TessMore Finance Blog

When your 62nd birthday approaches, you’ll have a big decision to make: Should you take Social Security at 62 and accept lower benefits? Or should you delay Social Security to get a higher benefit amount? The answer to whether taking Social Security at 62 is the right move for you depends on several factors: your life expectancy, whether you’re retiring early and your overall financial situation. Here are some things to consider in your retirement planning . How Claiming Social Security Early Works If you’re claiming Social Security based on your own record or you’re taking spousal benefits, you can start benefits as early as age 62. If you’re a surviving spouse, you can begin receiving benefits at 60. However, by taking benefits earlier, you’ll face a lifetime benefit reduction. Your Social Security benefit is based on your primary insurance amount. That’s the amount you’d receive if you started your benefits at full retirement age . If you were born in 1960 or later, your full r...

Capital One has eliminated overdraft fees and non-sufficient fund fees for all of its consumer banking customers, making it the first major U.S. bank to do so. It joins a list of seven other smaller financial institutions that have already ditched overdraft fees and the question is now, will more big banks follow suit? No More Overdraft Fees at Capital One Capital One is not the first bank or credit union to eliminate overdraft fees, a penalty that disproportionately affects people who can’t afford them . Earlier this year, online banking giant Ally Bank made headlines for eliminating its overdraft fees , and Alliant Credit Union, another major financial institution, followed shortly after. Capital One is different from Ally and Alliant, however, because of its sheer size. Capital One is the nation’s sixth largest retail bank and, as of now, the only one in the top 10 to eliminate overdraft and non-sufficient funds fees. Three of those top 10 banks, according to the Consumer Fina...

If you pay attention to investment news, you’ve likely heard of the term, meme stock . Much like crypto, meme stocks dominated the headlines in 2021. And like crypto, they are highly speculative investments, which begs the question: is it a good idea to invest in meme stocks, or should you avoid them at all costs? Table of Contents What Is a Meme Stock? What Drives the Prices of Meme Stocks? The Four Meme Stock Cycles Meme Stock Examples What are the Risks of Investing in Meme Stocks? Memes Aren’t Based on Fundamentals  You May Be Late to the Party  Prices Can Crash Quickly Opportunity Cost Should I Invest In Meme Stocks? What Is a Meme Stock? A stock is labeled as a “meme stock” when the price skyrockets based on nothing more than social media hype. More specifically, individual investors use social media platforms to create a buzz around the stock, which results in a buying frenzy. Pretty soon, the stock’s price no longer resembles its true value. Exactl...

When investing in securities, investors may come across various terms that are relevant to the process. Some of these terms relate to the value of the underlying product in which they invest. Usually, they include face value, market value, par value, and several other terms. For most investors, these terms can be highly crucial in differentiating the returns and benefits they get. For an average investor, all the terms associated with pricing can be confusing. These terms can have several implications, which require an essential understanding of the prices. Similarly, these values can apply to various investments, including stocks and bonds.  However, they may have different meanings based on the underlying security to which they relate. In most cases, investors must understand two primary prices or values. These include the market value and par value of the underlying securities.  Through these values, they can determine the returns they can get or the price they will pay f...

The share price of a company’s stock may differ based on various factors. Usually, market participants and forces decide how much this stock is worth.  However, some internal factors may also play a role in establishing the price that shareholders will pay for it. When companies issue shares to the general public, they can decide how much they will charge. Once these shares get into the market, the market forces will determine the price. Any subsequent transfers of stock will have a different worth compared to the initial issue price.  However, the underlying company does not receive any compensation for it. The only amount that companies get is the initial payment they receive from shareholders. Any subsequent exchanges happen between holders only. The price that the market deems suitable for a company’s shares is known as the market price. This price can be highly critical in determining the stock’s worth. However, companies may also have a par value for their shares. This...

The information presented in a company’s financial statements can provide significant insights into its operations. For stakeholders, particularly shareholders and investors, this information can be significantly crucial. Of these financial statements, most stakeholders focus on the balance sheet, income statement, and cash flow statement. Sometimes, however, the information presented in these statements may not be sufficient. In those cases, stakeholders will need additional information on which they can base their decisions. In most circumstances, obtaining internal information can be challenging since companies don’t disclose them. However, they can still use other techniques to enhance the quality of the data presented in the financial statements. This process falls under the calculating and interpreting of financial ratios. Financial ratios are crucial metrics that calculate the relative magnitude of one figure to another. In most cases, these ratios consider how one item in the...

Investors can invest their resources in various financial instruments. Usually, these prefer to have share and debt instrument investments. Each of these instruments may come with unique features which differentiate them from the others.  On top of those features, they may also come with various terms, which differ based on context. One such area where these terms may differ includes the values for financial instruments. Usually, these instruments come with a value, which dictates how much the investor will pay for them. This value may differ based on whether the investor acquires the underlying security from the market or the issuer. In most cases, investors deal with the market, and, therefore, the market value may be highly crucial. In some cases, other terms may also dictate the value or financial aspects of the underlying security. Of these, the par value and face value are highly crucial.  However, they may relate to different scenarios or assets. In most cases, both o...

Companies issue shares to their shareholders and gets finance in exchange. This finance becomes a part of a company’s equity. Through this equity, companies can run their operations and fund various operations.  Usually, shares do not stay with the same holder and may change hands several times. These shares remain in the financial statements and systems as outstanding shares. When companies issue shares, they get finance in exchange. As mentioned, shareholders may transfer these shares to other investors through the market. However, the underlying company does not receive any funds for the subsequent transactions. In most cases, companies keep the initial finance forever and count those issued shares as outstanding. Sometimes, however, companies may also repurchase their issued shares. These instances may occur when the company’s management believes it would be financially beneficial to do so. However, this process may carry various conditions.  This concept of repurchasing...

Could you use some extra cash? Several class action lawsuit settlements have claim deadlines before the end of the year. See if you qualify but act fast if you want to file a claim against TULA Life skin care because that deadline is Dec. 10. The rest are Dec. 13 through Dec. 31. Best Buy Data Breach Class Action Settlement Consumers who made purchases from Best Buy and were affected by a 2017 data breach may be entitled to compensation of up to $2,060. The Class includes everyone who received a mailed or emailed notice about the 2017 Best Buy data incident. These Class Members either lost money, needed to replace financial cards, felt they had to pay for credit monitoring, or spent time dealing with the results of the attack. The plaintiffs claim their private financial information was obtained by hackers during the data breach. Class Members submitting documentation of unreimbursed bank fees, card re-issuance fees, overdraft fees, telephone charges, charges from banks or credit...