Most experts believe that a certificate of deposit (CD) is a safe and secure investment option that can provide lucrative returns based on the chosen bank. A CD is a type of savings account offered by banks or credit unions, wherein the invested money is parked for a specified period. Investors might incur penalties if they prematurely withdraw from the account. Moreover, avoiding certain mistakes when opening a CD can help one reap significant returns. Not knowing the types of CDs Most individuals believe that all CDs levy penalties on investors in case of premature withdrawals. While the standard CDs result in penalties for early withdrawals, some other ones, called no-penalty CDs, do not charge penalties if investors withdraw from the account before completion of the lock-in period. Moreover, the lock-in period for these no-penalty CDs is usually no longer than one year. However, it is important to check the differences in interest rates between standard and no-penalty CDs and opt for one accordingly. Withdrawing prematurely Withdrawing one’s funds prematurely from standard CDs can prevent one from reaping the benefits of lucrative returns in the long run. For instance, in many cases, one may be charged three months’ worth of interest in case of withdrawal before completion of one year.

Donating to charities is a meaningful way for individuals to contribute to society and gain personal benefits. Unbeknownst to many, charitable contributions made in the country make an individual eligible for tax advantages, creating a win-win scenario. Contributions like cash donations, non-cash donations like clothing or household items, stocks, etc., can lead to tax benefits. Explore some tax-deductible charitable gifts and donations below to understand how to make a positive impact while enjoying financial advantages. Cash donations Cash donations are one of the simplest ways to contribute to charitable causes and get tax benefits. Cash donations can be made in various ways, including checks, credit cards, or through payroll deductions made by one’s employer. If one is donating cash to qualified public charities, it allows them a tax deduction of up to 60% of their adjusted gross income (AGI) in a year. Furthermore, making cash donations to private foundations allows individuals a tax deduction of up to 30% of their AGI. To claim tax deductions, one must keep records of their donations, such as bank statements, canceled checks, or receipts and acknowledgment letters from the charity. Non-cash donations Besides cash, donating goods such as clothing, furniture, or household items can also yield tax benefits.

Planning one’s own funeral can be challenging and very uncomfortable. Yet, preparing financially for this inevitable event is essential. It alleviates the burden on one’s family and adds to their peace of mind. Getting a burial insurance policy is one way to meet the costs associated with the funeral, burial, and other end-of-life expenses. Read on to learn about the types of burial insurance, the coverages included, and the factors to consider when signing up. Types of burial insurance There are three popular types of this insurance plan: Simplified issue life insurance Individuals do not need to appear for a detailed health examination when applying for this plan. However, they would still need to answer a few health-related questions. The insurance company may not accept one’s application if they have pre-existing health issues or participate in high-risk activities that could be life-threatening. Still, this insurance type is sought-after because of swift approvals and relatively higher coverage amounts. Guaranteed issue life insurance This plan neither requires applicants to answer health-related questions nor appear for a health examination. If the applicant is between 50 and 85, they will likely be approved. However, this policy has a waiting period. Beneficiaries may not receive the full sum assured if the insured passes away due to natural causes during this period.

A certificate of deposit (CD) is a handy investment option for those who want a low-risk way to earn on their savings. Regular savings accounts can be commonly preferred; however, CDs also offer a stable source of income for years. Although opening a CD is relatively easy, one must steer clear of lapses that prevent them from getting the most out of their investment. So, here are some mistakes to avoid while opening a CD: 1. Not diversifying investments One should never place all their eggs in one basket when it comes to investing money. Here, placing one’s entire life savings into a single CD may not be as risky as, say, using that money to invest in shares. CDs are a relatively stable and safe investment, but they do not allow wealth to grow exponentially over time. So, one needs to diversify their investment portfolio by exploring various avenues, like stocks, bonds, gold, and real estate, among others. A diverse portfolio of investments can help generate greater wealth in the long run. 2. Choosing extremely lengthy terms Investors can opt to keep their money in a CD for six months, 12 months, 2 years, or 5 years. Some banks may offer even more options.

Filing documentation for tax returns is a straightforward process. Nevertheless, taxpayers need to be on their toes during the process. Doing so means that all the documents are reviewed, and individuals can save time by not having to make corrections later. A particular way to avoid making mistakes while filing taxes is to do the entire process online. Here are some of the common mistakes to avoid while filing tax refund: Making calculation errors The tax return filing process involves declaring investments that bring tax exemption and providing documented evidence of each investment. So, calculating correctly the entire amount that can be refunded is necessary. Unfortunately, making math errors during tax return filing is quite common. People who tend to file returns at the last minute do everything in a panic-stricken and hurried way. This makes it easier to make math errors. Calculation errors can delay the process of filing tax returns. When the IRS software that verifies each taxpayer’s documentation detects such errors, it asks them to resolve them and redo the filing. Filing for returns too early Most people know that doing anything (especially anything to do with taxes) late can become problematic. However, taxpayers must also not file for returns earlier than usual.

Unlike earlier, making money has become infinitely more easy because of the arrival of the internet. Income streams like social media influencer payments and online gaming prize money are among the modern and incredibly quick avenues to make money through the online medium. One needs to get a hang of the process before one can master it. Eventually, the money will start flowing in. Here are some tips for making quick money online today: Playing online games Video game enthusiasts have always dreamed of pursuing a profession that would pay to plonk themselves in front of their gaming laptops and play all day. Nowadays, online gaming platforms enable people to do just that and be rewarded handsomely for it. Game creators who test new concepts and wish to increase traffic on their sites pay gamers to check out their online games. Gamers need to view adverts in the middle of their games and pay for long hours to earn relatively paltry sums of money. Nonetheless, as far as easy earning opportunities go, online gaming has a few equals in that regard. Becoming an affiliate marketing partner Affiliate marketing’s earning potential varies, but it can still be a solid money-making tool for people looking for quick cash.

Paperless transactions through credit cards have become the norm worldwide owing to their sheer convenience. These cards ensure one does not have to spend money immediately when purchasing something; they can make the payment flexibly later. In this way, a person’s purchasing power need not be determined by their bank balance. To maximize the benefits of credit cards, those using them should avoid making some common mistakes, such as those mentioned here: Not paying bills on time Making it a habit to clear credit card bills after the deadline can affect one’s credit score. And with a low credit score, a person’s loans may get rejected, or their interest rates may shoot up. This habit can also turn against credit card holders when applying for jobs. Hence, one should keep track of the billing cycle and avoid late payments to maintain a good credit rating. Taking cash advances A cash advance is when someone uses the line of credit linked to their credit card to withdraw a certain amount. Although taking a cash advance may seem like a fabulous solution, it can make way for additional fees and higher interest rates. Cash advance fees are usually up to 5% of the total withdrawn amount, with an APR as high as 20%.

Scammers are getting more sophisticated with their scams, thanks to tech innovations and well-designed websites. It has become easier for them to manipulate their targets through fast money-making schemes. Innocent people are not only duped out of their money but also end up sharing their personal and confidential information that can be used against them. Here are a few popular types of scams that people should not fall prey to: 1. Work-from-home scams In 2022 alone, almost 100,000 people across the country were victims of job-related scams. On average, each individual lost up to $200. One such scam is the work-from-home one that involves people receiving emails, text messages, or advertisements about “online jobs” available. In most cases, these job openings are bait for unsuspecting people who are looking for employment. When people click on the link to apply for these vacancies, they are asked to provide personal information and money for the recruitment process. Once people make the payment and give away their personal information, scammers dupe them and escape with their money. Three common types of work-from-home scams are identity theft, financial scams, and manipulative scams. In identity theft scams, applicants are made to reveal their personally identifiable information (PII).