Knowledge Center

object(WP_Post)#428 (25) { ["ID"]=> int(161746) ["post_author"]=> string(3) "228" ["post_date"]=> string(19) "2012-08-17 06:00:03" ["post_date_gmt"]=> string(19) "2012-08-17 10:00:03" ["post_content"]=> string(3906) "We switch brands all the time.We've switched toothpastes, shampoos—even our allegiance to coffee brands. But when it comes to banks, things get a little more complicated.So much so, that even when we're grumbling, we just can't seem to make ourselves switch. At least that's the conclusion of a recent survey that found that in the past year, almost one in five bank and credit union customers have considered switching to a new institution.[lv_more_content]Master Your Money With Free Take Control Bootcamp!The Top 5 Financial Regrets, and How to Avoid ThemMoney Mic: I'm a Recovering Shopaholic[/lv_more_content]But when push comes to shove, only half of those people actually pull the trigger. Why? All that changing of direct deposits and handling of paperwork is just too much effort.First, let's take a look at the things consumers say they generally don't like about their banks, then we'll walk you through exactly how to find one that's best for your money—and make all that work a breeze when you're ready to make a switch.Keep reading: There's an easy quiz that will lead you to the right answers.

No Love for Fees

Customers of banks and credit unions cite several reasons why they are so done with their bank:

• 43% of the respondents resented rising fees for routine services, like monthly maintenance fees for checking accounts, and extra charges for paper statements, ATM fees and wire transfer fees
• 38% said another bank offered better terms
• 26% were less than pleased with customer service

In summary, nearly one in five customers were unhappy because banks were charging them more for worse customer service and lower-quality products. So, what prevented them from busting a move?[lv_share_bricks]

How to Break Up With Your Bank

Of customers who couldn't bring themselves to go through with switching banks, 37% said it would take "too much time and effort to complete." 28% said they were worried about having to pay fees to transfer their money--a valid concern.But if you've personally had it with your bank and you're ready to jump ship, we want to teach you how to do it with minimal frustration and  time and money spent, so we have a checklist that will walk you through the process step-by-step. (If you love this checklist, we have one for everything from paying off your debt to cutting your grocery bill. Check them all out here.)

Do You Need a New Bank?

But if you're not sure whether it's time for you to switch, we've got a quiz to help you think more critically about whether your bank is right for you.[lvquiz id="163063"]Have a bank or credit union your particularly like or dislike? Share your opinion with other LearnVesters in LV Discussions!" ["post_title"]=> string(25) "Should You Switch Banks? " ["post_excerpt"]=> string(137) "Take our quiz to find out if it's time to switch to a new, better bank. Then learn how to do it with minimum fees, frustration and time. " ["post_status"]=> string(7) "publish" ["comment_status"]=> string(4) "open" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(23) "should-you-switch-banks" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2012-12-19 18:39:13" ["post_modified_gmt"]=> string(19) "2012-12-19 22:39:13" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(67) "http://www.learnvest.com/?post_type=lv_evergreen_post&p=161746" ["menu_order"]=> int(58) ["post_type"]=> string(17) "lv_evergreen_post" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" ["robotsmeta"]=> NULL }

object(WP_Post)#429 (25) { ["ID"]=> int(147842) ["post_author"]=> string(3) "332" ["post_date"]=> string(19) "2012-08-16 13:00:45" ["post_date_gmt"]=> string(19) "2012-08-16 17:00:45" ["post_content"]=> string(676) "Has a friend or family member asked to borrow money--and then failed to pay it back? Well, Germany feels your pain.From the 2008 recession in the United States to the ongoing debt-crisis in the eurozone, countries have revealed that they have spending personalities, just like people. Some are relying on their friends to bail them out, while others are the ones providing the funds.We can learn a lesson or two from what these countries have gone through. Take this quiz and find out which country you are in relation to with your spending habits.[lvquiz id="153048"]" ["post_title"]=> string(37) "Which Country Is Your Financial Twin?" ["post_excerpt"]=> string(153) "There has been lots of news lately about how different countries manage money. Take this quiz and find out which country your spending habits align with." ["post_status"]=> string(7) "publish" ["comment_status"]=> string(4) "open" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(36) "which-country-is-your-financial-twin" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2012-12-19 18:39:14" ["post_modified_gmt"]=> string(19) "2012-12-19 22:39:14" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(67) "http://www.learnvest.com/?post_type=lv_evergreen_post&p=147842" ["menu_order"]=> int(58) ["post_type"]=> string(17) "lv_evergreen_post" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" ["robotsmeta"]=> NULL }

object(WP_Post)#431 (25) { ["ID"]=> int(133596) ["post_author"]=> string(3) "228" ["post_date"]=> string(19) "2012-06-01 14:58:38" ["post_date_gmt"]=> string(19) "2012-06-01 18:58:38" ["post_content"]=> string(4352) "If someone tried to guess your age, she could get a clue by looking at you … or by looking at your investment account.And no, we’re not talking about the fact that the more money you have in your account, the older you are (though we hope that's the case!). We’re talking about the actual investments you hold – they are like a Rorschach test for your age. Why? Because of this little thing called risk.Quite simply, the more risk you take on, the higher the potential returns. So shouldn’t everyone have high-risk portfolios to earn more money? Nope! Your risk profile depends on two things:

• When you plan on using the money: A portfolio with lower risk investments will probably grow slower, but it will also likely shrink less if the stock market goes down. So if you’re planning on retiring or buying a house in the next five years, for example, you should go with a low-risk portfolio so you won’t be forced to delay your retirement or buy a smaller house than you want if the stock market drops. But if your retirement is decades away, you have no other plans for that money and the stock market dips, you can afford to wait until it goes back up, and can have higher-risk investments that could net you larger gains in the long run.Everyone should invest for retirement, so the number of years you have till retirement will determine your risk tolerance for your retirement portfolio. Sometimes people invest in order to grow money for a down payment on a home or to live on during grad school. So, your risk profile for that part of your portfolio could look quite different, depending on when you plan to use the money.
• How comfortable you are with market swings: This is what’s called personal risk tolerance, and here’s where personality comes into play. For example, if you think you’ll find yourself obsessively checking the value of your account and will be tempted to sell your positions if the stock market dips (which means you’ll sell at lower prices and possibly lock in losses), you will want to have a lower risk profile. But if you’re cool as a cucumber and can brush aside panicked stock market news, you can take on more risk.

There are four risk profiles. At any given time you might have more than one profile if you have more than one investing goal and each has a different timeframe. For instance, if you're 30 and want to put a down payment on your next home in five years, your investing profile for the down payment may be extra cautious, while your risk profile for your retirement money is aggressive. Here are the four types:

1. Extra Cautious: A careful investor wants to get the returns from investing, but also wants to preserve her money. She gets nervous easily with dips in the stock market because she knows she’ll need to access to her money in five years or less for retirement or another goal, like buying a house or starting a business.
2. Cautious: A cautious investor can afford to take a little more risk. She’s comfortable with small dips in the market and won’t need to access her money for at least ten years. When it comes to her retirement money, she may be in her 50s.
3. Assertive: An assertive investor will take on more risk in order to grow her money. She doesn’t get nervous easily about drops in the stock market and/or won’t need to access her money for at least 20 years. When it comes to her retirement money, she may be be in her 40s.
4. Aggressive: An aggressive investor is willing to take on a big (but still sensible) risk in order to increase her long-term gains. She doesn’t get nervous when the stock market drops because she knows she won’t need to access her money for at least 30 years or more. When it comes to her retirement money, she may be in her 20s or 30s.

Take our quiz—which will measure your risk tolerance, take into account when you want your money and how long until you plan on retiring—to find out your risk profile:[lvquiz id="133996"]" ["post_title"]=> string(33) "Quiz: What's Your Risk Tolerance?" ["post_excerpt"]=> string(140) "What should your portfolio look like? The answer lies in the amount of risk you're comfortable with. Take our quiz to find out your profile." ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(30) "quiz-whats-your-risk-tolerance" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2012-08-01 13:32:39" ["post_modified_gmt"]=> string(19) "2012-08-01 17:32:39" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(67) "http://www.learnvest.com/?post_type=lv_evergreen_post&p=133596" ["menu_order"]=> int(58) ["post_type"]=> string(17) "lv_evergreen_post" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" ["robotsmeta"]=> NULL }

object(WP_Post)#432 (25) { ["ID"]=> int(117034) ["post_author"]=> string(3) "228" ["post_date"]=> string(19) "2012-03-15 15:07:19" ["post_date_gmt"]=> string(19) "2012-03-15 20:07:19" ["post_content"]=> string(2186) "You've made your pledge to take control of your budget and you're super pumped about saving money!Until you open that magazine and see the "season must-have" for only $150. Its just so cute!From Real Housewives, to Vogue to daily emails from fashion websites, the media are great at showing you new and shiny things that are just a wee bit--or a lot bit--out of your budget. (We prefer to showcase the more affordable versions.) The effect is similar to plunking down a sleeve of Wendy's fries and a chocolate milkshake in front of someone trying to lose 20 pounds. It's not a fair fight.Maybe it's time to go on a media fast. Ignorance is bliss, after all. If you don't know that pastel jeans are a season must-have, then you won't feel poor or deprived for not having them. Plus, once you get out of celebrity la la land and look at the people around you, you might realize that not everyone carries a designer purse. In fact, hardly anyone does.Take our quiz to find out if you would benefit from canceling your magazine subscriptions, tuning out of those TV shows and opting out of marketing emails.[lvquiz id="126963"]

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Do you have money comparisonitis? Take our quiz. Our Priceless Style Bootcamp will teach you how to dress fashionably in your budget. You might also want to take a break from these friends, for your budget's sake." ["post_title"]=> string(36) "Quiz: Should You Go on a Media Fast?" ["post_excerpt"]=> string(157) "Take our quiz to find out if your budget would benefit from canceling your magazine subscriptions, tuning out of TV shows and opting out of marketing emails." ["post_status"]=> string(7) "publish" ["comment_status"]=> string(4) "open" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(34) "quiz-should-you-go-on-a-media-fast" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2012-12-19 18:52:49" ["post_modified_gmt"]=> string(19) "2012-12-19 22:52:49" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(34) "http://www.learnvest.com/?p=117034" ["menu_order"]=> int(301) ["post_type"]=> string(17) "lv_evergreen_post" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" ["robotsmeta"]=> NULL }

object(WP_Post)#434 (25) { ["ID"]=> int(111351) ["post_author"]=> string(3) "228" ["post_date"]=> string(19) "2012-02-23 13:00:34" ["post_date_gmt"]=> string(19) "2012-02-23 17:00:34" ["post_content"]=> string(2156) "As you make your way through the world, you’ll be asked to make financial decisions that are a little bit more complex than, “Save this money or spend it on a pair of earrings?”In order to save for retirement or reach your financial goals (like buying a house), you’ll need to know some basic financial concepts. Unfortunately, a recent roundup of surveys shows that women are more likely to say they don't know the answers to basic financial questions. This is bad news, since not being confident in these concepts means you are less likely to save for retirement or invest wisely.To find out how financially literate Americans are, the survey asks three basic financial questions. Out of respondents over 51, only 18% were able to correctly answer a question concerning interest on a savings account. Younger people aged 23-28 scored much better, with 80% able to correctly answer it. Overall, 65% of Americans were able to answer the question on interest-bearing savings accounts.Want to find out how you compare? We have the quiz for you here to test your knowledge. Find out your literacy, then learn about the concepts you don't know:[lvquiz id="111353"]

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LearnVest's founder and CEO Alexa sat down with a financial planner recently. Read what she learned. There are ten tax tips you absolutely must know for tax season. Find out what they are. If you want to save the world, a profitable way to do it is through socially responsible investing." ["post_title"]=> string(35) "Quiz: Are You Financially Literate?" ["post_excerpt"]=> string(140) "A recent roundup of surveys shows that women are more likely to say they don't know the answers to basic financial questions. How about you?" ["post_status"]=> string(7) "publish" ["comment_status"]=> string(6) "closed" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(33) "quiz-are-you-financially-literate" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2012-08-09 18:34:26" ["post_modified_gmt"]=> string(19) "2012-08-09 22:34:26" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(34) "http://www.learnvest.com/?p=111351" ["menu_order"]=> int(301) ["post_type"]=> string(17) "lv_evergreen_post" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" ["robotsmeta"]=> NULL }

object(WP_Post)#435 (25) { ["ID"]=> int(110649) ["post_author"]=> string(3) "241" ["post_date"]=> string(19) "2012-02-15 15:27:57" ["post_date_gmt"]=> string(19) "2012-02-15 20:27:57" ["post_content"]=> string(2020) "Even if you don't follow the stock market compulsively, you might have heard about short selling.Short selling is a controversial practice that, if done well, allows investors to make a lot of money--and we mean a lot--by making some calculated bets about a stock's performance.Because it involves betting on the fact that a stock will drop in price, the practice has major implications for market stability, and it has the possibility of throwing a market into greater flux than it had been experiencing previously. And, as we all know, economic stability is something we could all use a little more of these days.(Find out if greater economic instability is going to become the norm in our lifetimes.)Well, short selling is back in the headlines again, as regulators in Europe reevaluate their opinions on the practice. To test your own knowledge of this investing strategy, take our fun true/false quiz below on short selling. Then, read our basic primer on short selling to catch up on the aspects of the practice that you didn't know.[lvquiz id="127272"]

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object(WP_Post)#437 (25) { ["ID"]=> int(107514) ["post_author"]=> string(1) "7" ["post_date"]=> string(19) "2012-02-07 11:00:42" ["post_date_gmt"]=> string(19) "2012-02-07 16:00:42" ["post_content"]=> string(1526) "When we ask our users which money topics they want to learn more about, investing is almost always at the top of the list. But one of the hurdles to feeling 100% comfortable with investing topics has nothing to do with intelligence or gumption: It's the jargon.So, today we'll test your knowledge of the acronyms of the investing world. ETF? IPO? WWLVD?Take our fun quiz to see how you measure up to your friends! (And feel free to share this with them if you want to get really competitive.)[lvquiz id="107480"]

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The outcome of the Super Bowl may actually impact the stock market! Here's how your friends can hurt your finances. How will the growing tensions between the U.S. and Iran affect the stock market (and the world)?If you want to stay on top of the most important news about the economy, sign up for our weekly cheat sheet." ["post_title"]=> string(31) "Quiz: What's Your Investing IQ?" ["post_excerpt"]=> string(88) "What's an ETF? What about an IPO? Test your knowledge of investing topics with our quiz." ["post_status"]=> string(7) "publish" ["comment_status"]=> string(4) "open" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(28) "quiz-whats-your-investing-iq" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2012-12-19 18:54:00" ["post_modified_gmt"]=> string(19) "2012-12-19 22:54:00" ["post_content_filtered"]=> string(0) "" ["post_parent"]=> int(0) ["guid"]=> string(34) "http://www.learnvest.com/?p=107514" ["menu_order"]=> int(389) ["post_type"]=> string(17) "lv_evergreen_post" ["post_mime_type"]=> string(0) "" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" ["robotsmeta"]=> NULL }

object(WP_Post)#438 (25) { ["ID"]=> int(107444) ["post_author"]=> string(3) "241" ["post_date"]=> string(19) "2012-02-06 14:52:35" ["post_date_gmt"]=> string(19) "2012-02-06 19:52:35" ["post_content"]=> string(1858) "On Wednesday, February 1, Facebook filed for a $5 billion initial public offering that will likely take place in May. In terms of technology IPOs, Facebook will surpass even Google's in terms of size, making it a stock market event to watch out for.Facebook has become so popular that 250 million photos are shared each and every day. Enormous numbers like this are no surprise, though, when discussing Facebook and its economic potential.Test your knowledge of Mark Zuckerberg's company and other major IPOs with this fun quiz. Then, read more about why Facebook is potentially so valuable, whether you should consider buying Facebook stock and the IMs in which a 19-year-old Zuckerberg decided to found Facebook.[lvquiz id="107373"]

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