TessMore Finance Blog

If you’ve started your own company — or you’re considering the move — you’ve likely marveled at the logistics required to pull it off. Popular first-time small business owner (SMB) questions include: How do taxes work now? What do I need to know about buying health insurance? What exactly qualifies as a business expense ? There are many changes when you run your own show. And when you become a business owner, your banking needs to change, too. That’s right, you need a business account. Since vetting banks and business checking accounts probably isn’t how you want to spend your time when you’re self-employed, we did the leg work for you. Here are some of the best bank accounts (specifically checking accounts) at a glance for small business owners. Because we’re talking to SMBs about business savings and business checking accounts, we leaned into information specific to that audience. Meaning, we focused more on banking services that cater to those just starting out and whose...

Financial independence, or FI, is one of those rare goals many people hope to accomplish – someday. But few ever do. Most of the time, the problem isn’t a lack of desire, but the absence of a plan or willingness to commit.  The good news is that you can start working towards financial independence now, no matter where you’re at in life. The following guide includes a nine-step plan to help you reach FI. Each step is crucial, but it can be customized to fit your circumstances. Let’s start with some basic concepts. Table of Contents What Is Financial Independence? How Can You Achieve FI? 1. Define Your Version of Financial Independence 2. Get Family and Friends on Board 3. Prepare to Cut Your Living Expenses 4. Create a Plan to Earn More Money 5. Save, Save, and Save Some More 6. Create a Long-term Investment Plan The 4% Rule Explained 7. Get Out of Debt as Soon as Possible 8. Assess Your Progress and Make Adjustments as Needed 9. Dig in...

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...