You probably think of a great business leader like Steve Jobs, Bill Gates, or Elon Musk. Right?

Some of you may think of an A-list celebrity like The Rock or Taylor Swift. There is no doubt they are all successful in their careers.

However, people define success in countless ways. From the amount of money in their bank account to the number of followers they have on Instagram, everyone strives to achieve their own version of success.

Whichever way someone chooses to define success, it takes hard work, consistency, and persistence.

My passion for helping my readers reach their financial goals led me to interview celebrities, influencers and business leaders. Sharing their stories brought to life the struggle and triumph that led them to their success.

I want my readers to feel as if they aren’t alone. I want them to hear from real people that they can relate to and learn from.

Through my interviews, I discovered nearly all of the successful individuals I spoke with had similar characteristics. I began to see patterns in their journey toward success.

Over time, it became clear to me that applying these patterns to your own life can help you achieve the life you have always dreamed of. If you have been waiting for that push, here it is!

7 Habits of Wildly Successful People

They Work Harder Than Most People

How many hours do you work a day? For many people, they work 40-hour weeks and then spend the rest of their time enjoying leisure activities or watching their favorite Netflix shows.

This is quite the contrary for the celebrities I’ve interviewed. Even when they work form home, they are putting in a TON of work.

All the entrepreneurs, celebrities, and influencers I interviewed credited working more than 40-hours a week to their success. They live a life of passion and purpose, not one of complacency.

Their drive to achieve their vision of success gives them energy and ignites their creativity in all aspects of their lives. This makes it easy for them to work 12-plus hour days. It amazed me that some of my communication with these celebrities would take place after midnight.

They truly never stop working on their passion and are unapologetic about their persistence.

In my recent interview with Dominic Pace, he mentioned the importance of seeking his own work.

Pace does not rely on anyone to find work for him, rather he pursues his own employment opportunities. He noted that being proactive in pursuing work doesn’t make you aggressive or needy, it makes you ambitious and hungry for success.

Your ambition and drive set you apart from the weak and the lazy. If you want something bad enough, you must put in more work than the average person is willing to. While others rest, you need to be working.

Even if you have a 9 to 5 job, you still have 79 hours a week to do as you please. That number includes 7 hours of sleep a night.

That’s 79 hours of non-sleeping hours when you could be turning your dreams into reality.

If you want to be successful, use your time wisely.

They Know Exactly What They Want

Goal setting is an important trait of those that have achieved success.

Knowing exactly what you want is the driving force behind your work ethic and passion. All the celebrities I speak with are extremely specific about what they are pursuing.

Diane Franklin believes that success is not only defined by the habits we establish but also in figuring out exactly what we want. To succeed you must define your goal and make a list of what steps you must take to achieve your dream.

If you don’t know what you want, you aren’t alone. But you need to start figuring it out. If you are stuck in a rut, then at the very least you already know what you are currently doing isn’t working, and that’s a start. Try something new and see if that’s better.

If not, try again. This is your life we are talking about, so what could be more important!?

According to Diane, you must push aside your fear of failure and to focus on the path to success. If you fail along the way, don’t be ashamed, use the experience as a learning experience and keep working on achieving your goals

For example, if you’re playing darts but don’t hit a bullseye what’s the point of the game? The point is to get better so that you can eventually hit the target!

Having defined goal with a list of actions you must complete is the key to remaining productive.

Knowing what you’re working toward is key to accomplishing your goals and aspirations.

They Respect the Competition

In addition to their passion for work, it is fascinating the healthy respect celebrities have for their competition. Almost every celebrity I interviewed was aware that if they were not willing to put in the effort, someone else would.

The same can be said for successful businessmen and women. Entrepreneurs realize that there’s always someone out there trying to steal their market share.

Successful people respect the fact that to remain successful they must maintain the level of hustle that got them success in the first place. Many believe they must start over each day and work harder than the day before. The first sign of laziness or inconsistency can significantly harm everything they have worked for.

Competition keeps them sharp and on their game. It forces them outside their comfort zone as well as pushes them to grow in their craft and skill.

Many people view competition as a bad thing or something to try to avoid at all costs. However, competition is something celebrities celebrate and accept as a part of life. There’s always someone who will have more experience or a better skill set than you do, but it’s up to you to keep striving for more.

Once we accept the existence of competition, we can accelerate our own growth. To be honest, most people really aren’t paying attention to you anyway. They focus on their own work and what they need to do in order to achieve their ideal version of success.

By using your competition to your advantage, you will always be one step ahead.

Avoid Saying No

Time permitting, successful actors, writers and business leaders rarely say no to high-potential opportunities.

It is impressive how rarely celebrities turn down work. Rather than consider a role too small or large, they consider every opportunity to network. They’re not fixated on the result of one effort, rather they focus on how the effort could lead to more opportunities down the road.

Their opportunistic perspective leads them to realize bringing your “A” game to a low budget short, might lead to the director wanting to work with them again on a future big budget movie.

Every opportunity leads to another opportunity. You never know what’s right around the corner if you don’t put yourself out there as much as you can.

Think back to the times when you said “yes” to a new job or an adventure. How did it turn out? Were you pleasantly surprised or disappointed? Most likely, it opened a new door to something you never thought was possible.

By saying “yes” to big and small opportunities alike you increase the possibilities that happen in your life.

Written Schedules

In nearly every interview I conducted the interviewee kept a handwritten schedule. Either a dry erase board or a simple piece of paper. I was initially shocked that they didn’t use Google calendars.

In my recent interview with Perez Hilton, he discussed his need for scheduling. He doesn’t do spontaneous work. Scheduling his life helps him balance all his avenues of work and stay on top of all his business obligations.

It’s easy for life to get in the way of your to do list. However, when you schedule your day hour-by-hour, minute-by-minute, you leave less room for error. The more structured you are with your daily schedule the easier it will be for you to achieve your wildest dreams.

Time is priceless. The more you efficiently utilize your time to your advantage the more you will see results.

They Invest in Themselves

It is amazing how much time and effort they invest in themselves. Everyone I interviewed could name at least one or two books that they recently read that they found helped their craft.

The vast majority still work with a coach or a mentor, and several had recently attended training or conferences.

Some people view coaches or mentors as something that only non-successful people need. It turns out that the opposite is true.

You are your most important asset. It’s your responsibility to continue to grow and get better every day.

Each day provides the opportunity to learn something new and to enhance your skills. It’s important to take advantage of these opportunities. After all, if you’re not moving forward, you’re moving backward.

Did you know that you only retain 10% of knowledge by simply reading written material? However, you may retain 90% of the material you read and then implement right away.

This means that it is imperative you continue to learn and apply your knowledge. Even if you re-read your favorite books, you will learn something new every time.

They Hit the Gym

It not just for vanity, each person I spoke with also believes hitting the gym and being physically active helps with their mental state. Everyone we spoke with mentioned that consistently hitting the gym helped them remain balanced and improved their mood.

In fact, according to the Mayo Clinic, exercise improves mood and boosts energy levels. If you’re going to work 12 plus hour days, you better have a way to keep your energy up.

In addition, another benefit of exercise is that it helps your cardiovascular system work better, giving you more energy to tackle any tasks at hand. Even the busiest celebrities make time to get their sweat on. They prioritize their health because they knew it could help them maintain their level of success.

Your Road to Success

Whether you want to become an accomplished writer, an entrepreneur, actor or a profitable side hustler, the path to success is similar.

The formula is simple, but few are up to the challenge. They are okay with a mediocre life.

I learned there really isn’t one secret to success. People who reach celebrity status or become business leaders are just like you and I. However, they are persistent, have discipline, and are consistent.

They know exactly what they want.

They take every opportunity and seize the day.

This is a post by guest author Michael who blogs at Your Money Geek, where he shares his experience, unique insights, and profiles inspirational success stories. When he is not writing about personal finance Michael can be found enjoying a sci-fi book.

The post 7 Habits Of Wealthy People appeared first on Finance Plan Today.

It’s perfect for those looking for a more hands-on approach rather than trying to do everything on your own.

Facet Wealth Review

Name: Facet Wealth

Description: is a next-generation company offering professional financial planning services at affordable prices targeted to young professionals.

Overall

4.1

• Pricing
• Customizability
• Ease Of Use
• Dashboard

Summary

If you’re looking for an online financial advisor, Facet Wealth offers a compelling product at a competitive price. Due to the fixed price model, you’ll want to be thoughtful if you are just starting out since the fees will comprise a larger percentage of your investments.

Pros

• Extreme Convenience With Virtual Meetings
• Fixed Monthly Pricing
• CFPs Don’t Earn Commissions
• You’ll Get Peace Of Mind

Cons

• No In-Person Meetings (If You Care)
• Price increases have happened multiple times

• Sign Up Now!

Bottom Line

If you know you’d benefit from having an expert help you make financial decisions, Facet Wealth is a fantastic option. For as low as $150 per month (fees are based on the services you need), you’ll get a dedicated certified financial planner to help you navigate life’s financial decisions like a pro, literally.

I started Finance Plan Today with my brother because we saw an opportunity to give readers the skills and knowledge they needed in order to make better financial decisions.

Those of you who know us personally know that we grew up in poverty. We were raised by a single mom who struggled to make ends meet. My brothers and I worked extremely hard in school to create a brighter future for ourselves.

But one thing I learned is that it doesn’t matter if you went to Harvard, have a Ph.D. in accounting, or are a rocket scientist, it’s still stressful to make financial decisions.

And not everyone has the confidence or time to do it all on their own. If that sounds like you, then seeking professional help might just be the best decision you can make.

For those who love reading our site but still want some extra help, we can’t recommend Facet Wealth enough.

Facet Wealth Overview

Overall Rating	4.1 out of 5.0
Account Minimum	$0
Pricing	Plans start at $100 per month, although the average customer pays closer to $150-$200 per month ($1,800-$2,400 annually).
Payments	All plans are subscription based and are billed automatically on a monthly basis.
Dedicated CFP	When you sign up, you'll have a single dedicated Certified Financial Planner to work with.
Lifestyle and Expense Planning	All plans include lifestyle and expense planning which includes developing a budget to meet your goals.
Investing Expertise	Your CFP will work with you to develop an optimal investment strategy. The days of stressing over investments are over.
Cancellation Fees	None
Other Benefits Included:	Financial education program On-demand access to the Facet Wealth online portal Flexibility to increase range of services on-demand, so Facet Wealth can grow with you.
Schedule Your Free Call

What Is Facet Wealth?

Facet Wealth is a next-generation financial services company aiming to make expert financial advice available at affordable prices. The company’s secret sauce boils down to three components: its proprietary technology platform, transparent pricing, and their focus on service. 

Their proprietary technology platform redefines financial life management and enables the company’s Certified Financial Planners (CFPs) to deliver a game-changing client experience at an affordable price.

All financial advisors at Facet Wealth have the CFP designation which is generally recognized as the highest standard in the personal financial planning industry.

Facet Wealth’s transparent pricing means that you know exactly what to expect at a given price point. And Facet Wealth empowers its in-house financial planning team to only focus on providing the best financial planning services by aiming to eliminate conflicts of interest. In fact, your dedicated CFP is not even involved in determining the price you’ll pay so that their primary focus is simply helping you.

Traditional investment advisors receive commissions from the products their customers use. In addition, financial advisors at traditional firms are required to generate new business and find new customers, which takes their focus away from providing the best service possible to their existing clients.

Facet Wealth eliminates both of those problems.

In fact, their certified financial planners receive a base annual salary and bonus based only on customer satisfaction. No commissions from recommending specific products. Additionally, they are not responsible for recruiting new customers, so nearly 100% of the financial advisors’ time is spent advising clients. The CFPs are not even involved in determining the pricing of your plan, which is pretty awesome as there are no awkward conversations.

How Does Facet Wealth Work?

Facet Wealth is a full-service financial planning firm but differs from a traditional financial planning company in that all meetings take place virtually. If you’ve ever been on a skype or Facetime call, then the meetings will feel familiar to you.

In order to work with Facet Wealth, you simply schedule a complimentary introductory video call to learn more.

During the call, a client relationship manager will answer your questions, describe the process, and assess your needs. During that call, they’ll get a sense of the services you require and determine your price.

Based on that initial video call, they’ll also assign you a dedicated financial planner who will work with you to create a rock-solid financial plan. Part of what Facet Wealth does really well is match you with the CFP on their team who is the best fit for you. Your CFP will be assigned based on their expertise and the scope of services that you need, as well as any preferences you indicate. 

All of your meetings will take place via video call.

Your first call with your dedicated CFP will consist of getting to know each other so that you can start to build a relationship with them. They’ll want to make sure you have all of your questions answered and feel comfortable before the heavy lifting begins.

After this video call, your CFP will send you a list of questions and request a few docs that they’ll need prior to your next meeting.

With regards to the onboarding process, one Facet Wealth user that I interviewed said:

“The onboarding process was very smooth. I liked that I didn’t discuss pricing with my actual CFP and that their focus was simply on helping me. The process never felt rushed and the pacing felt just right. I think my relationship manager and CFP both did a really nice job of making sure my husband and I always felt comfortable and confident with the process. The cherry on top was the beautiful Facet Wealth dashboard I can use to check in on my finances.”

You’ll have more meetings initially then they’ll taper off as you get settled.

From there on out, you’ll meet on a regular cadence with your CFP to get your plan established and do the initial push to get you moving in the right direction before the meetings taper off as you settle into things. The best part is that you can schedule a meeting with your financial planner as often as you need to. That means that if you have a child and need to expand the scope of your services to include planning for future educational expenses for your little one, you can rest assured you can meet with your CFP to handle that.

If you travel a lot for work (or fun!), don’t worry. One user said they had their introductory call with Facet Wealth while traveling in Africa! Just remember that you must be a resident of the U.S. in order to be a Facet Wealth Customer.

Facet Wealth Is Best For You If:

• You have a household income of at least $70,000 or have $50,000 saved between savings, checking, 401(K), IRAs or other financial accounts
• Have less than $1,000,000 to your name
• Are unsure of how to best manage your money
• Have a 401k and aren’t sure if it’s invested properly
• Don’t have the time, energy, or interest to DIY
• Are going through a life transition and want help navigating the process from a financial standpoint
• Are feeling anxious about money and would sleep better at night having a professional keeping an eye on your finances
• You know what you need to do financially but have a hard time translating it to actionable steps
• You have absolutely no clue about anything related to personal finance and just need help
• Travel a lot for work and need to call your CFP from the road

Getting Started With Facet Wealth Is Easy

Getting started with Facet Wealth is easy. You simply schedule a complimentary introductory video call to introduce yourself, explain your goals and financial concerns, and learn about how Facet Wealth can help you.

You can schedule your preliminary call here: Schedule Free Call Now.

Ongoing Planning and Advisory

After your initial call with a Facet Wealth relationship manager, you’ll be partnered with a certified financial planner who you will work with exclusively.

Your first call with your advisor will give your CFP the opportunity to introduce themselves and explain how their planning process will work. I love that they focus on making the process actionable so that you always feel like you are making progress. They’ll also begin to collect any information they need to create a solid financial plan for you. Afterward, you’ll check-in with your advisor as needed to answer questions, evaluate how you are doing, and provide any additional guidance needed.

You can expect to meet via video-call with your CFP regularly for the first several months until your plan is finalized and you feel comfortable with the planning decisions. Thereafter, you’ll have meetings scheduled every 6 months to check-in, but they’ll be available to you should you need anything in the interim.

How Much Does Facet Wealth Cost

Pricing

Facet’s financial planning and consulting fees are negotiable, but generally range from $1,800 to $8,000 per year on a flat fee basis, depending upon the level and scope of the services required. If a client determines to engage Facet to provide discretionary investment management services, such services shall be considered in determining the client’s final financial planning and consulting fee. Other factors considered include, but are not limited to the level and scope of the overall investment advisory services to be rendered and the complexity of the engagement.

A beautiful thing about Facet Wealth is that they’ve moved away from the legacy pricing model in the financial planning industry. However, we must note that they recently increased prices from starting at $40 per month to roughly $150 per month ($1,800 per year). 

Historically, pricing in the financial planning space was based on the number of assets managed. This means that if you worked with a CFP who charged you a fee of 1.25% of AUM (assets under management) and you had a portfolio worth $175,000 you would pay $2,187.50 per year regardless of the number of services you needed.

In fact, if your portfolio grew to $225,000 you would end up paying an extra $625 even though you didn’t use any additional services. Alternatively, some traditional advisors charge a flat fee to create a plan for you, but it usually wouldn’t include ongoing support or guidance.

With Facet Wealth, you pay a flat monthly fee based on your services, regardless of how large or small your portfolio is. Though your level of usage probably does have a positive correlation with the level of service you’ll need.

You’ll have access to your advisor on-demand so that you will always have your financial questions answered as they arise.

Asset Management Is Optional And Included In The Price.

You also don’t need to transfer any assets to Facet Wealth to work with them. They can still create a solid plan for you and give you ongoing support and guidance even if you don’t want them to handle asset management for you. Asset Management doesn’t come with an additional cost so you can always opt into it at any time.

Facet Wealth is able to offer comparatively lower prices than traditional advisors because their proprietary technology and process allow their advisors to more efficiently create thorough financial plans.

The best part is that your CFP is NOT involved in setting prices nor compensated based on the number of services you use. Their focus is always on helping you with your financial needs instead of focusing on up-selling you additional products you might not benefit from.

Is It Worth The Price?

Whether you need or want a CFP to help you navigate your finances is a personal decision, but many people believe the peace of mind alone is well worth it.

For some, the fees are well worth it if you feel completely lost, and having a CFP guide you would give you the confidence to start investing your money and making sure you have the appropriate life insurance policies in place for you and your loved ones.

Their starting price is likely less than you pay on a bunch of other things that are much less important.

How much will Facet Wealth Cost Me?

Historically, the average young professional on Facet Wealth’s platform paid $2,400 per year. However, your plan will depend on the number of services you’ll use. The fee is reviewed annually and adjusted up or down based on the services you’ll need.

As a rough guideline, young professionals just beginning their careers will likely be well served with the services they’d receive at the lower end of the $1,800 to $8,000 per year range.F. This includes setting cash flow goals (determining which student loans to pay off first, setting up a budget, etc.) and making sure you have renters insurance and other basic things sorted out (like contributing to a Roth IRA). Your advisor will also guide you on how to start investing and which investments are appropriate for you.

If you’d like to have your advisor actually handle your investments for you (instead of simply guiding you), a higher tier of service that includes investment management will be ideal.

At the other end of the spectrum, Facet Wealth is equipped to handle small business retirement planning and charitable planning. 

Facet Wealth works with clients of all sizes, but they founded the company to support American families that often fell through the cracks, accounts that are ‘too small’ for traditional investment advisors.

Facet Wealth’s Technology Platform

As a customer, you’ll have all of your financial information listed in your Facet Wealth dashboard. You can see an example of a dashboard below. Highlights include an overview of your financial accounts, family information, action items, and select financial metrics like your credit score.

Facet Wealth refers to your financial plan as your Blueprint. This is the document that your CFP will assemble to help guide you to your financial goals. You can see an example of a Facet Wealth Blueprint below.

Facet Wealth Highlights

• Facet Wealth’s investment philosophy is centered around low-cost ETFs in order to minimize fees and maximize diversification. This is the same approach advocated by investing legends like the late John Bogle.
• Financial planners at Facet Wealth must have the CFP designation, meaning their advisors have in-depth training and expertise to handle the financial complexities of your financial situation.
• All Facet Wealth CFPs are fiduciaries, which means they are required to act in your best interest and place your needs before the company’s.
• You are charged a flat monthly fee regardless of the size of your portfolio, which means there are no surprises or unexpected fees. Your fee is reviewed annually and will be adjusted up or down based on the services you use or don’t use.

Facet Wealth FAQ

Get Your Free Intro Call Now

Click here to schedule your introductory call with Facet Wealth.

As one customer told me, “I pay less for Facet Wealth than I do for my phone bill, and you have no idea how much less anxiety I have in my life now thanks to my CFP.”

The post Facet Wealth Review (2022) appeared first on Finance Plan Today.

Mint Mobile Review Update: I extended my Mint contract for another year for $15 per month! It’s ridiculous how cheap it is, especially compared to what I used to pay. All in, I pay $180 per year for my phone service while most people pay that in just a few months…

It also doesn’t hurt that they just randomly increase the amount of data you get without increasing the price. A few months ago I randomly logged into my account and realized they increased my plan to 4GB up from 3GB. That now gives me twice as much data as Cricket for literally half the price ($15 vs. $30). Insane.

As I’ve noted in the past, I never use all of the data because I spend 95+% of my time at home and work where the WiFi is super fast. Regardless, it’s nice to have an extra GB without not paying extra.

Mint Mobile Review

Name: Mint Mobile

Description: is a low-cost cell phone company or mobile virtual network operator (MVNO) that uses T-Mobile towers.

Overall

4.4

• Pricing
• Network Coverage
• Customer Service
• Ease of Setup

Summary

I use Mint Mobile because of the low prices and good network coverage in my area. If you are hoping to lower your phone, Mint Mobile is a solid option as long as you get good reception in your area.

Pros

• Low-Cost Plans
• Easy Set-up
• Can Use Existing Phone
• Can Keep Existing Number

Cons

• All Plans Are Pre-Paid
• Need Unlocked Phone

• Sign Up Now!

Today I’m sharing my Mint Mobile Review with you to explain why I decided to switch to Mint from Cricket Wireless. Mint Mobile is a low-cost phone plan provider that is helping people save money with less expensive mobile phone plans.

Mint Mobile At A Glance

Plan Cost	Plans start as low as low as $25/month
Plan Types	Prepaid Carrier
Features	You Can Bring Your Own Phone You Can Keep Your Existing Phone Number
Requirements	Unlocked Phone Necessary Plans are available in 3 month, 6 month, and 12 month increments
Sign Up Now

You might remember that I wrote an article last year about how I had saved thousands of dollars over the years by switching to Cricket Wireless from the main cell phone companies like AT&T, Verizon, & T-Mobile.

I loved Cricket (I still do!), but when I started to hear murmurs about a less expensive option, I knew I had to look into it.

To test it out, I made the switch to Mint Mobile from Cricket Wireless, and I had a wonderful experience! After a year using Mint, I decided to renew my contract for another year. It was that good.

For the record, I have to say that I was truly happy with Cricket Wireless and only switched due to cost. I have a couple hundred thousand dollars of student loans so every penny counts.

I recommend both Cricket and Mint Mobile very highly and ultimately, so you should go with whichever service gives you the best reception. If you live in a place where AT&T and T-Mobile both have solid service, just go with the less costly option.

What Is Mint Mobile?

Mint Mobile is a low-cost cell phone service provider that offers plans with unlimited talk and text, and LTE data.

Mint is a mobile virtual network operator (MVNO) that uses T-Mobile towers. MVNO is a fancy term for a mobile phone network that doesn’t own the actual cell phone towers themselves and essentially rents the bandwidth.

From a user perspective, you would have no idea if your phone is serviced by an MVNO or a standard carrier. So you’re just paying less for what you’re used to getting, including the same 4G LTE and 5G networks.

Because Mint Mobile doesn’t own or build the cell phone towers themselves, they can operate at a much lower cost than the major cell phone networks. They pass these savings to customers like you and me via more fair prices.

Just like the way Cricket Wireless uses AT&T towers and bandwidth, Mint Mobile uses T-Mobile towers. This means that as long as you’re in an area with reliable T-Mobile service, you should get dependable Mint Mobile service. That means you get the same mobile internet for a much better price.

How Does Mint Mobile Offer Cheaper Prices?

Unlike Cricket Wireless (and most other cell phone companies) who charge you a monthly price as you go, Mint Mobile plans are prepaid every 3, 6, or 12 months.

This pricing model allows Mint Mobile to offer super competitive rates since they know precisely how much bandwidth to purchase from T-Mobile. They pass these savings onto customers by rewarding customers who agree to longer contracts.

You still get 4G LTE data with wireless service so you can stream and watch your favorite content.

As you’ll see in the pricing table below, the real savings happen when you purchase a more extended plan.

What Are The Different Mint Mobile Pricing Plans?

You can see the plans on the Mint Mobile website.

Their introductory 3-month pricing levels are the same as their 12-month plans. In essence, they are hoping you’ll love the service and price so much that you’ll opt for the 12-month plan… which is exactly what I did!

Which Phones Can Be Used On The Mint Mobile Network?

Any unlocked GSM phone should work on the Mint Mobile network. You can bring your own unlocked phone just like I did. I just popped out the old sim card from my iPhone and popped in my Mint sim and that was it.

It’s important to note that you can still keep your existing phone number when you switch to Mint. Moving your phone number (porting) to the new network is simple.

This means you’ll save a bunch of time and hassle not needing to notify everyone you know that you got a new phone number or worry about missing calls and messages.

If you want a completely new number and start clean, that’s no problem at all.

Why Switch To Mint If You Are Happy with Cricket?

Look, I had zero problems with Cricket’s service. I loved it and have recommended it to anyone who asked us about it.

But ultimately, when you are trying to pay off over $200,000 in student loans, it all came down to the money saved. If you’ve seen our posts on financial freedom or budgeting, you’ll know how vital living within our means is.

Remember, the lower your expenses are each month, the more aggressive you can invest and save.

I want to be able to retire earlier than when we turn 65 years old, so I am hyper-focused on saving as much as possible and earning as much as possible.

Does this mean I will stop working when I am 50? Probably not, but it will mean I will be able to if that’s what I want to do.

So let’s take a look at how Mint compares to Cricket so you can see whether the savings made sense.

If you are on a major carrier, you’re likely paying much more than either Cricket or Mint Mobile!

Comparison: Cricket Wireless vs Mint Mobile Plan Prices

*Prices accurate as of May 2022

**5GB plan not eligible for Auto Pay Credit

Are the savings worth switching?

In short, YES!

This question comes down to two factors. The savings and the hassle involved.

To start, you are essentially getting the same service you pay for now, but at a fraction of the price. You still get unlimited text and talk, hotspot and tether functionality, high-speed data, strong cell service, and you get to keep your existing number and a compatible device.

Let’s address the hassle of switching before I break down the numbers.

The switch was quite simple, and there was a minimal hassle.

The process of switching took me 15 minutes plus the wait for the sim card to arrive since I already had an unlocked phone (I used the same phone I was using on Cricket Wireless).

Now let’s break down my savings!

Let’s compare the 10GB/month Cricket Wireless plan with the 10GB/month Mint Mobile plans since that was the same change that I made initially.

How Does Cricket Wireless Pricing Compare To Mint Mobile?

When it comes to finding a budget phone plan, these are the two clear leaders in the game. Both companies offer unlimited talk and text on all of their plans.

One company uses AT&T towers while the other uses T-Mobile towers. Also, Mint offers prepaid plans to offer additional savings, while Cricket offers the traditional monthly cell phone plans.

Let’s take a look to see how the costs between the two platforms compare.

Cricket 10GB vs. 10GB Mint Plan (3 Month Pricing)

Cricket 10GB vs. 10GB Mint Plan (6 Month Pricing)

At both the 3-month and 6-month prices, Mint Mobile provides savings over Cricket. At the introductory 3-month pricing, it’s $240 per year. That’s a decent chunk of cash!

One critical thing you have to remember is that these savings are only for a single phone line. If you have a family with multiple lines, the savings become huge. That means more money in your pocket so that you can live your best life without stressing out at the end of the month.

Cricket 10GB vs. 10GB Mint Plan (12 Month Pricing)

At this level, the savings over a full year are HUGE!! Like I mentioned earlier, if you have multiple phones in your family, then the savings can make a massive difference.

Over $200 in yearly savings! The catch is that Mint is a prepaid service, but the savings can be enormous.

One thing to note is that Cricket’s pricing drops as you add more lines, while Mint Mobile doesn’t offer family plans. Since Mint is still less expensive for the 12-month plans you will still likely still come out ahead, but you’ll want to compare to make sure. For example, for 5 lines on Cricket with 10GBs, their price is $26 per line. So still more expensive per line than Mint.

The Downsides To Mint Mobile

If you live paycheck to paycheck and struggle with paying all of your bills on time, then having to come up with the extra cash upfront will be a challenge. However, this is also a benefit because once you pay your phone bill, you won’t have to worry about your service being disconnected every month.

For example, with Cricket, you pay your $35 every month (if you have AutoPay set up), but with Mint’s 3-month pricing, you would pay $105 upfront for three months. On the flip side, the other two months you wouldn’t have to pay anything.

If you decide to maximize your savings and go with the 12-month plan, you would pay $240 once and then not have a payment due the other 11 months.

So over the full year, you would pay a lot less. This translates into more money in your high interest savings account or Roth IRA. More money to spend money on the other things that you need most.

What About The Time Value Of Money?

First, it’s fantastic that you think about the time value or opportunity cost of your money. Compound interest is a real thing!

Second, it’s a great question. After all, isn’t there a chance that you’d be better off keeping Cricket so that your money isn’t locked up for 3, 6, or 12 months! That’s money that you could be investing!

Let’s take a look and see.

For example, let’s assume you opt for the annual plan since that is the plan that would require the most amount of money to be paid upfront. Let’s focus on the 10GB plan that I selected.

This plan is $20 per month and is prepaid. With Cricket, you’d be paying roughly $35 for a similar plan every month. That means that during the first month, you’d have $205 extra dollars to invest. With a standard phone plan, you’d be paying even more.

Assuming you make 6% per year on your investments, that’s 0.5% per month. That means that you’d make $1.03 in investment gains from investing the extra $205. Let’s stop right there. You already saw that over the year, you would save $180, so clearly, this more than makes up for the ~$12 per year of investment gains you miss out on by paying upfront.

If you were to compare this to a standard phone plan you would save even more money.

Any way you slice it, saving money on your phone bill is one of the best things you can do to have more money on a regular basis.

Coverage Issues?

I have now been using Mint Mobile for over 18 months and I have had absolutely no coverage issues. I was on Cricket Wireless for several years and also had no issues. In short, these low-cost plans are the real deal.

Like all phone companies, Mint Mobile has stronger signal in certain areas and weaker reception in others.

Before you sign up, spend 2 minutes to check the wireless coverage in your area with their coverage checker. For the vast majority of you, this shouldn’t be a problem at all.

If you live in an area that’s borderline with regards to coverage, Mint Mobile offers a 7-day money-back guarantee, which is pretty sweet.

No Phone Upgrades

Mint Mobile will sell you a new phone at retail prices, so there are no savings if you are looking to trade in your phone or upgrade.

If you want to use the money saved on the plan to get a new phone, you’re better off thinking twice about it.

“I am going to save money by switching to Mint Mobile, so that means I can upgrade my phone, right?”

WRONG.

Apple and Samsung have some of the best marketing teams in the world. We get it. Every time we see one of their commercials, our brains also start to rationalize why we need the latest Apple or Samsung phone.

But that’s the thing: We don’t NEED a new phone.

One of us had the same phone for nearly five years. Was it annoying to type in the passcode each time when our friends could unlock their phones with their fingerprints? Definitely. Did we survive? No doubt.

Based on our personal savings rate, I’d say we did a lot more than merely survive!

So next time you feel like upgrading something that works perfectly fine, remember one thing: you can’t miss what you’ve never had.

If you really can’t make it more than a year or two with the same phone at least do the two following things:

1. Sell your phone (or give it away to someone in need)
2. Put the money you are saving on your cell phone plan into an account each month specifically for your phone (this is called a sinking fund)

By doing those two things, you will never go deeper into debt and can pay cash.

If you can’t pay with cash, then you can’t afford it (this doesn’t apply to large purchases such as a mortgage).

This doesn’t mean actually paying with cash. I use credit cards to get points/cash back but pay them off in full right away. I do this to avoid ever having to pay interest charges on my credit card.

You Should Know That There’s Now Unlimited Data Plans!

You’ll also notice that while all Mint plans include unlimited talk and text, they now offer an unlimited data plan! For most people, it doesn’t matter since you probably have access to WiFi at home, work, or school.

But if you are the person who has no access to WiFi and uses insane amounts of data monthly, then a Mint Mobile Unlimited plan is the real deal!

Switching To Mint Mobile – My Overall Review

When it comes to our phones and plans, a few things are most important to us.

Price, call & FaceTime quality, data speeds, unlimited text and unlimited calling.

For me, there has been absolutely no difference in call or FaceTime quality. I haven’t noticed dropped calls, audio problems, or any loss in data download speeds. Texts and emails have always been coming through on time and rapidly.

However, there has been one BIG change I’ve seen: more money in the bank from saving on my phone bill.

As mentioned earlier, switching was super simple. I kept the same phone number and the same phone (protip: only upgrade your phone once your current phone dies AKA every 3-5 years to maximize savings).

I haven’t noticed any difference in quality from Cricket (which wasn’t any different from AT&T before that).

Initially, I was on the 8GB plan for six months, but I am now on a 12-month 3 4GB plan. I went from paying $150 for six months to $180 for the full year! Before making the switch to a plan with less data, I checked my account to make sure I didn’t need more than that. I couldn’t be happier.

Well, what are you waiting for? Sign up now!

The post Mint Mobile Review – How I Save Thousands On My Phone Bill appeared first on Finance Plan Today.

The post blew up and we got a bunch of emails and messages asking if the process was actually simple. We decided to throw this guide together to walk you through making the switch from Verizon, AT&T, T-Mobile, or Sprint to a Cricket Wireless plan!

Cricket Wireless Review

Name: Cricket Wireless

Description: is a low-cost wireless phone company founded in 1999. Cricket was acquired by AT&T and operates on their LTE networks.

Overall

4.2

• Pricing
• Network Coverage
• Customer Service

Summary

There’s no denying that cutting your phone bill is one of the best decisions you can make since it’s a recurring payment that you’ll have for your entire life. That means a small monthly saving will add up to large numbers over time. Cricket Wireless is a solid option and if your experience is like mine, you won’t be disappointed.

Pros

• Low-Cost Plans
• Can Use Existing Phone
• Keep Your Existing Number
• Easy Set-up and Migration
• No Long-Term Contracts

Cons

• Need To Unlock Your Existing Phone

• Sign Up Now!

If you have your eye on a Mint Mobile plan instead, the process is SUPER similar. You can’t really go wrong by paying less for your phone plan!

Cricket Wireless At A Glance

Plan Cost	Plans start as low as low as $25/month
Plan Types	Monthly
Features	You Can Bring Your Own Phone You Can Keep Your Existing Phone Number Discount For Automatic Billing
Requirements	Unlocked Phone Necessary $25 Activation Fee
Sign Up Now

Before you get started there are a couple of things that you should do. First off, check the coverage map below and make sure your area is covered. Once you have verified that, you are ready!

To make the switch online here is a simple checklist for you!

#1 Is your current phone unlocked?

You can contact your current cell provider and ask them if your phone is unlocked.

An “unlocked” phone is simply a phone that can be used on another network. This has to do with the setting with your current carrier. Your carrier will walk you through the unlocking process and let you know if there’s a fee.

Switching networks is typically done by taking out your SIM card and putting in another card from another carrier. It’s that easy.

#2 Are you currently under contract with another carrier?

Early termination fees for smartphones are less common now with most carriers having phone installment plans.

AT&T was the last of the major carriers to end two-year contracts for smartphones. But you’ll face early termination fees if you are still stuck on a two-year contract. Don’t forget that you’ll still have to pay off your device before you switch or turn it back in!

Remember, Cricket Wireless does not buy out contracts, pay off contracts, or buy out your current phone.

Once you’ve confirmed you can switch carriers you’re ready to move on!

#3 Is your current phone compatible with the new carrier?

You probably want to keep your current phone and not spend money on a new one. Good call. That is what we did too. Once you decide which company to switch with, you’ll need to check with them to make sure the phone is GSM compatible.

Cricket has a tool to help you determine if your phone is compatible.

You’ll also need your phone’s IMEI number handy. Cricket does a good job of walking you through the simple process of finding it.

#4 Now you’re ready to pick a plan!

You have made sure your phone is “unlocked”, you are not under contract with your current company, and your phone is compatible. Now you can take a look at the different Cricket plans and see which one will fit your needs and most importantly, your budget!

#5 Wait for the new SIM and begin to save that money!

Once you insert your new SIM card into your phone you’ll be ready to go!

The last step is to sit back and watch all the money you’ll be saving. If you aren’t sure what to do with your money, make sure you read our Personal Finance 101 post, and it’ll become crystal clear.

Summary

As a reminder, here are some of the things you can expect when switching to Cricket Wireless:

• Able to bring your own phone and keep your current number
• Lower cost plans plans
• Nationwide coverage through the AT&T network
• No overages or additional fees like other carriers
• All-in pricing (prices already include tax)
• $5 per month discount for using their automatic billing
• Low-cost devices, if you don’t need the latest releases
• More data, less cost
• Over 3,000 stores nationwide

The post Switching to Cricket Wireless is Easy! appeared first on Finance Plan Today.

According to the Bureau of Labor Statistics, the typical American spends $100 per month on their mobile devices and services. That’s over $1k just to stay connected per year. 

The good news? There are alternatives to spending thousands on something so needed. That’s where we come in. And to be clear, all of these plans come with unlimited talk and text but have varying amounts of data.

What is Mint Wireless?

Mint Mobile is a Mobile Virtual Network Operator (MVNO) that uses T-Mobile towers. MVNO is a term for a mobile phone network that doesn’t own the cell phone towers themselves. They simply operate on the infrastructure that the cell phone network provides. 

Mint Mobile doesn’t own or build the cell phone towers themselves; however, Mint can operate at a lower cost than major cell phone networks. 

Since Mint Mobile doesn’t build cell phone towers, they do not spend as much money on materials, labor, and upkeep. This low overhead means that Mint Mobile passes these savings to customers with more affordable pricing.

Read a full Mint Mobile Review.

What is Cricket Wireless?

Cricket Wireless, like Mint Mobile, is a Mobile Virtual Network Operator (MVNO) that uses AT&T cell towers.

Mint Mobile and Cricket Wireless are “alternative carriers,” meaning that they’re not the ‘big four’ wireless service providers that are commonly used in American households, AT&T, T-Mobile, Verizon, and Sprint.

Switching to an MVNO can save you money because they lease coverage from one of the more extensive networks and resell it to customers.

Read a full Cricket Wireless Review.

How Are Mint Mobile and Cricket Wireless Different?

Other than being on different networks, Cricket Wireless and Mint Mobile have different plan structures altogether.

Unlike Cricket Wireless and most other cell phone companies in the ‘big four’ who charge a monthly price, Mint Mobile plans are prepaid every three, six, or twelve months. “Bulk” purchasing saves you more money in the long run with Mint Mobile. All Mint Mobile plans also include unlimited nationwide talk, text, and data. Unlimited international texting is also included in all plans.

Cricket Wireless offers a more traditional approach. Unlimited talk and text plans with varying degrees of data. All plan prices are flat fees, with taxes and fees included. You only pay $30 per month if you choose the $30 monthly plan. 

Most plans from Cricket Wireless come with unlimited talk, text, and 2G data. Prices vary depending on how much data you choose for your specific plan.

Plans offered by Cricket Wireless + Mint Mobile

Cricket Wireless Plan Options:

Mint Mobile Plan Options:

Pros & Cons of Mint Mobile

The largest trepidation when considering converting to Mint Mobile, Cricket Wireless, or an ‘alternative’ mobile provider is service disruption or degradation. 

As previously stated, Mint Mobile operates on T-Mobile’s infrastructure and Cricket Wireless operates on AT&T’s infrastructure. This means that as long as you’re in an area with reliable T-Mobile or AT&T service, you should get dependable Mint Mobile service.

There’s no argument here that alternative service providers have less coverage than the large mega-networks based on the coverage maps.

Just like any other phone company, check the coverage in your area. For the majority of households living within a couple of hours of a large metropolitan area, you should not have a problem with Mint Mobile or Cricket Wireless.

As a warning, if you are currently living paycheck to paycheck, purchasing a plan in “bulk” will be challenging. Paying upfront translates to larger savings over time; however, not everyone has large amounts of money set aside for a bulk phone service purchase.

If you’re one of those people who look forward to phone upgrades perks, Mint Mobile is not the right option for you.

Pros & Cons of Cricket Wireless

If you are a low-income earner or live paycheck to paycheck, Cricket Wireless is a better option for you, as you do not have to pay for your service upfront. 

You will lose savings in the long run; however, it is still better than overpaying for other ‘big four’ providers.

To reiterate, Cricket Wireless relies on the same exact infrastructure as AT&T. The service is the same at a much lower cost. 

Cricket Wireless also offers affordable upgrades, unlike Mint Mobile. According to Cricket’s website:

To upgrade your phone:

• You must have an existing line of service with Cricket
• You must have a Cricket monthly rate plan that costs $30/mo or more
• The upgrade phone must be new and purchased from a Cricket store or online at cricketwireless.com
• You can upgrade your phone only once every 90 days
• A $25 device upgrade fee applies to phone upgrades in Cricket stores and online

How Does Cricket Wireless Pricing Compare To Mint Mobile?

Let’s take a look to see how the costs between the two platforms compare.

Cricket Wireless 10GB vs. 3 Month 10GB Mint Mobile Plan

Cricket Wireless 10GB vs. 6 Month 10GB Mint Mobile Plan

Cricket Wireless 10GB vs. 12 Month 10GB Mint Mobile Plan

With Mint Mobile, you begin seeing savings immediately. A modest $20 savings each month, but at 100% more data. 

Over the full year, you are looking at $240 in savings. Over five years, you are talking $1,200. 

If you have more than one phone in your family, the savings will be more massive

Final Verdict: Do We Prefer Mint Mobile Or Cricket Wireless?

Here at Finance Plan Today, we love both Cricket Wireless and Mint Mobile and would recommend either company. If you can get good Mint Mobile service and can afford to pre-pay, they are a solid option. Paying in bulk could save hundreds, if not thousands of dollars per year on a single bill. 

We urge you to check the reception of each company network in your area. Choose the plan that will work best in your geographic location.

No matter what you choose for yourself or your family, we prefer Mint Mobile and Cricket Wireless over the “big guys” any day.

You can sign up for Mint Mobile here, and you can sign up for Cricket Wireless here.

The post Mint Mobile vs Cricket Wireless – Which Service Is Right For You appeared first on Finance Plan Today.

They focus on graduates with good credit scores and steady incomes. Some of their target customers include medical and law school graduates.

ELFI Refi Review

Name: ELFI

Description: is an excellent student loan company offering private loans and refinancing at competitive rates. With stellar customer service and personal loan experts to assist through the refinancing process, they put their client's needs first. However, cosigners are permanently binding and you must have a bachelor's degree or higher. 

Overall

4.5

• Interest Rates
• Repayment Options
• Customer Service
• Refi Amounts

ELFI Refinancing Review

ELFI is an excellent student loan company offering private loans and refinancing at competitive rates. With stellar customer service and personal loan experts to assist through the refinancing process, they put their client’s needs first. However, cosigners are permanently binding and you must have a bachelor’s degree or higher. 

Pros

• Competitive and low APRs
• Stellar customer service
• Service offered across all 50 states
• Little to no fees
• No cap on how much you can refinance

Cons

• Must refi at least $15,000
• Cannot release the cosigner
• No refinancing for associate degrees
• No autopay discount

• Get Your Rate Now!

What Is ELFI?

Education Loan Finance (ELFI) is a student loan financial company founded in 2015 by SouthEast Bank. ELFI strives to provide a clean, simple-to-use application process that focuses on putting its student customers first and has financed over $1 billion in student loans. Furthermore, they have unique benefits, such as personal loan advisors, helping differentiate themselves from the surrounding competition. 

ELFI offers private student loans and student loan refinancing.

Besides, ELFI has a clean history and hasn’t run into any problems with the law. They’re rated “A+” by the Better Business Bureau and are an FDIC member. Overall, the firm is credible and offers fantastic student loan products. 

What Is Student Loan Refinancing (Refi)?

Say you had $10,000 in student loans with an interest rate of 10% per year. After one year of not paying off your debt, you’d owe $1,000 in interest. That’s a lot of moola.

Student loan refinancing (refi) is when a separate company pays off your loan but gives you a new loan at a (usually) lower interest rate. This is where lenders like ELFI, Earnest, or LendKey come in.

As an example, let’s say ELFI swoops in to refinance your student loan, offering first to pay off your $10,000 of existing loans and second to open a new $10,000 loan at a lower interest rate of 5%. If you took this refinancing option, you’d be able to save money on interest every year due to the lower interest rate. 

That’s a whole lot of savings. Now, imagine if this had gone on for several more years! You’d potentially be saving thousands of dollars.

Student loan refinancing can be one of the best ways to save money by decreasing the interest rates on your student loans.

ELFI Rates, Terms, and Fees Summary

ELFI is one of the best student loan refinancing options on the market right now, presenting competitive variable and fixed rates. Their refi products are only available to applicants with minimum credit scores of 680 who are looking to refinance $15,000 or more. These standards allow them to offer some of the lowest fixed APRs in the market and fantastic variable rates. 

ELFI also has excellent customer service, reflecting its focus on its clients. 

What Makes ELFI Unique?

ELFI stands out from its competitors by providing access to expert personal loan advisors during the refinancing process. Customers on Trustpilot have consistently noted that these advisors are extremely helpful during the process, making everything “stress-free,” “easy,” and “quick.”

These are accolades I don’t typically hear to describe student loan companies.

Pros & Cons Of ELFI Refi

Generally speaking, ELFI’s refinancing products are excellent. With a strong customer service team, personal loan advisors, and competitive APRs, it’s hard to beat them off. However, there are some minor issues with their refinancing options that you should know.

Pros

• Competitive and low APRs
• Strong customer service
• Personal loan advisors
• Service offered across all 50 states
• Little to no fees
• No cap on how much you can refinance
• All types of student loans are eligible

Cons

• Must refi at least $15,000
• Cannot release the cosigner (if you have one)
• Not flexible repayment plans (vs. Earnest)
• No refinancing for associate degrees
• No autopay discount

How Do I Qualify To Refinance With ELFI?

ELFI has several requirements you need to check to be eligible to refinance your student loans. It’s worth noting that you can refinance your loans in all 50 states, Washington D.C., and Puerto Rico. 

• You’re a U.S. citizen or a permanent resident
• You have a credit score higher than 680
• You’re refinancing at least $15,000 in student loans
• You’re pursuing or graduating with a bachelor’s degree or higher
• Your debt-to-income ratio is less than 50%
• You make at least $35,000 a year
• You’re attending classes at least half-time
• You have at least 36 months of credit history

If you check all these boxes off, you should be ready to rock and roll for refinancing!

If not, you’re not out of luck. ELFI allows cosigners, who are people that agree to pay back the loan if you default on it. Cosigners are typically your parents, close relatives, or friends who are willing to vouch their credit history for you. 

However, ELFI doesn’t allow you to release your cosigner, even if you demonstrate good repayment behavior. This rule might dissuade potential cosigners from helping you out and is worth noting.

Student Refi vs. Parent Refi

ELFI differentiates between student and parent refinancing. The rates and loan terms between the two groups are slightly different, where students have more term length options than parents. However, the variable and fixed rates are the same. If you’re a student reading this article expecting to make small monthly payments, it’s probably worth looking into refinancing your loans as soon as possible for the longer term. 

What Are ELFI Repayment Options?

ELFI repayments are standardized by year. There is no difference between monthly payments for students or parents.

Monthly payment ranges will vary depending on the length of your loan term, the size of your loan, and the interest rate. Though, the lower your monthly payment, the more you’ll end up paying in interest. So, if you can, make bigger monthly payments.

If you’re looking for more individualized repayment plan lengths, check out Earnest refinancing.

Who Should Get ELFI Refi?

ELFI refinancing isn’t for everyone, since they have ‘higher’ standards for who they work with.

If you meet all of the minimum requirements, then ELFI is generally a pretty solid option. After all, these standards are what allow them to offer highly competitive interest rates!

Though, make sure you take a look at its competitors to see what has the best rates and term length for you.

ELFI does have one of the lowest fixed-rate loans available.

However, if you don’t meet the criteria, then you likely won’t be eligible for refinancing anyways. ELFI wants to ensure that the risk of default is low so that they don’t lose a lot of money.

Though, if your credit score is still above 650 or 660, you could try looking at other shops like Earnest or CommonBond, respectively. 

How Much Does ELFI Refi Cost?

ELFI has little to no fees. They don’t charge an application fee, origination fee, nor prepayment penalties. Furthermore, their prequalification check can give you an accurate estimate of your refi rates in minutes.

The only fees that arise are if you make late payments. These occur after payments aren’t for 11 days and are either 5% of the amount past due or $50, whichever is smaller.

Is ELFI Safe?

Yes! 

As mentioned previously, ELFI has a clean track record and hasn’t run into problems with the law like other student loan companies have (looking at you Navient). 

Furthermore, several rating agencies rank ELFI highly. For instance, Trustpilot and Better Business Bureau give ELFI 4.9/5.0 and “A+” ratings, respectively. These stellar scores reflect the loan company’s trustworthiness.

Will ELFI Refi Hurt My Credit Score?

Well, yes and no.

Initially, during the prequalification process, ELFI will only do a “soft pull” for your credit score. “Soft pulls” do not affect your credit score.

However, if you decide to refinance your loans with ELFI, they will temporarily hurt your credit score. To finalize the refi, the firm needs to do a “hard pull” on your credit score to thoroughly determine your creditworthiness. “Hard pulls” look through your entire credit history to ensure that the prequalifying “soft pull” didn’t miss anything. 

Though, it’s worth noting that the effects of “hard pulls” are small. Your credit score only factors new credit applications and inquiries for 10%. Moreover, these hard inquiries only stay on your credit report for 24 months. Thus, your credit score will be back to normal pretty soon. 

Nothing to worry about!

You can check your credit score for free using Credit Karma or Credit Sesame!

How Is ELFI’s Customer Service?

Like we’ve briefly talked about, ELFI has excellent customer service. They are the only firm to offer personalized loan assistance throughout the refi process. 

ELFI provides several ways to contact their customer service. 

• Email them at [email protected]
• Fill out a contact form found on their website
• Call or text them at 1-844-601-ELFI (3534)

Their customer service calling hours (Eastern time) are as follows:

• Mon – Thu, 8am – 8pm
• Fri, 8am – 5pm
• Sat & Sun, 10am – 4pm

They even have Sunday hours for help, which is rare amongst these industries!

How Does ELFI Fare Against Competitors?

As a whole, ELFI does pretty well against its competitors. Although it requires a credit score on the higher end, it offers low APRs.

Top Student Loan Refinance Companies

Company	Variable APR	Fixed APR
	1.86-6.01%	2.43-5.99%	Get My Rate
	1.99-5.64%	2.98-5.79%	Get My Rate
	1.99-6.09%	2.99-6.09%	Get My Rate
	1.99-6.10%	3.00-6.20%	Get My Rate
	2.99-6.06%	2.99-5.99%	Get My Rate
	1.99-5.25%	2.99-7.75%	Get My Rate

How To Get Started On ELFI

ELFI prides itself on how easy it is to get started with refinancing.

All you really need to do is:

1. Get a quote via prequalification (~2 min)
2. Determine if the fixed or variable rate is the best option you have
3. Submit an application (~10 min)
4. Upload relevant documents (Government-issued ID, W2, previous month’s pay stub)
5. Sign your name
6. Wait up to one business day
7. Hear back!

If you are ever confused during this simple process, ELFI provides free access to personal loan support experts. Also, their customer service is open every day of the week. 

Are There Referral Bonuses?

For every friend who refinances their student loans with ELFI, the company will reward you $400, and your friend will get $100. In fact, referring your friend is easy too. You just need to refi your loans and then sign up for a personalized referral link that you can share. 

This is a pretty sweet deal!

Should You Use ELFI?

We believe ELFI is an excellent refinancing option. Given the company’s clean history, competitive APRs, and client-first attitude, ELFI proves itself as a top competitor. Furthermore, being the only firm to offer personalized assistance during the refi process is something worth noting. 

However, even if ELFI provides a reasonable rate, make sure to take a look at some other companies. Earnest, for example, offers innovational and individual APRs and loan term lengths that might suit you better. LendKey will try to match you to your perfect loan.

The post ELFI Refinancing Review appeared first on Finance Plan Today.

But how does Ladder work? Is it safe? And most importantly, should you use it? Our Ladder life insurance review will answer all of these questions and more.

Ladder Review Score

Name: Ladder

Description: is a term life insurance platform focused on providing you low-cost, flexible life insurance.

Overall

4.8

• Pricing
• User Experience
• Ease Of Use
• Customer Service

Summary

Ladder is a term life insurance platform focused on providing you low-cost, flexible life insurance.

Pros

• Quick and easy to apply for coverage
• Low-cost coverage
• Lots of flexibility in coverage amount
• No medical exams for up to $3M in coverage, just a few health questions
• Useful educational resources

Cons

• Can’t add policy riders
• Not everyone can get insurance via Ladder
• Inability to bundle life insurance with home or auto

• Get A Free Insurance Quote

What Is Ladder?

Ladder is a life insurance platform that focuses on term life insurance. The company is relatively new, launching their product in 2017, but it’s already available in all 50 US states. This means that wherever you are geographically, you should be able to apply to get coverage through Ladder.

Ladder does have a few restrictions on who can get coverage, such as limiting possible clients to those between the ages of 20 and 60. With these restrictions in place, it’s important to understand that Ladder may not be a possibility for you, depending on your age.

The main idea of Ladder, however, comes from their flexibility. As your needs change over time, you can adjust your coverage accordingly by “laddering” up and down, hence the name “Ladder.”

How Does Ladder Work?

Based on basic information about your habits, history of illness, and current financial situation, Ladder uses their online application to determine your life insurance eligibility and costs. This all takes place entirely through their website, which also means you can avoid a possible trip to the doctor’s office.

With this data, Ladder can give you a life insurance quote in just a few minutes! But, that’s not even the full extent of what makes Ladder unique.

What Makes Ladder Unique?

Ladder is unique in two main ways: first, they operate completely online. This means you don’t have to interact with human insurance agents to purchase coverage and instead they rely on answers to application questions and algorithms to determine your life insurance options. 

Second, Ladder lets you easily decrease or apply to increase your coverage as your needs change. Say you have a second or third child. Suddenly, your life insurance policy needs a greater death benefit (the amount paid out if you die during the term) to account for the additional person your income would have to support. If that happens, you can simply apply to increase your coverage and pay a slightly higher monthly premium (“laddering up”).

Let’s instead now say you bought your original life insurance policy ten years ago when your kids were pre-teens. Now, they’ve grown up and are off to college, the workforce, etc. and are financially independent. You probably don’t need as much coverage as you did when you were supporting them, and Ladder makes it easy to decrease (“ladder down”) your coverage.

If this feature doesn’t seem like that big a deal, understand that you would typically have to get an entirely separate life insurance policy to change your coverage amount. This not only takes a lot of time and effort on your part, but it also can cost a lot of money in fees.

Pros & Cons Of Ladder

Ladder Life Insurance Pros

• Quick and easy to apply for coverage
• Low-cost coverage
• Lots of flexibility in coverage amount
• No medical exams for up to $3M in coverage, just a few health questions
• Useful educational resources

Ladder Life Insurance Cons

• Can’t add policy riders
• Not everyone can get insurance via Ladder
• Inability to bundle life insurance with home or auto

How Much Does Ladder Cost?

Your specific life insurance quote will vary a lot, depending on your situation. However, if you compare Ladder to other term life insurance companies, Ladder has some of the lowest premiums available.

As we’ve discussed already, part of this is because they primarily operate as an online company. This lets Ladder save money on overhead costs like physical locations, which in turn passes on lower prices to you as a consumer. The other reason Ladder can offer lower premiums than other companies is because of their selectivity, but more on that later.

Is Ladder Safe?

The short answer to this is yes, Ladder is safe. They encrypt all of your information from the application, and important details like your SSN are kept entirely confidential. Any shared medical information is done so only for verification or auditing purposes. It is never sold to a third party.

How Does Ladder Make Money?

Ladder makes its money the way most insurance companies do: selling you insurance. They don’t charge hidden fees, and their employees are salary-based rather than commission-based. This means Ladder’s staff aren’t given a financial reason to sell you a specific product or service, so you can rest assured that their goal is to help you get a good deal.

How Is Ladder Customer Service?

Ladder has incredibly useful customer service. You can call between 8 am and 5 pm PST Monday through Friday, use their live chat feature, or submit a help ticket via a brief form.

The ability to call their customer service team makes it much easier to resolve any issues that may arise, and all in all, it’s a useful resource.

What I Wish Was Different About Ladder

I have very few criticisms of Ladder. But, the ones I do have are both related to the same issue: lack of accessibility.

If you are over the age of 60 or need to add insurance riders, Ladder won’t be able to meet these needs. While there is a benefit to the overall cost, since this selectivity is a big part of how Ladder can offer those it does cover such low prices, it’s still a shame more people can’t use it.

How Does Ladder Fare Against Competitors?

Ladder really doesn’t have any competition when it comes to providing adjustable term life insurance. As for insurance more broadly, Ladder does lack the ability to bundle life insurance with home or auto. However, this is made up for in the lower premiums Ladder offers for life insurance.

If you want to shop around for different types of insurance on your own, check out the comparison tool Policygenius.

How To Get Started On Ladder

When you first go to Ladder’s homepage, you’re greeted with a helpful “Get Started” button. This takes you to the start of their application, which lets you describe yourself in greater detail and gives you a relevant life insurance quote.

You then have to fill out relevant biographical information like age, sex, height, weight, tobacco usage, and history of family illness. This is all standard industry information and helps determine how much risk you might have.

Next, you start giving information about your financial situation. Questions like “what is your annual household income?” and “How many children do you have?” are important because they can determine how much coverage you should purchase.

After this point, you can choose the amount and duration of your coverage. The amounts range from $100,000 to $8 million. The durations range from 10 to 30 years, increasing in 5-year increments.

One nice thing Ladder does is provide an average coverage amount and length for people in similar financial situations. This is an incredibly useful baseline to use if you have no idea what to select in terms of coverage.

Now, you get an estimated price per month. For this Ladder life insurance review, I used similar information to the average American. With a household income of $52,000, and a $200,000 mortgage, 20 years of coverage for $500,000 cost around $28/month for a 30 year old male in good health.

Getting A Quote

After receiving a rough estimate, you must answer a few more questions to determine whether you can apply immediately.

First, Ladder asks if you plan to do any of the following in the near future:

• Skydiving
• Scuba diving
• Racing
• Mountain climbing
• Hang gliding
• Ultralight flying
• Other “Extreme Activities” (bungee jumping, rodeoing, etc.)

These are all high-risk activities that can impact your likelihood of death, and therefore your coverage.

Then, Ladder asks for information about any international or flying plans you may have in the next two years.

Finally, you have to answer a few more questions about drug use, criminal activity, rapid change of weight, medical history, and any prescription medication recently used. After that, you finished. Congratulations!

It’s worth noting that this whole process took me around 5 minutes to complete. There are no medical exams for up to $3M in coverage. If you’re applying for more than $3M, you may need to use a free saliva kit sent by Ladder to verify certain medical information.

Should You Use Ladder?

Although Ladder has some limitations in not allowing riders or people of certain ages, for most people, Ladder is a fantastic choice! 

Ladder offers low prices, a fast and easy to use online application, and a helpful customer service team to deal with any issues along the way. Combine this with the flexible laddering system and useful educational resources to learn more about life insurance, and you’ve got a phenomenal product.

That said, not everyone needs life insurance, but if you’re looking to get term life insurance, you should absolutely check out Ladder.

You might also be interested in reading our full reviews of a few of Ladder’s competitors, including Bestow and Haven Life.

FAQs

The post Ladder Life Insurance Review appeared first on Finance Plan Today.

What Is SoFi?

Started in August 2011, Social Finance (SoFi) was the first company to ever offer student loan refinancing (refi). Since then, they’ve grown to other products such as private, home, and personal loans. According to SoFi, they’ve helped finance over $45 billion in loans for over a million people.

They truly were the first of their kind, paving the way for student loan refinancing. At their beginnings, they were the uncontested refi champions.

However, do they still hold the crown of being the premier refi option? Although they offer some of the most competitive interest rates out there, they require top-of-the-line credit histories, incomes, and debt-to-income ratio. Though, they do also offer some nice perks and benefits.

How Does SoFi Refi Work?

SoFi’s application process is pretty standard, requiring the typical personal and financial information. 

Student loan refinancing (refi) is when a company like SoFi pays off your existing student loans but gives you a new loan at a (usually) lower interest rate. Refi can be one of the best ways to save money by decreasing the interest rates on your loans.

Should I Refi My Federal Student Loans?

On the surface, your new refi option could have a lower interest rate than your federal student loans. However, remember that federal student loans have a lot of benefits. 

For example, federal loans offer public service loan forgiveness, interest-free deferment and forbearance, discharge options, and income-based repayment plans. No other private lenders offer such perks.

The decision to refi should be carefully thought out. If you plan on taking advantage of any of the federal benefits, then refi might not be for you.

SoFi Rates, Terms, and Fees Summary

Offering some of the most competitive rates available, SoFi also has stringent requirements. They typically only accept those with good or excellent credit history. Though, if you make the cut, they offer many awesome perks and benefits.

SoFi also allows cosigners, but they cannot be released. In addition, you can get a rate quote completely free of charge. 

What Makes SoFi Unique?

SoFi’s unique twist is their free career coaching. They are the only lender with a focus on advancing their client’s careers. By providing access to coaches and networking opportunities, SoFi can help borrowers through the job search.

Pros & Cons Of SoFi

SoFi is an excellent choice if you can meet their requirements. According to prior loan data, they typically refinance loans for those with advanced degrees in law and medicine. One of the nice things is that they refi across all 50 states, which is something not all lenders offer. 

However, SoFi doesn’t offer cosigner release, which can be a significant deterrent for cosigners. Moreover, their customer service isn’t great.

Pros

• Competitive and low-interest rates
• Refi available in all 50 states
• Many forbearance and deferment options
• Career development opportunities

Cons

• High credit score needed
• High income needed
• Poor customer service

How Do I Qualify For SoFi Refi?

Like we’ve mentioned, refinancing your student loans with SoFi isn’t an easy task. Having top refi options, they come with high entry barriers. You’ll need to make sure your credit score is in tip-top shape.

Financial Requirements

• Minimum credit score of 680, but most approved lenders are in the 700s
• No minimum income stated, but data shows average salary to be about $100,000
• No recent bankruptcies or delinquent loans in the past seven to 10 years
• Meet debt-to-income (DTI) requirements; specific limits unknown

Given that some of SoFi’s financial requirements can be a bit steep, it’s not bad to take a look into lenders like Earnest or ELFI. These both take lenders with lower credit scores. Furthermore, Earnest also looks at more than just your credit score to determine your eligibility. 

Individual Requirements

• US citizen or a permanent resident
• Must have an associate’s degree or higher
• Must have graduated from a Title IV public or private institution authorized to receive federal financial aid

What Does The Average Applicant Look Like?

According to a 2018 report for private loans, the typical SoFi applicant met the following average financial requirements:

• FICO Score of 762
• Gross yearly income of ~$177,000
• Monthly cash flow of ~$7,300

These levels are by no means easy to meet. It’s worth remembering that SoFi’s main target seems to be high earners from top schools in the country. Applicants with advanced degrees also seem to be approved more often than those without. 

What Are SoFi Repayment Options?

SoFi offers typical loan terms of 5, 7, 10, 15, and 20 years for both their standard and medical refi. No fees arise if you want to pay off your loan early or make a larger monthly payment. 

They also offer a 0.25% discount on your interest rate if you sign up for automatic payments. 

Generally, the shorter the loan term, the lower the APR. Thus, you’ll end up paying less money in the long run. 

SoFi also offers a plethora of deferment and forbearance options.

For borrowers going back to school, entering the military, or going under disability rehabilitation, you can postpone your payments. Moreover, those who lose their jobs may be eligible to postpone their payments for three months, for a maximum of 12 months. In fact, SoFi offers many ways to find jobs or networking opportunities to help you get back on your feet.

Medical and dental residents are eligible to only pay $100 per month throughout their residency for four years. 

Since everyone’s situation is different, it’s vital to contact SoFi’s customer service to ensure that you meet their various deferment and forbearance eligibility requirements. 

Is SoFi Safe?

It’s not my right to be the judge on this, but I can provide facts to help you make a good decision. 

Unfortunately, SoFi was indicted in 2018 by the Federal Trade Commission for lying about how much money borrowers can save. The ruling forces SoFi to make any loan claims backed with ample evidence. Perhaps you can feel more comfortable knowing that the government is watching SoFi closely. 

SoFi has yet to report any data breaches. However, there’s always a risk when entering your sensitive personal and financial info online, even to the most trustworthy and safe companies. 

Their customer ratings are “eh” to say the least. While the Better Business Bureau rates the firm an “A,” TrustPilot consumer reviews place SoFi 3.6/5.0 stars. That TrustPilot rating places SoFi among the lowest-rated refi options out there. 

TrustPilot users say that SoFi is “unresponsive, disappointing” and “uncaring” given the 2020 coronavirus pandemic. 

Will SoFi Hurt My Credit Score?

Yes and no. SoFi won’t hurt your credit score if you simply get a quote, but if you proceed with signing the loan, then your credit score may be affected. 

In the first steps, SoFi will only do a “soft pull” on your credit score. “Soft pulls” don’t affect your score. However, in finalizing the loan, SoFi will do a “hard pull” for your credit history. “Hard pulls” can hurt your score.

However, credit inquiries play a small part in your total credit score (10% in FICO score). Moreover, they disappear after only 24 months. Nothing much to worry about if you don’t open too many credit cards or loans rapidly.

How Is SoFi’s Customer Service?

Given that they are based entirely online, SoFi offers a variety of ways to reach out to them. You can reach them by phone or email. Moreover, you can submit your payments via mail-in check. 

However, TrustPilot notes that SoFi customer service is “unresponsive” and offers “terrible service.” If you’re looking for better customer service, check out Earnest.

What I Wish Was Different About SoFi

SoFi is no doubt one of the best options for lenders coming from strong credit histories and high incomes.

I do wish SoFi would be more open to a wider variety of applicants. If you don’t make the cut for SoFi, it’s a good idea to look into other lenders like Earnest or ELFI.

However, I think the biggest problem with SoFi is their customer service. Frankly speaking, their ratings aren’t the best compared to others. While SoFi loans offer many perks and benefits, there have been many complaints about their customer service.

How Does SoFi Fare Against Competitors?

Top Student Loan Refinance Companies

Company	Variable APR	Fixed APR
	1.86-6.01%	2.43-5.99%	Get My Rate
	1.99-5.64%	2.98-5.79%	Get My Rate
	1.99-6.09%	2.99-6.09%	Get My Rate
	1.99-6.10%	3.00-6.20%	Get My Rate
	2.99-6.06%	2.99-5.99%	Get My Rate
	1.99-5.25%	2.99-7.75%	Get My Rate

How To Get Started On SoFi

SoFi’s application process is entirely online. First, you can get a quote entirely free of charge. You’ll need to enter basic info, such as your name, SSN, and income.

If you prequalify, you can see your rates and loan terms. Once you confirm that these loan rates are the best for you, you can finalize the loan. SoFi will then do a “hard pull” on your credit history. They may also request documents to confirm some numbers. 

You can refi end-to-end on SoFi’s website. Being entirely online has its benefits. 

Should You Use SoFi? 

Since getting a quote from SoFi is completely free, I don’t think there’s any harm in applying to SoFi to see your rates. Though, SoFi seems to be intended for those with high credit scores and income. Given that their refis offer so many perks and benefits at low rates, this trend would make sense.

I think you should apply for a SoFi loan—it’s free. However, if you are looking for excellent customer service, Earnest or ELFI might be better. Moreover, if you want better loan term options, then Earnest is by far your best option.

Even if your application gets approved and you like your SoFi quote, it’s always a good idea to look through all your options. You wouldn’t want to miss out on lower rates because you didn’t check out Earnest or ELFI. In fact, pretty much every online lender offers free rate quotes. It’s worth the effort since you’ll be with the lender you choose for years to come. 

Check out LendKey to be matched to your perfect loan. And if you’re considering finding business loans, then FundEra might be a great next stop!

FAQs

If I only have a credit score of 700, should I bother applying?

Absolutely. There’s no reason to not apply because getting a quote is free. If you get denied, SoFi will explain why. There are no obligations, and you’ll never know unless you try!

The post SoFi Refi Review appeared first on Finance Plan Today.

What Is Robinhood?

Robinhood is an online stock broker that prides itself on offering commission-free trading of stocks, ETF’s, cryptocurrencies, and stock options, all through an easy-to-use mobile app.

Robinhood’s lack of account minimums or trade-based fees combined with their accessible and user-friendly mobile app makes them a solid choice for the new, casual investor who wants to engage in some DIY experimentation in the stock market or invest in cryptocurrency.

The ability to purchase fractional shares also provides a cheap introduction to buying and selling stocks and removes many barriers to entry that often keep out prospective investors.

Who Should Use Robinhood?

Though it may lack the same available information or investment options that other brokerage services offer, Robinhood’s commitment to commission-free trades, no minimum deposits, and fractional shares, all of which are put into one user-friendly app, makes them a good choice for someone looking for a low-commitment introduction to investing in the stock market.

As a low-cost, introductory tool to get started in the stock market, Robinhood is a good choice, albeit one that the more serious or long-term investors may find themselves outgrowing in favor of more feature-rich alternatives.

If you want a low stakes way to get involved in the stock market and learn more about how to invest, consider signing up for Robinhood.

That said, I recommend avoiding any of the paid premium accounts unless you’re an experienced investor and want to do a lot of active trading or buying on margin.

Whether or not Robinhood is a good fit for you will depend on what kind of investing you hope to do and how advanced you plan to get.

Who Should Look At Robinhood Alternatives?

If you were looking for a quick and easy place to practice your day trading, you might want to look at Robinhood alternatives. Robinhood limits the number of day trades to three trades per five business days unless you change your account from the standard one and pay a monthly cost.

Also, the current lack of educational resources and limited research information compared to what you could find elsewhere make other alternatives shine above Robinhood. 

For the long-term investor, the limited account and investment options start to reduce your benefits compared to other tax-advantaged options.

Ultimately, unless you’re looking for a casual, low-stakes, short-term introduction to investing, you’ll likely want to look at Robinhood alternatives.

What I Wish Was Different About Robinhood

My main issues with Robinhood are its lack of certain features. Though this doesn’t have to be bad since it makes for a clean UI and simple app, it limits Robinhood’s functionality as a serious investing platform.

If Robinhood had more educational material or walkthroughs, it might better fill the niche of a beginning investor’s go-to app.

On the other hand, if Robinhood gave you more analytical tools and day trades, it could break out as a platform for more experienced investors.

Or, Robinhood could let users use IRA accounts and index funds and try to become the ideal app for long-term investors who don’t want to get overly involved in their investments.

Unfortunately, because Robinhood focuses so strongly on simplicity, it ends up being a jack of all trades but master of none. It has a few features to offer almost everyone, but it gets outclassed by more specialized alternatives.

Now, all of these complaints are related to the features Robinhood offers. But, there’s another subject where more serious concerns lie. Robinhood has a big problem with outages.

Robinhood’s Technical Problems

During periods of heavy traffic, which also happens to be where timely access to your investments can be most important, Robinhood often experiences delays. Even worse, some users are completely unable to access their accounts for a brief period of time.

These issues of consistency have made a lot of investors very upset. And it’s easy to see why. When you lose money through no fault of your own without the chance to do anything about it, nobody will be very pleased.

But, these technical issues go even further than merely losing a bit of money. There’s a nasty little technical bug that sometimes shows only part of a trade executed. While this doesn’t have anything to do with the real value of your account, it can still cause some scary moments.

In the case of a 20-year-old, this glitch made his Robinhood balance look like it had dropped drastically. The final balance was around -$700,000. That’s right, negative seven hundred thousand dollars.

Unfortunately, this particular 20-year-old saw that balance and took extreme measures, ultimately committing suicide over the matter.

While this tragedy was obviously not the direct fault of Robinhood, I felt this article would be incomplete without mentioning this flaw and the sometimes drastic impacts that go along with it.

Features Of A Good Robinhood Alternative

Consistency issues aside, broadly speaking, you should look for apps that combine Robinhood’s most useful features with improved functionality.

One of Robinhood’s main selling points is their commission and fee-free trading. This might be tough to find completely free alternatives, but you should always aim for as low fees as possible. Though 5$ a trade might not seem like much, those costs can add up fast over the long haul.

Robinhood’s other key feature that many other platforms are starting to adopt is the level of simplicity. A common complaint against the worlds of finance and investing is that they’re overly complicated.

While a simple and straightforward platform doesn’t necessarily equal an easier time investing, the visual appeal and readability of a platform matter a ton. It’s easy to feel intimidated by a bunch of charts, graphs, and jargon. If you’re looking for a good Robinhood alternative, look for simple UIs. 

Now, to address the areas where Robinhood is somewhat lacking. If you’re a long term investor, look for an alternative that lets you invest in IRAs. This will give you a ton of tax benefits later on.

If you’re looking for a hands-off experience, a platform that helps you automatically invest may be your best bet. By making investing your default, you can help set yourself with healthy habits without ever having to give it a second thought!

Our List Of Robinhood Alternatives

There are a ton of alternatives to Robinhood out there. We’ve taken our picks for the five best platforms and explained the niche that they fulfill. 

Rather than find the app that does a bit of everything slightly better than Robinhood, this list will give you the best app for your individual investing needs.

Webull – The Robinhood Alternative For Experienced Investors

Webull is our pick as the Robinhood alternative for the more experienced investor. With a lot of useful analytical tools and information readily available, Webull lends itself better to a more active trader who is comfortable researching different investments.

The $0 commissions and fees also help make Webull a strong contender for an active trading platform. By avoiding these extra costs, day traders can save themselves a ton of money over the long run.

The sandbox mode on Webull also provides experienced traders the opportunity to test out different investing strategies. This is useful if you want to do some experimentation on your own without risking actual losses.

Webull also gives you a free stock when you sign up. And, if you deposit $100 or more into your account, you get a second free stock. Even better!

Acorns – The Robinhood Alternative For Brand-New Investors

Acorns is one of the more “gimmicky” platforms on this list. But, it’s a surprisingly good fit for someone who is brand new to investing, needs help building strong savings habits, or just wants an extremely hands-off experience.

Acorns’ main feature is its “round-up” way of investing. Whenever you make a purchase with a connected account, Acorns will round up the purchase and invest the difference. 

This helps you get into the habit of saving money if you’re someone who struggles to do so. By automating this process, you take out many of the hurdles that usually stand in people’s way.

Though you probably won’t make millions using Acorns, since the amount of money invested is so small, it can still be a useful way to learn more about how to invest and the habits needed to do so.

One other important note, however, is that Acorns charges a monthly fee of $1 – $3 per month. While this isn’t much, it’s still higher than some of the other options on this list ($0).

But, Acorns still plays a valuable role in helping you build good financial habits, If you’re looking for an app that can help with the other side of saving, budgeting, check out EveryDollar.

M1 Finance – The Robinhood Alternative For New Long-Term Investors

M1 Finance is our pick as Robinhood alternative for the beginning long-term investor. Following a brief questionnaire about your financial goals and current situation, M1 Finance will provide you with a pre-built portfolio that’s perfect for long-term investors.

These pre-built portfolios are designed with long-term investing in mind. They’re also highly customizable and automatically diversified. This means you’ll have a ton of freedom when it comes to creating your portfolio, but you also have a valuable safety net to keep you diversified.

Even better, M1 Finance takes care of a lot of the nitty-gritty of long-term investing. It automatically does things like portfolio rebalancing to help make the investing and management processes easier.

Combine all of that with the ability to use IRAs and a total lack of fees and commissions, and it’s easy to see why M1 Finance is our pick for the long-term investor.

E-Trade – The Robinhood Alternative For Investors Who Want To Learn

E-Trade has a strong case to be on this list in several positions. It offers $0 commissions and fees, pre-built portfolios, mutual funds and ETFs, IRAs, options trading, etc. 

While all of these features are fantastic, the reason E-Trade is on this list is because of their excellent educational resources.

In addition to being a free investing platform with a ton of features, E-Trade offers tools to help you learn how to invest. Their articles cover beginning information like, “What is asset allocation?” and give advice on how to invest based on different time periods.

As you get more experienced, E-Trade has the resources to keep up. Their advanced articles cover everything from how to diversify your portfolio using futures to how to sell covered calls. 

While these articles don’t cover the most extreme trading strategies, they’ll be more than enough to introduce you to more advanced techniques and ideas.

Most impressively, however, E-Trade even has guides for retirement and tax planning. Even though these aren’t explicitly investing topics, they still have a ton of value to investors. 

This commitment to going above and beyond to provide useful educational tools earns E-Trade a spot as one of our best Robinhood alternatives.

Fidelity – The Most Accessible Robinhood Alternative

If you’re new to investing, this one may come as a bit of a surprise. But, Fidelity is one of the best available options for low-cost investments.

In addition to educational resources and data, Fidelity has a handful of investment options that are incredibly attractive to investors. We’re talking about Fidelity Zero.

Fidelity Zero is the name given to investments with $0 minimum investments and a 0% expense ratio (annual fee for managing your portfolio). 

Most platforms have expense ratios ranging from 0.05% to 1-2%. But, Fidelity Zero investments have none. This difference results in serious gains over several years and makes it easier than ever to start investing long term.

This focus on no fees combined with useful tools to help analyze your investment strategy makes Fidelity our choice for the most accessible Robinhood alternative.

The post The Five Best Robinhood Alternatives appeared first on Finance Plan Today.

Say you’re interested in getting your first car. Or your first house. Your credit score plays a significant factor in these decisions. And a difference of just 25 points could save you tens of thousands of dollars. Moreover, a low score can make it impossible to get approved. 

You might want to work on building your credit score. However, the task can be daunting. Getting a credit card is one of the best ways to improve your score. But if you can’t get approved for one because of your score, then how can you even work on your credit score? 

Here arrives the secured credit card. Lenders are more likely to offer secured credit cards since they are much less risky than normal cards. Getting a secured credit card helps kickstart your credit-building journey.

What Is A Secured Credit Card?

A secured credit card is a credit card protected by a deposit. This deposit acts as the “collateral,” protecting the lender from any risks that you don’t repay your card. 

For example, say you open a secured credit card and deposit $500 towards your account. Your lender will let you spend up to $500 on your credit card. Say you end up spending up to $500 of your limit and now can’t pay the lender back. The lender essentially hasn’t lost any money since you paid $500 beforehand.

Since secured credit cards are basically no risk for lenders, they are usually willing to issue them for anyone. Even as someone with poor to no credit history, you’ll likely be able to open one. 

If you show good repayment habits with your secured card, you’ll eventually graduate into a standard credit card and get your initial deposit back. This deposit simply serves to protect the lender until you either (1) graduate or (2) close your card. In both cases, you’ll get your money back. 

However, if you fail to repay your secured credit card, you won’t be getting that deposit back.  

Why Are Secured Credit Cards Useful?

Remember that credit cards are one of the best ways to start building your credit score. By getting a credit card, you can possess good repayment habits, increase your total credit limit, and improve your credit mix. These factors all help to improve your score. 

However, if you have poor or no credit history, it can be hard to get a standard credit card.

Secured credit cards are so useful because they allow anyone to get back on their feet even if they have a poor credit score. Since lenders face virtually no risk in giving these cards out, it’s really in your hands to use them wisely. 

You control your destiny once you get your first secured credit card. They are the first steps you take in setting your credit score in the right direction for the future. 

Secured Credit Cards Vs. Unsecured Credit Cards

The main difference between the two is the collateral. You don’t need a deposit to open an unsecured credit card. However, secured credit cards require some initial investment to begin. Simply put, unsecured credit cards are your typical, run of the mill standard credit cards. 

The reason comes down to risk. The higher your credit score, the less likely you are to default on your credit cards. Thus, lenders are more likely to approve top of the line credit cards for those with good or excellent credit. 

However, with a poor credit score, lenders fear you might not pay back the money you owe. Thus, they’re not as likely to approve you for a standard card. Instead, they’d like to minimize their risk by approving you for a secured credit card instead. 

Broadly speaking, secured credit cards are for those with poor to no credit history. Unsecured cards are for those with good to excellent credit. 

Other differences between them are that secured cards almost always have fewer perks than unsecured cards. Some of these standard credit cards even offer 5% cashback for your purchases or free flights. You won’t get any of these fantastic benefits with a secured credit card. 

Unsecured credit cards are worth the effort.

Secured Credit Cards Vs. Debit Cards

If you know how debit cards work, they should sound eerily similar to secured credit cards.

In brief, a debit card is just cash in the form of a plastic card. For a debit card, you can only spend up to the amount of money you’ve deposited into your checking account. Similarly, for a secured credit card, you can only use up to the amount you’ve placed into your account beforehand. 

So, if they work the same in principles, what differs?

The primary thing you need to remember is that secured credit cards can help improve your credit score. Your debit card doesn’t influence your credit score. Remember that when you use your credit card, you’ll still have to make monthly repayments. These behaviors factor heavily in your credit score. 

In fact, timely payments take up 35% of your FICO Score 8 calculations. Maintaining good habits with your secured credit card can help your credit score over time. 

Who Are Secured Credit Cards Best For? 

Secured credit cards are best for those with poor to no credit history. Remember that lenders are willing to approve secured credit cards for even those with little credit history. 

If you’re looking to start your credit score rebuilding journey, secured credit cards are one of the best ways to begin.

Wait—Why Is My Credit Score So Important Again?

Your credit score plays a critical role in deciding your approval odds and interest rates. For example, a minor 25 point credit score boost could save you thousands of dollars on your mortgage. 

Let’s glance at the table below, showcasing the average fixed interest rates for a 30-year $100,000 mortgage at different credit scores.

As we can see, bumping your credit score up just 25 points from 640-659 to 660-679 could save you thousands of dollars. That’s a lot of savings! And a pretty small improvement overall. 

Now, say you worked hard and pushed your score up somewhere to 760-850. This move alone could save you about $20,000. 

Does this logic apply to credit cards? Absolutely. 

Credit card issuers will award the best credit cards to those with top credit scores. These amazing credit cards can grant you free gift cards, hotel stays, and even flights. However, you’ll never be able to tap into these excellent benefits with a poor credit score. 

Also, a low credit score makes it challenging to get approved for a mortgage, auto loan, and more. It might even make it difficult to rent an apartment. Thus, monitoring and improving your credit score is vital. 

You can start building your credit score with a secured credit card today!

Best Secured Credit Cards

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Frequently Asked Questions

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