When it comes to the distribution of wealth among Black and Latinx people versus white people in the United States, minorities have always been neglected. The racial wealth divide is widespread and stems from hundreds of years of policies.

Since 2010, the average cost of a house has risen by 20%. These price increases have made it increasingly difficult for young people to be able to purchase a home.

Federal law mandates that a person is entitled to receive a free credit report from each of the three national reporting agencies, Equifax, Experian, and TransUnion, every 12 months. However, due to the COVID-19 pandemic, you can now get reports per week.

When applying for a loan to make large financial purchases, such as a home or a car, one of the things the lender takes a look at is your credit score. Your credit score is important because it is part of the decision to either approve or deny your loan.

The practice of group economics is becoming more popular, especially since it is becoming a more recognized way to build wealth with your family or friends.

When buying a home, applying for a credit card, or applying for a car loan, you will usually be listed as either pre-approved or pre-qualified. Though these words have similar meanings, they do not mean the same thing.

However, of all the possible insurance coverages, one of the most essential is life insurance because it protects and prevents immediate financial hardship for your loved ones after you have passed away.

Therefore, becoming a homeowner is not for everyone. Although many people believe that purchasing a home and becoming a homeowner is the best financial decision one can make, renting may be the best option for you.

Redlining is a practice where mortgage lenders deny loans to people based on race or the racial makeup of their neighborhoods. The term comes from the National Housing Act of 1968 as part of the federal government's New Deal.

For many, owning a home is the ultimate "American Dream." Homeownership allows you to have a property to call your own, leaving you with a sense of pride, confidence, and security.

Whether renting or owning, housing expenses are the most expensive line items in the financial budget for many Americans. However, the extra room in your home could potentially equate to extra income if you are interested in exploring house hacking.

You can use your vehicle for more than just going to work, running errands, and putting gas in the tank. Instead, you can use your car to earn extra income, including ways that don't require you to drive or do any hard labor.

If you are struggling with debt, you are not alone. The average American has $90,460 in debt that may include credit card debt, personal loans, student debt, and mortgage debt.

The annual percentage rate (APR) is the yearly rate that credit card companies charge you on any outstanding balances that you carry month-to-month.

A credit report and a credit score are two different pieces of financial information. However, they both have a significant impact on your finances.