Latest news with #BeFluentInFinance
Yahoo
30-06-2025
- 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
28-06-2025
- 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
17-06-2025
- Business
- Yahoo
Why Don't Rich People Just Retire? Experts Explain
You'd think having millions in the bank would be the ultimate cue to kick back, sip something cold by the beach, and finally stop checking your email. But oddly enough, many rich people do the exact opposite –they keep working. Sometimes harder than ever. In fact, Business Insider recently reported there are many millionaires working even into their 80s. Find Out: Consider This: So what gives? Why don't the ultra-wealthy just call it quits and ride off into a golden sunset of early retirement? 'The thing that surprises most people is that having money rarely makes someone want to stop working — it usually does the opposite,' said Andrew Lokenauth, money expert and owner of BeFluentInFinance with experience working with high-net-worth clients. Here are some of the surprising reasons why money doesn't always equal a permanent vacation. Chris Heerlein, CEO of REAP Financial, works with many high-net-worth clients who could walk away tomorrow, yet choose to stay deeply involved in their businesses or careers. 'One of my clients built and sold a company in his early 50s and had more than enough to retire. But three months into retirement, he told me it felt like he lost his rhythm,' Heerlein said. The client wasn't bored; he just missed having something meaningful to push toward. Now, he consults part time, not for the paycheck, but to keep solving problems, mentoring younger founders and staying mentally sharp. Lokenauth similarly agreed, adding, '[They] love the game, the challenge, the thrill of building something. Money's just how we keep score.' Be Aware: Here's something most people don't realize, said Lokenauth — wealth often creates more opportunities that are hard to walk away from. Last March, he had the chance to invest in an exciting startup because of his network and expertise. 'Sure, I could've been sipping margaritas on a beach instead of doing due diligence, but I'd have missed out on both the intellectual challenge and the potential returns.' Lokenauth sees this with many of his clients. When you're known as the person who builds successful companies or makes smart investments, he said that becomes part of who you are. 'It's not about ego — ok, maybe a little. It's about maintaining the relationships and influence you've built over years,' Lokenauth noted. More From GOBankingRates 10 Cars That Outlast the Average Vehicle This article originally appeared on Why Don't Rich People Just Retire? Experts Explain
Yahoo
12-06-2025
- Business
- Yahoo
3 Surprising Financial Benefits of Unretiring (It's More Than Just a Salary)
Retirement isn't always the final chapter — sometimes it's just a pause. One survey conducted by T. Rowe Price, found that millions of retirees have returned to work in search of financial and emotional benefits. Whether you miss the structure, the sense of purpose, or want to boost your bank account, more people are choosing to 'unretire' and reenter the workforce. And it turns out, the financial upsides go far beyond a steady paycheck. Explore More: Read Next: 'I've seen so many compelling benefits from unretiring in my work with clients — and experienced them myself,' said Andrew Lokenauth, money expert and owner of BeFluentInFinance. 'The money aspect goes way deeper than just getting a paycheck.' Here are some other surprising benefits of unretiring that might make you rethink staying on the sidelines. Plus discover several signs you should unretire this year. Chris Heerlein, CEO of REAP Financial, said working part-time or consulting can often provide access to employer-sponsored health insurance, reducing the need to purchase expensive private plans or rely on Medicare. Additionally, staying physically and mentally active is linked to lower healthcare expenses, as retirees who remain engaged in work tend to experience fewer health problems, keeping their overall costs lower. 'Let me tell you about my client Sarah. She went back to consulting work after two years of retirement and saw her healthcare costs drop by [over] $400 per month,' said Lokenauth. Just by staying mentally engaged and physically active at work, he said she needed fewer medications and doctor visits. And she's not alone. He's consistently noticed that working retirees tend to have lower medical expenses. Check Out: The tax benefits are pretty significant, too. When Lokenauth unretired, he was able to keep contributing to his Roth IRA since he had earned income again. 'Plus, delaying Social Security meant my monthly benefits grew about 8% each year,' he added. The compound effect really adds up. Working just a few extra years can open up more tax-efficient strategies that aren't available once you're fully retired — and those perks can stretch your savings a lot further down the line. By earning income, retirees can reduce the amount they need to withdraw from their savings, allowing those funds to last longer. This extended longevity of retirement assets, according to Heerlein, can make a huge difference over time, especially as longer lifespans and unexpected medical expenses increase the financial burden on retirees. 'The ability to contribute even a small amount to savings while still working part-time can help balance finances and provide peace of mind,' he said. Beyond the financial benefits, Heerlein noted that staying engaged in work can have emotional and social advantages that reduce potential future costs. Remaining active in a work environment helps reduce isolation and contributes to a better overall mental health, which can lead to fewer medical issues and reduced spending on healthcare. 'Staying engaged in work is not only financially beneficial but also supports a healthier, more fulfilling retirement,' Heerlein added. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Hybrid Vehicles To Stay Away From in Retirement Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on 3 Surprising Financial Benefits of Unretiring (It's More Than Just a Salary) Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
10-06-2025
- Business
- Yahoo
Tariffs vs. Your Paycheck: 4 Ways Trump's Roller Coaster Negotiating Is Impacting Your Budget
The very public feud between President Donald Trump and Elon Musk is bringing up renewed concerns about tariffs. According to The Hill, Musk wrote that Trump and the tariffs will cause a recession. While the Trump administration has said the tariffs are needed to help the American economy, many families are worried about how the roller coaster negotiating will impact their budgets. Trending Now: Check Out: GOBankingRates asked some financial experts to describe how your money is being affected by tariffs. Andrew Lokenauth, money expert and owner of BeFluentInFinance, said basic things like soap and cleaning supplies cost more because of ingredient markup. 'I've watched prices climb steadily at my local stores,' Lokenauth said. 'Just picking up basic home goods costs me about 20 to 30% more than it did before these tariffs kicked in. The other day, I noticed my regular brand of kitchen appliances jumped $75 — a direct result of manufacturing costs getting passed down to us consumers.' Explore More: 'Budgeting pressure from tariffs and higher-priced goods tends to impact Americans differently based on their income levels and spending habits,' said Vince DeCrow, founder of RISE Investments. 'However, many Americans have already started delaying large purchases, downgrading vacation plans and cutting other discretionary spending on things such as clothing, electronics and eating out.' Lokenauth recommends strategic buying to avoid price spikes. 'Timing purchases has become crucial,' Lokenauth said. 'I track price trends and stock up when things dip.' 'If you're nearing retirement or retired and depending on a fixed income, you're likely going to be more heavily impacted by Trump's tariffs,' DeCrow said. 'To plan for this, you can help offset the higher cost of goods by reassessing your budget, prioritizing essential expenses, buying in built at discount retailers and proactively taking advantage of more senior discounts.' Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard These Cars May Seem Expensive, but They Rarely Need Repairs The New Retirement Problem Boomers Are Facing This article originally appeared on Tariffs vs. Your Paycheck: 4 Ways Trump's Roller Coaster Negotiating Is Impacting Your Budget 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
