Personal Finance and Money Stack Exchange
Personal Finance and Money Stack Exchange

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1500 questions
31
votes
4 answers

How exactly are exchange rates determined?

I was reading about how the exchange rates are fixed. I understand that demand and supply decide the exchange rate but how exactly is it done and by whom? For example, consider US and…
vikrant
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31
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9 answers

Is it a good idea, to buy a flat with a loan, whilst using the rent to pay it off?

I have been thinking about taking a loan to buy a flat which I would rent out. My reasoning is that the loan would be paid off over time by the renters. After perhaps 30 years, I'd be left with a free flat. Obviously this sounds too good to…
RotV
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31
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11 answers

Is it a good time to replace my used car?

We have a 2005 Chevy Impala with 105,000 miles that we purchased in 2011. We have made many repairs such as replacing the transmission, repairing the radiator, heating and AC system, thermostat, belt, rotors and brake pads, alternator, gaskets, and…
dlp
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30
votes
6 answers

Bank rotation to exploit promotional deposit rates for new funds

Banks in my country often offer deposits with promotional rates for new funds - calculated as funds exceeding amount accumulated on selected date. Now there are several banks practicing such promotions - so the idea is to open saving accounts in few…
AGrzes
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30
votes
16 answers

Why should a person approaching retirement age make their portfolio less risky?

It seems to be common knowledge that a younger person should invest their retirement funds in growth stocks since they can ride out any market swings. It is also common knowledge that as a person approaches retirement age they should tone it down a…
Paul Cezanne
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30
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2 answers

"Savings" account vs. "current" account - what's the difference?

When I draw money from ATMs or open a new bank account, there's the choice of either "savings" or "current" account. What's the difference between these two account types?
Fitri
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30
votes
7 answers

Private Bank requesting user name and password to verify identity before sending money to acct

I have been asked to provide my user name and password, so my fiance' can have his bank, Macoto, verify my identity, before they will send the funds. Does this sound right? I figure if he gives the ok, and they have my acct number, and tracking…
Susan
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30
votes
4 answers

How does high frequency trading work if money isn't available for 2-3 days after selling?

Do companies that perform high frequency trades just have large enough money pool, or do they get money back quickly somehow?
Inachus
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30
votes
3 answers

If I can put together a loan that pays out like a 7.579%-a-year loan, but has a total term of 18.63 years … would you be interested?

I'm reading about Household International's fraudulent mortgage interest rate. According to Michael Lewis, Household disguised a 15 year, fixed-rate loan as a thirty-year loan. The sales would offer to replace a client's existing $67,300 mortgage…
user59667
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30
votes
7 answers

Long Distance Landlording

I hate for this question to be overly general, but I think the problem is that I don't know what I don't know. My wife and I are thinking about becoming a long distance landlord/landlady, but having never done it before, we aren't confident that the…
ceiltechbladhm
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30
votes
6 answers

How Does Home Sale Transaction Value Get into the Public Domain?

Being a privacy conscious person, when my wife and I bought our first house a few years ago, knowing that I did not consent to the information going public, I was surprised and a little perturbed to start getting bulk mail listing the exact value we…
user44273
30
votes
1 answer

I am a Canadian resident who wants to gift my Adult US child CAD$175K. What are the tax implications?

I am a Canadian resident who wants to gift my adult US child $175K Canadian. What are the tax implications for the US resident who resides in California?
ABranden
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30
votes
7 answers

What exactly is a "bad," "standard," or "good" annual raise? If I am told a hard percentage and don't get it, should I look elsewhere?

Is there a percentage threshold for a hypothetical "bad," "standard," or "good" annual raise? I supposed a bad raise would be no raise at all and I hear a typical raise is around 3%, which barely keeps up with cost of living increases. I recently…
gwar9
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30
votes
8 answers

A friend wants to use my account for a wire transfer. Is this a scam or is it legitimate?

I have a friend since July online and Exxon owe him for a balance on a 2014 contract off the shores of Liverpool. He is presently in the Gulf of Mexico completing a contract that last for one year. During that year he cannot get off the boat there…
Theresa Smith
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30
votes
5 answers

Why is there a limit of 6 ACH transfers out of savings accounts (per month)?

I recently discovered this limit the hard way, after being charged a fee for each transfer over the limit. With online banking becoming so prevalent, this is a huge inconvenience as it prevents people from structuring their savings for the best…
The Matt
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