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Apache is functioning normally

May 2, 2023 by Brett Tams

Is there anything that can cause a bigger debate than the best place to eat in your town or city? If there is, we don’t know about it (or talk about it – at least this debate is fun!)

Thrillist recently published its Top 50 Essential Restaurants Every American Should Visit list – a treasure trove of American dining experiences that you should make sure to add to that ever-growing must-eat list. While you might think this means a list of high-end, totally out-of-budget restaurants, you’d be wrong. While some are expensive, many fall into the “sandwich you can’t miss” or “to-die-for BBQ” categories.

We’ve picked our favorites from this year’s list, but you can see the full list here.

Apartment Guide’s 18 Picks from Thrillist’s Top 50 Essential Restaurants:

Peter Luger Steak House

Brooklyn, NY

Arguably the best steak in NYC, and therefore probably the world – these Peter Luger’s are the Jedi Masters of meat.

Yume Wo Katare

Cambridge, MA

Great ramen, applause when you finish your bowl and encouragement to write down your dreams and hang it on the wall. Bliss.

The Buckhorn Exchange

Denver, CO

Open since 1893, this restaurant has seen several presidents pass through its doors. It’s also where you can try Rocky Mountain oysters, rattlesnake or even buffalo.

Johnnie’s Beef

Elmwood Park, IL

In a town known for Italian beef sandwiches, this Chicago area classic serves up one of the city’s finest examples.

Ganesh Temple Canteen

Flushing, NY

Found in the basement of a Hindu temple, this all-vegetarian eatery is known for their beautiful, crepe-like dosas.

Little Vincent’s Pizza

Huntington, NY

It may look like just another New York pizza place, but think again. They’re slinging out slices covered in cold, unmelted mozzarella cheese. And people love it. Really.

Joe’s Kansas City BBQ

Kansas City, KS

Forget the pulled pork of the south and the brisket of Texas and belly up for what’s often called a “life-changing slab of ribs.”

In-N-Out

Los Angeles, CA

Yes, it’s a chain fast food joint, but to West Coast folks, it’s more than that. Grab yourself a cheeseburger and go “animal style,” otherwise you’re ordering it wrong.

Payne’s BBQ

Memphis, TN

Let’s face it – Memphis is known for BBQ, and they take it seriously. When locals tell you this is the best place in town? You believe them.

Matt’s Bar

Minneapolis, MN

Home to a cheeseburger’s bigger, badder older brother, the Jucy Lucy (yep, it’s spelled that way), Matt’s ditched cheese on top for their famous, oozing cheese-stuffed burger.

Prince’s Hot Chicken Shack

Nashville, TN

If you love spice, this is the place for you. Crunchy chicken drowned in sauce of varying degrees of heat. Don’t be a hero: you can’t handle the “XXX Hot.”

Café Du Monde

New Orleans, LA

Undo what you surely got up to the night before with classic, chicory-infused café au lait and a pile of fried beignets, heavy with powdered sugar.

Katz’s Deli

New York, NY

Home to a classic pastrami sandwich as big as your head, and also the backdrop to many films. Don’t lose your ticket!

Pat’s King of Steaks

Philadelphia, PA

You simply can’t go to Philadelphia without getting into a cheesesteak. We think it may be the law.

Pizzeria Bianco

Phoenix, AZ

Love a proper Italian pie? Meet the place that kicked off the revolutionary American artisanal pizza movement.

Primanti Bros.

Pittsburgh, PA

This old-school lunch counter is home to the city’s favorite blue-collar special: their sandwiches stacked with meat, slaw and a fistful of fries.

Mama J’s

Richmond, VA

The portions are almost as enormous as the lines at this classic, Southern soul food restaurant.

Ben’s Chili Bowl

Washington, D.C.

World famous chili dogs adored by both locals and tourists alike. One will never be enough, so order a couple and prepare for a chili facial.

Do you agree with Thrillist’s list? Did they miss something major, or overlook a culinary hotspot? Get social with us and tell us your favorites!

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Apache is functioning normally

May 2, 2023 by Brett Tams

I was on Zillow the other day looking at real estate when it occurred to me that I never really touched upon the so-called “Zestimates” offered up by the famous real estate portal.

Most consumers have heard of the Zillow Zestimate, which made its debut back in 2006.

But they’ve been largely written off by industry folk (real estate agents) as “unreliable” and various other expletives, assuming the value estimation is lower than it should be.

First things first, let’s define a Zestimate. By Zillow’s own account, a Zestimate is the “estimated market value” of a property.

By estimated, they mean a home value assigned using proprietary computer algorithms developed by statisticians.

They also refer to Zestimates as a “starting point in determining a home’s value,” which is important to note when browsing around Zillow.

A Zestimate is computed based on data, not human touch, vision, interaction, etc. And we all know how computers can fall short…this explains why there are error rates.

Speaking of, the median error rate for the entire nation is currently 4.6%, which means half of Zestimates nationwide were within 4.6% of their sales price, and the other half were off by more than 4.6%.

Where to Find a Zestimate?

Simply visit the home details page of any property
And you’ll see the Zestimate near the top of the page in the center
Below the most recent sold price
There is also a section below dedicated to the Zestimate

If you look up any property on Zillow, whether it’s for sale or not, you should see a Zestimate at the very top of the page, directly under the last sales price (or current listing price).

And if you scroll down a bit more, you’ll see an entire section dedicated to the property’s Zestimate, including a 1-year, 5-year, and 10-year graph.

On the graph, you’ll be able to track the history of the Zestimate alongside home prices for both the city and zip code to get a better feel for the property in question.

It also displays the movement of the Zestimate over the past 30 days to give you more information about recent price movements, as seen below.

Recently, the company launched a Zestimate forecast, which as the name implies is an estimate of the home’s value over time, in this case the next 12 months (both dollar amount and percentage wise).

Finally, you’ll see a so-called “Rent Zestimate,” which is simply the estimated monthly rental price of the property.

Is Zillow Accurate?

It depends on the number of recent sales comps in the immediate area
How unique or not unique the property is
If any major home improvements have been made since the last sale
Or if the neighborhood dynamics have shifted considerably

A Zestimates accuracy is clearly of utmost important, especially if it’s being relied upon by millions of prospective home buyers. But Zillow says themselves that Zestimates track the market, as opposed to drive it. So it’s not a forward-looking valuation tool.

So are these Zillow estimates accurate? This is a tough question to answer because like any other statistical model they could get the value right on the nose or be $100,000 or more off.

It’s a bit of a crapshoot really. But it certainly depends on the property. And the day because they’re apparently updated daily.

For example, a 3-bedroom, 2-bathroom single-family residence built in 1982 in Your Town, USA may be assigned a Zestimate of $250,000, based on public data culled by Zillow.

You’ll also see a value range, which displays the high and low estimated value of the property.

A large range indicates less data/higher volatility, whereas a small range means Zillow has plenty of information to make an informed decision, and hopefully a lower median error rate.

In other words, if there are lots of sales in a given area where homes are pretty uniform (same style/size/layout/number of beds and baths), the Zestimate will probably be pretty accurate.

Conversely, if the property is unique and in a sparsely populated area where homes only sell a few times a year, the Zestimate may be a far cry from its true value. And this can be too low OR too high.

So if a multi-million dollar home sells next to yours, and it’s the only recorded sale over the past six months, your Zestimate will probably be inflated if it’s not truly a multi-million dollar home.

Zestimates may also appear to be too low if there’s a ton of demand in a certain area because home buyers are technically overpaying based on the value Zillow comes up with.

The opposite is also true. That being said, the seller won’t care that they’re selling well above their Zestimate so long as someone is willing to pay.

And if you make the “Zestimate is too high” argument, you’ll probably get laughed at by the seller and the real estate agent.

Of course, if I were buying a home and had the choice, I’d want to be making an offer on a home that was listed below the Zestimate, whether accurate or not. It’s not a must, but if I had the choice…

If you want to get really deep, you have to question what accurate really means. Is what a property is worth what you should pay for it? Does it matter what it’s “worth” if someone is willing to pay an entirely different amount?

I’m sure over time we’ll see improved Zestimate accuracy, which is a good thing, but it will always leave many unanswered questions like those just posed. Then again, so will full-blown appraisals.

In fact, there have been three different versions of the algorithm released thus far (2006, 2008, 2011, and 2019) with probably more to come.

Note: Only about 100 million homes have an associated Zestimate, so you could get extremely unlucky, but chances are the property you’re researching will have one.

The 2019 Zestimate Update

In late June 2019, Zillow announced a major update to its Zestimate, calling it the “most sophisticated and accurate” version to date.

What makes it different now is that it relies upon so-called computer vision and neural networks to identify and value any improvements present in a home, along with real-time data.

For example, it can analyze a property’s photographs and determine if a countertop or fixture is high-end or low-end, merely by classifying different patterns found in the pixels.

It’s pretty wonky stuff, a product of the $1 million Zillow Prize science competition that spanned two years.

But if your house has nice stuff inside, like a new kitchen, and perhaps good curb appeal outside, it can help pump up its value.

It appears to go beyond the black and white data stuff to find the qualities that make a particular property special or unique, and most importantly, more valuable.

The use of real-time data will bolster accuracy as well, with the list price and time on market of for-sale homes also factored in.

As a result of the update, Zillow says the error rate is now less than 2%, meaning half of all Zestimates will fall within 2% of a home’s eventual selling price.

That’s down from nearly 5% in prior iterations, which should be welcome news to those who saw their value go up (and not down!).

A Zestimate Is Not an Appraisal!

Despite what you might think or hear
A Zestimate is not an appraisal, Zillow says this verbatim
It’s just an estimated market value
Also check out the market appreciation number for increased accurary

This is where things get ugly. A lot of homeowners, and I suppose some in the industry, seem to get tripped up into thinking a Zestimate is a home appraisal.

Zillow explains right on its informational page that a Zestimate is not an appraisal, and cannot be used in place of an appraisal.

Why? Because Zillow hasn’t physically inspected your home, like a real appraiser would.

And the data they receive may be dated, incomplete or inaccurate, especially if recent changes have been made to the home in question, such as major home improvement, or if a home has just sold nearby.

Of course, they do allow homeowners to edit their home facts if thing change.

But it’s still really nothing more than a home value estimator, just like the Redfin Estimate.

Zillow also shows a so-called “market appreciation” tab in the Zestimate section for certain properties that reveals the local housing market appreciation. I’ve seen it for homes in Los Angeles.

For example, if home prices rise by 10% in a given neighborhood since purchase, they’ll provide a sale-based estimate by combining the purchase price and the dollar amount of that appreciation.

So a home that sold for $250,000 with 10% appreciation would get an estimate of $275,000, which could exceed the home’s Zestimate.

Different properties have different types of estimates available, all of which you’ll be able to see on the individual property page.

Regardless, you can’t get a mortgage with a Zillow Zestimate. You’d be laughed right out of the bank.

An appraisal from a certified appraiser will be required by the mortgage lender to obtain financing in most cases unless you’re paying with cash.

So what does that tell us? Well, it means Zestimates are exactly what Zillow says they are, a starting point. An idea, a ballpark, an estimation of a home’s value using a computer. The actual sales price could be entirely different.

In other words, take them with a huge grain of salt, just like advertised mortgage rates. But still brag to your friends if and when your Zestimate rises!

Apache is functioning normally

May 2, 2023 by Brett Tams

Let’s talk about mortgage marketing for a moment.

I’d hate to call it deceptive, since that’s a term used by the FTC and other government outfits to call out shady companies doing less than kosher things. So that may be a bit harsh.

But I would define some of the mortgage advertising out there at the moment as slightly “misleading.”

You see, there are ads, whether they’re in your local newspaper, on a billboard, at a bus stop, or online, which advertise a “low fixed rate” on your home loan.

Unfortunately, many of these aren’t really fixed-rate mortgages. In fact, they’re quite the opposite.

Your Fixed-Rate Mortgage Is an ARM

There’s a new trend in mortgage advertising
Where lenders advertise ARMs as if they’re fixed
Using the initial fixed-rate period on hybrid ARMs to their advantage
Then explaining that it can adjust in the fine print below

Say what? That’s right. These purported fixed-rate mortgages are often adjustable-rate mortgages, otherwise known as ARMs, and more harshly referred to as “exploding ARMs” by those who got burned by interest rate resets.

You see, somewhere along the way mortgage lenders got the bright idea that they could advertise super low mortgage rates on popular 30-year mortgages by exploiting the amortization period.

Most mortgages, whether they’re truly fixed for the life of the loan or adjustable, have a 30-year term.

So a 5/1 ARM is still a 30-year mortgage, but the mortgage rate is only fixed for the first five years before becoming annually adjustable for the remaining 25. That’s a pretty important detail.

This makes it a so-called “hybrid ARM” because it has both a fixed and adjustable-rate component during the full mortgage term.

A 30-year fixed mortgage, on the other hand, has an interest rate that’s fixed for 30 years. That means the mortgage rate never changes. Ever.

As a result, you would expect the hybrid ARM to come cheaper than the 30-year fixed for that future interest rate uncertainty. In fact, a whole 25 years of uncertainty.

And indeed, the 30-year fixed is currently pricing around 4%, while the 5/1 ARM is pricing around 3%, per the latest Freddie Mac data.

[30-year fixed vs. ARM]

The Gray Area in Mortgage Advertising

If you take the time to read the advertisement closely
It says 5-year fixed 30-year term mortgage
So if we break that description down
It means it’s adjustable for the remaining 25 years, a pretty important detail

Advertisers can use this gray area to offer you a remarkably low mortgage rate by highlighting the fixed portion of hybrid ARMs, while brushing aside the adjustable period that follows.

So that “3% 30-year mortgage rate” you’re seeing is indeed too good to be true. You’re simply being offered an ARM at the standard market price, while probably thinking the rate is fixed for 30 years.

That isn’t to say this won’t be explained before you sign on the dotted line, but the blaring bold-texted rate may be enough to get you in the door before the bait-and-switch happens.

For this reason, it’s very important to read the fine print and ask plenty of questions before agreeing to anything.

Mortgage professionals know home loans are complicated business, and some bank on borrowers not knowing the difference between one product and another.

Read more: What mortgage rate can I expect?

Source: thetruthaboutmortgage.com

Apache is functioning normally

May 2, 2023 by Brett Tams

A week or so ago, I was scanning through my archived posts and it occurred to me that my blog’s 10-year anniversary was just days away.

I found the first post I wrote and laughed a bit as I read it, thinking how naïve and young I was at the time. I was in my mid-20s, working for a wholesale mortgage lender and pondering a home purchase.

But property values were sky-high at the time and I was aware of that. I couldn’t wrap my head around buying a place at those prices. And in hindsight, I’m glad I didn’t.

I know a lot of people who did buy back then, and many no longer own their homes, while some actually stuck it through and are now sitting fairly pretty.

Those Who Held On Since 2006 Are Doing Fine

As mentioned last week, time tends to heal all real estate wounds. Even if you buy at a particularly bad time, if you hold onto your property and pay down your mortgage, you’ll likely come out ahead.

The problem 10 years ago was that the mortgages tied to those expensive properties weren’t sustainable. Many borrowers couldn’t afford to hold them beyond their first rate reset, which may have come in just six months’ time.

But for those with a fixed-rate mortgage, or the income to endure the ups and downs, it was possible to ride out the storm and wind up in a decent equity position.

Let’s pretend someone purchased a home back in July 2006, when home prices peaked, for around $650,000. Today, prices might be closer to $750,000, thanks to rapid appreciation over the past several years.

Sure, that same property may have fallen as low as $450,000 at some point in time over the past decade, but things have corrected big time.

For sake of simplicity, we will assume they took out a 30-year fixed at a rate of 6.76%, the average for July 2006 per Freddie Mac data.

If they put 20% down, that would leave them with a starting loan amount of $520,000. The monthly payment on that loan at 6.75% would be a whopping $3,372.71 per month.

Had they held the loan for 10 years, the balance would be whittled down to roughly $444,000. Assuming prices today are closer to $750,000, they’d have over $300,000 in home equity. Not too bad for buying at the height of the market.

Chances are they would have refinanced too, to a lower rate, so they’d be in pretty good shape, even if some years were especially brutal.

Rates Were Nearly Double 10 Years Ago

Today, mortgage rates are nearly half what they were a decade ago. Using Freddie Mac data, the 30-year fixed has fallen from 6.76% in July 2006 to 3.48% today.

That’s very close to double, and might explain why home buyers are snapping up properties left and right at the moment.

If you factor in inflation since 2006, home prices are actually pretty flat. Using a CPI calculator, a $650,000 home purchase in 2006 is equivalent to buying a $777,000 home today.

The difference is that you get an interest rate that is nearly half what it was back then. That seems like a pretty good deal, even if it all feels a bit frothy given the massive gains recently.

Mortgages Are Boring Now

So we know home prices are reasonable, and interest rates are super cheap, and to make matters even better, mortgages are ultra-boring these days.

When I was working for a lender in the early 2000s, it was more common to originate an option arm than it was a 30-year fixed. If it wasn’t an option arm, there’s a good chance it was some kind of adjustable-rate mortgage.

It likely wasn’t a 15-year fixed, and if it was a 30-year fixed, it may very well have been interest-only as well.

Today, most mortgages are fully-amortized 30-year and 15-year fixed mortgages, meaning borrowers are paying down their mortgages and enjoying payments that never change over the course of the loan.

This makes the situation even better for everyone because we shouldn’t see a deluge of foreclosures anytime soon due to unsustainable mortgage payments.

To sum it up, relatively flat home prices, rock bottom rates, and plain vanilla mortgages. Sounds good.

What We Should Worry About Over the Next 10 Years

While the current situation looks pretty solid on paper, home prices have increased dramatically, and without the availability of ultra-low mortgage rates, we could face some serious affordability issues.

Heck, folks are already having trouble affording homes in certain hotspots throughout the country, even if they’re making money hand over fist.

Another big problem developing is the lack of a down payment, which was one of the major catalysts during the prior crisis. No skin in the game.

We aren’t quite at zero down nationwide again, but there are many more low-down payment options available today than there were a year ago.

Today, we’ve got plenty of 3% down options at our disposal via programs like Bank of America’s Affordable Loan Solution and the Wells Fargo yourFirstMortgage.

If 3% down is still too much for you, you can now take advantage of 1% down programs from Guaranteed Rate and United Wholesale Mortgage.

Or if you don’t want to provide any down payment at all, you can go with BancorpSouth, Fifth Third, or simply take out a USDA loan.

Of course, the payment (and interest rate) will be higher if you put nothing down. But there is at least one company willing to split the down payment with you in order to keep your LTV at 80% or less.

Things could get ugly again if higher and higher home prices force lenders to come up with the creative financing of old, especially if inventory rises at the same time. But I don’t think we’re there just yet.

Looking back over the past 10 years, a lot has changed and a lot has remained the same. We went through one of the worst crises in recent history but came out stronger, as we usually do.

For those who stuck it through, they should be back above water and in a good equity position.

Those who sold (by necessity or by choice) and are working to get back in the housing market might find themselves in the unfortunate position of buying nearer to the top, again. But at least they’ll get a really low mortgage rate this time around.

It’s hard to say what the future will hold, or how the next decade will play out. But when I read my first post, it feels like we’re facing the same problems again, just without the bad mortgages. In place of exotic financing features are interest rates at 50% off.

What goes down must come up, right? What happens when rates rise? Are we destined to repeat history or will we get it right this time around? Maybe there is no right and wrong. Maybe it’s all cyclical and booms and busts are just a part of life.

Perhaps it doesn’t matter if you don’t speculate and just buy a home you can genuinely afford that you also truly love.

Source: thetruthaboutmortgage.com

Apache is functioning normally

May 2, 2023 by Brett Tams

These days, many people’s spending habits are ruled by plastic. Debit cards, credit cards, and mobile wallets make transactions easy and effortless, but they can also make it easy to wind up with a mountain of debt and risky financial habits.

As of 2022, U.S. consumers owed more than $986 billion in credit card debt. For some people, it might be worth trying out an all cash diet to help develop healthier spending habits.

Read on to learn some of the pros and cons of a cash diet plan, and how using cash may help you think about your money habits in a new way.

What Is a Cash Diet?

For people who are dealing with debt, a cash diet may provide an opportunity to develop more transparent spending — which may help in getting a handle on existing debt and manage money better.

A cash diet plan involves using only cash for all of your day-to-day expenses. This could include paying for your groceries, filling up your gas tank, or covering the bill for a meal out with a friend. Fixed expenses, such as rent, bills, or any existing debt payments, generally aren’t included.

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What Are Some Pros of a Cash Diet?

One of the biggest potential benefits of an all cash diet is seeing what you spend. When using cash to pay for daily expenses, you can feel the immediate loss of a dollar spent. When using credit or debit cards, the impact of the money you’re spending is delayed, potentially making it easier to overspend or rack up debt.

Another possible benefit of a cash diet is that it may provide more oversight over your expenses and budget. If you take out a specific amount of money, it’s easy to keep track of how much you’ve spent by simply looking at the amount of cash you have left. This could help you learn how to be better with money.

Overall, adopting an all cash diet could provide you with more control and awareness over your spending decisions.

Recommended: Five Ways to Achieve Financial Security

What Are Some Cons of a Cash Diet?

Though a cash diet plan can provide some sound opportunities for becoming mindful of your spending, there may also be some downsides. In some places, restaurants and other businesses are increasingly going cashless. Depending on which establishments you usually go to, an all cash diet could prove to be a challenge.

Additionally, unlike many major credit cards and debit cards, cash isn’t covered in case of theft or loss. This is something worth considering depending on how much money you plan to carry with you at a time.

Credit cards often offer perks that can incentivize signing up and spending, such as credit card rewards points and miles, and cash back programs. Using cash comes with no such rewards. If you’re considering switching over to an all cash diet for the long term, it’s worth considering how losing access to these kinds of benefits may impact you.

It’s also worth noting that an all cash cash diet may not strengthen your credit score. That’s because your credit score is derived from data on how you manage credit month to month and over time.

Starting a Cash Diet?

If you’ve decided to try out an all cash diet, you might want to start by creating a budget. Once you’ve determined your average monthly net income, outline the fixed expenses you have — such as rent, bills, and debt payments — and figure out how much money you have left over after paying them.

Whatever money is left over represents the maximum you’re able to spend on day-to-day costs, such as food and gas. Cash dieters typically withdraw this amount in cash. Some might prefer to budget for the amount of time between pay periods or to stick to a monthly cash diet plan. The choice is up to you.

From there, a common way of organizing a cash diet is to use the envelope method. This includes outlining each of your spending categories — such as social activities, food and groceries, and shopping — and distributing your money across each area based on how much you typically spend. The cash for each of these categories is put in a separate envelope, which may make it easier to stay on top of your spending.

Since life isn’t exactly predictable, you might want to consider creating an additional envelope for unexpected expenses that may not fall into a regular category. An emergency fund could help cover unexpected costs like a car repair.

Managing an All Cash Diet?

Though it may sound simple in principle, using a cash diet isn’t always smooth sailing. For instance, if you run out of cash before it’s time to replenish your envelopes — whether that’s at your next paycheck or at the beginning of the month — a cash diet dictates that you won’t be able to buy anything else.

Though an all cash diet may be helpful in improving your understanding of your spending habits and helping to curb impulse spending, it can also mean that you may have to get creative about how you deal with cash shortages without reaching for your credit card.

On the other end of the spectrum, there is a chance you may have some cash left over. If this happens, you could consider depositing it in your emergency savings account.

If you don’t already have a fund for emergencies, you may want to start one with any cash you have left over. If you have enough to save and put towards your current debt, then you might consider using the cash to make an extra payment on your highest interest debt.

Understanding Your Spending Habits

Depending on your individual situation and goals, a cash diet may be a temporary experiment or a long-term strategy. You could try it out for a month to see how you feel.

Whether you’re in it for the short-term or the long haul, you may find that a cash diet gives you space to reflect on your money habits and develop a better understanding of where your money is going. A cash diet plan can be a valuable experience and can make it easier to build a more sustainable financial future.

3 Money Tips

If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.
If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.
If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

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Apache is functioning normally

May 2, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

Over the past five months, I’ve had the unexpected pleasure of traveling the country with Mint to talk in 11 different cities about money in celebration of the book my company recently released, The Financial Diet. My partner Lauren and I, along with our spouses or other members of the TFD team, joined Mint up and down both coasts and in the middle of the country to speak honestly with our audience about what money means to them, and the unique challenges that their city brings, financially. (Oh, and we also drank awesome wine and had tons of great finger food — but that joy was somehow secondary to the genuine love we felt being with the community we have grown over the past few years.)

And talking about money, for us, isn’t just a hashtag, or a way to promote our book. It is the very reason we have done what we do these past few years, the thing that motivates us when we get up each day for work. Because if I hadn’t been lightly pushed by my exasperated then-boyfriend to download Mint four years ago, and forced myself into a conversation about my finances that has grown past anything I could have ever conceived, I would still almost certainly be in a position where money alternately terrified and bored me. I was terrible with money because I refused to talk or even think about it, and everything from ruining my credit score to going into credit card debt felt completely irreversible because of that fundamental fear. But I know now that in talking about money, in confronting it head-on and making it a value-neutral, ongoing conversation in your life, you can overcome any obstacle or fix any mistake, financially. Life is long, and today is always the best day to get started living it well.

<img width="530" height="400" src="https://blog.mint.com/wp-content/uploads/2018/04/TFD_0005_6.png?w=530" class="size-full wp-image-68652" alt decoding="async" loading="lazy" lazy="1" data-attachment-id="61" data-permalink="https://mint.intuit.com/blog/tfd_0005_6/" data-orig-file="https://blog.mint.com/wp-content/uploads/2018/04/TFD_0005_6.png" data-orig-size="530,400" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="#TalkAboutMoney" data-image-description="

#TalkAboutMoney

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#TalkAboutMoney

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#TalkAboutMoney

It was interesting, though, seeing that even amongst the groups of women who came to our events, who came from incredibly diverse backgrounds and approached their individual finances in entirely different ways, that there were themes which kept reappearing over and over. Yes, there were unique challenges to each city (Austin is growing much too quickly for its residents to keep up, Atlanta is in desperate need of improved public transportation), but there were also common threads that we heard almost without exception at each stop. Here, the four things we heard most frequently while talking about money on the road.

“My partner and I don’t agree about how to deal with money. How do we overcome that?”

One of the biggest recurring themes at our tour events was the idea that couples fundamentally disagreed on how to handle, or even talk about, money. And that’s not surprising — everyone comes to a relationship with money baggage, whether it comes from being raised with a lot of it, very little of it, or something in-between. Some people were raised to avoid the topic entirely, others were taught to micromanage every detail. And as our money and relationships expert Olivia Mellan explains in our book, the most common dynamic in relationships is a spender who is married to a saver, in whatever form they may take. One person simply plays closer and more conservatively with money than the other, and from that fundamental disagreement can stem near-endless problems.

But two fundamental components of any healthy, long-term relationship from a financial view are 1) speaking openly and frequently about money, so that secrets cannot accrue or small cracks cannot expand, and 2) having a separate, independent bank account for each member of the couple which is totally their own. Even if it’s just a very small amount, a tiny discretionary fund, it is so important for each person to feel empowered and fulfilled by what they want to spend (or save) on without having to ask the other person for permission.

In your “fun fund,” you might want to devote half to saving for a girl’s trip and half to spending on skincare products. Or you might want to use it to take yourself to movies and dinner sometimes, or just save for something big you can’t even imagine yet. But having money that is entirely individual provides a release valve for all of the other compromises that will be made on the money you share.

Two people never have to fully agree on money, but they do have to learn to live with one another’s money baggage and differing approaches. Having the topic be an open, value-neutral one, and having that separate money for individual spending, allow that to happen.

“What do you do when you earn much more than your friends, or much less?”

One story I found myself telling over and over on the tour was the experience I had through high school and college, when I was a decidedly middle-class person in an undeniably rich-kid town. I socialized with many, many people whose parents earned (literally) ten times what mine did, and whose lives and access looked wildly different as a result. And aside from profoundly skewing my idea of what “normal” was — I didn’t know then that it wasn’t normal to have many friends who went to a $30,000-per-year high school — it also led me to spend money I didn’t have in an effort to keep up appearances.

I went into credit card debt, tanked my credit score, and drained eight years’ worth of summer job savings all in the span of about a year, wasting that money on a lifestyle that never belonged to me. And from that experience, I learned that the most important thing anyone can do for their mental health when it comes to the finances of your social life is to make sure that you have at least some friends who are close to your level, financially, because being the only one on one side or another of the spectrum will only lead to a distortion of perspective and deep self-consciousness.

<img width="530" height="400" src="https://blog.mint.com/wp-content/uploads/2018/04/TFD_0007_8.png?w=530" class="size-full wp-image-68649" alt decoding="async" loading="lazy" lazy="1" data-attachment-id="58" data-permalink="https://mint.intuit.com/blog/tfd_0007_8/" data-orig-file="https://blog.mint.com/wp-content/uploads/2018/04/TFD_0007_8.png" data-orig-size="530,400" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="The Financial Diet Tour" data-image-description="

The Financial Diet Tour

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The Financial Diet book tour in Chicago

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The Financial Diet book tour in Chicago

Beyond that, it is up to the person who is more comfortable financially to lead the conversation, offer options, be candid with costs, and not expect the other person to follow suit. Having more money in a friendship is a great place of privilege, and one that requires both sensitivity and understanding that the conversation might not come easily to the person with less. But above all, no matter how much you earn, the phrase “it’s not in my budget” needs to be in everyone’s vocabulary. There is nothing chic about going into credit card debt to pay for someone else’s idea of a social life.

“Do I really have to have a retirement account?”

At the risk of sounding like your parents, yes. Absolutely yes.

And although the women at our events were almost universally savvy, motivated women, this question came up again and again. Having a retirement account can feel like that sort of vague, important-in-theory thing you can easily put off, but every day you are not putting that pre-tax money away (and particularly if you are missing out on an employer match) is a day you will be kicking yourself for later.

Although it may not feel that way, we will all want to retire one day, and not having the option to leave our jobs is something that no one should have to face. The younger you start saving, the more time you have to let that money grow and work for you, and although it may not be as immediately-satisfying as spending that money on something you want in the short term, once you start your retirement saving, there is a profound comfort to be found in watching it grow over time and knowing that that money is the nest you are building for yourself, because you care about yourself enough to take care of Future You.

“How do I balance paying off my loans with living life?”

Ultimately, the biggest question that most people face when it comes down to the day-to-day of personal finance is how to live the life you want while doing what is right for you. And for many people, that means balancing their loan payments (which for many people can feel overwhelming) with the other things you’d frankly much rather be doing with your money. But something we have learned over the years at TFD is that, first of all, you probably need much less than you imagine you do to be happy.

<img width="530" height="400" src="https://blog.mint.com/wp-content/uploads/2018/04/TFD_0001_2.png?w=530" class="size-full wp-image-68650" alt decoding="async" loading="lazy" lazy="1" data-attachment-id="59" data-permalink="https://mint.intuit.com/blog/tfd_0001_2/" data-orig-file="https://blog.mint.com/wp-content/uploads/2018/04/TFD_0001_2.png" data-orig-size="530,400" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="The Financial Diet Dream Team" data-image-description="

The Financial Diet Dream Team

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The Financial Diet Dream Team: Annie Atherton, Chelsea Fagan and Lauren Ver Hage

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The Financial Diet Dream Team: Annie Atherton, Chelsea Fagan and Lauren Ver Hage

When we were first starting the company and could not take a salary for over a year, Lauren and I suddenly saw our household incomes drop by nearly half, and had to severely reduce our lifestyles as a result. And though it was self-imposed in starting a business, it taught us that so much of what we were spending on, so much of what we felt was necessary to our happiness or fulfillment, was really just mindless buying.

Lauren as an example lived at home until she was 25 in order to help pay down her loans, and though she certainly longed to live on her own earlier, she was able to find a readjusted idea of happiness while living with her parents. When I went to community college instead of the four-year schools I dreamed of to save money, I wished I could sign on the dotted line to go to those dream schools, but I learned to be happy in the life I was living.

The greater the gap you can create between “what you could technically afford to spend” and “what you need to spend in order to live well,” the wealthier you will feel, regardless of what you earn. And if repaying loans is part of your day-to-day money life, you must learn to treat that money as never yours in the first place — you can’t count what your life would be like with that loan money and then watch it go out the door, or you will be full of resentment and envy each month.

You have what you have, you owe what you owe, you are who you are.

Now with all that information, take stock of your life. Go through every purchase last month and highlight every one you don’t remember making. Realize how much of your spending is done without even thinking, and how many purchases really don’t bring you much happiness in the long run. And if you can start thinking about your money like that — reduced down to the essence of what matters, and what has real value — suddenly the balancing act won’t seem nearly as hard as you thought.

<img width="530" height="400" src="https://blog.mint.com/wp-content/uploads/2018/04/TFD_0000_1.png?w=530" class="alignnone size-full wp-image-68651" alt decoding="async" loading="lazy" lazy="1" data-attachment-id="60" data-permalink="https://mint.intuit.com/blog/tfd_0000_1/" data-orig-file="https://blog.mint.com/wp-content/uploads/2018/04/TFD_0000_1.png" data-orig-size="530,400" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="The Financial Diet Book Tour" data-image-description="

The Financial Diet Book Tour

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Chelsea is the co-founder of The Financial Diet, a media company for women who want to talk about money. She tweets.

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Source: mint.intuit.com

Apache is functioning normally

May 2, 2023 by Brett Tams

By Peter Anderson 2 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited April 17, 2013.

If you’re leaving a job that you’ve been at for a while it can be tough to think about much else beyond trying to find a new job, or getting acclimated to your new one. There are resumes to brush up on, skill sets to improve and connections to make.

There are other things that you need to think about beyond a new job, however, that are important as well. Things like doing a 401k rollover from your old job’s plan to an IRA you’ve set up on your own.

So where do you start?

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What Are Your 401(k) Options When Leaving A Job

When you’re leaving a job, you have several different options of what to do when it comes to your 401(k).

Leave it in the current plan: You can just leave your 401(k) where it is and not touch it. If you’ve got a great plan that has good low cost investments and low fees, you may want to consider doing this. The thing is, usually you can do better to moving to your own IRA through a discount brokerage or mutual fund company.
Cash it out: You can choose to cash out your 401(k) plan when you leave the job. Honestly though I think this is an awful idea because if you’re not 59 1/2, you’ll be subject to a 10% early withdrawal penalty, along with your current combined state and federal tax rates. Assuming you have a combined rate of 35%, and a penalty of 10%, you’re only going to be left with 55% of your money. If you had $100,000 in the account, you’ll be left with $55,000 after penalties and taxes. Don’t lose out on all that money just by withdrawing it early.
Roll it over to an IRA: Rolling over your 401(k) to an IRA that you’ve set up at an external brokerage or company like Vanguard is probably the best option. It will allow you to have access to more and better funds, lower costs and more control.
Roll over to a new 401(k): If you already have a new job and 401(k), you may want to consider rolling the funds over if it’s a good plan. Typically you can do better rolling to an IRA, however.

So when it comes down to it, my suggestion is to roll the funds over to your own IRA at a company like Vanguard, or a discount brokerage.

Reasons To Rollover Your 401(k) To An IRA

There are a variety of reasons why you may want to rollover your 401(k) to your own IRA once you’ve left your old job. Here are a couple of the biggest:

Better investment options in an IRA: When you invest in your company sponsored 401(k) the plan that they have set up may not have that many investment options, or the ones that they do may not be the greatest. Many only offer one index fund, something like a S&P 500 index fund, and a few other low cost options. Rolling over your funds will give you more investment options in order to maximize your returns.
Lower fees in an IRA: Quite often a 401(k) through your company will have a bunch of pre-selected mutual funds that don’t have very good expense ratios. On top of that the plan may have an annual management fee or other miscellaneous fees. By moving to your own IRA you can select low cost mutual funds and index funds that will allow you to cut down on expenses.

It should be stated that there area few situations where you may not want to rollover your 401(k), but I won’t go over those here as they’re few and far between. Situations like if you’re retiring early, planning a roth conversion, or situations where you’re dealing with a large amount of company stock.

How To Rollover Your 401(k)

When you’ve decided to rollover your 401(k) to an IRA, there are a few steps you’ll need to go through.

Open an Individual Retirement Account (IRA): If you haven’t already, open an IRA at a discount brokerage, or mutual fund company. Here’s a post looking at how to choose a IRA custodian.
Contact your old 401(k) provider, get forms: You’ll want to contact the provider of your old 401(k) to verify that you don’t have any limitations on rolling over funds. Then request the forms you’ll need in order to initiate the process. Make sure to ask what information you’ll need from your new IRA plan.
Contact your new IRA provider, verify account setup: You’ll want to talk to your new plan administrator, whether it is a discount brokerage or company like Vanguard, and verify that your account is ready to receive transferred funds. Next, verify any information that you need for the old 401(k)’s transfer forms.
Fill out the forms, verify direct rollover of funds: When you have the forms, make sure that they are completely and correctly filled out to ensure no costly mistakes. Make sure that you’re asking for a trustee-to-trustee transfer or direct rollover of the funds. Have them send the check directly to your new IRA company. If your old company does an indirect rollover and cuts a check for the balance of your 401(k) in your name they will withhold 20% for taxes. You are then required to deposit the total amount of your balance (before 20% was deducted) into your new 401(k), or you could be subject to taxes and a 10% penalty for the amount under your total balance – a penalty for early withdrawal. For example, if you have $100,000 being rolled over, in an indirect rollover the company would cut a check for $80,000 and withhold $20,000 for taxes. Then you are required to take the $80,000 plus $20,000 of your own money and deposit it at your new IRA within 60 days, or be subject to taxes and penalties. The extra 20k that was withheld for federal taxes will be returned when you file your return as long as you deposit all 100k in your new plan.

401(k) To IRA Rollover Conclusion

Leaving an old job can be stressful, and sometimes it can be a pain to try and roll over on old 401(k) – but it’s an important thing to investigate.

Typically your best bet is going to be either to roll your funds over to an IRA with a discount brokerage or mutual fund company, and to do a direct rollover of funds so you don’t have hairy tax situations to mess with. There are other options to take, so make sure to investigate it for your own situation and proceed down the best path for you.

Source: biblemoneymatters.com

Apache is functioning normally

May 2, 2023 by Brett Tams

Our rating

IHG® Rewards Traveler Credit Card

Sign-Up Bonus: Earn 80,000 bonus points after you spend $2,000 on purchases in the first three months from account opening. That’s worth up to two free nights at 5,000+ IHG properties worldwide.
Rewards on IHG Purchases: Up to 17x points
Bonus Non-IHG Rewards: 3x points on dining, utilities, select streaming services, and gas stations
Base Rewards: 2x points
Elite Status: Automatic Silver Elite status with membership — upgrade to Gold Elite status with $20,000 annual spending
Annual Fee: $0
Credit Needed: Good – Excellent

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If you only stay in hotels a handful of times each year, it’s fair to wonder whether you should bother with a branded hotel credit card. Though these cards tend to have generous benefits for frequent guests, most charge annual fees that are difficult for occasional guests and light spenders to offset. Most, but not all.

One exception is the Chase IHG® Rewards Traveler Credit Card, which favors spending at nearly 6,000 IHG hotel and resort properties worldwide. As a cardholder, you earn bonus points on these purchases (and some non-hotel purchases too) while enjoying complimentary Silver Elite status in the IHG One loyalty program.

The IHG Rewards Traveler card is ideal if you can easily stay at widely available IHG properties like Holiday Inn Express, Candlewood Suites, and InterContinental Hotels when you travel, regardless of how frequently that happens. But it’s not the best choice if you’re on the road every month. So before you apply, carefully consider the pros and cons.

What Is the IHG Rewards Traveler Credit Card?

The IHG Rewards Traveler Credit Card is a hotel credit card with no annual fee. Designed for people who regularly stay at IHG hotel and resort properties, it rewards IHG purchases to the tune of up to 17 points per $1 spent.

The IHG Rewards Traveler card earns rewards on non-hotel spending as well. Restaurant, gas station, utilities, and streaming purchases all earn 3 points per $1 spent, inching ahead of the 2x base rate on general spending.

The IHG Rewards Traveler card has some other notable benefits, including automatic Silver Elite status in the IHG loyalty program and spending-based opportunities to earn extra bonus points and higher loyalty status. But it’s less generous than most hotel credit cards and — at least for frequent IHG guests — overshadowed by the perks-laden IHG Rewards Premier Credit Card.

What Sets the IHG Rewards Traveler Credit Card Apart?

The IHG Rewards Traveler card stands out from other hotel credit cards for several reasons:

No annual fee. Most hotel credit cards have annual fees, so fee-free is a notable feature. It increases the card’s appeal for occasional IHG guests.
Above-average sign-up bonus. For a no-annual-fee card, the IHG Rewards Traveler card has an extremely appealing sign-up bonus for new cardholders. While not quite as generous as annual-fee cards like IHG Rewards Premier, it’s reliably worth at least two free nights at more than 5,000 IHG properties worldwide — several hundred dollars in value.
Broad 3x bonus categories on non-hotel spending. This card earns bonus points on purchases in several non-hotel categories: restaurants, gas stations, utilities, and select streaming services. These categories are broadly popular. You likely make at least one monthly purchase in each, and probably much more than that.

Key Features of the IHG Rewards Traveler Credit Card

Like other hotel credit cards, the IHG Rewards Traveler card has a rewards program that uses its hotel partner’s loyalty currency — in this case, IHG points. It has some other notable perks as well, including automatic loyalty status and a spending-based status upgrade opportunity.

Sign-up Bonus

Earn 80,000 bonus points after you spend $2,000 on purchases in the first three months from account opening. That’s worth up to two free nights at 5,000+ IHG properties worldwide.

Earning Rewards

The IHG Rewards Traveler Credit Card reserves its best return for purchases at IHG hotels and resorts, including bookings and purchases made at the properties themselves. These purchases earn up to 17 points per $1 spent, broken down as follows:

10x points just for being an IHG loyalty program member
2x points with Silver Elite status, a complimentary perk of the Traveler card
5x points with the card itself

Purchases in non-hotel categories earn 3x points:

Restaurants
Gas stations
Utilities
Streaming services

All other eligible purchases earn 2x points, with no caps or restrictions on how much you can earn. Points expire after 12 months of inactivity, so be sure to earn points (through spending) or redeem them at least once per year.

Annual Spend Bonus

When you spend $10,000 on your card in a calendar year, you earn 10,000 bonus IHG points. These points work the same as points earned on everyday card spending.

Redeeming Rewards

It’s best to redeem your IHG points for award stays (free nights) at participating IHG hotels and resorts.

Redemptions start at 10,000 points per night for budget-friendly hotels and range up to 70,000 points per night at luxe properties. Actual nightly point requirements vary by location and demand, but you can generally get by with 25,000 points or fewer per night at lower-end brands like Holiday Inn Express and Candlewood Suites. Resorts and more amenity-rich urban properties typically require 30,000 points or more per night.

Fourth Night Free With Qualifying Redemption

When you redeem IHG points for three consecutive award nights at any participating property, you automatically get the fourth night free. Keep it in mind when you book. There’s no reason not to extend your stay if you can.

Automatic Silver Elite Status

The IHG Rewards Traveler card comes with complimentary Silver Elite status in the IHG One loyalty program. Benefits include:

20% bonus points on paid IHG stays — that’s 2 points per $1 spent, which counts toward the total of 17 points per $1 spent on IHG spending with this card
Priority check-in
Late checkout (2 p.m.)

Upgrade to Gold Elite Status With Qualifying Annual Spending

When you spend at least $20,000 on your card in a calendar year, you’re automatically upgraded to Gold Elite status. The benefits significantly improve on Silver Elite’s:

40% bonus points on paid IHG stays — 5 points per $1 spent instead of 2 points per $1 spent, for 20x total points on IHG spending with this card
Ability to roll over points to count toward next year’s status, making it easier to keep Gold Elite status moving forward
Priority check-in and 2 p.m. checkout

Travel & Purchase Benefits

The IHG Rewards Traveler card has four travel and purchase benefits of note:

Baggage delay insurance. This benefit reimburses essential purchases (like toiletries), up to $100 per day for three days when your bag is delayed more than six hours in transit.
Lost luggage insurance. If any of your luggage or an immediate family member’s is lost or damaged in transit, you can claim up to $3,000 in reimbursement for the bag and its contents.
Trip cancellation and interruption coverage. This benefit covers up to $5,000 per person and $10,000 per trip for prepaid, nonrefundable travel expenses (fares, hotels, and tours) forfeited due to illness, severe weather, and certain other covered situations.
Purchase coverage. This benefit covers loss and damage to covered items purchased with the card, up to $500 per item and $50,000 lifetime per account for 120 days from purchase.

Important Fees

This card has no annual fee or foreign transaction fees. Other fees may apply — see pricing information.

Credit Required

This card requires good or excellent credit. If your FICO credit score is much below 700, you may have difficulty getting approved.

Advantages

The IHG Rewards Traveler card has a surprisingly generous set of perks for a no-annual-fee travel card.

Up to 17x points on eligible IHG purchases. All told, this card earns up to 17x points on eligible IHG purchases. Only 5x points come from the card itself, with the balance from your automatic Silver Elite status and IHG Rewards program membership. But it’s still a nice bump over what you’d earn without the card.
Above-average sign-up bonus. This card’s sign-up bonus isn’t super-generous as hotel credit cards go, but after accounting for the lack of an annual fee, it’s pretty impressive. Most no-annual-fee travel cards have less generous sign-up bonuses or none at all.
No annual fee. I can’t say it enough: The IHG Rewards Traveler card has no annual fee. That makes it ideal for occasional travelers who can’t justify an annual maintenance charge.
Multiple 3x bonus categories. This is another appeal for occasional travelers who spend most of their money on everyday expenses like fuel, food, and utilities.
Automatic Silver Elite status with card membership. Without this card, IHG Silver Elite status requires at least 10 paid nights at IHG properties in a calendar year. With this card, you get Silver Elite status automatically.
Spending-based points bonus. Spending $10,000 on a single credit card in a calendar year is a heavy lift for some folks, but if you can swing it, you earn an extra 10,000 bonus points. That’s significant progress toward your next IHG award stay.
Fourth night free with qualifying redemption. There’s an incentive to save up enough points to redeem for three consecutive award nights. When you do, you get a fourth award night free — no additional points or dollars needed.

Disadvantages

The IHG Rewards Traveler card is less generous than most hotel credit cards, including the IHG Rewards Premier card. And IHG’s rewards program is also less guest-friendly than Marriott’s or Hyatt’s. IHG has:

No 0% intro APR promotion. The IHG Traveler card has no 0% intro APR promotion. That’s a notable downside if you’re laboring to pay off existing high-interest credit card balances or looking to finance your next vacation on the cheap.
Gold Elite status upgrade requires heavy annual spending. If you want Gold Elite status without racking up 20 paid stays or earning 40,000 base points in a calendar year, you must spend $20,000 on this card during the same period. That’s a lot to ask many people. If it’s not a heavy lift for you, you can probably afford the annual fee on a more generous travel card.
Relatively few value-added perks. Other than automatic Silver Elite status, the IHG Rewards Traveler card has limited value beyond its rewards program. By contrast, the IHG Rewards Premier card comes with complimentary Platinum Elite status, a free award night each year after your account anniversary, credits against eligible expedited entry programs (like TSA PreCheck), and complimentary DoorDash DashPass membership (good for free delivery on eligible orders).
IHG points aren’t worth much. Valuing hotel loyalty currency is always tricky, but it’s not up for debate that IHG points are worth less than some competing hotel loyalty programs’ currency. Marriott Bonvoy points and World of Hyatt points are both worth more when redeemed for award stays. You might need just 20,000 Bonvoy points and 15,000 Hyatt points to get a free night at a full-service downtown hotel, versus 35,000 or 40,000 IHG points.

How the IHG Rewards Traveler Credit Card Stacks Up

The IHG Rewards Traveler Credit Card is a fine choice for occasional travelers who tend to stay at IHG properties when they venture away from home. However, if you hit the road more often, the IHG Rewards Premier Credit Card might be a better fit. Compare them head-to-head before you apply.

	IHG Rewards Traveler	IHG Rewards Premier
Sign-Up Bonus	Yes, worth 80,000 points	Yes, worth 140,000 points
IHG Rewards	17x points	26x points
Bonus Rewards	3x points on select categories	5x points on select categories
Base Rewards	2x points on all other purchases	3x points on all other purchases
Elite Status	Silver (potentially Gold)	Platinum
Annual Points Bonus	10,000 bonus points with $10,000 spent	None
Annual Free Night	No	Yes
Annual Fee	$0	$99

Final Word

You don’t have to stay at an IHG property every month — or every quarter — for the IHG Rewards Traveler Credit Card to make sense. You don’t pay anything to keep it in your wallet. Yet it still boasts a generous rewards program and complimentary Silver Elite status.

It’s truly a hotel credit card for people who don’t consider themselves seasoned travelers. But by the same token, it’s not the best choice for people who spend a significant amount of time on the road.

If you’re not sure which is right for you, start with the IHG Rewards Traveler Credit Card. If you find yourself yearning for more and better benefits and traveling often enough to justify a $99 annual fee, you can upgrade to the IHG Rewards Premier Credit Card.

The Verdict

Our rating

IHG® Rewards Traveler Credit Card

Sign-Up Bonus: Earn 80,000 bonus points after you spend $2,000 on purchases in the first three months from account opening. That’s worth up to two free nights at 5,000+ IHG properties worldwide.
Rewards on IHG Purchases: Up to 17x points
Bonus Non-IHG Rewards: 3x points on dining, utilities, select streaming services, and gas stations
Base Rewards: 2x points
Elite Status: Automatic Silver Elite status with membership — upgrade to Gold Elite status with $20,000 annual spending
Annual Fee: $0
Credit Needed: Good – Excellent

Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

Apache is functioning normally

May 2, 2023 by Brett Tams

Whether you’re planning to visit your bank for a routine transaction, open a new bank account, or consult a financial advisor, it’s essential to know when banks are open or closed.

This article provides an overview of bank hours, bank holidays, and what services are available during federal holidays. We’ll also discuss online and mobile banking alternatives that can save you time and offer added convenience.

Factors Affecting Bank Hours

Bank Type: Local, Regional, or National

The operating hours of a bank can vary depending on its size and reach. Generally, local and regional banks have more restricted hours, while national banks may offer extended hours at select branches or have more locations open on weekends.

Geographic Location

Bank hours can vary based on the branch’s location. For instance, banks in urban areas may have longer hours compared to those in rural communities. Furthermore, specific financial institutions may adjust their hours in different regions or cities to better serve their customers.

Online vs. Brick-and-Mortar Branches

While traditional brick-and-mortar bank branches have set operating hours, online banks are accessible 24/7. If you have a bank account with an online bank, you can access your account and perform transactions without worrying about bank hours.

Regulatory Guidelines and Public Holidays

The Federal Reserve System regulates banks in the United States, and its guidelines influence bank hours. Banks usually close on federal holidays to comply with these regulations.

Typical Bank Hours

General Operating Hours for Most Banks

Banks typically open around 9 a.m. and close between 4 p.m. and 6 p.m. from Monday to Friday. Some banks may have extended hours on specific weekdays, opening earlier or closing later to accommodate customers’ needs.

Variation in Hours Among Banks

Different banks may have slightly different operating hours. It’s essential to check your bank’s specific hours, as there may be variations based on the factors mentioned above.

Weekend Hours

Many banks have limited hours on Saturdays, often closing around noon or 1 p.m. However, some banks do not operate on Saturdays at all. Sunday hours are even rarer, with only a few banks open on Sundays, typically in high-traffic areas like shopping centers.

Extended Hours for Select Branches and Services

Some bank branches may offer extended hours for specific services, such as drive-thru teller windows or customer service hotlines.

Federal and State Bank Holidays

Federal Bank Holidays

Banks close on federal holidays, as mandated by the Federal Reserve System. Here’s a list of federal holidays when banks typically close:

New Year’s Day
Martin Luther King Jr. Day
Presidents’ Day
Memorial Day
Independence Day
Labor Day
Columbus Day
Veterans Day
Thanksgiving Day
Christmas Day

If a federal holiday falls on a weekend, banks may close on the preceding Friday or following Monday. For example, if Independence Day falls on a Saturday, banks may close on the preceding Friday.

State-Specific Bank Holidays

In addition to federal holidays, banks may also close on state-specific holidays. It’s essential to check your state’s official holidays to determine if banks close on those days.

How Holidays Affect Bank Hours and Services

Banks may adjust their operating hours around holidays, such as closing early on the day before a holiday or staying closed the day after a holiday. Bank services, such as wire transfers and check clearing, may also be affected by bank holidays.

Online and Mobile Banking Availability

24/7 Access

Online and mobile banking platforms offer 24/7 access to your bank account, allowing you to perform transactions and access essential services even when banks are closed. This convenience means you don’t have to wait for banks to open to manage your finances.

Available Services

With online and mobile banking, you can:

Check account balances
Transfer funds between accounts
Pay bills
Deposit checks via mobile check deposit
Set up account alerts
Apply for loans or open new accounts
Monitor credit scores and reports

Limitations of Digital Banking Services During Bank Holidays

While digital banking platforms are accessible 24/7, some transactions may be delayed due to bank holidays. For example, wire transfers or check-clearing may take longer to process if initiated on a federal holiday or weekend.

Finding Your Bank’s Operating Hours

Bank Websites and Mobile Apps

Bank websites and mobile apps typically display their operating hours and holiday schedules. You can check these resources for accurate information about your bank’s hours.

Google Maps and Search Engine Queries

You can also find bank hours using Google Maps or by searching for your bank’s name along with the specific branch location. Search results often display the bank’s hours and contact information.

Calling the Bank’s Customer Service Line

If you cannot find the information online, you can call your bank’s customer service hotline to inquire about their operating hours and holiday schedule.

Alternatives to Bank Visits

ATMs and Their Services

ATMs are an excellent alternative to visiting a bank branch, as they’re accessible 24/7 and can perform essential services. These machines are typically located near bank branches, inside shopping centers, and at various other convenient locations. Some key services offered by ATMs include:

Cash withdrawals: ATMs allow you to withdraw cash from your bank account, providing quick access to funds when needed.
Deposits: Many ATMs accept cash and check deposits, making it easy to deposit money without having to visit a bank branch.
Balance inquiries: You can check your account balance and recent transactions at an ATM, helping you stay informed about your financial status.
Transfer funds: Some ATMs enable you to transfer funds between your accounts or even to other bank accounts.
Bill payments: Certain ATMs allow you to pay bills directly, such as credit card payments, utility bills, or loan installments.

Peer-to-Peer Payment Apps

Peer-to-peer (P2P) payment apps, such as Venmo, PayPal, and Zelle, allow you to send and receive money quickly without visiting a bank. These apps are especially useful during bank holidays when banks are closed. P2P apps offer several benefits, including:

Instant transfers: P2P apps enable instant money transfers between users, making it easy to send or receive money in real-time.
Mobile convenience: You can use P2P apps on your smartphone or tablet, allowing you to transfer money from anywhere with an internet connection.
Splitting bills: P2P apps make it simple to split expenses with friends, family, or roommates, eliminating the need to deal with cash or checks.

Direct Deposit and Automatic Bill Pay

Setting up direct deposit for your paycheck and automatic bill payments can help you avoid the need to visit a bank, ensuring your transactions are processed on time, even during bank holidays. These services offer several advantages:

Timely transactions: Direct deposit ensures your paycheck is deposited into your bank account on time, while automatic bill payments ensure your bills are paid before their due dates.
Convenience: Once you set up direct deposit and automatic bill pay, you don’t have to worry about visiting a bank branch or mailing checks, saving you time and effort.
Reduced fees: By paying bills on time through automatic bill pay, you can avoid late fees and penalties, potentially saving you money in the long run.
Better budgeting: With regular deposits and bill payments, you can better track your income and expenses, making it easier to manage your finances and budget accordingly.

What to Do if Your Bank Isn’t Open Today

If your bank isn’t open today due to a holiday or other closure, there are still several options available to manage your finances effectively. Here’s what you can do:

Use Online Banking Platforms

Most banks offer online and mobile banking services, allowing you to access your accounts, transfer funds, pay bills, and more, even when the bank is closed.

Visit an ATM for Essential Transactions

ATMs remain accessible 24/7 and provide essential services, such as cash withdrawals, deposits, balance inquiries, and in some cases, bill payments and fund transfers.

Utilize Peer-to-Peer Payment Apps

As mentioned, peer-to-peer payment apps, like Venmo, PayPal, and Zelle, enable quick and easy money transfers between individuals without the need to visit a bank.

Plan Ahead for Time-Sensitive Transactions

If you have a time-sensitive transaction, such as a wire transfer or a loan application, plan ahead and complete the transaction during bank hours or well before the bank closure.

Contact Your Bank’s Customer Service Hotline

If you require assistance and the bank isn’t open, try reaching out to your bank’s customer service hotline. Some banks provide support over the phone or through online chat services even during holidays.

Conclusion

Understanding bank hours, federal holidays, and how they affect banking services can help you plan your financial activities better. While brick-and-mortar banks have set operating hours, online banks offer 24/7 access to your accounts and essential services. By utilizing these resources and alternatives, you can efficiently manage your finances without being restricted by bank hours or holidays.

Frequently Asked Questions (FAQs)

Are banks open on Christmas Eve?

Banks typically operate on Christmas Eve, but their hours may be shortened. It’s a good idea to check with your local branch for their specific hours on Christmas Eve, as they can vary depending on the bank and location.

Are banks open on New Year’s Eve?

Similar to Christmas Eve, banks are usually open on New Year’s Eve but may have shortened hours. It’s best to verify the operating hours of your local branch for New Year’s Eve to avoid any inconvenience.

Are banks open on Easter?

Easter is not a federal holiday in the United States, and most banks typically follow the federal holiday schedule. However, since Easter always falls on a Sunday, banks are generally closed, as most bank branches do not operate on Sundays.

Can I still use ATMs during bank holidays?

Yes, ATMs are available 24/7, even on bank holidays. You can use them for cash withdrawals, deposits, balance inquiries, and other essential services. However, keep in mind that some transactions, such as check deposits, may take longer to process due to the holiday.

Do bank holidays affect direct deposit?

Bank holidays can impact the processing of direct deposit transactions. If your payday falls on a bank holiday, it’s possible that your funds will be deposited on the preceding business day or the following business day. Check with your employer and bank to understand their policies regarding direct deposit and bank holidays.

What happens if a bank holiday falls on a weekend?

When a federal bank holiday falls on a weekend, banks usually observe the holiday on the preceding Friday (if the holiday falls on a Saturday) or the following Monday (if the holiday falls on a Sunday). Check your bank’s holiday schedule to confirm their specific observance dates.

Source: crediful.com

Apache is functioning normally

May 2, 2023 by Brett Tams

“How do you want to pay for it?”

I had recently returned from Iraq and my wife and I were hunting for a couch for our new home.

We found one that was on sale we both thought it was perfect. .medrectangle-4-multi-638border:none !important;display:block !important;float:none !important;line-height:0px;margin-bottom:15px !important;margin-left:auto !important;margin-right:auto !important;margin-top:15px !important;max-width:100% !important;min-height:250px;min-width:250px;padding:0;text-align:center !important;

Okay, it was a red couch and she thought it was perfect. I, personally, didn’t understand why anyone would buy a red couch but apparently I didn’t understand home decor. Nonetheless, the wife’s vote trumped mine.

When the sales clerk asked how we wanted to pay suggesting we take advantage of their great in-store financing, an exciting thought ran through me – “we can pay cash”.

A year prior, that wouldn’t have been an option. Not even close!

But now we found ourselves in a very exciting position; we were financially stable.

I can’t say that I 100% believed we were financially stable at that point in our lives, but it definitely was a turning point for us. Not only could we pay cash, but we also had money left over.

People often spend most of their lives chasing financial stability. But is it possible that you may already be financially stable?

Here are 27 signs that you’re financially stable – already! And if you’re not, you can start working to make a lot of these a reality in your life.

1. You Never Overdraw Your Checking Account

Even if you have overdraft protection with your checking account, you still prefer to keep a cushion in your account, rather than relying on the protection. And you absolutely, positively, never bounce a check!

Part of it has to do with your aversion to paying overdraft fees. But mostly, it’s because you have a sufficient amount of money that you can keep more in your checking account then you need in a typical month.

2. You Don’t Lose Sleep Over Finances

When you go to sleep at night, you tend to sleep deeply and peacefully. And if anything does keep you awake, it’s usually not related to financial matters.

This is a non-financial benefit that people who are financially stable have as a result of their strong financial position. This isn’t to say that you don’t have any money worries at all, but rather that they are not significant, and never without some sort of reasonable solution.

3. You Use Credit Cards for Convenience and Rewards – But Never Out of Necessity

I currently have 4 credit cards in my wallet and use them almost every day. <gasp!>

How could you, Jeff? You’re a Certified Financial Planner!

Yes, I am, but here’s the catch: I pay them off every month. As a bonus, we have carefully selected credit cards that collect reward points which we use for airlines miles. Boo-yah!

Many people who are not financially stable have a bad habit of using credit cards as a way to extend their paychecks – to buy the things that they really can’t afford.

That’s not an issue in your life!

If you do use a credit card, it will strictly be for convenience, such as being able to make a fast payment online. Or you will do it because your credit card company provides you with rewards for making purchases.

4. You Don’t Worry About Losing Your Job

This is one of the very best indicators that you are financially stable. It’s a sad state of affairs that the vast majority of people in the US live from paycheck to paycheck. The thought of losing their job, even for a month or two, would be a financial disaster.

Since your finances are in balance, losing your job isn’t something that you worry about, at least not the potential for ruining your finances.

5. You’re Never Late With Payments

This is partly because you always have plenty of money to pay your bills, but also because of your preference for being ahead of your finances, rather than behind. This is also a big reason why you don’t lose sleep over your finances. When you go to bed at night, you know that your bills are paid, and all is right in the world.

6. You Pay Your Bills Ahead of Time

Part of the reason why you’re never late with payments is that you pay your bills ahead of time. In fact, you probably pay them as soon as they come in. You do this because you don’t like bills to linger – and simply don’t like owing anybody anything.

7. People Ask Your Opinion About Financial Matters

One of the biggest outward signs that you are financially stable is when people ask your opinion about financial matters. They’ll do this because they see you as being someone who has “figured it out”, at least when it comes to money.

When this happens, take it as a supreme compliment. It means that your financial stability is so obvious that others can see it, and will ask your opinion as to how to achieve it.

8. You’re Generally Happy With Your Financial Situation

This doesn’t mean that your financial situation is completely perfect, but rather that your finances are in balance, and you are satisfied with the direction that things are heading. Even if you have financial challenges over the horizon, you have some sort of plan set up to deal with it before it comes. That’s all anyone can do – and you’ve already got it covered.

9. You Have No Ugly Credit Card Balances

It’s not at all unusual for people who have high incomes and a large number of financial assets to also carry great big, ugly credit card balances. That’s not a game that you play. You absolutely refuse to carry credit card balances that can’t be paid off relatively quickly. And that keeps you from paying high-interest rates, and from losing sleep at night.

10. You Finance Your Cars Over Five Years or Less – If You Take Loans at All

Even though there are car loans available as far out as seven years, you keep your car loans to five years or less. Or you pay cash for your cars, or you pay them off ahead of schedule.

That means that you won’t live your life carrying a perpetual car loan payment. That also means that when you buy a new car, it’s very likely that you’ll be making a larger than average down payment on it – which is why you take shorter loans in the first place.

11. You Contribute a Double-Digit Percentage of Your Pay To Retirement

Many, many people contribute nothing more than the minimum percentage that they need in order to get the maximum employer match on their retirement contributions.

But that’s not a game that you play.

You recognize the importance of aggressive retirement investing as a critical part of becoming financially stable. You either make the maximum retirement contribution that you’re allowed, or your contribution is well into double digits percentages.

And because you do, early retirement is actually a legitimate consideration in your life.

Investing and feeling good about it has never been easier with great online brokerage tools such as Betterment. Learn more about how to use Betterment on our review page.

12. You Don’t Feel Guilty When You’re Out For Special Occasions

Everybody has episodes where they spend a little bit too much money. This can happen on special occasions, such as birthdays, holidays, vacations, and other celebrations. But for you, these events are not budget busters. You have enough flexibility built into your budget that you can accommodate the occasional spending spree without having too much month at the end of your paycheck.

13. You Can Afford to Buy the Things You Really Want

If you really want something, you go out and buy it. Your finances are strong enough to enable you to get those things that you really want.

This isn’t at all about impulse spending on an ongoing basis, but rather about having enough room in your budget to get the things that you really want. In that way, money doesn’t rule you.

14. Recreational Spending Doesn’t Appeal to You

There are all kinds of coping devices in life, bad habits like hard drinking, drug use, and overeating. For some people, the vice is recreational shopping. Spending money enables them to lose themselves – and their troubles – at least for a time. And often, recreational spending is a way of rebelling against their impaired financial situation.

That’s not something that you engage in, nor do you ever feel the need to do so. You’re happy with your finances in general, and you don’t need to spend money to feel good about yourself.

15. You’re a Natural Saver

This is one of the key habits in becoming financially stable – and it’s one that you mastered a long time ago. You’ve been doing it so long and so well, that you are virtually a natural saver. You can do it with a sense of purpose, and without ever feeling any pangs of self-denial.

16. You’re Generous With Money When it Comes to Charities or Helping Others

You have certain charities that you support on a regular basis, and you’re generous with the people around you who are in need. You’re able to do this because you never sense that giving money to others in need will in any way negatively impact your financial position. You give with ease, and you feel good about it.

17. You’re Confident About Your Future

This is one of the best indications that you are financially stable. Your finances are sufficiently under control, that you feel confident about your future. This is because you’re easily able to live on what you earn, you have substantial financial assets that you’re adding to on a regular basis, and you carry little, if any, non-housing debt.

The future tends to be kind to people in that situation – and that’s where your confidence comes from.

18. Your Net Worth Grows Significantly From Year to Year

Your net worth tends to grow each year and to do so by fairly large amounts. This isn’t about doubling your money each year, but rather about achieving fairly consistent increases in your net worth. Those increases come from a combination of adding to your investments through regular contributions, and through solid investment returns.

19. You Have Substantial Equity in Your Home

Another of the major markers of being financially stable is that you have a large amount of equity in your home. This is either because you made a large down payment on the home when you bought it, or because you’re paying extra principal on your monthly payment as a way to accelerate the payoff of the mortgage. It may even be a combination of both.

That large equity means that you don’t worry about falling property values, at least not the way people in low- or no-equity situations do.

20. You Consistently Live Beneath Your Means

You consistently live beneath your means because you are well aware of the fact that all the things that make someone financially stable start with having extra room in your budget for savings, investments, or paying off debt.

This isn’t a struggle for you either, but something that makes sense and comes easily to you.

21. A Large Pay Cut Wouldn’t Destroy Your Life

Yet another of the benefits of being able to live beneath your means is that the prospect of taking a large pay cut wouldn’t destroy your life. Because you are already living on less than you earn, taking a pay cut at work, or transferring to a lower paying position, won’t represent a mortal blow to your existence. You’ll find a way to live beneath your means, whatever those means are.

22. The Cost of Sending Your Kids to College Doesn’t Scare You

You’re looking forward to your kids going to college. You’re well aware that the cost is outrageous, but you’re making plans so that you’ll be prepared when the time comes.

This can be a combination of specifically saving money for each child through a college savings plan, streamlining your own finances so that you’ll be able to pay a large chunk out of your income, or working to help your children get scholarships that will contribute toward the cost.

23. You’re Totally Unconcerned With Keeping Up With the Joneses

In your world, being financially stable is its own reward. You have no need to acquire the trappings of the good life that others around you are working so hard to attain.

That keeps you from spending money that you don’t have and going into debt. And that leaves you more money for savings and investments, which increase your financial stability even more. No toys and trophies are needed!

24. You Give 100% on the Job – Financial Concerns Don’t Distract You

Just as you sleep like a baby because you are unconcerned with financial troubles, you’re able to give 100% on your job. You aren’t weighed down by the emotional troubles of having unpaid bills or out-sized debts to pay. And because you can live on less than you make, you don’t waste time feeling sorry for yourself because you’re not making enough money to pay your bills.

That frees you up to do the job that needs to be done, makes it more likely that you will get the bigger raises, and the promotions when they come around.

25. You Pay Your Credit Cards in Full Each Month

Since you don’t use credit cards as an extension of your paycheck, you simply pay the balance in full each month as the bill comes in. There are no lingering debts in your life and none of the worries that are attached to them. Every month, you have a clean slate going into the next month. See #3 again. 🙂

26. You Could Survive For Months Without a Paycheck

You have sufficient liquid savings that you can live for months without a paycheck if you have to. You won’t need to tap long-term savings, like retirement plans either. And bankruptcy won’t be even a remote consideration since you have very little debt.

The fact that you can live without a paycheck for an extended period of time even makes it easier to do your job. You can work without concerning yourself with the threat of layoff, or being fired. And you never feel trapped by your job.

This is one of those circumstances were being financially stable feels so good!

27. You Feel In Control of Your Finances – Never Dominated by Them

Overall, you have a strong sense that you are in control of your finances. This means that when it comes to money, you have choices. And since money creates options in life, you have more than the average person.

This is what being financially stable is all about, and what the ultimate goal of it should be. Being able to do what you want, when you want, and on your own terms.

This is a long list, and if you’re not feeling some of these right now, you can work to get yourself into a position where you will. It’ll take a bit of effort, but that effort will be sooo worth it!

Source: goodfinancialcents.com

Peter Luger Steak House

Yume Wo Katare

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Johnnie’s Beef

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In-N-Out

Payne’s BBQ

Matt’s Bar

Prince’s Hot Chicken Shack

Café Du Monde

Katz’s Deli

Pat’s King of Steaks

Pizzeria Bianco

Primanti Bros.

Mama J’s

Ben’s Chili Bowl

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Factors Affecting Bank Hours

Bank Type: Local, Regional, or National

Geographic Location

Online vs. Brick-and-Mortar Branches

Regulatory Guidelines and Public Holidays

Typical Bank Hours

General Operating Hours for Most Banks

Variation in Hours Among Banks

Weekend Hours

Extended Hours for Select Branches and Services

Federal and State Bank Holidays