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Growth Rapidly is a personal finance blog, intended to help you save money, make money, and build wealth. Our articles and financial tools are there to assist you to make the best financial decisions, including buying a house, choosing a financial advisor, etc

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    How to Create Your Own Retirement Plan

    One of the good things of working for a company is that they create a retirement plan for you. As an employee, you don’t have to do anything else but to participate in the plan. However, when you’re self-employed or a small business owner, you’re responsible of setting up your own retirement plan. When it … Continue reading "How to Create Your Own Retirement Plan" The post How to Create Your Own Retirement Plan appeared first on...

    One of the good things of working for a company is that they create a retirement plan for you. As an employee, you don’t have to do anything else but to participate in the plan. However, when you’re self-employed or a small business owner, you’re responsible of setting up your own retirement plan.

    When it comes to operating your own business, time is of the essence. However, even if you’re crazy busy, saving for retirement should be a priority. Indeed, a retirement account allows you to contribute pre-tax money, which lowers your taxable income.

    Luckily, a financial advisor can help you save time and help you choose the right plan that is best for you. Below are four retirement saving options you can create as a self-employer individual.

    1. Solo 401k

    A solo 401k is for small businesses or sole proprietors who don’t have any employees other than a spouse working for the business. The solo 401k mirrors a typical 401k plan that most companies offer. The main difference is that you can contribute as an employee and employer.

    In other words, because you’re both the boss and the worker, you get to contribute in each capacity. That in turn allows you to contribute a higher amount each year. However, your total yearly contributions cannot exceed $58,000 or $64,000 for individuals age 50 or older as of 2021. To set up a solo 401k, you have to get in touch with a financial institution.

    2. SEP IRA

    If you’re an independent contractor, self-employed, or has a small business with 25 employees or less you can set up a SEP (Simplified Employee Pension). It’s very easy to establish and don’t even require you to incorporate your business to qualify.

    In a SEP IRA, the employer alone contributes to the fund, not the employees. You can contribute up to 25% of your annual salary or $58,000 in 2021, whichever is less.

    3. Keogh Plan

    Keogh plans are available to self-employed people, including sole proprietors who file Schedule C or a partnership whose members file Schedule E. This type of plan is preferable among those who have a high and stable income.

    But the main advantage the Keogh has is the high maximum contribution you can make. In 2021, you can contribute up to $58,000. To set up, you will need to work with a financial institution such as Charles Schwab. 

    4. Simple IRA

    The Simple IRA was created by the Small Business Protection Act to help those who work at small companies to save for retirement. The small business can offer the plan if it has 100 or fewer employees.

    Both the employer and the employee can contribute up to $13,000 in 2021, plus an additional catch-up amount of $3,000 if you’re 50 or older. If a company offers a Simple IRA, it must match an employee’s contribution dollar for dollar, up to 3% of each participant’s annual salary or make a nonelective 2% contribution to all employees.

    Where to Invest Your Keogh, SEP IRA, Solo 401k, Simple IRA

    As a small business owner, there is always an investment program that suits your needs for your IRA, SEP, Keogh and solo 401k. Places such as banks, brokerage firms and mutual funds institutions such as Vanguard, Fidelity, Charles Schwab are great options. But before opening account, make sure you consider how much money you have, your appetite for risks, the annual fee, etc.

    The Bottom Line

    If you’re a small business owner or self employed, you should take advantage of the tax benefits offered by these plans mentioned above. Creating a retirement plan is important, because not only will you be able to grow your retirement savings faster but also no one is going to do it for you. 

    Related:

    Tips on Retirement Planning

    Retirement planning can be a major challenge, but you don’t have to go in it alone. Speak with a financial advisor who can help you come up with a unique plan based on your circumstances and situations. Use SmartAsset advisor matching tool to get matched with fiduciary financial advisors in just 5 minutes.

     

    The post How to Create Your Own Retirement Plan appeared first on GrowthRapidly.


    5 Best Ways to Promote Your Small Business in 2021

    As a small business owner, you may have a tough fight when it comes to standing out. Not only are you competing against other small businesses in your field, but you’re also competing against bigger corporations. And those big businesses have a more national reach and have the necessary cash to better promote themselves. Do … Continue reading "5 Best Ways to Promote Your Small Business in 2021" The post 5 Best Ways to Promote Your Small Business in 2021 appeared first on...

    As a small business owner, you may have a tough fight when it comes to standing out. Not only are you competing against other small businesses in your field, but you’re also competing against bigger corporations. And those big businesses have a more national reach and have the necessary cash to better promote themselves.

    Do not lose hope just yet, however. There are a number of alternative options and ideas to make you, as a small business owner, stand out among your competitors. Also, it always helps to get some financial expertise on your side. So, consider working with an experienced financial advisor.

    1. Engage in Social Media.

    Big and successful businesses have the capital to promote themselves through advertisements and other marketing channels. But small businesses may face challenges to obtain financing to market themselves. So, for small businesses, the idea is to have a strong social media presence.

    Not only is it free, also there is a personal touch that comes from operating a small business that big corporations may often lack. There are many social media platforms to market yourself (i.e, Facebook, Instagram, LinkedIn, Tik-Tok, YouTube, just to name a few). So, post regularly on these platforms and respond to people’s comments.

    2. Start A Podcast.

    Just like marketing yourself through online platforms can be rewarding, starting a podcast is also a good way to promote your small business. Talk about the subjects that people seek out when they need a solution to a problem. People will then see you as an expert in your field. That in turn can provide you with more leads and marketing opportunities.

    Get Matched With 3 Fiduciary Financial Advisors
    Managing your finances can be overwhelming. We recommend speaking with a financial advisor. The SmartAsset’s free matching tool will pair you with up to 3 financial advisors in your area.

    Here’s how it works:

    1. Answer these few easy questions about your current financial situation

    2. In just under one minute, the tool will match you with up to three financial advisors based on your need.

    3. Review the financial advisors profiles, interview them either by phone or in person, and choose the one that suits your’ needs.

    Get Started Now>>>

    3. Get Featured in Your Local Newspaper.

    One of the best ways to get your name out there is to get featured in your local newspaper. This can be done for free or at a very low cost.

    4. Establish a Good Relationship in Your Community.

    It’s a good idea for a small business to establish a good relationship in their local community. If people always see you face-to-face in the community at charity events, or networking events, they are more likely to trust you and your product. Also, having a good relationship with your local bank will also help as you may one day want to ask for a business loan.

    5. Apply for a Business Loan.

    Lastly, consider applying for a small business loan. A small business loan can be a solution to your marketing strategy. It can help pay for your advertising cost without dipping into your own funds.

    There is a challenge, however.

    Many lenders require small businesses to have been in business for a number of years or to be making a minimum amount of revenue before they will lend any money. That is because these lenders want to make sure you will be able to pay off the loan, as many new businesses do not succeed.

    So, do your shopping as there might be lenders that do not have any requirements at all. Before you start the process of applying for a small business loan, it’s a good idea to work out if you can afford it in the first place. 

    Hire a Pro: Develop Your Financial Strategy

    You can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

    The post 5 Best Ways to Promote Your Small Business in 2021 appeared first on GrowthRapidly.


    4 Simple Ways to Accelerate Your Retirement Savings

    The key to a comfortable retirement is to think ahead and to have enough money saved up in your retirement savings account. However, you may have fallen behind on your savings and need a boost to get you on the right track. There are some ways to accelerate your retirement savings if that’s the case. … Continue reading "4 Simple Ways to Accelerate Your Retirement Savings" The post 4 Simple Ways to Accelerate Your Retirement Savings appeared first on...

    The key to a comfortable retirement is to think ahead and to have enough money saved up in your retirement savings account. However, you may have fallen behind on your savings and need a boost to get you on the right track. There are some ways to accelerate your retirement savings if that’s the case. A financial advisor can help ensure you’re optimizing your savings strategy, and you can use a free financial advisor matching tool to help you find one.

    Maximize Your Contributions

    You can contribute up to $19,500 a year in your 401k. If you are 50 and older you can contribute even more, an additional $6,500. This is call the catch up contributions, which brings the total 401k contribution limits to $26,000 for those 50 and older. By contributing the maximum amount allowed, you can increase your long term investment potential.

    If that is not possible, consider increasing your monthly contributions to whatever amount you can. If you get a bonus or pay raise, consider increasing your monthly saving rate. 

    Take Advantage of Your Employer Match

    In addition to the maximum contribution of $19500 you can make to your 401k, your employer also contributes. In some cases, they match dollar for dollar or 50 cents for each dollar the worker pays in.

    Adjust Your Investment Mix

    The more time you have before retirement, the more time you have to invest. If you are many years away from retiring, you should invest more aggressively in stocks rather than bonds. In other words, the majority of your assets should be in growth investments. As you’re approaching retirement, you can re-balance your portfolio to a more conservative investment mix.

    Keep in mind that the more aggressive your investment mix is the riskier it is. That is, you may lose money in a declining market. That is why it is always important to speak with a financial professional to help you build a well balanced investment portfolio.

    Consider Investing in Other Retirement Accounts

    If you’ve maxed out your 401k account, consider investing in an Individual Retirement Account (IRA), such as a Roth IRA or traditional IRA. An IRA is another tax-advantaged retirement account where your money grows tax free until you take it out.

    You may contribute $6,000 into your IRA for the year of 2020. If you are 50 years old and older, you may contribute up to $7,000.

    Both wife and husband can contribute up to $6,000 each year, making it a total of $12,000 even if only one spouse is working. Your can deduct all of your traditional IRA contributions every year.

    20 Questions to Tell If You’re Ready to Retire

    You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

    The post 4 Simple Ways to Accelerate Your Retirement Savings appeared first on GrowthRapidly.


    Average Net Worth By Age: Where Do You Stand?

    A lot of us does not expect to have a net worth in the millions. But have you ever wondered what the average net worth by age is? If so, then you have come to the right place. Indeed, knowing how your net worth compares to others can be good information in that it can … Continue reading "Average Net Worth By Age: Where Do You Stand?" The post Average Net Worth By Age: Where Do You Stand? appeared first on...

    A lot of us does not expect to have a net worth in the millions. But have you ever wondered what the average net worth by age is? If so, then you have come to the right place. Indeed, knowing how your net worth compares to others can be good information in that it can give you a sense of satisfaction or serve as a source of motivation for you.

    So, take the time to see how your net worth stacks up against your peers to see if you’re headed in the right direction. And if you’re not, then it’s time to take action by making more money, reduce debt, and acquire assets. In the meantime, SmartAsset’s free tool can match you with a financial advisor who can help you grow your net worth.

    What is the average net worth?

    The Federal Reserve’s 2020 Survey of Consumer Finances shows that the average net worth for all American families is $748,800. That number, however, doesn’t tell the who story as the median is a much lower number of $121,700. The median is a more accurate representation of the average person.

    Average net worth by age.

    When it comes to your net worth, your age plays a major role. For instance, as you get older, you acquire more assets like a house. And at some point down the line, you get some equity in the home, thus increasing your net worth.

    Get Matched With 3 Fiduciary Financial Advisors
    Managing your finances can be overwhelming. We recommend speaking with a financial advisor. The SmartAsset’s free matching tool will pair you with up to 3 financial advisors in your area.

    Here’s how it works:

    1. Answer these few easy questions about your current financial situation

    2. In just under one minute, the tool will match you with up to three financial advisors based on your need.

    3. Review the financial advisors profiles, interview them either by phone or in person, and choose the one that suits your’ needs.

    Get Started Now>>>

    Here’s sample of American’s net worth by age:

    AgeAverage Net Worth
    Under age 35$76,300
    35-44$436,200
    45-54$833,200
    55-64$1,175,900
    65-74$1,217,700
    75 and older$977,600

    What is net worth and how it is calculated?

    Your net worth is the assets you own minus your liabilities or debts. Assets include: 1) Your bank accounts, including your checking, savings, money market funds, investment accounts, etc; 2) CDs, municipal bonds, saving bonds, government bonds, health savings accounts. 3) Retirement accounts like 401k, 403bs, Roth or Traditional IRA; 4) Real estate, including residential homes; 5) Cars, motorcycles, boats, e.

    Your net worth is important, because it tells where you are right now and where you need to go.

    It is calculated by substracting your liabilities or debts from the value of your assets. Your liabilities and debts include your mortgages, credit card debt, loans including student loans, personal loans, auto loans, business loans.

    If you want more advice on growing your net worth, use SmartAsset to connect with a financial advisor.

    Average net worth (under age 35)

    The average net worth for individuals age 35 and under is $76,300. The median is $13,900.

    The reason the net worth in this age group is so low is because it’s comprised of younger folks in their 20s and who just graduated from college. They don’t have any money saved up and they have a lot of student loans.

    Nonetheless, it’s crucial to save something every month no matter how little. Money saved up now can be used as a down payment on a house, which is an asset, thereby increasing your net worth. You should also consider opening a tax-free retirement account.

    Here are the other average net worth by age:

    • Average net worth (age 35-44): $436,200. The median is $91,300.
    • Average net worth (age 45-54): $833,200. The median is $168,600.
    • Average net worth (age 55-64): $1,175,900. The median is $212,500.
    • Average net worth (age 65-74): $1,217,700. The median is $266,400. 
    • Average net worth  age 75 and older): $977,600. The median is $254,800.

    How to grow your net worth.

    There are several ways to increase your net worth. One is to buy a real estate property. It can be your own house to live in or a rental property.

    Second is to open a retirement account. Retirement accounts, like a 401k, a Roth IRA or a traditional IRA, are in fact the best ways to build your net worth. Your money grows tax-free in these accounts.  If your job offers a 401k plan, you should definitely participate in it.

    Third, start saving more.

    Saving your money now is another important way to grow your net worth. You will need some type of upfront cash to obtain assets. If you’re buying a house, for example, you will need to come up with the down payment on the house.

    If your current savings account is currently paying you a meager .01% interest, then it might be time to switch savings account to one that pay way more. A high interest savings account like CIT Bank Savings could help you earn 15 times more interest each month.

    Related:

    1. 20 Questions to Tell If You’re Ready to Retire
    2. How to Retire at 50: 10 Easy Steps to Consider
    3. CIT Bank CD Rates: How Much Can You Earn

    Speak with the Right Financial Advisor

    You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning to retire at 50, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

    The post Average Net Worth By Age: Where Do You Stand? appeared first on GrowthRapidly.


    How To Retire At 50: 10 Easy Steps To Consider

    Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that like  at 50? Is it doable? Below are 10 easy steps to take to retire at 50.  Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with  a … Continue reading "How To Retire At 50: 10 Easy Steps To Consider" The post How To Retire At 50: 10 Easy Steps To Consider appeared first on...

    Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that like  at 50? Is it doable? Below are 10 easy steps to take to retire at 50.  Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with  a financial advisor who can help to work out and implement a retirement income strategy for you to maximize your money.

    10 Easy & Simple Steps to Retire at 50:

    1. How much you will need in retirement.

    The first thing to consider is to determine how much you will need to retire at 50. This will vary depending on the lifestyle you want to have during retirement. If you desire a lavish one, you will certainly need a lot.

    But according to a study by SmartAsset, 500k was found to be enough money to retire comfortably. But again that will depends on several factor.

    For example, you will need to take into account where you want to live, the cost of living, how long you expect to live, etc.

    Read: Can I Retire at 60 With 500k? Is It Enough?

    A good way to know if 500k is possible to retire on is to consider the 4% rule. This rule is used to figure out how much a retiree should withdraw from his or her retirement account.

    The 4% rule states that the money in your retirement savings account should last you through 30 years of retirement if you take out 4% of your retirement portfolio annually and then adjust each year thereafter for inflation.

    So, if you plan on retiring at 50 with 500k for 30 years, using the 4% rule you will need to live on $20,000 a year. 

    Again, this is just an estimation out there. You may need less or more depending on the factors mentioned above. For example, if you’re in good health and expect to live 40+ years after retiring at 50, $500,000 may not be enough to retire on. That’s why it’s crucial to work with a financial advisor.

    Get Matched With 3 Fiduciary Financial Advisors
    Managing your finances can be overwhelming. We recommend speaking with a financial advisor. The SmartAsset’s free matching tool will pair you with up to 3 financial advisors in your area.

    Here’s how it works:

    1. Answer these few easy questions about your current financial situation

    2. In just under one minute, the tool will match you with up to three financial advisors based on your need.

    3. Review the financial advisors profiles, interview them either by phone or in person, and choose the one that suits your’ needs.

    Get Started Now>>>

    2. Maximize your tax-advantaged retirement accounts.

    Once you have an idea of how much you need in order to retire at 50, your next step is to save as much as possible at a faster rate. If you are employed and you have a 401k plan available to you, you should definitely participate in it. Nothing can grow your retirement savings account faster than a 401k account.

    See: How to Become a 401k Millionaire.

    That means, you will need to maximize your 401k contributions, for example. In 2020, and for people under 50, the 401k contribution limit is $19,500.  Also, take advantage of your company match if your employee offers a match.

    In addition to the maximum contribution of $19,500, your employer also contributes. Sometimes, they match dollar for dollar or 50 cents for each dollar the worker pays in.

    In addition to a 401k plan, open or maximize your Roth or traditional IRA. For an IRA, it is $6,000. So, by maximizing your retirement accounts every year, your money will grow faster.

    3. Invest in mutual or index funds. Apart from your retirement accounts (401k, Roth or Traditional IRA, SEP IRA, etc), you should invest in individual stocks or preferably in mutual funds

    4. Cut out unnecessary expenses.

    Someone with the goal of retiring at 50 needs to keep an eye on their spending and keep them as low as possible. We all know the phrase, “the best way to save money is to spend less.”

    Well, this is true when it comes to retiring 15 years early than the average.  So, if you don’t watch TV, cancel Netflix or cable TV. If your cell phone bill is high, change plans or switch to another carrier. Don’t go to lavish vacations.

    5. Keep an eye on taxes.

    Taxes can eat away your profit. The more you can save from taxes, the more money you will have. Retirement accounts are a good way to save on taxes. Besides your company 401k plan, open a Roth or Traditional IRA.

    6. Make more money.

    Spending less is a great way to save money. But increasing your income is even better. If you need to retire at 50, you’ll need to be more aggressive. And the more money you earn, the more you will be able to save. And the faster you can reach your early retirement goal.

    7. Speak with a financial advisor

    Consulting with a financial advisor can help you create a plan to. More specifically, a financial advisor specializing in retirement planning can help you achieve your goals of retiring at 50. They can help put in a place an investment strategy to put you in the right track to retire at 50. You can easily find one in your local area by using SmartAsset’s free tool. It matches users with financial advisors in just under 5 minutes.  

    8. Decide how you will spend your time in retirement.

    If you will spend a lot of time travelling during retirement, then make sure you do research. Some countries like the Dominican Republic, Mexico, Panama, the Philippines, and so many others are good places to travel to in retirement because the cost of living is relatively cheap.

    While other countries in Europe can be very expensive to travel to, which can eat away your retirement money.  If you decide to downsize or sell your home, you can free up more money to spend.

    9. Financing the first 10 years.

    There is a penalty of 10% if you cash out your retirement accounts before you reach the age of 59 1/2. Therefore, if you retire at 50, you’ll need to use money in other accounts like traditional savings or brokerage accounts. 

    10. Put your Bonus, Raise, & Tax Refunds towards your retirement savings. 

    If retiring at 50 years old is really your goal, then you should put all extra money towards your retirement savings. That means, if you receive a raise at work, put some of it towards your savings account.

    If you get a tax refund or a bonus, use some of that money towards your retirement savings account. They can add up quickly and make retiring at 50 more of a reality than a dream.

    Retiring at 50: The Bottom Line: 

    So can I retire at 50? Retiring at 50 is possible. However, it’s not easy. After all, you’re trying to grow more money in less time. So, it will be challenging and will involve years of sacrifices, years living below your means and making tough financial decisions. However, it will be worth it in the long run. 

    Read More:

    Speak with the Right Financial Advisor

    You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning to retire at 50, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

    The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.


    What Is “Accessible Income” on a Credit Card Application?

    If you’re applying for a credit card, you might stumble upon this term “accessible income.” In fact, that’s the only situation in which you will come across the term: on a credit card application. So, you need to know what it is. Accessible income is not just income you earn from your regular job. Rather, … Continue reading "What Is “Accessible Income” on a Credit Card Application?" The post What Is “Accessible Income” on a Credit Card...

    If you’re applying for a credit card, you might stumble upon this term “accessible income.” In fact, that’s the only situation in which you will come across the term: on a credit card application. So, you need to know what it is.

    Accessible income is not just income you earn from your regular job. Rather, it includes much more than that. It includes income from a wide variety of sources, like retirement savings accounts, social security payments, trust funds, just to name a few.

    Accessible income can work in your favor because not only you can list income from your job, but also all types of other money you receive in a given year. This in turn will increase your chance of getting approved for the credit card, simply because you can list a higher income.

    It also can get you approved for a higher credit limit, which in turn can help your credit score and allow you more spending freedom. In this article, I will explain what accessible income is and the types of income you need to include in your credit card application. Before you start applying for too many credit cards, consult with a financial advisor who can help you develop a plan.

    What is accessible income?

    Accessible income means all of the money that you have accessed to if you are 21 years old or older. According to the Credit Card Accountability Responsibility and Disclosure Act, lenders are required to offer you credit if you are able to pay your bill. If you do not make enough money and do not receive enough income from other sources and cannot make payments, they can reject your application. That is why they ask for your accessible income.

    If you are between the age of 18 and 20, your accessible income is limited to income for your job, scholarships, grants and money from your parents or other people.

    However, if you are 21 and older, your accessible income involves way more than that. It includes income from the following sources:

    • Income paychecks
    • Tips
    • Bank checking accounts
    • Savings accounts
    • Income of a spouse
    • Grants, scholarships, and other forms of financial aid
    • Investments income
    • Retirement funds
    • Trust funds
    • Passive income
    • Checks from child support and spousal maintenance
    • Allowances from your parents or grandparents
    • Social security payments or SSI Disability payments

    To report that accessible income, just add them all up to arrive at a total and submit it. The credit card companies will not ask you to provide the specific source of each income

    What does not count as accessible income

    Loans including personal loans, mortgage, auto loans do not count as accessible income simply because they are borrowed money. So, do not list them when submitting your credit card application.

    Get Matched With 3 Fiduciary Financial Advisors
    Answer a quick question to start your matching process with advisors in your area.
    When would you like to retire?
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    Accessible income on the credit card application

    Accessible income is only associated with credit card applications. In other words, you’re only asked that when you’re applying for credit cards. When applying for a credit card, you should take advantage of all sources of income and not just the income from your job.

    So, you should make sure to gather all of the money you have accessed to that year. Not doing so means that you’re leaving other income that is just as important. As mentioned above, you should not include loans or any borrowed money.

    When reporting your accessible income, be as accurate and truthful as possible. While some credit card companies may take your word for it, others may ask you to verify your income. In that case, you will need to provide hard proof like pay stubs, bank statements, statement from your investments accounts, etc…

    Why providing accessible income important?

    Your credit score is the most important factor credit card companies rely on to decide whether to offer you a credit card. However, your income is also important. The higher your income, the better.

    A high income means that you’re able to cover debt that you may accumulate on your credit card. And the higher your chance is that they will approve you. The opposite is true. If you have a low income, some credit card companies may not approve you even if you have a good credit score. So, in order to increase your chance, you should take advantage of accessible income.

    The bottom line

    The only situation where you will find “accessible income” is on a credit card application. Accessible income is all income you have access to in any given year. That includes much more than your paychecks from your regular jobs.

    But it also includes all types of money including checks from child support or alimony, allowances from your parents or grandparents, money in your retirement and investment accounts, etc. So, you should take advantage of it when applying for a credit card.

    Speak with the Right Financial Advisor

    You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

    The post What Is “Accessible Income” on a Credit Card Application? appeared first on GrowthRapidly.


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