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Category: Millennials (page 1 of 1)

Best Financial Apps Millennials Must Use in 2021

Covering financial, investment, and insurance apps for next year

Millennials, ages 22 to 37, whose population is at an estimated 72.1 million by the U.S. Census Bureau, are probably one of the biggest demographics affected by the financial crisis brought by the current pandemic and recession.

Many Millennials are facing student loan debts, delaying homeownership, and struggling to save any funds. Aside from that, the shortage of jobs has greatly affected Millennials when both the stock market and home market collapsed in 2008. It is important to note, however, that the financial sector has slowly recovered so does employment, but yet again, another crisis brought by the novel coronavirus pandemic has shaken the global economy, leaving most Millennials unemployed. 

In these turbulent times, it is clear that everyone, especially Millennials should be in the habit of saving money and investing money. In this digital era, setting your short-term and long-term goals does not have to be complicated. There are hundreds of the most promising financial apps that you can download to help you when it comes to your long-term financial goals. But which among them are the best?

Below are the top 5 financial apps for your saving and investing needs. 

  1. Robinhood: Investing 

Robinhood, a free stock trading app, rose that does not charge commissions for stock, ETF, and options trades, and it has no monthly account maintenance fees (Unless you use the Gold version). The platform is best recommended to new investors who prefer trading small quantities and to active stock traders on-the-go.

App

The app makes it possible for everyday users to have easy access to buying and selling of stocks. It is compatible with both iOS and Android devices that come with trading tools and features stock traders need. It provides relevant news and real-time information about stock market data such as charts, earning reports, and analysis ratings. 

Investments

The company has a wide array of available assets for trading or investing including stocks, cryptocurrency (Bitcoin, Ethereum, Litecoin, Ethereum, Litecoin, Ethereum Classic, Dogecoin, Bitcoin Cash, Bitcoin SV), simple and multi-leg options, and fractional share trading.

Cash Management

Through this app’s feature, investors earn decent interest or APY (Annual Percentage Yield) through uninvested cash by moving it to FDIC-insured banks. 

Robinhood Gold

This is an upgraded account that offers more features including bigger instant deposits, margin investing access, in-depth research, and Nasdaq market data.

Pre-market and Post-market Trading

Their pre-market trading hours are from 9:00 to 9:30 in the morning while their post-market trading hours are from 4:00 to 6:00 in the afternoon. They follow Eastern Standard Time (EST).

  1. Digit: Savings & Debt Management 

Digit, FDIC-insured, helps users achieve financial well-being by automatically saving a portion of their money consistently after an advanced algorithm analyzes their spending habits, bills, and income.

App

After connecting a bank account to Digit once signed up, the app available for both iOS and Android will allow the users to set their goals including student debt loan, emergency fund, mortgage, credit card debt, and dream vacation. All the collected data along with the other information provided will be reviewed by the special algorithm before deciding the right amount to be transferred into the Digit account.

Secure Encryption

The company uses 256-bit encryption, military-grade encryption, which is one of the modern top-ranking encryption methods used in technologies. This ensures the security of one’s data.

Annual Bonus

Saving with Digit for 3 successive months earns investors 0.5% Savings Bonus which they receive through their Digit account. To illustrate, having a $2,000 savings multiplied by 0.5 is $100, which is more than enough to pay for an annual subscription.

Low-balance Protection

Investors have the option to turn on this feature to avoid incurring overdraft fees when their bank or checking account has funds that are below the maintaining balance. If the account must have $100, but the balance is at $90, Digit will automatically transfer $10 to the bank or checking account.

Subscription Fee

There is a subscription fee for $5 to use the app, but as mentioned earlier, earning 0.5% annually can cover the fee.

  1. Coinbase: Cryptocurrency Investing 

Coinbase is the world’s leading cryptocurrency exchange and digital asset broker headquartered in San Francisco. It is a great platform that allows newcomers and seasoned experts to buy cryptocurrencies. Investors also have the chance to buy and hold these cryptocurrencies for a short or lengthy period.

Altcoin Choices

Coinbase was founded in 2012 and has slowly brought Bitcoin, Litecoin, and other altcoins onto the app. Today, it has 25 cryptocurrencies for trading, staking, and investment. 

Simple User Interface

The platform ensures that every investor, especially the newcomers, will not face complexities when it comes to signing up and buying cryptocurrencies by designing a user-friendly interface, which promotes fast creation of accounts, linking to payment options, and eventually making transactions.

High Liquidity

Coinbase is part of the highly liquid exchanges. Traders can exchange their assets for cash without putting the price of that asset at risk. 

Dashboard Data

All the information that enables investors to keep track of their crypto is on their dashboard, which can be accessed on Coinbase’ website and app. It provides details about prices and one’s asset values.

Buying Limits

After account creation, users are only limited to buying a small number of Bitcoins unless they raise their limit by providing and verifying their phone number, personal information, and photo ID. Today, fully verified US residents have a $25k limit per day.

  1. Acorns: Micro Investing

Acorns rounds up spending with one’s debit card to the nearest dollar and moves the money into an investment account. For instance, a shopper spent $55.15, the amount will be rounded up to $56, and the 85 cents difference will be invested. 

Turbo-charging 

Investors may either choose Acorns to apply recurring deposits for all their eligible purchases or manually select specific transactions for the round-up feature. Aside from that, they have the option to increase the amount that will be added to my Acorns Round-Up balance. Instead of the 85 cents, they can set $8.50 as their investment for that one transaction alone.

Membership

There are 3 types of membership. The first is Lite which costs $1 a month and has a taxable investment account. Second is Personal at $3 a month and includes retirement and checking accounts. The last is Family at $5 a month, which has all the features of Lite and Personal as well as Acorns Early intended for children.

Found Money

Over 350 companies, including Airbnb, Walmart, and Sephora have accepted a partnership with Acorns. With this, for every purchase made using the card linked to the member’s Acorn active account, the member receives a cashback which is deposited into their account.

Educational Content

New investors may grow their knowledge through Acorns very own digital Grow Magazine that contains financial literacy content, including credit card debt and student loans.

Acorns Later

This individual retirement account offers an opportunity for investors to save for their retirement. After setting up an IRA (Individual Retirement Account), Acorns provide the right plan.

  1. Eusoh: Pet Health Plan

Eusoh has revolutionized the pet insurance industry with its affordable unique crowd-sharing software platform. It has its community with thousands of members to help pet parents with their veterinary bills. 

Each member pays a $48 deposit monthly that goes into a pledge account and $17 every month per pet for comprehensive coverage which includes injuries, annual checkups, surgeries, and prescribed medications. It is clear that the amount the company requires their members to pay is way lower compared to traditional pet insurance providers. 

While Eusoh works like an insurance provider, it is NOT pet insurance; rather, it is an innovative alternative and is gaining popularity among pet parents.

No Premiums

Eusoh does not have premiums which imply that they will never generate their revenues from deposit funds, shared, costs, and interests. As such, it is unlikely that there will be any increase soon as the pet health provider does not have an incentive to bigger costs. Thus, members will continue to pay an amount that does not go beyond $65 per month. 

Totally Transparent

The organization gives all the necessary information about coverage and reimbursements for a specific procedure. If a member is eligible, he will receive a quote. This kind of transparency helps members decide the next step they should take.

No Networks

Members are not limited to visiting a certain vet who is in partnership with Eusoh as “networks” do not exist. They can visit their favorite vet while enrolled in Eusoh’s pet healthcare plan. 

Easy and Instant

Invoices and receipts are easy to upload. Members can take a photo of their receipts, send it through their smartphone, and wait for the reimbursement.

Eusoh App

The app will be released in Fall 2020. While that is being developed, the current mobile site is being redesigned for ease of use. 

Be Financially Ready

Time has changed.

With the financial high and lows happening during this pandemic, people are akin to facing a blank slate, clueless about what the future holds. Will there be opportunities next year or will economic recession continue to surface? 

To survive the future crisis, it is best to have a safe savings plan. Determine which financial aspects in your life needs (Debt, future purchases, savings) to be improved, and decide which among the 5 insurance apps mentioned would be an excellent choice for your needs. Then, start saving for your brilliant future.

Photo by Austin Distel on Unsplash

5 Types of Insurance Millennials Need For 2020

Being prepared is the best way to avoid panic. Being ready for anything will help you to stay calm, sum up the situation quickly, and proceed with more efficient, capable action.”

Young generations such as Millennials and Gen Z’ers brush off the thought of having insurance for some reason. It’s either they seem themselves as being fit as a fiddle or their income is modest enough to pay for their bare essentials; Thus, they are understandably cautious and hesitant when the subject of saving and investing comes around. This is one of many reasons why there are young adults who are underinsured. 

Having insurance may seem like an unnecessary expenditure if you have debts to pay or you’re in perfect health. However, like the line from the movie, “Life is like a box of chocolates, you never know what you’re going to get.” It’s important to have some sort of insurance for the unexpected surprises life throws your way.

The most needed and most popular insurance products in the US

  1. Health Insurance

A doctor consultation in the United States can be quite expensive. For an initial consultation, the cost ranges from $100 – $200 while specialist consultation fee is at $250 minimum. What’s more is that the average hospital stay charge costs $10,700, which most low-income and middle-income people cannot afford to pay, especially if they lack funds for emergency purposes.

With health insurance, Millennials and Gen Z’ers need not worry too much about unexpected hospital costs as your chosen health insurance company pays a portion of your medical bills. Some of the essential health benefits included in health plans in the U.S. are emergency services, outpatient care, hospitalization, laboratory tests, maternity, and newborn care among others.

  1. Auto Insurance

Car accidents are one of the most common personal injury accidents in the U.S. which could result in rollover collisions, single-vehicle collisions, rear-end collisions, side-impact collisions, and side-swipe collisions. These losses for the crashes could make you financially responsible, and without auto insurance, the expenses would be thousands. 

Through car insurance, property damage and bodily injury claims are covered; it is important to note that car insurance price is significantly lower as compared to the huge amount of money millennials and Gen Zers have to shell out in case of a car accident.

  1. Pet Insurance

To provide the best health care for pets, veterinary practices have changed over time. With the advancement of technology, equipment and facilities have been upgraded to the most modern version; however, this comes with a higher veterinary fee. By buying a traditional pet insurance plan, you have the assurance that in times of costly emergency veterinary treatment, surgeries, routine care, and/or orthopedic services, there is an insurance company to help you save money. The average pet health insurance cost which does not offer complete coverage is from $40 to $70 while others charge $100.

If you are looking for the most affordable plan at nothing more than $65 with the most comprehensive pet protection service, go for Eusoh, a community health sharing plan similar to a pet insurance company that reimburses wellness expenses and routine veterinary visits. With the help of Eusoh, you do not have to stress yourself out on the veterinary cost; rather, you can focus more on your pet’s health and wellness.

  1. Renter’s Insurance

While the landlord’s policy covers the building structure such as the foundation, roof, fixtures, furnaces, and walls, the renter’s property inside the apartment unit is insured by renter’s insurance policy. In the event of natural disaster, fire, and theft, it goes without saying that the renter’s possessions are in a vulnerable situation. Buying new clothing, furniture, appliances, and electronics would be very expensive, especially for millennials and Gen Zers who are just starting out with their career. 

This is where renters insurance comes into the picture. The policy takes charge of the cost to repair or replace damaged or lost items. Tenant insurance also includes repairs for someone else’s damaged property as well as injured visitor’s medical bills if the renter is responsible for the harm incurred.

  1. Travel Insurance

Going on an international trip is truly beautiful as there are many striking places waiting to be explored not to mention the different cultures and lessons you will discover, but it comes at a cost. Foreign travelers are more vulnerable to thieves; accidents may happen; political turmoil and natural disasters are inevitable; trips may have to be canceled. 

Without the existence of travel insurance, dealing with an emergency situation would be expensive to handle. For millennials and Gen Zers, they may give it a second thought about whether to buy travel insurance, but doing so for global trips would give you peace of mind.

The Bottom Line

Purchasing insurance may seem to be a big investment for all generations, and the younger generations are not open to putting their money on a plan which does not yield immediate return, but long term planning should be the major goal of millennials and Gen Zers. 

Unfortunate events are inevitable but with the right insurance, worrying about major money troubles would be the last thing on your mind. Insurance reimburses claims through cash as a single payment or through monthly payouts; thus, insurance is known as a financial security net. 

Photo by Guilherme Stecanella on Unsplash

7 Common Cat Behavior Problems and How to Fix Them

Here’s another article from our friends at Healthcare for Pets, a blog dedicated to your pet’s health. It covers seven bad habits cats have and how to deal with them. It could be said that bad cats existsbecause they were bad kittens. But there are behaviors that can developed in the best of conditions.

Original article: https://www.healthcareforpets.com/article/7-common-cat-behavior-problems-and-how-to-fix-them/

Does your cat have some bad habits, such as destroying the furniture or meowing at all hours of the night? Have you tried the usual “cat deterrents” such as messy essential oils, sprinkling cayenne pepper or outright yelling at your cat to no avail? Don’t despair: a combination of accommodating your cat’s natural instincts and changing the environment can help with common cat behavior problems and restore peace in your household.

stray cats sitting on street near house
Photo by Julia Volk on Pexels.com


What Doesn’t Work: Punishment

Confrontations with your cat will never end well. Even when you win, the negative feelings generated can come back to bite you even if your cat doesn’t. The problem with punishment is that unless you get the timing exactly right (during the unwanted behavior), your cat will associate the punishment with you. This is almost impossible to get right, so most of the time, punishment is a lost cause. You may have some success with clapping your hands loudly the instant you catch them doing something wrong, but unless you manage to catch them 90% of the time, the association will still be weak.

1. Litter Box Issues

Has your cat suddenly started having litter box accidents — outside the litter box — after years of being tidy and fastidious? They could be experiencing pain while relieving themselves, and avoiding the litter box as a result. Cat logic: it hurts to pee here, so I’m going to pee somewhere else! Make sure what you’re dealing with is not bladders stones, crystals in the urine or a UTI. Your vet can handle these.

Perhaps your cat is letting you know that the litter box needs a cleaning, or if you have more than one cat sharing a box, maybe it’s time to think about individual boxes. Somebody could be feeling crowded and wanting some personal space.

Sometimes cats are drawn to mark certain objects with their scent by spraying: the bed, shoes, and laundry are common targets. Wash these items with an enzyme cleaner and remove your cat’s access to these items.

2. Scratching

There are a few possible reasons for this behavior. She may be sharpening her claws, playing or working off some excess energy. Just buying the first scratching post you see at the store is unlikely to solve this problem.

Wondering how to stop cats from scratching? Start with spraying the scratched areas thoroughly with an enzyme cleaner to remove the scent that encourages your cat to keep scratching the area. Once dry, take steps to protect the area from your cat. A spray of cat deterrent or a little bit of sticky paper is unlikely to do the trick. A quick method to stop cats from scratching the furniture would be to cover it entirely in a throw blanket or if it’s possible, moving it to a room your cat cannot get into. For carpeted stairs, clear packing tape regularly reapplied to the edges can help.

Keep your cat’s claws trimmed. If you’re hesitant to trim them yourself, you can ask your vet.

Provide a stable scratching post covered in a texture you know your cat will enjoy, in an area of the house they prefer, and with enough height for them to fully stretch while scratching. Entice them with catnip and praise to reinforce the new behavior of using the post.

3. Aggression

Wondering how to calm an aggressive cat? Is this a new behavior? The first step is to check for any physical causes. If you get a clean bill of health from the vet, think about other possibilities.

Aggression can result for a number of different reasons. Maybe your cat is sick or feeling crowded by other pets in the house. Perhaps your mama cat feels like she must protect her kittens from real or imagined dangers.

An unneutered male can get pretty aggressive. The solution here is simple: get him fixed.

Make sure your cat’s needs are being met. If you have multiple pets, make sure everyone has enough space, enough food, comfortable sleeping spots.

To break up a cat attack, use a spray bottle to squirt them both with, or make a loud sudden noise. Don’t get physically involved.

4. Interrupting Your Sleep

Is your cat meowing at night? If you can tire your cat out before bedtime this might help. Often, your cat is just plain bored and looking for stimulation. Providing them with an enriched environment and taking time to play with them before bedtime can go a long way to curbing this behavior. It might sound strange, but cats are reassured by routine. Playing with them at the same time each evening (perhaps after dinner) will help soothe a demanding cat.

A timed feeder will also help to keep your cat’s attention on the food bowl and away from you during the night. Many couples report that their cats will only bother one of them to be fed in the morning, and leave the heavier sleeper alone because they know their efforts won’t work. Once your cat figures out that the food comes from the feeder and not from you, they will stop bothering you for food.

5. Cat Playing Rough

This is almost always caused by how the cat was raised as a kitten. Kittens need to be taught that human hands are not playthings, but older cats can also learn this as well. When playing with your cat, use a toy as an intermediary: wiggle a stick, not your finger, under a crinkle mat, or dangle a feather toy from a string rather than holding it. When your cat attacks, scratches or bites you, playtime is immediately over. Withdrawing attention will teach your cat the rules for keeping the fun going longer.

6. Caterwauling Kitty

Is your cat noisier than usual?

If she’s in heat, there are only two ways of stopping the noise. One is another cat, and the other is a trip for spaying at the vet’s office.

Other reasons for a cat to be complaining a lot include problems/unmet needs such as flea bites, empty food/water bowls or dirty litter boxes.

Is your cat howling at night? Elderly cats may begin to cry at night as they become confused and their senses decline. Other cats may yowl to express loneliness or anxiety. They often respond well to a Feliway diffuser which you plug into an electrical socket and it has a pheromone that it heats up and aerosolizes in your home. It has a calming effect on cats. If the behavior is well ingrained and they don’t respond to this, your vet may suggest a trial of anti-anxiety medication.

7. Destroying Houseplants

Interested in how to stop a cat from eating plants? Everyone will have their own suggestions: citrus peels on the soil, cayenne pepper, or bitter apple sprays from the pet store. The real bitter truth is, many cats will barely take notice of these so-called deterrents and happily continue to chew on your plants or dig through the soil. The only effective solutions are to put appealing plants out of reach, to select plants that are unappealing to chew on, and to cover the exposed soil if they like to dig. Your mileage may vary, but plants with leathery leaves such as mother in law’s tongue, succulents or cacti are the least likely to attract your cat’s attention.