Month: October 2024

Apache is functioning normally

Solar panels can save money or increase energy independence. If you want further savings, you can DIY solar panels, which requires more research and effort but can result in a cheaper system overall.

Can you build your own solar panels?

It is possible to build your own solar panels by purchasing individual solar cells, shatterproof glass, and the necessary wire and soldering equipment to assemble the panels

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  • You’ll need to be knowledgeable about electricity in order to choose your cell voltages and power output correctly and safely.

  • You’ll want to purchase high-quality equipment because a DIY solar panel will not be guaranteed with a warranty the way commercially-produced panels are.

In general, this level of do-it-yourself isn’t going to yield a cost benefit, however. DIYers often can save money when they create small-scale systems for an RV or tiny home using solar panel kits, or when they use manufactured panels but create their own DIY solar panel system.

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How to DIY a solar panel system

If you’d prefer to spend time and effort rather than money, using manufactured panels to DIY your own system could be your answer.

1. Evaluate your roof or ground area and make a plan

Solar panels work best on south-facing roofs with an angle between 15 and 40 degrees, and you’ll want your roof area to be free of shade as much of the time as possible

. Measure your roof, draw out where you’d ideally like to place your panels and calculate how many.

Evaluate how much electricity you want to generate, and determine the potential output of your system. Do some calculations to size your batteries, solar panels and wiring to conduct electricity appropriately without overloading and overheating the system. Free tools help people model their systems, but be prepared to do a lot of research if you don’t have an electrician background.

2. Understand the requirements for interconnection and permitting

Contact your electric utility if you intend to tie your system to the grid; your municipality may also require permits even if you intend to be off the grid. “It’s technically possible to DIY aspects of a solar panel installation. However, it can be challenging due to the engineering drawings, permits, inspections and licensing requirements in most jurisdictions,” Dan Massaad, CEO of Florida-based solar installer Guardian Home, said in an email.

3. Source your equipment carefully

Your exact needs will vary, but you’ll definitely need to source solar panels, mounting/racking supplies, electrical supplies, an inverter system and any batteries and related supplies.

You can purchase less-expensive used panels and batteries, or you can purchase new from manufacturers that offer some guarantee or warranty for their products.

“All of the solar panels I have, I purchased used from online sources; Facebook Marketplace and Craigslist are the two sites I use when searching,” said David Posluszny, prominent DIY solar expert and energy efficiency YouTuber, in an email. “I’m able to buy used panels far below retail price.”

4. Install yourself or contract elements of the project out piecemeal

People often opt to do parts of the installation process themselves and contract out other portions of the process for a bit less than a full installation would cost. For instance, a professional installer might quote you a lower rate if all you need is someone to physically mount the system that you’ve designed, sourced and permitted on your own. It just depends on who is available in your area and how flexible they are.

How much does it cost to DIY your own solar panel system?

The average price of an 11 kW solar panel system is $29,926 before federal tax credits, according to EnergySage, a solar and home energy product comparison marketplace founded in 2012

. Anecdotally, DIYers are able to install their systems for substantially less, but there isn’t definitive data for all DIY installations.

Instead, there is a range of expected savings. You might see a modest 10% savings for a partially DIY project you design and source but still contract out to professionals piecemeal, or a 50% savings for a completely DIY project sourced with pre-owned panels/batteries. In the end, your savings really depend on so many factors that you’re better off getting professional quotes in your area as a baseline and then pricing out your own project in comparison.

Making this system worthwhile, however, also requires valuing your time. If this project is highly personally fulfilling and you have the spare time anyway, it will be easier to value those hours at a lower rate. If you have limited free time or don’t enjoy the manual labor and planning aspects of the project, consider whether the value of a DIY solar panels system is there.

Is it worth it to DIY solar panels?

In general, you’ll see the biggest savings from DIY solar panel installation if you enjoy the thorough research involved and the hours of work getting the project online after sourcing your materials.

“If you don’t feel safe, then you might want to hire a licensed installer,” Posluszny said. “Keep in mind, there are risks with everything, including solar. Our goal should be to minimize risk to acceptable levels. Electricity can harm and should be treated with respect… If at the end of that journey, you still feel like you’re ‘missing something important’ definitely hire a licensed installer/electrician/construction person.”

Advantages of DIY solar panels

  1. You may save thousands of dollars in installation costs.

  2. Professional installers may have specific limits on what they are willing to customize, making DIY a better option for those who want an unusual or highly customized project. 

  3. Learning about power generation and electrical work can be rewarding and fun.

Disadvantages of DIY solar panels

  1. For those who have limited free time or demanding day jobs, the hours of labor for the DIY project come at a high price.

  2. It may be safer to rely on experts to design and install a system due to the research necessary to have both a safe system and cost savings.

  3. Sourcing high-quality equipment can take more time and effort as a single purchaser because many PV equipment producers generally sell to professional installers.

Source: nerdwallet.com

Apache is functioning normally

Architect Richard Holme, a protégé of famed modernist architect Richard Neutra, who also worked in the offices of Neutra, and other legendary industry names like A. Quincy Jones, and Carl Maston, left behind a solid body of work when he passed away in 2010.

Among his projects is a 1979-built, architecturally distinct modern structure in the eclectic and diverse Los Angeles neighborhood of Silver Lake — one that he built for himself and his family.

Now, for the first time in 39 years, the unique, cedar-clad home with updated interiors and generous views is being offered for sale.

Like Fancy Pants Homes’ content? Be sure to follow us on MSN

An architectural home in Silver Lake

Photo credit: Susan Pickering / Compass

Listed for $3,380,000 with Maureen Erbe and Henry Blackham, Compass, the property is located in the highly desirable Moreno Highlands area of Silver Lake, Los Angeles.

It offers 2,261 square feet of living space with 3 bedrooms, 2 full baths, and one half bath, as well as terraced gardens, several outdoor patios, decks, and seating areas, all meant to take in the generous views.

Distinct, cedar-clad exterior

Photo credit: Susan Pickering / Compass

The striking residence stands out with its cedar-clad exterior, distinct cubist composition that seemingly climbs up the steep lot, and curving silo-like stair tower. The architecture aficionados at California Home+Design likened it to Richard Meier’s work on the East Coast — particularly the Saltzman house, with its masterful geometric composition.

Beautifully remodeled in recent years

Photo credit: Susan Pickering / Compass

The home’s interiors were tastefully redone by Los Angeles interior designer Brian Bell, with the kitchen and bathrooms seeing the biggest upgrades.

“This is a compelling late modern 70’s architectural home sensitively updated for today’s needs yet appropriate to the original architecture,” says Maureen Erbe, one of the home’s listing agents. “So many of these vintage homes look appealing from the curb, yet have been inappropriately updated over the years or poorly maintained. This one is beautiful inside and out.”

Soaring ceilings, walls of glass amplify the spaces

Photo credit: Susan Pickering / Compass

Impeccably maintained over the years, the home retains its original design details — soaring ceilings, walls of glass, and cedar-clad exterior. But modern upgrades like a dramatic gas fireplace with floor to ceiling marble slab and wide-plank white oak hardwood floors elevate the main living areas.

Kitchen upgrades

Photo credit: Susan Pickering / Compass

With muted tones, a walk-in pantry, and a built-in breakfast nook, the modern kitchen features upscale Thermador, KitchenAid, and Miele appliances, with Calacatta marble and designer fixtures completing the look.

Lofty views

Photo credit: Susan Pickering / Compass

Thanks to its location, the home enjoys city and ocean views from every room, including the deck, and loft, capturing the Hollywood sign, the observatory, lush treetops, and the city below.

See also: Richard Neutra-designed stilt house looms over the San Fernando Valley in Los Angeles

Other spaces

Photo credit: Susan Pickering / Compass

The Silver Lake house has a large loft area with built-ins and limestone counters that could easily be turned into a library. There’s also a studio/workshop, similarly outfitted with built-ins, as well as butcher block counters and a sink. Completing the offering is a double-story garage.

Enveloped by nature

Photo credit: Susan Pickering / Compass

The Richard Holme-designed house is surrounded by lush, terraced gardens with tropical specimen plants, California natives, and fruit trees. And it’s fully prepared to cater to its verdant outdoors with automated irrigation, custom planters, and solar lighting.

Lots of outdoor areas to take in the views

Photo credit: Susan Pickering / Compass

There are several patios, decks, and seating areas for lounging and entertaining.

Close to Silver Lake’s best

Photo credit: Susan Pickering / Compass

The property is located in the sought-after Moreno Highlands area of Silver Lake, which places it within close proximity to top tier schools like Thomas Starr King Middle School and the best of Silver Lake, including shopping destinations, restaurants, dog park, and lake-side strolling areas.

Offered for sale for the very first time

Photo credit: Susan Pickering / Compass

Now on the market for the first time in 39 years, the renovated 1979-built home is looking to fetch $3,380,000.

More stories

A midcentury masterpiece: Richard Neutra-designed Adler House in Crestwood Hills lists for $2.9M

The Sandcastle House, architect Harry Gesner’s unique personal home in Malibu sells for $13.5 Million

Tirranna, one of legendary architect Frank Lloyd Wright’s last works sells for $6 million

Source: fancypantshomes.com

Apache is functioning normally

As the largest city in Wisconsin, and the second-largest city on Lake Michigan, Milwaukee is a Midwestern hub bursting with culture and history just waiting to be explored. 

Whether you’re renting a home in Milwaukee, WI, looking to buy a house in the city, have your eyes on an apartment, or just torn between the Midwest charm of Milwaukee and Minneapolis – this Milwaukee bucket list has you covered.  It’s the perfect guide to help you get acquainted with your new city and keep track of all the must-see spots of Cream City. 

1. Cruise across Milwaukee’s many rivers and Great Lake Michigan 

“My favorite thing to recommend is renting a boat on the river,” shares Taylor of Buckley’s Restaurant and Bar in Downtown Milwaukee. “Riverwalk Boats has pontoons you can rent to stroll up and down the riverfront. Lots of breweries, bars, and restaurants have docks open to the public, too. It’s a great way to see the city.” 

Image courtesy of O & B Photo Co. 

2. Try a famously towering Bloody Mary at Sobelman’s

“Sobelman’s is a hidden gem in Milwaukee that brings a giant twist to the iconic Bloody Mary,” share Olivia and Bryan, wedding photographers and owners of O & B Photo Co. “Coming in at 80 liquid ounces with a full menagerie of fixins’, this gaudy delight is made to be shared with your nearest and dearest – or maybe a really epic first date.” 

3. Explore the commercial corridor of Downer Avenue 

Historic Downer Avenue is one of Milwaukee’s most popular East Side business districts known for its great dining, shopping, movies, and annual events. Nestled between residential neighborhoods, this two-block long commercial corridor holds a variety of activities and specialty shops to peruse. Their seasonal events are a must-add to your Milwaukee bucket list. 

4. Get outside to enjoy the many waterfront vibes 

“Milwaukee is the freshwater capital of the world, sitting at the convergence of three rivers and accessible to Lake Michigan,” says Isabel of Milwaukee Downtown, an organization supporting the funding of specific initiatives aimed at creating a clean, safe and friendly downtown.  “Lakeshore State Park and Milwaukee’s Riverwalk are the best ways to experience this paradise.” Lakeshore State Park, the only urban state park in Wisconsin, is home to wide prairies and paved trails that link up to other nearby parks. The Riverwalk path extends through three downtown Milwaukee neighborhoods across the Milwaukee River. 

5. See your city from above with a flight tour

If you’re looking for a fresh perspective on your city, MyFlight Tours has you covered. Hop into one of their helicopters for one of the most unique ways to see Milwaukee in style. Wave at Waukesha and West Allis as you take in some unforgettable views of this Great Lakes city.  

6. Treat yourself to some of the most unique cocktails in the Cream City 

Milwaukee’s amazing food and cocktail scene would not be the same without At Random or Bryant’s. Get a taste of history and quality craftsmanship at these local partner bars. At Random is known for its ice cream drinks and specialty cocktails, and has been a charming staple of the Bay View area since 1964. Bryant’s, by comparison, has been around since 1938, and has no menu whatsoever. Let fate – and your bartender – choose the perfect cocktail for you at this hidden gem. 

7. Don’t miss a Milwaukee Bucks game

“Milwaukee is full of life, culture, and fun,” says Ashley, owner of Ashley Kalbus Photography. “To get to know Milwaukee, I highly recommend visiting a Bucks game at Fiserv Forum. The arena is located in a beautiful part of the city, surrounded by historic buildings. It’s a fun experience that creates a sense of community and makes you feel right at home.” 

8. How to make the most of 24 hours in the city

Don’t have enough time for a full Milwaukee bucket list? The County Clare Irish Inn & Pub has the perfect itinerary items for a shorter schedule: 

The ultimate Milwaukee bucket list: Final thoughts on what you can’t miss 

There is no shortage of unique things to do in Milwaukee, but this bucket list highlights the top activities you just can’t miss if you find yourself in Cream City. Regardless of how long you’re staying, be it a short trip to visit a friend or a longer stay on your search to find your new home, jumping into some local activities is sure to help you decide that Milwaukee is a good place to live. 

Apache is functioning normally

Incorporating your business as an LLC is a good idea for a number of reasons, not just obtaining a loan. In addition to helping you qualify for a business loan, an LLC helps protect your personal liabilities, maximize your write-offs, and more.

Keep reading to find out what an LLC is, pros and cons of forming an LLC, what type of LLC small business loans are available, and how to improve your chances of getting approved.

Key Points

•  LLCs protect owners’ personal assets from business debts and liabilities.

•  An LLC loan is a small business loan that is given to a corporation as opposed to an individual.

•  Types of business loans that LLCs can apply for include business term loans, SBA loans, business lines of credit, merchant cash advances, and more.

•  Common loan requirements include financial statements, tax returns, and business plans.

•  To qualify for an LLC loan, most lenders require a minimum business history, credit score, and annual revenue.

What Is a Limited Liability Company (LLC)?

A limited liability company (or LLC for short) is a popular option when choosing a business structure. Essentially, an LLC is a separate legal entity from you that’s created under state law. It has its own assets, liabilities, bank accounts, and credit profile separate from yours.

An LLC can have one or more owners, and each owner is called a “member.” Even if you’re just a one-person operation, however, you may still wish to opt for this business structure.

Unlike a sole proprietorship (which is owned by one person with no distinction between the business and the owner), the members of an LLC have liability protection from the debts and obligations of the business. That means a business creditor or someone who sues the business can’t come after the personal assets of the owners. Like a sole proprietorship, however, the owner of an LLC pays taxes as an individual (not as a corporation).

To form an LLC, you choose a name and file articles of organization with your state’s corporate filing office, often the Secretary of State. And, if an LLC has more than one member, it must obtain its own IRS Employer Identification Number (EIN).

Recommended: Sole Proprietorship vs LLC: How to Choose

Pros and Cons of Forming an LLC

Here are some of the pluses and minuses of forming an LLC.

Pros of Forming an LLC Cons of Forming an LLC
Limited liability protection for owners/members Leadership roles are less clear than in a corporation
Simple and inexpensive formation process in most states Must renew with state (and pay a fee) each year
Allows you to separate your personal and business finances Harder to raise funds from investors
Avoids double taxation Risk of dissolution if one of the partners leaves the company

Forming an LLC provides many advantages to small business owners. One of the biggest is that it can reduce your personal liability to debts incurred by the LLC. This liability protection comes without the work and expense of forming a corporation.

There are also some tax advantages. An LLC has pass-through taxation, meaning it does not pay corporate taxes on profits. Business profits pass through to the members, who pay personal income taxes on salary and other distributions received from the LLC.

On the downside, LLCs do not issue stock, which can be a powerful tool when raising capital. And, LLCs typically face higher annual fees than corporations. Some states also require annual reports in order to keep an LLC in good standing.

Another potential negative is that if a member joins or leaves an existing LLC, that LLC may be obligated to dissolve and reform with new membership.

How the Small Business Loan Process Is Different for LLCs

LLCs follow the same loan application process as other types of businesses. The major difference is who holds liability for the loan funds in case the borrower defaults.

With an LLC, the company owners are not personally responsible for the loan funds unless they sign a personal guarantee . In order to avoid having to sign a personal guarantee, your company typically needs to have an established financial track record or have some type of business assets to use as collateral to secure the loan.

What Is an LLC Loan?

An LLC loan is no different than any other type of small business loan, except it is given to the LLC and not the individual. As stated above, the business owners themselves are not liable for the loan unless they sign a personal guarantee. Instead, it is the business itself that is liable.

How Do LLC Loans Work?

An LLC loan works just like any other small business loan, since essentially that is what it is. The type of loan you choose will determine how the loan works. A business line of credit, for example, works similarly to a credit card. You are given a maximum limit of funds to which you can draw on. You make payments and pay interest only on the amount you spend.

A business term loan, on the other hand, is a lump sum of money given to you. The interest rate is usually fixed, allowing your monthly payments to stay the same until the loan is paid back.

What Expenses Are LLC Loans Used For?

LLC loans can be used for any type of business expense, including paying for working capital, hiring new employees, purchasing inventory, expanding your business, paying marketing expenses, launching a new business, refinancing existing debt, and more. Small business loans are not allowed to be used for personal expenses.

Recommended: Consolidate Business Loans

Types of LLC Business Loans

When exploring business loans for your LLC, here are some lending options you may want to consider.

Bank Loans

Banks will offer some of the most ideal loan amounts, terms, and interest rates. However, getting a business loan for an LLC from a bank generally requires strong financials and a good credit score. You also typically need to submit a fair amount of documentation in order to complete your application. If you’re looking for fast financing, a bank loan may not be the way to go.

Unsecured Loans

If your LLC is short on valuable assets or you would prefer not to put assets down as security on loans, an unsecured business loan may be a good option since they don’t require any collateral to qualify. However, since the risk is higher on the lender’s part, interest rates for unsecured business loans are typically higher than secured loans.

Online Term Loans

Online term loans generally have more flexible requirements than bank loans — meaning new LLCs, and even those with bad credit — may be able to qualify. In addition, the application process is typically quick and funding time can be fast. However, the ease and flexibility come at a cost — online business term loans tend to have higher interest rates and fees than traditional bank loans.

SBA Loans

LLCs are eligible to apply for SBA loans, which are offered by private lenders but backed by the U.S. Small Business Administration. Because this backing reduces risk for the lender, SBA loans offer LLCs some of the best interest rates, loan amounts, and repayment terms out there. However, SBA loans also have tougher qualification criteria when compared with other types of LLC business loans. And, the application and approval process can take months to complete.

Invoice Factoring

If your LLC processes a large amount of client invoices, another option to consider is invoice factoring. With this type of financing, the factoring lender pays you a percentage of your outstanding invoices up front. Once an invoice is paid, you’re given the remaining balance after a fee is subtracted for the lender. This type of financing can offer quick cash. However, fees can be hefty and the factoring company may take over communication with your customers.

Line of Credit

A business line of credit works differently than a traditional term loan. Rather than receiving a lump sum of money, a business line of credit gives you access to a pool of funds that you can draw from when you need funding. You only pay interest on the funds you draw.

Once you’ve repaid what you’ve borrowed, your line of credit will typically reset to the original amount. This can be a good way to iron out seasonal cash flow issues and keep you prepared for unexpected expenses.

Merchant Cash Advance

If you need cash quickly and your LLC processes debit and credit card payments from customers, you might consider a merchant cash advance instead of a loan. With this option, you get a lump sum of money upfront from the lender. The lender then takes a percentage of your business’s future credit and debit card sales until the borrowed amount, plus a fee, is repaid. This type of LLC financing is typically more costly than other options.

Recommended: Large Loans for Business

How to Qualify for an LLC Business Loan

Below are some tips for choosing the best loan while also expediting the application process as much as possible.

Determine What You Need

Before you start applying for an LLC business loan, you’ll want to think about what you will do with the loan and exactly how much you will need to accomplish your goal. You may also want to create a detailed plan for how your company will use the funds and what impact you expect the money to have on your business growth.

Recommended: How Much of a Business Loan Can You Get?

Review Loan Requirements

To review loan requirements for a small business loan, start by checking the lender’s criteria, including credit score, business history, and revenue thresholds. Assess the loan amount, interest rates, repayment terms, and required documentation. Ensure the terms align with your business needs and capacity.

Consider Your Qualifications

Key factors lenders look at to determine your eligibility for a loan include:

•  Revenues: Lenders will want to know if your business has sufficient cash flow to repay the loan or financing.

•  Credit: This shows lenders how your company has managed debt in the past. If your business doesn’t have much credit history, the lender will likely want to check your personal credit.

•  Time in business: Many lenders have a minimum time in business requirement. Some require a minimum of two years in business, while others will provide financing to younger businesses and even startups.

•  Collateral: This is a tangible asset pledged to secure the loan. Not all business loans require collateral.

Recommended: Long-Term Small Business Loans

Compare Lenders

There are a variety of business loans available, and it can be wise to compare multiple options to find one with rates and terms that work best for you.

In addition to looking at the interest rate, you may also want to keep an eye out for any other costs, like origination fees (this is a percentage of the loan funds a lender takes as payment for processing the loan) and prepayment fees (a fee charged for paying off the loan early), which also impact the cost of the loan.

Gather Documentation in Advance

It can take time to collect all of the legal and financial documents you need to apply for an LLC business loan. Since most lenders request most of the same information, you can start pulling those documents as you’re rate shopping.

Once you start to apply for a loan, make sure your business loan application includes everything the lender asked for and in the appropriate format. This can help reduce any unnecessary back and forth, allowing you to get a decision as quickly as possible.

Requirements do vary by lender, but we’ve listed some common ones below.

Financial Documentation

•  Business credit report

•  Income tax return

•  Personal financial statements from all owners with at least 20% interest in the LLC

•  Up to one year of business bank statements

•  Projected cash flow, income statements, and balance sheets

•  Collateral documents that outline the value of any assets you intend to secure the loan with

Online lenders may allow you to digitally connect your banking and accounting software to import some of this information directly.

Business Documents

As an LLC, you’ll need to submit your LLC’s Employer Identification Number (EIN) and possibly also your IRS Form SS-4 notice (this is the notice you receive after filing an SS-4 application for your EIN).

You may also need to submit your articles of organization, which designates your registered agent and management structure, as well as your operating agreement to confirm the ownership structure, revenue sharing percentages, and other details.

In addition, a lender might request a business plan to demonstrate the market, competitive landscape, and growth projections after using the loan funds.

Other Important Documents

A lender may also want to see any relevant legal documents that impact the LLC’s finances. This could include existing loan agreements, leases, and contracts with other businesses.

Offer Collateral

And finally, you may want to consider offering collateral to secure your loan. Examples of collateral include equipment, buildings, invoices, home equity, inventory, real estate, vehicles, and securities, such as corporate bonds or certificates of deposit.

Putting up collateral reduces the risk to the lender, allowing them to possibly offer you a lower interest rate or better terms. Keep in mind, though, that if you default on your loan, the lender is able to seize your collateral.

Recommended: Business Loans for Bad Credit

The Takeaway

Getting a business loan as an LLC can help you reach your financial goals with an extra infusion of working capital. The best loan choice will depend on your LLC’s needs, as well as factors like your credit score, if you have collateral, how long you’ve been in business, and your company’s annual revenue.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

With SoFi’s marketplace, it’s fast and easy to search for your small business financing options.

FAQ

Can you get a business loan as an LLC?

Yes. Lenders will review your application just as they would any other type of corporate applicant. You may need to submit documentation like your articles of organization to show the ownership structure. Otherwise, the application process should be similar to any other company’s experience.

Is it hard to get business loans as an LLC?

Each lender has its own criteria for approving business loans, including those for an LLC. Requirements may include a minimum amount of years in business, credit score, and annual revenue.

Can LLCs borrow money from banks?

Banks that offer any type of business loan will allow LLCs to apply. Depending on the loan and your company’s financial history and credit profile, you may be required to provide a personal guarantee. If you do, this eliminates the limited liability protection that typically comes with owning an LLC.

SoFi’s marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.


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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

SOSMB-Q324-055

Source: sofi.com

Apache is functioning normally

In a world that constantly pushes us toward more — more things, more choices, more consumption — the concept of minimalism has emerged as a breath of fresh air. However, as we delve deeper into the philosophy of living with less, a new movement is gaining traction: underconsumption core. Whether you’re renting an apartment in Des Moines, IA, settling into a rental home in Boston, or buying a home in Savannah, GA, this way of life offers a more sustainable, mindful way to live.

Understanding underconsumption core

Underconsumption core takes minimalism a step further by emphasizing the value of what we don’t consume rather than just focusing on what we own. “Underconsumption core is the latest social media movement that takes a spin on the minimalist and simplicity trends of recent years, highlighting the ‘use it up, wear it out, make do or do without’ teachings from older generations,” explains Amanda with Useful Roots.

“It’s all about finding joy in owning, maintaining, and buying fewer things or even acquiring material items via thrifting and repurposed goods. Instead of purchasing multiples of the latest item, you’re pairing down, making do with just one, using what you have, and perhaps not purchasing at all. It’s an approach to engaging in the economy that can be better for the wallet and more environmentally friendly.”

The benefits of underconsumption core

Adopting the underconsumption core philosophy can lead to numerous benefits:

  • Less clutter, more comfort: When you intentionally reduce unnecessary consumption, your living space becomes more comfortable and serene. Renters, especially, benefit from this as it makes small spaces feel larger and more functional.
  • Financial savings: Consuming less can lead to significant savings. Instead of spending money on trendy decor or impulsive buys, you can invest in quality pieces that last or save up for bigger goals — like homeownership or investment property.
  • Eco-friendly living: Consuming less means generating less waste, which benefits the environment. “At Composty, we believe that living minimally begins with making intentional choices about what we bring into our homes. By embracing compostable, reusable cleaning tools, you can significantly reduce waste while still maintaining a clean environment. We encourage making the most of what you already own, avoiding impulse purchases, and focusing on products that are not only functional but also sustainable, helping to reduce consumption in the long term. Composty’s CEO Matt Guest says, “Our sponges borrow natural materials from the planet and, after use, give them back to nature to help it flourish and grow.”

Ways to embrace ‘underconsumption core’

Underconsumption core can significantly improve your living experience, and it’s surprisingly easy to implement small, intentional changes that create lasting positive impacts.

Shift your mindset

Shifting your mindset is key to embracing underconsumption core. It’s about moving away from the constant pursuit of more and reframing how you view consumption.

“At fulFILLed Lifestyle Co., we believe that sustainable living starts with a shift in mindset. In today’s world, it’s easy to feel overwhelmed by the pressure to buy more, especially as we’re constantly influenced to consume more than we truly need,” explains Paige Garrity, co-founder of fulFILLed Lifestyle Co. She continues: “But what if less is actually more; underconsumption, the idea of being intentional with what we bring into our lives, allows us to focus on quality over quantity.

By reducing the excess, we make room for what truly matters — whether it’s the products we choose or the relationships we nurture. Sustainability, after all, is a way of life, and at fulFILLed Lifestyle Co., we’re here to support consumers in making choices that help them create a toxin-free, sustainable, and fulFILLing life.”

Prioritize essentials

Whether you’re furnishing an apartment or conducting your weekly grocery shop, start by focusing on the essentials. What do you really need? Avoid the temptation to buy and fill every corner with “stuff”.

“By embracing underconsumption core, we inherently buy less and utilize what we have more efficiently.  Furthermore, replacing disposable everyday items with reusable alternatives, like shopping bags, water bottles, and sustainable kitchen essentials, significantly reduces waste and conserves resources,” explains Amanda Runkle, founder of Me Mother Earth.

“These small changes not only support a greener lifestyle but also save money in the long run, as reusable products are designed to last for years. By making these conscious choices, we all have the ability to contribute to a more sustainable future and reduce our environmental impact.”

Embrace sustainability

Elizabeth Casas with Simple Living on Repeat, echoes this sentiment, emphasizing the importance of intentionality and sustainability. “With the cost of living and food prices increasing, underconsumption is a new trend that people must try to save money. Avoid buying products until you finish the ones you already have and use, such as skincare or cleaning products. Shop secondhand first. Before a new purchase, try to see if you can buy gently used items like clothing, furniture, books, and toys. Buying second-hand first not only helps you save money but also positively impacts the environment, giving items a second chance and reducing waste.”

“Well-storied homes often belong to well-storied discount shoppers, dumpster divers, thrift store thrifters, and roadside wranglers with well-storied lives,” shares Paige Grose with Paige Grose Design. 

She adds, “I love expensive furniture, luxurious linens, fine china, and hand-woven rugs, but many of my most treasured and unique pieces that give our house style were found, thrifted, or haggled for and not purchased from a design center showroom. Thrift stores, flea markets, yard sales in upscale and retirement communities, trolling the streets on trash night (some neighborhoods encourage this and post items in real-time on social media), vintage and antique shops, as well as your family’s basements and attics are perfect places to start an underconsumption journey to create a well-storied home.”

Create and embrace multi-functional spaces

For renters in apartments, especially those with limited square footage, multi-functional spaces are key. Consider furniture that serves dual purposes — like a sofa that doubles as a guest bed or storage solutions that blend into your decor. “If I were going to say one thing a renter could do to create a more functional space, I would say not to underestimate the value of leg risers,” shares Mary Colmar with Salad Bowl Dress.

“You can make a kitchen island with two or more risers under a kitchen table. They’re helpful in a bedroom for your dresser or a bed to add storage space underneath. I have even used them in the living room under a couch to add the illusion of space.” Hacks like these can create a more functional and stylish space, without breaking the budget or spending impulsively.

Value quality over quantity

Quality pieces stand the test of time, saving you from frequent replacements and contributing to a more sustainable lifestyle. “I quit Amazon Prime to minimize unnecessary impulse buys. Instead, I put items in my shopping cart and wait till I hit the $35 minimum spend for free shipping without Prime,” shares Julie George with The Brown Girl Podcast.

“Sometimes during this “waiting time,” I find I actually didn’t need or want this or that, and then remove it from my cart. I also started investing in higher quality items that I can keep for a lifetime instead of low-quality/fast fashion junk that ends up needing constant replacement.”

Create a consumption budget

Just as you would budget your finances, consider creating a consumption budget. “Adopt a more mindful approach to spending and prioritize experiences over possessions, this will help you to focus on what truly brings value to your life,” recommends Emma with Bee Money Savvy. “Being more mindful when it comes to money can also help to reduce your living costs, allowing you to save towards long-term goals such as a first home or retirement.”

Reflect, remember, and adjust

“People have this strong belief that somehow happiness comes through spending on things and experiences. That if we only owned a nicer item, and splurged on a vacation, that we would be happier,” explains CEO and content creator, Save My Cents, Inc.

“Research has proved this to be the opposite. After meeting a certain minimum level of lifestyle, then additional levels of happiness gained from spending on nice-to-have items are diminishing — meaning the more money you spend, you don’t necessarily become equally happier. Knowing this is powerful because it means that you have to learn to derive joy from your current life. Lean into the strength of the good relationships and friendships you have. Take comfort and have gratitude for when you do have abundance — such as a decently paying job, payable skills, and good mental and physical health.”

Less, truly is more

Underconsumption core is more than just a trend; it’s a transformative lifestyle choice that encourages us to prioritize what truly matters. “When I coach Americans to spend less, I coach them to have gratitude. When you see everything that you “get to” enjoy, then you don’t feel the need to buy more to be happy,” Save My Cents continues.

“By embracing this philosophy, we can redefine minimalism and cultivate a life filled with purpose, sustainability, and fulfillment.” Underconsumption core offers a refreshing perspective that invites us to slow down, evaluate our choices, and make room for what genuinely enriches our lives.

Source: rent.com

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Do you want to learn how to become a photographer? Many photographers are making $50,000 and over each year. Today, I have a great interview to share with you. I interviewed my friend Sydney Hampton on how to become a photographer. I actually met her when I hired her to take my maternity photos, and…

Do you want to learn how to become a photographer?

Many photographers are making $50,000 and over each year.

Today, I have a great interview to share with you. I interviewed my friend Sydney Hampton on how to become a photographer. I actually met her when I hired her to take my maternity photos, and later on my newborn photos. We stayed in touch, and I recently asked her if I could interview her for this article.

Sydney is a photographer who focuses on family, couples, maternity, branding, and newborn photography.

The demand for this kind of photography is high, and many people are looking for quality photographers for these types of photos.

Are you wondering questions such as:

  • How much money can a professional photographer earn?
  • Is there room for new photographers?
  • What equipment does someone need to become a photographer?
  • How many hours does it take each week to run a photography business?

If so, these questions, plus more, will be answered in today’s interview about how to become a photographer.

Today’s interview will help you get started and perhaps even introduce you to a new way to work at home.

Recommended reading:

Tell me your story. Who are you and what do you do?

My name is Sydney Hampton and I am a wife, mom, and photographer. I am the face behind Sydney Hampton Photography. I love being a photographer and helping others figure out their path in the world of photography.

I am also the creator of The Mom Photographers, a group that helps moms who are photographers get more organized, manage their time better, and grow their businesses so that they can grow their business while balancing life as a Mom. The Mom Photographers is a community, educational hub, blog site, and we have a podcast on Spotify that features moms who are photographers and business owners.

What kind of photography do you do?

I do several types of photography, but currently I focus on family, couples, maternity, and newborn. Maternity and newborn have my heart, but I have also done many other types of photography including weddings, senior portraits, and business and branding photography.

This year, I am really focusing on family, maternity, couples beach photography and in-studio sessions such as newborn and business branding. As a photographer in a prime vacation destination, I tend to do a lot of beach mini sessions and have found that men and children are usually not up for full sessions. This has helped to truly launch my business to another level where I am able to do mini sessions weekly.

Here’s a picture of me photographing on the beach.

Why did you decide to become a photographer? How did you get started?

I have always loved photography and really started getting into it in about 2006 when I was in high school. I grew up with photography all around me; my Dad was a professional sports photographer. So from a young age, I learned how to shoot in manual and learned important key things like composition.

Like many though, I really thought of myself as an amateur, especially being around family members like my dad and his brother, my uncle, who also is a photographer but an amazing wildlife photographer. After the first 2 years of college, I put my camera down for a few years. When my father passed, I inherited his camera and really picked it back up as a way to connect with him. 

To be honest, it was my husband who gave me the confidence to become a professional photographer. After watching me for 2 years continuously take photos of landscapes, our van, and dog on road trips and seeing the passion I had for it, he convinced me to take a leap and go for it.

I truly decided to become a photographer as a way to do what I love, and maybe make some money. With my husband’s support, we were prepared for it to make nothing, so the risks were low. 

In the beginning, I attribute all of my success to the military community! As a military spouse, I was able to reach out to the military spouse community and have clients that I still service 5-plus years later and in different states! The support from that community has been ongoing. I was able to grow a following on Instagram and Facebook, which really helped create my business as a Florida Keys vacation photographer. Having followers and clients who shared my work regularly, allowed me to establish credibility and book new clients.

What do you like about having a photography business?

My favorite part about having a photography business is that I get to be with home with my kids all day every day. Having the freedom to create my schedule, be with my family, and to be creative is beyond any financial benefit. While this year has been my busiest and most financially beneficial year thus far, I have made sure to dedicate time to doing things with my kids where I can set my phone aside. I have found that the biggest blessing has been to step away from work and not be worried.

I love how diverse photography as a career is. For example, it can be very simple like just stock photography on the side, or just weddings or you can open a studio and become a portrait and newborn photographer… Or you can do it all! You can photograph events such as weddings for thousands per wedding, do family sessions, maternity, business advertising, even sell products like landscapes, start blogs and podcasts, create courses, write books, and more. Just like with many other opportunities, the sky is the limit – it’s a perfect career for someone creative and driven, yet also great as a side gig.

I have been fortunate to see many sides of photography from just word of mouth within a small community with a few clients to over 400 clients so far this year alone. I have loved that I get to meet new people with each shoot and that I am able to connect with people from all walks of life.

I believe in growing and learning from others, which is part of why I created a community called The Mom Photographers where I host a podcast/blog and talk with other moms who are photographers about all the topics we face. Things like how do you edit with kids, what does workflow look like when you have kids, and ways to get started. Through The Mom Photographers, I will also be releasing educational videos, courses, presets, and doing hands-on/virtual workshops.

How much money can a professional photographer earn?

Again, it’s all flexible. You can do it very part-time and only make a few thousand a year or you can make a million. It truly depends on a few key principles such as the amount of time and effort you want to put in, the quality/ consistency of your work, and the type of photography you choose to do.

On average, most photographers can expect to make about $50,000 in a small town or non-tourist destination.

In a tourist destination or bigger city it is easy for a photographer to make $75,000+ with the right tools in their pocket and a quality consistent product. Now, I’m not saying anyone who just buys a camera can walk out and expect to make $75,000. It takes professionalism, some business knowledge and having a quality product that people want to buy. It also takes time, but working with a mentor or shadowing a photographer are ways to speed that up. I have also found that those who do start with a mentor or who work under an established photographer their first year tend to make more money and be more successful in the end.

I am actually mentoring 5 photographers currently and just hosted a styled shoot with 12 other photographers. To me, connecting with others is key! So to be able to host a shoot that I create and make money is a blessing.

What equipment does someone need to become a photographer? Do they need to spend a lot of money to get started? 

Someone looking to get started will need a camera, a lens, computer and a few programs to help make them successful such as Lightroom. To get started as a family, couples or wedding photographer I definitely suggest having a professional level camera/lens set up.

I always suggest shadowing and making sure it’s what you definitely want to do before you invest in equipment. Knowing that this is the right path for you is step one.

I actually have a free course called: Is Photography Right for you? My goal with this course was to lay out a realistic expectation of what all is involved to start and be successful in the photography industry.

Below is some more in-depth information on what equipment you need to become a photographer:

  • Camera – I highly suggest starting with a Professional camera. I suggest going with a mirrorless camera. I am a Nikon user, and I suggest getting the best camera you can within your budget. My top suggestion is the Nikon Z 6II which you can find lightly used for around $1300 or Nikon z6III $2500 which was just released in summer 2024. It’s good in low light, sharp, and easy to use. If it is out of your price range, then go for the Z50 would be my next suggestion (which is $1,000 brand new or used around $750). I currently have 2 cameras, a Nikon Z 6II and a Z8 which is my new camera, I went with the Z8 over the flagship Z9 for 3 reasons.
    • 1.  It’s smaller and lighter
    • 2.  It uses the same batteries as the Z 6II.  
    • 3. It was the same performance but less expensive.   
  • Lens – I definitely recommend when you buy your camera to not purchase it with a kit lens. Buy a lens appropriate for the work you would like to do. Example: family, maternity, or portraits – go for a 35mm or 50mm lens with an f-stop of 1.8 or lower, then later add lenses such as 85mm, 50mm, 35mm, and 70-200mm. I like to shoot with a lower f-stop because I like the subject isolation and blurred background. For Family, Maternity and newborn I definitely suggest having a 50mm and a 35 mm. My favorite lens is my 50mm 1.2 this lens gives dreamy background and crisp images. The kit lens often does not hold value for resale well, and it’s better to just buy the camera body without it. Nikon just released a 35mm 1.4 lens which is $599.
  • Computer – I use an Apple MacBook to do all of my editing. I edit on Lightroom primarily and also on Photoshop. I also use several other programs to assist me in saving time that I go more in-depth with in a few of my Mom Photographer blog posts (Aftershoot, Portraiture, Imagen AI, and Topaz). For newborns and Portraits, I love Portraiture!
  • Website- You can actually start your website for free through Pixieset. I have been using them for 6 years and they are amazing, I love how everything is integrated. It is not only the host site I use now but how I book clients and deliver galleries. Pixieset also has a print store, and is always looking for ways to improve. Once you do get more involved and find yourself needing to upgrade the prices are still reasonable at $19/month and up. You will still need to get your own url from a site like GoDaddy and you can connect that to your Pixieset.

With those things, anyone can start. The list grows with what type of photography, so I suggest starting simple in one type of photography, like aiming for just family or just branding.

Note about the camera purchase: You can start with an older camera or with what ever camera you have. The goal with starting with an older camera would be to learn to shoot in manual, as well as to learn composition. Just definitely plan to set aside money to upgrade to a professional camera as soon as you can so that you can provide clients with a quality product. Also depending on the photography route you choose you could also start with a camera like a good drone! Think landscape, real estate, marketing, weddings or a way to earn income while saving up for your professional camera. Lots of professional photographers love to work with people who can provide drone video and photo images.

Here’s a picture of one of my recent maternity pieces (underwater).

What is your typical work schedule? How many hours does it take each week to run a photography business?

My typical work week varies depending on the time of year. I have weeks where I maybe work 5 hours and other weeks where I work 30 plus. But in general, even at my busiest, I still have freedom to do things with my family that matter, like church 2x a week, dance class 2 days, or enjoy time with my family and our little farm.

Each morning, I spend the first 15 minutes checking all emails, scheduling social media posts, and responding to DMs. I often also find that my best editing hours are between 10 p.m. and 3 a.m. because I have a two- and four-year-old! Batching content is also a great way that I save some time.

Is there room for new photographers?

Many may say no, but I say Yes!

Lots of room, and there will be room for anyone new. In any industry, there is always someone who is burned out, not driven, not open to changes in the industry. There is always a new style, but even more so, there is simply just a huge range of customers and what they are looking for.

There’s someone who wants a $100 shoot or a $10,000 shoot. So it’s important to know where you want to fall in there and to aim for how to build your business and create the quality product worth what you want your target market to be.

For new photographers, you can be a second shooter or an associate shooter for a well established photographer. This is a great way to start while still working a regular job and never have to edit anything except what you want for your own personal use. This is something most photographers, including myself, don’t know before taking the plunge to be professional.

Looking back, this is the perfect approach for someone with a job or a busy life not wanting to ruin their name doing free shoots and never gaining repeat clients. It’s also a great way to learn and cash flow everything while not taking huge risks.

Also, I am a strong believer in being a business with insurance and everything you need to be legit. You can start as a luxury photographer without having to spend 10 years to get there, but you need to be able to create a luxury product consistently, and that does take some time and guidance from others such as mentors. You will need honest feedback from someone who knows photography well.

Can you list the steps to get started with a photography business?

First make sure its something you want to do, my suggestion is shadow someone, watch Youtube videos or take a course like my free course: Is Photography right for you?

Next is get a camera, or even rent one, to learn how to shoot in manual and to build a portfolio for Instagram and your website. You should have 50-200 unique edited images that you feel, and others honestly feel, show the quality of what you would like to charge for your website. 

I have found that honest criticism is key to success, so being able to hear someone say, “No, I would not pay $350 for your work,” and why is important. All friends and family will always sing your praises, but you need to know what clients or potential clients think when they look at your website. Be open to criticism, and allow it to help you grow, don’t ever let it set you back!

What are your best tips for someone who wants to become a photographer?

Find a prominent photographer in your area to shadow, or mentor under. You can even shadow or mentor under me from anywhere in the world. I also can help you find a reputable photographer in your area. Shadowing is really a great way to start.

My biggest tip, keep learning. The industry is constantly changing, growing with it is key!

Always accept criticism and be open to seeing your work through the eyes of others even if its discouraging at first it will help you to grow in the long run and eventually you will become your harshest critic.

Figure out the style you want to portray and use a preset to create consistency in your work.

Build a website and social media following.

Shoot as much as you can, even if it’s your neighbor or kids.

I do offer a mentorship program with an in-person and a virtual mentorship option. You can find the mentorship program information by clicking here.

What are your goals for your photography business for the future?

My goals for this year, now that I have hit a 6-figure-income photography business, is to create passive income. I would also like to grow and spend more time with my family.

Knowing that our family would like to possibly add another little one in the future and that I tend to take off up to 6 months postpartum, having passive income or finding ways to keep my photography business moving while I am out has been my goal.

With this in mind I created a team this past year, started another blog and a podcast. I also created The Mom Photographers to not only achieve my goals but also to help other moms have a one-stop shop to learn, grow, vent, and connect with other moms who are photographers. The Mom Photographers is a Facebook group as well as a website, blog, podcast, community, and educational hub.

I will be releasing a few courses in the next 6 months: 

  • Is Photography Right for You?
  • How To Get Started as a Professional Photographer While Being a Mom
  • The Mom Photographers Course for Established Professionals Looking To Grow and Dedicate More Time With Their Family
  • Kids- College guide to photography as a Job: with a focus on growing wealth at a young age and avoiding debt.

I will also be going more in-depth with the podcast and YouTube, adding free educational information, weekly tips, advice from experiences myself and others have learned, business trends, and ways to grow.

My financial expectation this year is to hit $175,000 and 3-5year goal is $1 million/year. I always aim to set realistic expectations and my goals are higher. Over the last few years my income has grown each year by 50-100 percent, so for me a competitive goal keeps me motivated.

I am fortunate to have my husband, a retired military warrant officer, to be my support system and help me in all aspects. My husband is my rock who not only homeschools our kids while I do shoots but also drives me to each shoot and helps me stay on task. Without him, I would be nowhere near as successful. It is imperative for anyone’s success that they have a good support system if they have kids or a family.

We are also fortunate to have zero debt including our home – our mini modern farm, as we call it! Complete with our 4 dogs, 2 cats, 10 ducks, and 13 chickens.

Photography has very much been a financially freeing stream of income that has allowed us to live in a million-dollar paid-for home on top of my husband’s retirement from the military. It also allows our children to grow up with the unique opportunity of having both parents with them every day. I am 34 and my husband is 45, we believe in being debt free and cash flowing everything. Making Sense of Cents often talks about the many benefits of financial freedom, and how to grow wealth. When I mentor photographers I also make sure to include how important it is to not build a business on debt, and that saving for three categories is imperative- taxes, emergency fund, and equipment upgrades.

Helpful links:

Do you want to become a photographer?

Recommended reading:

Source: makingsenseofcents.com