The College Investor Audio Show

Latest Episodes:

10 Different Ways To Start Investing With Just $1,000 Oct 21, 2020

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Here are 10 different ways to start investing with just $1,000, including investing in stock, bonds, ETFs, mutual funds, and real estate.

What Is A Surety Bond? (And What Does Licensed And Bonded Mean?) Oct 19, 2020

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A surety bond is a contract in which a surety company guarantees that a contractor or company will fulfill certain promises to an obligee.

23 Ways To Earn Extra Cash For Christmas Oct 16, 2020

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Christmas is just around the corner. If you are looking to learn a little extra cash in time for the holidays, don't miss these ideas! 💵

How To Give Kids The Gift of Stock Oct 14, 2020

Show notes

Giving a gift of stock is a fantastic way to help a child (or anyone) learn about the power of investing to build wealth. Plus, there are some really fun ways to gift - such as a framed stock certificate.

When you ask a parent what their kids want for Christmas, they’ll likely start with a long sigh followed by, “Well… She really likes K-Pop Demon Hunters and Dress Up.”

If you press further, you’ll find out that the parent is overwhelmed by the toys that the kid has, and they really aren’t all that excited about giving more plastic crap to their kid.

Enter, the gift of stock and investments. Giving a share of stock to kids is a fantastic way to avoid stressing out parents, help prepare a kid for their financial future, and teach a few lessons along the way.

Plus, as a millennial family, I'm personally tired of receiving all this junk. Think about it. Your child might receive upwards of 20 gifts every holiday season (Mom, Dad, Siblings, Grandparents, Santa, etc.). But by the middle of January, what they actually play with is down to 1-2 toys.

So, instead of wasting all that money on gifts (and then having a bunch of junk lying around the house), why not use that same money to invest in your child's future. This is a great option for extended family who may want to gift.

If that's you, then these are the best ways to give a share of stock to a kid, gifting investments, and even teaching them financial literacy topics in a fun way!

Ways To Get A Loan With Poor Credit (Under 600 FICO) Oct 12, 2020

Show notes

It's not always easy, but it's possible to get a loan with poor credit, meaning a 600 credit score or less.

A credit score is a numeric representation of a bank’s willingness to lend you money. It is calculated based on your interactions with credit. When you pay a loan on time, your score increases. When you miss payments or fall into default it decreases.

There are many types of credit scores, but one of the most popular is the FICO 8 credit score, which has a range from 300-850. A score above 700 is generally considered Good and a score below 600 is often considered Poor.

It can be more difficult to get a loan with poor credit score because bad credit loans pose a greater risk for lenders. Banks may be unwilling to lend this person money, or they may only qualify for loans with very high interest rates. People with bad credit can also fall into predatory loan schemes that ultimately trap borrowers in debt cycle.

However, with some extra research and effort, you could save yourself a lot of money on bad credit loans. Keep reading to learn how to get a personal loan, credit card, auto loan, or mortgage loan with poor credit.

The Ultimate Roth 401(k) Guide Oct 09, 2020

Show notes

This year, my employer started offering a Roth 401k for the first time. Although they’ve been around for a couple of years, only recently have more and more employers started offering them. I’ve been contributing to my traditional 401k since I was first able to, so I wasn’t sure about switching over to a Roth 401k.

Let’s break down the options and I’ll tell you what I decided.

How To Contact The IRS (IRS Phone Numbers) Oct 05, 2020

Show notes

If you've ever tried to get in touch with the IRS during tax season, you know it can be a nightmare. There just never seems to be enough customer service agents to take your call.

According to the IRS, the average wait time during tax season (January-April) is 3 minutes and 12 minutes in post-filing season (May-December). But manpower constraints could lead to much longer wait times than normal. And the averages above don't take into account disconnects, which IRS hold time studies have found to be all too common.

While you may want to avoid the task altogether, that may not be possible. If you really need to get in touch with the IRS regarding a problem, what can you do? Here's how to contact the IRS the fastest and the best IRS phone numbers to call.

Earned Income Tax Credit: What It Is And How To Qualify Oct 02, 2020

Show notes

The Earned Income Tax Credit (EITC) is a tax break designed to help those with low to moderate incomes. Its especially intended to benefit working parents who fall within those income ranges.

What Happens If Your Student Loan Servicer Changes? Sep 30, 2020

Show notes

The Department of Education issues Federal loans to students, but it doesn’t work with borrowers directly. Instead, it hires outside loan servicers to shoulder the administrative burden of educational debt. And those loan services can change from time to time.

In fact, it was recently announced that loans from MOHELA will be transferred to other loan servicers. This isn't a new concept - it happens all the time.

The Federal Student Aid office currently works with 5 main loan servicers, and has worked with eighteen loan servicing companies. Borrowers typically work with one loan servicing company for the life of their loans. They receive their initial disbursement from the company. And 10 to 30 years later, they receive a celebratory letter from the same servicer when they pay off the loans.

But not every borrower has that experience. The U.S. Department of Education can transfer a loan to a different loan servicer at any time (and historically, they've done this about every 5-10 years for some borrowers). In fact, we recently spoke to a borrower who's had three servicer changes in the last 5 years.

Here’s what you need to know if your student loan servicer changes.

Paper Trading And Practice Accounts: Where To Learn To Trade Sep 28, 2020

Show notes

Paper trading in practice accounts (also called "simulated" or "virtual" accounts) allows you to trade stocks, options, and futures with virtual money. This serves several purposes.

The first benefit of paper trading is that it lets you get familiar with the broker’s trading platform before having to commit real money. Not all trading platforms are created equal. You'll want to make sure that you're satisfied with the mechanics of executing orders before you commit to a particular broker.

Another reason paper trading is offered is to give traders an opportunity to practice. Maybe you're completely new to trading and want to develop a profitable strategy. Or maybe you’ve been trading stocks and now want to try options or futures.

Whatever the reason, paper trading in practice accounts gives you the ability to enter and exit trades without risking real money. Keep reading to learn more about its benefits and limitations and to see where you can open a practice account today.

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