Month: July 2024

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For the past decade or so, it seems gold and brass have been the metals of the moment in the interior design world, closely aligned to the fashion cycle that’s placed them at the forefront. But the tides could be turning. With 2000s fashion having a full-circle moment, so are the cool steely tones of the early aughts and late ‘90s, paving the way for a prominent silver home decor trend.

“Silver and gold like to fight for the spotlight every year, and this year, silver has won,” says Bethany Struble, lead designer at Totum Home. She explains that this recent victory is a direct correlation to runway shows of recent seasons — think the silver brooch trends that dominated the Fall/Winter 2024 runways of Miu Miu, Chanel, and Tory Burch and the silver statement necklaces and earrings seen at Prabal Gurung and Carolina Herrera, respectively — that now has consumers embracing the shimmering silver tones.

Although silver may have once been associated with wealth and status, Struble says, this time around, it feels a bit more casual and approachable compared to gold (especially if you lean toward shiny finishes) and this modern take on the metal has more of a laidback edge to it.

“I think it connotes something futuristic,” says Alex Bass, an interior designer, art curator, and founder of Salon 21, a fine art and interior design studio, drawing comparison to the decor of the Space Race era of 1950s and 1960s, which had a silver-clad, futuristic look.

Embracing this trend is all about incorporating subtle accents that can elevate your space through their shimmering finish. From accent lighting to shelving, here’s how Bass and Struble say to embrace the classic metal.

How To Decorate With Silver Pieces

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Small Touches

When trying new trends, it always helps to start small. Bass says one of the best ways to dip into silver aesthetics is to add small touches here and there, whether it be through barware, picture frames, planters, or even accent lighting. “I love adding a silver table lamp to a space — it creates a visual interest without being too much,” Bass notes.

Add Dimension Through Shelving

“Silver is also reflective, so it’s a fun way to add dimension to a space,” Bass explains. To up the ante on dimension while still keeping things subtle, she recommends adding silver etageres to your space or using similar-looking items like side tables or even serving trays as decor items.

Mirrors

Accent mirrors automatically have a silver touch to them, so they’re an easy way to add this cool metallic tone to your space. Bass says to take this a step further and choose mirrors with silver frames. “Having a silver border makes it more decorative,” she explains, noting that mirrors also help a space appear larger. You can also incorporate more metallic tones in your wall art through framing. (And, if you do go for a silver frame, be sure to include a silver picture light to elevate the finished piece.)

Cabinet Knobs & Drawer Pulls

Your cabinets and dresser drawers are another easy way to lean into a trend. To add more silver tones to your space, Struble recommends swapping out your cabinet knobs and drawer pulls for the cool-toned metallic.

Mixing Metals

Decorating with silver doesn’t mean you need to swap out all of your gold and brass accents. Instead, finding a balance between the various tones can be chic — just like it is with your jewelry.

“Mixing metals is easier than you might think,” says Struble. Since silver has a more neutral tone, it’s easy to pair with most other metal finishes, and you don’t have to think too hard to create a balance — not just in metallics but in your overall decor look. “Silver and gold together open up a lot of opportunity to style with warm and cool tones in the same space,” Struble explains.

When decorating with mixed metals, Bass recommends finding pieces that you love and that fit the same aesthetic to ensure they pair together seamlessly, even if they have different tones. And, if you want to embrace the current style without it feeling too trendy, she says to look for vintage brass and silver pieces at antique malls and thrift stores for a more timeless look that will never go out of style.

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Source: thezoereport.com

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According to a rumor Chase is planning to launch a new premium personal and business card by year’s end. The project internally is known as project emerald and it’s believed to be tailored towards Chase Private Clients (CPC).

You normally need $150,000 in funds held with Chase to qualify for CPC status with Chase, although in the past some bankers have had the ability to waive this. At one stage holding CPC status actually bypassed the 5/24 rule as well.

It will be interesting to see if this card (or cards) will offer better benefits than the Chase Sapphire Reserve or if Chase goes down the ‘status’ route like American Express does with the Centurion card.

The reader that shared the rumor has provided reliable information in the past, but as always this is only a rumor.

Source: doctorofcredit.com

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Federal Reserve Gov. Lisa Cook said in a speech last month that measuring housing costs in an economy where the majority of homes are owner-occupied presents a challenge, but said that the practice of including implied market rents in inflation metrics was “defensible.”

Bloomberg News

Housing costs appear to be the final hurdle between the Federal Reserve and its goal of bringing inflation back down to its 2% target, and the issues there are likely to get worse before they get better.

Because of how shelter costs are tracked by the nation’s leading price indexes, housing expenses are likely to drive up measured inflation over the coming year, according to a report from the Federal Reserve Bank of Boston, despite data showing that rent prices have largely stabilized.

The Boston Fed projects the core readings — those without volatile food and energy categories — of the consumer price index, or CPI, and the personal consumption expenditures, or PCE, will rise by 0.74% and 0.29%, respectively, during the next 12 months because of greater housing costs. Meanwhile, market rents, as tracked by the analytics firm CoreLogic, were up just 3% year-over-year in April, well below the COVID-19 era-high of more than 13% and on par with their pre-pandemic average. 

Fed officials have acknowledged that the data lags related to housing costs have taken longer to play out than they had previously anticipated, noting it could be years before market trends and inflation readings sync up. But others say the issue could be a more fundamental one, related to how housing costs are measured in the U.S. — which differs in significant ways from other major world economies. 

Both CPI and PCE measure the cost of housing — also referred to as shelter — through changes in rental prices. But, because more than 65% of homes in America are owner-occupied, these indexes attempt to incorporate owned homes through what is known as owners’ equivalent rent or imputed rent, which are estimates of what a homeowner would pay for their homes if they were renting. 

For most homeowners, their housing costs — particularly their monthly mortgage payments — have not changed significantly in recent years. Most are locked in at or near historically low rates. Yet estimated rental growth from homeowners makes up a bigger share of housing price indexes than actual rents, and those owners’ equivalent rents have risen more quickly during the past two years.

Imputed rent accounted for roughly 76% of the overall housing category within the PCE index, which is tracked by the Bureau of Economic Analysis. Actual rents paid by tenants of non-farm housing makes up about 22%. From March 2022 through December 2023, owners’ equivalent rents rose roughly 15% while tenant rents rose 13.9%. Overall housing costs were up 14.7% during that period.

Other countries approach housing cost measurements differently. The European Central Bank does not include owner-occupied housing costs in its inflation tracker, the Harmonized Index of Consumer Prices. The CPI readings used by the Bank of England and the Bank of Canada both include ownership costs such as mortgage interest, insurance and renovations, rather than asking homeowners to estimate a rental value for their properties.

Louise Sheiner, an economic studies fellow at the Brookings Institution, said trying to measure housing costs in a uniform way is difficult, which is why different jurisdictions approach it differently. 

CPI and PCE include owners’ equivalent rent to account for the consumptive costs homeowners face, Sheiner explained, though she noted that in the current environment, in which home values are continuing to rise, the measure does not accurately reflect the impact of inflation on those homeowners.

“It is conceptually fine how they do it, but it also might put a little bit less weight on inflation by homeowners who are perfectly indexed,” she said. “They own the home so both their income goes up and, at the same time, their implicit rent goes up too, so they’re not worse off at all.”

Fed Gov. Lisa Cook also highlighted difficulties in tracking housing costs during a speaking engagement with the Economic Club of New York in June, noting that incorporating costs in areas where homes are predominantly owned rather than rented was one of the “big measurement problems” related to inflation. 

Yet, Cook noted that the National Academies of Science, Engineering and Medicine have endorsed factoring some version of owners’ equivalent rent into consumer pricing indexes.

“Including [owners’ equivalent rent] is a defensible thing to do,” she said. 

Cook added that regardless of how other central banks measure housing costs, the Fed’s go-to reading has long included imputed rent, so it cannot change its measure now.

“Not every European central bank, in its calculation of inflation, includes housing in that measure, so there’s a lot of heterogeneity and ours is the PCE index that we pay attention to,” she said.

Still, regardless of how inflation is measured, some economists say there has been enough progress on other parts of the economy to warrant an interest rate cut. The latest CPI report shows inflation rose 3.3%, driven largely by shelter, which was up 5.4% over the previous year. Similarly, PCE, which gives housing less weight, was up 2.6% on the year, with housing accounting for an outsized portion of the growth. 

While conventional wisdom suggests that an interest rate cut would spur demand for home purchases, thus driving up prices more, Nancy Vanden Houten, a senior economist at Oxford Economics, said lowering rates is essential to expanding the supply of both for sale and rental homes throughout the country. 

“The more we see progress on these other components of inflation, the Fed might have the freedom to look at housing a little bit differently,” Vanden Houten said. “High rates further constrain supply in the housing market, which is one of the key things propping up prices. If you want more supply and some softening in home price growth, lower interest rates would help in that regard.”

Source: nationalmortgagenews.com

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Inside: Money gift ideas for any occasion! Learn how to wrap money as a gift. These are cute ideas for giving money. Find simple ways to hide money in a gift.

Giving money as a gift can be one of the best gifts that you can give today.

A lot of times though people don’t feel like giving money as personal or creative or thoughtful enough, which is a complete joke because honestly, cash is king.

More often than not, the receiver of the gift actually loves to get money – especially kids!

Even better, one of these money surprise ideas!!

There are many reasons to give money because, yes, gift cards are nice, but what if you find something else at a different store that you want, or their policy to redeem gift cards is really difficult? Also, some people don’t want to add more items to their houses. Others are just plain hard to buy for because they go out and buy everything they need.

That is why giving money as a gift is so absolutely awesome.

Today we are going to cover so many terrific ways on how you can give money as gifts. You can purchase some of these money gift ideas or pull out your DIY skills.

In this post, we are going to dig in and find super creative and fun ways to give money.

Best Surprise Money Gift Ideas

These money gift ideas will wow at any birthday party, Christmas exchange, graduation, or any other time of the year because there’s a little bit more thought behind how to give the gift.

Cash is a really thoughtful gift, too. Don’t forget that.

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

My Money Surprise

The first time I personally received a money gift was in college. The best gift ever!!

My parents hid cold hard cash in a room divider screen that I needed. I had cash to pay for groceries, cash for gas, and other incidentals I needed. That was one of the most epic Christmas presents that I ever received because it was something that I truly needed.

Then, I could decide what do I want for Christmas and spend money on what I truly wanted!

More importantly, it was something that I could choose how to spend or save. It wasn’t something that would just sit in my closet because I would actually use the cash.

What is a unique way to give money as a gift?

You can make the gift out of money itself.

Even better, there are plenty of ways to hide money inside another practical gift. You can make find many gift money ideas using a few crafty DIY skills.

So many creative ways to give money as a gift!

How To Wrap Money For A Gift

This is exactly how to gift money.

Now, don’t think that you have to be super, super creative, and hone all your crafty skills just to give the best money gift ever.

I’ll be very honest, learning how to wrap money for a gift is super super easy!

You’re probably going to need just a few items and most of them are sitting in your house!

The fun part of these money gift ideas is you get to be creative on how you want to give the best gift ever!! Some of the creative ideas include a little tape, some glue, and maybe saran wrap. Or you can hide it inside a jar with M&Ms for a money snack.

These are just a few of the ways that you can wrap money for a gift.

Learn how to make a money cake!

When to Give Suprise Money Gift Ideas?

These money gift ideas work for:

  • Birthdays
  • Weddings
  • Christmas
  • Easter
  • Graduation – High School or College
  • Mother’s Day
  • Father’s Day
  • Baby Shower
  • Bridal Shower
  • Anniversary
  • Retirement
  • Milestone Birthdays – 16th birthday, 18th birthday, 21st birthday, 50th birthday

Honestly, any type of occasion!

It is just taking the gift, one step further and finding a unique way to give money gifts.

In fact, find graduation specific money gift ideas.

Money Puzzle Gift Boxes for Cash

One of the MOST popular gifts!

This maze puzzle cube is a unique cash holder. Perfect for kids and adults, it’s a thrilling puzzle box and money maze.

Get yours now and turn gifting into an adventure!

Buy Now on Amazon

02/19/2024 09:47 am GMT

Who To Give Money Gift Ideas

These types of gifts are so flexible and can be used by anyone!!

Everyone loves to get cash and spend it how they choose. Then they can cross something off their Christmas bucket list.

How to Give Money as a Gift & Not Be Rude?

Is giving money as a gift rude?

Absolutely not.

As we’ve said many times here at Money Bliss – cash is king.

With cash, you are able to do what you want to do with the money. You don’t have another thing collecting dust on your shelf or set in the basement.

You can give a money gift box!

Don’t look at giving money as a rude thing to do. It is actually freeing because the receiver of the gift can choose how they spend it on the reverse side as the recipient of cash.

Feel empowered in the decision to give cash as a gift instead of an actual materialistic item.

Grateful Tips: I always recommend writing a thank you card immediately. Once you use the cash, then write another note on how you used the cash and how much you appreciated it. Then, the gift giver knows how you used the cash, and the ways they helped you, and then they won’t question their decision to give money as a gift.

Cute Ideas for Giving Money

In this section, you will find cute ideas for giving money. These are the absolutely adorable ways that people would love to receive money.

These are great for Christmas and birthdays, and especially for kids, teenagers, and young adults.

You will learn how to roll money for a gift and so much more!

May 19, 2023
Inside: Find money cake ideas! Learn how to make a money cake or buy pre-made kits. This guide has you covered with…

Money Balloons

Super cute way to give money for any occasion.

It’s fun to watch the recipient get spooked by a popping balloon, covered in confetti, and of course, count the money inside! 

Read More

Photo Credit: sugarandcharm.com

Sneak Peek Birthday Card

Such a cute and sneaky way to roll cash into a card.

Make candles using a dollar bill or go big and use a $20 bill.

Read more

Photo Credit: Stamp with Jill

Money Lei for Graduation Gift Idea

Everyone needs some cash and this money lei is a fun and creative way to give the gift of cash!

Learn how to make your own money lei today!

Read More

Photo Credit: yourhomebasedmom.com

Funny and Fun Ways to Give Cash

This list is about the funny and fun ways to give cash.

This type of money gift idea works best for a white elephant exchange, a coworkers exchange, a friend exchange, or someone who loves a good joke.

Let’s be honest… sometimes you just to be really funny with how you give the gift.

Honestly, I’m not sure if there are any annoying ways that you could give money. (Cash is still cash, right?) For those who enjoy crisp dollar bills beware!

Easy Peasy Money Tree Topiary

It is proven that money does grow on trees. This DIY tutorial will teach you exactly how to make your own money tree.

This beautiful money tree topiary is ready for one very lucky gift recipient!

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Photo Credit: sunburstgifts.org

Money Tree on Etsy

Perfect gift for the Dad who always says money doesn’t grow on trees! This is a funny gift idea for the father who has everything and has a great sense of humor. Because now…

Money DOES grow on trees!

See Now on Etsy

Photo Credit: Etsy.com

“In An Emergency” Graduation Gift

Super fun way to give money and withhold the desire to spend the cash right away. You can place any amount of cash in these, so they fit virtually any budget.

Simple DIY tutorial!

Read More

Photo Credit: sendomatic.com

Money Chain Gift for the Graduate

Paper chain gifts are a great way to decorate for the holidays. But, it is also a fun way to give money! Very simple DIY project to complete.

Read More

Photo Credit: lessthanperfectlifeofbliss.com

Christmas Money Printable

Running low on time?

This Christmas money printable is a fun and easy way to give some dough this season. So adorable!

Read more

Photo Credit: tessiefay.com

Easy Ways to Hide Money in a Gift

Okay, let’s be honest, we don’t want everybody to know right away that they’re going to get money inside their gift.

How do you hide money as a gift? This gift list is filled with perfect ways to hide money inside a gift.

When they open it, they are excited about just the outside part of the gift and they don’t even know the monetary gift that you have waiting for them inside!!

August 28, 2023
Inside: Looking for a creative and easy way to give money as a gift? Look no further than these Money Gift Boxes!…

Handmade Money Surprise Bath Bomb

Time for a lovely bath with a hidden surprise! A fantastic way to hide money especially for teen girls!

This unique gift idea also is made with all natural and vegan skin care products. Perfect for small budgets!

Buy Now on Etsy

Photo Credit: Etsy.com

Funny Christmas Money Gift: Cash in a Can

This is such a clever idea! Giving money was so much fun this year.  

You can hide a roll of cash inside any canned goods – preferably what the recipient hates the most.

Since it is wrapped like a normal household item, no one will expect it to have anything inside but what is on the label!

Read More

Photo Credit: itsalwaysautumn.com

Birthday Money Box Gift Idea

Money is something every teenager wants! This money box can easily be created with items you already have at home.

Unique and sneaky way to give money!

Read More

Photo Credit: myinspirationcorner.com

Book of Money

Such an easy DIY project to give money!

You probably have all of the supplies in your house.

Read more

Photo Credit: marthastewart.com

Money Cake Pull Out Kit

$16.99
$15.50

Perfect surprise for your kids, grandkids, spouse, or best friend with the most versatile and widely-appreciated gift of them all: cash?

We know how you can do it in style: the amazing money cake dispenser, an incredible accessory that you will use on endless occasions.

This complete cash dispenser set includes the special box, cake topper, 1 plastic roll with 50 connected pockets, and printed instructions.

Buy Now on Amazon

02/19/2024 05:27 pm GMT

Hidden Gift Jars

Want to make your money gift a little more special this year? Make these Hidden Gift Jars!

Stash your gift inside a secret hiding spot in the jars, covered by a favorite candy or treat (we used M&Ms), and watch the recipient’s eyes light up when they realize there’s more to their gift besides just candy!

This also makes a great gag gift! 

Read more

Photo Credit: myhomebasedlife.com

Creative Ways to Give Money – Which is Your Favorite?

What is the best way to gift money?

Honestly, is there any bad ways to get money? Maybe if the gift giver never opens where the cash is heading, but let’s hope that doesn’t happen.

In this post, we have covered all of the best ways to gift money.

A simple way to say I appreciate you! You have so many ideas to choose from!

Which creative ways to give money did you like the best? There are DIY methods to giving cash and some that you can quickly pick up.

Follow for more inspiration on our Gift Ideas on a Budget Pinterest boards.

I can’t wait to see your pictures with what you’ve come up with, and how you plan to do this.

More Gift Ideas:

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.

Source: moneybliss.org

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Your 40s can be a pivotal decade in your life. It’s typically a time of peak earnings, growing family responsibilities, and an increased focus on long-term financial stability. You may have a house, kids, and a busy job. College expenses may be looming. Maybe you’re hatching a plan to start your own business or buy a beach house that’ll one day be your empty-nester home.

To navigate these years successfully, it’s essential to make strategic financial moves that can secure your future and make your plans and dreams a reality. Here are some critical financial planning tips to consider as you move through your 40s.

7 Financial Moves to Make During Your 40s

In your 40s, you’re old enough to know what you want and likely have enough earning years ahead to achieve your goals — if you manage your money right. The following strategies can help you build wealth in your 40s.

1. Maintain or Replenish Emergency Funds

Life is full of unexpected twists and turns. Not all of them are fun, such an expensive car or home repair, a medical emergency, or losing your job. An emergency fund offers financial stability during a stressful time. It also saves you from running up expensive debt that could derail your financial goals.

A general rule of thumb is to have six to 12 months’ worth of living expenses stashed away for the unexpected. If you already have an emergency fund but it has been partly or fully depleted, you’ll want to prioritize replenishing it to maintain financial security.

Consider setting up automatic transfers into savings to build your emergency fund consistently. Keep these funds in a liquid, easily accessible account, such as a high-yield savings account, to ensure you can access the money quickly when needed.

2. Manage Your Debt

Debt management is a crucial aspect of financial planning at any age, but it becomes even more critical in your 40s. Since high-interest debts, like credit card balances, can significantly hinder your ability to save and invest for the future, you’ll want to prioritize paying them off as quickly as possible.

One strategy that can help is the avalanche payoff method. Here, you list your debts in order of interest rate from highest to lowest, then put extra money toward the highest-interest debt, while continuing to pay the minimum on the others. Once that debt is paid off, you put your extra funds toward the debt with the next-highest rate, and so on.

Alternative approaches to paying down high-interest debt include getting a low- or no- interest balance transfer credit card or taking out a personal loan for debt consolidation with a lower rate than you are paying on your cards.

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3. Revisit Retirement Saving

In your 40s, you’re roughly at the midpoint between entering the workforce and traditional retirement age. How you invest and save for retirement at this point in your career can strongly impact your future assets and ability to one day retire comfortably.

If you’re not currently contributing to a retirement plan, such as a 401(k) or individual retirement account (IRA), now’s a good time to start. If you have been, it’s time to assess your progress. Consider how much of a nest egg you will need to retire and, using an online retirement calculator, whether your current plan will get you there.

If you’re behind on your savings, consider stepping up your contributions or, if you’re already contributing the max allowed, making “catch-up” contributions down the road. Starting at age 50, the IRS allows higher maximums designed to help people catch up on their retirement savings goals.

4. Plan for Childrens’ College Expenses

If you have kids, planning for their future education expenses may be top of mind. College costs continue to rise, and early planning can alleviate future financial stress. If you haven’t started saving for college expenses, you may want to explore opening a 529 college savings plan, which offers tax advantages and can be a flexible way to save for educational expenses.

An online college cost estimator can help you determine how much you need to stash away each month or year, based on the year your child will likely attend college and the type of school they might choose.

Just keep in mind that it’s important to balance college savings with other financial goals, like retirement. As kids get closer to leaving the nest, you may also want to encourage them to apply for scholarships and grants, and explore financial aid options.

5. Choose or Reevaluate Insurance Coverage

Insurance is an important component of financial planning in your 40s. You’ll want to evaluate your current insurance coverage and make sure it’s adequate to meet your family’s needs. This includes not only health and home insurance, but also life and disability insurance.

Life insurance provides financial security for your family should you die prematurely. If you don’t currently have a life insurance policy, consider purchasing one. If you do have one, you’ll want to make sure your policy’s coverage amount is sufficient to cover your family’s current living expenses, outstanding debts, and future financial needs, such as college tuition for your children.

It’s also a good idea to review your disability insurance, which protects your income if you’re unable to work due to illness or injury. Many companies provide a policy through work. However, you may want to consider supplementing employer-provided coverage or, if you’re self-employed, getting your own policy. This offers a different, but equally important, safety net for you and your family.

Recommended: Which Insurance Types Do You Really Need? Here Are 6 to Consider

6. Invest Outside of Retirement

While retirement accounts are crucial, investing outside of retirement can diversify your portfolio and help you achieve goals that may be five or 10 or more years away, such as a downpayment on a vacation home or a child’s wedding.

Though investing carries risk and can be volatile in the short term (which is why you generally don’t want to invest funds you’ll need in the next few years), an investment account has the potential to grow more than other types of accounts over the long term. Consider taxable investment accounts that align with your risk tolerance and financial objectives.

7. Meet with a Financial Professional

Getting expert advice on managing your finances can be invaluable at this stage of life. Whether you opt for regular meetings or simply go for a one-time consultation, a financial professional can provide valuable insights and help you navigate complex financial decisions.

An advisor will typically look at your whole financial picture and assist you with creating a comprehensive financial plan. This may include optimizing your investment strategy and ensuring you’re on track to meet your goals, including retirement, investments, and college savings.

The Takeaway

It’s never too late to take control of your finances. In your 40s, you are likely entering your prime earning years, so it’s a good time to focus on paying down debt, preparing for the next chapter of your children’s lives, and saving and investing for your future retirement. With some wise money moves, you’ll be set to make the most of this decade and beyond.

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FAQ

What financial goals should a 40-year-old have?

Ideally, a 40-year-old will want to focus on several financial goals. These include:

•   Establish or maintain an emergency fund with three to six months’ worth of essential living expenses.

•   Reduce financial burdens by paying off high-interest debt.

•   Ensure you’re on track with retirement savings by maximizing contributions to retirement accounts.

•   Start or continue saving for children’s college expenses through plans like 529s.

•   Consider investing outside of retirement to diversify your portfolio and build wealth.

How much should a 40-year-old have saved?

By age 40, financial advisors often recommend having three times your annual salary saved for retirement. This benchmark ensures you’re on track to meet long-term financial goals and maintain your desired lifestyle in retirement.

In addition, you’ll want to maintain an emergency fund with three to six months’ worth of living expenses.

Savings outside of emergency and retirement, such as investments in taxable accounts, can further enhance financial security. The exact amount can vary based on individual circumstances, income, lifestyle, and future goals.

How can I build my wealth in my 40s?

To build wealth in your 40s, you’ll want to focus on several strategies:

•   Maximize retirement account contributions, taking full advantage of employer matches.

•   Pay off high-interest debts to free up resources for savings and investments.

•   Establish or maintain an emergency fund to cover unexpected expenses without derailing financial goals.

•   Consider additional income streams, such as side businesses or rental properties.

•   Diversify investments across stocks, bonds, real estate, and other assets to balance risk and growth potential.

Photo credit: iStock/shapecharge

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBK-Q224-1920632-V1

Source: sofi.com

Apache is functioning normally

Data Over Politics, For Now

By:
Matthew Graham

Wed, Jul 3 2024, 2:18 PM

Data Over Politics, For Now

Several days ago, we were debating whether the presidential debate or the month-end/new-month trading environment was the bigger market mover.  The political angle was more popular in the analytical community, but evidence is increasingly suggesting that popularity wasn’t necessarily warranted.  Today offered some compelling evidence in the form of absolutely no reaction to a widely circulated newswire that seemed to suggest Biden having second thoughts about remaining in the running.  Contrast that to the immediate and obvious reaction to the ISM Services data, which made for the highest Treasury trading volume since PPI and jobless claims data on June 13th.  Data will remain in focus when markets return from the holiday break on Friday morning thanks to non-farm payrolls.

    • ADP Employment
      • 150k vs 160k f’cast, 157k prev

08:39 AM

Flat overnight and stronger in early trading.  MBS up 1 tick (0.03).  10yr down 2.6bps at 4.406

01:40 PM

Drifting sideways after strong reaction to weak ISM data.  MBS up about a quarter points and 10yr down 8bps at 4.352

 Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com

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Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.

Mortgage rates increased overall this week, with 30-year mortgage rates ticking up closer to 7%, according to Freddie Mac. But the latest economic data continues to suggest that rates should ease throughout the remainder of 2024.

“Both new home and pending home sales are down, causing active listings to rise,” Sam Khater, Freddie Mac’s chief economist, said in a press release. “We are still expecting rates to moderately decrease in the second half of the year and given additional inventory, price growth should temper, boding well for interested homebuyers.”

As the economy cools, the Federal Reserve is expected to start lowering the federal funds rate, removing some of the upward pressure off of mortgage rates and allowing them to trend down.

On Wednesday, softer-than-expected private payroll data from ADP suggested that the labor market is continuing to cool off. Recent inflation data has shown signs of slowing as well.

Right now, investors think it’s likely that the Fed will start cutting rates in September, and that we could get two rate cuts by the end of the year, according to the CME FedWatch Tool. 

This means mortgage rates should go down in the coming months and years. If you’re thinking about postponing your home search until rates are lower, you might have better luck in 2025. 

Today’s mortgage rates

Mortgage type Average rate today
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Zillow. See more
mortgage rates on Zillow

Real Estate on Zillow

Today’s refinance rates

Mortgage type Average rate today
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mortgage rates on Zillow

Real Estate on Zillow

Mortgage Calculator

Use our free mortgage calculator to see how today’s interest rates will affect your monthly payments:

Mortgage Calculator

$1,161
Your estimated monthly payment

Total paid$418,177
Principal paid$275,520
Interest paid$42,657
  • Paying a 25% higher down payment would save you $8,916.08 on interest charges
  • Lowering the interest rate by 1% would save you $51,562.03
  • Paying an additional $500 each month would reduce the loan length by 146 months

By clicking on “More details,” you’ll also see how much you’ll pay over the entire length of your mortgage, including how much goes toward the principal vs. interest.

Mortgage Rate Projection for 2024

Mortgage rates started ticking up from historic lows in the second half of 2021 and increased dramatically in 2022 and throughout most of 2023.

Many forecasts expect rates to fall this year now that inflation has been coming down. In the last 12 months, the Consumer Price Index rose by 3.3%. This is a significant slowdown compared when it peaked at 9.1% in 2022, but we’ll likely need to see more slowing before rates can drop substantially.

For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.

A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.

Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans. 

When Will House Prices Come Down?

We aren’t likely to see home prices drop this year. In fact, they’ll probably rise.

Fannie Mae researchers expect prices to increase 4.8% in 2024 and 1.5% in 2025, while the Mortgage Bankers Association expects a 4.5% increase in 2024 and a 3.3% increase in 2024.

Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. But rates have since eased, removing some of that pressure. The current supply of homes is also historically low, which will likely push prices up.

What Happens to House Prices in a Recession?

House prices usually drop during a recession, but not always. When it does happen, it’s generally because fewer people can afford to purchase homes, and the low demand forces sellers to lower their prices.

How Much Mortgage Can I Afford?

A mortgage calculator like the one above can help you determine how much house you can afford. Play around with different home prices and down payment amounts to see how much your monthly payment could be, and think about how that fits in with your overall budget.

Typically, experts recommend spending no more than 28% of your gross monthly income on housing expenses. This means your entire monthly mortgage payment, including taxes and insurance, shouldn’t exceed 28% of your pre-tax monthly income.

The lower your rate, the more you’ll be able to borrow, so shop around and get preapproved with multiple mortgage lenders to see who can offer you the best rate. But remember not to borrow more than what your budget can comfortably handle.

Molly Grace

Mortgage Reporter

Source: businessinsider.com

Apache is functioning normally

The New York Stock Exchange (NYSE) on Wednesday announced that the warrants of Finance of America, traded under the ticker symbol “FOA.WS,” will be delisted from the exchange. The class A common shares traded under the “FOA” ticker symbol, however, will continue to be traded.

“Trading in the warrants will be suspended immediately,” NYSE stated. “Trading in the Company’s Class A common stock — ticker symbol FOA — will continue on the NYSE.”

“NYSE Regulation has determined that the warrants are no longer suitable for listing based on ‘abnormally low selling price’ levels, pursuant to Section 802.01D of the Listed Company Manual,” the NYSE announced. “The company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange.

“The NYSE will apply to the Securities and Exchange Commission (SEC) to delist the warrants upon completion of all applicable procedures, including any appeal by the company of the NYSE Regulation staff’s decision.”

When reached, an official with NYSE declined to comment beyond the scope of the announcement.

Warrants and common stock operate differently. Warrants act as a kind of “coupon” that allows the holder to “buy or sell a set number of shares of a company’s stock at a predetermined price within a specified timeframe but without any obligation,” according to information on the topic published by Nasdaq.

A corporate executive with FOA explained to HousingWire’s Reverse Mortgage Daily (RMD) that this is not expected to impact the company’s operations in a tangible way, nor is it expected to impede the progress of the other measures FOA is taking to shore up its class A common share stock price.

The warrants, the executive said, stem from the time that the company was first preparing to go public through a special purpose acquisition company, which has not been a focus of the company as it is primarily focused on its previously announced efforts to raise its share price.

When asked whether the move by NYSE would potentially lead to a delisting of common shares, the executive indicated that there was no immediate concern of a material impact for the class A shares.

The reality of this move was described as “matter of fact,” the executive said, and the company will continue pressing forward to both improve its stock price and offer its products for senior borrowers.

In mid-June, an FOA filing with the SEC indicating that the company was preparing to perform a reverse stock split at a 10-to-1 ratio in a move designed to boost the company’s stock price.

FOA first received word from the NYSE that it was out of compliance with its continued listing standard in December 2023, with a second notice issued in February 2024. NYSE requires that listed stocks maintain a price of at least $1 per share “over a consecutive 30 trading-day period,” but the price has reached that threshold only eight times in 2024. At the end of trading on Wednesday, the share price stood at $0.47.

Following the announcement of the reverse stock split, FOA said it would restructure its unsecured debt into new, secured debt that will come due beyond the original 2025 maturity date. The company and noteholders agreed to “an exchange of any and all of the outstanding 2025 unsecured notes” into two new secured tranches.

The first is for up to $200 million in aggregate principal of senior secured first-lien notes due in 2026 (with an option to extend it to 2027 if the company elects to do so), while the second is for up to $150 million in aggregate principal of exchangeable senior first-lien notes due in 2029.

But the company has also recently endured other challenges, including a round of layoffs and the corresponding, voluntary departure of its chief retail sales officer. It was not specified how many employees nor which specific divisions were impacted.

According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), FOA is the leading reverse mortgage industry lender in the country with 7,566 endorsements in the 12-month period ending in June 2024.

Data from New View Advisors also shows that FOA is the leading HECM-backed Securities (HMBS) issuer, with 31.9% of the overall market based on the first six months of the year.

Source: housingwire.com

Apache is functioning normally

A federal court on Sunday lifted an injunction that blocked lower student loan bills for borrowers enrolled in the Saving on a Valuable Education (SAVE) repayment plan. Meanwhile, an injunction in a separate lawsuit still blocks SAVE loan forgiveness. The lawsuits impact up to 8 million borrowers enrolled in SAVE, accounting for roughly 1 in 5 Americans with outstanding federal student loans.

  • Lower student loan payments for SAVE borrowers with undergraduate loans can proceed starting in July. 

  • Accelerated 10-year loan forgiveness for SAVE borrowers with $12,000 or less in principal loan debt is still on hold. 

All other components of the SAVE plan remain in place, including protection against interest accrual.

Some borrowers entitled to lower payments will have no student loan bill in July, as student loan servicers recalculate lower monthly payments.

“As the Department of Justice continues to vigorously defend the SAVE Plan, President Biden, Vice President Harris, and I remain committed to our work to fix a broken student loan system and make college more affordable for more Americans,” said Secretary of Education Miguel Cardona in a statement on Monday.

Neither of these rulings are final decisions, so the situation could change.

“There’s still a lot of chaos, and borrowers have experienced a lot of whiplash over the last week,” says Persis Yu, the Student Borrower Protection Center’s deputy executive director and managing counsel.

The Education Department and servicers will share updates directly with borrowers. Log in to your servicer’s online portal to view the latest information about your monthly payment amount. For updates about the ongoing SAVE lawsuits, go to StudentAid.gov and subscribe to the Education Department’s email list.

What’s still happening: Lower SAVE payments, other benefits

As a result of the latest ruling, the Education Department has directed servicers to move forward with the July 1 SAVE plan changes.

Most significantly, borrowers with undergraduate loans will see their monthly SAVE payments cut by as much as half, from 10% to 5% of their discretionary income. So if you have a $400 SAVE bill, that could shrink to $200. Borrowers who enroll in SAVE for the first time can also get the new lower payment.

Other SAVE benefits can also proceed:

  • Borrowers enrolled in SAVE will receive automatic forgiveness credit for forbearances and deferments. 

  • Borrowers enrolled in SAVE will be allowed to make additional “buyback” payments to get credit for most other periods of deferment or forbearance that don’t qualify for automatic credit. 

  • Borrowers deemed at risk of default will be enrolled automatically in SAVE. 

  • Payments made before consolidation will count toward forgiveness. 

The latest ruling isn’t a final decision. There’s not yet a briefing schedule for this case, Yu says, so it’s not clear when future rulings could happen.

What’s on hold: Accelerated SAVE forgiveness

On June 24, a Missouri judge issued an injunction blocking the Education Department from forgiving small principal student loan balances ($12,000 or less) in 10 years under the SAVE plan. This is the most generous income-driven repayment (IDR) forgiveness timeline — other IDR plans forgive debt after 20 or 25 years of payments, regardless of the amount borrowed.

This injunction still stands as of July 2, though it’s not a final decision. Updates could come in August, when legal briefs in the case are due, Yu says.

The Education Department began rolling out the accelerated 10-year SAVE forgiveness in February. As of mid-May, the department had approved about $5.5 billion worth of student debt forgiveness for 414,000 SAVE borrowers with lower principal balances. SAVE forgiveness that borrowers have already received isn’t at risk, Yu says.

The injunction doesn’t impact the 20- or 25-year forgiveness timeline for SAVE borrowers who took out over $12,000.

What the lawsuits mean for borrowers

Reach out to your servicer if you have questions about your situation. While the lawsuits continue through federal courts, here’s how you could be impacted.

If you already have $0 payments

If you have a low enough income (about $32,800 as an individual or $67,500 as a family of four) to qualify for $0 SAVE payments, nothing has changed. You continue with $0 payments and keep earning credit toward IDR forgiveness and Public Service Loan Forgiveness (PSLF).

If you have a bill for July

If your servicer sent you a bill for July, make the payment as scheduled. This bill may reflect a new lower payment amount if you have undergraduate loans.

If your servicer emailed you in early or mid-June about a July forbearance

Before the rulings, servicers emailed some SAVE borrowers in June about a temporary administrative forbearance related to payment recalculations. The email’s subject line was, “Your Student Loans Have Been Placed into A Forbearance,” according to a copy of the email reviewed by NerdWallet.

If you got this email, you won’t owe a July payment. No interest will accumulate during July, and you’ll get credit toward forgiveness under IDR or PSLF. Your bills will resume in August, with a smaller amount if you have undergraduate loans.

If you were notified last week about a forbearance related to the lawsuits

Servicers put a small group of borrowers into forbearance last week as a result of the court rulings, the Education Department said. These borrowers don’t owe a July payment. Bills will resume in August.

If you want to sign up for SAVE

Borrowers can still sign up for SAVE and any other IDR plan.

However, the Education Department pulled down its online applications for IDR plans and loan consolidation on Friday, and began directing borrowers to submit PDF applications to their servicers.

The department changed course on Monday after the latest ruling allowing lower payments to proceed and said it would reinstate online applications by Monday afternoon. However, the applications on studentaid.gov/IDR and studentaid.gov/loan-consolidation/ remain inaccessible as of Tuesday evening.

Borrowers who want to consolidate and/or apply for an IDR plan immediately should continue mailing in PDF applications. Otherwise, consider waiting a day or two until the online application is restored.

Source: nerdwallet.com