Money Questions and Answers

Are Online Only Banks Right for You?

Is online banking safe? How do you choose the right online bank? Have you ever considered banking with a bank that doesn’t have any brick and mortar branches? Mobile and online banking options are more popular than ever. The Pew Research Center’s nationwide survey found that a majority of internet users bank online, and more people join the online banking bandwagon every year. In fact, the Federal Reserve reported that 35% of consumers have used mobile banking, while 74% of consumers used online banking. It’s no wonder why people are increasingly turning to the internet to access, transfer, and manage their money: it’s convenient, you don’t have to talk to anyone (if you don’t want to), and online banking is … Read more

Top 5 Reasons I Prefer To Rent My Rentals On Airbnb

by Guest Contributor

Do you want to learn how to make money with Airbnb? Today’s guest post comes from Dave B., who is an investor and owner of the Afford Everything blog where he shares how he and his fiancée went from living paycheck-to-paycheck to building wealth. If you’d like to submit a guest post on Money Q&A, please check out the site’s guest posting guidelines. Last year during the renovation of a 1940’s bungalow my fiancee and I purchased, we learned about Airbnb. We had just come back from a vacation in which we stayed in one as guests. As an investor, the Airbnb business model intrigued me. This got my wheels turning, “Could I be an Airbnb host?” How To Make Money With Airbnb This question was … Read more

Review of Haven Life – Buy a Term Life Insurance Policy 100% Online

by Hank Coleman

If you’ve followed Money Q&A for any amount of time, you’re probably aware of how I feel about life insurance. I’m a huge fan of term life insurance. Term life insurance, in my opinion, is the only way to go. I recently realized that I don’t have enough life insurance coverage for my wife. Even though she is a stay-at-home mom, the paltry amount of life insurance coverage that I have on her through my work just isn’t enough. There are so many benefits that stay-at-home parents provide for the family. And, those costs are easy to overlook if you’re not careful. Stay-at-home spouses don’t have any income. And, life insurance is meant to be an income replacement tool to … Read more

Putting together a Great Investment Strategy for 10% Returns

by Guest Contributor

How To Not Let Investing Intimidate You with Wall Street Survivor

Do you have a great investment strategy? The following is a guest post by Joseph Hogue, CFA is an investment analyst and blogger. Joseph runs the blogs My Stock Market Basics and Peer Finance 101. If you’d like to submit a guest post on Money Q&A, please check out the site’s guest posting guidelines.

Motif Investing offers a low-cost way to put your investment strategy together to meet your return goals.

I loved Hank’s list post on ten ways to earn a great rate of return on your investments. The post offers some great ideas for investing including stocks, real estate and bonds that can make 10%+ on your investment.

I thought I would combine some of the ideas from the post with my favorite investing tool to show you how you can put it all together in a simple investing strategy.

Not only will this simple strategy help you invest across some of the most important asset classes but it’s also a low-cost choice and can help reduce the risk around investing.

But first, a little about the investing tool that makes it all possible.

How Motif Investing Can Simplify Your Investment Strategy

Motif Investing is an online investing website allowing investors to group up to 30 stocks and exchange traded funds (ETFs) into one fund and then buy the entire group with one trade. Compared to other discount brokers, it can save you a lot of money investing.

Consider investing in 30 stocks on any other website would cost $300 or more. Investing in that same group on Motif would cost $10 with one trade.

Beyond saving money investing, Motif offers a way to put together your entire investing strategy in one simple investment. You choose a combination of 30 stocks and ETFs that include asset classes like stocks, bonds, and real estate. You can customize the fund to buy more of some stocks and less of others each time you invest more money.

Instead of getting caught up in the ups-and-downs of one particular stock, panic-selling when the market tumbles, your investment fund rises more smoothly over time since it’s diversified across asset classes. Learn more about MotifInvesting.com.

Saving Money Everyday – How To Save On Everyday Expenses

by Guest Contributor

We live in a world where the cost of living is going up each day. In order to keep up, we either must find a way to earn more or find a way to reduce our expenses. These are a few tips to help you save on your everyday expenses.

Make a list

Before you go shopping, make a list and make sure to always stick to it. Pick out everything on the list first before anything extra. Do not go window shopping because you might end up impulse buying. Get everything on the list and leave the store.

Discounts

Look out for great discounts. Learn all there is to know about promo codes and always be keen so that no deals go by. You can get great deals by watching out for these. Do not rush for these offers though, note that they have no refunds and the sale is final. Be very sure about your purchase.

At Amazon.com, you can also enjoy discounts once you sign up for their “Subscribe and save programs”. Goods are also usually shipped to your location for free. Save a few dollars a week.

Splitting bulk goods

When you got to Costco with a friend, you can buy a product in bulk for a cheaper per unit price and split the items. The both of you can save a lot of money by doing this every time you go shopping together. Pair up with a friend and do this on a regular basis.

Frugal Fitness: 6 Ways to Save Money at the Gym

by Hank Coleman

Ways to Find Great Gym Membership Discounts

Just a single personal training session at a gym could cost you as much as $60-70 per hour. For most people, even once-a-week personal training would be an unsustainable expense for their budgets. And, self-directed workouts at a gym with a membership aren’t exactly cheap either. But, you can find ways to save money at the gym and find gym membership discounts that can help.

How to Find Gym Membership Discounts

If you’re trying to get in shape or lose weight, there are several ways to accomplish your fitness goals without busting your budget.

Take Advantage of Free Trial Offers

Nearly every gym out there offers a free trial period for potential members. This may just be a 3-day pass or you might be able to workout cost-free for an entire month. This can be a big help before deciding whether or not you want to sign up for a paid membership.

Gyms offer these trial memberships ‘free of charge’ to entice more people to check out what they have to offer by means of health and fitness amenities, so it’s a win-win approach for both sides.

You’re not under any obligation to sign up for a membership after the free trial period concludes. And, don’t waste your money unless you loved the experience and truly believe you’ll come back enough to make the monetary investment worth it. However, you also shouldn’t abuse the free trial system at gyms in your area just for the sake of saving money by indefinitely avoiding a paid membership.

No Initiation Fee

When you’re ready to sign up for a gym membership, the club’s employees will try to charge you an initiation fee. If there are several gyms to choose from in your area, then do some comparison shopping before agreeing to anything.

You should continue to shop around if you already completed a free trial run and now they’re pressuring you to sign up for a paid membership. There might be other gyms with better amenities, prices, or promotions in your area that you might not know about yet.

If another promising gym in your area has a lower monthly membership fee, or if they don’t charge initiation fees, then bring this up to the folks at the other gym you’re considering. Try to negotiate the price down to something more reasonable for your budget.

Don’t always assume that the price advertised is your only option. Sometimes, they’ll waive the initiation fee altogether, and you can start working out for the cost of the first month’s membership fee.