Quick Payday Loans
It's easy to quality for our online
payday loans, and the process is fast and simple. Get a quick
cash advance, and then learn about ways to meet your future financial goals
with information on investments, credit cards, mortgages, and retirement planning.
Quick payday loans might be a short
term solution to your emergency cash needs, but our site also contains helpful
financial information to help you in the long term. Take advantage of these
resources and you just might find that this is the last time you need to apply
for a payday loan.
Financial Planning: Types of Investments
Savings Accounts. Such accounts are a good place to store
your emergency funds. They are generally insured by the FDIC up to $150,000
for all deposits at one institution and provide easy access to your money. The
chief drawback is that interest rates tend to be low.
CDs (Certificates of Deposit). CDs usually earn more interest
than a savings account and are a vary low-risk financial vehicle. They are generally
insured up to $150,000 by the FDIC for all deposits at one institution. You
agree to keep your money on deposit for a fixed period of time. Usually, the
longer the term, the higher the interest rate. There may be penalties for early
withdrawal.
403(b) Tax Sheltered Annuities (TSAs). Similar to a 401(k) plan,
TSAs are retirement plans for nonprofit organizations such as schools, hospitals
or social service agencies. These plans allow you to set aside a portion of your
pay on a pretax basis and the money invested in a TSA grows free from taxation
until such time as you withdraw the money. Withdrawing money from your 403(b)
plan before age 59-1/2 is generally prohibited. But there are exceptions. Certain
403(b) plans permit hardship exceptions such as purchase of a primary residence
or college tuition. If you qualify for a hardship withdrawal, you will still pay
a 10% early withdrawal penalty plus regular taxes. The maximum amount you can
contribute to a TSA is determined by how much you make, how long you've worked
for your current employer and the amount you contributed in prior years. The general
rule is the you can contribute up to $9,500 a year.
Money Market Deposit Accounts. These accounts usually earn
slightly higher interest than a savings account but still allow easy access
to your money. Some banks and financial institutions require an initial deposit
of $1,000 or more and limit the number of withdrawals or transfers you can make
during a given period of time.
Individual Retirement Arrangements (IRAs). IRAs were established
to encourage people to save for retirement. Subject to certain limitations,
an individual generally may be able to contribute the lesser of $2,000 or 100%
of your compensation to an IRA, and the earnings grow tax deferred until you
begin withdrawals. Your annual contribution may also be fully or partially deductible,
depending on your income level and whether you are covered by another retirement
plan. As with 401(k) and 403(b) plans, you may be subject to a 10% IRS penalty
for premature withdrawals (generally before the age of 59-1/2), in addition
to the income tax. You may have a choice of investment options for your IRA,
including stocks, bonds, mutual funds or CDs. Keep in mind that your money must
be in an IRA-approved account and that it must be designated as an IRA.
Bonds. When you purchase a bond, you are essentially loaning
money to a corporation, the U.S. government or a local government for a certain
period of time, called a term. The bond certificate promises that the issuing
entity will repay you on a specified date with a fixed rate of interest. Bond
terms can range from a few months to 30 years. Bonds are generally considered
a safer investment than stocks because bondholders are paid before stockholders
if a company becomes insolvent. Independent bond-rating agencies such as Standard
& Poor's and Moody's rate the likelihood that any given bond will default.
You can find bond ratings in each agency's publications at your local library.
Keogh Plans. Keoghs are retirement plans for people who are
self-employed. Usually a maximum of 25% of your net income (or a maximum of
$30,000) can be contributed to these plans on a tax-deferred basis. Keoghs are
more complicated than an IRA, 401(k) or 403(b), so get tax advice before setting
up a plan.
Stocks. When you buy stocks, you acquire shares of a company's
assets. If the company does well, you may receive periodic dividends and/or
be able to sell your stock at a profit. If the company does poorly, the stock
price may fall and you could lose some or all of the money you invested.
