Purchase loan applications have surged for two weeks in a row, but rates for conforming mortgages are inching back up toward 7 percent this week as investors weigh the odds of Fed rate cuts.
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Homebuyer demand for purchase rates picked up last week for the second week in a row, as mortgage rates dropped to the lowest levels since March. But rates for conforming mortgages are once again inching back toward 7 percent this week as investors weigh the odds of Fed rate cuts later this year.
Applications for purchase loans were up by a seasonally adjusted 2 percent last week compared to the week before, according to a weekly survey of lenders by the Mortgage Bankers Association. While it was the second consecutive week-over-week increase in demand for purchase mortgages, applications were still down 12 percent from a year ago.
TAKE THE INMAN INTEL INDEX SURVEY FOR JUNE
Refinancing applications during the week ending June 14 were essentially flat from the week before, but up 30 percent from a year ago.
Mike Fratantoni
“Mortgage rates dropped last week following the latest inflation data and the [Federal Reserve] meeting, with the 30-year conforming rate dropping to 6.94 percent and reaching its lowest level since the end of March,” MBA Chief Economist Mike Fratantoni said in a statement Wednesday.
Federal Reserve policymakers held rates steady at their June 12 meeting, saying they wanted more evidence that inflation is subsiding before cutting interest rates.
But the Fed only has direct control over short-term rates. Bond market investors who fund most mortgages brought long-term rates down sharply last week after seeing the latest Consumer Price Index reading, which showed inflation eased in May.
Mortgage rates came down again the next day on reports showing May jobless claims jumped to their highest level since August 2023 and that wholesale prices unexpectedly dropped in May brought long-term rates down again.
Rates on 30-year fixed-rate conforming loans dropped to 6.81 percent on June 13, down nearly half a percentage point from a 2024 high of 7.27 percent registered April 25, according to rate lock data tracked by Optimal Blue.
Mortgage rates bounce
But mortgage rates have been on the rebound this week as a number of Fed policymakers — including the presidents of the Federal Reserve banks of New York, Boston, Dallas and St. Louis — continue to stress that the Fed is looking for more data confirming that inflation is headed toward their 2 percent target before cutting rates, Reuters reported.
Optimal Blue data shows that after climbing for three days in a row, rates on 30-year fixed rate loans were averaging 6.88 percent Tuesday.
An index maintained by Mortgage News Daily showed rates for 30-year fixed-rate loans had climbed back above 7 percent Monday but flattened out since then.
(Rates reported by Mortgage News Daily are higher because they are adjusted to estimate the effective rate borrowers are offered, regardless of what points they’re willing to pay. Optimal Blue tracks contracted rates, including those locked in by borrowers who paid points to get a lower rate.)
The next big move in mortgage rates could be triggered on June 28, when the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, is set to be updated with data from May.
PCE and Core PCE trending down
The PCE price index showed inflation dropping to 2.65 percent in April, the first improvement since January. Core PCE, which excludes the cost of food and energy and can be a better indicator of underlying inflation trends, has been moving in the right direction for 15 consecutive months, falling to 2.75 percent in April.
Forecasters at Pantheon Macroeconomics are predicting the PCE price index will show inflation cooled more in May than many economists are predicting. Recent evidence that inflation will continue to ease includes:
Oliver Allen
“The sharp falls in total housing starts and building permits are surprising; they take both series to their lowest levels since June 2020,” Pantheon Senior U.S. Economist Oliver Allen said in a note to clients Thursday. “Lower rates will help sales eventually, but we expect them to be accompanied by a weaker labor market and a rising unemployment rate, thinning the ranks of potential homebuyers.”
The latest jobless numbers show claims for unemployment insurance during the week ending June 15 dropping slightly from the week before, to 238,000. But the four-week average increased to 232,750 — the highest level since September 2023.
“The Fed’s forecast that the unemployment rate will be unchanged throughout the rest of this year looks implausibly upbeat,” Pantheon Chief Economist Ian Shepherdson said in a note to clients Thursday.
Pantheon is forecasting that the unemployment rate will rise to 4.5 percent by the end of the year, up from 4.0 percent in May.
While Fed policymakers indicated they only expect to cut short-term rates once this year, futures markets tracked by the CME FedWatch Tool are expecting at least two cuts, with the first coming in September.
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SW: AI can mean different things to different people. How do you think about it?
JB: AI, at its core, is nothing necessarily new. All AI is predictive analytics, even in generative AI like chatGPT and chat bots and things like that. All that it’s doing is taking data and predicting outcomes, or in generative AI, what you expect to hear out of an answer. Machine learning is probably where AI is utilized the most for people that really want to gain efficiencies within their business platforms, their workflow, things like that.
SW: Some parts of automation and AI have been there for years, especially for a company like UWM where you have all this data. And if you don’t have the right data and know that that data is good, you’re actually starting from less than zero.
JB: You’re right, you are starting from less than zero. And the good news is that all of us are starting from less than zero. There is not an organization anywhere, whether it’s in mortgages and fintech or any industry that does a great job curating its data year after year.
If we take the mortgage industry — every time we get busy, nobody really cares for their data or had a good long-term strategy. We were all just kind of trying to stay afloat. No matter how you slice it, the fact is: garbage in will give you garbage back out, it’ll just be prettier and packaged a little bit nicer. And so the key behind all of this is making sure that you have a solid data structure and a solid data plan before you really start to move forward,
SW: How you think about the balance between humans and AI?
JB: In the 36, 37 years that we’ve been in business, we have never laid anybody off. And that will absolutely continue. No matter how much we utilize AI, we are so invested in our team members and their growth with UWM and their career paths that we would not [replace them with AI] — absolutely not.
People should be thinking: How do I keep the people that I have? And how do I train them properly? And how do I utilize AI in my existing workflow, in the existing products that I have, so that I don’t need to hire more people. I need to be able to be very good with the team that I have, make them feel challenged, make them feel fulfilled. But as more business starts to come in, I shouldn’t have to hire more people, I should be able to allow the technology to delegate a ton of the tasks that I was paying people for.
SW: How do you think about the rate of change with AI? Are you taking a measured approach or do you want to be first and fast?
JB: I’m notoriously famous for saying that I don’t use vendors — I keep everything in-house and rely on my family of 1,600 IT members to be able to manage that. But the truth is, we do have to partner sometimes with other companies. But I never want to be beholden to anybody who is not part of UWM so what we’ve done in all of the modeling that we’ve built, including the generative AI, is we’ve built our back end to be able to do plug and play.
We’ve built it so that we can pull out one vendor and one partner and replace them with another if we needed to. We’ve made it a somewhat headless experience, to be able to say, hey, we’ve got a product, we built this product, we own this product, we control this product, and it doesn’t need to be partnered with somebody. And if a partner is lagging behind in technology, then we can shift into somebody else very quickly and allow them the opportunity to provide the service that we need to provide for the team members of our brokers to be able to continue to level the playing field and then exceed the playing field for everybody else.
The question that I get asked the most is: Will AI replace my job? And the answer is very simple and very definitive. No, AI will not replace your job. People who use AI will replace your job.
SW: You have a huge team and you have open office hours where people can come in and like pitch stuff. When it comes to AI, have you seen people just be really lit up about some of the possibilities here?
JB: Oh my God, they’re so excited. It is a constant stream of people with different ideas, different solutions. But what’s even better is everybody wants to understand the strategy of where we’re going and why we’re choosing to go this way. Our team members stay with the company and with us longer and longer. They understand why we built things the way that we did and they can offer solutions because they’ve been enmeshed in building the technology or using the technology.
So they’re able to come in and say, hey, now that I have a basic understanding of the AI and the direction and the strategy that we’re going, I think we should totally shift everything and do it this way. And that’s where the best ideas come from. And I can empower them to actually go run with that.
SW: You have such a large number of employees, that saving 10 minutes, maybe even five minutes, times thousands of employees — that really is where ROI can add up pretty fast.
JB: The real ROI is: Can we give the same experience that brokers and borrowers are expecting from UWM? We all have secret sauces that make us successful as mortgage companies. And it’s embracing whatever that secret sauce is and then figuring out how to never lose it, no matter what the business is. And that’s really where technology and solutioning and things like that should really come into play — not just with AI, but in general as it relates to ROI.
SW: What part of what you’re using is gen AI?
JB: From gen AI, we want to serve up information to our brokers and our internal team members in a conversational manner that happens incredibly quickly and is giving them answers in a different way than they would traditionally get them by going to the library and trying to look up a book. And you can take it so much further with those generative pieces to start having automated conversations.
And then where AI really gets into the next level is serving up questions based off of their behavior inside of our systems. As they’re moving through a screen, we can actually serve up generative conversations as they’re working. To be able to say, hey, you know what, you might want to do this right now or you’re choosing this product, but by the way, there’s four more products and if you add one more document, we can analyze that this second and tell you that this product may actually be better for your borrower right now.
That’s really where what we’re calling the traditional AI merges in with generative AI to create an experience that truly enhances the work that somebody’s doing and makes them smarter and faster and more efficient at what they’re doing.
SW: What parts of using AI worries you?
JB: In the financial space, what it boils down to are the ethics around making financial decisions based off of computer modeling. That really is where I think the biggest issue falls. You can worry about fraud but… what’s more important, I think, is not denying potential borrowers just based off of computer models. And that’s what the next step and the next evolution in AI in financial services is going to start to come from. The technology is moving so fast and it can learn so fast that it’s hard to figure out where these guardrails are going to be because nobody’s really utilizing AI in its fullest capacity just yet
SW: To that point, I think one of the things that we see the most hesitation around is decisioning. Lenders are using AI to do all sorts of things to make it a faster transaction, etc. What nobody wants to touch with a 10-foot pole yet is to have AI do any sort of decisioning for a loan. What’s your feeling on that?
JB: I would say that there is definitely somebody out there that looks at having AI do decisioning and would be happy to touch that for sure! So I think it’s just a matter of what your appetite is for technology and how quickly you can move and what your understanding of the mortgage industry is and how that technology could fit into that process to be able to do that.
SW: We’ve heard regulators say that when it comes to AI, all the same rules still apply. If your AI decides something, we’re still holding you accountable for whatever that technology does, because you built the technology. And one of the lawyers I talked to said, if a human made a mistake, I can explain that to a regulator, but if a machine that you built made a mistake, it’s less understandable.
JS: I’d almost argue that that’s not the case. The biggest piece if you look at decisioning — it’s all a level of confidence in what the data is, and what you’re trying to solve and how you went about solving it. So if you took the time to make sure that you have fully verifiable confidence in what you’re doing, what that modeling looks like, and you’ve tested it to death and you have that comfort level — it’s almost like talking to a human because you can show the logic behind exactly what that modeling did and exactly why it did it.
And then you can actually point to where it found all the information, how it extracted it, how it calculated — all of it. Everything creates a paper trail: people and machines create paper trails. It’s just making sure that when it comes to technology you’ve created the proper paper trail to be able to show why the decisions were made to either adjust it or justify that decision.
Taking off from the Zayed International Airport’s recently opened Terminal A in Abu Dhabi, United Arab Emirates, was a special treat, especially considering I was flying on an Airbus A350-1000 in Etihad Airways’ business class, which offered sliding doors at each seat.
From on demand a la carte dining to a new triple-level lounge in the airport, traveling aboard Etihad, one of the national airlines of the UAE, is a unique way to learn about Emirati culture while also enjoying top-notch service.
Etihad’s many partnerships with other airlines puts award flights more easily within reach for those who want to redeem their points and miles. Here is what to expect when traveling business class with Etihad.
The airport experience
Etihad offers chauffeur service in Abu Dhabi for business class passengers, which was easy to book online. My personal driver arrived right on time to take me from my city-center hotel to the new terminal. The driver dropped me off at the business class check-in area, which was bright and airy.
There was a short wait, and an agent from the first class check-in area flagged me over to check me in. All in all, check-in took two minutes. In addition, there were comfortable seating areas and even refreshments to enjoy before heading through security.
Terminal A, which just opened in November 2023, is bright and airy. It showcases enormous windows and an undulating roof sculpture that looks like the shape of the region’s desert sand dunes.
After a little shopping, I made my way to the terminal’s new Etihad business class lounge, which has three floors.
Etihad business lounge in Abu Dhabi
Once I arrived at the Etihad Airways lounge for business class passengers, I asked the friendly check-in agent which floor they recommended and made my way to the suggested top floor. A full-service bar and buffet setup proved an interesting way to pass the time.
My flight was departing at 3:05 a.m., which was a difficult time to stay awake for, but surprisingly, I was hungry and helped myself to the large selection of salads and curries on offer. When it was time to board, there was no extra security check, and I was in my seat in minutes.
The business class seat
The 1-2-1 layout in Etihad’s business class meant the seats have spacious side counters and wireless charging surfaces, which worked brilliantly.
Several storage compartments allowed me to keep my belongings in order, and the enormous touch-screen monitor in front had a wide range of movies and TV shows. Even with a flight duration of 14 hours and 30 minutes, I had barely enough time to even scratch the surface of entertainment options.
The best part of the seat was the sliding privacy door that was unlocked by the crew after takeoff. This keeps movement in the aisle from disturbing passengers while trying to rest. I kept mine closed most of the flight except when eating.
Waiting near my seat was a large pillow, padded seat cover, blanket and beige Acqua di Parma amenity kit. It had hand lotion, lip balm, eyeshades and socks. Cushioned noise-reducing headphones were wrapped in a compartment to one side with a bottle of water.
I appreciated how often the crew offered to refill my water bottle, as I prefer to stay hydrated in flight.
Meal service
Etihad offers a dine-on-demand service, and I struggled to decide when I wanted to eat and when I wanted to sleep.
Not wanting to miss out, I decided to try a light snack after takeoff and ordered the Arabic mezze with a glass of Chardonnay plus an acai bowl for dessert.
Just what you want at 4 a.m., right?
It was quite tasty, and I liked how my flight attendant brought out a bowl of warm nuts before serving my food.
After the light snack, I reclined my seat into bed mode and slept for four hours. My plan was to sleep for eight or nine hours and then have a larger meal before landing, but I could not stay asleep.
So what do you do on an Etihad flight when you can’t sleep? Eat again!
I went to the galley to see if there were snacks available. Sure enough, a display of potato chips, chocolate bars and fruit was laid out. I grabbed a few snacks and informed the flight attendant I also wanted to order something more substantial.
Another glass of wine soon arrived along with a tray of lentil soup and a side salad. It was served at the perfect temperature and with a slice of lemon to squeeze onto it.
After this, my next course arrived, Indian paneer curry. Other options on the menu included a roasted chicken dish and local Emirati grouper fish.
Etihad has a new partnership with Armani Casa to supply its cutlery, dishes and glassware from the brand. It was very elegant and had the appearance of a fine restaurant.
🤓Nerdy Tip
Interestingly, Etihad uses trays in business class rather than putting the dishes one by one on the table like its peers. Still, this made the service more efficient for the flight attendants and did not detract from the presentation.
For dessert, I ordered the cheese plate, which had cheddar, brie and blue cheeses with fresh fruit. After working a little on my laptop, I reclined my seat again to doze until landing.
The details
I loved how the crew was from different parts of the world. In addition to the Lebanese flight attendant who took care of me, the purser was from Thailand, another flight attendant in my aisle was from Egypt and the pilot was from Ireland.
Etihad has a very international crew, and its uniforms, in hues of beige and purple, made them look like runway fashion models.
The bathrooms were clean and tidy the entire flight, and they had Armani Casa toiletries, although I was surprised and disappointed there were not more products like shaving or dental kits on display.
Another bummer was the lack of air nozzles at each seat, as the cabin was rather warm.
One unique feature about U.S.-bound flights from Abu Dhabi is that the airport has a preclearance facility. This means passengers complete U.S. customs and immigration formalities before boarding, allowing them to land in the U.S. as a domestic passenger.
Unfortunately, the new airport terminal meant that not all U.S. flights were eligible yet for this service, as the U.S. officers worked only during the morning hours. This added some extra time to my itinerary when arriving at Chicago O’Hare International Airport, but normally, this is an excellent reason to connect on Etihad in Abu Dhabi versus other area airports.
How to book Etihad business class
Redeem points and miles
In addition to paying cash for Etihad’s premium cabin, members of its own Etihad Guest loyalty program can redeem miles for the experience.
The airline uses a distance-based chart, which means the number of miles you need varies by flight. This flight clocks in at more than 7,000 miles, which means a business class seat requires 110,000 miles in each direction.
Transfer travel rewards from airline partners
Another popular way to enjoy business class is by redeeming American Airlines AAdvantage miles, as Etihad is one of the carrier’s partners. A one-way business class flight from the U.S. to Abu Dhabi costs 70,000 miles based on its partner award chart.
Smart cards for Etihad flights
The Platinum Card® from American Express
Citi Premier® Card
Capital One Venture Rewards Credit Card
Annual fee
Earning rates
• 5 points per $1 on flights booked directly with airlines or with American Express Travel, on up to $500,000 spent per year.
• 5 points per $1 on prepaid hotels booked with American Express Travel.
• 1 point per $1 on other eligible purchases.
Terms apply.
• 10 ThankYou® points per $1 spent on hotels, car rentals and attractions booked through the Citi Travel site.
• 3 points per $1 on air travel and other hotel purchases.
• 3 points per $1 on supermarkets.
• 3 points per $1 on gas stations and EV charging stations.
• 3 points per $1 on restaurants.
• 1 point per $1 on all other purchases.
• 5 miles per $1 on hotels and rental cars booked through Capital One Travel.
• 2 miles per $1 on all other purchases.
Learn more
Etihad impresses on ultra-long-haul flights
Etihad offers an impressive business class product on the A350-1000. If you can’t redeem miles to fly on one of the airline’s first class A380 flights (complete with in-flight shower), this is the next best thing.
To view rates and fees of The Platinum Card® from American Express, see this page.
The information related to Citi Premier® Card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.”
A veteran of over 11 years at loanDepot, Abarca has held leadership positions of increasing responsibility throughout her tenure. She will be based in the company’s Phoenix-area operations hub. Before loanDepot, she worked with several big banks, including Bank of America, JPMorgan Chase, and Compass Bank. Abarca’s promotion was in line with loanDepot’s Vision 2025 … [Read more…]
Mortgage rates slip, AI stocks in focus: Yahoo Finance
The Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) are slipping as Wall Street reacts to the latest economic data. Initial jobless claims came in at 238,000 for the week ending June 15, higher than economists’ expectations. On the housing front, the average rate for a 30-year fixed-rate mortgage fell to 6.87%, according to Freddie Mac. It’s the lowest level since early April. It comes after new housing starts and building permits fell more than expected in May. AI-related stocks are in focus after Elon Musk said Dell (DELL) and Super Micro Computer (SMCI) will be providing servers for his startup xAI’s supercomputer. Other trending tickers on Yahoo Finance include Advanced Micro Devices (AMD), Apple (AAPL), and Chipotle Mexican Grill (CMG). Key guests include:3:20 p.m. ET – Antonio Neri, HPE CEO3:30 p.m. ET – Tomasz Tunguz, Founder of Theory Ventures4:00 p.m. ET – Raphael Zagury, Swan Bitcoin Chief Investment Officer4:50 p.m. ET – Kamran Ansari, Headline Venture Partner
When you think of “blue,” what comes to mind? In collective consciousness, this color signifies many things. It evokes water and the depth of the ocean, as well as calmness, tranquility, and stability. That’s why our bathroom walls often wear this shade with ease. Blue is also a color that can bring a touch of freshness and sophistication to any room in the house. However, to fully take advantage of its aesthetic qualities, it’s crucial to know which hues do not necessarily pair well with blue. In the columns of Homes & Gardens, several decoration specialists have shared their expertise on this subject.
Blue: A Trending Decor Color in 2024
Trends change with the seasons and often differ across sectors, but some trends can be similar. For 2024, cobalt blue and baby blue have dominated the runways of many designers during Fashion Weeks. In home decor, warm blues adorn the new collections of various industry giants. Opt for navy blue on the walls, blue-gray for your velvet sofa or chairs, or electric blue sparingly.
How to Integrate Blue into Your Interior Decor
There are various ways to incorporate blue into your interior decoration. Start by choosing the room where you want to integrate this calming shade. Although there are many choices… We still recommend prioritizing this color in relaxation spaces such as the bedroom, bathroom, or living room.
In the bedroom, navy blue walls can create a relaxing and restful atmosphere. In the bathroom, light blue tiles or accessories can evoke the freshness and purity of water. For the living room, a blue-gray velvet sofa adds a touch of elegance and modernity. For a harmonious interior, you can easily pair these shades of blue with a neutral color like white or beige.
Which Colors to Avoid with Blue According to Decorators
Conversely, some colors are not recommended with blue. Gray or black… Cool tones can create an overly dark and monotonous atmosphere when paired with blue. “Cobalt blue is intrinsically a cool color, so pairing it with other cool tones like silver or gray can make the space unwelcoming,” says Tash Bradley, Director of Interior Design and Color Psychology at Lick.
The same goes for orange, red, and brown. These colors do not truly highlight the shades of blue. “Although these colors are complementary, meaning they are opposite on the color wheel, in their most saturated form, they can create too strong a contrast and a visually discordant effect,” explains designer Kati Curtis. Finally, yellow is also not recommended, though this opinion may vary depending on the shade of yellow.
Want to know what the best businesses that run themselves are? Have you ever dreamed of having a business that runs by itself? Whether you want extra income or a full-time job, these businesses make money without needing you all the time. Having a business that runs itself means more time for you to do…
Want to know what the best businesses that run themselves are?
Have you ever dreamed of having a business that runs by itself? Whether you want extra income or a full-time job, these businesses make money without needing you all the time.
Having a business that runs itself means more time for you to do what you love. This could be more family time, traveling, pursuing passions, or starting another venture. These kinds of businesses are perfect for making your dreams a reality.
Now, that doesn’t mean that all of the businesses below will require zero hours of work from you – they will need varying amounts of time dedicated to them. Maybe some time in the beginning to get it started, some time to maintain it, or even hiring an employee to keep it going or check in occasionally.
Recommended reading: 18 Passive Income Ideas To Earn $1,000+ Each Month
Businesses That Run Themselves
Below are the best businesses that run themselves.
1. Self-service laundromat
A laundromat business can be a great business idea if you want something that mostly runs itself.
With the right setup, you might only need to check in occasionally. Laundromats can give you a steady source of income because people always need clean clothes.
The day-to-day operations of a laundromat include opening the business up in the morning, maintaining machines (the washers and dryers) and keeping the business clean, stocking detergents, and having someone handle the finances. The average self-service laundromat has 2 employees or less, so this is a business where you can outsource that job even.
Running a laundromat can be rewarding and mostly hands-off, making it a popular choice among business owners. If you’re looking for a steady income with minimal daily effort, this could be the option for you.
Recommended reading: Are Laundromats Profitable? How Much Do Laundromats Make?
2. Sell printables
Digital products, such as printables, can be a great way to have a business that runs itself.
Making printables on Etsy can be a great idea because you just need to create one digital file per product, which you can then sell an unlimited number of times. This is what makes it a great passive income opportunity, plus, you can make printables without anything other than just your laptop/computer and internet connection.
Printables are digital products that customers can download and print themselves at home. Examples of printables include:
Grocery shopping checklists
Gift tags
Candy bar wrappers
Printable quotes for wall art
Patterns
Planners
Coloring sheets
Stickers
These items are designed to be easily printed from a computer or other devices, being convenient for buyers who want to customize and use them right away.
Recommended reading: How I Make Money Selling Printables On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Blogging
Blogging can be a business that runs itself mostly, but it’s not passive, especially at the beginning. It requires a lot of hard work and can take up most of your time when you’re starting out. Over the years, I’ve automated much of my blog so that it runs with about 10 hours of maintenance from me each week.
Starting a successful blog is challenging – it’s not something everyone can easily do!
That said, learning how to start a blog has been one of the best decisions I’ve made. It’s a great way to earn semi-passive income and extra money.
I think it’s one of the best businesses that run themselves, and it’s something that I have been doing for years. I can take weeks off at a time and still earn a great income during that time.
Blogging can generate passive income because you can create a blog post (high-quality content is key) and continue to earn money from it for years. This income can come from affiliate marketing or display advertising. Unlike traditional jobs where you have to work daily to earn money, a blog allows you to make money around the clock – even while you sleep – thanks to the work you’ve already done in the past.
I have a free training that you can take – How To Start A Blog FREE Course. Want to see how I built a $5,000,000 blog? In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
4. Affiliate marketing
Affiliate marketing is a great way to make money with a business that mostly runs itself and can make money in your sleep.
Among these businesses that practically run themselves, this one is my favorite. I’ve earned more than $2,000,000 through affiliate marketing over the years, and much of it is semi-passive. I can earn money while I’m on vacation, without internet, while I’m sleeping, and more.
Affiliate marketing is when you earn money by placing a special link on your website or social media. When people buy something through your link, you get a commission. For example, if you link to a book on Amazon (after joining the Amazon affiliate program) from your website and someone buys it through your link, you earn a commission. Companies like Amazon value good affiliates because they help promote their products and services.
You earn a commission by promoting other companies’ products or services. When someone buys through your link, you get paid.
Now, this doesn’t mean that affiliate marketing completely runs itself. You will need to write the content that draws readers in and find ways to get page views. But, once you get things started, you can earn money without always actively working for it.
Recommended reading: Affiliate Marketing Tips For Beginners – Free eBook
5. Rental real estate and rental properties
Being a property owner and managing properties can be a great way to run a business that makes money on its own.
One way to earn extra money is by listing your property on Airbnb or another short-term rental platform. You can rent out your entire house, apartment, or just a room to travelers looking for short stays.
Another way to earn money is through long-term rentals. Long-term rentals involve renting out a property for an extended period, typically six months to a year or more. For example, you might rent out an apartment or house to a family who will live there full-time.
One advantage of long-term rentals is the stable and consistent income they provide. By leasing your property to tenants for a longer duration, you establish a steady stream of rental payments. This reliability can be particularly appealing for those seeking a reliable source of passive income. Plus, managing a long-term rental is usually less demanding than a short-term rental since you don’t need to clean the property frequently or find new renters regularly.
Whether you rent out your property short-term or long-term, you can lessen your involvement by hiring a property manager to do any of the day-to-day work that may be needed. This can make your rental property business more of a hands-off business model.
Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money
6. Online courses
Creating and selling online courses can be a great way to earn passive income. Once you develop the content and put it on a platform like Teachable, it mostly takes care of itself.
With an online course, you share what you know with others. Maybe you’re good at math, photography, or playing guitar. You can turn those skills into a course.
Creating online courses is a smart way to take what you know and turn it into a business that runs almost by itself. It can be fun too, and you can help a lot of people at once.
I created Making Sense of Affiliate Marketing, my first online course, several years ago and have earned over $2,000,000 from it.
Creating a course is not the easiest way to start a business that runs itself, but it can be a great way to earn an income around the clock. Most of the work is done in the very beginning, and then there is some maintenance along the way to keep the course updated, help students, and so on.
Recommended reading: How I’ve Made Over $1,000,000 From My First Course Without a Big Launch.
7. Storage facility
Running a storage facility is a great way to have a business that can largely manage itself. Plus, this can be a steady income stream, and many storage facilities have long waiting lists and are in high demand.
Self-storage facilities are places where people store their belongings, like boxes of their keepsakes, vehicles, RVs, and more, in storage units or in a big lot.
Owning a self-storage business can be a way to earn money with low expenses. These businesses usually only need a couple of employees.
Often, when I visit a self-storage lot, it’s just the owner or one employee working, and there are very few customers around. Sometimes, no one is working and I just use a code to go in and out.
Another idea similar to this is to rent out your storage space on Neighbor.
Neighbor.com is a platform where you can rent out your space to people who need storage for their belongings such as boxes, furniture, and even cars. You can list spaces like your driveway, garage, closet, and more on Neighbor.com. It’s similar to Airbnb but for storage – no one stays overnight, just their belongings! Depending on demand in your area and the type of storage space you have, you can earn between $100 to $400 or more each month.
Recommended reading: How To Invest In Self-Storage For Beginners
8. Stock photography
Stock photography is a great way to start a business that will eventually run itself. With this type of business, you take photos and upload them to stock photo websites. When someone buys your photo, you get paid.
Once your photos are online, they can sell again and again too.
Stock photos have many different purposes for websites, companies, blogs, and more. Businesses use stock photos because they may not have the resources to photograph everything they need. Instead, they can use stock photos to improve the visual appeal of their content, website, or business.
I personally use stock photos in my blog posts, as do many others. All the photos in this article are stock photos, actually.
There are several well-known stock photo websites such as Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
To sell photos on these sites, you’ll need to create a contributor account and upload your images following the site’s rules. Each time someone downloads your photos, you earn a commission.
On stock photo websites, having high-quality photos is very important, but having a larger portfolio also matters. The more pictures you have in your stock photo collection, the more potential income you can generate.
Recommended reading: 18 Ways To Get Paid To Take Pictures
9. Car washes
Running a car wash business can be a great way to earn money with minimal effort. Automatic and self-serve car washes are especially popular because they require less work to manage day-to-day.
A self-service car wash is a place where customers pay to use equipment to wash their own cars.
An automatic car wash is a place where customers drive through a tunnel where machines do all the cleaning.
Starting a car wash can be cost-effective over time. The equipment can handle many customers with little human help. You just need to check the machines and refill supplies.
10. Write ebooks
Creating ebooks can be a great way to generate passive income streams. Once you write and publish an ebook, it can keep earning you money with very little effort.
Writing a book can provide passive income because you only need to write it once, yet you can continue to earn money from it for years. While you may need to do some promotion to keep readers engaged, the writing itself is a one-time effort. This makes it possible for the income to be passive over time.
Plus, you can start by self-publishing an ebook and selling it directly on Amazon or on your own website.
11. Dropshipping
Dropshipping is a popular business model that lets you sell products without keeping any inventory. You simply partner with a supplier who ships the items directly to your customers.
Dropshipping can be a great choice because there are low start-up costs as you don’t need to buy stock or rent a warehouse. This keeps costs down at the beginning.
Plus, there’s a lot of flexibility. You can run your dropshipping business from anywhere with an internet connection. This makes it perfect for those who like to travel or work from home.
There are many different things you can sell in a dropshipping business, such as T-shirts (you could even have a print-on-demand business), home decor, mugs, kitchen tools, pet supplies, and baby items.
12. Run a membership website
Membership websites are a great way to run a business that can almost take care of itself. These are websites where people pay regularly to access exclusive content or services.
Now, these will require work and some maintenance. But, you can earn recurring income 24/7, without actively needing to work.
Plus, as more people join, your income grows without adding lots more work.
Some examples of membership sites can include running a Patreon for your YouTube channel, a stock photo membership site, a paid forum, and an online school.
13. ATM business
If you want a low-maintenance business idea that almost runs itself, you may want to look into ATMs.
ATMs can be great because they don’t need much daily work. Once set up, you just need to check them regularly and refill cash.
To start, you’ll need one or more ATM machines (these typically cost around $2,000 to $10,000), you’ll need to find locations (such as convenience stores, malls, gas stations, etc.), set up the ATM (connect it to a network), and monitor and maintain it.
You would earn money through the ATM transaction fees that people are charged when they withdraw money.
Using ATMs can be a good way to make extra money without a lot of effort. They need some work at first but can become a reliable source of income.
14. Parking lots
Parking lots can be great businesses that mostly run themselves.
People always need places to park, such as in cities, near popular venues, at airports, and at shopping centers. If you can find a good location, your parking lot can bring in steady income without much daily work from you.
To get started, all you need is a plot of land. You can set up pay stations to handle money collection. Some lots even use apps for payments, making the process easier for everyone.
And, with the right setup, you can keep things running smoothly with just occasional cleaning and repairs.
15. App development
If you have technical skills, developing and selling an app can be a way to start a business that operates autonomously.
Creating your own app, whether it’s a useful tool, a fun game, or something else, can be profitable.
Although it requires initial effort and investment, once your app is available in app stores, it can generate revenue around the clock through in-app purchases or with the initial download.
You can create mobile apps like a budget tracker, meal planner, fitness tracker, meditation guide, travel planner, and others that cater to specific needs or interests.
16. Billboards
A billboard business is a great way to make passive income. Once set up, it needs little maintenance. You can rent the advertising space to companies for their ads.
Now, building new billboards isn’t allowed everywhere, but in many places, you can still add them onto your own land or buy one that already exists. You’ll want to check local laws to know more before you begin.
Billboards require minimal upkeep, which makes it a great business that runs itself. Regular checks and occasional repairs are needed. Digital billboards need more maintenance, but they can display multiple ads and increase income.
17. Sell on Amazon
Amazon FBA (Fulfillment by Amazon) allows sellers to store their products in Amazon’s warehouses. Amazon takes care of shipping to customers, handling returns, and managing customer service for the seller. This setup frees sellers from storing inventory or dealing with shipping logistics.
While you still need to find products to sell, Amazon FBA makes it possible for anyone, even without experience, to earn money selling items like household goods, toys, books, electronics, and more through their platform.
Recommended reading: How To Work From Home Selling On Amazon FBA
18. Vending machine business
A vending machine business can be a great way to earn passive income. With some initial investment and a bit of planning, you can start making money with minimal effort. Vending machines typically need minimal upkeep and the hours are low.
You can start with as little as $1,500 to $3,000, and even buy used or refurbished vending machines to save money.
Vending machines can be placed in high-traffic areas (with permission and an agreement, of course), such as schools, offices, gyms, hospitals, and more. You may need to pay 5% to 25% of your earnings to use their space.
Vending machines run on their own for the most part. You will have to refill the machines regularly and make any needed repairs.
A vending machine business can be a smart way to generate passive income while requiring little hands-on work. With the right location and products, you can see steady profits.
Recommended reading: How To Start A Vending Machine Business – How I Make $7,000 Monthly
Frequently Asked Questions
If you are thinking about having a self-running business, here are some common questions and helpful answers that might guide you in the right direction.
How can I start a business that doesn’t need me to be there all the time?
To start a business that doesn’t need you to be there all the time, I recommend finding a business model that can be easily automated. Examples include online stores using dropshipping or print-on-demand services. These models let you automate order processing and inventory management, reducing your need to be involved in daily operations. Other businesses include running a laundromat, selling printables on Etsy, blogging, rental real estate, and stock photography.
What are some top businesses known for making money while the owner sleeps?
The best businesses known for making money while the owner sleeps include rental real estate, blogging, stock photography, dropshipping, ATMs, developing an app, and selling an online course. These businesses have systems in place that handle most tasks automatically, allowing you to earn money with minimal hands-on management.
How to have a business that runs itself?
To have a business that runs itself, you need to try something like vending machines, ATMs, blogging, stock photography, dropshipping, and more. Then, you can either automate as much as you can, or outsource the hours where something needs to be done (such as refilling the vending machine).
What is the easiest business to start and run?
Among the easiest businesses to start are online stores using dropshipping, vending machines, and digital products like printables. These business ventures require low upfront investment and minimal ongoing management, making them accessible for beginners.
How do you find a self running business for sale?
To find a self-running business for sale, you can look for listings on business-for-sale websites or contact business brokers. Many websites list businesses for sale, such as BizBuySell and LoopNet. Always research and vet any business thoroughly before buying.
Businesses That Run Themselves – Summary
I hope you enjoyed this article on the best businesses that run themselves.
Self-sustaining business examples include online businesses like blogging and affiliate marketing, where you create content or promote products and enjoy passive income.
Even offline options like laundromats and car washes can be mostly self-sustaining, needing only occasional maintenance. Another good example is a vending machine business. You just put your machines in good spots and let them do the work.
Managing a rental business can be another way to have a business plan that doesn’t require a lot of active hours from you.
For me, I have a business that I work a low amount of hours and can run itself for the most part. I have automated a lot to make this possible, as well as have worked a lot of hours in the beginning. I love having a business that can run itself, as it means that I have more time for other things in life.
What do you think are the best businesses that run themselves?
San Antonio, a vibrant city in Texas, is renowned for its rich cultural heritage and historical significance. Known for the iconic Alamo and the picturesque River Walk, it seamlessly blends historic charm with modern attractions. With a diverse culinary scene, bustling markets, and a lively arts community, San Antonio offers a unique and dynamic living experience for residents and visitors alike. If you’re looking to rent an apartment in San Antonio you’ll find a range of neighborhoods to choose from, each with its own unique charm and appeal. ApartmentGuide has compiled a list of the most expensive neighborhoods in San Antonio to help you find the perfect place to call home.
9 Most Expensive Neighborhoods in San Antonio
From the historic King William to the stylish streets of Far North Central, there are plenty of charming neighborhoods in San Antonio where the average rent is $1,088. Whether you’re looking for an adobe home to rent in Omaha or wondering where to live in the city, read on to find out what neighborhoods made the list.
1. Government Hill 2. Stone Oak 3. King William 4. Dellview 5. Heritage 6. Far North Central 7. Far West Side 8. Oakwell Farms 9. West San Antonio
Let’s jump in and see what these neighborhoods have to offer.
1. Government Hill
Average 1-bedroom rent: $1,545 Apartments for rent in Government Hill
First on our list is the Government Hill neighborhood, which comes in at $450 above the San Antonio average rent. The area is home to popular restaurants like The Smoke Shack, known for its delicious barbecue. Fort Sam Houston Museum offers residents a scenic space to learn about Texas history and the San Antonio Botanical Garden provide enriching experiences and a touch of nature. Housing options in Government Hill range from beautifully restored historic homes to contemporary apartments, catering to a variety of tastes and preferences.
2. Stone Oak
Average 1-bedroom rent: $1,357 Apartments for rent in Stone Oak
Stone Oak is a sought-after neighborhood for renters. The area offers a variety of rental options, from luxurious apartments with modern amenities to spacious townhomes in gated communities. Renters will appreciate the convenience of nearby shopping centers like Village at Stone Oak, which features popular retailers, dining options, and entertainment venues. Outdoor enthusiasts will enjoy the many parks and green spaces, including nearby Bracken-Hill Country Nature Preserve, ideal for hiking, biking, and picnicking. Additionally, Stone Oak boasts highly-rated schools and healthcare facilities, making it a practical choice for those seeking a well-rounded living environment.
3. King William
Average 1-bedroom rent: $1,300 Apartments for rent in King William
Third on our list is the King William neighborhood, where renters typically pay roughly $200 more than the San Antonio average. The neighborhood is known for its historic charm and friendly community. Renters will find an array of unique shopping options, including boutiques and antique shops along South Alamo Street. Dining in King William is a delight, with popular spots like Rosario’s and The Haven offering delicious Tex-Mex cuisine. The neighborhood’s architecture is stunning, featuring beautifully preserved Victorian homes and historic mansions that add to its unique character. Additionally, renters can enjoy the scenic beauty of the nearby River Walk and the peaceful ambiance of King William Park, perfect for leisurely strolls and picnics.
4. Dellview
Average 1-bedroom rent: $1,240 Apartments for rent in Delview
Renters love the Dellview neighborhood enough to pay about $150 over San Antonio’s average rent. Dellview is known for its friendly community atmosphere and convenient location. Renters will appreciate the variety of shopping options nearby, including the bustling Wonderland of the Americas mall, which offers numerous stores and dining choices. The dining scene in Dellview is diverse, with local favorites like Blanco Cafe serving hearty Tex-Mex cuisine and DeWese’s Tip Top Cafe offering classic American comfort food. The neighborhood is home to several parks, such as Dellview Park, which features sports facilities, playgrounds, and picnic areas for outdoor enjoyment. Architecturally, Dellview showcases a mix of mid-century homes and charming bungalows, providing renters with a range of housing styles to choose from.
5. Heritage
Average 1-bedroom rent: $1,224 Apartments for rent in Heritage
The Heritage neighborhood is characterized by its peaceful residential environment and well-maintained community spaces. Architecturally, the neighborhood consists predominantly of well-kept single-family homes, characterized by modern suburban designs and spacious layouts, making it an attractive choice for renters and homeowners alike. Residents enjoy convenient shopping options, with nearby Westover Marketplace offering a variety of retail stores and dining establishments. The dining scene in Heritage includes local gems like Taqueria El Charro de Jalisco, known for its authentic Mexican cuisine, and Big Lou’s Pizza, famous for its gigantic, shareable pizzas. Heritage residents have access to several parks, including the Heritage Duck Pond Park, which features walking trails, playgrounds, and serene pond views.
6. Far North Central
Average 1-bedroom rent: $1,213 Apartments for rent in Far North Central
Next up is Far North Central, the sixth most expensive neighborhood in San Antonio. The neighborhood is known for its upscale living. This area offers a wide range of shopping options, with The Shops at La Cantera providing a high-end shopping experience and The Rim featuring popular retail stores and entertainment venues. Dining in Far North Central is a treat, with diverse options such as the renowned Perry’s Steakhouse & Grille and the popular local spot, Pasha Mediterranean Grill. Architecturally, the area features a mix of modern apartments, luxury townhomes, and spacious single-family homes, catering to various lifestyle preferences.The neighborhood boasts beautiful parks like Friedrich Wilderness Park, offering extensive hiking trails and natural scenery for outdoor enthusiasts.
7. Far West Side
Average 1-bedroom rent: $1,174 Apartments for rent in Far West Side
The Far West Side neighborhood is known for its rapidly growing community and friendly atmosphere, making it a popular choice for renters. Shoppers will find numerous options at Alamo Ranch Shopping Center, which features a variety of retail stores, restaurants, and entertainment venues. Dining in the area is diverse, with popular spots like 54th Street Grill & Bar offering American cuisine and Tiu Steppi’s Osteria serving delicious Italian dishes. The neighborhood is home to several parks, including Culebra Creek Park, which provides ample space for outdoor activities and relaxation. Architecturally, the Far West Side boasts a mix of modern suburban homes, stylish townhouses, and contemporary apartments, providing a range of housing options for renters.
8. Oakwell Farms
Average 1-bedroom rent: $1,158 Apartments for rent in Oakwell Farms
Oakwell Farms is the next neighborhood on our list. The area features charming single-family homes and modern townhomes, with many properties boasting unique designs and ample green spaces. The neighborhood is known for its tranquil, gated community and well-maintained landscapes, making it a desirable option for renters. There are convenient shopping options nearby, such as the Alon Town Centre, which features a variety of retail stores and eateries. Dining options include local favorites like Thai Topaz, known for its flavorful Thai cuisine, and Max & Louie’s New York Diner, offering classic American dishes. Residents can enjoy the outdoors at nearby Oakwell Trailhead Park, which provides scenic walking and biking trails.
9. West San Antonio
Average 1-bedroom rent: $1,154 Apartments for rent in West San Antonio
Last but not least, West San Antonio is known for its diverse community and convenient amenities. Neighborhood parks such as Cuellar Park provide ample recreational opportunities with sports facilities, playgrounds, and picnic areas. Architecturally, West San Antonio showcases a blend of ranch-style homes, contemporary apartments, and charming bungalows, providing renters with a range of housing choices. The neighborhood also offers a variety of shopping destinations, including Ingram Park Mall, which features numerous retail stores and dining options. Food enthusiasts will enjoy local dining spots like Los Barrios, famous for its Tex-Mex dishes.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.
Federal Reserve Bank of Richmond President Thomas Barkin said he needs further clarity on the path of inflation before lowering interest rates.
“My personal view is let’s get more conviction before moving,” Barkin said to reporters Thursday following an event in Richmond, reiterating that he needs sustained and broadening progress toward the Fed’s 2% goal before adjusting borrowing costs lower.
Barkin, who is a voting member of the Federal Open Market Committee this year, said policy is currently well positioned, adding the central bank has the firepower necessary to tame inflation.
When asked if the Fed could do one rate cut and hold at that level, Barkin said it depends on the economy. If current conditions hold, he said it may not be the best time to give guidance on timing about subsequent policy adjustments.
“There are times where we will want to give forward guidance and have given forward guidance,” he told reporters. “This doesn’t feel like one of those times to me. It doesn’t feel like a forward guidance time.”
Last week, policymakers voted to hold interest rates steady in a range of 5.25% to 5.5%, the highest in more than two decades. Policymakers penciled in one interest rate cut for 2024 and four for 2025, according to the median projection.
“At this moment it feels like if you made a cut, you made a cut, and then let’s see where the data takes you,” Barkin said.
Inside: Becoming financially sound is the first step towards proper money management. Learn how do I get financially sound in the next 30 days.
One of the smartest moves that you can make with your money is to become financially sound.
This is the one concept that should be taught before you even move out of the house or start your first job.
However, most of us wonder what it truly means to be financially sound.
Before we dig in and answer that question, let’s discuss the benefits of being financially sound.
Being financially sound means that you are wise with your money.
You exercise proper money management techniques and consistently save for your future.
While these concepts are very simple in thought, many people struggle to become financially sound. Most of the reason why is people typically start in debt way before they even start to earn an income.
In this post, we will detail exactly what you need to do today to become financially settled. Plus, the good news for you is you can accomplish this quickly – specifically become financially sound in the next 60 days.
Are you ready to become financially sound?
Why is it Important to Be Financially Sound?
One of the things that we constantly stress here at Money Bliss is by having money, the doors of opportunity open up.
When you don’t have money, you are left either going into debt, full of stress, exhausted by worry, and constantly wondering if you can get out of your current situation.
You need to learn how to become financially sound.
Growing up, you may have lived in a household that was constantly broke and far from examples of proper financial management of money. So, the concepts of becoming financially sound are more intriguing to you and important to learn.
On the flip side, you may have had parents who manage their money so well, you never had to worry about it. Yet they never taught you those solid money principles.
The most important reason to be financially sound is to have the money you need to do the things that you need (and want) to do.
Whether that is paying your bills, going on vacation, or giving back to a charity.
The other reason is more is a feeling of being financially sound. By becoming financially sound, these types of situations will be your life:
Not constantly stressed about money.
Do not have to worry about stretching money to your next paycheck.
Actually have money at the end of the month.
You can sleep at night knowing your finances are in order.
To be financially wise with your money, you need to prioritize your personal finance situation.
Over time, you can slowly adapt and improve your money position over time.
How do I get Financially Sound?
The good news is you can become financially sound in less than 60 days.
Becoming financially sound helps you understand why things need to happen and what needs to be done, and then put the steps in place to accomplish them.
At this stage, it is more of a money mindset change than it is about reaching specific financial goals.
1. Emergency Fund in Place
An emergency fund is just that – money set aside for an unplanned, unknown, catastrophic event that you need money for.
Ultimately, the goal is to never touch your emergency fund. But you have money set aside, just in case.
The “just in case” you want a new pair of shoes, or you want to take that vacation with friends; that is not an emergency.
A true money emergency is when you have not established a sinking fund available and you need to have unplanned maintenance done on your car. Another example is one of your loved ones is sick, and you need to take time off work to help care for them.
An emergency fund is money set aside for an unplanned, unknown situation.
By having an emergency fund in place, you can weather the storm and get through it without hurting your monthly finances.
2. Stop Living Paycheck to Paycheck
Living paycheck to paycheck means you have to wait until the next paycheck to take care of your bills and obligations. That comes with a lot of stress and worry.
By quitting a lifestyle of living paycheck to paycheck cycle, you can get ahead of your bills by at least one month.
Can you imagine the possibilities if you break the cycle of learning how to stop living paycheck to paycheck?
One of the best ways to do that is to actually have a spending freeze and to track your spending. That will help you eliminate unnecessary expenses while you get your finances on track.
To be able to get ahead by one month of a paycheck will make you financially sound.
3. Spend Less Than You Make
This concept is very simple…
Your expenses are less than your income.
However, many of us live a bigger lifestyle than we can afford and this will cause you financial detriment.
You must learn how to live below your means! This is different from within your means.
When you live WITHIN your means, you are spending exactly what you bring home in pay.
By living BELOW your means, you can save money and increase your savings percentage each year.
If you spend more money than you make, you are absolutely financially unsound.
4. Insure Yourself Properly
One of the biggest financial mistakes is not having the proper insurance that you may need.
Yes, the purpose of insurance exists as a security blanket in case something were to happen; you never know when your insurance may come in handy.
For example, you might have a horrible windstorm come in and a tree falls over onto your car. Well, that would be covered under your car insurance policy (or possibly the homeowner’s property where the tree fell).
Maybe your loved one got sick unexpectedly and did not survive, there would be a life insurance policy in place to help the heirs financially move forward with that loss of income.
In order to be financially sound, you need to review your insurance policies at least yearly.
You need to make sure that you are properly covered with insurance. Various types of insurance you may need include home, auto, life, health, disability, or long term care.
Always review your policies to see if another carrier is cheaper, you need to increase your insured levels or see if there are any more discounts that you qualify for now that you have not qualified for before.
5. Invest Time in Learning More about Finances
You need to become a constant learner with money.
If you put learning about money on the back burner, you will never reach your money goals that you have for yourself and you are guaranteed to never have a net worth of millionaire dollars.
You must invest time and energy into learning about personal finances.
The great thing is free to go down to a local library, and check out some of the top all-time best personal finance books available. Make it a goal to read one book a month. And if that’s too much, then make a goal of reading one money management book every quarter.
Here are some of the best ways to become a constant learner:
Join our email list for Money Bliss. We constantly send out great tips to help you advance your situation.
Listen to a podcast.
Choose one of the best finance books and find unparalleled success with money.
Find somebody on YouTube that you want to watch and learn.
Invest in the top investing course and learn how to win in the stock market.
Here’s my challenge to you… If you are willing to spend an hour, two, or more hours entertaining yourself with Netflix, sports, or YouTube, then you have the time to invest in your financial future.
6. Eliminate Wasted Money Situations
One of the most common mistakes that I see happen over and over is the amount of wasted money that happens in our society.
If you were letting dollars slip between your fingers because you are too lazy to cut out expenses, then that means that you are not financially sound.
Being lazy with your money will leave you financially unsound.
Do you know how you spend your money? Are willing to pay a higher price for something knowing you should actually pay less for it? Do you continue subscriptions because you do not want to call customer service and cancel?
If so, then you are giving away your hard-earned cash.
Start with a money mindset change.You work hard for your hard earned cash.
So, you need to quit wasting money and start keeping as much of it as you possibly can. Learn how to save money fast on a low income.
7. Pay Yourself First
This is the best money management tip I got from financial experts.
Pay yourself first.
That means when you get paid, you instantly move money into a savings account, an investment account, or a retirement account.
Start planning for your future today. You don’t wait until tomorrow. You don’t wait until you have more money.
I can tell you from personal experience… my biggest money mistake was waiting until I thought I had enough money to start saving and paying myself first. And now, thanks to the compounding interest, I have to contribute WAY more than if I would have just started saving money at a younger age and started investing it more aggressively.
8. Get Out of Debt
Make a plan to get out of debt.
I am not saying right now that you need to get out of debt in the next 30 to 60 days. Specifically, start to craft a plan to help you get out of debt shortly.
You are unable to move forward financially if you have debt on your shoulders, it will constantly be dragging you behind. You will not be able to increase your bank account balance and net worth like you would want to when you are in debt.
Figure out ways to get out of step and stick to that plan to pay off that debt.
It may take you three months to pay off your debt, it may take you a couple of years to get out of debt. The amount of time that it takes to pay off your debt does not matter. It is the fact that you were making a plan to actually pay off your debt.
And then later on, when you move to become financially stable, that is when your debt is completely paid off.
If you are reading this and saying “well, I don’t have to worry about this, I don’t have any debt.” Stay that way to be financially sound by saying no to debt.
Don’t go into debt, any more than you already are today.
Debt Resources:
9. Increase Your Income
A great principle to help you with money management is to make more money.
The more money that you have in your income bucket, the more you are able to save. Then, you have money available for other things that you want to do in life.
Find ways to increase your income:
Whatever it is you need to do, you need to find ways to increase your income.
10. Make Smart Financial Goals
One of the steps to becoming financially sound is knowing where you want to go next. And not be satisfied where you are today.
You want to learn to be financially sound and then move towards becoming financially stable, and then, ultimately financially secure. It’s a three-step process to get to where you want to go.
You can start today by making your first smart financial goal.
For me, my first one was starting an emergency fund. Then, I moved on to getting out of debt. Currently, my goal is to increase my savings percentage each year.
My smart financial goals do not have to be yours. You have to do what you want to do and makes the most financial sense for you.
Financially Sound Means Proper Money Management
Money management is not taught. More often than not, it is learned typically through the case of hard knocks.
One of the concepts above that we consistently talk about is making learning about personal finances a priority.
And that’s because you can read everybody else’s stories and not make the same financial mistakes. That my friend is huge.
If you want to maximize your finances the best way possible, then learn from others and do not make the same financial mistakes.
Learn the concepts of money management:
How to save consistently
How to reduce your expenses
Stay clear of debt
Live within or below your means
Become a smart investor and so much more.
Here on our site, Money Bliss, you can find plenty of tips to help guide you.
Imagine Your Life as a Financially Sound Person
For just a moment, I want you to close your eyes and think how life is today for you.
Are you filled with stress, worry, and anxiety? Not sure if you can pay rent the next month or have enough for food? Maybe you aren’t making the progress financially that you want to.
If that is you, think about what your life would be like if you became a financially sound person.
Maybe you’re reading this and you’ve been blessed financially, but your spending is still out of control. Even though you make a six figure salary, you are still scraping by at the end of the month and waiting for your next paycheck.
Imagine what your life could be like if you were a financially sound person.
It all comes down to basic financial money management.
You have to spend less than you make and you have to save money for a rainy day.
You can accomplish anything as long as you put your mind to it.
Now, are you wondering…. When can you say that a person is financially stable?
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.