Question 1

What is a business bank account?

Accepted Answer

A business bank account separates personal and business finances, required for LLCs and corporations. It provides merchant services, higher transaction limits, business debit cards, and helps with accounting and tax preparation.

Question 2

What is an FHA loan?

Accepted Answer

An FHA loan is backed by the Federal Housing Administration, designed for first-time homebuyers and those with limited savings or lower credit scores. It allows down payments as low as 3.5%, accepts credit scores as low as 580, and has flexible qualification requirements. However, it requires mortgage insurance for the life of the loan in many cases.

Question 3

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.

Question 4

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.

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Frequently Asked Questions

What is a business bank account?

What is an FHA loan?

How do I manage multiple subscriptions?

What is the 50/30/20 budget rule?

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