If you thought the frenzy around GameStop and other so-called "meme stocks" was over after the rollercoaster ride of 2021, think again: GameStop's stock (ticker GME) has surged over 500% in just the last month, fueled by a spike in trading volume. But as of this week, the so-called mania for "meme stocks" may already be waning.

This week's rollercoaster is reminiscent of early 2021, when members of the Reddit investing community r/WallStreetBets rallied together to purchase GameStop and other struggling companies' stocks, like AMC. Their goal? To squeeze out hedge funds and other institutional investors who had shorted those stocks, betting their prices would fall.

While GameStop was the leader, other meme stocks like AMC Entertainment and Bed Bath & Beyond have also seen big share price jumps in recent days, as the Reddit crowd appears to be reassembling their troops.

So what does this mean for everyday investors? A few key points:

1. Meme stocks are extremely volatile and risky. The frenzy investing is based more on online sentiment than underlying company fundamentals. Prices can swing wildly in either direction.

2. Don't invest money you can't afford to lose. Given the unpredictable and speculative nature of meme stock trading, investors need to have a high risk tolerance.

3. Understand what you're getting into. While the prospect of getting in early on a meme stock run-up is enticing, these are not normal market conditions. Like in 2021, manipulation by coordinated online investment groups is suspected.

While the current meme stock rally (and comedown) may be exciting to watch, for most investors, it will be better observed from the sidelines. Those who do jump in should do so with open eyes about the extraordinary risks involved. Catching the next meme stock wave could pay off, but trying to surf these volatile market manias is not for the faint of heart. You're safer putting the money in an index fund.

In today's world of rampant identity theft and data breaches, protecting your credit has become vitally important. Two of the main tools you can use to safeguard your information are credit freezes and credit locks. While both restrict access to your credit file, there are some key differences to understand.

What is a credit freeze?

A credit freeze, also known as a security freeze, allows you to seal your credit reports at the three major credit bureaus—Equifax, Experian and TransUnion. No one can view your credit file or credit score until you temporarily lift or permanently remove the freeze. This makes it extremely difficult for identity thieves to open new credit accounts in your name.

How credit freezes work

• Freezes are governed by federal law and are completely free for everyone to place, lift, or remove.

• You must contact each credit bureau individually to freeze your report with that bureau.

• Freezes remain in place permanently unless you lift or remove them.

• You can temporarily lift freezes when you need to apply for new credit by providing a PIN.

• Freezes don't affect your credit score or existing creditor access.

What is a credit lock?

A credit lock is a credit monitoring tool offered by each credit bureau that lets you quickly lock and unlock access to your credit report. Like freezes, locks prevent lenders from viewing your report and opening new accounts. But there are some major differences.

How credit locks work

• Locks are programs offered by credit bureaus, not controlled by federal law.

• Locks may be free initially but often require a paid subscription for continued use.

• The process to lock and unlock your report is faster than freezes.

• Locks may automatically re-lock after a specified period of time.

• Credit locks don't have the same legal protections as freezes under some state laws.

When to use freezes vs. locks

So in what situations are freezes or locks most appropriate? Freezes offer the highest level of security and legal protection from identity theft and credit fraud. They're a great option for most consumers, especially those who don't plan to open new credit accounts frequently.

Credit locks can provide added convenience by allowing you to quickly lock and unlock your reports. They may be suited for those who need to apply for new credit more often and are willing to pay for the service. However, locks don't have the same legal backing as freezes in some states.

The best practice may be to freeze your credit reports and only unlock them when you plan to open a new line of credit. For instances where you need to repeatedly lock and unlock over a short period, a lock could make sense. But for maximum security and legal protection, freezes are still the recommended route for most. For more, here's how to "thaw" your credit instead of a full freeze or unfreeze.

In an era when employer-sponsored retirement plans like 401(k)s have become the norm, pensions are becoming an endangered species. A pension is a retirement plan that guarantees a steady income stream to retirees for life, with the employer bearing the investment risk. In contrast, 401(k) and 403(b) plans are defined contribution plans where employees shoulder the investment risk and must carefully manage their retirement savings.

While pensions were once prevalent across industries, economic pressures and accounting rule changes have led many private companies to freeze or terminate their pension plans. However, there are still a few bastions where traditional pensions survive. Here are some of the jobs that still offer this coveted retirement benefit.

Government jobs

If pensions are your priority, government jobs are the way to go. Many government jobs at the federal, state, and local levels still provide pension plans for their employees. This includes roles like public school teachers, police officers, firefighters, and other civil servants. The retirement benefits are usually part of the compensation package negotiated by public employee unions.

Utilities

Utility companies like electric, gas, and water providers frequently still have pension plans. The regulated nature of utilities has allowed some to maintain their defined benefit pension plans.

Unions

Jobs covered by union labor agreements, particularly in industries like transportation, manufacturing, or construction, are more likely to include a pension as a hard-won benefit.

Military

After serving for 20 years or more, members of the armed forces are eligible for a military pension that pays lifetime retired pay.

Some corporate giants

While rarer than in previous decades, a small number of large corporations still offer pension plans. These include some automotive companies, airlines, and other legacy companies with a heavily unionized workforce.

The appeal of pensions is obvious—they provide retirees with a dependable income stream not tethered to market returns. But the costs and risks associated with paying pension benefits have led to their decline. For most workers today, a 401(k), IRA, or similar defined contribution plan is their primary employer-sponsored retirement vessel, putting investment responsibility on their shoulders. Pensions, while fading, do still exist for certain professions, particularly in the public sector.

Car insurance is a necessity, but it's not one-size fits all. There's a minimum coverage required by your state, but that may not be enough to fully protect you financially. Purchasing more robust insurance with higher limits will provide greater peace of mind that you're covered if something goes wrong on the road. So, how much car insurance do you truly need? And are there any optional coverages that are recommended? Let's explore.

Types of coverage you need

First off, when it comes to car insurance coverage, you need to fulfill the minimum requirements set by your state. With the exception of Virginia and some remote regions of Alaska, all states mandate drivers to have car insurance.

The cornerstone of this is liability coverage, which doesn't actually protect your ride. Instead, it foots the bill for any injuries, fatalities, or property damage you inflict on others, up to the limit specified in your policy. These limits are typically presented in a "25/50/15" format, meaning your insurer will cough up $25,000 per person, $50,000 per incident for bodily harm you cause, and up to $15,000 for wrecking someone else's property.

Here's the catch—in some states, the minimum bodily injury limit can be as paltry as $15,000. But a serious smash-up can easily rack up medical expenses that blow past that number. If your liability coverage falls short of covering the other party's costs, you could find yourself in legal trouble, forced to empty your pockets to make amends.

How much coverage is enough?

So, how do you determine if you've purchased adequate car insurance? Begin by considering your net worth and the frequency of your driving when deciding on your auto policy's liability limits. If you don't have enough coverage to compensate for injuries or property damage you cause, you could face a lawsuit amounting to tens of thousands of dollars.

After all, the primary purpose of car insurance is to provide a financial safety net tailored to your situation. Let's say you rear-end another vehicle, injuring the driver and passenger. If the other car is worth $20,000 and the medical bills soar to $40,000 per person, you're on the hook for a cool $100,000. Without sufficient insurance to cover that sum, the injured parties could take you to court to recoup their losses.

It's essential to remember that car insurance is designed to protect your financial security. Obtaining insurance equal to your net worth means your policy should be able to cover the full cost of an accident without putting your home and other assets at risk.

Most insurers cap the liability coverage you can purchase, but if you've maxed out and still want more, you can supplement with an umbrella policy. These policies bolster liability protection for both your car and home, typically in $1 million increments. If you don't have any assets to protect besides your car, you're probably fine with purchasing minimal liability coverage.

Getting full coverage car insurance

Liability coverage is great for covering others' expenses when you're at fault, but what about repairs to your own ride? What if your car gets totaled, and you need $20,000 to replace it? This is when full coverage car insurance could be worth considering.

"Full coverage" typically refers to a policy packing liability coverage plus collision and comprehensive protection. These two coverages pay for damage to your vehicle, regardless of who's at fault. Collision coverage kicks in when your car collides with another object, while comprehensive coverage handles situations beyond your control, like vandalism, theft, or a run-in with Bambi.

If you opt for collision and comprehensive coverage, pay close attention to the deductible—the amount you'll need to fork over before your insurer starts pitching in. Deductibles usually range from $250 to $1,000, but can climb higher, so choose an amount you can comfortably afford in a pinch.

Rounding out your protection

Insurers offer plenty of additional coverage options that could prove handy:

• Glass coverage repairs or replaces damaged windshields and windows, ideal if you find yourself on the receiving end of a rogue pebble.

• Medical payments coverage helps cover your own medical expenses, or those of your passengers, after a crash, which can be useful for covering health insurance deductibles.

• Roadside assistance sends help if you find yourself stranded, in need of a tow or jump start, though some companies may charge extra for these services.

Keeping costs in check

State-mandated minimums like 25/50 won't cut it in the event of serious injuries or vehicle replacements. If you can swing it, opt for higher limits. Here are some tips to keep your insurance premiums from breaking the bank:

• Bundle your auto policy with your home and life insurance for potential discounts.

• Take advantage of discounts for being claim-free or a good student.

• Shop around and compare rates every one to two years to snag the best deal.

• Increase your deductible to lower your monthly payments.

The right coverage levels depend on your comfort level with risk, but buying only minimums could leave you dangerously underinsured. Do your homework upfront, so you don't get stuck with surprise out-of-pocket costs after an accident reveals gaps in your policy.

Refinancing your mortgage can potentially save you thousands of dollars over the life of the loan—that is, if you're able to secure a lower interest rate. Generally, it makes sense to refinance if you can reduce your current mortgage rate by at least 0.5% to 0.75%. Getting the best possible refinance rate, however, requires some strategic planning.

Improve your credit score

Your credit score is one of the biggest factors that impacts the mortgage rate you'll receive. Lenders reserve the lowest rates for borrowers with excellent credit, typically scores of 760 or higher. Pay down credit card balances, correct errors on your credit report, and avoid new debt before applying to refinance. Even a minor credit score improvement could help you qualify for better refinance pricing. Here are more of our tips for boosting your credit score to put you in the best lending position possible.

Buy mortgage points

When you purchase discount points (also called mortgage points), you pay an upfront fee to "buy down" the interest rate on your new loan. Each point costs 1% of the loan amount and typically lowers your rate by 0.25%. Buying points makes sense if you plan to stay in the home long enough for the upfront costs to be offset by the monthly savings. Here's my guide to how mortgage points work and when you should look into them.

Pay closing costs upfront

Some lenders offer "no closing cost" refinances where they cover fees in exchange for charging you a higher interest rate over the life of the loan. To get the absolutely lowest rate, opt to pay all closing costs out of pocket. Closing costs generally run between 2-5% of the loan amount.

Shop multiple lenders

Mortgage refinance rates can vary significantly between lenders on any given day. Get quotes from at least three to five banks, credit unions, and mortgage companies. Having multiple offers allows you to leverage the lowest rate quotes and ask competitors to match or beat the pricing. Check out these tips for shopping lenders the same way you'd research a restaurant—especially if you want to give yourself the best shot at ordering something you'll enjoy.

Ask for a rate match

If you find another lender offering a lower refinance rate, ask your preferred bank to match the better pricing. Some lenders are willing to match or even slightly undercut a competitor's quote to win your business.

The bottom line: The lower the interest rate, the more affordable your refinanced mortgage payments will be each month. Employing tactics like improving your credit, paying points, and shopping around can help you refinance at the lowest rate available and maximize your savings.

When you're in a financial bind and need to borrow money quickly, two common options are payday loans and installment loans. Both provide fast access to cash, but they work very differently in terms of how you repay the borrowed amount. Here's a look at the key distinctions and some guidance on which type of loan may be preferable depending on your circumstances.

What is a payday loan?

A payday loan is a short-term, high-cost loan that typically needs to be repaid in full by your next payday, usually within two to four weeks. The maximum loan amounts are relatively small, usually $500 or less.

To get a payday loan, you provide the lender with a post-dated check for the full loan amount plus fees and interest. On your next payday, the lender cashes that check to recover what you owe. If you can't repay, you may be able to roll the loan over by paying only the fees and interest, but this will result in additional high charges being added.

Payday loans have extremely high annual percentage rates (APRs) that can exceed 400%. The combination of short repayment periods and exorbitant interest rates makes these loans very difficult to pay off, which is why many borrowers end up trapped in cycles of debt.

What is an installment loan?

Installment loans, as their name suggests, allow you to repay what you borrowed in a series of scheduled payments or installments over a period of months or years. Typical repayment terms range anywhere from a few months to a few decades.

The funds from an installment loan can often be used for a variety of purposes like debt consolidation, major purchases, home improvements, and more. You'll usually repay the loan on a fixed monthly schedule, making equal payments that go toward both principal and interest.

Installment loans can be secured by collateral like a home or car title, or they can be unsecured. Interest rates tend to be lower than payday loans, but will vary based on factors like your credit score, income, and whether the loan is secured or not.

Which should you choose?

In almost every situation, an installment loan is the better choice compared to a high-risk payday loan. Installment loans:

• Are far less expensive overall due to lower fees and interest rates

• Give you longer to repay in reasonably affordable installments

• Are available in higher amounts suitable for bigger expenses

• Are less likely to trap you in never-ending cycles of debt

The only instance when a payday loan could potentially make sense is if you need a very small amount of money to cover an emergency and you're certain you can repay it quickly to avoid interest charges piling up. But in general, the high costs and short repayment terms of payday loans make them exceedingly risky.

Whenever possible, explore installment loan options from personal loan providers, credit unions, banks, or online lenders. With better terms and more affordable repayment plans, they are almost always the smarter choice over predatory payday loans. For more, here are some tips for paying off loans early.