There are plenty of scams to be careful of. Some are more obvious than others, and many scammers are using more convincing tactics to persuade their would-be victims to part with personal details and money. Here are some of those scams and tactics to be cautious of.

1. Spoofing Genuine Numbers

If you get a call or text from an unknown number, you might use UnknownPhone to work out whether the caller is genuine. For example, you may have received a call from 07868802242 and the mixed reviews online for the number may leave you feeling confused.

Interestingly, this number is a genuine one used by Amazon parcel drivers attempting a parcel delivery, but several users have reported it as a scam. This means it’s possible the number has been spoofed. This is when the scammer has manipulated the caller I.D to appear like it is a different person or number. It’s easier to fall for this type of scam if you think it comes from a genuine person. However, you should never call back, give out personal information or make any requested payment. If you think you’ve missed a call from a genuine number, it’s best to dial the number yourself to call it back, instead of clicking to return the call.

2. Fake Antivirus Software Or Virus Alerts

If you’re browsing the internet and a notification pops up, alerting you to a virus or the need to update your anti-virus software, it can be worrying. It might be a scam, and although some of these are easy to spot, others are more convincing. If the alert claims to be from the antivirus software you use, it’s easier to be fooled by this, but instead of preventing viruses, this could involve you unwittingly downloading a virus or ransomware. This is where your computer becomes unusable, and you are asked to pay to unblock your access.

The best thing to do if you receive a convincing alert is to close the browser and open your virus software using the start menu. From there, you can see any genuine problems and run a scan. Never click on the notification.

3. Email Scams

Similarly to phone numbers, some emails can be made to look like official companies and trusted banks or other financial institutes. However, these can be easier to spot without opening. For example, the sender’s name could say the name of your bank, but by hovering your cursor over it, this will reveal the email address it was really sent from.

Genuine emails from reputable organisations won’t be sent from Hotmail, Gmail and other free email providers. They won’t be made up of random letters and numbers or anything else unrelated to the name of the company. So, if your bank was called ‘My Bank’, a genuine email might be sent from customerservices@mybank.co.uk. It wouldn’t be sent from mybank@hotmail.com or customerservices@123mybankabc.

It might seem impossible to keep up with the advanced attempts to steal money and personal details from you. However, by being careful, taking time to think or ask questions, and only clicking on links and software you’re 100% sure you can trust, you reduce the risk of falling for a scam.

The post 3 Common Scams To Be Aware of and How They Work appeared first on MoneyMiniBlog.

Many people are cash-strapped these days—not just college students, but adults as well. While everyone knows that if it sounds too good to be true, then it probably is, many still can’t resist the allure of something for anything. Whether through fake investments or pyramid schemes, there are plenty of ways for individual investors to get scammed out of their hard-earned money.

So, how can you avoid investment scams?  Here are some tips:

1. Research The Opportunity

Before handing over any money, make sure that you research the company thoroughly to find out if they’re legitimate and if they can, in fact, deliver on their promise.  Also, keep in mind that not all companies who do business only online are scammers, and just because a company is ‘too big’ to be one doesn’t mean they aren’t. So, you’ll need to pay a lot of attention and do your homework if you’re to pick the chaff from the real thing.

As part of your research, it’s also important to read up on what others have said about them before making a decision. When looking at personal investment opportunities, be sure to check online reviews and even reports from trusted sources

2. Promises Too Much?  Think Twice!

And, yes, the good old advice still applies in 2021. If something sounds too good to be true, it probably is. Fraudsters are always lurking, looking for investors willing to put in any amount of money for quick returns; and, if you’re in any way familiar with the Sasha Hopkins case, then you know such schemes can steal millions of dollars from victims and wipe away your life savings if you’re not careful.

As the Victims of Sasha site investigates, they keep unearthing more people and even greater ripple effects caused by the scam that called itself ‘A Team Property Group’ before disappearing millions of investor money.

So, when looking at an investment opportunity, look out for things such as large ‘guaranteed’ returns, ‘no risk’ factor attached to taking part, and opportunities presented by anonymous sources—these are usually tell-tale signs that you’re probably dealing with a fraud.  Try and check on these and other red flags before putting in your money.

3. If The Opportunity Lands Unsolicited In Your Inbox, Then Beware

Some of the biggest scams out there are international ones that cause billions of dollars in damage each year, but it’s hard to see that when you’re looking at a tiny sales page or email for an initial investment opportunity. That’s why many scammers choose to target people via Facebook messages, Twitter direct messages, and make offers, especially the ‘miraculous’ cryptocurrency investment opportunities.  

So, if ‘the next big thing in investment’ just landed in your inbox on social media, then chances are it’s a hoax, or, at the very least, you have to be careful.

4. Invest Only As Much As You Can Stand To Lose

While it’s good to invest your money if you want financial security down the road, it’s also not wise to put all your eggs in one basket. So, when considering an opportunity, make sure that you can live with both success and failure by investing only an amount of money that won’t hurt you either way.

5. Avoid Investments With High-Pressure Sales Tactics

When considering any investment opportunity, be sure that you avoid those that use high-pressure sales tactics to get people to invest their money immediately because, most likely, they’re going to take it and run without giving you your return.

No investment is easy. Loss is always a close possibility. Professional investors get anxious when important variables to a certain investment fluctuate, so anything that pressures you to make a decision immediately is most probably a hoax. You’re actually encouraged to take your time deciding!

6. Check For Hidden Fees And Don’t Pay With Cash Over The Phone

When looking at an investment opportunity, watch out for things such as hidden fees or even being asked for payment in unusual ways, like sending cash via courier or asking for wire transfers from third-party sources instead of the company itself. In general, try not to wire money over the phone.

7. Avoid Sharing Personal Information On The Initial Investment Page

When looking for an investment opportunity, you might be asked to share some personal information to get started. However, it’s important to only give out your personal information on an official site where you can be assured that it won’t be shared with others or used against you (having done prior research and checked reviews and other markers of credibility is going to help you).

8. Get Help From Trusted Sources

If after checking online reviews and reports, you’re still unsure of what steps to take next, then turn to friends and family for advice on how they’d go about making the decision. Chances are someone a little less invested than you will be able to see some loopholes you’re probably letting yourself not see in hopes this is the investment opportunity of a lifetime.

Conclusion

When looking for any investment, be it stock or the now popular crypto opportunity, online, always be sure to check on whether or not there are red flags before putting your money in. Also, make sure that you don’t fall for high-pressure sales tactics when making a decision, and avoid sharing personal information with companies whose websites don’t feel legitimate. When in doubt, turn to trusted sources, such as friends and family, or professionals, for advice on how to proceed.

The post 8 Ways To Avoid Investment Scams This 2021 appeared first on MoneyMiniBlog.

People make money mistakes for many reasons. Their lack of a strategic plan can block their ability to gain traction in difficult times. Also, misusing or wasting money on unproductive ventures can set people back when they need it the most.

The best part? No one is born with money smarts. Imagine yourself as a millionaire right now! And one way to do this is to adopt some powerful money mindsets to change your finances for the better.

Like any other skill, improving your finances requires practice, and don’t let the word “finances” intimidate you. It’s just a fancy way to talk about how to make and manage your money.

Here, then, are the three money mindsets to adopt.

1. Start Small and Simple

Take your dream a step at a time, and don’t overwhelm yourself. One small step you can take is to pay all your credit card bills on time. If you’re forgetful, for example, use a calendar to avoid paying a credit card late fee. 

Avoiding late fees on your credit cards is a good habit to have. Not only does it save you money on interest, but it can also prevent accidents and emergencies from costing you big time. Late fees can cramp your style when you least expect them.

And here’s why you should avoid them: If you fall behind on your payments, the consequences can be pretty devastating. You’ll be hit with fines and fees that can effectively double or triple what you owe. This happens because most credit cards have an automatic late fee feature.

2. Focus on a Single Objective

Every journey begins with a single step. Whether you’re just starting out or already on your way, you can create a full armory of powerful tools to achieve financial freedom. The first one would be to set a clear money goal.

First, decide what kind of life you want. There are a lot of different pathways to reaching these goals. Think about a career versus monetizing a hobby, buying a house versus renting, or going back to school to enter a better paying profession versus starting your own business.

Next, determine how much money you need in your life to live the life you want, and what you’re willing to do in order to earn the money. Identify the habits that support your goals

Finally, you’ll need to determine what the primary habits that support the things you want in life are. Habits will determine the quality of your life, so if the habits you currently engage in are harming you or your goals, stop engaging in those habits and start forming new, healthier ones.

3. Manage Your Money Better

Money can make or break your life. You can make your own fortune and meet your goals with the right planning and planning often.

 You can learn more about money management by doing the following:

• Get free tools to make your money management go smoothly. Many free tools are available online to help you manage your money better. For instance, you can download a free budget app to your smartphone or to your laptop. There are also many tools to help you calculate various expenses, such as mortgage payments.
• Keep track of all your expenses. Without a budget, it’s easy to lose track of how much money is coming in and out of your bank account. A budget allows you to spend your money on things that you need rather than waste it on impulse purchases.
• Create easy and fast ways to save more money. All wealth begins with savings. You need savings to create an emergency fund so that you don’t go from a bad situation to a worse one if you have a financial emergency. Savings can also help you accumulate enough capital to invest your money. 

When you adopt these three money mindsets, you’ll finally get on the path to mastering your finances.

The post 3 Money Mindsets That Can Improve Your Finances appeared first on MoneyMiniBlog.

There are so many reasons a person’s credit makes a turn for the worse. Perhaps you mismanaged credit cards, took out a loan you couldn’t afford to repay, or suffered an unforeseen event. Despite knowing that these things negatively impact their credit history and score, some people do little to improve. Although there are several reasons for this, failure to understand the true impact of a bad credit score is at the top of the list. 

Most people equate bad credit to the limited ability to get a mortgage, car loan, or credit card. Unfortunately, these are not the only possible outcomes. Let’s take a closer look at the financial impact of bad credit.

Higher Interest Rates

You may be able to get a personal loan, mortgage, or other financial product with bad credit, but it’s going to cost you a bit more. Since your credit history is riddled with red flags, lenders label you high-risk. If they’re going to approve you for a loan, they’ll offer it to you at a higher interest rate to offset the potential costs should you default. Although it may not seem like a big deal at the time, you could end up paying an additional several hundred if not thousands of dollars to borrow money simply because of your credit score.

Higher Deposits

Whether you’re trying to acquire a mortgage, find an apartment, or get your utility services shut on, be prepared to pay a higher deposit. Again, your adverse credit history sends the message that you’re unreliable. Therefore, companies that require deposits for products or services will want to lower their risks. One way of doing this is by asking for a higher deposit or downpayment.

Higher Car Insurance

Did you know your credit status could have an impact on how much you pay for car insurance? Auto insurance companies used what is known as a credit-based insurance score to determine the likelihood of you filing a claim. As you know, it’s the service provider’s responsibility to cover accident claims, which could cost them thousands of dollars.

If the insurance company is going to keep these costs low, they need to acquire customers that have low scores. Applicants with higher scores will have two outcomes – pay higher insurance premiums or get rejected.

Employment Issues

Bad credit could prevent you from getting hired for a particular job. Believe it or not, some employers do a credit check on applicants to help them make an informed decision. While you would assume your financial history has nothing to do with your ability to perform a job, it does.

The truth is, your credit says more about you than you realize. For example, a record of missed payments or defaulted loans sends the message that you do not honor your word or responsibilities. Similarly, a high debt-to-income ratio could express financial distress, which could increase the likelihood that you’d steal or commit fraud.

Repossessions, Lawsuits, And Wage Garnishments

If you haven’t managed your credit cards, loans, and other financial obligations, it will catch up to you, eventually. An unpaid mortgage turns into foreclosure, a defaulted car loan results in repossession, and maxed out credit cards turn into lawsuits and wage garnishments. When you think about it, each of these outcomes is expensive. If you don’t have the means to cover it, you’ll end up having to file bankruptcy.

What To Do About Your Bad Credit

As you can see from above, having bad credit comes with significant financial consequences. Although improving your credit will take time, money, and effort, it’s worth the investment. Start by evaluating your credit history. Dispute anything that isn’t relevant to have it removed from your report.

Then, reach out to creditors and service providers to negotiate more affordable terms. If they offer you a settlement amount you can’t refuse, consider taking out a short-term loan. For example, you can find loans in Lubbock, TX and other cities in the US with a quick online search. Finally, commit to your new debt repayment plan to get your finances back on track.

You may have thought that bad credit wasn’t a big deal unless you wanted a house, car, or credit card, but that’s not completely accurate. Your credit is used in many areas of your life to determine whether you’re eligible, responsible, and credible as a consumer (or employee). As such, use the tips above to turn your credit history and score around for the better.

The post Understanding The True Consequences Of Bad Credit appeared first on MoneyMiniBlog.

Even if you aren’t familiar with the name Jesse Willms, chances are you’ve already come across his online advertisements for one of his products.

You see, for around the last 15 years, Jesse has absolutely dominated the digital marketing industry, pulling in well over $500m in product sales and establishing over 22 unique million-dollar businesses. Not bad for a guy that’s still just 33 years old.

However, Jesse’s story is far from a straightforward one, and as you might expect from someone who achieved incredible levels of success at such a young age, mistakes were made.

“I was blessed with a lot of success at a young age, and almost everything I turned my hand to generated a lot of money. Unsurprisingly, this led to overconfidence and subsequently resulted in making sloppy mistakes that I would simply not make as my older, wiser self,” admits Willms.

From issues with doggy affiliates to brushes with the authorities, Jesse has just about seen it all. However, despite his troubles, Jesse stands tall as a shining example of what can be achieved if you are willing to learn from your mistakes and put the time and effort into honing your craft.

Who is Jesse Willms?

Jesse Willms describes himself as a serial entrepreneur and digital marketer; however, it’s safe to say Willms is a guy who wears many hats while managing his businesses. At the time of writing, the Candian-born entrepreneur resides in Las Vegas, Nevada, where he heads a team of 24 dedicated professionals for the series of car history websites that he owns. What began as an idea back in 2015 has evolved into a collection of massively influential websites, with nearly four million people using his services each month.

With that said, let’s take a deeper dive into the marketing maestro’s business journey and review four key mistakes he made along the way and the lessons we can learn from them.

1. Not Vetting Your Affiliates

One of the most prolific periods of Willm’s career came about when he decided to move into the health and wellness industry. At this point, Jesse was still flying high from earning over $50m with his computer software company, eDirect, where he developed many of the skills and finances he needed to propel his next venture.

Throughout this time, Jesse introduced highly successful PPC campaigns, initiated affiliated marketing schemes, and leveraged his digital marketing expertise and business knowledge with remarkable results, achieving over half a billion dollars in revenue in the industry.

However, as Jesse explained in a recent interview, there was more than one occasion where affiliate marketers were actually detrimental to his company and got him into a spot of bother.

“Affiliates would often make false claims in their marketing campaigns before bringing users to our site. These claims would often be in the form of fake news sites, or sometimes even claiming the product was endorsed by Dr. Oz or Oprah. Affiliates would also sometimes steal credit cards and then purchase on our site. They greatly hurt our reputation,” explains Willms.

Lessons we can learn

Despite affiliate marketing programs being responsible for 16% of global eCommerce sales, there are definitely some drawbacks to watch out for. Some affiliates will use unethical practices to secure more sales, such as placing misleading ads, lying to consumers, spamming email lists, and failing to comply with regulations.

It goes without saying that having your brand associated with these types of people will hurt your company, so be sure to do your due diligence and always pay close attention to the affiliates you work with.

2. Ignoring Customer Feedback

As you might expect, Jesse found it more difficult to communicate with his clients as his businesses became larger, which gradually led to customer frustration. After all, even the most experienced corporate professionals will feel the strain of scaling a business to such dizzying heights.

The growing disconnect between Jesse and his customers led to him not being able to take all of their complaints seriously, which meant no adjustments could be made to remedy the situation. Unfortunately, this is not exactly an uncommon story in the business world, as people are often taught to prioritize income and profit over everything else. Sadly, this mantra is somewhat naive and, more often than not, results in disappointment for both you and your customers.

“My advice to my younger self is to take care of the customer first, make a great product, and the profits will follow. Take every complaint seriously and make adjustments when needed, and continuously work to improve your product. The reason I say this is because when you’re running a successful business, it’s easy to shut yourself off to negative feedback and keep running the business the same way. However, that’s a surefire way to failure,” says Willms.

Lessons we can learn

Negative feedback can be intimidating, particularly if you allow your ego to get in the way. However, it’s important that you pay attention to all feedback, both the constructive comments and derogatory ones, so you can figure out what you’re doing right and where you need to change.

By soliciting feedback from your customers, you demonstrate that you value their input. You engage them in the development of your organization so that they feel more connected to it. This then leads them to believe that your main aim as a company is to fix their problems and meet their needs, not to make profits.

3. Setting Ambiguous Payment Terms

While operating his health and wellness companies, Willms frequently came under fire for not being clear enough with his customer base on the charges that would be applied to their card. The way many of Jesse’s companies operated was by offering a free trial that would initiate a subscription upon expiry.

Although what Jesse did was (and still is) commonplace in many industries, Jesse found that this form of billing did more harm than good for his company, as he had to spend a fair chunk of his time dealing with the consequences of unhappy customers.

“Some customers didn’t understand how the free trials worked and that they would be billed at the end. A free trial can be a great model for customers. We received about 3,000 billing complaints over three years, and looking back. I feel very bad for those customers. I should’ve worked harder to make the terms clear to every customer,” says Willms.

Lessons we can learn

You’re going to have issues with the clients if you don’t have simple payment terms in place. It will hurt the reputation and undermine faith if a customer receives an unwelcome fee on their card or is billed for a sum they didn’t consent to.

Even though a billing strategy might be commonplace in your industry, it’s worthwhile considering the customer and making sure you have their best interests at heart at all times.

4. Ignoring the Importance of Business Compliance

As Jesse’s ventures grew bigger, he found it increasingly difficult to keep up with the ever-changing compliance laws in the industries he operated in. As mentioned, many of Willm’s companies were situated in the health and wellness industry, which is renowned for having stringent laws, rules, and regulations, especially surrounding potential false advertisements and other misleading information.

As Jesse revealed in a recent interview, the Federal Trade Commission (FTC) tried to contact him to discuss the conduct of some of his companies. However, due to their growing size and immense success, Willms was reluctant to cooperate, which made things difficult for him later down the line.

“In late 2009, the FTC reached out to discuss our business practices. Unfortunately, I was an arrogant 22-year old thought I knew everything. I have great respect for the work the FTC does to ensure honest advertising, and I wish I would’ve worked with them to review everything we were doing and make adjustments where we needed it,” explains Willms.

Lessons we can learn

Nothing will ensure your business crashes and burns faster than non-compliance with laws and regulations. Let’s face it; there will almost definitely be some form of legislation that you must obey, no matter what sector you operate in.

Whether your company is brand new or has been around for 100 years, it’s always worthwhile to take the time to make sure you’re still following the rules. No matter how successful you become, make sure you apply for the requisite permits, file your taxes correctly, and keep the foundations of your company secure.

Final Word

To this day, Willms strives to deliver immense value to online consumers in a wide variety of applications. Whether that be with his car history venture, Vehicle History, or his endeavors to provide entrepreneurs with the support, resources, and strategies they need to get their businesses off the ground, Willms continues to be an active player in the digital marketing scene.

With that said, there are many lessons to be learned by observing Willm’s trajectory to business success. For most of us, the road to achieving our business goals is littered with potholes and obstacles that most of us can’t see until it’s too late. But as Eleanor Roosevelt so eloquently put it;

“Learn from the mistakes of others. You can’t live long enough to make them all yourself.”

To hear more from Jesse, connect with him on his Twitter, his LinkedIn, and Instagram.

Image Source: Jesse Willms

The post The Journey Of Jesse Willms: 4 Important Lessons We Can All Learn appeared first on MoneyMiniBlog.

So you’re on the hunt for a new car. Under any circumstances, this can be stressful. Buying a car is tricky and unlike many other major purchases. For one thing, buying a car, for most people, will involve taking out a loan in order to pay it off over time.

For another, as much as you might want to buy a brand new car in order to avoid any tricks or issues that can come with used cars, this is almost always advised against. The reason? Cars begin to lose value in a major way as soon as they leave the lot. Therefore, if you buy a car brand new, you will instantly lose on your investment.

But of course, buying a used car doesn’t mean that you’ll be putting money into something that will gain value; just that you’ll lose less. And there are certainly problems to look out for when buying any car, used or new. The unfortunate fact is that many car buyers are at risk of being scammed without knowing it. As much as you may assume that you know what you’re doing when buying a car, the process can be preyed upon by experienced scammers.

There are ways through which you can protect yourself against car buying scams. For one thing, you should only buy from a reputable car dealership. As much as a deal from a private seller may seem perfect, you’ll be much more at risk of fraud if you buy privately, with far less legal recourse available. You should also run a VIN check on any car that you’re considering buying.

Every car has a vehicle identification number, or VIN. It’s 17 numbers and is much like a car’s social security number. The VIN can be used to look up almost every major event that occurred throughout a car’s lifetime, provided that event went reported. Still, you can potentially fall victim to a scam even with these precautions in place. It’s also important, therefore, to read up on such scams and understand what you’re dealing with. Let’s look into some of the most common scams that you may run into while shopping for cars.

1. Title Washing

There are a number of different car selling scams, but one of the most common that people stumble upon when shopping is that of title washing. Title washing is when someone sells a car with a salvage title without notifying the buyer. A salvage title is the title that a car receives after it has been totaled.

Now, a car can be rebuilt and sold in good condition after being totaled. But quite often, scammers attempt to sell a car that merely looks solid, while not disclosing its history. No matter what condition the vehicle is in now, you need to know if it’s been totaled in the past or not. Scammers may go so far as to register a car in another state in order to conceal its true history. Luckily, a VIN check will usually reveal a salvage title, though you may need to pay for a VIN check to reveal this rather than rely on a free check.

2. Cut And Shut

Perhaps one of the most dangerous car scams is the cut and shut. When running a cut and shut scam, the scammer will literally take half of one car and half of the other and glue them together, selling them to buyers that have no idea of the cobbled together nature of the structure.

Obviously, a cut and shut car is incredibly dangerous to drive and can fall apart at any point in time. If the car crashed, it would immediately fall apart, even if the crash was minor. Cut and shut cars won’t be obvious to the naked eye, but if a deal looks too good to be true you should inspect the car carefully. Look over the door shuts, underneath the car’s seats, across the underside, and around the top of the vehicle’s windshield. If you notice anything amiss, immediately abandon the sale.

3. Clocking

Clocking, also known as odometer fraud, is a particularly tricky type of scam that many car buyers completely miss. The mileage of a used car has a great impact on its overall value; more miles equals greater wear and tear. A clocking scammer may begin by advertising a car with fraudulent mileage online; this is already classified as internet crime, as they’re using the internet to give fraudulent information to consumers.

However, this can go even further when sellers alter their odometers physically. Some buyers have the mistaken belief that digital odometers cannot be altered the way that old-fashioned odometers can be through the practice of “rolling back” miles. Certain types of software can in fact alter digital odometers.

You need to use your eyes to check the wear and tear of the car; if it looks like it’s been through more than its miles would imply, there is probably something wrong. Again, if a deal seems too good to be true, it probably is. This is yet another reason to go to a dealership versus a private seller.

4. Deposit Fraud

If you begin looking for a car, you’ll probably start with a search engine. Every second, 67,000 searches occur on Google, and many of them are focused on looking for great deals on cars. A car may seem like an amazing deal at first.

But what happens when the seller demands a surprisingly large deposit on the car so that you can secure it before picking it up and completing the sale? This is probably the surprisingly simple deposit fraud. The seller will probably disappear after receiving the deposit.

Now, this doesn’t mean that everyone asking for a deposit is a scammer. You should simply only agree to deals with small deposits that you can afford to go without, and make sure you receive a receipt. Never agree to a deposit if you aren’t comfortable with potentially losing it.

Clearly, it can be scary to go out and buy a car. There are a lot of scams to worry about. But if you proceed as an aware buyer and protect yourself, in part by only working with reputable sellers, you can greatly diminish your risk of falling prey to scammers.

The post 4 Common Car Buying Scams and How to Avoid Them appeared first on MoneyMiniBlog.

Online scams, these fraudsters have made too many people have sleepless nights, worrying about how to protect themselves. The country has tried severally to find a way of dealing with this problem but to no avail. Unfortunately, new technology has become the best way of scamming money from innocent customers. The records of theft keep on increasing year after year. But there are things consumers can look at in order to protect themselves against these hungry and greedy fraudsters.

1. Use a Tough-To-Crack Password

To begin with, it is very unfortunate that the fraudsters easily crack the numbers we use as our password. The more the simple the password is, the more it is simple to break. We can never assume that we are all safe from these thieves unless we take precaution measures. Therefore, set a password with at least eight digits or words long. By doing this, you will have made it very difficult for your password to be cracked by the online scammers.

Moreover, in an event where you have more than one website, you have to use a different password for each. This makes it complicated for the hackers. However, having many passwords might be very difficult for you to recall all of them, a password program like LastPass, which will help you get your password anytime you want to access them.

2. Don’t Give Out Financial Information

Whether a business or an individual reaches out to you via email or text to give out your financial information to them, you should never give them because they are sensitive information to you and should not be given out carelessly. These scammers can call and email you, claiming that they are a wholesaler, retailer, or they will claim that they are customer agents from a government institution.

More often than not, they will try to pursue you into giving them your social security numbers or credit card numbers; by doing this, you will have given them access into your accounts. They will take it as an opportunity to hack into your system, by realizing they would have made everything leave with a very big blow.

Additionally, your Credit Card Company or bank will never give you a call just to ask for your personal information. It would be best if you always were cautious with suspicious calls or emails that are more concerned about your personal information. Pay no attention to fraudsters and illegal moneylenders. Even if you are in urgent need of money, only deal with licensed lenders. Get more information at

3. Never Click on Hyperlinks in Emails

The post 5 Ways to Protect Yourself From Money Fraud appeared first on MoneyMiniBlog.

The number of data breaches in the last few years is alarming. Yahoo tops the list of the worst security breach with 3 billion records compromised. The data compromised was user’s answers to security questions. A smaller but more serious breach was First American Financial Corporation’s leak. The financial records of 885 million users were compromised, exposing bank account information, Social Security numbers, and more.

Hackers typically go after financial and identifying information for the profit potential. They can sell your information or use it to steal your identity to apply for credit cards and loans. Although there’s not much you can do to safeguard your data if a large organization you do business with is compromised, there are steps individuals and small businesses can take to protect themselves from identity theft and fraud.

Security Measures for Businesses

If your company works with sensitive customer information such as Social Security numbers, health or financial records, or credit card or banking data, your business should take additional measures to safeguard your customers’ records. Specific types of businesses are more vulnerable than others — for example, medical offices and accountants are targets for hackers because of the data they keep.

To protect your business, website security is essential. If your business sells online, make sure you stay up-to-date on website and SSL security and your responsibilities as an e-commerce merchant that accepts credit card payments. Speak with your merchant processor about what type of security measures you should take to protect credit card data to stay compliant.

Some typical practices that should be avoided when dealing with customers’ credit cards include storing a customer’s card verification value (CVV) from the back of their credit card or saving/displaying more than the last four digits of a customer’s credit card number. Non-compliance with credit card regulations can be costly to your business. Fines vary from $5,000 to up to $100,000 for every month your business is violating credit card regulations. 

Besides website security, all businesses should have a system in place to protect employee records and customer financial data kept at a physical location. Sensitive data should be encrypted or stored off-site such as on a cloud server to keep thieves from breaking in and stealing computers that are storing sensitive customer and employee information.

Security Measures for Individuals

There are a variety of ways that individuals are at risk for identity theft and fraud. The simplest way to protect yourself from the loss of sensitive information is by being more selective of who you share your data with. Shop online with brands and companies you know and trust. Avoid paying online with a debit card or by entering bank account information.

Use a designated credit card just for online purchases and make sure you’ve set up alerts with the card provider that notifies you each time a purchase is made. You’ll be able to track unauthorized purchases faster using this method so you can report them to your card provider in time.

Be more cautious of the type of information you share with others, especially on social media. Your location, photos of your home, your birthday, and the names of family members should be kept private or avoided altogether. Cyberthieves can harvest your public information to build a file that makes it easier to steal your identity.

As for your smartphones or other devices, always enable password verification to access your phone. If it’s lost or stolen, anyone can access the sensitive data if you don’t set up a password. Be more selective about what type of apps you download. Some have hidden malware or viruses that can access your sensitive data or spy on your activity. Make sure any apps you’re interested in have good reviews and are downloaded from the app store.

What to Do if Your Data is Breached

If you receive notice from a company that your data has been breached, or your phone or other device was stolen, it’s essential to take action quickly to reduce your risk of financial loss. If your data is breached, contact your bank, credit card providers, and health insurer to notify them of the incident. You may want to close accounts and open new ones and replace your checks, credit cards, and health insurance card. And don’t forget to change all passwords on your email addresses and accounts.

Order your annual free credit report and review it for any unusual activity. If you notice any accounts you don’t recognize, report it to the credit bureau right away so they can investigate it and remove it from your credit file.

If you find that the security breach has led to identity theft, you can place a credit freeze through the credit bureaus so no one may apply for credit in your name. You’ll need to contact all three bureaus to request a credit freeze. Each credit bureau will provide you with a PIN to lift the freeze if you’d like to apply for a credit product in the future.

Data breaches are an uncomfortable, new reality in the digital world. Fortunately, there are steps you can take or enact at your business or personally to reduce the chances of a security breach. Limit who you share your personal information with, protect your devices and computer equipment, and monitor your credit file for any unusual changes.

The post Tips To Secure Financial Data Before And After A Security Breach appeared first on MoneyMiniBlog.

Your 20s are all about learning to navigate through the world as an adult. And while this is a fun time of life, the importance of learning good financial habits can’t be overstated. Large debt accrued early in life can take years to pay off and slow down other financial goals you should be tackling in your 30s, 40s, and beyond. Avoiding the following five money mistakes can help young adults get a strong financial start to build their futures on.

1. Failing to Get Insurance

Insurance can feel like an unnecessary expense when you’re in your 20s, but skipping it is a financial mistake. The costs of unexpected medical bills can set back financial goals for years. It’s also important to consider other types of insurance. Young medical professionals, for example, should consider policies that pay monthly in the event of injury, like the types offered by companies like InsureSTAT. These policies can cover student loan payments, which can keep young professional’s financial goals on track, and help them avoid defaulting on their loans.

2. Getting Student Loans

College is expensive. And based on the $1.56 trillion in student loan debt carried by Americans, very few people are getting their degrees without student loans. According to Forbes, the average student loan debt is $32,731, with an average monthly loan payment of $393. Is your reason for going to college worth the years you’ll spend paying off student loans? If your answer isn’t an immediate yes, consider waiting on that expensive college degree. Because according to a report commented on by The Washington Post, only 27% of college graduates work in jobs closely related to their majors.

3. Buying New Vehicles

New vehicles are awesome, but in your 20s you don’t need a ride right off the showroom floor. Instead, skip the five-year note, and purchase a used car with good gas mileage. If possible, pay for it in cash. And, if you’ve already purchased a new vehicle and are stuck under an expensive car note, look into selling it. In some cases, newer vehicles can be sold for enough to both pay off the loan and buy a reliable used car.

4. Using Credit Cards to Live Beyond Your Means

Don’t get into credit card debt. It’s that simple. If you can’t afford to buy something in cash, you can’t afford it. Keeping a credit card just for emergencies? Try following a budget instead—one that includes automatic deposits to a savings account each paycheck. Or choose a checking account that rounds up your purchases, and deposits the change into a savings account. And, if you do need to use your credit card for an emergency, pay it off in full each month.

5. Not Learning to Follow a Budget

Budgets are easy to write and even easier to follow, at least in theory. So why do so many people struggle to stick to a budget? For many, it’s a lack of practice. Get into the habit of sticking to a budget early in life. There are lots of ways to help yourself succeed. Give yourself a set amount of cash each week to spend, set a budget for your groceries, consider carpooling, pick up a small side job for extra income, etc.

Avoiding common money mistakes in your 20s is the easiest way to establish good financial habits that will keep you on track throughout the rest of your life. Already past your 20s? There’s no age limit on avoiding these mistakes or correcting them if you’ve already made them. Your financial well-being is in your hands.

The post 5 Money Mistakes to Avoid Making in Your 20s appeared first on MoneyMiniBlog.

“Learn from the mistakes of others. You can’t live long enough to make them all yourself.”

~ Eleanor Roosevelt

The twenties are a time for self-discovery. 

Mistakes will most certainly be made, whether it’s related to your college major, career path, or lifestyle choices you might not seriously think through just yet.

When it comes to relationships, it’s easy to adopt a carefree approach if you’re a trusting soul and out for some fun in your quest to find the right person. You feel like you have time to think about what you want and that the right person will be inspired to be a better person for the sake of your relationship.

However, you’re going to get stuck in a vortex of stress and grief if you choose to settle with a financially irresponsible partner.

The cold, hard truth is that time waits for no one. Before you know it, two weeks of besotted attraction can easily turn into two years (or more) of resentment and misery due to incompatibility…and that’s time and life you’re never going to get back.

There are plenty of money mistakes to avoid in your twenties, such as taking on too much debt, living on credit cards, or spending more time on social media than on money matters. 

Now let’s explore why settling with a financially irresponsible partner is a top money mistake you want to avoid when it comes to your relationships.

1. Love Doesn’t Pay the Bills

A 2018 survey from TD Bank found that 30% of married couples have an argument about money at least once per month, and that 44% of divorced couples had frequent arguments about money matters before they split.

Someone who’s responsible about money makes time to discuss money matters. They don’t hide money from you or keep debt a secret. They’re able to curb impulse buying and don’t treat your bank account as their personal ATM.

You might have the most amazing intellectual conversations with someone or physically connect with someone in a more intense way than you’ve ever experienced. These traits make no difference as to whether or not the person is financially responsible (and if you’re on this site, chances are you would appreciate a partner who you can have shared financial goals with). 

Life is full of ups and downs. Handling money responsibly includes saving some money on a regular basis so that you’re able to use it when an unexpected need occurs some time in the future. All the serenades in the world aren’t going to help if you’re a mortal who needs to get bills paid. 

2. Having A Kid Changes Everything

If you have or plan to have kids, your partner’s financial irresponsibility is going to impact your entire family. You might feel obliged to stay together for the sake of your kids, but if your partner has an immature approach towards finances, you’re going to be in a constant state of stress as to whether there’s enough to provide your kids with a safe and comfortable home environment to grow up in.

And if you’re the one shouldering the financial burden, a financially responsible partner wouldn’t spend your money frivolously, especially if that money is supposed to be going towards supporting the needs of your children. 

Take the time to really get to know someone before you build a life and family with them, so that both of you are ready to take on the responsibilities and commitment that parenting requires.

3. Change Only Happens When People WANT to Change

A classic mistake we make when falling in love is thinking that our partner will change for us if they truly love us. If that were true, break-ups would never need to happen!

Don’t stay with someone who’s irresponsible with money just because they tell you that they’ll “change” in the future. Watch your partner’s behavior and actions. If they still do the things that stress you out, like waste money on non-essentials or make big purchases without telling you about it first, they’re not interested in accommodating your needs in the relationship. Cut your losses and make space to meet someone who has the qualities you’re looking for. You can’t force someone to be something they’re not.

4. You Need to Have Shared Goals in a Relationship

To have a strong relationship, you and your partner must have similar priorities. 

You may want to save for a downpayment, build an emergency fund, start a travel fund, or put aside a percentage of your income for investing. You will not have a happy relationship with someone who prioritizes weed and cigarettes over saving for the future. 

Resentment will build over time when there are no shared goals. There’s no reason for you to suffer for months or years because you and your partner don’t see eye-to-eye on the big things in life.

5. Money is Real

Someone I dated in my twenties was academically gifted, but had the notion that money was not important because “it wasn’t real.” It didn’t matter that we struggled on some very real things like figuring out where to live and how to get better jobs at the time. He was set in his belief that ideas and philosophy were the most important things in life.

That relationship didn’t last for a number of reasons. The lesson I learned was to stop viewing my relationships through rose-tinted lenses, especially when it came to finances and whether my partner and I could work towards common goals.

Money impacts your daily life, your lifestyle, and your relationships. And financial responsibility is crucial when you want to share your life with someone. It is the basis for material security which also translates to a certain level of emotional security. It brings a sense of stability to your relationship, and its absence could make you and your partner constantly stress over whether you can afford a roof over your heads by the end of the month.

Settling with the wrong person often turns out to be a very bad mistake, because of its potential to inflict repercussions on several areas of your life. 

If personal finance is a big part of how you live your life, I’d recommend including “financial responsibility” as one of your relationship dealbreakers. No relationship is guaranteed to work out, but at least you’ll avoid the stress of trying to build a life with someone who has zero intention of improving their bad money habits.

***

About the Author:
Jess is passionate about helping others to improve their personal finance knowledge. She writes and edits content for the Optimal Living Daily podcast network, which regularly features content from Money Mini Blog via Optimal Finance Daily.

The post The Top Relationship Money Mistake to Avoid in Your 20s appeared first on MoneyMiniBlog.

The thing about personal finance is that it takes a little while to learn the important concepts you need to know for managing your money.  The thing is, mistakes can happen very fast and if you try to ignore them, it just makes your mistakes worse and ultimately takes longer to fix them.

This article highlights a few of my own money mistakes and how I eventually learned how to fix them.

 1. Graduating During a Recession

During college, I somehow managed to get along pretty well with my two credit cards.  I never spent too much and I always repaid my bills in full each month.  It wasn’t until right after I graduated college that I ran into a little bit of trouble.

I managed to graduate college right after the dot com bubble burst and the economy went into a recession.  The job market changed pretty drastically.  Signing bonuses disappeared and job offers were much harder to come by.

We can’t control the economy and it certainly isn’t your fault if you aren’t lucky enough to graduate during a good job market.  However, we are responsible for managing our expenses differently if the conditions around us change.  This was where I made my first mistake.

I was one of the lucky few that was able to find a job.  However, the only job I could find was not the job I hoped for and also was not a very high paying job.  Instead of a front office finance job, this was a back office customer service job at a large financial services company.

Unfortunately, this first job made it very difficult to save any extra money beyond my normal monthly expenses.  This first job also set the stage for my additional money mistakes that I made.

How I fixed My Job Situation

Some money mistakes have quick solutions.  Unfortunately, finding a way to earn more money from my full time job required a longer term fix.

In the corporate world, there really aren’t many shortcuts.  You have to work hard to get ahead.  But you can work smarter to speed up the process.

My solution for improving my job prospects was to become a CFA charterholder.  Earning a professional designation required significantly less money than a full time MBA program and I believed the CFA charter offered just as much upside as an MBA from a top ranked school.

In order to achieve this goal, I needed to invest in a CFA prep course and spend at least 300 hours of time studying for each level of the exam.  The CFA exam has three exam levels so this was around 900 hours of studying over three years.

In the end this decision worked out really well me.  When I passed the first exam level, my job prospects immediately started to improve and I eventually moved into corporate banking.  Earning the CFA charter was not a quick fix in the short term, but it was a major improvement in the long run.

2. Not Following a Budget

During college and even right after college, I didn’t use a budget.  I paid rent with a monthly check and I used cash to pay for expenses on the weekends, but everything other expense was paid with a credit card.

It was far from ideal, but my credit card statement was a stand-in for a real monthly budget.  My hope was that each month, I had enough income to pay off my credit card statement in full.

In the first few months this sort of worked.  Occasionally I had enough monthly income to pay off the credit card statement in full.  In the other months, I used my rapidly declining savings account to pay off the difference.

The problem was that I pretty quickly depleted my savings account.  Instead of paying off my monthly balance in full, I paid off as much of the credit card balance as I could and the remaining balance was rolled over to the next month.  As I talk about later in the article, this led to more mistakes.

Fixing My Budget

Thankfully, this was an easier problem to solve.  I initially started by listing all my expenses on a spreadsheet.  Monthly income was at the top and monthly expenses were below income.  Anything left over was used for paying down credit card debt or for savings.

This was a very good, free way to make a budget.  It provided me with clear limits on my discretionary expenses which previously had no defined limits.

The budgeting process also sent two clear signals about my finances: my monthly income did not meet my expenses and I needed to figure out how to cut my expenses.

3. Keeping a Credit Card Balance

At the time, I rationalized that I would be able to pay off my credit card balance in full, but not until next month.  All I needed to do was spend less this month and everything would be fine.

The problem was there were always different expenses that popped up.  It was hard to turn down eating out with friends or going to that concert.  I needed to make a small repair to my car.  The list seemed endless.

Before I knew it, my credit card balance was increasing each month along with the associated interest charges.  Within six months, my balance was approaching the $7,000 credit limit.

Fixing My Credit Problem

The only way to address my credit problem was to cut expenses or increase income.  Since I couldn’t immediately increase my salary, it was time for me to pick up a part time job.

I kept my day job, but I also picked up a few extra shifts working as a waiter and a bartender in the evenings and on weekends.  When I graduated from college, Uber didn’t exist and you couldn’t make extra money on your smartphone since phone apps didn’t exist.

Thankfully, I only needed to keep a part time job for 8 months.  One of the surprising benefits of working part time was that it cut down some of my discretionary spending.  So I ended up earning extra income as well as cutting some of my expenses.

4. Not Cutting Expenses Fast Enough

My credit card balance was expanding partially because I didn’t rapidly reduce my expenses as fast as I should have.  Had I followed a budget, my budget would have also made it clear that my expenses too high and needed to be reduced.

When you combine overspending with an increasing monthly credit card balance, it creates a lethal combination for your finances.

I already mentioned my decision to take a part time job waiting tables and bartending.  However, I also took a few other steps that helped me generate extra money to pay down my credit card debt.

One-Time Income Sources

Since I just graduated college, I still had most of my textbooks and various stereo equipment and other tech from my college dorm.  At the time, Ebay was a high flying tech stock (even after the market crash) and was also a very popular web site.

I gathered everything I could find in my room that I didn’t need and listed it on eBay.  It turned out to be a great way to make an extra $300 dollars, but it was far from a sustainable income source.

Learning to Cook

The only realistic option for me was to find sustainable ways to reduce my expenses.  This is when I taught myself how to cook and started taking my lunch to work.

My daily cost for breakfast, lunch, and dinner was approx. $46 per day.  That’s $230 per week and $920 per month.  This turned out to be a pretty easy fix.

By getting in the habit of shopping at the grocery store on Sundays, it was very easy to buy breakfast and lunch for the upcoming week.  It was unrealistic for me to make dinner every night, but if I cooked twice a week, I could get a second dinner from the leftovers.  So that reduced paying for takeout to just 3 out of 7 nights a week.

These changes reduced my dinning budget by nearly 50% and made a major difference in my monthly budget.

5. Not Using Tax Deferred Accounts Earlier

Personal finance is a topic that should be included in every high school around the country.  Many high school students have a part time job in the summer or during the school year.

What most people don’t realize is they can contribute some of their summer income to a Roth IRA.  By contributing to a Roth IRA during high school rather than waiting until you graduate college and start working, can be the difference between being a multi-millionaire or just a millionaire.

Unfortunately, I also didn’t start contributing to a Roth IRA until I graduated college.  I also wasn’t in the financial position to contribute the full amount to my Roth until 3 years after I graduated when my finances were stabilized.

This meant that I started contributing to a Roth IRA when I turned 25.  Using an overly simplistic assumption of working until 65, making $400 monthly contributions, and earning 7%, my Roth IRA would be worth $1.07 million when I turned 65.

If I kept all the assumptions the same, but started contributing when I turned 15, the value of my Roth would more than double to $2.2 million at age 65.  Granted, those are very imprecise assumptions, but they show the power of compounding interest and the benefits of investing small amounts at an earlier age.

Not an Easy Fix

The only way for me to correct this final mistake, was to make use of a Roth IRA after I finished fixing my other financial issues.  But if I had known about Roth IRA’s when I was younger, I like to think that I would have started investing in low cost index fund when I was 16 rather than 25. 

Maybe that’s just wishful thinking.

About the Author:
Lou created Financial Analyst Insider to help young professionals grow their careers and save extra money.

The post 5 Common Money Mistakes and How I Fixed Them appeared first on MoneyMiniBlog.

Leasing a car or buying one on finance is becoming an increasingly popular option in the UK, allowing drivers to invest in a modern vehicle they would be unable to afford outright.

However, drivers aren’t always aware of some of the major differences between a lease scheme and typical ownership, causing lots of people to make mistakes that cost them hundreds (or even thousands) more than they need to in the long-run.

If you’re currently driving a lease car – or are thinking about getting one – here are six of the most common mistakes to avoid, especially when returning your car.

1. Underestimating the Mileage You’ll Do

When you’re looking at lease car quotes, you’ll probably notice that one of the biggest factors of the cost is the amount of mileage you expect to do in the car. It might be tempting to submit a lower mileage estimate when it comes to applying for your lease car in order to keep your costs down, but if you exceed the agreed amount, it will usually result in a nasty sting when it comes to returning the car.

Use your previous MOT to calculate your mileage and don’t forget to factor in changes to your commute or extra journeys over the longer term. Don’t worry – you can often change the mileage if you realise later down the line that you might exceed the amount that was initially agreed.

2. Failing to Get it Regularly Serviced

Just because the car isn’t “yours” doesn’t mean you’re not responsible for anything other than petrol. You’ll be expected to take it in for proper servicing, usually with a specified dealer (even if it’s more expensive than your local garage). Keeping the car in top condition will minimise its depreciation in value, so it’s essential to get your service book stamped correctly to satisfy the lease company.

3. Not Reading the BVRLA Standard

Each lease company will have a different tolerance for acceptable scratches and level of wear. If you’re in any doubt, it’s best to check the terms with your company to avoid any extra charges.

However, the BVRLA (British Vehicle Rental and Leasing Association) lays out a standard process for inspecting a lease car’s condition when it’s brought back in. Requesting a copy of these guidelines through your lease company is a good idea and can help you identify any problem areas before your lease ends.

4. Leaving the Car in a Less-Than-Perfect Condition

When it’s your own car, you might not mind the odd little scratch or chip in the windscreen. However, if you return a lease car with any damage or in a generally poor condition, you can expect a fee. This goes for any personalisation you’ve made too, like decals, steering wheel covers etc.

This goes for:

• Scuffs or scratches
• Magnetic signs
• Decals and stickers (be mindful not to remove the paintwork)
• Windscreen chips or cracks

It’s recommended that you give the vehicle a once-over about 12 weeks before the lease is up, so you’ve got plenty of time to spot any issues and get them booked in for repair. Taking the car for a valet service at this time will help you to identify areas of wear and tear, and you should also take it for a freshen up just before handing it back over to the dealer, so it looks as good as new.

5. Not Having Repairs Taken Care of Professionally

If you notice a dent or scratch, it’s worth taking it to a professional body shop to have it repaired before handing your lease car back over. Trying to cut corners and have it fixed on the cheap will usually end up with the lease company being unsatisfied and you being out of pocket twice.

6. Forgetting to Top Up the Fluids

Of course, checking the oil, washer fluid, brake fluid and coolant levels should be a regular task while you own the car, but it’s particularly important to top them up before returning your car. Make sure everything under the bonnet is looking as it should and you’ll avoid some hefty fines.

As you can see, most of these errors can be avoided with a little bit of care and planning. Before leasing a car – and certainly before returning it – make sure you understand exactly what condition is acceptable to bring it back in, and you should save yourself a good chunk of money.

It might be tempting to leave the cleaning and repairs to the leasing company, but remember that they will almost always charge significantly more than just taking care of any damage or dirt yourself.

The post UK Readers: 6 Mistakes That Can Lose You Money on a Lease Car appeared first on MoneyMiniBlog.