Sometimes, the mark of a good bank or bank account is that you don’t have to think about it too much: It works the way you need it to and provides the services and rates you want without costing you much, if anything. But it’s a financially healthy practice to periodically assess where and how you keep your funds. Here are five common banking mistakes that you might not realize you’re making.
1. Using only a checking account
If you have a checking account, you should also have a savings account. It’s important to keep those funds separate so you don’t inadvertently spend funds you’re trying to save for emergencies or bigger purchases, which is easy to do when all your cash is lumped together.
Plus, most checking accounts don’t pay interest. The ones that do generally offer much lower rates than the best free savings accounts or require jumping through hoops to earn a good annual percentage yield. The best savings accounts pay more than 4% right now. Compare that with the national average rates as of May 2024 — 0.08% APY for interest checking accounts and 0.46% APY for savings accounts — according to the Federal Deposit Insurance Corp.
Not sure how much to keep where? Get a better idea of how much cash to keep in your checking vs. savings account by tracking your living expenses for a month. Ideally, keep enough to cover a couple of months’ expenses plus a bit of a buffer in your checking account, and aim to keep three to six months’ worth of expenses in savings.
2. Keeping your savings too accessible — or too inaccessible
If you find yourself dipping into your savings often, consider moving those funds to a different bank than your checking account. The step and extra time of having to make an external transfer from your savings account to access the cash can prevent you from tapping into your savings.
On the other hand, if your savings are too hard to access — locked up in a certificate of deposit (which is a kind of savings account that has a fixed rate and term) or savings bond, for example — you could find yourself in a tough spot if an emergency requiring cash comes up.
SoFi Checking and Savings
Min. balance for APY
$0
EverBank Performance℠ Savings
Min. balance for APY
$0
3. Not keeping track of your accounts
Some things are good candidates for setting and forgetting, but bank accounts aren’t one of them. For example, if you open a CD and don’t remember when it comes due, your funds will be locked up for another period because many CDs automatically renew after the initial term ends. It’s a good idea to keep a list of your accounts and set calendar reminders for any timely accounts so that you can decide what to do with your money.
Or have you ever opened an account and then … just let it sit? Some banks charge a dormancy fee if you haven’t made any transactions with your account in a year. And a bank can close your account if it’s been inactive for a few years.
If opening an account that you no longer use sounds vaguely familiar, you might have cash to claim. To check if you have unclaimed property, including cash in a forgotten bank account, you’ll need to do an online search and be ready to provide identification to reclaim lost cash.
4. Paying fees for your account
You don’t have to stick with an account that charges fees. Plenty of free accounts are available, including savings accounts that offer competitive rates. And more and more checking accounts are minimizing or eliminating overdraft fees.
Some free accounts don’t have minimum balance requirements, either, so you don’t have to pay a monthly fee for an account that penalizes you for not having a certain amount of money in it.
5. Not taking advantage of local or online options
A big, national bank might be what you’re used to, but you could be missing out by not taking advantage of credit unions in your area or online options available to everyone.
As not-for-profit institutions, credit unions generally offer higher interest rates on accounts. Take share certificates, the credit union term for certificates of deposit, for example. For a certificate of $10,000, credit unions on average pay significantly more than the national average rate at banks for term lengths ranging from three months to five years, according to the latest data from the National Credit Union Administration. Credit unions averaged 2.85% APY for a three-year certificate while banks paid an average of 2% for the same term, as of March 2024.
And as branchless institutions, online banks are able to pass down savings on overhead costs to customers in the form of higher interest rates. Since they’ve come onto the scene, online financial institutions (whether banks or credit unions) have offered some of the highest yields on many CD terms.
Ensuring that you’re not making any of these banking mistakes can take just a few minutes per task, and the payoff for your financial fitness is big. Separate your savings from your spending money and you can avoid overspending. Also, keep your savings accessible enough and you’ll be able to use the money when you need it. Track your accounts and you can avoid fees. And consider all your banking options — not just the ones you’ve always gone with — to make sure you’re getting the best rates.
California homeowners, particularly those in the Los Angeles metro area, witnessed the most equity gains, with an average increase of $64,000 and $72,000, respectively. The Northeast also saw significant growth, with New Jersey homeowners enjoying an average equity gain of $59,000. Continued home price growth has not only boosted overall equity but also helped many … [Read more…]
The Department of Veterans Affairs has extended a moratorium on foreclosures for vets with GI Bill home loans. The move gives mortgage companies more time to get a new program up and running to rescue veterans who were facing foreclosure through no fault of their own.
“We’re calling on mortgage servicers to follow a targeted foreclosure moratorium so we can make sure that Veterans get the support they need to stay in their homes,” Under Secretary for Benefits Josh Jacobs said in a statement.
The VA initially asked mortgage companies last year to halt all foreclosures after an NPR investigation revealed that the VA had abruptly ended a key part of a pandemic mortgage relief program, stranding tens of thousands of vets who were still in the middle of it with no affordable way to get current on their home loans. The end-date on that foreclosure moratorium was May 31st. Mortgage companies will now have until the end of 2024 to implement the VA’s new rescue plan — the Veterans Affairs Servicing Purchase (VASP) program. It’s welcome news to veterans stuck in limbo.
“It relieved the pressure off of me that I know I’m not gonna wake up one morning and see a sign outside and see a sheriff at the front door telling me to get the hell out,” said Vietnam-era Marine Corps veteran Edward O’Conner.
“But at the same time, I hope that it gives the VA enough time for them to get their head and ass wired together,” O’Conner said in exasperation. “You gotta understand it gets me frustrated.”
Paused payments
After O’Connor’s wife lost her job during the pandemic, the VA told him he could pause mortgage payments on his VA-backed home-loan through what’s called a forbearance. Many vets were told they could simply add the missed payments to the back of their loan after their financial hardship was over. But VA ended that part of the program while thousands of vets were still in forbearance and failed to set up an affordable alternative to let them resume paying.
Suddenly vets like O’Connor got calls demanding all the missed payments at once. He said he’s now more than $61,000 behind and sees VASP as his only way to keep his home. The new six-month moratorium is comforting, but O’Connor says neither his mortgage company nor his contact at the VA can explain to him when VASP will be up and running and whether he will qualify for the help.
“So I’m kind of in the dark right now and it’s kind of making me a little bit leery. But the only thing I have faith in is the VA. … It’s just that I’m still racking up month after month after month of payments that I’m behind and I’m afraid,” he said.
Many other veterans are worried. “A six-month window, like that’s great, but six months is not a lot of time,” said Iraq vet Josiah Mena.
Mena is also watching his debt pile up, with the threat of imminent foreclosure if the VA moratorium ends. He’s been offered alternatives that would involve paying all his arrears at once which he can’t afford; at this point he said that’s $71,000. Or his mortgage company keeps offering him a loan modification at a much higher interest rate that he said would add $1,300 to his monthly payment. Both Mena and O’Conner said they couldn’t afford those much higher-cost options their lenders have been trying to enroll them in. Mena said the only way he’ll be able to keep his family of five in their Long Island home is VASP, which he said representatives for his mortgage company tell him they still don’t have up and running yet.
“And then when I asked them are they gonna in the future? They said we’re not sure. ” he said.
Mena said he calls his mortgage company once a week and he’s also in touch with a VA loan adviser. He said the VA rep has been more knowledgeable and encouraging.
“So he just told me to just keep on trucking, and keep on checking in on them,” Mena said.
What questions do you have about Southern California?
Books, furniture, home decor, gift items, hot beverages — Nest & Nook seems to have something for everyone. The new store opened this past week in the heart of old Purcellville.
In the photo above, the staff at Nest & Nook (jokingly) collapses after a busy first day.
The shop is located at 140 North 21 Street. That’s right by the famed Magnolias at the Mill restaurant.
The furniture for sale in the shop is repurposed and refurbished pieces that have been sanded, painted, stained, and otherwise made completely new by local artisans.
The store offers a menu of coffees, teas, and baked goods. Meanwhile, the Nest & Nook team is putting together a line-up of community activities.
They have story times scheduled for kids, “mommy and me” events, Father’s Day crafts, and more.
Thinking about heading to Pennsylvania for college? You’re in for an adventure! Pennsylvania’s top college towns are packed with brilliant people and the opportunities that come with them. Whether you’re a tenured professor looking for your forever home in Erie or an undergrad on the hunt for an affordable apartment in Pittsburgh, Pennsylvania has a place for everyone.
Penn State University is famous for its top-rated engineering and business programs. Students rave about the hands-on learning and research opportunities. The college is also known for its strong computer science and nursing programs. Additionally, the agriculture program is highly respected, contributing to cutting-edge research in sustainable farming practices.
State College and Penn State are deeply intertwined. The college collaborates with local businesses for internships and job placements, ensuring students gain real-world experience. Their sports teams, especially football, bring the town together, creating a lively atmosphere on game days. Penn State’s THON event, the largest student-run philanthropy, raises millions for pediatric cancer and involves the entire community.
Apartments near Penn State University | Houses for rent near Penn State University
Lehigh University is known for its engineering and business programs. Students appreciate the rigorous curriculum and research facilities. Lehigh also has strong environmental science and mechanical engineering departments. The college’s integrated product development program is a standout, blending business and engineering education.
Bethlehem and Lehigh University work closely on community initiatives. The college partners with local industries for research and development, fostering economic growth. Their annual events, like the Lehigh-Lafayette football game, are a big deal in town. Lehigh’s South Side Initiative focuses on revitalizing the neighboring South Bethlehem area through collaborative projects.
Apartments near Lehigh University | Houses for rent near Lehigh University
Carnegie Mellon University in Pittsburgh is a top choice for tech and fine arts students. Their computer science and drama programs are highly rated. The college also excels in robotics and engineering. The Tepper School of Business is another highlight, known for its innovative approach to management education.
Pittsburgh benefits from Carnegie Mellon’s innovations and tech startups. The university collaborates with local companies and the city on various projects, including autonomous vehicle development. These partnerships create job opportunities and enhance the city’s tech scene. CMU’s community outreach includes programs like the CREATE Lab, which works on technology solutions for social issues.
Apartments near Carnegie Mellon University | Houses for rent near Carnegie Mellon University
Bucknell University offers top-notch programs in engineering, business, and the arts. Students love the personalized attention from professors. The college is also known for its strong biomedical engineering and music programs. Their environmental studies program emphasizes hands-on fieldwork and sustainability practices.
Lewisburg and Bucknell have a close relationship. The university supports local businesses and cultural events, boosting the town’s vibrancy. Their Small Business Development Center helps local entrepreneurs, benefiting the town’s economy. The university’s Coal Region Field Station collaborates on community-based environmental research projects.
Apartments near Bucknell University | Houses for rent near Bucknell University
Lafayette College excels in engineering, economics, and international affairs. Students benefit from small class sizes and dedicated faculty. The college is also known for its strong government and law programs. Their neuroscience program is gaining recognition for its innovative research and interdisciplinary approach.
Easton thrives with Lafayette’s involvement. The college partners with local organizations on sustainability projects, like the Bushkill Creek restoration. Their community service programs are well-regarded, helping to strengthen town-gown relations. Lafayette’s Economic Empowerment and Global Learning Project supports local economic development and educational initiatives.
Apartments near Lafayette College | Houses for rent near Lafayette College
Dickinson College is great for students interested in international studies, environmental science, and law. The college offers unique global education opportunities, including study abroad programs. Their programs in political science and international business are also popular. The college’s climate change studies are at the forefront of environmental research.
Carlisle and Dickinson College share a deep connection. The college’s sustainability initiatives, like the Center for Sustainability Education, benefit the town. Dickinson’s students often engage in local internships, enriching their educational experience. The college’s partnership with the Central Pennsylvania Youth Ballet supports the arts in the community.
Apartments near Dickinson College | Houses for rent near Dickinson College
The University of Scranton offers strong programs in business, health sciences, and liberal arts. Students value the college’s focus on hands-on learning. The nursing and occupational therapy programs are particularly noteworthy. Scranton’s Jesuit tradition emphasizes ethical leadership and community service.
So much more than the town from the American version of The Office, Scranton has a lot to offer students and professionals. The city benefits from the university’s active engagement. The college partners with local hospitals and businesses for internships, providing practical experience for students. Their community outreach programs, like the Leahy Community Health and Family Center, foster a strong bond with the town. The university’s Small Business Development Center aids local businesses and startups.
Apartments near University of Scranton | Houses for rent near University of Scranton
Villanova University is famous for its business and law programs. Students appreciate the college’s commitment to academic excellence. The nursing and engineering programs are also highly regarded. Villanova’s Augustine and Culture Seminar program provides a unique foundation in liberal arts education.
Villanova and the surrounding community are closely linked. The university supports local schools and charities through initiatives like the Villanova Cares program. Their athletic events, especially basketball, bring excitement and unity to the town. Villanova’s partnership with Radnor Township includes collaborative community service projects and local economic development efforts.
Apartments near Villanova University | Houses for rent near Villanova University
Gannon University is known for its health sciences and engineering programs. Students praise the college’s practical approach to education. The business and computer science programs are also well-regarded. Gannon’s criminal justice program is gaining recognition for its comprehensive curriculum.
Erie and Gannon University collaborate on various community projects. The college’s involvement in local healthcare and tech industries is significant, with partnerships like the Erie Technology Incubator. Their events and initiatives, such as the annual Celebrate Gannon showcase, greatly contribute to the town’s vibrancy. Gannon’s Center for Business Ingenuity supports local economic development through innovation and entrepreneurship programs.
Apartments near Gannon University | Houses for rent near Gannon University
Methodology
College towns are qualified as towns or cities with at least one college or university and fewer than 400,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.
This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.
Despite recent easing, inflation comes in as the top worry for half of American consumers, and it has likely implications for future credit and mortgage borrowing.
Approximately 50% of Americans listed rising prices for daily expenses, including groceries, gas and utilities, as their top financial concern in the next six months, according to the latest quarterly consumer pulse study from Transunion. Meanwhile, 84% ranked it in their top three, the highest mark since the credit reporting and data provider began collecting such data two years ago. The latter share is up five percentage points from one year ago.
Compounding inflation near the top of the list were mortgage costs and interest rates, with 47% and 46% of respondents putting the impact of such costs in their top three.
“Consumers are facing distinct challenges when taking into account today’s high inflation and interest rate environment,” said Charlie Wise, senior vice president and head of global research and consulting at Transunion, in a press release.
“From filling up a tank of gas to making a rental payment to buying groceries, most consumers are paying more today for everyday expenses than they ever have.”
The combined trends of rising prices, housing costs and interest rates may also end up taking a cut out of potential mortgage borrowing. Fourteen percent of likely credit borrowers planned to take out a mortgage in the next year, decreasing from 21% a year ago.
The May Consumer Price Index released on Wednesday could point to some easing on the way, though. Inflation rose 3.3% annually, slowing for the first time in four months. From April to May, the index also showed prices flattening.
For many consumers, any relief will be welcome. Only a 48% share of people in Transunion’s survey said their incomes were keeping up with the rising rate of inflation, but that percentage dropped sharply among the subset of consumers expressing the most concern about price hikes. Just 26% of that group said their wages were able to keep pace with increased costs, while 42% said their finances were worse today than a year ago.
Transunion’s latest research corresponds to other recent consumer polling showing the effects of inflation on the American consumer. Research conducted by Morning Consult for the J. Ronald Terwilliger Center for Housing Policy and National Housing Conference found 23% of Americans struggling to make ends meet, with 30% indicating they were only managing to meet expenses.
The Morning Consult poll also showed one-third of homeowners facing difficulty over the last year in making their mortgage payments. Meanwhile, 49% of renters reported struggling to make rent.
Similarly, insurance firm Nationwide recently said a majority of 64% of consumers viewed their financial situation as only fair or poor, attributing much of that sentiment to housing costs.
Two-thirds of people surveyed by Nationwide also expect housing costs to head higher over the coming year. Meanwhile, 21% said they had tapped into retirement savings or would consider it to help pay for housing-related expenses.
Rising financial worries could be changing consumer behavior toward borrowing and spending beyond mortgages, with 30% intending to refinance or apply for new credit in response, Transunion said. Close to 59% of the group said it would likely be in the form of new credit cards. Among those expressing concerns over inflation, 62% would apply for a new card.
Consumer anxiety might raise warning flags about future borrower performance, with delinquencies increasing
“We have seen over the last couple of years a lot of deterioration in credit performance, and that includes credit cards, personal loans, auto loans,” Wise said in an interview, attributing current delinquency trends to lending trends during the robust pandemic economy of a few years ago.
“Lenders were feeling very good about extending credit now to even riskier borrowers, because their books looked so good. Everybody was spending.”
Although mortgage delinquencies also saw small upticks, performance among borrowers remained relatively strong compared to other credit products, thanks to the amount of equity in their homes, Wise said.
But while consumers acknowledge inflation challenges, Transunion also found a sizable percentage of 55% expressing optimism about their own 12-month financial outlooks, with expectations of rising income countering more pessimistic views on current prices. Approximately 47% said they expected to see income growth in the next year.
Younger generations were more likely to have a positive forecast, with 62% of Generation Z expressing optimism about their finances. By comparison, less than 50% of Generation X and baby boomers held the same view.
The counterintuitive divergence in opinion about current price levels and future financial opportunity may lie in impressions the public has about what expenses should be versus economic realities.
“Their anchor is still set on what prices they think are the right prices from three years ago,” Wise said.
“The situation is getting better, but a lot of consumers don’t see the difference between inflation and prices. They view them as the same.”
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Do you really do need to know how much you make in a year?
When you are an hourly employee, you understand what your hourly rate is, but when you try to translate that into a weekly, monthly, or even yearly amount is may be a struggle.
That is totally fine. In this post, you are going to get the math behind exactly how much do I make per year.
All you have to do is follow a simple equation and plug in your numbers for your personal situation. The end result is you will know how much do I make per year.
Right now, there is not going to be a super fancy calculator to help you all through this. (Just kidding… We have calculators below for you!) In all honesty, though, this is something very basic for you to figure out.
You will figure how do I calculate how much I earn a year.
At the end of the post, we are going to go into detail about ways to increase how much you make per year, as well as tips to thrive on your current salary.
Calculating an Annual Salary from an Hourly Wage
When you are an hourly employee, there are many variables that can go into your annual salary or annual income. Primarily, the first variable is how many hours do you work in a given week. Next, is how many weeks do you work in the year. Finally, if you get paid time off.
For example, you may work less all year, but then in the busy season around Christmas, you might increase the number of hours you work. Or vice versa, if you are in the landscaping business, you are more likely to work more hours during the summer, and less in the winter (unless you find other jobs off-season of your main job like snow shoveling duties).
To calculate your annual wage, you need to multiply your hourly pay times by the number of hours that you work in a day.
Then, take that number and multiply it by the number of days that you work in a week. Next, take that number times the number of weeks that you work per year.
The most you can work in a year is 52 weeks. Do you know how many work days in a year you work? This answer may surprise you.
Steps to Calculate an Annual Salary from an Hourly Wage…
Write down your hourly rate (before taxes, FICA, 401k contributions, etc)
Figure out how many hours you work in a week.
Figure out how many weeks you work per year.
Hourly Rate * (weekly hours worked x weeks worked per year) = Annual Salary
– or –
Hourly Rate * weekly hours worked = Weekly Salary Weekly Salary * weeks worked per year = Annual Salary
**Either formula will get you to the right answer.**
Example #1 –
Your hourly wage is $14.26 that is before anything is taken out like FICA, taxes, insurance, or 401k contributions. In a typical work week, you work 34 hours. You receive paid time off, so you can count working 52 weeks per year.
$14.26 * (34 x 52) = $25,211.68
– or –
$14.26 * 34 = $484.84 $484.84 * 52 = $25,211.68
Example #2 –
Your hourly wage is $22.70 that is before anything is taken out like FICA, taxes, insurance, or 401k contributions. In a typical work week, you work 45 hours. You receive do not receive paid time off, so you can plan on working 48 weeks per year.
$22.70 * (45 x 48) = $49,032
– or –
$22.70 * 45 = $1,021.50 $1,021.50 * 48 = $49,032
Calculating an Hourly Wage from an Annual Salary
A lot of salaried people do not take into account how much they make per hour because they just are paid a flat salary rate. That salary is divided up by the number of paychecks over the course of the year.
You need to take your full yearly salary and divided it by the number of weeks per year, and then, divide it by the number of hours worked per day.
This will give you an estimate of your hourly pay as a salaried employee.
Steps to Calculate an Hourly Wage from an Annual Salary…
Figure out how many hours you work in a week.
Figure out how many weeks you work per year.
Write down your annual gross salary (before taxes, FICA, 401k contributions, etc)
Annual Salary / (weekly hours worked x weeks worked per year) = Hourly Wage
Example #1 –
Your annual salary before anything is taken out like FICA, taxes, insurance, or 401k contributions is $76,500. In a typical work week, you work 52 hours. You receive paid time off, so you can count on =working 52 weeks per year.
$76,500 / (55 x 52) = $26.75 per hour
Example # 2–
Your annual salary before anything is taken out like FICA, taxes, insurance, or 401k contributions is $42,800. In a typical work week, you work 45 hours. You receive do not receive paid time off, so you can plan on working 49 weeks per year.
$42,800 / (45 x 49) = $19.41 per hour when working
How to calculate how much you make a year?
As presented above, figuring how much I make per year is fairly straightforward.
A little math won’t hurt anyone. Plus it makes the money earned more real and difficult not to spend.
But, here is a calculator to help you out.
This will show you how to calculate how much you make a year.
There are two versions based on if you are starting with hourly wage or annual salary.
When budgeting your income, it is always better to underestimate how much you can make in a year.
For tax purposes, choose to overestimate your income, and then you won’t have big surprises come tax time.
Overtime can influence these numbers if you are paid time and half. In that case, run your numbers without overtime and gain just for overtime pay. Then, add those numbers together.
How much Do I Make per Year Before Taxes or After Taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with all salary ranges
The amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Thus, on average you can take out 23.65% just for taxes!!
Your gross salary is before taxes are taken out. Your net salary is when taxes are taken out.
Since every tax situation is different and varies greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Un-Factored Costs of How Much Do I Make per Year
One factor that does not come up in this calculation is everything required for you to get to your job. In these examples, the assumption is you are getting paid for every hour that you are actually working.
However, you should take into account everything that needs to happen for you to actually get to your job.
Some examples include getting ready in the morning, driving to and from work, attending the “must-attend” social events after work, the amount of time to decompress from your day, etc.
It is important to know how much do you make after you account for those variables, because the answer may be surprising to you!
Here is an example…
Your workday is normally a 10 hour day, but you have an hour commute on each side. It takes you an hour to get ready in the morning and two hours to decompress from your day.
Thus, you have already added on an extra five hours of your workday on top of your normal 10 hour workday.
So, in essence, you are working 15 hours a day in order to be able to do your job and function as a human being.
That is much less than the 10 hours per day that you thought you were putting in.
Once you account for those variables, many people may realize the extra hours to make life bearable at their job or their commute is not worth it.
Here is a great calculator to figure out your true hourly wage.
So, they make look at changing jobs, even though they will be paid less per hour, they gain an extra three hours back in their life. Making their real workday just 12 hours. So, even though the pay is less, they are actually earning more when you account for these additional variables.
This is called time freedom.
3 Ways to Increase Income
While it is great to know how much do I make per year, it is more exciting and more enticing to actually figure out ways to increase your income.
Even better if you can find ways to increase your net worth.
By increasing the types of income sources that you have, you are going to fast-track your net worth. Then, you can look at retiring early or finally enjoy your work.
There are plenty of ways to increase your income, but we are going to focus on the ones that will make the most impact right now.
1. Ask for a Raise
Too many people are afraid to ask for a raise because they are nervous they may actually lose their job.
When in reality, if you believe that you are underpaid and overworked, then ask for a raise – especially if you do a great job!
There is no reason that you shouldn’t ask for a raise.
While your raise may not be huge, it may only be 50 cents an hour. That adds up to an extra $1,000 over the course of the year! That is still more income in your pocket than you had by not asking.
Don’t settle for the average cost of living increase that most companies typically give out; you deserve more for your continued years of work. Even worse, do not accept that getting the minimum wage increase is enough because it is just not fair. You need to find a new employer ASAP.
You work hard, so you should be paid for your hard work.
2. You Gotta Hustle (Like Another Job or Side Hustle)
In today’s society, you cannot have just a paycheck as earned income.
You must diversify your income sources to more than just trading your time for money.
You would be pleasantly surprised by the increase in TOTAL income at the end of the year.
If you want to make progress further this is something that you need to start doing today.
You can do simple side hustles, such as walking somebody else’s dogs, pet sitting, house sitting, watching somebody else’s kids, or cleaning somebody’s house. Basic skills.
It may not be a huge amount, but let’s say your side hustle made you an extra $100 a week. That right there will help increase your income over the course of the year to over $5,000!
That makes a solid difference on your bottom line.
Let’s say you want to hire out your specialized skills… You make $250-500 per gig and can handle four per month. That is an extra $1000-2500 a MONTH!
Passive income is one of the best ways to increase your income on a consistent basis. You put the hard work in upfront and then you get to reap the rewards, aka the money that flows in without you actually having to work on that. Possibilities include rental income, affiliate marketing, or online courses.
3. Start Selling Stuff
One of my good friends makes at least $500 each month by flipping kid’s toys and clothes. Yes, you read that right. She buys used clothes and toys and resells them for a profit. She has become very good at what she does and is well known in the local market for her items always being quality and at a fair price.
She is increasing her income by doing flipping stuff. It’s not a hard concept.
There are people that will go into goodwill and buy designer brand clothes with the tags still on them for a fraction of the price and flip it on Poshmark. The next day for a profit of over 900%.
I am not joking with you; you can sell things to increase your income.
And all of this selling is during your free time, so it should not take up a whole lot of your time. Maybe an extra hour a day, maybe four hours on the weekend, but would you be happy to walk away with little extra cash in your pocket.
Watch this free course on how to make money flipping stuff.
There are so many options for you to increase your income.
How to Live on what I Make per Year
These money management tips are simple to embrace.
That is because you can focus on a few key areas and not be distracted by every piece of financial advice.
Pick up one new habit and focus on building another on top of it. Slowly and surely, you are more likely to make long-term progress.
1. Spend Less
The formula for this one is the same regardless if you were making minimum wage, or if you are making over $100,000 per year.
You have to live on less than you make.
That is the simple thing. It does not matter what your situation is or how much income you make.
If you are spending more money and have greater expenses than your income, you will never get ahead. Period. You will be on a hamster wheel and living paycheck to paycheck, and for what my readers say – they don’t enjoy that life.
Also, I know many of my readers that they have broken that paycheck to paycheck cycle. They followed the Money Bliss Steps to Financial Freedom.
You need to live below your means.
2. Save more
Save for the future now; stop delaying saving for tomorrow.
Because when tomorrow comes, you are not going to feel like saving money; thus, you are not going to have any more money than you do today. Start saving.
Even if you start right now with saving 5% of your paycheck, that is a WIN!
Make sure your saving is set aside in a separate bank account. Even better, open an investment account and begin your saving journey.
If you know you are a natural spender, then save more money than the minimum of 20%. If you consistently save 20% of your paycheck by the time you retire, or maybe even sooner, you will become a millionaire.
It doesn’t matter how much you make per year if you do not prioritize saving sooner than later.
3. Set Goals
First, you will never make any progress if you do not set goals.
Yet, most people say they will start setting goals tomorrow; and tomorrow comes and no goals are set.
Carve out time to set goals in all areas of your life – personal, professional, health, wealth, family.
Create a bucket list for your long-term goals and make smaller short-term goals to make sure you reach those big goals.
As with anything in life, if you set a goal, you’re more likely to achieve it.
If you write down a goal, you have a greater probability of achieving your goal.
When it comes to your money and your finances and your income, you need to set smart financial goals.
You have to drive and decide what you want to do in your future.
If your goal is to have more time in life then you need to figure out how to make time freedom a priority. If your goal is not to work until you are 65 and afraid to learn what happens if you don’t save for retirement, then start putting money into a retirement account.
You have to put the plan together to reach your goals. Focus on taking action, not being in motion.
4. Positive Mindset
There are two ways that you can go in life:
You can control your future.
You can let your situation pass you by and let life get in the way.
It is totally up to you what you want to do, but you need to have the mindset that you choose to make the most out of this life here now, and that all starts today.
You make be wondering… what does this have to do with how much I make per year?? Well, if you are focused on that number not being enough, then you will struggle to get pay raises and increase your income.
Your mind is a powerful thing. Stay positive.
5. This is Your Journey
Lastly, this is one we tend to forget. Count your blessings.
Be grateful for what you have today as well as the opportunities in front of you.
Don’t worry about what the future holds today.
Be reminded that this is your journey with twists and turns, hills and valleys. Every step you take is guided on a path only made for you.
How Much Do I Make Per Year:
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Pursuing a nursing program can lead to a rewarding career, but as the cost of higher education grows, paying for nursing school might just cause your blood pressure to rise.
Financial aid, including nursing student loans, can help fill the gap between money on hand and education costs, but it’s good to think about your future pay compared with the debt you’re willing to take on.
Keep reading to learn more on nursing school loans, the different types of student loans available, and alternative ways to pay for nursing school.
What Are Nursing School Loans?
Nursing school student loans are a type of financial aid available to eligible college students who are enrolled in a program for licensed practical or vocational nurses, registered nurses, nurse practitioners, or nurse anesthetists.
Depending on the loan program, federal student loans for nursing degrees can either be need-based or not. Another option to fill in gaps in need: private student loans.
Unlike grants and scholarships, nursing school loans must be repaid, though special programs like the Nurse Corps Loan Repayment Program and National Health Service Corps Loan Repayment Program offer loan forgiveness.
Most loan programs, federal and private, have a grace period during school and after graduation before repayment must begin.
Types of Loans Available for Nursing School Students
The Department of Education provides options for federal nursing student loans under the William D. Ford Federal Direct Loan Program.
Eligible borrowers can also explore private student loans for additional funding, if needed.
If you do borrow, you’ll be in good company. Take a guess at how many people have student loans. The answer is about 45 million Americans; the vast majority have federal student loans.
And the cost of nursing school? It varies by institution and length of study. Getting a Bachelor of Science in Nursing generally costs the same as most bachelor’s degrees.
Direct Subsidized Loans
A Federal Direct Subsidized Loan is available to undergraduate students who are enrolled at least half-time at a participating school. Students are required to demonstrate financial need to qualify.
If a nursing student qualifies for a Direct Subsidized Loan, the school determines how much they can receive for that academic year. The government pays the interest that accrues on the loan while the student is enrolled at least half-time, during a six-month grace period after leaving school, and during any deferment granted for economic hardship, cancer treatment, or a few other reasons.
In comparing subsidized vs. unsubsidized loans, the first type favors borrowers more, thanks to how accrued interest is paid.
Direct Unsubsidized Loans
Federal Direct Unsubsidized Loans are available to undergraduate and graduate students. These loans are not based on financial need, but schools still decide how much students can borrow toward an academic year.
The key difference with this nursing loan option is that students are responsible for interest charges as soon as the loan funds are disbursed.
Direct PLUS Loans
Another federal option for nursing student loans is the Direct PLUS Loan. Grad PLUS Loans are available to graduate students who are pursuing an advanced degree like a Master of Science in Nursing.
Parents of an undergraduate student can help fund their child’s education through a Parent PLUS Loan; undergrads don’t have direct access to this loan option.
Direct PLUS Loans are non-need based and require a credit check. Borrowers are responsible for all interest that accrues. They can receive up to the school’s cost of attendance minus any other financial aid received.
Private Student Loans
Nursing students who need funding beyond federal student loans can consider private student loans. Private student loans are offered by private financial institutions like banks, credit unions, and online lenders.
Each lender has its own eligibility requirements, interest rates, and loan terms. If you’re eligible for a private student loan, your interest rate and loan details will depend on various factors, including your credit score. Most lenders welcome your bringing a solid cosigner aboard.
Pros and Cons of Loans for Nursing School
The average student loan debt among all health care professionals can be eye-opening, yet healers usually feel the need to heed the call, no matter the cost.
Nursing student loans can be a fast way to finance your college education. However, before jumping in, weigh the benefits of student loans against their disadvantages.
Pros
Cons
Quick financing for college costs
Will make years of payments after leaving school
Some student loans let you borrow up to the cost of attendance
Can cause borrowers to postpone other life goals during repayment
Can make paying for higher education possible for those who are ineligible for other types of financial aid
You may need a cosigner to qualify
Repaying student loans on time can help build your credit history
Defaulting on student loans can harm your credit and result in additional financial hardship
Applying for Nursing Student Loans
The process to apply for nursing student loans depends on the loan option chosen.
Comparing Loans
If you’re thinking about taking out student loans, you might want to compare federal student loans you might be offered in your aid package, as well as private student loans.
Prioritizing federal student loans before private student loans can be a good idea, since federal loans offer advantages like income-driven repayment plans and Public Service Loan Forgiveness, which forgives any remaining federal student loan balance after certain borrowers make 120 qualifying payments.
If private nursing student loans are still needed to pay for college, check offers across multiple private lenders. Comparing a handful of private student loan offers can help you find competitive rates and terms.
Applying for Loans
Federal nursing student loans and private student loans have distinct application processes. You must submit a Free Application for Federal Student Aid (FAFSA®) before the academic year to see if you’re eligible for federal aid.
Private student loans don’t require the FAFSA. Instead, private nursing student loan applications can be submitted online, in person, or by mail, depending on the lender. They require the would-be borrower, or a cosigner, to meet credit and income requirements.
After Applying
It’s a good idea to start the process early when seeking federal student loans for your nursing education. The time between submitting the FAFSA and disbursement of the loan funds to your school can be months.
The turnaround time after applying to receive private student loan funds can be notably shorter. Getting pre-qualified for a loan can take just minutes.
In general, if you’re approved for a private nursing student loan, you can expect to wait up to 10 weeks after your loan is approved to receive the funds.
Alternative Financing Options for Nursing Students
Securing nursing school student loans is only one of many ways to finance your higher education. Other options include personal loans, grants, and employer sponsorship.
Personal Loans
Personal loans are a general-purpose loan option that can be used toward nursing school. A credit check is required.
Repayment begins as soon as funds are disbursed. Check your rate and decide if a personal loan makes sense. One perk of personal loans is you could get funding within 24 hours of loan approval.
Grants
Grants are provided through the federal government, state, your school, nonprofit entities, and private organizations. Since grant funding doesn’t need to be paid back, this aid alternative lets nursing students leave school with less student debt.
Employer Sponsorship
If you plan on working while you’re enrolled in nursing school, you can ask if your company has a sponsorship program. Generally in this situation, your employer will send funds directly to your school.
Private Student Loans From SoFi
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
FAQ
How do nursing students get loans?
Nursing students can see if they’re eligible for federal student loans by submitting the FAFSA. Private nursing student loans are also available through various private lenders.
Can nursing school loans be forgiven?
Nursing professionals might be eligible for loan forgiveness through federal programs like Public Service Loan Forgiveness and the Nurse Corps Loan Repayment Program.
What is the average student loan amount for a nurse?
The median student loan debt among nurses ranges from $40,000 to $55,000, according to the most recent report by the American Association of Colleges of Nursing. Those who pursue a Master of Science in Nursing are often left with more than $47,000 in student loan debt, according to NurseJournal.
For perspective, in terms of educational investment and earnings, registered nurses earned a median annual wage of $86,070 in 2023, according to the Bureau of Labor Statistics. RNs usually have earned an associate’s or bachelor’s degree in nursing or a diploma from an approved nursing program.
Licensed practical and licensed vocational nurses, who complete a state-approved educational program that typically takes about one year, had median pay of $59,730 per year. Nurse anesthetists, nurse midwives, and nurse practitioners, who must earn at least a master’s degree, had median pay of $129,480 per year.
Photo credit: iStock/erdikocak
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
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Monday ended up being rather uneventful for the bond despite its role as the lead-off hitter for an all-star line-up. There were no significant economic reports on tap, but the 3yr Treasury auction managed to come in weak enough to prompt a bit of additional selling. Losses were short-lived and trading levels returned to pre-auction levels about 90 minutes later. That left a sideways-to-modestly-weaker tone intact for the day as traders wait for ultra-high consequence data and events on Wednesday.
09:58 AM
modestly weaker overnight and little-changed since then. MBS down 3 ticks (.09) and 10yr up 1.5bps at 4.476
01:40 PM
a bit weaker after 3yr Treasury auction. 10yr up 2.8bps in total on the day at 4.489. MBS are down an eighth of a point in 6.0 coupons
03:20 PM
Recovering some of the post-auction weakness now. MBS down 3 ticks (.09) and 10yr up 1.9bps at 4.48
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
As expected by virtually all market participants, the Federal Reservemaintained its short-term policy interest rate between 5.25% and 5.5% at its June meeting that concluded Wednesday afternoon.
That’s the seventh consecutive time policymakers with the Federal Open Markets Committee (FOMC) kept the rates unchanged, reflecting mixed signals from the leading U.S. economic data. Job creation came in stronger than expected in May, but inflation slowed slightly.
According to the FOMC, “the risks to achieving its employment and inflation goals have moved toward better balance over the past year.” In recent months, there has been “modest” progress toward the 2% inflation target, but the economic outlook is “uncertain,” and the committee remains “highly attentive to inflation risks.”
“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%,” the FOMC said in a statement. “In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities.”
For mortgage companies, today’s Fed decision means that rates for home loans will remain at higher levels for longer. Following the release of inflation data on Wednesday morning, the 30-year fixed rate for conforming loans was at 7.18%, according to HousingWire’s Mortgage Rates Center.
All eyes are now on the Fed’s next moves. Officials no longer expect three rate cuts for 2024, as indicated in March. According to new economic projections, 11 policymakers expect no more than one rate cut this year since more evidence of a cooling economy is needed.
The data shows that eight participants estimate a target level for the federal funds rate of 4.875% at the end of 2024, compared to seven participants at 5.125% and four at 5.375%. Overall, the median for the federal funds rate is at 5.1%, compared to 4.6% in March, the new projections show.
Monetary policy watchers believe there is a 91.1% chance of rates staying unchanged in July, along with a 65.4% chance of a rate cut in September, according to the CME FedWatch Tool, which measures the likelihood of changes to rates at upcoming meetings.
Fed officials have consistently stated that economic data drives their decisions.
In May, the U.S. economy added 272,000 jobs, above the market consensus estimate of 180,000, per data released by the U.S. Bureau of Labor Statistics. But the unemployment rate was at 4%, the highest level since January 2022 and up from 3.7% one year earlier.
Meanwhile, the Consumer Price Index (CPI) cooled slightly in May, with the all-items index posting a 3.3% annual increase before seasonal adjustment, down from 3.4% in April. On a month-over-month basis, inflation remained flat, marking the first month without an increase since July 2022. In April, the index posted a month-over-month increase of 0.3%.
Fed officials are expecting higher inflation for 2024 than previously projected. PCE inflation is estimated at 2.6%, higher than 2.4% in March. Core inflation, which excludes food and energy, is estimated at 2.8%, up from 2.6% previously. Unemployment rate expectations remained unchanged at 4% from March to June.
“We need to see more good data to bolster our confidence that inflation is moving sustainably towards 2%,” Fed Chairman Jerome Powell told journalists during a conference on Wednesday afternoon. “It’s going to be not just the inflation rate readings; it’s going to be the totality of the data.”
According to Powell, reducing policy restraint too soon or too much could reverse the progress already made. Meanwhile, waiting too long would impact the U.S. economy.
But if the economy remains solid and inflation persists, Powell said the Fed is ready to “maintain the current range for the overall funds rate as long as appropriate,” adding that there’s no “commitment to a rate path.”
“It’s the full economic picture, not a singular factor, that will guide their decision,” First American deputy chief economist Odeta Kushi said in a statement.
“The FOMC will hold off on making any changes to the federal funds rate until inflation, and the factors that drive inflation, such as a more balanced labor market, make significant and sustained progress toward the Fed’s target, or there’s a significant decline in economic activity or worrisome weakness in the labor market.”
According to Kushi, the FOMC rate announcement itself is unlikely to significantly impact mortgage rates, but a more hawkish tone than markets anticipate can move them up further, or vice versa.
Realtor.com chief economist Danielle Hale said that “there are ample data points for both sides to factor into the debate” of where rates should be.
“Although recent inflation and labor market data have raised questions about whether additional increases in the Fed’s rate are necessary, I still expect the current rate to be sufficiently restrictive to bring inflation back to 2%, and updated economic projections suggest that Fed decision makers agree,” Hale said.
“For home shoppers and sellers, I expect that peak mortgage rates likely remain in the rearview, but volatility remains a risk, complicating moving decisions for home sellers, homebuyers, and renters alike,” she added.
Regarding the housing sector, Powell said that the situation is “complicated” and the best the Fed can do is “bring inflation down,” noting that the country will still have to deal with a housing shortage.
Editor’s note: This is a developing story and will be updated.