TessMore Finance Blog

Thinking about buying a house? That new car you’ve been dreaming about? Opening that coffee shop or bookstore? Big dreams require financial assistance, and in order to get good financial assistance, you need a good credit score . Unfortunately, there’s a lot of misinformation around about credit scores. Fortunately, we’re here to help you weed out the important info, like the differences between the two main credit scores, from the false, like the belief that unemployment impacts your credit . In this chapter, we’ll be discussing the credit score’s meaning, how a credit score is calculated, why your credit score is important, and more. Read on to learn all you need to know about credit scores and how to make yours the best possible. What is a credit score? How is your credit score calculated? How to improve your credit score? Why your credit score matters Boosting your credit score can improve your financial health What is a credit score? If you’ve ever applied for a credit

F.I.R.E. – or Financial Independence, Retire Early –  is a favorite topic here at Wallet Hacks. Not only do we write about the overall concept of FIRE, but also the different variations.  Coast FIRE is one of the more interesting versions. With Coast FIRE, you build a portfolio early in life that can grow enough to fund your retirement, then live your life – or coast – until the big day arrives. That’s where this FIRE flavor gets its name. Table of Contents Understanding the Basics of FIRE The Five Main Versions of FIRE Regular FIRE Fat FIRE Lean FIRE Barista FIRE What is Coast FIRE? Calculating Your Coast FIRE “Number” Why Should You Choose Coast Fire? Coast FIRE Pros & Cons Final Thoughts on Coast FIRE Understanding the Basics of FIRE The FIRE movement , at its core, is about building an investment portfolio large enough to enable you to retire early, or at least to achieve a level of financial independence that will give you plenty of options in life. Mos

How to Get More During the Great Resignation The Great Resignation, as it’s become known, has been a wake-up call for employers and a shift in consciousness among workers. During the pandemic, employees realized that they were no longer willing to accept certain circumstances in their job, leading many to quit resulting in a shortage of labor. One of the primary reasons behind the Great Resignation was low wages, with many workers quitting simply because they were underpaid and often overworked. To ascertain how many workers have become focused on getting paid more, how they plan to achieve that, and how raises and ways of obtaining them differ among certain demographics, we conducted a survey of 1,003 employees throughout the U.S. Read on to learn how our respondents felt about being underpaid in today’s work landscape. Key Findings 54% of employees believed they are underpaid due to inflation. 65% of those who asked for two or more raises in the last year received them—incre

Less than two years ago, I was giving advice on finding a job in an employer’s market .  I said to shift your mindset from that of a job seeker to that of a Top Performer. Don’t try to just land a job. Show the company why they’d be lucky to have you. You want to evaluate the company in the same way they’re evaluating you.  In an employer’s market, you might feel that you’re at a disadvantage because there are so many other people competing for the same job.  Don’t!  Rather than think of yourself as one of hundreds of applicants to a job, instead think of yourself as the BEST applicant for a job. You need to show the company why you’re the best candidate for the job … and why they’d be lucky to have you. (I show you how in my Find Your Dream Job program.)  Can I tell you the secret?  That advice is the same even in an employee’s market!  The difference: in an employee’s market, you’re in a better position to negotiate. Here’s what to do :  Get crystal clear on your Dream Jo

As a kid, there are few moments that match the joy of opening a gift at Christmas, on a birthday, or some other special occasion. But what if you want to give your child something a little different on the next go-round – like company stock? Getting your child a piece of paper or a gift card to buy stock won’t match the sizzle of some hot new toy. But it will grow in appeal as the years pass. Older kids might even be more excited at receiving a financial gift than a toy.  The gift of stock is an opportunity to change the child’s future direction. If they don’t “get it” now, they almost certainly will in a few years. Table of Contents Why Stocks are a Better Gift than Toys Tax Considerations of Stock Gifts How to Buy, Gift, or Give Stocks to Kids Contribute to an Existing or New 529 Account Open a Custodial Account Earlybird Greenlight + Invest Acorns Early Stockpile Final Thoughts on Gifting Stocks to Kids Why Stocks are a Better Gift than Toys One of the most fund

Yes, you can pay off early with the affirm financing. Further, affirm does not impose any penalty on early repayment. In fact, you save interest that has not been accrued at the repayment date. However, interest accrued to the repayment date has to be paid. It’s important to note that early repayment is one of the facilities offered by affirm. Otherwise, traditional financing companies impose penalties as they have to lose an income that has not been accrued on the balance in line with the schedule. However, the facility to make early repayment is available with the affirm financing without financial repercussions. So, you can opt to pay more than your monthly installment. And every extra dollar you pay is deducted from the outstanding balance. In addition to this, interest is accrued on the balance after deducting the repayment balance including scheduled payments and the excess amount repaid. Affirm also sends you a payment reminder three days before the due date. However, if

What is Affirm? If you enjoy the ‘buy now, pay later (BNPL)’ strategy of purchasing then you might have heard of the name ‘Affirm’. Affirm was founded almost a decade back in 2012 by Max Levchin, who is also the co-founder of PayPal. Currently headquartered in San Francisco, USA, it is a popular financial lending company that provides a short-term financing opportunity to distribute a fairly large payment into small payments over a period of a few months or a year. This way you don’t have to delay your favorite phone or laptop purchase because of not having sufficient savings. Affirm will pay the due amount in full for you; you’ll receive your item and then you can pay them back at your ease at minimum interest rates. Detailed understanding To better understand the Affirm financing mechanism , imagine yourself in a scenario where you are having your big day next week and the bridal dress is yet to be chosen. Two days before the event, you have finally found your dream dress

Buy Now Pay Later (BNPL) used to be a fringe benefit, allowing customers to finance large purchases like furniture, farm equipment and automobiles. Today, digital BNPL companies like Klarna and Affirm allow customers from around the world to pay for just about anything in installments. But while the convenience of these services can’t be denied, there are some drawbacks to using them that you should be aware of. Here are some examples of when using BNPL might not be worth the convenience, along with some tips on how to use it responsibly. May Affect Credit Score  If the BNPL provider reports late payments to the three credit bureaus, then your credit score could suffer. Payment history is the most significant factor affecting your credit score, and just one late payment could cause your score to drop by more than 100 points. May Owe Late Fees When you choose a BNPL service, make sure to sign up for automatic payments if possible. If that’s not an option, then write down the due d

If you’ve recently changed jobs , you probably have a lot going on as you try to acclimate to your new job, your new coworkers and your new company. However there are a few financial steps that you’ll want to make sure you keep in mind. Delaying or forgetting about some of these steps can cost you thousands of dollars (or even more). Make sure you take care of them in the first 60-90 days in any new job. Enroll in an HSA or FSA A Health Savings Account (HSA) and a Flexible Savings Account (FSA) are two different employer-sponsored accounts used to pay medical expenses. While an HSA and an FSA share a few similarities, there are some important differences that you’ll want to be aware of. The two most important differences between an FSA and an HSA are: To contribute to an HSA, you need to have a high-deductible health insurance plan. FSAs are available to employees with any type of health plan You must use any money in an FSA by the end of the year. You’ll lose the money if you