QTDDTOT - post em here
If a loan has a 5% annual interest rate, does that accrue daily or monthly or what? Is it based on the outstanding principle each day? Like 5% of principle / 365?
I mean, just a standard loan, I don't know by going to the lenders site how to tell what kind of loan it is. One of them is a federal student loan
What kind of terms am I looking for?
My fed student loan accrued interest daily. That way if you pay it off a day before the 'interest application' date you wouldn't skip the year or the month you almost went through. Most loans work like this.
Example: you borrow $1000 at 5%. 1000*.05=50
Each day you accrue $50 interest. Most places require monthly payments, so your payment would be $50x30 days to take care of the interest. So 1500/month.
But because the interest compounds each day that $1000 you borrowed goes up $50. So by the end of the month your daily interest is .05x2450.
So if you factor in the compounded interest your monthly payment is $87.50*30 days.
So $2625 monthly payment. That's why everyone's so pissed about student loans.
So every week I save $100 in cash tips and put it on the side. I have roughly 5k right now and was wondering if there's something I can put it into without having to watch over it like a hawk, and something I could put more money into every week to help build it more.
It'd be nice if it wasn't taxed, but I'll go for what ever would make it grow the most without having to have any real knowledge
He had the same answer someone else already stated. He didn't even read the few comments before posting.
Problem is if you want to put it in any kind of account, you'll have to pay income tax on it. That could push you up into a higher tax bracket, and since it was earned I beleive you have to pay social security and medicare on it as well.
So, because of all that I would try to avoid putting it in an account. Find something else to do with it.
Robinhood is pretty solid for penny stocks if you want to put in a small amount of money in ($50 to $100 or so) and learn while potentially making some money. However, there is a three day waiting period for buying and selling, plus it can take a while for you to get in since the application seems to be random in how it picks people (I got in instantly, but I've heard it can take up to 3 weeks to get in for some unlucky people). It doesn't charge brokerage fees, so that's nice. It's aimed at new traders. However, at the moment it's US only though I think Australia has their part opening up soon too.
If you're not willing to do that and just want to practice, go to Excel or Google spreadsheet, pick out the stocks you want (I recommend keeping it in the same industry), give yourself $20,000 pretend dollars, and invest in the companies as you see fit. Use formulas for it to automatically calculate shit and there should be some that pulls the current share prices onto the sheet for you.
Read the news relating to your industry, you'd be surprised on how things in the world can affect stock prices.
Crypto-market sales that 20x your BTC, thats a scam right? who falls for this stuff? please explain? Also how does it have 510 people saying 10/10?
what kind of work can be done from home / online that would net me just around $25-30 per day and does not involve sucking dicks or doing g4p? ive been living off gambling for some years now but as im getting older i want to reduce my financial risks. e.g. im making around 2k per month gambling, but im also risking a fair amount of money, so to make sure that i dont get in a tight spot and cant pay my bills i want to have another, safe income source that covers my basic expenses.
1) I have $20,000 or so in a savings account. 0.95% APY. Not horrible, but I could be getting a lot more back with the money. I'm thinking of maybe buying shares in VOO, but I don't know if I'm better off waiting for the next bust and buying cheap. Any advice or tips?
2) I'm home until August, when I'll start law school. I interviewed for a bank teller job but I haven't heard back in a little bit and I'm getting a bit anxious. What are some good jobs to look for in the interim? I've done minimum wage retail work and I'm looking to work above that.