Rich To Do

How Do Commercial Banks Make Money?

Whatever related to money, it means business. This is certainly what banks do.  Like any other business, banks need to make money and they do this in a number of different ways. There are three main ways banks make money: by charging fees for services they provide, by charging interest on money that they lend, […]

Why do We Need to Consolidate Credit Card Debt?

More people have more access to credit card and it means credit card debt is growing. Based on the case in the US, the average household with debt carries $15,762 in credit card debt. Furthermore, the average interest rate is 13.70%, which means American families could pay more than $2,000 of interest over the next […]

What is the Difference Between APR and APY?

The two terms confusing concepts of Annual percentage rate (APR) and annual percentage yield (APY) often used a lot in banking and financial industry. Having the understanding of the difference of these two can assist you in making better and more informed financial decisions. Whenever comparing  APR vs. APY it refers to the periodic interest […]

Ways to Budget for Holiday

Holiday is the event that everyone expects; relax from daily routine to refresh both mentally and physically. Whether it’s snorkelling on the Great Barrier Reef or going on safari in the Serengeti, your next holiday will cost money. It’s much better to save as much as you can before you leave, so you don’t rely […]

Why a Company Might Issue a Stock Dividend?

A stock dividend is a dividend payment made in the form of additional shares rather than a cash payout, and it is also known as a “scrip dividend.” To exemplify, when a company declares a 15% stock dividend, this means that every shareholder receives an additional 15 shares for every 100 shares he already owns. […]

How to Stop Emotional Spending

Emotional spending arises when an individual spends money for the sole purpose of improving the mood. Some reasons people engage in emotional spending are to maybe relate an individual’s state to improve or maintain a mood, to cope with stress, to deal with loneliness, and to improve self-esteem. Individuals sometimes use emotional spending to manage […]

Measuring the Diamond: Understanding the 4Cs

A diamond value, rarity and beauty are determined by features that are commonly known as the 4 Cs. These refer to colour, clarity, carat and cut. Before deciding on purchasing a diamond or diamond in the jewellery, it is vital to understand why two diamonds that may look exactly the identical are actually valued differently. […]

How Can I Start an IRA for My Child?

In general, people want to have a comfortable life when they retire. Preparation is been made by saving money as early as possible for the retirement fund. This is how IRA plays a role. An Individual Retirement Account (IRA) is a type of savings account that is designed to help you save for retirement and […]

Payday Loans and Cash Advances: What are the Differences?

Both are types of personal loans but they are different. Payday loans and cash advances are typically considered to be short term loans that are taken out to help with some sort of immediate expense like paying for an emergency or past due bills. Payday Loans Payday loans are also known as “online personal loan” […]

How Can I Get a Standby Letter of Credit?

Financing small business is not always easy to come, however, it is essential to look down every possibility. Standby letters of credit can help business in tough contractual and financial situations, making investors more likely to sign contracts and do business. How powerful this avenue? Let’s explore further. A standby letter of credit (SLOC) is […]