2b:["$","$L2c",null,{"category":"$2d","relatedArticles":[{"id":"cG9zdDoyNjI1NzM=","databaseId":262573,"postId":262573,"author":{"node":{"id":"dXNlcjoz","databaseId":3,"userId":3,"avatar":{"url":"https://secure.gravatar.com/avatar/47938df052bf0a5283bd6b77ab786737?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"SmartAsset employs a team of writers and editors with years of experience in the editorial, news and personal finance industries. Some staff members also hold the Certified Educator in Personal Finance (CEPF®) designation from the Institute for Financial Literacy.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Michael","fullName":"SmartAsset Team","lastName":"Carvin","name":"SmartAsset Team","postCount":{"pageInfo":{"offsetPagination":{"total":1323,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mcarvin","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTQ4OA==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19488,"categoryId":19488,"link":"https://smartasset.com/real-estate/articles","name":"Real Estate","postCount":{"pageInfo":{"offsetPagination":{"total":149,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"real-estate","ancestors":{"nodes":[{"name":"Investing","slug":"investing","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Investing","id":"dGVybTo1MzE4","slug":"investing","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$2e","date":"2024-09-19T18:16:32","excerpt":"

\n","featuredImage":{"id":"cG9zdDoyNjI1NzY=","databaseId":262576,"altText":"A final notice of eviction taped to the exterior of a home.","date":"2024-09-19T18:10:48","fileSize":334936,"mimeType":"image/jpeg","modified":"2024-09-19T18:12:06","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2024/09/iStock-1336370041.jpg","__typename":"MediaItem"},"modified":{"datetime":"2024-9-19","readable":"September 19, 2024"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMTc=","databaseId":117,"userId":117,"avatar":{"url":"https://secure.gravatar.com/avatar/9fffe2eb35204e151b68731435d247c5?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Arturo Conde is a senior editor at SmartAsset. He has a master’s from the Graduate School of Journalism at Columbia University and a bachelor’s from the College of Arts and Science at New York University. 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While it’s never ideal to remove a tenant from a property, certain situations, such as nonpayment of rent, lease violations or property damage, may leave you with no choice. Figuring out who pays legal fees for eviction can be complex and expensive for landlords because the cost of eviction includes not only legal fees but also lost rent and property turnover costs. Landlords must also prepare for additional expenses, such as property damage, though some of these may qualify for rental property tax deductions.

","

If you want to create or build out your real estate portfolio, a financial advisor could work with you to evaluate investment options and manage them.

","

Understanding the Eviction Process

","

Eviction is a legal process that allows a landlord to remove a tenant from their property. This step is typically taken when a tenant fails to uphold their lease agreement, such as not paying rent, damaging the property or engaging in illegal activities on the premises.

","

Before you can file for eviction, you must typically provide the tenant with a formal notice, giving them a chance to rectify the situation, which can include paying overdue rent or resolving lease violations.

","

If the tenant fails to comply, you can file an eviction lawsuit in court, which initiates the formal legal process. A judge will hear both sides, and if you prevail, the tenant will be legally ordered to vacate the property. In some cases, the sheriff may need to intervene if the tenant refuses to leave.

","

How long the eviction process takes depends on local laws and the tenant’s response, and can range from a few weeks to several months

","

Common Eviction Costs for Landlords

","

Common eviction costs for landlords can include legal fees, court filing fees and expenses for repairing or cleaning the property after a tenant leaves. Here’s a breakdown of five common costs that you may encounter.

","

Court Costs

","

Landlords typically need to file an eviction case with the local court, which requires paying filing fees. These court costs can range from $50 to $500, depending on the jurisdiction. Additionally, if the tenant disputes the eviction, legal representation may be required, which can add thousands of dollars to the total cost in attorney fees.

","

Sheriff and Locksmith Fees

","

Once the eviction is granted by the court, a sheriff may be required to enforce the eviction order and physically remove the tenant. The cost for a sheriff’s involvement can range from $50 to $400, depending on the location. In some cases, landlords may also need to hire a locksmith to change the locks once the tenant has been evicted, which can cost an additional $100 to $200.

","

Property Damages

","

Evicted tenants may leave behind property damage, especially if they were unhappy about the eviction. The cost of repairs can vary greatly, depending on the extent of the damage. Minor repairs might only cost a few hundred dollars but significant damage such as broken appliances or damaged flooring could cost thousands if you’re not covered by landlord insurance.

","

Property Turnover

","

Once a tenant is evicted, the property must be prepared for the next tenant. This can involve cleaning, painting and repairing any damages. On average, property turnover costs can range from $1,000 to $5,000, depending on the size of the property and the extent of the required work.

","

Lost Rent

","

During the eviction process, landlords often lose out on rent payments, as the tenant either cannot or will not pay rent. Eviction cases can take several weeks or months to resolve, leading to significant income loss.

","

How to Minimize Eviction Costs

","

","

To minimize eviction costs, landlords should screen tenants carefully, use clear lease agreements and address issues promptly to avoid legal disputes. Here are four common tips:

","$3b","

Who Pays Legal Fees for Eviction?

","

During the eviction process, both parties are responsible for paying their own legal fees until the court reaches a decision. Who pays legal fees after the resolution will depend on the court’s ruling, which can be influenced by physical evidence, lease terms and local fair housing laws that protect tenant rights.

","

For landlords, if the court rules in their favor, they may recover some or all of their legal fees from the tenant. However, if the tenant wins, the landlord may be required to cover the tenant’s legal fees as well.

","

Keeping thorough documentation and evidence can support the landlord’s case and influence the court’s decision on fee recovery. Understanding local laws is also essential for landlords to prepare for potential costs associated with the eviction process.

","

Bottom Line

","

","

Evictions are usually a last resort for landlords, but they come with significant financial costs. Court fees, lost rent, property turnover, and damages can add up quickly. By learning about the eviction process and using strategies like screening tenants and creating clear lease agreements, landlords can protect their investments and reduce losses.

","

Tips for Real Estate Investing

","$3c","

Photo credit: ©iStock.com/KLH49, ©iStock.com/designer491, ©iStock.com/andresr

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Private equity investors acquire companies with the aim of enhancing the value of those companies and eventually selling them for a profit. This process encompasses strategic management, operational improvement and sometimes making significant changes within the acquired companies. Private equity firms typically invest in underperforming or undervalued businesses, then apply their management expertise to unlock […]

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","

A financial advisor can help you build equity by selecting investments, managing debt and developing strategies to grow your assets over time.

","

What Is Value Creation?

","

Value creation refers to the process by which a company enhances its worth by producing goods or services that are more valuable than the cost of the inputs used to create them. Creating value goes beyond generating profit to include delivering products or services that meet or exceed customer expectations, build a loyal customer base and support sustainable growth.

","

This strategy emphasizes the importance of innovation, efficiency and fulfilling customer needs.

","

Innovation plays an important role in value creation. Companies that consistently innovate can offer new and improved products or services, which can lead to increased customer satisfaction and loyalty.

","

Innovation can take many forms, from technological advancements to new business models or processes. By investing in research and development, businesses can stay ahead of industry trends and anticipate customer needs, thereby creating additional value by retaining existing customers as well as attracting new ones.

","

Sustainable growth is a key outcome of effective value creation. It is supported by continuously improving products, services and processes, enabling companies to maintain a competitive edge and adapt to changing market conditions. Sustainable growth strategies often involve a balance between short-term gains and long-term investments.

","

How Private Equity Works

","

","

Private equity investment involves pooling capital from investors to acquire stakes in companies, often to improve their value before eventually selling them for a profit. This type of investment is typically made by private equity firms, which raise funds from institutional investors and high-net-worth individuals.

","

Private equity investments, unlike public companies, are not traded on stock exchanges. This can offer private equity firms more flexibility to make long-term strategic decisions without the pressure of short-term market expectations. However, these investments can also be risky as they are less liquid and lack the transparency and regulatory oversight of publicly traded companies.

","

The private equity investment process begins with fundraising, where firms gather capital commitments from investors. Once the fund is established, the firm identifies investment opportunities, often targeting companies that are undervalued or have significant growth potential.

","

After acquiring a company, the private equity firm works with its management team to implement changes that can drive growth and profitability. This might involve restructuring operations, expanding into new markets or optimizing financial performance by, among other methods, restructuring or reducing debt. The ultimate goal is to increase the company’s value, making it more attractive for a future sale or public offering.

","

Ways Private Equity Creates Value

","

Private equity firms use different strategies to create value. Understanding these strategies can provide insights into how private equity firms operate and the benefits they bring to the companies they support. Here are four ways private equity creates value:

","$4f","

Bottom Line

","

","

Private equity value creation focuses on improving strategy, operations and finances to unlock a company’s potential. This can include using new technologies, improving supply chains and updating business models to boost growth and efficiency. Private equity firms also bring in experienced managers and experts to offer insights and guidance, helping the company succeed.

","

Tips for Investment Planning

","$50","

Photo credit: ©iStock.com/fizkes, ©iStock.com/vgajic, ©iStock.com/Svitlana Hulko

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Passive income is money earned with little ongoing effort or involvement after an upfront investment of time, funds, or resources. Unlike traditional income, which is earned through direct labor or services, passive income streams allow for ongoing earnings with little ongoing work. There are various ways to make passive income, from investing in real estate and dividend stocks to renting out personal items and licensing intellectual property. Building a passive income stream can offer financial flexibility, supplement existing income and provide opportunities for long-term wealth generation.

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A financial advisor can help you build and manage streams of passive income. Find a financial advisor today.

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Invest in Rental Properties

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Owning rental properties is one of the most traditional and reliable ways to generate passive income. By purchasing a property and renting it out to tenants, you can create a steady stream of income from rent payments. Rental properties can include single-family homes, duplexes, apartment buildings or even vacation rentals.

","

While managing a property may require some initial effort, such as finding tenants and performing occasional maintenance, it can become largely passive once established. Many property owners also opt to hire a property management company to handle day-to-day tasks, further reducing the need for active involvement.

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Buy Dividend Stocks

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Adding dividend-paying stocks and funds to your investment portfolio is another reliable way to create passive income. These stocks provide regular payouts to shareholders from the company’s profits. By holding shares in well-established companies known for paying dividends, investors can receive a consistent income stream. Over time, reinvesting these dividends can lead to compound growth, further increasing earnings potential.

","

Buy Real Estate Investment Trusts (REITs)

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","

Real estate investment trusts (REITs) offer another way to invest in real estate passively. A REIT is a company that owns, operates or finances income-producing real estate, like shopping centers, office buildings, apartments or hospitals. By investing in a REIT, you are essentially buying shares in a company that manages real estate, and you earn a portion of the income generated by the properties, typically through dividends.

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REITs are typically publicly traded on stock exchanges, making them a highly liquid and accessible investment option. Since REITs are required to pay out at least 90% of their taxable income to shareholders as dividends, they can provide a reliable source of passive income.

","

Try Peer-to-Peer Lending

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Peer-to-peer (P2P) lending offers a unique opportunity for passive income by allowing individuals to lend money directly to borrowers through online platforms.

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As a lender, you provide loans to individuals or small businesses, earning interest on the loan as it’s repaid. These platforms make it easy for lenders to diversify their portfolios by spreading their investments across multiple borrowers, reducing the risk of loss if a borrower defaults.

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Start a YouTube Channel

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Starting a YouTube channel or blog can lead to passive income through ad revenue, sponsorships and affiliate marketing opportunities. Although building an audience takes time, once you have a consistent stream of traffic, these platforms can generate revenue with little ongoing work. For example, ad revenue from Google AdSense can become a passive source of income once videos are uploaded to YouTube.

","

Rent Out Your Car or Parking Spot

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If you own a car or parking space that you seldom use, renting it out could be a simple way to earn passive income. Services like Turo let you offer your vehicle for rent when it’s idle. As a car owner, you can determine the rental price and schedule, while Turo takes care of the insurance and manages the transactions.

","

For those who live in urban areas or near event venues, renting out a parking spot through apps like JustPark or SpotHero can also be a simple way to earn extra money.

","

Invest in Crowdfunded Real Estate

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Crowdfunded real estate is an innovative approach to earning passive income by investing in real estate without the need to purchase and manage properties directly. Through crowdfunding platforms like Fundrise, RealtyMogul or CrowdStreet, investors can pool their money to fund large real estate projects, such as commercial buildings, apartment complexes or mixed-use developments.

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In return, investors receive a share of the profits generated by the property, such as rental income or capital gains from a property sale. While returns can vary depending on the project’s success, it’s generally considered a more hands-off way to invest in real estate compared to owning and managing property directly.

","

Rent Out a Spare Room

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Renting out a spare room, often referred to as house hacking, is a practical and accessible way to generate passive income. House hacking involves living in a property, such as a single-family home or duplex, while renting out extra rooms or units to offset your living expenses.

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Platforms like Airbnb or traditional long-term leases allow you to rent your space to tenants, travelers or even students. This can significantly reduce your mortgage costs or provide a steady stream of income if your home is fully paid off.

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The advantage of house hacking is that it requires minimal upfront investment beyond owning or renting a property with extra space. Whether you’re renting to short-term guests or long-term tenants, house hacking can offer a flexible, low-effort way to turn your home into a source of passive income.

","

Sell Stock Photos or Videos

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For photographers and videographers, selling stock images and videos can be a lucrative way to earn passive income. Websites like Shutterstock, Adobe Stock and iStock allow content creators to upload their work and receive royalties whenever someone purchases their images or videos. Once uploaded, these files can generate income indefinitely, making it a scalable way to earn money from creative content.

","

Rent Out Personal Items

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Renting out personal items you own but rarely use can be an easy way to create passive income. For example, renting out tools or high-end equipment through platforms like Yoodlize or Fat Llama can generate income without much ongoing effort.

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This method requires some initial setup and periodic maintenance. But once established, it can become a reliable source of passive income.

","

License Intellectual Property

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If you’ve created a product or piece of intellectual property, licensing it to others can provide a steady flow of passive income. For example, a patent holder can license their invention to a manufacturer in exchange for royalties. Similarly, musicians or writers can license their work to companies or individuals who wish to use it in their own projects.

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This strategy allows creators to earn money from their intellectual property without having to actively manage or sell it themselves.

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Bottom Line

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If you’re wondering how to make passive income, you have a number of options at your disposal, from renting out your car, parking space or spare room to owning rental properties and dividend stocks. Different options require varying levels of time and money, but they can provide a way to earn income without continually making an active effort. Having these options built into your income stream can help you boost overall earnings over time without requiring more of your energy and effort.

","

Income Investing Tips

","$63","

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In today’s fast-paced digital world, the concept of investing has evolved dramatically, making it more accessible than ever before. Micro investing apps have emerged as a popular tool for individuals looking to dip their toes into investing without a large sum of money upfront. Instead, these platforms allow users to invest small amounts, often rounding up spare change from everyday purchases, and gradually build a diversified portfolio over time. Understanding the benefits and features of these apps can empower you to make informed decisions about your financial future. Whether you’re a seasoned investor looking to diversify or a beginner eager to start your investment journey, the following micro investing apps can provide a convenient and user-friendly way to grow your wealth incrementally.

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Working with a financial advisor can help you not only find the right way to invest but also can help manage your entire portfolio.

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1. Webull

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Webull is a trading platform that has gained popularity among both novice and experienced investors for its user-friendly interface and comprehensive suite of tools. What sets Webull apart is its commission-free trading model, which allows users to buy and sell stocks, ETFs and options without incurring additional fees. This can make it particularly appealing for micro investing, where every dollar counts.

","

Additionally, Webull offers extended trading hours, enabling investors to trade before and after the standard market hours, providing more flexibility to those with busy schedules.

","

For those interested in micro investing, Webull offers a range of features. The platform provides real-time market data, advanced charting tools and customizable watchlists. Webull’s paper trading feature allows users to practice trading with virtual money, which can help beginners looking to hone their skills without financial risk. Plus, with educational resources and community forums, Webull supports investors in building their knowledge and confidence.

","

2. Robinhood

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Launched in 2013, Robinhood offers a user-friendly mobile app that allows users to trade stocks, ETFs and options without paying commission fees. This zero-commission model has helped make investing more accessible to a broader audience, especially those who are new to the stock market or have limited funds to invest.

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The platform’s intuitive interface and educational resources empower users to make informed investment decisions. Further, by eliminating traditional barriers like high fees and complex trading processes, Robinhood enables users to start investing with as little as a few dollars. Additionally, Robinhood’s fractional shares feature allows users to buy portions of expensive stocks, further enhancing its appeal for micro investors.

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This accessibility may be particularly appealing to younger investors and those who prefer to invest small amounts regularly.

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3. Interactive Brokers

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Interactive Brokers is an online brokerage firm that stands out for its comprehensive trading platform and competitive pricing. Established in 1978, it has grown to become a leader in the financial services industry, offering a wide range of investment products including stocks, options, futures and forex. The platform allows investors to trade on over 150 markets in 34 countries and offers a robust lineup of trading tools.

","

For those interested in micro investing, Interactive Brokers offers a low-cost structure, with no account minimums and competitive commission rates. This makes it accessible for investors looking to start small.

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Additionally, Interactive Brokers provides a suite of educational resources and analytical tools that helps empower investors to make informed decisions. Its user-friendly interface and mobile app further enhance the experience, making it easier to manage investments on the go.

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4. Stash

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Stash is a micro investing platform designed to make investing accessible and straightforward. Unlike traditional investment platforms that may require significant initial capital, Stash allows users to start investing with as little as 1 cent. This low barrier to entry makes the platform an attractive option for those who are new to investing or who want to dip their toes into the stock market without committing large sums of money.

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Additionally, Stash offers a diverse range of investment options, including stocks, ETFs and themed choices, such as ETFs focused on AI or video games. This array of options allows users to tailor their investments to align with their personal values and financial goals. Further, Stash’s automatic investing feature allows users to set up recurring deposits, making it easier to build a consistent investment habit over time.

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For micro investing, Stash not only facilitates small-scale investments but also provides users with a wealth of educational content to enhance their financial literacy.

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5. SoFi

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SoFi, short for Social Finance, is a financial technology company that offers a wide range of services, including micro investing, which allows individuals to invest small amounts of money into diversified portfolios. SoFi is unique in that its user-friendly platform integrates various financial services, such as loans, banking and investing, all in one place. This integration makes it convenient for users to manage their financial activities seamlessly.

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SoFi’s micro investing feature may be particularly appealing to beginners and those with limited funds, as it provides access to automated investing with no account minimums. This makes it easy to start building wealth with as little as $5. Plus, there are no commissions, and users have access to a range of stocks and ETFs, allowing them to tailor their portfolios according to their risk tolerance and financial goals.

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Another unique aspect of SoFi is its commitment to financial education and community building. Users have access to a wealth of resources, including educational articles, webinars and personalized financial advice, which can be invaluable for those new to investing.

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Bottom Line

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Micro investing apps have revolutionized the way that individuals approach investing, making it more accessible and less intimidating. The various micro investing platforms on the market allow users to start investing with minimal funds — often just a few dollars. By rounding up everyday purchases or setting up automatic deposits, users can effortlessly build their portfolios over time. When considering which micro-investing app to use, it’s important to evaluate factors such as fees, investment options and the level of guidance provided. Ultimately, the best choice will depend on your financial goals and personal preferences.

","

Tips for Portfolio Management

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