bring in.

Another is that foreign transactions generate some cost for the card issuer and the fees help to cover those expenses. Card issuers already charge merchant interchange fees to cover the expense of operating a payment network.

Making that payment network handle currency conversion and overseas money transfers adds complexity and costs that need to be paid for.

Do All Credit Cards Have Foreign Transaction Fees?

No, not all credit cards have foreign transaction fees. There are many credit cards that don’t, and this can often be a major selling point for those cards.

Commonly, the credit cards that don’t charge foreign transaction fees are travel-focused credit cards. A lack of foreign transaction fees is especially common among the more premium travel cards, which carry high annual fees. However, there are travel cards with no annual fee that don’t charge a foreign transaction fee.

How to Avoid or Minimize Foreign Transaction Fees

There are a few options if you want to avoid or minimize foreign transaction fees while overseas.

To start with the obvious solution, you can simply avoid using your card when you’re outside of the United States. If you don’t use the card, your card issuer can’t charge a fee.

However, this can be highly inconvenient, forcing you to use cash for your entire trip. It can also be risky because carrying cash can make you a target for theft or pickpockets. You also lose the fraud protections offered by most credit cards.

Plus, the savings may be lower than expected. If you convert dollars to other currencies, you’ll usually pay an exchange fee. Even using your debit card to take money out of an ATM can incur fees. You can limit the cost by converting currencies at your bank before leaving the US, but traveling with a lot of cash is dangerous.

The other simple option is to sign up for a credit card with no foreign transaction fee. That gives you the freedom to use your card wherever you’d like without having to worry about fees.

If you expect to spend a lot of time in another country, such as on frequent business trips, it may make sense to open a bank account in that country or to open a specialized bank account for frequent travelers. This will let you hold cash in whatever foreign currency you’ll need to use and make converting easier and lower cost.

The Bottom Line

Many credit cards charge a foreign transaction fee when you make purchases outside the US, but with a bit of effort, they’re avoidable. Most people who expect to travel can benefit from keeping a card with no foreign transaction fee and no annual fee in their wallets.

The post Foreign Transaction Fee: What Is It? How Does It Work? appeared first on FinMasters.

Whether you’re looking to make money or save money, Neighbor.com can help you out. This storage service helps people rent out their extra space and provides inexpensive storage for those looking for places to keep items they aren’t using. 

What Is Neighbor.com and How Does It Work?

Neighbor.com is a self-storage company. Think of it as the Airbnb of self-storage. Neighbor.com connects users with storage hosts that advertise free space in their homes, driveway, or elsewhere on their property.

Neighbor.com handles all the financial transactions, directly transferring the renter’s money into the bank account of the listing provider. It uses Stripe to manage its payment processing.

What Types of Storage Can Your Lease or Rent on Neighbor?

Neighbor.com provides a means of listing storage spaces from as small as a closet for a college student to as big as a warehouse.

The most common types of storage areas people list on Neighbour include:

• Sheds
• Carports
• Backyards
• Closets
• Garages
• Attics
• Driveways
• Basements
• Spare bedrooms
• Side yards (good for RV parking)

You can even find warehouses, shipping containers, and parking lots.

The Neighbor.com Customer Journey

The host experience is focused on making space, creating the listing, setting the price, and taking pictures.

Renters search through the listings, which is relatively easy. It is up to the renters to decide if they want to occupy the space. Each listing will display the price, the location, a description, and photographs.

Once renters have made a selection, they contact the host and may exchange some messages. Then they set a date and a time to move their things into the space.

Once a guest has a renter, they will set a date and time to show the tenant the space and put all their things into storage. Owners can inspect the items when they come in or afterward.

The host sets the times when the tenant can visit the private storage unit.

The renter can come to check or take out the items or put more things in storage. But remember that as a renter, you can only visit the space as often as the host authorizes and during times that are convenient for the space owner.

Payments are made each month through the Neighbor.com site.

Additional Features and Services

Neighbor.com services depend on its hosts, but certain features apply to all hosts and renters.

• Insurance Coverage – Neighbor protects from the host’s liability of $1 million and up to 90% of the market value of stolen or damaged items for those who purchase a protection plan.
• Secure Payments – Auto-pay is available for all renters. If the rent is overdue, the host will receive guaranteed payments as long as the space is occupied.
• First-Month Discount – For many storage ads on Neighbor.com, you’ll get a 50% rebate on your first month. However, you need to store for more than a month to get this reduction.

Other functionalities will vary depending on your host. Here is a list of services you can find on Neighbor.com:

• Smoke detectors
• Climate-controlled storage
• Vehicle Storage
• Private entrances
• Security cameras
• Non-smoking storage
• Locked areas

The online listing for any storage space will tell you what features the space includes.

What Security Does Neighbor Provide for Hosts and Renters?

Before accepting a renter, the host can check the renter’s profile and read what they have and would like to store.

Once they have given the green light, the hosts can inspect items stored in their additional space. They also have up to $1,000,000 in liability coverage for Neighbour damage.

Renters guarantee: Neighbor.com places a high priority on renters’ safety. It provides up to $25,000 of rental insurance against theft of your property at no additional cost.

Refunds and Cancellations

Cancellations can occur for both parties and work slightly differently according to the scenario.

For Owners:

• If you are the space owner and must cancel the booking before the renter has stored the property, the renter will receive a full refund.
• However, you may need to cancel after they’ve already stocked their belongings. In that case, you must give your renter at least 30 days’ notice before you take their belongings away.
• If you face a situation where you have to give less than 30 days advance notice, you will be charged for the inconvenience, and the last month’s fee will be refunded.

In contrast, here’s how cancellations work if you’re a renter:

• If you cancel four days before the start date or within 24 hours of your booking approval, you will receive a 100% refund.
• If you cancel within three days of the start date, you will receive a reimbursement of 80%, but won’t get your service charges back.
• Finally, if you cancel after the start date, you will not receive a refund and will pay the full month’s fee.

Prohibited Storage Items

The storage space owner can inspect everything the user stores and refuse any offer. There is also a list of restricted items for everybody, including:

• Firearms
• Fireworks
• Hazardous Chemicals
• Garbage
• Animals
• Toxins
• Drugs
• Explosives
• Pesticides
• Garbage
• Munitions
• Perishables.

Hosts are permitted to inspect the items to be stored to assure that no prohibited items are among them.

Neighbor.com Cost

Prices will vary depending on the location, size, and what your host decides to charge for the space.

Based on Neighbor.com’s data, renting storage space through their site storage space costs around $160 per month on average. In addition, there is a 15% monthly service charge. It’s roughly $20 less than the industry average.

At approximately $30 less than the industry average, you can get a deal similar to what you would do with traditional self-storage leaders like ExtraSpace and CubeSmart.

How to Earn Money On Neighbor

You make money by listing your space and making it appealing to tenants. Here are a couple of tips to help:

• Share the listing with friends, family, and social media contacts to boost the number of potential renters.
• Your description should be reliable, informative, and instructive.
• Use great quality photographs and try to show a clean and spacious interior and the accessibility of the space.
• You should be friendly and accessible and have a schedule that allows you to accommodate renters.
• Increase your ranking on the site by writing a well-thought-out personal biography that encourages people to trust you.

An appealing profile is vital to attracting renters, as is charging a reasonable price for the space.

How Much Can Hosts Earn on Neighbor.com?

Neighbor.com pays its hosts monthly for each month for storage units. Depending on the size of your space, your location, and other factors, hosts can earn between $50 and $600 a month. Neighbor sends the payment by direct deposit through a payment platform that complies with PCI standards.

Neighbor Host Fees

There is no upfront service charge for listing. However, there is a fee for processing the payment for each booking location. The service charge is 4.9% of the rental price plus $0.30 per month. This covers the cost of the payment process, using the website, direct deposits, and security.

Pros & Cons of Neighbor.com

Neighbor.com Alternatives

Here are some similar services:

• Stashbee – Stashbee provides short-term parking, which Neighbour does not. This product allows hosts to receive more reservations and profit more over time. Renters can find a parking spot for the time they need, from a few minutes to a year or more.
• Clutter – This storage company manages the pickup, storage, and removal of stored items. It stores the goods of customers in massive warehouses outside city centers. Clients can manage their storage remotely by visiting the digital catalog to review items and schedule deliveries. 
• Spaceways – For those of you in the UK, SpaceWays offers on-demand storage that does not require clients to transport items from one warehouse to another.

Customer Reviews

Neighbor.com is rated 3.13 out of 5 by reviewers on the Better Business Bureau (BBB) site. There are only 15 reviews, so you’ll have to be aware that the sample size is small.

There are also 24 complaints in the last three years. The Company has replied to all of them and most appear to have satisfactory resolutions.

Positive reviews say the system is simple and effective.

Complaints tend to focus on communication, payment, and refund issues.

Neighbor gets 3.3 of 5 stars from 330 reviews on Trustpilot. 52% of the reviews are 5-star, and 33% are 1-star, indicating fairly polarized experiences.

The main takeaway from the reviews is that when things work well – and they often do – the service is very satisfactory for all concerned. When things go wrong there may be issues that the Company sometimes has problems resolving.

Verdict

Neighbor.com provides a way to make money from space that you’re not using. It also provides access to storage space for less than you’d pay a storage company.

The main drawback, for both renters and tenants, is that you’re dealing with individuals, and they may not be as reliable as you’d like them to be.

If that risk is something you don’t want to take, Neighbor.com may not be something you want to pursue. If you’re willing to take the chance, you could find it a very attractive proposition.

The post Neighbor.com Review 2023: Can You Make Money? appeared first on FinMasters.

Purchasing the perfect wedding dress is every bride’s dream. However, the big day is over before you know it, and you’re stuck with a big wedding dress for the rest of your life.

You might soon realize your wedding dress occupies too much space in your closet and gathers dust. Since it isn’t something anyone reaches for on a typical Monday morning or even Friday evening, many brides sell their wedding dresses to recoup some of the cost.

If you’ve been thinking about doing the same thing, these top 15 sites and locations are the best places to sell your wedding dress.

Where to Sell a Used Wedding Dress Online

1. Stillwhite

Stillwhite is one of the most popular online marketplaces for selling and buying pre-owned wedding dresses. With a selection of more than 52,000 used wedding dresses, it’s one of the go-to places for brides-to-be looking for a bargain on the perfect wedding dress.

Stillwhite has a valuation tool to help you decide on the best price for your wedding dress, a very useful feature for sellers who are not so familiar with the market. It lets you set a reasonable sum for your item and sell it quickly.

2. Poshmark

Poshmark is an online marketplace for selling and buying used items, including clothing, beauty, and home decor. The site also has a dedicated section for wedding dresses where people can buy and sell designer and mall wedding dresses.

Poshmark also has a mobile app, which significantly simplifies selling and buying for users. Buyers can use various filters to narrow their search and communicate with sellers, while sellers can share their listings for easier discovery. The result is a platform that sellers and buyers love using.

3. Tradesy

Tradesy is an online marketplace specializing in selling designer clothing and accessories. This is a site that specializes in designer wedding dresses only. The used wedding dresses also have to be in outstanding condition.

Although Tradesy is quite strict regarding the items it approves, buyers on this site are generally ready to pay more for a high-quality wedding dress in pristine condition. If you’ve invested a lot into your designer wedding dress and it’s still in outstanding condition, Tradesy is the best place to recoup some of the cost.

4. BravoBride

If you’re looking for an online bridal marketplace where you can sell wedding dresses, bridal shoes, jewelry, veils, and other ceremony and reception accessories, BravoBride is a perfect choice. You can easily list all your wedding items and find soon-to-be brides who would love to purchase some of your goods.

The best thing is that BravoBride doesn’t take a commission from your sales. Even though Stillwhite recently acquired BravoBride, it still offers its users the same quality of service.

5. Wore It Once

Another excellent option for selling used wedding dresses and other bridal-related items is Wore It Once. This platform allows sellers to set up a virtual shop on the site, enabling them to quickly and efficiently sell multiple products.

Sellers have complete freedom regarding how much they’ll charge for their pieces and how big their shop will be. The listings don’t expire and Wore It Once doesn’t take a commission for the sales. All you have to do as a seller is pay a one-time setup fee of $20, and you’re ready to launch your virtual shop.

6. Ruffled

From wedding gowns to wedding decorations, Ruffled allows you to recycle your entire wedding and earn some money. When using this website, you can buy or sell wedding dresses without additional costs because Ruffled doesn’t take commissions from sales or charge for the listings.

Besides being completely free to use, Ruffled has a vast community of people specifically looking to buy or sell wedding-related items, which is just the audience you’re looking for.

7. Once Wed

Whether you want to find wedding inspiration, use unique wedding planning tools, or browse pre-loved wedding dresses, Once Wed is an online resource that has it all. That’s why Once Wed is so popular among brides-to-be. Moreover, owners of used wedding dresses can use this opportunity to sell their pieces at excellent prices.

At Once Wed, over 4,000 secondhand wedding dresses are available. Not only does Once Wed have an extensive collection, but it’s also free and safe to use.

8. Weddingbee

Weddingbee is an online platform primarily focusing on providing its users with practical advice, sharing helpful tips and tricks, and creating a supportive online community for everyone currently planning a wedding or those who have already been through the entire process.

Weddingbee has a section where users can purchase or sell wedding dresses. If you have a wedding gown lying around and you’re not sure what to do with it, put it up on the Weddingbee site and allow someone to wear your wedding dress on their big day.

9. Nearly Newlywed

Sometimes selling a used wedding dress is a hassle. You must create a listing, respond to questions regularly, adjust the price if necessary, and resolve the shipping issue. If you don’t have plenty of free time on your hands right now, Nearly Newlywed might have the solution for your needs.

Although this platform has a higher commission rate, the team at Nearly Newlywed will take care of everything and ensure your wedding dress finds a new owner. You only need to provide the team with details and photos of your wedding dress, and they will take care of the rest.

10. Sell My Wedding Dress

If you’re looking to sell your old wedding dress and nothing more, the aptly named Sell My Wedding Dress should do the trick. This site offers a vast selection of used wedding dresses for its users to purchase, and those who want to sell can do so by publishing a listing.

Every listing should include essential details about the wedding dress, such as the size, color, and style of the dress. Every seller determines the price for their clothing item and chooses the shipping method.

11. PreOwned Wedding Dresses

As the #1 site for buying and selling used wedding dresses on Google search, PreOwned Wedding Dresses has one of the most extensive communities of brides and selections of wedding dresses. With more than 40,000 wedding sales and an average of 2,000 views per listing, PreOwned Wedding Dresses is a safe bet if you want to sell your wedding dress fast.

Besides wedding gowns, you can sell bridesmaid dresses, flower girl dresses, mother’s dresses, and other wedding accessories on the site.

12. Craigslist

In addition to online marketplaces specializing exclusively in selling used clothes and wedding dresses, you could also publish a listing on more general sites like Craigslist.

Although coming across someone who’s specifically looking for a used wedding gown is less likely, Craigslist is an excellent alternative if you don’t want to ship your wedding dress across the state or the country.

Since Craigslist is locally based, you can find someone who lives in your city or area and can pick up the dress in person.

13. Facebook Marketplace

Another fantastic option for a general online marketplace that gives you access to plenty of people in your area is Facebook Marketplace. This online platform has many users, so you can quickly find someone interested in purchasing your wedding dress.

If you decide to go with Facebook Marketplace, you can also check out various Facebook sell and buy groups. You might find many potential buyers there.

14. eBay

The last online marketplace on our list is eBay. Although eBay is a general marketplace where you can find just about anything, some people sell their used wedding dresses there.

Selling on eBay can be a hit or miss since the success of your sale primarily depends on specific searches. However, if you have a wedding dress that’s frequently sought-after, you can get a pretty nice deal. In addition, eBay provides its sellers with seller protection, shipping labels, and 24/7 customer support.

15. Local Consignment Shops

Online marketplaces aren’t the only way to sell a used wedding dress. Many local consignment shops and secondhand stores will gladly add your wedding dress to their assortment.

While this method requires a bit of research to determine which local consignment you’ll choose, everything becomes easier once you do. All you have to do is drop off your wedding dress and leave the store with cash in your pocket.

Where Can You Sell Your Wedding Dress Locally?

If you don’t want to worry about high shipping costs or the package getting lost in transit, the best thing to do is to sell your wedding dress locally. You can choose from the local online marketplaces that allow you to meet with your buyers in person, including Craigslist and Facebook Marketplace.

Nevertheless, a wedding dress consignment shop is the best option considering these stores specialize in selling wedding-related items. These wedding-specific stores allow direct access to your target audience of soon-to-be brides.

Keep in mind that some of the local consignment shops charge a commission rate between 40% and 60% for helping you sell your used wedding dress.

Where Can You Donate Your Dress?

If you didn’t manage to sell your wedding dress or want to help someone in need, you can always donate your used wedding gown. Some bridal shops organize dress donations, so look out for those in your area. Many thrift stores also accept wedding dresses, but you might also want to check out some organizations and charities.

Brides For A Cause is an organization that sells donated dresses and raises funds for women-focused charities. They will clean and sanitize the wedding gown for you and even provide you with details for tax deductions.

Brides Do Good is another organization that sells unique and designer wedding gowns and vintage and rare pieces. Around 30% of proceeds from every sale go to various women-focused charities. Not only will you give your wedding dress to someone who needs it more, but you will also support a good cause.

Tips for Selling

There are a few factors you need to consider before you sell your wedding dress. Here are some helpful tips for selling a used wedding dress:

• Make sure your wedding dress is in good condition. If there are rips, stains, or any other damage to the dress, include photos and mention that in the description.
• Include all the relevant information about the dress. Size, the exact color, style, alterations, petticoats, and any other information will help the buyer decide whether your wedding dress is right for them. The more accurate you are when writing the description, the more likely you will sell the gown quickly.
• Photos will sell your dress, so include as many full-length pictures of the wedding gown from different angles. Don’t forget the close-ups that show the details of the wedding dress, such as lace design or beadwork. Ideally, include pictures of the dress on a hanger and you wearing it. That way, potential buyers will have a clearer idea of how the dress fits.
• Clean your wedding gown before you take pictures of it. That is especially crucial if it has been sitting in your closet for a while now. A fresh clean will brighten up the dress and transform it for the photos. In fact, you could sell your wedding dress twice as fast if you get it professionally cleaned.

With these handy tips in mind, you’ll have an accurate and informational listing that will sell your used wedding dress in no time.

How to Price Your Used Wedding Dress

Most sellers wonder how they should price their used wedding gowns. If your gown is relatively new, which means it was designed within the last two years, you can sell it for about 50% of the original price tag. That’s mainly because these are popular styles sought-after by many brides, so they will be willing to pay more for a wedding gown design that’s currently trending.

Some designer wedding dresses like Oscar de la Renta and Vera Wang or popular indie tags like Grace Loves Lace could sell for 60% of the original price.

Vintage, unique, rare, and discontinued pieces could also go above 50%, depending on the designer’s name and the condition of the dress.

You can always conduct extensive research and browse other used wedding dress listings with similar descriptions. That will enable you to get an idea of how much other users are selling their wedding gowns for, and you’ll be able to price your gown accordingly.

Some wedding dress online marketplaces and consignment shops offer a free valuation, so you can get professional help when pricing your used wedding dress.

Final Thoughts

A wedding dress takes up a lot of space in the closet, and you’ll most likely never wear it again. If you’re not particularly attached to this clothing piece, you might want to consider selling it.

Besides earning back some of the cost and freeing up the much-needed space, you’ll allow one bride-to-be to enjoy your wedding dress as much as you did. Consider the marketplaces mentioned above and sell your wedding dress in no time!

The post 15 Best Places to Sell a Used Wedding Dress Quickly appeared first on FinMasters.