Accounts to Open for Your Small Business

One of the most important decisions you’ll make when starting a business is choosing the right accounts. As an entrepreneur, you’ll want to make sure you don’t mix your personal finances with your business money: If your cash isn’t kept separate, it could be hard to meet IRS recordkeeping requirements, and that could lead to tax penalties. Opening new accounts in your company’s name is typically a better practice.

Having separate bank accounts could also help limit your personal liability. Say someone were to sue your company; your business assets might be at risk, but your personal assets would likely be protected from legal action.

Here’s a look at three common types of accounts to consider for your company.

BUSINESS CHECKING

For entrepreneurs, opening a business checking account means you don’t have to ask customers to write checks to you personally. Some customers could view checks written out to individuals as unprofessional, and that could hurt sales. With a business account, checks are made out to the company name.

Many banks offer business checking accounts for a minimal fee. Some even offer free business checking, though your company may need to agree to limit deposits and withdrawals to a set number or agree to keep a certain minimum balance.  At Northeast Community Credit Union, your account is free and there are no minimum balance requirements or transaction maximums.  Also free are our mobile apps, home banking, and most other services.

 

BUSINESS SAVINGS

You don’t have to put all your company’s cash in a checking account. It may make sense to place money you don’t need to spend right away into a business savings account, where it may earn a better rate of return.

A business savings account could also serve as an emergency fund to help pay for business operations if your company goes through a sales slump. And, as with personal accounts, your money would be protected with federal insurance up to $250,000 per depositor.

BUSINESS CREDIT CARD

Opening a credit card in your company’s name gives your business a chance to establish credit. When you first sign up, you may need to personally guarantee the debt because your company won’t have an established financial history. But your company will soon show a track record of payment as you put the card to use.

Opening bank accounts for your business can be an important step in establishing your company’s financials. By opening a separate checking account, savings account and credit card for your business, you’ll avoid the headaches that mingling personal and business money can create and you’ll make your company’s recordkeeping easier and more robust for the future.

 

6 Tips for Anyone Late to the Retirement Planning Game

“Over the hill” surprise birthday parties can be fun. But one shock you don’t want in your 50s is the realization that you’ve completely overlooked retirement or are significantly behind where you need to be.

No matter why you’re falling short, if you are, it’s time for a retirement offensive. Here are a few things to consider as you try to re-energize your savings game.

1. FIGURE OUT HOW MUCH YOU NEED

A healthy nest egg is anywhere from six to 20 times your ending salary at the time of retirement, depending on your age when you retire and the proportion of your working income you want to have available each year. If you can, include an extra cushion for emergency expenses. Research shows most Americans don’t save anywhere near enough to maintain a comfortable lifestyle in their later years.

2. SPEND ONLY WHAT YOU MUST

If you’re over 50 and your retirement fund is in the hole or nonexistent, you can’t afford a flashy new car, a boat or a vacation hideaway. Focus instead on saving by cutting unnecessary expenses such as pricey coffee drinks, restaurant meals, expensive entertainment or big-ticket vacations.

3. BEEF UP YOUR 401(K) CONTRIBUTION

Particularly if your employer matches a portion of your 401(k) contribution, put in as much as possible. Remember, time is money. The longer the money has to earn returns, most likely the better off you’ll be. Even if you start late, tacking on a few extra years of saving can make a difference.

4. TAKE ADVANTAGE OF CATCH-UP PROVISIONS

Federal law limits how much you can put into a tax-advantaged retirement account each year. After reaching 50 years old, you can make annual catch-up contributions. For 2016 and 2017, the annual catch-up contribution is up to $6,000 in a 401(k) and $1,000 in a traditional IRA or a Roth IRA. Put in as much as you can.

5. WAIT TO TAKE SOCIAL SECURITY

Holding off before starting to collect Social Security payments can make a significant difference in how much you collect. Although you can start collecting benefits at 62, your benefit can increase up to 30% if you wait to receive benefits until you’re 67.

6. REFRAME THE IDEA OF ‘RETIREMENT’

Getting a later start on saving significant cash for retirement means you might need to rethink what those years will be like. You might need to move to a smaller home, sell a car or keep working at least part-time just to stay afloat.

Depending on how little you’ve already saved compared with where you need to be, you might feel like you’re speeding toward a cliff. Don’t let that keep you from starting now to get serious and save. Every bit you put aside now will make a difference later.

© Copyright 2017 NerdWallet, Inc. All Rights Reserved

Saving for Retirement While Paying Down Debt

When faced with two big financial priorities, such as paying off old debt and saving for retirement, it can be easier to focus on just one. For people repaying student loans for themselves or their children, for example, 38% weren’t able to put money away for retirement, according to a 2015 survey from the National Foundation for Credit Counseling and NerdWallet. But there are ways you can contribute to retirement savings even while paying off student or other debt.

Neglecting either one can be a losing proposition. If you focus just on repaying debts, you can lose out on potential investment returns from money placed in a retirement account. On the other hand, you don’t want to pay more interest on debt than you need to. So here are a some steps to help you save while reducing what you owe.

STEP 1: PAY AT LEAST THE MINIMUM ON DEBTS CONSISTENTLY

Missing a loan or credit card payment can cost you in extra interest, fees and a dip in your credit score, so make sure to pay at least the minimum required amount each month to avoid this. That said, don’t go overboard in paying at this point. If you rush to erase the debt as fast as you can, you might miss out on potential long-term gains from investing your money now.

STEP 2: SAVE IN A 401(K) UP TO ANY MATCH, OR SET UP AN ALTERNATIVE

If your employer offers a 401(k) or similar retirement savings plan and will match part of your contributions, put in at least enough to gain the maximum matching amount. Also see how you can invest the money. For example, $10,000 invested to produce an 8% annual return — the average over the past decade for the Standard & Poor’s 500 Index of large U.S. stocks — would grow to more than $100,000 over 30 years. If you’re young enough, you can let your money compound for decades.

If you don’t have access to a 401(k), consider setting up a Roth IRA. The annual maximum you can put in is $5,500, or $6,500 if you’re 50 or older. A Roth IRA lets your money grow tax-free.

STEP 3: FOCUS ON PAYING OFF DEBT

Once you have started setting aside some money for retirement, you can turn your attention back to reducing your loans or credit card balances. By paying off more than the minimum each month, you eliminate your debts faster and cut the interest you end up paying.

As you manage these two goals, remember to build an emergency fund as well, so that you have ready cash to cover unanticipated expenses. If you don’t, you might end up back in debt or draining your savings.

By following these steps, you can avoid having to choose between your retirement goals and paying off debt. Taking advantage of the opportunity to save money now and to reduce debt can help you improve your financial life for years to come.

© Copyright 2017 NerdWallet, Inc. All Rights Reserved

How to Save For Retirement

It’s never too early to start putting away money for your future. If you’ve ever wondered how to save for retirement when you’re also dealing with day-to-day expenses, these easy tips can help.

1. GET A ROUGH ESTIMATE OF RETIREMENT EXPENSES

It may seem difficult to know how much money you’ll need in retirement, especially if it’s several decades away. Experts say that to keep your same standard of living, you’ll probably need at least 70% of your pre-retirement income.

The reason you probably won’t need 100 percent is because some costs, such as commuting expenses or child care, probably won’t be necessary in retirement. If you already have a budget for your current expenses, then it’s probably easy to get a rough idea of what you may need when you retire.

2. DECIDE ON A SAVINGS TARGET

Say you’re 25 years old and your living expenses are about $50,000 a year. Take 70% of that, and it means you’d probably need about $35,000 to retire comfortably, assuming your income remains the same until retirement. So you’d want a nest egg that provides about $35,000 annually.

Many financial experts suggest that you withdraw only about 4% of your retirement savings each year to help ensure that it lasts. That means to get $35,000 in income, you’d need a savings target of about $875,000.

It’s a lot of money, but by using a retirement calculator, you could find that there’s a good chance you could reach your goal by age 61 if you start saving 10% of your income each year. This number assumes your savings earn 7% annually. If your income increases before retirement, you’d probably also need to increase your savings target.

If you can’t quite put away 10% — or whatever your goal percentage is — while also keeping up with your regular expenses, consider starting with a smaller amount and gradually increasing the percentage of income you save until you reach your goal.

You may also have other income sources in retirement, such as Social Security or a pension plan. Look at the Social Security calculator to get an idea of what your monthly benefits might be when you retire and add that to your retirement calculations.

Bear in mind that an income of $35,000 will probably have much less spending power in 40 years than it does today because of inflation, so it’s smart to consider cost-of-living increases in your savings target. It may be a good idea to make an appointment with a certified financial planner to help you weigh your options.

3. CONTRIBUTE TO A TAX-ADVANTAGED RETIREMENT PLAN

In addition to knowing what percentage of income you should save each year, you’ll also want to decide where to put your money. If your employer offers a traditional or Roth 401(k), consider enrolling. This is especially important if your company offers an employer match, because a match is like adding free money to your retirement savings. You could also contribute to a traditional or Roth IRA.

With traditional retirement plans, you receive an upfront tax deduction for the money you contribute. You then let that savings grow and allow the interest to compound. You’d pay income tax on any money you withdraw, and you’d also have additional early withdrawal penalties if you take money out before age 59½.

With Roth plans, you pay tax on your contributions, but you don’t have to pay tax on your withdrawals if you retire after age 59½.

When you put your money in a retirement savings plan, you’ll have a number of different investment options to consider, including stocks, bonds and mutual funds.

4. PUT YOUR SAVINGS ON AUTOPILOT

Once you’ve established your retirement plan, consider setting up automatic withdrawals from your paycheck or bank account. It would be much easier to meet your savings goals when your money has a chance to grow uninterrupted over a period of years.

Learning how to save for retirement is important, but it doesn’t have to be hard. By coming up with a savings goal and contributing regularly to a retirement account, you can help make sure you’ll be able to meet your financial goals for the long term.

© Copyright 2017 NerdWallet, Inc. All Rights Reserved

How Much 20-Somethings Should Save

Your 20s may seem like an odd time to think of saving for retirement, but it’s actually the perfect moment to start planning for your later years. That’s because the earlier you start saving, the more time your money has to grow.

Savers who begin setting aside 10% of their earnings at 25, for example, could amass significantly more by retirement age than those who wait just five more years to start saving. You can use a retirement calculator to see how much you should start saving now to reach your retirement goal.

Building a nest egg on a starter salary and a shoestring budget can seem daunting, though. Focusing on the incremental savings, rather than the goal, can help your savings objectives feel more manageable.

HOW MUCH TO SAVE FOR RETIREMENT

For those earning around $25,000 a year, the median income for 20 to 24 year olds in 2015, saving the recommended sum of 10% amounts to a little more than $200 a month.

It may seem like a reach, but consider this: If you start saving $100 a month at age 25 and invest it to return 7.7% a year — the average total return of the Standard & Poor’s 500 Index of U.S. stocks over the past decade — you’ll have more than $378,000 available at retirement age. And it could be tax-free.

If you wait until you’re 30 to start and save the same monthly amount at the same rate of return, you’ll wind up with less than $253,000.

Several vehicles can help you build a retirement fund. A 401(k) plan, typically offered by your employer, is often the most convenient and easily accessible of these. Contributions you make usually aren’t taxed, which helps reduce your income tax liability.

Pre-tax 401(k) accounts make up around 80% of retirement plans offered by employers, according to the American Benefits Council. Roth 401(k) accounts are another option, though these are less widely available, and money contributed to a Roth 401(k) account goes in after it’s taxed. Money withdrawn from this type of account — including earnings — is usually tax-free.

Companies that offer a 401(k) plan often match employee contributions, up to a certain percentage. This is essentially free money toward your retirement.

If your employer will match your contributions, try to take full advantage and commit a large enough percentage to get the full benefit.

Beyond a 401(k), individual retirement accounts, commonly referred to as IRAs, offer another solid option. There are two types: traditional and Roth.

Money put into a traditional account is tax-deferred, similar to funds put in a traditional 401(k) plan. That means those funds aren’t taxed until they’re taken out. But typically any earnings you make with the money are also subject to income taxes on withdrawal.

Money put into a Roth IRA has already been taxed when you earn it, so there’s no immediate tax benefit. When it’s time to withdraw the cash, however, you usually don’t pay taxes on it. And anything the money earns also can be taken out tax-free.

Contributions to both types of IRAs are currently capped at $5,500 a year for those under age 50, and $6,500 for older workers.

HOW MUCH TO SAVE FOR EMERGENCIES

In addition to retirement, it’s also wise to save for a rainy day. Ideally, your emergency fund should be enough to cover three to six months of living expenses.

Some experts suggest setting aside even more for savings and investments: 20%. That’s roughly $415 a month on an annual income of $25,000.

That’s not always feasible, especially if a big chunk of your monthly income goes to student loan and credit card payments. Consider saving what you can, even if it’s just $10 a month.

Making a habit of saving now could serve you well down the road. And, as your income increases, the percentage you save can as well.

© Copyright 2017 NerdWallet, Inc. All Rights Reserved

How to Save for a Down Payment

The tallest hurdle to buying your first home will be saving for the down payment. To avoid having to purchase private mortgage insurance, you’ll likely need to put down at least 20% of the purchase price, which will probably mean tens of thousands of dollars.

As a young adult, saving this much money may seem impossible — like climbing a mountain. When you climb a mountain, it looks huge from afar. But if you take one step, then another, pretty soon you’ve reached the top, and the view is great.

Figure out how much you need to save

No matter the amount you have to save, approach it as a challenge. First, figure out exactly how much house you can really afford with the help of a home loan calculator. The calculator uses your inputs (income, expenses, debt) along with local tax data to recommend how much home you can afford — and how much of a down payment you’ll need.

Figure out what you spend now

If you don’t know exactly what your monthly expenses are, track all your spending for a month and analyze it to see where you can cut back. Think realistically about what you can sacrifice each month to reach your savings goal.

Cut out the small stuff

By now you’ve probably heard you should skip the daily latte and brown-bag your lunch, but those are savings cliches for a reason: They really do add up.

Something else that can add up: using coupons for your grocery shopping. Get familiar with the BOGO (buy one, get one) days at your local stores. With smartphone apps, you no longer need to clip and save paper coupons to present at checkout.

To save money on entertainment, rent movies through a subscription service such as Netflix or, even better, check out movies from your library. Libraries also frequently offer lectures, book groups and kids’ programs. Look for other free community events at your local parks and take advantage of free-admission days at museums.

Find a high-yield savings account

Earning as much interest as possible will help ignite your savings. You can find high-yield savings accounts at internet banks, credit unions or community banks. When you open the account, add an automatic withdrawal from your paycheck so you won’t be tempted to spend money earmarked for the down-payment fund.

Sell what you don’t need

You might want to declutter before you move into your first home, so why not start by selling stuff you don’t want or need? If your neighborhood puts on a community garage sale, join in. Or sell your unwanted stuff on eBay, Craigslist or via a Facebook “virtual garage sale” page for your area.

Enlist family and friends

No, don’t ask your friends to give you money. Instead, let them know that saving for the down payment is your No. 1 priority. If your friends want to go out for dinner, suggest you get together for homemade pizza or a potluck at home. Chances are you’ll have a much more memorable evening.

The bottom line

Saving for a down payment can seem like a high mountain to climb, but if you look at it as a challenge, it can also be fun. And just imagine the feeling of accomplishment when you’re relaxing someday in a home of your own.

How Much Down Payment Do You Need to Buy a Home?

The down payment. Cue the dramatic, fear-filled suspense music. Yeah, it’s scary. Coming up with enough cash to put down when buying a house is the single biggest roadblock for most hopeful homebuyers. But how much do you really need?

A standard down payment

Most lenders are looking for 20% down payments. That’s $60,000 on a $300,000 home. (There’s that scary music again.) With 20% down, lenders will love you more. First off, you’ll have a better chance of getting approved for a loan. And you’ll earn a better mortgage interest rate. There are all sorts of other benefits too:

  • Lower upfront fees (we’ll talk more about that in a second)
  • Lower ongoing fees (more on that too)
  • More equity in your home right off the bat
  • A lower monthly payment

Of course there is one big, juicy caveat: The down payment is not the only upfront money you have to deal with. There are loan closing costs and earnest money to consider as well. Before the dramatic music returns, let’s explore some lower down payment options.

Getting in for less

You can actually buy a home with as little as 3% down. Why did we wait so long to give you that good news? Well, let’s provide the details first before we weigh the pros and cons.

The Federal Housing Administration is a government agency charged with helping home buyers — especially first timers — get approved. The FHA assists mortgage lenders to make loans by guaranteeing a portion of the balance. That’s how you can put less money down — in fact, as little as 3.5%. And FHA loan rates are among some of the lowest you’ll find.

Plus, Fannie Mae and Freddie Mac, the government-sponsored companies that drive the residential mortgage credit market, have announced 3% down payments on home loans. Some major commercial lenders are also offering low down payments — and even no down payments — as incentives to spur loan demand.

And if you’re an active or retired service member, or live in a rural area, you may have access to zero down payment programs through the Department of Veterans Affairs or the Department of Agriculture’s Rural Development program. It’s always a good idea to ask a lender about down payment options when you’re shopping for a mortgage.

Or is it more?

So, which is it: Do you want to put $60,000 or $9,000 down on that $300,000 home? Or does zero down make you spring into a happy dance? Sounds like a pretty easy decision, right? But you knew there would be fine print.

A lower down payment makes you a bigger risk in the eyes of the lender. That’s why it will look for help from one of those government programs to guarantee a portion of the loan. The thing is, you pay for the guarantee. It’s called mortgage insurance. There will be an upfront fee and likely an ongoing charge built into your monthly payment.

Some of the programs don’t require mortgage insurance, but will charge an “upfront guarantee fee” or “funding fee.” Whatever you call it, a fee is a fee. And as a “higher risk,” you’ll likely pay a higher interest rate for the life of the loan in addition to the other fees.

Making the right move

It’s tempting to go with the lowest all-in upfront charges when trying to buy a home. But the key to building net worth is to buy smart, especially when it comes to such a large purchase as a house.

Lenders are required to disclose all fees and it’s always a good idea to shop around with multiple mortgage providers to get your best deal. Plus, the more you explore your options, the more you’ll learn about the process. Taking time to compare the fees from different lenders can save you thousands of dollars over the long haul.

The down payment is just the first financial hurdle. The monthly payments last a lot longer. Let’s get out of here before that spooky music comes back.

© 2017 NerdWallet, Inc. All Rights Reserved

4 Reasons to Buy a Home Instead of Renting

The financial benefits of buying a home compared with renting have yoyoed over the years, especially of late. If you’re sitting on the fence, here are four circumstances in which it may be a better bet to buy.

If interest rates remain low

From a financing perspective, if this isn’t the best time to buy a house, it’s pretty darn close.

The average interest rate on a 30-year fixed mortgage, the most common variety, has hovered below or near 4% for a while now. For comparison’s sake, if you bought about 10 years ago, the average interest rate was 6.41%. In 1996, it was 7.81%, and in 1981 it was a whopping 16.63%.

Although the Federal Reserve has begun to inch rates upward, it is likely that it will do so slowly and that it will be a while before the cost of borrowing to buy a home stops being historically low.

If home prices level off

Home prices rose steadily in the 1970s, ’80s, ’90s and 2000s before plunging around 2007, and in the past few years they have been climbing again. Different markets have seen different trends, of course, but generally what’s at play is supply and demand: More potential buyers than houses available means sellers can dictate terms and get top dollar.

But something interesting is happening: The oft-told story that millennials are renting for longer or living with their parents nowadays is not entirely accurate. No, people in this age group (born between 1981 and 1997) want very much to own a home, but they are putting it off because of real and imagined difficulties in affording it.

That could mean fewer potential buyers and a cooling of the upward surge in home prices. While others wait, you could pounce.

If rental costs continue rising

Real estate researcher Reis Inc. reports that apartment rents rose 4.6% in 2015. In hot housing markets such as California and the Pacific Northwest, rents are going up by about 14% per year. According to Zillow, the median asking price nationwide for a rental was $1,575 per month in early 2016.

The monthly payment on a $200,000 mortgage — about the average in the U.S. — with a 4% interest rate would be just over $950. Even with taxes, insurance and maintenance, it’s tough to make a financial case in favor of renting.

If you want to save money

Home values over the past 70 years have generally tracked with inflation. Yes, you could make more money in the stock market. But we’re talking real life, not investment advice. Consider two things:

Your rent is locked in for a year or two, then will go up. Your mortgage payment can be the same for 30 years.

If you are raising a family, it seems all but impossible to save money. But when you sell the house after 30 years (or 20 or 10), someone will hand you hundreds of thousands of dollars, money that could put the kids through college or finance your retirement.

© Copyright 2016 NerdWallet, Inc. All Rights Reserved

Why You Should Get Pre-approved for a Car Loan

When shopping for a new car, many people overlook one important step: getting pre-approved for an auto loan. It’s a simple process that can make car-buying go more smoothly and save you money.

Pre-approval is a quick assessment of your ability to pay off a loan based on your credit history and current financial state. This is how it works: You visit NCCU, in person or online, and provide proof of your identity — such as your driver’s license or Social Security number — your household income, and perhaps your housing costs. The lender will likely run a credit check. Then you’ll find out how much it would be willing to lend you and at what rate — sometimes on the spot.

Here’s why you should get pre-approved.

You can get a better interest rate

If you haven’t done your homework, your dealership might try to talk you into a loan at a not-so-great rate. But getting pre-approved at NCCU means you can assess the dealership’s offer, and you don’t have to accept it. Bringing your interest rate down just one or two percentage points can save you hundreds, maybe thousands, of dollars over the life of your loan.

You can set a true budget

Once you’re pre-approved for a loan, you can plan your purchase. Use an auto loan calculator to factor in a down payment, the value of your trade-in — which you can find online — and your desired monthly payment. Add about 10% for sales tax and other fees. And don’t forget about insurance and the other costs that come with owning a car.

Adjust your dreams — and budget — accordingly. Then go shopping.

You can better negotiate with the dealer

Letting your dealer know that you’re pre-approved shows that you’re a ready-to-buy customer who can walk away at any time. That curtails a lot of the early verbal dancing. Just announce you have your pre-approval and will only talk price. Try something like this: “I’m looking for this model, in a deep blue with black leather interior and rear parking sensors. I just stopped in quickly to find out the price I would pay after you take my car as a trade-in.” If the salesman doesn’t listen, say, “I just want to hear that one number.” It’s not rude to be assertive in this situation.

And as you’re signing all the papers in the finance office, if a salesperson tries tempting you with an extended warranty or other last-minute add-ons, you can use your pre-approval to stick to your price.

When you’re pre-approved for a loan, you have the competitive edge in car-buying. You can say no until they say yes.

© Copyright 2016 NerdWallet, Inc. All Rights Reserved

Refinancing Auto Loans 101

If you’re paying too much in interest on your car or truck loan, refinancing could be a great way to save some serious dough. Interest rates for vehicle loans may have dropped since you financed your auto. Or maybe you’ve improved your credit score, which could qualify you for a lower rate. Either way, it could be worth hundreds of dollars in savings to get a new auto loan to replace your current one.

The process is fairly simple. You’ll need to contact your current lender to get your loan’s payoff information. Then, you can apply for financing from a new lender that offers a lower interest rate. You’ll typically be asked to provide recent account statements, W-2s or other proof of income, and give permission for the lender to run a credit check. You can usually receive a response within a day. Once approved, the funds can be sent to pay off your existing loan, and the title would be transferred to the new lender.

Money-saving scenario

Suppose last year you financed $25,000 at 8% interest for a five-year car loan. Your monthly principal and interest payment would be about $507. But say today you could refinance the balance (just over $20,000) for the remaining four years at a lower rate of 3%. Your payment would drop to $451. That’s a savings of $56 a month, or $2,688 over four years, with the same payoff date.

You could also refinance for a longer loan term. This could reduce your monthly payment and give you more room in your personal budget. If your income drops or you have unexpected expenses, refinancing to a lower monthly payment could be one way to make sure you can pay your bills.

Choose carefully

For all the potential positives of an auto refinancing, there could be some drawbacks. If the new loan pushes your payoff date further into the future, you could end up paying more money overall in interest. Also, any new loan may incur title and registration fees, which vary by state. If you do refinance, don’t forget to tell your insurer.

There could also be costs to get out of your old loan. If you have a prepayment penalty, or the lender requires you to pay all remaining interest upfront, it would reduce your savings from refinancing.

Some car loans are “frontloaded” so your monthly bill mostly pays for interest during the first part of the term. If you’ve had your existing loan for a few years, your remaining payments would mostly go toward principal. That means a refi, even at a lower rate, may not save you enough to justify the cost.

Be sure to add up all the fees for paying off your old loan. Then, compare that amount to how much you’d save with a refinance, and see whether the benefits outweigh the costs.

An auto loan refinance can be a smart move in the right situations. By receiving a lower rate, you could cut your interest costs, reduce your monthly payment and save big.

© Copyright 2016 NerdWallet, Inc. All Rights Reserved