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Apache is functioning normally

March 6, 2024 by Brett Tams

Nutritionists advise others on what to eat in order to lead a healthy lifestyle or achieve a specific health-related goal, such as losing weight or reducing blood pressure. Some nutritionists work directly with clients and patients in clinical settings, while others work in community settings like schools or health centers developing food plans and strategies for certain groups or demographics.

How much a nutritionist makes will depend on their qualifications, experience, and where they work, but the average nutritionist’s salary in the U.S. is $54,137 a year, according to ZipRecruiter.

Read on to learn more about how much a nutritionist can make a year and an hour, which cities and states pay the highest salaries, and other compensation and occupational benefits nutritionists enjoy.

What Are Nutritionists?

A nutritionist is an expert in using food to improve health and to prevent and manage disease. Nutritionists often advise people on what to eat to address a particular medical issue, such as hypertension, diabetes, or obesity. They may also be called upon to come up with a plan of action in situations where a treatment protocol, such as chemotherapy, impacts an individual’s overall diet or creates particular food sensitivities. Their exact role will depend on their specialization.

Being a nutritionist is not an ideal job for antisocial people, since you generally don’t work alone. Nutritionists can work in a variety of work settings, including:

• Hospitals and doctors’ offices

• Nursing homes

• Gyms and recreation centers

• Foodservice organizations

• Food and beverage companies

• Pharmaceutical companies

• Government organizations

While the terms “nutritionist” and “dietician” are often used interchangeably, there are some key distinctions between them. A registered dietitian (R.D.) is qualified to diagnose and treat certain medical conditions. Nutritionists, on the other hand, tend to focus on general nutritional aims and behaviors.

Dietitians also tend to have more education and credentials, though that’s not always the case. Depending on the state they practice in, a nutritionist may be required to have specific qualifications, certifications, or a license. However, in some states, there are no such mandates — meaning anyone can use the title if they want to.

While every dietitian can be called a nutritionist, not every nutritionist is a dietitian.

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How Much Do Starting Nutritionists Make a Year?

While the average nutritionist’s salary is $54,137 a year, someone just starting out in the field may not be able to earn that figure as an entry-level salary. That said, a nutritionist coming into the profession with an advanced degree, such as a master’s or doctorate, and a license or other credentials, may be able to command a higher-than-average salary even when they are just starting out.
💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

What is the Average Salary for a Nutritionist?

While salaries for a nutritionist can range anywhere from $32,500 to $90,000, the average annual pay for a nutritionist in the U.S. is $54,137 a year, according to February 2024 data from ZipRecruiter.

Nutritionist’s typically get paid an annual salary but some may make money by the hour, which can range from $15.62 to $43.27.

How much a nutritionist makes, however, can vary significantly by education, credentials, experience, industry, and location. Advanced education, such as a master’s or doctoral degree, can generally help you qualify for a higher-than-average nutritionist’s salary.

Certain metropolitan areas also pay more than others. The top paying cities for nutritionists include: Berkeley, CA,; Renton, WA; Newark, CA; Woburn, MA; and Santa Monica, CA.

Recommended: Is a $100,000 Salary Good?

The Average Nutritionist Salary by State for 2024

As mentioned above, how much money a nutritionist makes can vary by location. What follows is a breakdown of how much a dietician makes per year, on average, by state (listed from highest to lowest).

State	Average Annual Salary
Wisconsin	$83,731
Alaska	$81,044
Massachusetts	$80,824
Oregon	$80,772
New Mexico	$80,529
North Dakota	$80,527
Washington	$80,268
Minnesota	$79,381
Hawaii	$78,914
Ohio	$77,594
Colorado	$76,879
Nevada	$76,629
South Dakota	$76,107
New York	$75,623
Iowa	$74,908
Rhode Island	$74,814
Connecticut	$74,143
Tennessee	$74,087
Vermont	$73,710
Utah	$73,446
Mississippi	$72,808
Delaware	$72,604
Virginia	$71,688
Illinois	$71,072
Maryland	$70,347
New Jersey	$69,540
California	$69,458
Louisiana	$69,304
Pennsylvania	$69,281
Nebraska	$68,943
Kansas	$68,520
Missouri	$68,260
Maine	$67,953
South Carolina	$67,618
New Hampshire	$67,312
Oklahoma	$66,767
Idaho	$66,358
Wyoming	$66,356
North Carolina	$66,222
Texas	$65,834
Indiana	$65,561
Arizona	$64,205
Kentucky	$64,000
Michigan	$63,673
Montana	$63,238
Alabama	$62,448
Arkansas	$60,647
Georgia	$58,176
West Virginia	$53,507
Florida	$51,486

Source: ZipRecruiter

Nutritionist Job Considerations for Pay & Benefits

To get a job as a nutritionist or dietician, you may need:

• A bachelor’s degree, ideally in dietetics, nutrition, food service systems management, clinical nutrition, or a related area.

• Advanced degree (such as a master’s or doctoral degree)

• Supervised training through an internship

• A license (many, though not all, states require licenses for dietitians and nutritionists to practice)

• Certification (many dietitians earn the Registered Dietitian Nutritionist credential, which requires a bachelor’s degree and completed a dietetic internship program).

Nutritionists who work on staff typically receive not only competitive pay but also a suite of benefits, which may include:

• 401(k)

• Dental insurance

• Disability insurance

• Employee assistance program

• Flexible spending account

• Health insurance

• Life insurance

• Paid time off

• Retirement plan

• Vision insurance
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Becoming a Nutritionist?

As with any profession, becoming a nutritionist comes with both advantages and disadvantages. Here’s a closer look at the job’s pros and cons.

Pros of Becoming a Nutritionist

• Opportunity to help people: Nutritionists help people by guiding them in their food choices and assisting them in reaching their health and nutritional goals, which can be highly rewarding.

• Varied tasks and responsibilities: A nutritionist can enjoy meeting a variety of people in different contexts. No client or situation will be the same, and each will bring new challenges.

• Can work in a variety of settings: Nutritionists can choose where they want to work, such as a hospital, nursing home, school, or gym. With extensive experience, a registered dietitian might open a private consulting practice and offer specialized services to their patients.

• Strong job outlook: The U.S. Bureau of Labor Statistics predicts the employment of dietitians and nutritionists to grow 7% between 2022 and 2030, which is faster than the average for all occupations.

Cons of Becoming a Nutritionist?

• May need an advanced degree and certification: Depending on where you want to work, you may need to obtain a master’s and/or certain certifications (on top of a bachelor’s degree).

• Can be emotionally draining: Though generally a low-stress job, nutritionists may need to have frequent interactions with seriously ill patients, which can be emotionally challenging.

• You constantly have to stay up to date: Nutrition is an evolving science, which means you’ll need to stay current on the latest nutritional guidelines, regulations, and research, and adjust your practice based on new developments.

• Competition for top-paying jobs: While the job outlook is strong for nutritionists, jobs with competitive pay may receive a lot of applicants. Obtaining more than the minimum education and training required by the state, however, can set you apart from other job competitors.

Recommended: How Much Does a Nurse Make a Year?

The Takeaway

Working as a nutritionist can be a rewarding career for people who want to help others improve their health and lifestyle. Nutritionists can choose where they want to work and who they want to work with. A nutritionist’s salary can range from $32,500 to $90,000 or more depending on their certification, experience, and employer.

Whatever type of job you pursue, you’ll want to make sure your earnings can cover your everyday living expenses. To help ensure your monthly outflows don’t exceed your monthly inflows, you may want to set up a basic budget and check out financial tools that can help track your income and spending.

SoFi helps you stay on top of your finances.

FAQ

Can you make $100k a year as a nutritionist?

Earning $100K as a nutritionist is possible but isn’t typical. Nutritionist salaries range anywhere from $32,500 to $90,000 a year, according to ZipRecruiter. That said, getting an advanced degree and extra certifications and/or starting your own private practice could lead to a six figure income.

Do people like being a nutritionist?

People who want to help others and who have an interest in the science of food will enjoy being a nutritionist. There are plenty of opportunities for nutritionists in a variety of contexts.

Is it hard to get hired as a nutritionist?

Nutritionists and dieticians are currently in demand and job opportunities are expected to grow 7% between 2022 and 2030, which is faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics.

Photo credit: iStock/Candle Photo

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Apache is functioning normally

March 5, 2024 by Brett Tams

Inside: Discover the secrets to earning $200k a year. Learn to choose industries, negotiate salaries, and balance life with high-income careers.

Achieving a $200,000 annual income is a financial milestone that many aspire to reach, but not everyone knows how to realistically attain.

Whether you’re starting from scratch or looking to elevate your current earnings, the blueprint to a $200K income is within your grasp. It all begins with a strategic approach that leverages both a steady job and an entrepreneurial spirit.

Achieving a $200k salary is not just about luxury—it’s about stability and security. With rising living costs, including student loans, mortgages, and everyday expenses, earning a high income is increasingly vital to maintaining a comfortable lifestyle.

By combining the stability of a well-paying career with the dynamism of a side hustle, you can fast-track your way to this lofty goal.

In this comprehensive guide, we dive deep into a method that suits everyone to make $200000 this year.

You’ll learn how to harness your passions, manage your time and expenses, and create a foolproof plan that caters to your strengths and circumstances.

How to Make 200k a Year

Achieving this level of annual income is a significant financial goal that necessitates a well-devised strategy combining steady employment with entrepreneurial endeavors.

This is possible for anyone to do. You have been making 10k a month for a while now and want to make the leap.

You just must be steadfast in pursuing your goals.

#1 – Identify high-income skills and industries

The first step toward making $200k a year is to recognize the skills and industries that command such salaries. Technology and finance are prime examples where hard work and expertise can lead to impressive earnings right out of college.

Specialized skills in software development, cybersecurity, data analysis, and AI are highly sought after. Additionally, roles in investment banking, private equity, and hedge funds are lucrative but come with intense competition and long hours.

Identifying these prospects involves understanding market needs, so be prepared to continually adapt to the latest industry trends. I cannot stress how important these high income skills are for your income.

Top Skills: Software Development, Cybersecurity, Data Analysis, Artificial Intelligence, Financial Analysis
Top Industries: Tech, Finance, Consulting, Healthcare, Legal

#2 – Degrees and Courses That Could Lead to 200K Jobs

If you’re seeking a high-paying career, focusing your education in specific areas is crucial. Advanced degrees, such as a doctoral degree in medicine, law, business administration (MBA), or specialized engineering can pave the way to high-paying roles.

For those with a penchant for academia, pursuing specialized courses that lead to becoming a medical lawyer, dentist, neurologist, psychiatrist, or gynecologist can be extremely rewarding. However, keep in mind that these paths generally require significant time and financial investment in education before reaping the financial rewards.

However, there are plenty of low-stress jobs that pay well without a degree.

Recommended Degrees: Medicine, Law, Engineering, Business Administration (MBA)
Valuable Courses: Specialized Medicine, Corporate Law, AI & Machine Learning, Financial Management

#3 – Start a Business

Embarking on entrepreneurship is a thrilling yet challenging path to reach unlimited annual income.

To start a business that prospers, it’s essential to identify a market need and create a clear business plan. Whether you’re selling a physical product, offering a service, or thriving in the digital market through online marketing, e-commerce, or app development, dedication, and strategic growth are paramount.

Investing both time and capital wisely, and adapting to market feedback can help you scale your business to meet and exceed your financial goals.

Investment Tip: Consider start-up costs carefully, and plan for lean operation.
Growth Strategy: Focus on customer satisfaction, scaling smartly, and marketing effectively.

#4 – Advance in your current career

Climbing the corporate ladder within your existing professional environment is a viable route to a higher salary.

To do this, focus on excelling in your current role, continuously improve your skills, and demonstrate the value you add to the company. Seek out leadership roles, ask for challenging projects, and take on responsibilities that align with the company’s revenue-generating activities.

Remember, promotions often come with significant pay raises, and it’s essential to communicate your career goals with your employer to align your trajectory with the available opportunities. Just watch the number of working hours you put in.

Key Strategies: Exceed performance expectations, take initiative, and pursue leadership roles.
Professional Development: Continued education, certifications, and networking are critical for advancement.

#5 – Invest in real estate for passive income

Real estate investment remains a cornerstone strategy for building wealth.

Focusing on location is key; properties in high-demand markets can yield substantial returns through rental income and appreciation. Paying with cash rather than financing can lead to better deals and avoid interest payments, as debt can eat into profits.

Moreover, platforms like Fundrise allow investors to start with as little as $10, which could be a smart move if you’re seeking a hands-off investment with a diverse real estate portfolio.

Investment Insight: Cash purchases may provide better deals, reducing financial risk.
Real Estate Tip: Choose high-demand locations for better rental income and property appreciation.

#6 – Maximize income through stocks or other investments

Investing in the stock market through individual stocks, mutual funds, or exchange-traded funds (ETFs) is another way to potentially earn $200k a year. Dividends from some of these investments can also serve as a consistent income stream.

Consider focusing on industries poised for growth or stable dividend-paying stocks, as these can offer a balance between growth potential and income reliability.

Additionally, alternative investments such as cryptocurrencies or option contracts can offer high returns, but come with high volatility. Always conduct thorough research or consult with a financial advisor before making significant investment decisions.

Learn how to invest in stocks for beginners.

Investment Strategy: Diversify your portfolio, focus on growth sectors, and consider enhancing your investment knowledge.
Cautionary Note: Be aware of market risks and do not invest more than you can afford to lose.

#7 – Gain Relevant Experience in High-Demand Fields

To command a $200k paycheck, it’s essential to gain experience in fields where the demand for your skills exceeds the supply.

Industries such as technology, healthcare, and specialized consulting are in constant need of experienced professionals. Work on projects that showcase your expertise and build a robust professional portfolio.

You can also consider a side hustle like freelancing or consulting to gain a broad range of experiences that can make you an attractive candidate for high-level positions.

Experience Building: Take on varied projects, freelance, or consult in your niche.
Portfolio Enhancement: Document your successes and gather testimonials or recommendations.

#8 – Continuous Learning and Adaptability to Stay Ahead

In the dynamic job market, staying complacent can mean getting left behind. Cultivating a habit of lifelong learning and adaptability is crucial. Did you know you are an appreciating asset?

This may involve updating your skill set to keep pace with technological advancements, attaining new certifications, or attending industry conferences and workshops. Remember that cross-skills, like project management or business analytics, are also valuable and can complement your primary expertise.

Embrace change and be willing to pivot when necessary to maintain your competitive edge and earning potential.

Professional Development: Seek out further education and certifications.
Adaptability: Stay open to industry shifts and be ready to pivot your skills accordingly.

Careers That Make 200K a Year is Common

In certain careers, a $200K annual salary is not an exception but rather a common expectation.

Positions in healthcare such as surgeons, specialists, and anesthesiologists often offer salaries exceeding this amount. Moreover, top-level executives, experienced lawyers, and investment bankers are typically in the higher income bracket due to the high stakes and demands of their industry. In tech, senior software engineers and IT executives with strong track records in hot markets like Silicon Valley can command these salaries, too.

Success in these careers requires a combination of advanced education, considerable experience, and sometimes, the right location.

Healthcare: Surgeons, Specialist Physicians, Anesthesiologists, Orthodontist
Corporate: C-level Executives, Investment Bankers, Senior Legal Counselors
Technology: Senior Software Engineers, IT Executives
Skilled Tradesperson: plumber, electrician, HVAC contractor, mechanic

Definitely a leap from jobs that pay $25 an hour.

Key Factors in Landing 200K Jobs

Now, you must learn the key components to secure that $200000 + job.

Factor #1 – Choosing the Right Industry for Maximized Earnings

To maximize your earning potential, it’s vital to choose an industry known for its high salary caps, which are listed below.

Tech Focus: Cybersecurity, AI, Machine Learning.
Healthcare Focus: Specialized Doctors, Medical Consultants.
Finance Focus: Investment Strategists, Financial Advisors.
Legal Focus: Corporate Lawyers, Litigators.

Within these industries, focus on roles that are crucial to core operations, innovation, or revenue generation.

For tech, this might involve AI, machine learning, and cybersecurity. In finance, investment strategists and financial advisors are in demand. In healthcare, specialized practitioners command higher salaries whereas, in the legal field, corporate lawyers and litigators typically earn more.

Just to note… taxes will take a substantial amount out of your paycheck. So, you want to aim for $200k as net income.

Factor #2 – Climbing the Ladder: From Mid-Level to Top-Tier Positions

Transitioning from a mid-level position to top-tier status demands a proactive career strategy. Aim for roles that impact the company’s bottom line, such as project management or strategic planning, which often lead to executive positions.

Make sure to seek mentors who can offer guidance, and build a reputation for reliability and innovation. Networking within your industry can uncover hidden opportunities and give you a competitive edge.

Strategic Positioning: Focus on profit-impacting roles and responsibilities.
Career Growth: Network, seek mentorship, and demonstrate leadership capabilities.

Always aim to bring value to your organization, as this will be your leverage when seeking promotions and negotiating salary increments.

Factor #3 – Negotiation Tactics for a High Paying Salary

Securing a salary of $200k often hinges on your ability to negotiate effectively.

Begin the negotiation process by researching the standard salary for your position in your industry and region. Articulate your value by enumerating your accomplishments, experiences, and the results you can deliver.

Prioritize non-salary benefits that may be equivalent to a higher income, such as bonuses, commission, stock options, or flexible work arrangements. When discussing figures, aim higher to give room for negotiation.

Research: Know industry salary benchmarks.
Value Proposition: Clearly communicate your potential contribution.

Remember, negotiation is a dialogue, so listen carefully, be respectful, and maintain a professional demeanor throughout the process.

Factor #4 – Building Professional Relationships That Open Opportunities

Fostering robust professional relationships is key to unlocking high-paying roles, as connections can lead to opportunities that aren’t publicly advertised.

Networking is an art. It goes beyond just asking the question, “What do you do for a living?“

Actively engage with peers at industry events, be genuinely interested in others, and offer help before you ask for it. Maintain a positive online presence on platforms like LinkedIn, where you can connect with like-minded professionals and hiring managers.

Networking: Engage in industry events and platforms like LinkedIn.
Relationship Management: Nurture connections and seek meaningful interactions.

Don’t forget to nurture existing relationships – a recommendation from a trusted colleague can provide a significant edge in landing a coveted position.

Factor #5 – Cities and Regions with the Best High-Paying Job Markets

If you’re eyeing a lucrative salary, it’s strategic to consider the geographic landscape of high-paying jobs.

Major economic hubs like New York City, San Francisco, and Boston have dense concentrations of Fortune 500 companies and start-ups that offer competitive salaries, especially in finance and tech. However, these cities come with higher costs of living.

Comparatively, cities like Austin, Seattle, and Denver have burgeoning tech and business sectors with a more balanced cost of living.

Economic Hubs: New York City, San Francisco, Boston.
Balance Seekers: Austin, Seattle, Denver.

Consider looking for cities that have a vibrant job market in your industry, but a reasonable cost of living to maximize your income-to-expense ratio.

Factor #6 – Remote Work: A Gateway Being Global

The rise of remote work has opened a world of possibilities for professionals seeking higher salaries. You can work in a low cost of living country and still get a good income and save the rest.

With remote positions, you’re not limited by location and can work for companies with higher pay scales in stronger economies, practicing geographic arbitrage to your advantage. Sectors like tech, marketing, and design are ripe with remote opportunities that pay well.

Geographic Arbitrage: Tap into stronger economies and work remotely.
Global Accessibility: Utilize online platforms to access high-income roles worldwide.

To capitalize on this, enhance your digital presence, showcase your skills online, and engage with global job platforms. Also, consider the time zones and cultural work patterns of employers to ensure a smooth collaboration.

FAQs About Securing a 200K Job

A salary of $200k is relatively rare, with only a small percentage of U.S. households earning at this level.

According to recent statistics, 11.9% of U.S. households had an annual income over $200,000.1

However, this figure can vary significantly by industry, location, and level of experience.

This is 100% possible with the rise of technology and the internet.

To do this, you must focus on industries that value skills and experience over formal education.

Professions like real estate brokering, high-level sales, business entrepreneurship, or becoming a skilled tradesperson. You just need strong persistence.

The likely answer is typically one needs a grad degree or extensive experience in high-paying fields like medicine, law, engineering, or business.

However, specialized certifications, proven expertise, exceptional skills, or entrepreneurship can also be your ticket to this income level without traditional qualifications.

What Jobs Pay 200k a Year Interest You?

Now that you’re equipped with knowledge about reaching a $200k salary, consider which roles resonate with your skills and passions.

Maybe you’re intrigued by the challenge of a tech startup, or the idea of saving lives as a healthcare specialist is what drives you. Perhaps the strategic element of financial planning appeals to your analytical side, or the autonomy of forging your path as an entrepreneur is a calling.

Remember, selecting a profession that not only offers financial rewards but also aligns with your interests and values is crucial for long-term satisfaction and success. High tech degrees are highly sought after right now.

The great part about making this amount of money is you can increase your savings rate, but that doesn’t mean you should leave beyond your means.

There are plenty of avenues that will have you making over six figures quickly.

Source

Statistic. “Percentage distribution of household income in the United States in 2022.” https://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us/. Accessed February 28, 2024.

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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

March 5, 2024 by Brett Tams

NAR’s chief economist Lawrence Yun said in remarks accompanying the release that high mortgage costs were the main barrier to homebuying intentions in the present market. “This combination of economic conditions is favorable for homebuying,” Yan said. “However, consumers are showing extra sensitivity to changes in mortgage rates in the currently cycle, and that’s impacting … [Read more…]

Apache is functioning normally

March 2, 2024 by Brett Tams

Do you find yourself dreaming about what you would do if you were a millionaire? Maybe you fantasize about retiring early and traveling the world. Or perhaps what excites you is the thought of being able to donate to causes you care about.

But, you might be wondering, how to become a millionaire? You may suspect the only way you’ll ever be that rich is if you win the lottery.

Fortunately, the road to wealth isn’t that narrow — there are many ways to become a millionaire. For instance, some individuals retire with over a million dollars in savings because they made good financial decisions.

Others may have started businesses that brought them success, advanced their careers so that they made enough to save seven figures, or made smart investments.

Read on to learn more about how to become a millionaire, and strategies that could help get you there.

Introduction to the Millionaire Mindset and Goals

You may have a certain image of a millionaire in your mind. Maybe it’s a jetsetter or a celebrity. But many millionaires are not born into wealthy families or individuals who suddenly struck it rich. In fact, many millionaires are people who work for a living every day. In general, what tends to set them apart is that they have a millionaire mindset. They are smart and disciplined when it comes to their money. And they stay focused on their financial goals.

Defining What it Means to be a Millionaire

The true definition of a millionaire is someone with a net worth of at least $1 million. That means that their assets, minus any debt, is $1 million or more.

So, if you have $500,000 in savings and investments, plus a house that’s worth at least $500,000, are you a millionaire? Yes, if you own the house outright and don’t have a lot of debt such as car loans, student loans, or credit cards to pay off. But if you still owe money on your house and you’ve got a fair amount of debt to repay, you probably aren’t a millionaire. At least, not yet.

To do the math for your situation, total up your assets. Then subtract your debts from that amount. This will show you how close you are to reaching millionaire status, and possibly give you a sense of what you might have to do to get there.

Following these eight strategies can help when it comes to how to become a millionaire.
💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.

Step 1: Stay Away From Debt

As we just saw in the example above, one thing that could be holding you back from becoming a millionaire is debt — especially if that debt is “bad debt,” a term often used for high-interest debt. Eliminating your debt is key because it’s difficult to build wealth if you’re paying a significant portion of your income toward interest.

Paying off debt could help free up money to invest and build wealth. One way to repay debt is to use the debt avalanche method. With this technique, you pay off your debts with the highest interest rates first and then focus on debts with the next highest interest rates (while still making minimum payments on all of your debt, of course).

Eliminating debt isn’t just about paying off existing debt, though, it’s also about avoiding the chances of going into debt in the future. Part of a debt payoff strategy could involve spending less so that you don’t need to rely on credit. You can also set a strict budget and pay with cash whenever possible.

In addition, you may want to create an emergency fund by setting aside a certain amount of money every month. That way, if you have a financial setback, you don’t have to go into credit card debt.

Step 2: Invest Early and Consistently

Investing successfully doesn’t happen overnight. It takes time. That’s why you need to start early. There are a few rules to know that could help you improve your chances of becoming a millionaire.

Benefits of Compounding Returns

First, compounding returns can make all the difference. They can help your money grow, as long as the returns are reinvested.

Here’s how they work: Compounding returns depend on how much an investment gains or loses over time, which is known as the rate of return. The longer your money is invested, the more compounding it can do. That’s why some individuals start saving aggressively when they’re young.

Saving $100,000 by the time you’re 30 might not be possible for everyone, but the more you save early on, the greater impact it could have on your net worth.

And here’s the thing: Even if you’re in your 30s, 40s, or 50s now, it’s never too late to start saving. The important thing is that you start, period. And that you keep saving.

There are other investing strategies that could help as you work on how to become a millionaire. For instance, you could reduce the amount you spend on investment fees. High investment fees can have a big impact on your returns, so you might want to look into low-fee investments.

Also, you should make sure that you invest in a way that’s right for you throughout your life. That may mean investing more aggressively when you’re younger and gradually becoming more conservative in your investments as you get older and closer to retirement.

Step 3: Make Saving a Priority

Your savings is the amount of money you have left after paying taxes and spending money.

Many Americans aren’t saving enough to become a millionaire — in October 2023, the average personal savings rate was 3.8%, according to the Bureau of Economic Analysis. You’ll likely need to save more than three times that amount to become a millionaire.

Effective Saving Strategies for Long-term Wealth

To save for your goals, start by investing in your company’s 401(k). Max out your 401(k) if you can. At the very least, invest at least enough to earn the employer match, if there is one. That way your employer is contributing to your savings.

In addition, consider opening a traditional IRA or a Roth IRA and contribute as much as possible — up to the limit set by the IRS. These IRAs are tax-advantaged, so they’ll help with your tax bill, too.

And investigate other savings options as well. For instance, you could open a high-yield savings account rather than a regular savings account for a higher return.

Step 4: Increase Your Income

You can’t join the ranks of millionaires if you’re not bringing in more money than you need for your basic necessities. The more money you make, the more you can save and invest.

Tips for Boosting Earnings and Maximizing Income

Some ways to boost your income include asking for a raise or looking for a new higher-paying job. You could also go back to school to earn an advanced degree that could lead to a position with a higher income. Your current employer might even help you cover the cost; check with your HR department.

Another one of the ways to earn extra money is to take on a side hustle. You could tutor students on evenings or weekends, do freelance writing, or dog sit. And those are just some of the options to consider.

Step 5: Cut Unnecessary Expenses

Getting control of your spending is critical to building wealth. That doesn’t mean you have to cut back on everything that gives you pleasure, but you could consider the happiness return on investment you get from the money that you spend. How big of an apartment or home do you truly need to be content? What kind of car do you need? Do you have to buy lunch out every day or could you bring your own lunch from home?

Identifying and Eliminating Non-Essential Spending

You could find ways to cut back on the things that don’t matter so much, but not skimping to the point that you miss out on things you love. For example, maybe you need your gym sessions (and there are plenty of low-cost gyms out there), but you can do without a $5 latte every morning.

Also, you could focus on cutting back on big expenses instead of those that won’t have a huge impact on your budget. For example, dining out only once a month, adjusting your thermostat higher or lower depending on the season, or finding a less expensive, smaller home could help you save a significant amount of money over time.
💡 Quick Tip: Distributing your money across a range of assets — also known as diversification — can be beneficial for long-term investors. When you put your eggs in many baskets, it may be beneficial if a single asset class goes down.

Step 6: Keep Your Financial Goals in Focus

To become a millionaire, you’ll need to stay laser-focused on your financial goals. When everyone else around you is spending money, going on fancy vacations, and buying expensive cars, remind yourself what’s truly important to you. Keep your spending in check, continue to save and invest, and avoid taking on debt.

It takes discipline. But instead of thinking about the stuff you don’t have, appreciate all the good things in your life, like your family and friends. Remember that you’re saving for your future. You’ll be able to enjoy yourself then if you have the money you need to live comfortably and happily.

Think of it this way: You’re making yourself and your financial security the priority. Make that your mantra.

Step 7: Consult with Investment Professionals

Investing can be complicated because there are so many options to choose from. If you need help figuring out what investments are right for you, consider working with a qualified financial advisor.

Leveraging Advice for Wealth Building

A good financial advisor could help you select the right investments and the best investing strategies for your situation. They can also help you plan and budget to reach your goals. But be sure to be an active participant in the process. Ask questions, be involved. Why are they suggesting a specific investment? And if you don’t feel comfortable with something, say so.

Finally, be sure to check your investment performance regularly. Know what you are investing in, how much, and why.

Recommended: How to Find the Best Investment Advisor For You

Step 8: Repeat and Refine Your Financial Plan

The final step to becoming a millionaire is to stay committed to your goal and your plan. Keep saving and investing your money. Stay out of debt. Let time and the power of compounding returns kick in. Be patient.

But also, don’t be afraid to refine or change your plan if need be. For instance, as you get closer to retirement, you will likely want to choose safer, less aggressive investments. You can keep saving and growing money throughout different ages and stages, but your method for doing so can evolve to make sense for where you are in your life.

Additional Tips for Wealth Building

In addition to all of the strategies above, there are a few other techniques that may help you reach millionaire status.

Lifestyle Considerations and Spending Habits

As you work your way up the ladder and earn more money throughout your career, you may be tempted to increase your lifestyle spending, too. After all, you have more money now, so you may feel the urge to spend it.

But here’s the thing: Giving in to these temptations can be a slippery slope. It might start with a bigger house in a nice neighborhood, and then grow to taking extravagant vacations and driving a luxury car. Before you know it, you could be spending way more than you’re saving.

Try to avoid lifestyle splurging if you want to be a millionaire. Instead, take the extra money and save and invest it. That way, you’ll be able to reach your goal even faster.

The Takeaway

Becoming a millionaire is possible if you take the right approach. It involves saving and investing your money, spending wisely, and avoiding debt. You need to be disciplined and focused, and it won’t always be easy. But staying committed to your goals can reward you with financial security and success.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Invest with as little as $5 with a SoFi Active Investing account.

Photo credit: iStock/pixelfit

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.

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.

SoFi Invest®
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
Individual customer accounts may be subject to the terms applicable to one or more of these platforms.

1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.

For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

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.

SOIN1023169

Source: sofi.com

Apache is functioning normally

February 29, 2024 by Brett Tams

Pre-Qual, TPO, Lead Gen Tools; STRATMOR on Vendor Relationships; Disaster News; HECM, Ginnie, FHA News

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Pre-Qual, TPO, Lead Gen Tools; STRATMOR on Vendor Relationships; Disaster News; HECM, Ginnie, FHA News

By:
Rob Chrisman

Wed, Feb 28 2024, 11:09 AM

At the TMBA’s Secondary Conference in Houston a topic is obviously interest rates and the economy… And the fact that the nation’s interest payment expense now exceeds our defense expense! It’s also a fact that Texas’ business climate is very friendly for companies. The #1 state in the nation for residential lending, California, not so much. Overheard here in the hallway: “California is a blue state wrapped up in red tape.” That said, permit process aside, California gets a lot of flak for its high cost of living, but that is for income tax rather than property tax, as exhibited in “Property Taxes by State in 2024” comparing home and vehicle taxes across the nation. Californians pay the 34th highest annual taxes on homes priced at state median value. New Jersey, Illinois, and Connecticut have the highest annual taxes on homes. Each year, the average American household spends $2,869 on real-estate property taxes plus another $448 for residents of the 26 states with vehicle property taxes. (Found here after 8:30AM ET, this week’s podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products – nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics – unite the people, systems, and stages of the mortgage process. Interview with SoFi’s Liz Young on the need for Treasury auctions and how supply and demand at those auctions impacts consumer interest rates.)

Lender and Broker Services, Products, and Software

“If you’re heading to ICE Experience, there’s never been a better time to catch up with the Optimal Blue team. Our PPE clients are actively upgrading to the Encompass Partner Connect integration and enjoying new features and benefits. On average, loan officers experience a 60% reduction in the time it takes to request a lock and see it auto-confirmed within Encompass through this upgraded integration. This means users can continue with disclosures and other loan-processing activities faster, which shortens turnaround times and increases efficiencies. If you’re an existing Optimal Blue client and interested in hearing about the other benefits of upgrading, or if you’d like to further discuss your business strategy, consider scheduling a meeting with the Optimal Blue team at our private poolside cabana. We will also be set up at the Optimal Blue booth throughout the event and ready to chat at your leisure. See you in Vegas!”

Compliance Experts Report on 2024 Mortgage Servicing Outlook! Watch the 30-minute webinar that recently launched with ACES’ EVP of Compliance, Amanda Phillips and Reid Herlihy of Ballard Spahr as they discuss the most recent mortgage servicing news, CFPB Supervisory Highlights, and expectations and predictions for 2024 and beyond. Watch the recording.

Guaranteed Rate has chosen Evocalize to enhance the digital marketing capabilities of its mortgage loan officers. Evocalize, renowned for powering leading mortgage and real estate industry tech platforms, is partnering with Guaranteed Rate to revolutionize lead generation and referral partner engagement. Through Evocalize, loan officers can execute targeted digital marketing campaigns across various platforms including Google, Facebook, Instagram, TikTok, Gmail, and YouTube instantaneously. This collaboration empowers loan officers to leverage local data for lead generation amidst changing regulatory landscapes. Evocalize will leverage real-time data and machine learning algorithms to optimize ad management. Guaranteed Rate anticipates significant benefits from this partnership, including enhanced lead generation, reduced marketing costs, and streamlined compliance efforts, ultimately improving the overall customer experience. Learn more here.

“Welcome to the new AFR Wholesale® (AFR)! Change can be good. Our team has been relentlessly pursuing better execution. This exercise has led to great program enhancements, operational improvements and of course, better pricing. Non-Delegated and Wholesale clients have commented on our aggressive pricing across all programs. Notably our new expanded note rate adjusters in conventional and government. We’ve also revised pricing for our Down Payment Assistance Program going into purchase season. AFR is dedicated to offering not only competitive rates but also a customer-centric approach, ensuring that you and your borrowers have the tools and options needed for a beneficial experience. Delegated Correspondents have also seen sharper pricing and incredible turn times (under 48 hours). Ensure you’re leveraging all AFR benefits by reaching out to our Account Executives, 1-800-375-6071, or explore our enhancements through our Quick Pricer tool. Not a client? Partner with AFR today!”

When Al Gore invented the internet, he envisioned a world where borrowers and Realtors could stand in a home, pull out their phones, and update pre-approval letters on demand. Make him proud and check out QuickQual by LenderLogix.

STRATMOR on Lender-Vendor Communication

We in the industry know that there is often a massive disconnect between mortgage lenders and their technology partners, so why isn’t “business relationship therapist” a thing? In STRATMOR Group’s February Insights Report, Senior Advisor Sue Woodard takes on the role of “therapist” to help both lenders and vendors unpack the key areas of disconnect. If you need guidance in breaking down these communication barriers, contact STRATMOR and don’t miss “Step into Our Office: Couples Therapy for Mortgage Lenders and Tech Vendors” for suggestions for both parties and to learn how STRATMOR is already working with technology providers to hear, understand and better respond to the needs of the lending community.

Disaster News

Given that 20-25 percent of the nation’s mortgages come from California, exposed to earthquakes, fires, and flooding, seeing a disaster declared there is worth noting for lenders and servicers alike. FEMA announced that federal disaster assistance has been made available to the state of California to supplement recovery efforts in the areas affected by severe storms and flooding, January 21-23, 2024. The President’s action makes federal funding available to affected individuals in San Diego County.

“Assistance can include grants for temporary housing and home repairs, low-interest loans to cover uninsured property losses and other programs to help individuals and business owners recover from the effects of the disaster. Federal funding is also available on a cost-sharing basis for hazard mitigation measures statewide. Individuals and business owners who sustained losses in the designated areas can begin applying for assistance by registering online at www.DisasterAssistance.gov, by calling 1-800-621-3362 or by using the FEMA App.”

But up in Washington we have wildfires: FEMA DR-4759-WA.

On 2/19/2024, with DR-4758, Release Number HQ-24-024, FEMA declared federal disaster aid with individual assistance has been made available to San Diego County California affected by severe storms and flooding from 1/21/2024 to 1/23/2024. See AmeriHome Mortgage Disaster Announcement 20240206-CL for inspection requirements.

On 2/15/2024, with DR-4759, Release Number HQ-25-025, FEMA declared federal disaster aid with individual assistance has been made available to a county affected by wildfires from 8/18/2023 to 8/25/2023. See AmeriHome Mortgage Disaster Announcement 20240208-CL for inspection requirements.

FHA, VA, Ginnie Mae, HECM, and USDA Developments

Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.53 trillion in January, including $28.1 billion of total MBS issuance, leading to $10.8 billion of net growth. January’s new MBS issuance supports financing for more than 91,000 households, including more than 46,000 first-time homebuyers. Approximately 77.6 percent of the January MBS issuance reflects new mortgages that support home purchases, because refinance activity remained low due to higher interest rates.

The January issuance includes $27.4 billion of Ginnie Mae II MBS and more than $674 million of Ginnie Mae I MBS, including nearly $558 million in loans for multifamily housing. For the 2024 calendar year to date, Ginnie Mae supported the pooling and securitization of more than 46,000 first-time homebuyer loans. For more information on monthly MBS issuance, unpaid principal balance (UPB), real estate investment conduit (REMIC) monthly issuance, and global market analysis, visit Ginnie Mae Disclosure.

In USDA news, an Unnumbered Letter (UL) dated February 13, 2024, has been issued which increases the appraisal fee to $775 and the conditional commitment fee to $850 under the rural development direct programs. The fee increases are effective March 14, 2024. The increased fees reflect market research for origination appraisals in rural areas and incorporates the average cost of appraisals under the programs’ nationwide contract with the Appraisal Management Companies.

With the current market trends of rising interest rates, the Single-Family Housing Guaranteed Loan Program (SFHGLP) Rural Development announced a Stand-Alone MRA ratio waiver; to remove the 55 percent and 31 percent limitations from the requirements in the regulation for the Stand-Alone MRA.

FHA published Frequently Asked Questions, FHA (FAQs), that address inquiries received from stakeholders regarding its final rule, Changes in Branch Office Registration Requirements published in the Federal Register on February 2, 2024. This regulation eliminated the current requirement for lenders and mortgagees to register branch offices where they originate FHA Title I or Title II loans. This new rule, which becomes effective on March 4, 20 is not applicable for those institutions whose fiscal year ended on December 31, 2023, and are required to recertify by March 31, 2024. Recertification fees for those lenders will be calculated based on the number of registered branches as of the last business day of their fiscal year-end certification period. Refer to the rule and accompanying FHA INFO 2024-01 dated February 2, 2024, for information on the rule.

Effectively immediately, AmeriHome is removing the existing $100,000 maximum cash-to-borrower overlay on VA Cash-Out Refinance transactions, to align with VA guidelines. For additional information, see Product Announcement 20240207-CL.

Big news for the “Empire State” of New York! Plaza Home Mortgage excitedly shared that borrowers can now utilize a reverse mortgage for purchasing a home. This is a great option for “buying up” or keeping key cash liquidity vs paying all cash. Plus, FHA now allows borrower concessions up to 6% of the Principal Limit. So, what does that mean for your borrower? When discussing the HECM product, these interested party contributions [or concessions] may include REALTORS®, builders, developers, lenders, and others with an interest in the transaction. Now, interested parties may contribute up to 6% of the sales price toward the borrower’s origination fees, closing costs, prepaid items, and more.

Weary about adding reverse mortgages into your business plan? Although there are lower LTVs caused by the higher rates, keep in mind that the acceleration of equity often offsets all of that. While your senior borrowers may get 47 percent instead of 57 percent LTV, their house may have appreciated $150K or more. Contact Plaza Home Mortgage for more information.

Pennymac Announcement 24-07 provides updates to Government LLPAs effective for all Best-Efforts Commitments taken on or after Friday, February 09, 2024.

The Single-Family Housing Guaranteed Loan Program (SFHGLP) announced upcoming revisions to technical Handbook 1-3555, Chapter 12, Property and Appraisal Requirements. Changes are expected to be implemented on April 1, 2024. View USDA Rural Development Bulletin for more information.

Per Pennymac Announcement 24-13, Government LLPAs were updated, effective for all Best-Efforts Commitments taken on or after Friday, February 23, 2024, as follows: Improve values on the ‘Government FICO Price Adjustments’ LLPA Grid.

Capital Markets

There are competing narratives emerging around the strength of the U.S. economy. Weaker consumer spending of late calls into question whether the economy can avoid a recession, consumer confidence has fallen and remains shaky, economic activity pulled back in January as storms and cold weather disrupted day-to-day activity, and markets received a disappointing Durable Orders report yesterday. However, employment has remained resilient, homebuilder confidence has improved, and Treasury auctions this week have not indicated any sort of flight to quality. On balance, the data suggests that the economy should pick up as the weather improves.

Home prices continue to hold steady as demand greatly exceeds supply. The FHFA Housing Price Index rose 0.1 percent month-over-month in December after increasing a revised 0.4 percent in November, while the S&P Case-Shiller Home Price Index was up 6.1 percent in December after being up 5.4 percent in November. However, local markets are seeing some price easing. Supply and demand may be a greater determinant: Despite high rates, home prices rose 5.1 percent in January, year over year, and while still painfully low, inventory is up 3.1 percent year over year and new listings rose year over year for the fourth straight month.

Today’s economic calendar kicked off with mortgage applications from MBA decreasing 5.6 percent from one week earlier. Later today brings the second look at Q4 GDP and January advanced indicators: the goods trade deficit, retail inventories, and wholesale inventories. Three Fed speakers are currently scheduled: Atlanta President Bostic, Boston President Collins, and New York President Williams. We begin the day (an early travel day for me) with Agency MBS prices, the 10-year yielding 4.28 after closing yesterday at 4.32 percent, and the 2-year at 4.67.

Jobs and Transitions

Looking to expand in CA or NV? Licensing in both states is now taking nearly a year. Opportunity for immediate licensing in either or both states. New established small Mini-Corr/Broker shop located in Northern NV for sale. The operation was established by an industry veteran with two immediate family members. Some circumstances with the family have changed and the principal believes it would be better to continue forward becoming a part of a larger entity. The company is licensed in NV, CO, TX, FL, and CA; banking license should be completed within 6 – 8 weeks. If interested, please contact Chrisman LLC’s Anjelica Nixt to forward your note to the owner.

Movement is providing its loan officers, and the agents they work with, a unique way to highlight their impact. Powered by the company’s new proprietary sales and marketing tool MORE, every Movement LO and the agents they closed loans with in 2023 recently received a personalized “Highlight Reel,” featuring an email, web page, and social media content showcasing the work they did together last year and how that work impacted their respective communities. Movement has also released its annual Impact Report, which also looks back on the previous 12 months. Check out all the ways Movement helps its loan officers stand out with unique storytelling, content, technology, and yes, MORE, at MovementLO.com.

New American Funding is pleased to announce the addition of industry leader Mosi Gatling as SVP Strategic Growth and Expansion. Gatling is renowned for her expertise in serving previously underserved communities and her commitment to increasing Black homeownership in the U.S. and will help to reshape the industry’s approach towards minority communities and effect positive change across the mortgage industry.

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

February 26, 2024 by Brett Tams

Automation, Pre-Approval, QC Products; Rent vs. Buy; More Proposed Paperwork for Lenders

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Automation, Pre-Approval, QC Products; Rent vs. Buy; More Proposed Paperwork for Lenders

By:
Rob Chrisman

7 Hours, 10 Min ago

Saturday was George Thorogood’s 74th birthday, and fans know that he wrote the classic tale of rent collection, land ladies, and payment avoidance. Time flies, but that may change. We’re faced with an actual five-day workweek this week, with no Federal holidays until Memorial Day, May 27th, two months away! Yikes. Here in Houston at the TMBA’s Southern Secondary Conference, the attendees are already making use of what time they have, discussing best execution procedures, warehouse tactics, management strategies, economic trends, the market for servicing, and operational efficiencies. I’m a capital markets guy, so arguably learned math good. But I didn’t learn math like this! MBS versus cash sales pick-ups is always a favorite topic, although last year the market was deluged by excess servicing trades. Flow and bulk purchasers of HELOCs and 2nds is search being undertaken by some, as well as climate change and insurance cost increases. (Found here, this week’s podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products – nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics – unite the people, systems, and stages of the mortgage process. Today’s has an interview with Yardsworth’s Matt Lucido on creative ways that homeowners can leverage their tappable equity, and how we can see more supply hit the market.)

Lender and Broker Services, Products, and Software

Promising Updated MBA Forecast: The MBA released their recent forecasted predictions on mortgage originations (1 to 4 family). A welcome sight is that they predict a 25+ percent increase in 2Q over 1Q 2024 and a 13 percent increase in 3Q over 2Q 2024. In addition, the 3Q 2024 prediction is nearly 22 percent higher than the same quarter in 2023’s actual originations. As volumes continue to rise quickly, having a solid quality control program is as important as ever in order to continue to produce quality loans while mitigating risk. Quest Advisors has nearly 30 years of experience in assisting mortgage lenders with their quality control needs. Examples of services Quest Advisors provides, are Post-Closing and Prefunding loan QC reviews, along with Servicing, HMDA, and MERS audits. To find out more information on how Quest Advisors can help, please reach out to Matthew Reich at (336) 404-1409.

Tired of paying costly Agency LLPAs for non-owner occupied (NOO) and second home loans? More than 150+ originators have signed up to receive daily mandatory bids and MAXEX is currently winning more than 10 percent of loans bid! Get competitive pricing from five leading non-agency buyers and underwrite to Agency guidelines while avoiding Agency LLPAs. It all seamlessly integrates with your existing bulk trading process. Visit maxex.com/conforming to learn more.

Get a Sweetheart Deal with Loan Stream’s February Specials on FHA/VA and Non-QM price improvements! Get 37.5 BPS Price Improvement on all FHA and VA, Low Balance, and High Balance >=680 FICO, excludes DPA and 25 BPS Price Improvement on FHA Streamlines/IRRRLS. Plus, a Non-QM Price Improvement of 50 BPS on all Non-QM, not including Closed End Seconds and Select Programs. Valid for loans locked 2/1/2024 through 2/29/2024. Terms/Conditions apply see our site and talk with your Account Executive.

“Everyone wants to make their borrowers sticky and we’ve got the Krazy Glue. I’m talking ‘gotta get to the emergency room to get your fingers unstuck’ kind of glue. It’s called QuickQual, it integrates with Encompass® by ICE Mortgage Technology™ and once you pre-approve your borrower, they’re coming back.

Just as Morpheus offered Neo the ultimate choice between reality and illusion in The Matrix, Dark Matter Technologies invites you to choose between the past and the future of mortgage lending in its “Choose Your LOS Experience” ad campaign. Take the blue pill and stay the course with old-school thinking and technology. Or take the red pill and join DMT to revolutionize your business with cutting-edge technology, unparalleled automation, and relentless innovation, as evidenced by the Empower® LOS and the AIVA® artificial intelligence solution. When it comes to your future, “choose wisely.” Schedule a demo with the Dark Matter team today to explore how the Empower LOS can transform your business.

Is More Paperwork Heading Our Way?

Do we need more rules and regulations and paperwork, or better rules and regulation and paperwork? The federal bank regulatory agencies announced their first of a series of requests for comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.

To facilitate this review, the agencies divided their regulations into 12 categories and are first soliciting comments on their regulations in three categories: Applications and Reporting, Powers and Activities, and International Operations. Comments on the relevant regulations will be accepted for 90 days after publication in the Federal Register.

But Ballard Spahr reports that on February 16, the Financial Crimes Enforcement Center (“FinCEN”) published a Notice of Proposed Rulemaking (“NPRM”) regarding residential real estate. The final version of the NPRM published in the Federal Register is 47 pages long. We have created a separate document which more clearly sets forth the proposed regulations themselves, at 31 C.F.R. § 1031.320, here.

“FinCEN also has published a Fact Sheet regarding the NPRM, here. The Fact Sheet, slightly over four pages long, is helpful and walks through the basics of many of the proposed requirements. The NPRM proposes to impose a nation-wide reporting requirement for the details of residential real estate transactions, subject to some exceptions, in which the buyer is a covered entity or trust. Title agencies, escrow companies, settlement agents, and lawyers need to pay particular attention to the NPRM because, based on FinCEN’s “cascade” approach to who should be responsible for complying with the reporting requirements, these parties are the most likely to be responsible.

”Rent Versus Own” Economics

If you’re still paying off your mortgage, renting is likely cheaper than owning in each of the nation’s 50 largest metros. Median rent costs are lower than median homeowner costs for those with mortgages but higher than costs for homeowners without mortgages. LendingTree analyzed housing data to compare monthly rental and housing payments for homes with and without mortgages in the 50 largest metros in the U.S.

The difference between median housing costs for homes with a mortgage and median gross rent is $563 a month. The spread in costs between renting and owning a home with a mortgage is widest in the San Jose, Calif., San Francisco, and New York metros. The difference between the median monthly housing costs for homes with a mortgage and the median monthly gross rent in these metros is $1,341, $1,303, and $1,289, respectively. Phoenix, Orlando, Fla., Jacksonville, Fla., and Atlanta have the narrowest gaps between renting and owning a home with a mortgage. In Phoenix and Orlando, median gross rent costs are $87 and $145 less than median monthly housing costs for homes with a mortgage. In both Jacksonville and Atlanta, the difference is $216.

That said, Barron’s reports that, “Prospective buyers spent the President’s Day holiday last week window shopping, early data suggest. ‘Showing activity was strong,’ says Orphe Divounguy, a senior economist at Zillow, citing data from home tour software company Showingtime. Home touring activity was up 19.4% from the start of the year, pointing to a strong seasonal ramp-up.”

Capital Markets

Markets are known for “getting ahead of themselves,” and the latest example may be the “insatiable demand” for Nvidia’s artificial intelligence chips. The stock has shot up, resulting in the company briefly surpassing a $2 trillion valuation. But other equity prices have tagged along, boosting the general stock market.

That said, investors have been walking back expectations for Federal Reserve rate cuts. Goldman Sachs, for example, has pushed back expectations for a Fed rate cut to June. If you like rates where they are, fine. If you’re hoping for lower rates to jump start your business in the near future, well…

The dominating market narrative recently has been that while interest rate cuts may be appropriate at some point this year, it is not likely to be anytime soon. Resilient economic growth and optimism that inflation will continue to fall in the face of high interest rates has fostered household demand, bolstered expectations the U.S. will avoid a downturn in the near term and forced investors to ratchet back bets on early rate cuts. Philadelphia Fed President Harker warned against betting on early rate cuts late last week, saying “I will signal my belief that we’re ready for a rate decrease when all the data, both the hard and the soft, give me that signal.” Pricing in fed funds futures has all but erased the chance of a March rate cut, and the chance of a cut in June is currently a coin-toss. Economists now see a 40 percent chance of recession in the next year, the lowest reading since mid-2022.

Last week was fairly quiet in terms of economic releases and the few that came out did nothing to change the current narrative of U.S. economic conditions. The Leading Economic Index declined 0.4 percent versus a -0.3 percent forecast and is now just two points above its April 2020 low. Historically, the prolonged decline observed in this data set predates a recession, but at the moment, it appears this recession signal is out of step with current economic conditions. Elsewhere, existing home sales rose 3.1 percent in January thanks in part to declining mortgage rates in December.

Since then, rates have moved back up towards 7 percent. The FOMC has repeatedly indicated it is in no hurry to begin reducing the fed funds rate until they are fully confident inflation is sustainably moving towards their 2 percent goal.

This week opens with $169 billion in month-end supply over the first two days along with the usual $309 billion in Treasury bills. There are several important economic releases with the highlight being the Fed-favorite PCE price index for January is on Thursday. We will also receive durable goods for January, home price indexes for December, consumer confidence for February, the second reading on Q4 GDP, Chicago PMI for February, January construction spending, and final February consumer sentiment.

The deadline for Congress to avert a partial government shutdown is Friday. Today starts quietly with new home sales for January, expected to register 680k versus 664k in December, Dallas Fed manufacturing business index for February, and remarks from the new Kansas City Fed President Schmid. The Treasury will auction $63 billion 2-year notes, $70 billion 6-month bills, $63 billion 5-year notes, and $79 billion 3-month bills. We begin the week with Agency MBS prices roughly unchanged from Friday’s close and the 10-year yielding 4.24 after closing last week at 4.26 percent. Helping ARM rates, the 2-year is down to 4.68 percent.

Jobs and Transitions

Logan Finance is hiring! Non-QM Account Executives are in high demand at Logan Finance, especially those of you in Florida. Contact us today to learn more. Speaking of hiring, Logan is happy to announce that Ryan Rathert and Sarah Gonzalez have joined the executive team as Chief of Staff and Chief Operating Officer, respectively. Ryan is a proven mortgage finance wizard and Sarah a renowned industry maven, so put your sunglasses on, because the future at Logan is bright! And the spotlight will be on Logan’s SVP Business Development, Paul Jones, as he presents “Discover the DSCR Difference with Logan Finance”, session #2 in the monthly series, “The Modern Non-QM Experience”. Join Paul on March 6 at 2pm ET. Register here. If you’re looking for a Non-QM career boost, send your resume or check out LoganWholesale.com and LoganCorrespondent.com for more information. Join Logan and become a #LoganLeader today.

“Don’t just close loans, close the gap on your potential. Kind Lending is seeking mortgage professionals with an entrepreneurial spirit and KIND mindset. We will provide a comprehensive catalog of loan products to serve your clients, along with advanced marketing and tech tools to grow your brand and exponentially expand your reach. You will be empowered to rewrite your success by leveraging the powerful tools available at your fingertips. It’s your business. We are here to fuel it. If you are ready to build win-win relationships with a company that values you and your growth, contact Traci Miller, National Talent Acquisition Manager.”

Click n’ Close, a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels and formerly known as Mid America Mortgage, announced Polly Cracchiolo has joined the organization’s third-party originator (TPO) sales team as an account executive.

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

February 24, 2024 by Brett Tams

Your credit score is a three-digit number that reflects your credit history. It’s not the complete financial picture, but lenders consider it when evaluating you for lines of credit and insurance.

But there are multiple versions of your credit score.

For the majority of lending decisions most lenders use your FICO score. Calculated by the data analytics company Fair Isaac Corporation, it’s based on data from credit reports about your payment history, credit mix, length of credit history and other criteria.

Some lenders use another scoring model, VantageScore, especially credit card companies.

But if you’re applying for a mortgage, the score on your application might be different from either of them.

Here’s what you need to know about credit scores if you’re looking to buy a home.

What we’ll cover

Compare offers to find the best mortgage

The credit score used in mortgage applications

While the FICO^® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage:

FICO^® Score 2 (Experian)
FICO^® Score 5 (Equifax)
FICO^® Score 4 (TransUnion)

All the credit reporting agencies use a slightly different version of the FICO score. That’s because FICO tweaks its model to best predict creditworthiness in different industries. You’re still evaluated on the same core factors — payment history, credit use, credit mix and the age of your accounts— but they’re weighed a little differently.

That makes sense — paying off a mortgage is different than using a credit card responsibly.

The FICO 8 model used by credit card companies is more critical of high balances on revolving credit lines. Since revolving credit is less of a factor when it comes to mortgages, the FICO 2, 4 and 5 models have proven to be reliable when evaluating candidates for a mortgage.

Mortgage lenders pull all three credit reports

According to Darrin English, a senior community development loan officer at Quontic Bank, mortgage lenders request your FICO scores from all three bureaus — Equifax, Transunion and Experian. But they only use one when making their final decision.

If all of your scores are the same, the choice is simple. But what if your scores are different?

“We’ll use the median as the qualifying credit score,” English said. “It’s called a tri-merge.”

If two of the three scores are identical, lenders use that one, he added, regardless of whether it’s higher or lower than the third.

If you are applying for a mortgage with a co-signer, like a spouse, each applicant’s FICO 2, 4 and 5 scores are pulled. The lender identifies the median score for each of you, and then uses the lower of the two.

How your credit score affects interest rates

Knowing your credit score is the first step in getting the best rates on your mortgage.

According to FICO, a borrower with a credit score of 760 can expect an interest rate of 6.47% on a 30-year fixed mortgage. For a borrower with a score between 620 and 639 (considered subprime), that rate would be 8.05%.

A 1.58% APR savings may seem negligible, but it could save you hundreds each month and thousands over the life of the loan.

How to improve your credit

Your credit score reflects your history of paying off debt. A higher score can save you thousands in interest payments over the life of your mortgage. If you want to improve your score:

Make on-time payments in full, especially on revolving credit like credit cards.
Ask to increase your credit limit on existing cards
Keep your credit utilization rate under 30%
Avoid opening new lines of credit
Try to get credit for utility payments

*Experian Boost™ is a free service that updates your Experian credit report with on-time payments to your mobile carrier, power company and other utilities not usually linked to credit-reporting agencies. According to the company, users whose FICO scores improve see an average increase of 13 points.

Experian Boost™

On Experian’s secure site

Cost
Average credit score increase

13 points, though results vary
Credit report affected

Experian®
Credit scoring model used

FICO® Score

Results will vary. See website for details.

How to monitor your credit

Since the mortgage industry looks at all three credit reports, consider a paid credit monitoring service that pulls more comprehensive data than a free version would.

In addition to providing regular updates on your FICO score, Experian IdentityWork℠ Premium examines data from all three credit bureaus and informs users about score changes, new inquiries and accounts, changes to your personal information and suspicious activity.

Experian IdentityWorks℠

On Experian’s secure site

Cost

Free for 30 days, then $9.99 to $19.99 per month
Credit bureaus monitored

Experian for Plus plan or Experian, Equifax and TransUnion for Premium plan
Credit scoring model used
Dark web scan
Identity insurance

Yes, up to $500,000 for Plus plan and up to $1 million for Premium plan*

Terms apply.

*Identity Theft Insurance underwritten by insurance company subsidiaries or affiliates of American International Group, Inc. (AIG). The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.

The most accurate way to keep tabs on your mortgage-specific credit score is with the advanced version of MyFICO®, which shares versions of your FICO score calculated for credit cards, home and auto loans and more for $29.95 a month.

You’ll also have access to $1 million in identity theft insurance and 24-hour expert help if your identity is compromised.

FICO® Basic, Advanced and Premier

On myFICO’s secure site

Cost

$19.95 to $39.95 per month
Credit bureaus monitored

Experian for Basic plan or Experian, Equifax and TransUnion for Advanced and Premier plans
Credit scoring model used
Dark web scan

Yes, for Advanced and Premier plans
Identity insurance

Yes, up to $1 million

Terms apply.

Bottom line

Mortgage lenders use a specific version of your credit score to determine if you’re a good candidate for a home loan. Make sure to monitor the credit score that matters to mortgage lenders if you’re looking to buy a home soon.

Meet our experts

At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed Darrin English, a senior community development loan officer at Quontic Bank.

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit monitoring products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

Source: cnbc.com

Apache is functioning normally

February 21, 2024 by Brett Tams

Inside: Explore top high income skills that don’t require a degree. From AI to Cybersecurity to copywriting, learn how to earn big and without a traditional education.

In today’s rapidly changing economy, traditional educational paths such as acquiring a master’s degree are no longer the sole route to a lucrative career.

In my own journey, I discovered that mastering certain high-income skills (stock trading) can lead to financial success that outpaces even those with advanced degrees. This revelation underscores the value of investing time and effort into developing marketable abilities that align with industry demands.

These high-paying skills, often honed through online platforms, specialized training, and real-world experience, provide a level of flexibility. Plus an earning potential that can exceed the prospects of conventional academic education.

As such, they represent a powerful, alternate paradigm for career advancement and personal growth that you may want to check out.

Quick Answer

Typically, these are based on online jobs that include expertise in certain fields. These roles leverage the digital space to generate significant income and careers are in demand into the foreseeable future.

You can learn and develop these skills through online educational platforms, which can open up a plethora of high-paying job opportunities without the need for traditional college credentials.

High Income Skills for Tech and Digital Domination

In case you haven’t heard, AI and the tech world are the focus of most high paying jobs.

In fact, Microsoft, Google, and Apple recently stated they will take certification over a college degree.¹

Now, let’s explore the various high-income skills that are currently shaping the technology sector and will move to making over six figures.

AI and machine learning

AI and machine learning are not just buzzwords! These fields represent some of the most lucrative areas in tech. As businesses seek ways to make sense of big data, professionals who can design intelligent systems and algorithms are in high regard.

The beauty is that many resources exist to self-educate in this domain, such as online courses, bootcamps, and certifications, making the path accessible for those without a formal business degree.

Best for: This field is ideal for individuals who have a strong aptitude for mathematics, statistics, and programming, and who are passionate about tech and innovation.

Mastering SEO

Search Engine Optimization (SEO) has become a coveted skill in the arsenal of every digital strategist. Why is it so invaluable? Because it acts as the linchpin for visibility in the digital space.

SEO isn’t just about playing with keywords; it’s about understanding the user’s intent, the algorithms of search engines, and the technical makeup of websites to ensure they’re discoverable.

Mastering SEO involves a cocktail of abilities: from understanding meta tags and crafting content that resonates with both humans and search engines, to building a robust backlink portfolio.

Best for: SEO is suited for those who enjoy both the analytical and creative sides of digital marketing and are interested in a dynamic, ever-evolving field.

Cybersecurity

In the digital age, cybersecurity is not just important—it’s essential. Protecting sensitive data and maintaining the integrity of computer systems against threats can be the difference between a thriving business and one that’s exposed to potentially catastrophic breaches.

Notably, cybersecurity proficiency can often be achieved through specialized certifications, bootcamps, or practical experience rather than a traditional degree. Those who commit to ongoing education and remain vigilant of the industry’s pulse become indispensable assets in any organization.

Best for: Perfect for individuals who have a knack for problem-solving, are detail-oriented, and enjoy learning about technology’s cutting edge.

Software Development

As the pillars of our increasingly digital world, software developers write the code that powers everything from mobile applications to global banking systems. The lure of software development as a high-paying skill is evident.

It’s foundational to virtually every industry, offers diverse opportunities for specialization, and provides the satisfaction of building something tangible.

With abundant online resources like coding bootcamps and tutorials, passionate learners can bypass the traditional degree route and directly jump into this lucrative and fulfilling career.

Best for: Individuals who are logical, detail-oriented, and have a strong interest in technology and its potential applications will find a career in software development both rewarding and profitable.

Mobile app development

Mobile App Development is your ticket into the heart of the booming app economy. As smartphone ubiquity grows, so does the need for innovative apps that simplify life—whether that’s for banking, shopping, or entertainment.

Given the high demand for mobile experiences, companies are willing to pay top dollar for developers who can craft intuitive and effective mobile applications. The best part is that this skill can be honed through free courses or even app-building software for those with limited coding knowledge.

Best for: Perfect for those who are not only passionate about coding but also keen on understanding and improving how users interact with technology.

Blockchain Expertise

The field of blockchain has transcended its association purely with cryptocurrencies to become a high-value asset in various sectors. Businesses seek talented individuals who can leverage this technology for secure, decentralized solutions.

Unlike many traditional roles, the burgeoning blockchain field offers the chance for self-taught experts to demonstrate their value based on their skills, portfolio, and understanding of blockchain’s practical applications.

Best for: Blockchain expertise is a high-income skill ideal for individuals who have a strong foundation in technology and an interest in how it can be used to innovate traditional business practices.

Creativity Pays Off with These High Income Skills

Graphic Design

Embarking on a career in graphic design could very well be your gateway to a creatively fulfilling and financially rewarding job market. By marrying aesthetics with functionality, you bring concepts to life, whether it’s through website visuals, logos, or digital media.

The journey to mastering graphic design can be self-directed—you can learn the principles online, through software tutorials, and practice them into existence.

Best for: Individuals with a flair for the arts who enjoy thinking creatively to solve visual challenges and like the aspect of using technology.

Video Production & Editing

In a content-driven era, where video is king, mastery in this field could land you lucrative gigs across various platforms and industries.

Whether it’s for digital marketing, entertainment, or online education, the demand is high, and the barrier to entry is lower than ever—thanks to a plethora of self-teaching resources and accessible technology.

Best for: Those who have a keen eye for detail and a passion for creating engaging, high-quality video content that tells a story.

Professional Photography

Photography captures more than images; it encapsulates emotions, stories, and moments. With the advent of high-quality smartphone cameras and affordable DSLRs, the skill of professional photography is more accessible than ever.

Whether for stock photography, events, or branding, your keen eye for composition and lighting can open doors to a rewarding career without the need for a degree.

Best for: Individuals with a passion for visual arts, a creative mindset, and a strong sense of detail are often the best fit for a high-income career in professional photography.

Copywriting

The pen (or keyboard) can indeed be mightier than the sword in today’s digital-driven world through copywriting.

Articulating compelling narratives that resonate with audiences can catapult brands to new heights, making this skill a valuable asset. The best part? You can cultivate your copywriting prowess from anywhere, thanks to online courses, ebooks, and practice platforms.

All you need is a sharp mind, a clear writing style, and a grasp of persuasive techniques.

Best for: Copywriting is a top choice for those who love writing and are curious about a multitude of topics, with an interest in marketing principles and audience engagement.

Voiceover Artistry or Podcast Production

Unlock the power of your voice and make money – a skill set that’s becoming increasingly profitable. Whether you’re voicing animated characters or hosting a thought-provoking podcast series, the audio medium is a bustling marketplace.

Podcasting, it’s about creating a compelling narrative that listeners can’t resist. While for voiceovers, it’s about bringing scripts to life. Both can be learned through online tutorials, training programs, and practice.

Best for: Individuals with a strong, versatile voice and passion for storytelling will find voiceover work and podcast production both lucrative and rewarding, even without formal training.

Marketing High Income Skills Know-How

Content Creation

Content Creation has become the cornerstone of the digital marketing world, attracting not just audiences but also significant revenue streams. As a content creator, you can weave words, videos, or images to capture attention, inspire, and inform—whether it’s through social media, websites, or other digital platforms.

My path to becoming a content creator was primarily through hands-on experience as well as through consistent practice and staying up-to-date knowledge of digital trends.

Best for: Content Creation is especially suited for those with a creative mindset, who enjoy storytelling and are adept at using digital tools to craft content for an online audience.

Social Media Marketing

This is a brilliant intersection of creativity, strategy, and communication. As a social media marketer, you’ll help brands navigate the bustling social landscape, where billions of users engage daily.

You’ll be tasked with crafting campaigns, analyzing data, and connecting with audiences in a way that drives not just likes, but also leads and loyalty—all of which you can master through free online resources and real-world practice.

Best for: Those who enjoy fast-paced, dynamic environments and have a knack for engaging with people and understanding modern communicative trends.

Affiliate Marketing

Becoming an influencer and tapping into the world of affiliate marketing seems so easy but truly it is a strategy where your persuasion skills can translate into earnings—all without a formal degree.

By promoting products or services via unique affiliate links, you earn commissions on sales. Flourishing in this domain stems from understanding your audience and aligning the products you endorse with their interests.

Best for: Those who have a passion for sales and marketing, are comfortable with self-promotion, and are interested in monetizing their digital presence.

Sales Strategies

The key to unlocking staggering profit margins and business growth is sales and this doesn’t require formal education. This high-income skill revolves around understanding consumer psychology, building relationships, and convincingly presenting products or services.

Many times, those in sales have a knack for the industry. Whether refining your approach through online courses, books, or hands-on experience, excellence in sales comes down to a blend of empathy, insight, and adaptability.

Best for: Excellent fit for outgoing individuals who thrive in competitive environments and derive satisfaction from meeting and exceeding targets.

High Income Skills That Work With People

Language translation and interpretation

This is not only about converting words from one language to another; it’s about bridging cultural divides and facilitating communication. With the globalization of business and the rise of remote work, fluent speakers in multiple languages can capitalize on a multitude of high-paying roles.

And the best part? You can often get started with just bilingual proficiency, some formal certification, and a deep understanding of cultural nuances.

Best for: Ideal for multilingual individuals passionate about language and communication, with a desire to facilitate dialogue in an increasingly connected world.

Freelance consulting in various niches

These are seasoned professionals with an avenue to monetize their wealth of experience and expertise. This thriving field allows you to empower clients with your knowledge, whether it’s in marketing, finance, HR, or any other domain.

What’s more, you can kickstart this lucrative journey with minimal prerequisites—a strong track record, a portfolio of successful projects, and perhaps some industry-recognized certifications.

Best for: Experts in their respective fields who are adept at problem-solving, enjoy sharing their insights and are looking for flexible, high-income opportunities.

Coaching

This is a skill that transforms lives and careers, catapulting you into roles where you guide and motivate others to achieve their personal and professional goals.

As a coach, whether it’s in life, business, career transition, or personal development, you can create a substantial income stream. What’s particularly enticing about coaching as a high-income skill is that it often requires no formal degree—many coaches are self-taught, certified through various programs, and most importantly, driven by a passion to help others succeed.

Best for: Coaching is perfect for individuals with a strong desire to help others, who can cultivate trust, and who possess both the self-discipline and initiative to build their own coaching business.

Public Speaking

Often touted as a soft skill, public speaking has immense potential as a high-paying expertise. The ability to captivate, engage, and influence an audience is invaluable in various professional settings—from corporate presentations to motivational speaking circuits.

The good news is that you can develop this skill through local workshops, online courses, and ample practice. Perhaps even more compelling, is how public speaking bolsters other aspects of personal development, such as confidence and clarity of thought.

Best for: Individuals who enjoy expressing their ideas, exhibit strong interpersonal abilities and derive satisfaction from influencing and inspiring others.

Real Estate

A dynamic field where you can significantly profit from the buying, selling, and leasing of property.

With the right approach and knowledge, personalized by your unique sales flair, you can achieve notable success without the prerequisites of a higher degree. It’s all about your ability to network, negotiate, and understand market trends, guided by state-specific licensing requirements.

Best for: Suited to go-getters with an entrepreneurial spirit, a passion for property, and the perseverance to cultivate a strong portfolio of clients and sales.

High Income Skills for Introverts

Stock Trading

My personal gateway to the exhilarating world of finance, where the potential for high earnings exists for those with the knack and nerve for it.

This high-stress skill—often considered one of the most lucrative skills without a degree—entails buying and selling stocks or options to capitalize on daily market fluctuations. While challenging, with diligent self-education, a cool head for numbers, and a calculated risk approach, you can make stock trading a profitable venture.

Best for: Stock Trading is particularly fitting for those who exhibit patience, enjoy learning about economics and finance, and can handle significant levels of stress without clouding their judgment. Highly recommended to take an investing course.

UX/UI Design

Focusing on crafting meaningful interactions between users and products, UX/UI designers are the architects behind the intuitive use of websites and applications.

The plethora of free resources and communities available online means you can build a portfolio and learn this sought-after skill without a degree.

Best for: Creative minds who have an affinity for technology and user psychology and who enjoy the iterative process of improving product usability and appeal.

Web development and coding

Building and maintaining the structural foundation of websites offers a variety of high-income opportunities without necessarily requiring a four-year degree. Armed with the knowledge of HTML, CSS, and JavaScript, which can be self-taught through platforms like Codecademy, you can create and innovate on the internet’s exciting canvas.

Best for: Analytical thinkers who also appreciate creative expression, and those willing to evolve with the digital landscape constantly.

Data Analysis

Transforming raw numbers into actionable insights, data analysts contribute significantly to strategic decision-making. Fascinatingly, this skill is achievable without a degree, thanks to a plethora of online tools and courses in Excel, SQL, and Python that are freely available.

With a logical mindset and an eagerness to decipher data stories, you could secure a high-income position in businesses of all stripes, from tech startups to major corporations.

Best for: Suitable for those who enjoy crunching numbers, identifying patterns, and have a deep curiosity about how information can influence business strategies.

Bookkeeping

A critical yet often understated skill that plays a foundational role in businesses both big and small. As a bookkeeper, you steward financial accuracy, track transactions, and ensure the book balance.

What may come as a surprise is that modern bookkeeping doesn’t always require a degree—there are online courses that can pave the way for a high-income career for detail-oriented and number-savvy individuals.

Best for: Those who appreciate routine, enjoy working with numbers and take satisfaction in playing a key support role in a business’s financial health.

Must Need High Income Soft Skills

In today’s competitive job market, possessing high-income soft skills can significantly enhance your career trajectory and boost your earning potential.

These soft skills not only complement your technical abilities but also ensure you are a valuable asset to any team, fostering seamless collaboration and leadership. As the workplace evolves, employers increasingly seek candidates who exhibit a rich blend of interpersonal and strategic skills that drive business success.

Problem-solving skills for critical situations are invaluable, and the best news? Whether it’s through active listening, analytical reasoning, assessing risks, or critical thinking, being adept at navigating complex problems can set you apart in the workforce.
Communication skills in professional environments are the linchpin of a thriving career. Being able to articulate your thoughts and listen to others effectively means smoother collaborations and clearer negotiations.
Time Management for efficient productivity is a transformative skill that can make or break professional success. Mastering time management means accomplishing more in less time, leading to greater productivity without the need for a formal degree.
Leadership and Team Management capabilities signal an upgrade in your professional toolkit. Great leaders can marshal a group towards common goals, fostering teamwork, and eliciting the strengths of each member.
Negotiation Skills for Maximizing Value are a powerhouse in the world of commerce, crucial for deal-making and advancing business interests. Learning the art of negotiation is possible without formal education; it’s about understanding human psychology, effective communication techniques, and strategic planning.
Creative Thinking for Innovative Solutions is a valued asset in any business context, prized for driving forward unique and effective problem-solving. This type of thinking allows you to step outside traditional boundaries and generate fresh ideas.
Stepping into the entrepreneurial arena can be your ticket to independence and potential high earnings. Entrepreneurs are the trailblazers of the business world, initiating new ventures, and driving economic growth. While there’s no fixed educational path to entrepreneurship, the journey is fueled by a diverse skill set including innovation, perseverance, management, and the ability to pivot strategies as needed.

FAQs

A skill is considered ‘high-paying’ in 2024 if it is in high demand, offers significant value to employers or clients, and requires a level of expertise that’s not easily found.

These skills typically address current market needs, technological advancements, or specialized knowledge that can drive revenue, increase efficiency, or create competitive advantages. Essentially, the rarer and more necessary the skill, the higher the potential earning power becomes.

Yes, self-taught skills can compete with a traditional degree, especially in industries that prioritize practical experience and proven ability over formal education.

Personally, I can attest to this as I learned many of these high income skills long after I completed my degree.

In fields like technology, digital marketing, or creative arts, a portfolio showcasing your work often carries more weight than a degree. Furthermore, many companies adopt skills-based hiring practices, valuing competency and initiative as key indicators of a candidate’s potential.

Which High Paid Skill to Learn Will You Focus on?

In conclusion, acquiring high-income skills is a powerful strategy for advancing your career and unlocking new professional opportunities or even side hustles. In fact, many are ways to make money online.

This is a simple way to increase the amount of money you make each month.

By embracing continuous learning to hone these in-demand abilities, you can significantly enhance your earning potential and job market desirability.

Investing in the development of high-income skills will pave the way for a brighter, more prosperous future. Just like finding a low stress jobs that pay well without a degree.

Don’t just read. Now, is the time to take action!

Source

Business Insider. “Microsoft doesn’t require a college degree for entry-level jobs.” https://www.businessinsider.com/microsoft-execs-no-college-degree-for-entry-level-positions-2020-2#ping-look-who-leads-microsofts-cybersecurity-detection-and-response-team-added-that-candidates-who-apply-to-jobs-without-a-college-degree-already-signal-a-level-of-determination-that-she-respects-3. Accessed February 18, 2024.

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

February 20, 2024 by Brett Tams

In today’s volatile housing market, ensuring your home is protected against unexpected repairs and replacements is more crucial than ever. As homeowners seek peace of mind amidst the unpredictability of homeownership, home warranty companies have stepped up to offer a buffer against unforeseen expenses.

5 Best Home Warranty Companies

With so many options available, pinpointing the most reliable and value-packed home warranty company can be daunting. To help you choose, we’ve curated a list of the best home warranty companies to ensure your home’s systems and appliances receive the top-tier coverage they deserve. Take the time to discover which provider aligns best with your needs.

#1 Choice Home Warranty

There are plenty of reasons to go with Choice Home Warranty. First, they are a top-rated business according to ConsumerAffairs.com and have an average rating of 4.8 out of 5.

#2 Advanced Home Warranty

Advanced Home Warranty offers comprehensive coverage and a 24/7 claims hotline, making it a strong choice for anyone considering a home warranty.

#3 Liberty Home Guard

Liberty Home Guard offers a high degree of personalization for your home warranty coverage. For example, you can pick the plan and also how often you want to be billed.

#4 Complete Protection

Complete Protection is another excellent home warranty company. Servicing all but nine states, this A+ Accredited Business is open 24/7.

#5: American Home Shield

The accolades American Home Shield has received are many. In addition to being a Better Business Bureau Accredited Business, they also received the Women’s Choice Award from 2014 to 2016.

Methodology: How We Chose The Best Home Warranty Companies

When researching the best home warranty companies, we analyzed over 20 of the most popular home warranty companies. Our team spent hours reviewing each home warranty company. We examined many factors, but mainly focused on the following:

Home warranty plans and options
Pricing
Reputation and trustworthiness
Customer reviews

Pros of Home Warranties

Peace of Mind

One of the major benefits of a good home warranty is peace of mind. A home warranty can bring some real financial security against unexpected home repairs. While getting your home in ideal shape can be tough, maintaining that level can be even more stressful. A good warranty coverage can cut away a big chunk of that worry.

Convenience

One of the biggest problems people can encounter when faced with unexpected breakdown at home is finding good help. But a home warranty also reduces some of that stress, as your provider can provide you with a relevant licensed expert within their network.

Potential Savings

In many cases, standard home repairs – such as a new boiler, for example – can be a lot cheaper if replaced under warranty. While home warranties can’t guarantee savings, chances are you will see the benefits speak for themselves over time.

Transferable

Many home warranties are transferable, meaning you could carry your plan to a new home if you decide to move. Be sure to check whether transferability is a feature of any warranty before signing if that’s important to you.

Cons of Home Warranties

Wait Times

Unfortunately, wait times for claims can sometimes keep you waiting. If you need a quick fix or emergency repairs at home, you may have to wait longer than you would like. One thing that can help here is looking for a provider that provides an online claims process. This is because online claims are often processed faster than those done over the phone.

Coverage Exclusions

Home warranties don’t cover everything, and it can be hard in an emergency to remember your exact coverage limits. It’s important to read the details carefully before signing up, and put a plan in place if you need work that falls outside your warranty coverage.

Cost

Home warranty coverage isn’t cheap, especially if you want to secure protection across your property. You won’t necessarily be covered by service fees, even if you choose a plan with a high service fee. And of course, some maintenance and repairs can come with further costs on top of your plan. These high costs can make it difficult to discern whether a home warranty is the right thing for you.

Other Home Warranty Companies to Consider

Here are a few other home warranty companies that didn’t make our top 5 that you may still want to look into.

Like so many things in our lives, a home warranty is something that we don’t often think about until we absolutely need it. Sure, you have home insurance, maybe even flood insurance, but that only covers certain situations.

Homeowners Insurance

Homeowners or renters insurance can cover damage to your home from things like fire, theft, storms, and some natural disasters. In addition to your homeowners insurance plan, you should choose to purchase a home warranty to protect your belongings in a way that insurance lacks.

If you’ve ever purchased a large appliance, a computer, or even a television from a retailer, then you’re probably familiar with the concept of a warranty.

However, those are warranties sold at the time of purchase and cover only one product. The benefit of home warranty protection is that it can cover every product in your home and more.

Choosing a Home Warranty Plan

What a home warranty plan covers will depend on the plan you choose, and there are many to choose from. A home warranty can cover anything from your microwave oven to your plumbing and your electrical systems.

Deciding which plan is right for you will determine what items and systems it covers and how much it will cost. Typically, home warranties charge either a small monthly or annual fee that can save you a lot of money in the long run.

How to Choose the Right Home Warranty

Choosing the right home warranty is key. Let’s run through all the details you need to consider before making your decision.

Determine Your Coverage Needs

At the very least, it’s important to get at least an idea of what sort of coverage you need. Take the time to decide which items in your home you want to protect before comparing offers. You’ll find plans that cover appliances, home systems, and plans that cover both.

Compare Quotes

It’s worthwhile to shop around. Try to acquire at least three different quotes from plans that you’re genuinely interested in. And use this time to also prioritize clearing up any questions you have about the policies you’ve been offered.

Don’t forget to pay close attention to the various prices you’ll see for service call fees. Some companies are much more competitive than others, and some even offer a service fees range which you can choose from depending on your needs and budget.

Review Sample Contracts & Liabilities

The next step is to review any sample contracts carefully. You’ll want to identify the limitations and exclusions in the contract, especially.

Furthermore, be sure to double-check cancellation policy just in case you decide your warranty isn’t working for you later on.

Check Reviews

Finding the best home warranty company for you will require some further research. You can read customer reviews online to find a company that provides great customer service as well as competitive plans.

Be sure to look out for any record of previous legal action taken against the company, too.

Home Warranty FAQ

What is a home warranty?

A home warranty is a type of service contract purchased to cover breakdowns, repairs, and replacements of home appliances and systems. Home warranties are designed to cover normal wear-and-tear damage on covered items and systems.

When a covered item breaks down or otherwise requires attention, you file a claim with your warranty provider. They then send a licensed technician to your home to assess the issue. Instead of paying for the full cost of the repair, being under warranty generally means paying only a small service fee for necessary repairs. The price of service fees varies between providers.

Home warranties are popular because they offer homeowners maintenance coverage and emergency repairs without having to rely on savings. The home warranty market today is huge and can provide terms for homes and budgets of many shapes and sizes.

What does a home warranty cover?

Home warranties can cover a whole range of systems and appliances within your home. You can decide how much you want to spend and determine what items will be covered by your home warranty.

Most home warranty companies break down their offerings into good, better, and best options. The good option, and least expensive, is one that covers most if not all of your appliances.

Major Home Systems

More expensive on an upfront basis are plans that cover major home systems. These home warranty plans cover the systems within your home. If you’re renting, this may not be of concern to you. However, if you own your home, you know that a plumber or electrician can cost a lot more than replacing your refrigerator.

If you’re less concerned with appliances and worried about what keeps your home humming along, then you may want to consider a system plan.

Appliances

Appliances like your microwave, washer and dryer, dishwasher, and often a lot more are covered by the best home warranty companies. These are great options for those who are renting or want to spend the least amount of money.

Systems & Appliances

The most expensive plans, of course, offer the most coverage. The best plans cover both systems and appliances. So while they’re the most expensive, they’re also the best value. Covering your systems and appliances together will typically save you around 20% to 30% of your total bill.

Basic plans from the best home warranty companies will cover the majority of systems and appliances in your home but don’t cover everything. If you have a pool, for instance, you may have to choose additional coverage.

Some home warranty companies even allow you to add coverage to cover your homeowners’ insurance deductible. Combining appliance and system coverage may also include these additions.

There are exclusions to what a home warranty will cover. Unfortunately, no plan is a blank check to have every item in your home replaced. These are repair plans and not replacement plans.

What is not covered by a home warranty?

The extent of your warranty coverage will vary greatly between companies and plans available. Having said that, however, here is a list of the ideas that are usually not covered by a home warranty:

Structural issues, paint and flooring
Commercial-grade equipment or systems
Pre-existing conditions
Rust, corrosion and sediment problems
Improper maintenance, installation, design, or manufacturer defect
Detection and removal of asbestos and mold
Building and zoning code violations

How much does a home warranty cost?

Home warranty pricing varies greatly depending on the coverage you choose, the home warranty company, and the area in which you live. In general, though, if you’re just covering appliances, expect to pay around $30 a month.

If you’re looking for only system coverage, you’ll probably pay around $35 a month. However, if you combine your coverage to include both systems and appliances, expect to pay around $45 per month.

Adding things not covered by a typical home warranty plan can also increase your monthly bill. If you have an atypical appliance or system, it’s possible that basic plans do not cover it. Not everyone has a swimming pool, a septic tank, a whirlpool tub, or a spa.

Check with your individual plan to ensure that all systems and appliances you want to have covered are actually included. If they aren’t, see if you can add them separately.

Service Fees

In addition to your monthly fee, you’ll also need to pay service fees for a service call. This cost can vary greatly.

The best home warranty companies offer plans that will cost you around $50 to $125 per repair. This is based on the home warranty company, the plan, and the item that needs to be fixed. While this may seem like a lot, consider the cost of the average repair without a warranty.

What can you expect to pay without a home warranty?

The average repair cost of a refrigerator is $275 to $325. The igniter on an oven or range may only cost $110 to $200 to repair, but a control board could cost you more than $260.

Replacing a rubber gasket on your washer will set you back between $200 to $300. These expenses can quickly add up compared to the fee home warranty companies charge for a visit.

Bottom line: They’ll address the issues with your current item but won’t give you a new one.

Pre-Existing Conditions

Pre-existing conditions are not covered either. Unfortunately, if one of your major appliances breaks, you can’t just sign up for coverage and expect to have it fixed.

Most home warranty companies will cover an unknown pre-existing condition. However, you can’t have an appliance covered if you or the home warranty provider knows that it’s already broken. This is why it’s a good idea to think about purchasing home warranty coverage before your appliances break.

Coverage Waiting Period

Most companies impose a 15 to 30 day waiting period before coverage can begin. There are, however, exceptions to this rule. For instance, if you have a home warranty that is ending soon, you may be able to begin on the date your coverage stops.

It’s important to read the fine print of your service contract. Each home warranty company will have very specific coverage details.

While all will most likely cover your refrigerator, not all of them will cover wear and tear on the gasket that seals it. Typically, the more expensive the plan, the more it covers, but this is not always the case.

What is the process for having an item repaired?

When something breaks, especially if you have a home warranty, you’ll want it fixed as quickly as possible.

Going without a microwave for a week or two may be acceptable, but if it’s your refrigerator, you may not be so patient. When an item malfunctions or breaks, you’ll need to contact your home warranty company’s customer service and explain the issue.

Make sure you report the problem as quickly as possible. The faster you make the call, the faster you’ll get an appointment and have your issue resolved.

Independent Contractors

The home warranty provider will most likely assign an independent contractor to inspect and repair the item. Obviously, system repairs can take longer and be more labor-intensive.

For example, replacing a part on your furnace will be a lot easier than repairing electrical wiring or plumbing inside your walls.

Depending on what is wrong, the contractor may have to order parts or return with specialized equipment. You’ll be required to pay a service fee for each item you wish to have repaired. However, the contractor should ensure that the item returns to working order.

Workmanship Guarantee

Once you’ve had an appliance or system repaired, that item is covered under a workmanship guarantee. Think of it as a warranty within your warranty.

The home warranty provider guarantees the parts and labor of that particular repair for a specified amount of time. This is usually around 90 to 180 days after the repair. So, even if you cancel your plan, they will still cover the repair during that time.

Who should pay for a home warranty?

Many times the seller will buy a home warranty to make the purchase of the home more appealing. Sometimes a real estate agent will even purchase a home warranty as a courtesy to the clients they’re representing. However, buyers, sellers, real estate agents, and current homeowners can all buy a home warranty. It’s also important to note that buying a home warranty can be done at any time, before or after closing.

What should you look for in a home warranty company?

A home warranty can save you a lot of hassle and headaches, not to mention money, down the road—as long as you do your homework and think it through.

A home warranty covers many things that homeowners insurance does not. Having peace of mind knowing that costly home repairs won’t spring up unexpectedly is a great feeling.

Choosing the right type of coverage for you is the next step. When you think about the type of coverage you want, think about the items you want to protect in your home.

Renters

If you’re just renting, then plumbing and electrical work is not a concern for you. Your homeowners insurance should cover things like theft and fire, but you still want to be covered when something breaks that you actually own. Choosing an appliance plan is probably the right option for you.

If you live in an older home that you own, a more comprehensive plan may be the right choice for you. It’s comforting to have your home inspected before purchasing, but things can still go wrong. You can avoid costly maintenance as long as you plan ahead.

Are home warranties worth it?

The answer to this question will depend largely on your unique circumstances. Two of the biggest factors are the age of your home and the quality of your appliances. In addition, your own ability and comfort with repair and maintenance is a factor.

Almost every home appliance and system will eventually require significant repair or even replacement. Depending on your own DIY skills, you might be comfortable taking responsibility for most repairs. Others might want more comprehensive coverage. But even still, there could be plenty of reasons why you would prefer to have a home warranty.

How do I cancel my home warranty?

Your first step should be to review your contract and make sure you understand the cancellation policy. Most companies will charge a cancellation fee that can range from 5% to 10% of the outstanding fee.

Thereafter, you can contact the company and tell them you’re considering cancelling your warranty. If possible, try to speak to a sales rep with whom you’re familiar.

Some companies require you to send a written notice of termination. Remember to cancel any automated payments from your credit card or bank account, if necessary. It might also be a good idea to request a written confirmation of the cancellation for your records.

Which home warranty company has the lowest service call fee?

Service call fees can vary widely between companies, but it’s important to try to find the most competitive service call fee available to you. Service fees generally range from $50 to $150 per service call.

The trick with finding a competitive service fee call is making sure you don’t sacrifice the quality of service calls. Some of the top-rated home warranty companies charge a higher service fee. However, it could be worth it to have the security and confidence of quality home service.

Final Thoughts

To find the best home warranty company, you will need to read the contract thoroughly. Every company that you investigate will have a contract. In that contract, they’ll spell out exactly what they do and do not cover.

They’ll also explain the cost, who will fix your items if they break, and more. Comparing two or more home warranty companies can give you a sense that you’ve made the right decision. Always make sure you do your homework.

Furthermore, check to see if a home inspection is required before qualifying for a home warranty with a specific company. Many don’t require this extra step, but it’s wise to be prepared in case they do. You definitely want to consider both cost and convenience as part of your ultimate decision.

Full Reviews of Home Warranty Companies

Looking for more options? Check out our other home warranty reviews below.

Source: crediful.com

Apache is functioning normally

February 18, 2024 by Brett Tams

Investing has become much easier over the years thanks to the popularity of robo-advisors. Rather than working with a human financial advisor, a robo-investing uses algorithms to make a wealth management plan for each investor.

There are many advantages to using these services. Robo-advisors are typically less expensive than hiring a financial advisor. They allow you to start investing in the stock market even if you don’t have much money to start with.

So if you’re looking for an easy, inexpensive way to get started with investing, a robo-advisor could be a great option for you.

10 Best Robo-Advisors: Uncovering the Standout Performers

Here is an overview of our top picks for the best robo-advisors, as well as a brief explanation about what we like about each one:

1. Personal Capital

Key Features:

Hybrid robo-advisor with access to human financial advisors
Advanced investment strategies including tax optimization
Comprehensive financial planning tools
Retirement and savings goal tracking
High minimum balance requirement

Who it’s best for:

Personal Capital is ideal for more advanced investors with higher account balances, as well as those who seek a combination of automated investing with human financial advisor support.

Its comprehensive planning and retirement tracking features make it a powerful platform for long-term wealth management.

2. Wealthfront

Key Features:

Diversified portfolios with 11 different asset classes
Tax-loss harvesting for all investment accounts
High-interest cash account
Automatic rebalancing and portfolio optimization
College savings plan (529) support

Who it’s best for:

Wealthfront is a strong option for investors seeking a fully automated robo-advisor with a focus on tax efficiency and diversified investments.

Its high-interest cash account and college savings plan support make it an attractive choice for those looking to cover various financial goals.

3. Betterment

Key Features:

Goal-based investing tailored to personal milestones
Automatic rebalancing and tax-efficient strategies
Socially responsible investing options
Access to human financial advisors (with premium plan)
No minimum account balance

Who it’s best for:

Betterment is a great choice for beginners and experienced investors alike, who want a goal-oriented approach to investing.

With its socially responsible investing options and access to a licensed advisor (with the premium plan), it provides a well-rounded platform for a variety of investors.

4. Ally Invest

Key Features:

Low account minimum and no trading commissions
User-friendly online platform
Various research-based tools
No advisory fees for managed portfolios
Integration with Ally Bank for seamless banking and investing

Who it’s best for:

Ally Invest is an excellent option for new investors looking for a low-cost, user-friendly platform with no trading commissions.

Its integration with Ally Bank makes it a convenient choice for those who want to manage their banking and investing under one roof.

5. Vanguard

Key Features:

Hybrid robo-advisor with access to Vanguard personal advisor services
Low-cost, diversified investment options
Retirement and college savings plans
Strong reputation and established history
Higher minimum investment compared to other robo-advisors

Who it’s best for:

Vanguard Digital Advisor is ideal for investors seeking a trusted, established provider with a focus on low-cost, diversified investments.

Its hybrid model offers the benefits of automated investing along with access to a human advisor, making it a strong option for those with larger account balances.

6. M1

Key Features:

Fractional share investing
Customizable portfolios or pre-built expert portfolios
No management fees or commissions
M1 Borrow feature allows borrowing against your portfolio
M1 Spend feature integrates banking and investing

Who it’s best for:

M1 Finance is well-suited for investors who want a high level of customization with their portfolios, allowing them to create their own investment “pies” or choose from pre-built expert portfolios.

As a cost-effective solution, it appeals to budget-minded investors who appreciate the opportunity to leverage their portfolio through borrowing or take advantage of integrated banking services.

7. Ellevest

Key Features:

Focus on socially responsible investing
Gender-specific investment advice
Goal-based investing approach
Access to career coaching and financial planners
Low fees

Who it’s best for:

Ellevest is an excellent choice for investors who prioritize socially responsible investing and seek a platform tailored to the unique financial challenges faced by women.

Its goal-driven approach, coupled with access to career coaching and financial planners, makes it a comprehensive platform for value-oriented investors.

8. Facet

Key Features:

Comprehensive financial planning services
Access to dedicated Certified Financial Planner (CFP)
Flat-fee pricing model
No account minimums
Not fully automated

Who it’s best for:

Facet Wealth is ideal for individuals who want personalized investment management services but can’t afford the fees associated with traditional financial advisors.

Its flat-fee pricing model and access to a dedicated CFP provide a high level of personalization and support, making it a valuable option for those seeking a more hands-on approach to wealth management.

9. SoFi Automated Investing

Key Features:

No management fees
Low minimum balance requirement
Automatic rebalancing
Access to certified financial planners
Robust customer service

Who it’s best for:

SoFi Automated Investing is an excellent option for investors seeking a low-cost, accessible platform with strong customer support.

With no account fees and a low balance requirement, it’s a great choice for those just starting their investment journey or those who want access to financial planning resources without paying high fees.

10. Blooom

Key Features:

Focus on retirement savings (401(k)s and IRAs)
No minimum account balance requirement
Flat yearly management fee
401(k) analysis and optimization
Auto rebalancing and investment recommendations

Who it’s best for:

Blooom is a standout option for investors looking to optimize their retirement savings, specifically in 401(k)s and IRAs.

With its flat yearly management fee and no minimum account balance requirement, it’s an accessible platform for those who want to improve their retirement investment approach and maximize their long-term returns.

A Side-By-Side Comparison of the Best Robo-Advisors

Listed below is a side-by-side overview of what each robo-advisor has to offer.

BROKER	FEES	PROMOTION	ACCOUNT MINIMUM
Ally Invest	0.0%	No promotions offered	$100
Personal Capital	0.49%-0.89%	No promotions offered	$100,000
Wealthfront	0.25%	$5,000 in assets managed for free	$500
Betterment	0.25%	A year of free management	$0
FutureAdvisor	0.50%	Three months of free management	$10,000
Vanguard	0.30%	No promotions offered	$50,000
Bloom	$10 per month	$10 off first year	$0
M1 Finance	0.0%	No promotions offered	$0
Ellevest	0.25%	Possible $750 cash bonus	$0
Facet Wealth	$480 per year or more	No promotions offered	$0
SoFi Automated Investing	0.0%	Free career counseling and loan discounts	$100
Wealthsimple	0.40%-0.50%	$10,000 in assets managed for free	$0

How do robo-advisors work?

A robo-advisor is a specialized software that provides automated investment portfolios based on your goals and risk tolerance. Your risk tolerance is based on your answers to the questions provided.

Robo-advisors use algorithms to choose the right asset allocation based on your risk tolerance, investment goals, and time horizon, providing a customized and efficient approach to portfolio management. Some services give you access to human advisors as well.

Robo-advisors are a viable option for anyone who wants to start investing but can’t afford a portfolio management firm. Or if you just want a hands-off approach to investing, robo-investing is a great choice for diversifying your investments. These services typically have low management fees and require low account minimum balances.

So if you don’t have tens of thousands of dollars at your disposal but still want to start building an investment portfolio, using a robo-advisor has a much lower barrier to entry. There are many online services available on the market, but the ones listed above stand out from the pack.

How to Choose the Right Robo-Advisor for Your Needs

Selecting the right robo-advisor requires considering your investment goals, risk tolerance, and personal preferences. Here are some factors to help guide your decision-making process:

1. Determine your investment goals

Before choosing a robo-advisor, it’s essential to outline your financial goals. Are you saving for retirement, building an emergency fund, or working towards another specific milestone? Understanding your objectives will help you find a robo-advisor that aligns with your needs and offers relevant services.

2. Assess your risk tolerance

Risk tolerance refers to your comfort level with the potential fluctuations in the value of your investments. Some investors prefer a conservative approach, while others may be willing to take on more risk for potentially higher returns. Choose a robo-advisor that offers investment options aligned with your risk tolerance and provides suitable recommendations based on your preferences.

3. Compare fees and account minimums

Fees and account minimums are crucial factors to consider when selecting a robo-advisor. Some platforms charge a percentage of your assets under management, while others may have a flat fee.

Additionally, account minimums can vary widely, ranging from no minimum to tens of thousands of dollars. Choose a robo-advisor with a fee structure and minimum investment requirement that suits your financial situation.

4. Review available investment options

Different robo-advisors offer varying investment options, including individual stocks, bonds, ETFs, and mutual funds. Some platforms may also provide access to socially responsible investments or other specialized options. Ensure the robo-advisor you choose offers options that align with your goals and values.

5. Consider additional features and services

Many robo-advisors offer added features and services, such as automatic rebalancing, tax-loss harvesting, and access to human advisors. Some platforms may also provide banking services or wealth management tools. Assess which additional features are important to you and select a robo-advisor that meets your requirements.

6. Evaluate the user experience

The user experience, including the platform’s ease of use, customer support, and educational resources, is an essential aspect of choosing a robo-advisor. Look for platforms with intuitive interfaces, responsive customer service, and helpful resources to guide you through the investment process.

7. Read reviews and testimonials

Researching reviews and testimonials from current users can provide valuable insight into a robo-advisor’s performance, customer satisfaction, and any potential issues you may encounter. Look for reviews from reputable sources and users with similar objectives and investment preferences to ensure the robo-advisor is the right fit for your needs.

What should you look for in a robo-advisor?

When researching robo-advisors, it’s crucial to know what features and qualities are essential for a successful investment experience. Here are five things you should keep in mind when you’re considering different services.

Management fees: Most robo-advisors will charge an annual fee. This is usually calculated as a percentage of your total assets. You should make sure you understand the management fee structure because this will cut into your earnings.
Types of accounts offered: You should make sure you have a general understanding of the different accounts offered. For instance, retirement accounts like Roth IRAs and 401(k)s will have limits on how much you can contribute each year. Make sure you understand the difference between a taxable investment account and tax-deferred or tax-free accounts offered and how they benefit your financial goals.
Investments: It’s a good idea to familiarize yourself with the types of investments offered. For instance, many robo-advisors offer low-cost index funds, mutual funds, and ETFs. You should make sure that you like the accounts being offered and that they are fairly low cost.
Rebalancing: Since your investment portfolio will fluctuate, over time, it’s easy for it to become out-of-sync with your overall investing goals. You should look for a company that offers automatic portfolio rebalancing.
Access to financial advisors: And finally, one of the benefits of using a robo-advisor is that it’s a hands-off approach to investing. But some robo-advisors offer access to financial planners, and this offers many benefits. Having a financial planner involved brings a human element to your portfolio and makes it more personalized.

An Explanation of the Different Investment Options Available through Robo-Advisors

Robo-advisors provide investors with a variety of investment options to create a well-diversified portfolio tailored to their risk tolerance and financial objectives. Understanding the different options available can help you make informed decisions about your portfolio. Here are some of the most common options offered by robo-advisors:

1. Exchange-Traded Funds (ETFs)

ETFs are a popular investment option among robo-advisors due to their low costs and broad diversification. An ETF is a collection of securities, such as stocks, bonds, or commodities, that tracks a specific index or sector. ETFs trade on stock exchanges, just like individual stocks, and offer investors exposure to a wide range of asset classes, industries, and regions.

2. Index Funds

Index funds are mutual funds that track the performance of a specific market index, such as the S&P 500 or Nasdaq Composite. Like ETFs, they provide broad diversification and have low management fees. By investing in an index fund, you’re essentially buying a small piece of every company within that index, reducing the overall risk in your portfolio.

3. Mutual Funds

Mutual funds pool the investments of multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. They are less common in robo-advisor portfolios due to their higher fees compared to ETFs and index funds, some robo-advisors still include them as an investment option, particularly for specific sectors or strategies.

4. Bonds

Bonds are debt securities issued by governments, corporations, or other entities to raise capital. When you invest in a bond, you’re essentially lending money to the issuer in exchange for periodic interest payments and the return of the principal amount at the bond’s maturity. Bonds are typically considered less risky than stocks and can provide a steady income stream, making them a popular choice for conservative investors or those nearing retirement.

5. Real Estate Investment Trusts (REITs)

REITs are companies that own, operate, or finance income-producing real estate properties. They allow investors to gain exposure to real estate investments without the need to buy or manage properties directly. REITs can provide diversification and income potential to a portfolio, as they typically pay regular dividends from the rental income generated by their properties.

6. Socially Responsible Investing (SRI) and Environmental, Social, and Governance (ESG) Funds

SRI and ESG funds focus on investments in companies that meet specific ethical, environmental, social, or governance criteria. These funds allow investors to align their investment portfolios with their values and support businesses that have a positive impact on society and the environment. Some robo-advisors offer SRI and ESG options to cater to the growing demand for responsible investing.

7. Target-Date Funds

Target-date funds are designed to simplify long-term investing, particularly for retirement planning. These funds automatically adjust their asset allocation over time, gradually shifting from higher-risk investments like stocks to more conservative investments like bonds as the target retirement date approaches. This helps investors maintain an age-appropriate risk level in their portfolios without needing to make manual adjustments.

Tips for Monitoring and Adjusting Your Investment Strategy with a Robo-Advisor

While robo-advisors are designed to automate much of the investment process, it’s essential to periodically review your investment plan and make adjustments as needed. Here are some tips for monitoring and adjusting your strategy when using a robo-advisor:

1. Regularly review your risk tolerance and investment goals

Your risk tolerance and investment goals may change over time due to personal circumstances or market conditions. Ensure you update your robo-advisor profile to reflect any changes, as this will help the platform adjust your portfolio to align with your current objectives and risk appetite.

2. Monitor your portfolio performance

Keep an eye on your portfolio’s performance and compare it to relevant benchmarks or other investment options. This will give you an idea of whether your robo-advisor is effectively managing your investments and meeting your expectations. If your portfolio consistently underperforms, it may be time to consider other investment strategies or try a different robo-advisor.

3. Rebalance your portfolio as needed

While many robo-advisors automatically rebalance your portfolio, it’s still a good idea to review your investments periodically. If you notice significant deviations from your target allocation or if your investment goals change, you may need to adjust your portfolio accordingly.

4. Stay informed about market trends and developments

Even though robo-advisors handle most of the investment decisions for you, it’s essential to stay informed about market trends and developments. This will help you better understand your portfolio’s performance and make more informed decisions about any adjustments you may need to make.

5. Evaluate the robo-advisor’s features and offerings

Periodically review the features and offerings of your robo-advisor to ensure they still align with your needs and preferences. Some robo-advisors may introduce new investment options, tools, or services that could benefit your investment strategy. If you find a different robo-advisor that better suits your needs, don’t hesitate to switch.

6. Consider seeking professional advice

If you have concerns about your investment approach or need help understanding complex financial situations, consider consulting a certified financial planner or other financial professional. While a robo-advisor can be an excellent option for many investors, there may be times when personalized advice from a human advisor is necessary.

Bottom Line

Robo-advisors are an excellent solution for investors seeking a low-cost, user-friendly approach to growing their wealth. They provide the advantages of professional portfolio management and access to diverse investment options without the hefty fees typically associated with traditional financial advisors.

As you embark on your investment journey, remember to consider your long-term goals, risk tolerance, and personal values when selecting a robo-advisor. Make sure to evaluate management fees, account types, and available investment options to ensure your chosen platform aligns with your investment strategy.

Keep an eye on your portfolio and leverage the tools and features offered by your robo-advisor to maximize returns, optimize asset allocation, and stay on track to achieve your financial goals.

By understanding the full potential of robo-advisors and making informed decisions about your investments, you can confidently take charge of your financial future and reap the rewards of a well-managed, diversified portfolio.

Source: crediful.com

What Are Nutritionists?

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How Much Do Starting Nutritionists Make a Year?

What is the Average Salary for a Nutritionist?

The Average Nutritionist Salary by State for 2024

Nutritionist Job Considerations for Pay & Benefits

Pros and Cons of Becoming a Nutritionist?

Pros of Becoming a Nutritionist

Cons of Becoming a Nutritionist?

The Takeaway

FAQ

Can you make $100k a year as a nutritionist?

Do people like being a nutritionist?

Is it hard to get hired as a nutritionist?

How to Make 200k a Year

#1 – Identify high-income skills and industries

#2 – Degrees and Courses That Could Lead to 200K Jobs

#3 – Start a Business

#4 – Advance in your current career

#5 – Invest in real estate for passive income

#6 – Maximize income through stocks or other investments

#7 – Gain Relevant Experience in High-Demand Fields

#8 – Continuous Learning and Adaptability to Stay Ahead

Careers That Make 200K a Year is Common

Key Factors in Landing 200K Jobs

Factor #1 – Choosing the Right Industry for Maximized Earnings

Factor #2 – Climbing the Ladder: From Mid-Level to Top-Tier Positions

Factor #3 – Negotiation Tactics for a High Paying Salary

Factor #4 – Building Professional Relationships That Open Opportunities

Factor #5 – Cities and Regions with the Best High-Paying Job Markets

Factor #6 – Remote Work: A Gateway Being Global

FAQs About Securing a 200K Job

What Jobs Pay 200k a Year Interest You?

Source

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Introduction to the Millionaire Mindset and Goals

Defining What it Means to be a Millionaire

Step 1: Stay Away From Debt

Step 2: Invest Early and Consistently

Benefits of Compounding Returns

Step 3: Make Saving a Priority

Effective Saving Strategies for Long-term Wealth

Tips for Boosting Earnings and Maximizing Income

Step 5: Cut Unnecessary Expenses

Identifying and Eliminating Non-Essential Spending

Step 6: Keep Your Financial Goals in Focus

Step 7: Consult with Investment Professionals

Leveraging Advice for Wealth Building

Step 8: Repeat and Refine Your Financial Plan

Additional Tips for Wealth Building

Lifestyle Considerations and Spending Habits

The Takeaway

Pre-Qual, TPO, Lead Gen Tools; STRATMOR on Vendor Relationships; Disaster News; HECM, Ginnie, FHA News

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Automation, Pre-Approval, QC Products; Rent vs. Buy; More Proposed Paperwork for Lenders

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What we’ll cover

Compare offers to find the best mortgage

The credit score used in mortgage applications

Mortgage lenders pull all three credit reports

How your credit score affects interest rates

How to improve your credit

Experian Boost™

Cost

Average credit score increase

Credit report affected

Credit scoring model used

How to monitor your credit

Experian IdentityWorks℠

Cost

Credit bureaus monitored

Credit scoring model used

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Identity insurance

FICO® Basic, Advanced and Premier

Cost

Credit bureaus monitored

Credit scoring model used

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