Question 1

What is currency exchange rate?

Accepted Answer

The exchange rate is the value of one currency in terms of another. Banks add a markup (1-3%) to the mid-market rate when converting currencies. Rates fluctuate constantly based on economic factors.

Question 2

How does a reverse mortgage work?

Accepted Answer

In a reverse mortgage, you borrow against your home's equity and receive payments as a lump sum, monthly installments, or line of credit. No monthly payments are required. Interest accumulates over time, and the loan balance grows. The loan becomes due when the last borrower dies, sells the home, or permanently moves out. Heirs can repay the loan or sell the property.

Question 3

What is the 50/30/20 budget rule?

Accepted Answer

The 50/30/20 rule allocates 50% of income to needs (housing, food, utilities), 30% to wants (entertainment, dining out), and 20% to savings and debt repayment. Review bank statements to track adherence to these percentages.

Question 4

How do I manage multiple subscriptions?

Accepted Answer

Review bank statements to identify all recurring charges, use subscription tracking apps, create a spreadsheet listing service, amount, and renewal date, cancel unused services, and consider using virtual cards for better control.

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Frequently Asked Questions

What is currency exchange rate?

How does a reverse mortgage work?

What is the 50/30/20 budget rule?

How do I manage multiple subscriptions?

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