Latest news with #AndrewLokenauth
Yahoo
2 days ago
- Business
- Yahoo
5 Best Personal Loans If You Have Bad Credit in 2025
Let's be real — having less-than-perfect credit can feel like a closed door when you need a loan. But don't stress. Whether you're trying to consolidate debt, cover an emergency or just need a little breathing room, there are solid personal loan options out there for people with bad credit. In fact, 2025 has brought some refreshingly flexible lenders into the spotlight. For You: Trending Now: Andrew Lokenauth, money expert and owner of BeFluentInFinance, has spent years helping clients navigate the tricky waters of bad credit loans. 'And let me tell you — there's way more options than most people think,' Lokenauth explained. Working with hundreds of clients has taught him some insider tricks about getting approved, even with credit scores in the 500s. Below are the best ones to help you get the funds you need, even if you have bad credit. First up, secured personal loans are your best bet. Lokenauth tells his clients to consider using their car or savings as collateral. Last month, he helped a client get a $10,000 personal loan at 8% interest by securing it with their paid-off vehicle — way better than the 25% or more they were looking at with unsecured options. See Next: Credit union loans are absolute gold mines for bad credit borrowers. Most people don't know this, but credit unions are non-profit and typically offer rates about 2% to 3% lower than traditional banks. 'I've gotten dozens of my clients approved through credit unions, even with scores around 580,' Lokenauth said. 'Let me share something about peer-to-peer lending platforms like Prosper and LendingClub,' Lokenauth said. He noted these platforms can be fantastic for bad credit. He's seen approval rates roughly 60% higher than traditional banks. Plus, their rates tend to be more competitive. Home equity loans are another solid option if you own property. According to US Bank, they can be used for more than renovating or fixing your home, including paying for college, consolidating debt and more. The interest rates are typically 4 % to 7% lower than unsecured loans because your house acts as collateral. But here's the thing — you have to be super careful with these. 'I've seen too many people risk their homes by defaulting,' Lokenauth said. Co-signed loans are another effective route. Having someone with good credit co-sign can drop your interest rate by 5% to 10%. But — and this is crucial — make sure you can make the payments. 'I've seen countless relationships destroyed over defaulted co-signed loans,' Lokenauth added. More From GOBankingRates Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on 5 Best Personal Loans If You Have Bad Credit in 2025
Yahoo
3 days ago
- Business
- Yahoo
I'm a Financial Expert: This Is the No. 1 Mistake Americans Make When Planning for Retirement
When it comes to planning for retirement, most of us are just trying to do our best — juggling advice from financial gurus, our instincts, and maybe a sprinkle of wishful thinking. Read More: Find Out: According to the U.S. Department of Labor, only about half of Americans have calculated how much they need to save for retirement. But even with the best intentions, there's one common mistake that trips up a lot of Americans. And the worst part? It's often hiding in plain sight. GOBankingRates spoke with Andrew Lokenauth, money expert and owner of Be Fluent In Finance, and Chris Heerlein, CEO of REAP Financial, to discuss the top mistake Americans make when planning for retirement. Here's what they had to say. In his years as a financial advisor, Lokenauth has seen one massive mistake come up over and over –waiting too long to start saving. And he's not just talking about waiting until your 40s or 50s. 'I've watched countless people in their 20s and 30s push off retirement planning, thinking they've got all the time in the world. Trust me, they don't.' Here's what drives him crazy: People constantly tell him, 'I'll start saving when I make more money' or 'I'll get to it after I pay off my student loans.' But he explained that mindset costs them hundreds of thousands in lost compound interest. 'I had a client who waited until 45 to start saving — he needed to put away 3x as much monthly compared to if he'd started at 25,' said Lokenauth. So here's what he tells his clients: Start now, even if it's small. Put away $50-$100 per month into your company's 401(k), at a minimum, enough to get any employer match (that's free money). At the same time, open a Roth IRA and set up automatic monthly transfers. 'Even $25-$50 helps build the habit. I've seen this strategy work countless times.' Discover Next: According to Heerlein, the biggest mistake is thinking retirement is all about hitting a savings number, rather than creating a reliable income strategy. He noted that too many people fixate on reaching $1 million or some other target without asking what that money needs to do for them. 'I've worked with clients who had large balances but no plan for how to take income efficiently, how to manage taxes, or how to handle health care costs over 20 or 30 years,' said Heerlein. The better solution, he explained, is to treat retirement like a paycheck replacement plan. Build out your expected monthly spending, then identify which sources will cover which parts — Social Security, annuities, investments, Roth income, and so on. Also, layer in tax planning, inflation projections, and a clear withdrawal order. 'That's where confidence comes from, not a single number but a system that supports your lifestyle no matter what the markets are doing,' he said. Anyone can start this by tracking their current spending and building a retirement budget around it. That's the foundation of a real plan. More From GOBankingRates 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on I'm a Financial Expert: This Is the No. 1 Mistake Americans Make When Planning for Retirement Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
4 days ago
- Business
- Yahoo
I'm a Financial Expert: 4 Ridiculous Money Habits the Rich Need To Quit
When we think of the rich, we usually imagine fancy cars, sprawling mansions and effortlessly chic brunches. But wealth doesn't always come with wisdom — especially when it comes to money habits. In fact, some of the financial behaviors the rich indulge in are downright ridiculous. Warren Buffett: Find Out: GOBankingRates spoke with Andrew Lokenauth, money expert and owner of BeFluentInFinance, to discuss the top money habits the wealthy seriously need to rethink. 'As a wealth advisor, I've seen some wild spending habits from my rich clients. And let me tell you, having money doesn't automatically mean you're good at managing it,' he said. Here's what else Lokenauth had to add regarding ill-advised spending by the elite class: 'I had this client who owned seven luxury cars worth about $2 million total,' said Lokenauth. Most sat collecting dust in his garage, and depreciation and maintenance costs were eating up roughly $150,000 annually. 'Such a waste,' he added. Instead of collecting cars, Lokenauth got his client to invest in a diverse portfolio that's now generating over 12% returns. The better move: If you love cars, lease one luxury vehicle. Put the rest of that money into appreciating assets like real estate or index funds. Learn More: One of Lokenauth's wealthy clients had $5 million sitting in a regular savings account earning 0.01% interest. 'That's basically losing money to inflation,' he noted After some convincing, he was able to get his client to move most of it into a mix of high-yield savings, bonds and dividend stocks. Now, that money's working harder and earning roughly 5% to 7%. According to CNBC, while the average return on a traditional savings account is just 0.43%, some HYSAs offer rates over 4%. The better move, according to Lokenauth, is to keep six months of expenses in high-yield savings and invest the rest across different assets based on your goals and risk tolerance. 'I've seen this strategy boost wealthy clients' returns by over $100,000 annually,' he said. There's a trend among Lokenauth's rich clients of buying properties without proper research just because they can. 'I had a client drop $3 million on a vacation home he visited once,' he detailed. 'Between taxes, maintenance and missed investment opportunities, that decision cost him about $500,000.' Lokenauth suggested researching thoroughly before any property purchase. Calculate all costs (taxes, maintenance, insurance), and also consider renting first. Successful real estate investor clients spend three to six months analyzing each potential purchase, according to Lokenauth. Lokenauth has seen rich clients spending crazy amounts on designer items they rarely use. 'One spent $50,000 monthly on clothes with tags still on them,' he said. 'That money could've been generating substantial passive income instead.' Lokenauth advises wealthy clients to follow the 5% rule — limit luxury purchases to 5% of your income. He's helped clients redirect excess spending into investments, creating over $20,000 monthly in passive income. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on I'm a Financial Expert: 4 Ridiculous Money Habits the Rich Need To Quit Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
I'm a Financial Expert: 5 Reasons It Might Be Smart To Take Out a Personal Loan in Today's Economy
These days, keeping your finances on track can feel like a constant juggling act. With rising costs, fluctuating interest rates and the unpredictability of the job market, it's no surprise that people are exploring personal loans as a practical option. Check Out: Read Next: While borrowing money isn't something to take lightly, under the right circumstances, a personal loan can offer stability, flexibility and even long-term savings. GOBankingRates spoke with Andrew Lokenauth, money expert and owner of Fluent in Finance, to discuss some reasons taking out a personal loan might make sense in today's economy. From his experience as a financial advisor, Lokenauth has noticed several compelling reasons personal loans are becoming a smart move in today's economic climate. One of the biggest perks? Interest rates on personal loans tend to be lower than those of credit cards. Per LendingTree, interest rates for personal loans in June 2025 start at just 6.49%, while the average credit card APR, LendingTree reported, is 24.33%. However, the rate for a personal loan will depend upon some factors, like your credit score. Learn More: Debt consolidation is probably the most strategic use of personal loans right now. According to LendingTree, 48.7% or borrowers take out a personal loan in order to consolidate their debt or refinance credit cards. Lokenauth has helped clients combine multiple high-interest debts into a single, lower-interest payment. 'One of my clients saved about $300 monthly just by consolidating their credit card debt into a personal loan with a 10% rate,' he said. Fixed interest rates are another huge benefit in this uncertain economy. With inflation still running hot, locking in a fixed rate means your payments won't increase. According to Lokenauth, that predictability is super valuable when everything else seems to be getting more expensive. There are, however, some variable rate personal loans out there, which come with 'additional risks,' per So be sure to know what type of loan you're getting before you commit. 'Home improvements can be a smart use of personal loans right now,' Lokenauth said. Property values are still relatively high in most areas, so strategic renovations could boost your home's value. Lokenauth typically suggests focusing on kitchens and bathrooms, as they tend to give the best return on investment (usually around 70% to 80% of project costs). Using personal loans for business expansion or side hustles could make a lot of sense too. With recession fears looming, having multiple income streams is crucial, per Lokenauth. 'The key is making sure the potential return significantly exceeds the loan cost. I aim for at least a 2x return on any borrowed money used for business purposes,' he said. Lokenauth was quick to point out that your credit score matters more than ever. 'I've seen rates vary by 5-7 percentage points based on credit scores. Getting your score above 720 can save you thousands in interest over the loan term,' he said. That said, try to shop around extensively. Keep in mind that different lenders have wildly different rates and terms right now. 'I always tell my clients to get at least 5 quotes — the rate differences can be shocking. Online lenders often offer better rates than traditional banks,' Lokenauth said. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 10 Cars That Outlast the Average Vehicle 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on I'm a Financial Expert: 5 Reasons It Might Be Smart To Take Out a Personal Loan in Today's Economy Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
24-06-2025
- Automotive
- Yahoo
4 Car Stocks Other Than Tesla You Can Invest In If You Want Reliable Returns
Tesla (TSLA) has been one of the most successful stocks over the past decade. It's up by roughly 1,600% over the past 10 years and has surged by more than 60% over the past year. Discover More: Find Out: However, Tesla isn't the only car stock that can deliver positive returns. In fact, car stocks can be a great asset to consider amid market volatility and uncertainty, according to Andrew Lokenauth, a consumer and finance expert with Fluent in Finance. People will always need cars, and that bodes well for automobile manufacturers. Investors who want reliable returns without Tesla's volatility may want to take a closer look at these car stocks. Toyota is a Japanese auto manufacturer that has delivered a 36% return over the past decade. That includes a healthy dividend that investors have been collecting along the way. The stock currently offers a 3.29% yield and trades at a reasonable 7.38 price-to-earnings (P/E) ratio. Toyota recently exceeded fiscal 2025 revenue estimates by generating $81.1 billion in total sales. The company also beat expectations with a $3.39 earnings per share (EPS) for fiscal 2025. Toyota is also sitting on $41.8 billion in cash as of March 31. One of the headwinds against auto stocks is the rising demand for used cars. However, consumers are willing to pay a premium for luxury cars, and this trend may never go away. It's definitely another feather in Ferrari's cap, and the stock returns demonstrate that demand is still strong. Ferrari shares have almost tripled over the past five years, and they're also up by more than 900% over the past decade. The company enjoys higher profit margins than most car companies and delivered a 23.0% net profit margin in the first quarter. Revenue increased by 13.0% year-over-year, while net income jumped by 17.2% year-over-year. BYD is Tesla's top Chinese EV rival. The company has penetrated the European and Mexican markets. High China EV tariffs imposed by the Biden administration are the main reason the company hasn't expanded in the U.S. BYD has surged by more than 670% over the past decade, but a more narrow viewpoint does the stock more justice. During the 10-year period, the stock had a few flat years before the Chinese EV opportunity became apparent. Shares are up by more than 800% over the past five years. Revenue jumped by 36.4% year-over-year in the first quarter, while net income more than doubled year-over-year. BYD also creates humanoid robots and robotic systems, so it has similar long-term catalysts and ambitions as Tesla. Carvana gives investors exposure to the used car market. The company has simplified the process of buying used cars to the point where it feels like buying a car from a vending machine. The company went through some trouble in 2022 but has soared like a phoenix. Shares dropped by roughly 99% from their all-time highs amid a challenging environment, but the stock has produced a 6,000% return in less than three years for investors who bought at 2022 lows. Soaring revenue and net income combined with a relatively low profit margin that has room to improve suggest a bright future for investors. The stock has rallied by more than 2,800% over the past decade. Editor's note: All stock values and fundamentals are as of June 6, 2025. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives This article originally appeared on 4 Car Stocks Other Than Tesla You Can Invest In If You Want Reliable Returns Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
