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Apache is functioning normally

May 30, 2024 by Brett Tams

Retail banking involves offering financial services to individual consumers rather than businesses or other banks. It encompasses a range of products and services, such as checking and savings accounts, mortgages, personal loans, credit cards, certificates of deposit (CDs), and more.

Retail banking is different from corporate banking, which is the part of the banking industry that serves large companies and corporate customers. Retail banks can be local community banks, online banks, or the divisions of large commercial banks. Credit unions also offer retail banking.

Read on for a closer look at what retail banking is and how it differs from corporate banking.

What Is Retail Banking?

Retail banking, also known as personal or consumer banking, refers to financial services provided to individuals. This type of banking is designed to serve the general public and to help people and families manage their money, obtain credit, and save for the future.

Retail banks focus on making banking services easily accessible, either through physical branches, ATMs, and/or online platforms. These banks play a crucial role in the economy by offering checking accounts, high-yield savings accounts, certificates of deposit, loans, and other financial products that help individuals safely store, manage, and grow their money.

Though some retail banks also work with small businesses, retail banking is different from corporate (also known as commercial) banking, which involves working with commercial entities, such as large businesses, governments, and institutions.

Most large-scale banks have retail banking divisions. Credit unions and smaller banks, on the other hand, may be exclusively focused on retail banking.

Recommended: 12 Things To Consider When Choosing A Bank

How Does Retail Banking Work?

Retail banking works by offering financial products and services tailored to consumers. These services are designed to help individuals and families manage their finances efficiently, save for the future, and access credit cards and loans. Retail banks make money primarily through interest on loans, fees for services, and charges for various banking products.

Features of Retail Banking

Retail banking offers a hub for all of your basic financial transactions. Here’s a look at some of the products and services they provide.

• Savings and checking accounts: Retail banks offer savings and checking accounts to help individuals manage their money. Savings accounts typically earn interest, while checking accounts provide easy access to funds for day-to-day transactions.

• Consumer loans: Retail banks commonly offer personal loans, auto loans, and home mortgages. These loans can help people finance significant purchases or investments, such as buying a home or car.

• Credit Cards: Retail banks issue credit cards that allow consumers to borrow money up to a certain limit for purchases. These cards often come with rewards, cash back, and other incentives.

• Online and mobile banking: Retail banks typically provide online and mobile banking services, allowing you to manage your accounts, transfer money, pay bills, and access other banking services from your computer or smartphone.

• Investment services: Some retail banks offer investment products like mutual funds, retirement accounts, and brokerage services to help customers build wealth over time.

• Customer service: Retail banks typically emphasize customer service. Many provide personalized financial assistance through branch staff, call centers, and online support.

Types of Retail Banks

Retail banks come in various forms, each catering to different customer needs and preferences. Here’s a look at some of the main types of retail banks.

• Commercial banks: Many people access retail banking through one of the large, commercial banks, which generally offer a retail banking division along with corporate banking services.

• Credit unions: Credit unions are nonprofit financial institutions owned by their members. They often provide similar services to commercial banks but with a focus on serving the financial needs of their members, usually offering lower fees and better interest rates.

• Online banks: Online banks operate exclusively online, without physical branches, though you typically have access to a partner network of ATMs. They often offer higher interest rates on savings accounts and lower fees due to reduced overhead costs.

• Community Banks: Community banks are smaller, locally-focused institutions that prioritize serving the needs of their local communities. They offer personalized customer service and often have a strong understanding of their local markets.

Recommended: Big Banks vs Small Banks: Key Differences?

How Is Retail Banking Different From Corporate Banking?

Retail banking and corporate banking represent two different sectors of the banking industry, each serving different customer bases and offering different services.

Retail banking focuses on individual consumers, providing them with products like bank accounts, personal loans, and credit cards. Corporate banking, on the other hand, serves businesses and corporations, offering services like business bank accounts, commercial loans, trade finance, and employer services.

Transactions in retail banking are typically smaller in size and higher in volume compared to corporate banking, which tends to focus on larger, more complex transactions.

If you’re wondering whether you would be better served by retail vs. corporate banking, here’s a snapshot how the two compare.

	Retail Banking	Corporate Banking
Client base	Individual consumers	Businesses, institutions, banks, government entities
Products and services	Personal checking/savings accounts, mortgages, personal loans, credit cards	Business checking/saving accounts, business loans, merchant services, global trade services, employee benefits plans
Loan amounts	Lower	Higher
Transaction frequency and amounts	High number of transactions for low amounts	Low volume of transactions for more significant amounts

The Takeaway

Retail banking is the public face of banking that provides banking services directly to individual consumers rather than businesses or other banks. Most of us bank at a retail bank or retail division of a large commercial bank whether we realize it or not.

Whether you use a brick-and-mortar bank, online bank, or credit union, retail banking offers products and services that allow you to manage your money, access credit, save for the future, and work toward your financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What is an example of retail banking?

An example of retail banking, also known as consumer banking, is when an individual opens a savings account at a local bank. The bank then allows them to deposit funds, withdraw money, and earn interest on their deposits. The same bank might also offer them a checking account for daily transactions, a mortgage to buy a home, and a credit card for everyday purchases. These services are all examples of retail banking, which is aimed at meeting the personal financial needs of individual consumers.

What are the largest retail banks?

The largest banks in the U.S. that offer retail banking include:

• Chase

• Bank of America

• Wells Fargo

• Citibank

• U.S. Bank

• PNC Bank

• Goldman Sachs Bank

• Truist Bank

• Capital One

• TD Bank

Who uses retail banking?

Retail banking is used by individual consumers to manage their personal finances. This includes:

• Students

• Young adults

• Working professionals

• Couples

• Families

• Retirees and seniors

• Small business owners

What are the retail banking products?

Retail banking offers a variety of products and services tailored to the financial needs of individual consumers. These include:

• Savings accounts

• Checking accounts

• Personal loans

• Mortgages

• Credit cards

• Certificates of deposit (CDs)

• Investment products

• Online and mobile banking services

• Debit cards

Photo credit: iStock/Passakorn Prothien

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

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

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

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

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

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

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

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

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

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.

SOBK-Q224-1885621-V1

Source: sofi.com

Apache is functioning normally

May 30, 2024 by Brett Tams

Outdoor living spaces are extensions of our homes, offering a serene escape from the hustle and bustle of daily life. Whether you have a spacious patio on your rental home in Charlotte, NC, or a cozy balcony off your house in San Diego, CA, transforming these areas into inviting retreats can enhance your overall living experience. Here are some inspiring decor ideas to help you make the most of your patio and balcony spaces.

1. Comfortable seating

Consider a mix of seating options to cater to different activities and spaces. A large sectional sofa with weather-resistant cushions provides a comfortable spot for lounging, while a set of cushioned chairs and a coffee table create an intimate area for conversation. Flossie, with Super Mom Hacks, recommends mixing and matching other seating options for the best use of space. “When thinking about how to furnish your patio or deck, consider all the possible ways you might use the space and keep your choices versatile to match,” Flossie shares. “When we had a new enclosed porch built a few years ago, we wanted it to be an extension of our living room, so it’s got comfy seating, a small bookshelf, and a hammock that is perfect for curling up with a good book or taking a nap.”

For smaller balconies, bistro sets with foldable chairs are perfect for dining without occupying too much space. Hanging egg chairs or compact loveseats can add comfort without overwhelming the area. Multifunctional furniture, such as benches with built-in storage, helps maximize space, perfect for if you have a small balcony space off your studio apartment in NYC.

2. Greenery and plants

Greenery can transform any outdoor area into a lush retreat. Large potted plants or raised garden beds can serve as focal points, while vertical gardens and trellises covered with climbing plants like jasmine or clematis add height and visual interest.

Angie of Angie’s Roost notes that the power of plants and their containers can be harnessed to add magic to your balcony or patio. “Nothing brings a patio to life more than potted plants and the containers you use matter,” Angie notes. “Group plant pots that complement each other in the style you’re going for. A collection of timeless terracotta pots gives a classic cottage feel while sleek concrete planter cubes are more modern. If you’re looking for a more farmhouse-style look, fill galvanized containers with flowers.

Ang Paris, of Juggling Act Mama, recommends using railing planters and wall-mounted pots to save floor space, especially on balconies. “Transform your outdoor space with container gardening. It’s ideal for compact areas such as patios or balconies because you can maximize limited space,” Paris shares. “Whether you’re adding a tall planter, mini herb garden, or even window boxes, you can personalize your space by choosing containers and plants that reflect your own style.”

If you don’t have a green thumb, there is no need to worry. Amy of Genius Mom Hacks shares her tips for adding greenery without adding too much stress. “Unless you have a green thumb and are committed to daily watering, buy sturdy faux plants that are sun resistant so they will not fade, to bring immediate color to your patio. To me, this is one of the easiest ways to spruce up your patio/balcony/porch.”

3. Outdoor rugs and textiles

Outdoor rugs define different areas and add a pop of color and texture. Choose rugs made from durable, weather-resistant materials. Layering rugs can create a cozy, eclectic look. Add throw pillows and blankets in coordinating colors and patterns for comfort and style. Smaller rugs can make a significant impact on balconies, where vibrant patterns can add character. Outdoor cushions and throws soften hard surfaces and make the space more inviting. Ensure all textiles are designed for outdoor use to withstand the elements.

4. Lighting

Lighting sets the mood for your outdoor space and is very important, shares Jenifer Lea, founder and CEO of Entry Envy. “Ambient lighting is essential,” Lea exclaims. “Solar string lights or solar “up lights” in planters or dark corners will make the space feel more inviting and open.” Lanterns, both standing and hanging, also offer a warm, inviting glow. Solar-powered garden lights can highlight pathways and plantings, adding both functionality and beauty.

For balconies, string lights are an excellent choice due to their versatility and ease of installation. Battery-operated candles or small lanterns provide a cozy atmosphere. Consider wall-mounted sconces if there’s an electrical outlet, or use solar-powered options for an eco-friendly touch.

It’s important to note that with proper, bright lighting comes the necessity of keeping the space tidy, as light can highlight even the smallest of messes. Lea also shares that, “By keeping it clean, you will be able to enjoy your space more when it is tidy. Outdoor areas are challenging, but a little daily maintenance to minimize spider webs and dust can go a long way.”

5. Personal touches and accessories

Personalize your space with art and accessories that reflect your style. Crystal Allen, owner of Hello Creative Family, recommends using a mix of bold colors and neutrals to help reflect the space of your personality. “I love lots and lots of bright bold colors. Think about how you will be using your outdoor living space (dining, curling up to read a book, an outdoor office, entertaining, etc) and look for pieces that have maximum comfort for your needs in neutral color palettes,” Allen suggests. “Next, add all of your favorite colors with the accessories. Throw blankets, cushions, trays, flowers, plants, pots, outdoor rugs, table cloths, plates, napkins, and cups are all great ways to add pops of your favorite colors and personalize your space– and if your favorite colors change from year to year they are easier to swap out and replace than your large outdoor furniture pieces.”

Your personal preferences and individual needs matter as well when it comes to decorating. “Decorating a patio will completely depend on the amount of space, your budget, and where you live,” shares Jennifer with Crazy DIY Mom. “The necessities for my patio are comfortable furniture, plants, and a piece that creates sound. A wind chime or a water fountain is the perfect touch to help disguise neighborhood noise and create a calm environment for enjoying the outdoors.”

For those with front porches, Lilia Ramirez, with Modern House Numbers, recommends focusing on revamping curb appeal. “For those seeking to boost their curb appeal this summer, upgrading your address numbers is a great place to start,” Ramirez shares. “This essential detail not only helps emergency responders, delivery drivers, and guests locate your home, but it also offers an opportunity to enhance your exterior and showcase your personal style. Experiment with different fonts, finishes, and sizes to find the perfect look for your home.”

6. Functional additions

Incorporate functional elements that make your outdoor area a true extension of your home. Stacy Elmore, co-founder of The Luxury Pergola, recommends shade solutions like pergolas that can make the space comfortable even on hot days. “When decorating your patio or balcony, you have to think how people will use it and where people will congregate.

The biggest component that most people overlook when decorating their space is providing a cover from the scorching rays on a hot day, or rain that threatens a perfectly good gathering,” Elmore notes. “Covering a portion of your patio or balcony with a versatile shade solution is key to crafting a beautiful and functional space. An adjustable pergola, like the ones at The Luxury Pergola, is a great option as you can choose between sun or shade and get rain protection, all in one package.”

Consider installing a sound system for music and entertainment along with outdoor kitchen features like built-in grills or small, foldable tables for more elevated entertaining, dining, or even working. “A patio is used in both the day and night time so think about what would enhance your space in both of these situations,” Dustin Heiner shares. “Since you are most likely going to entertain friends in this space, add a small bistro table or bar cart to keep the drinks and snacks ready for guests.” Privacy screens or outdoor curtains can assist in creating a secluded retreat, shielding the area from neighbors and adding a sense of enclosure.

7. Avoid overcrowding

When decorating your outdoor space, it’s essential to avoid overcrowding. Nikki Lo with Hip and Home, recommends leaning into what the space already offers to avoid the space feeling too busy. “Patio styling is so much more than just sticking a table and chairs outside. Take advantage of other structural features your space might have, like a ceiling, roof, railing, etc. There are so many creative ways you can expand your patio decor beyond a table and chairs,” Nikki shares.

“With that being said, don’t overcrowd the space. There are tons of spots around your patio you can decorate, but that doesn’t mean you have to style every one of them. Make sure you and your guests have enough room to move around freely and remember to take into account other items you might have out while you’re entertaining, such as speakers, coolers, and extra seating.” Keeping a balance between decor and open space will make your patio or balcony feel more spacious and relaxing.

Create your perfect outdoor retreat

Whether you’re working with a sprawling patio or a modest balcony, thoughtful decor and functional elements can transform your outdoor space into a personal haven. By incorporating comfortable seating, lush greenery, vibrant textiles, and ambient lighting, you can create a stylish and inviting retreat perfect for relaxation and entertainment. Embrace your outdoor living area and let it become a true extension of your home, reflecting your style and enhancing your overall living experience.

Source: rent.com

Apache is functioning normally

May 29, 2024 by Brett Tams

The majority of homebuyers stick with the very first mortgage product offered, opting to not shop around with other lenders, a study conducted by an online financial services marketplace found.

Over 54% of borrowers with mortgages on a recent home only received one mortgage offer, a LendingTree survey published Monday said. In cutting their home buying journey short, borrowers may not be getting the best deal for themselves.

The survey, which gathered the opinions of over 2,000 participants in mid-April, concluded that 45% of homebuyers with a mortgage who shopped around got a lower offer than their first.

In breaking down the survey responses, only a mere 22% of borrowers got two offers and 17% got three or more offers.

Millennials in the group were more likely to comparison shop with 62% reporting doing so, while 28% of boomers in the questionnaire say they weighed different options. Meanwhile, a greater share of women (62% of the female respondents) said they are likely to accept the first offer without shopping around, compared to 46% of men.

Figuring out how much borrowers can actually save if they shop around is contingent on mortgage rates and loan size, but it can be a significant chunk of change, said Jacob Channel, senior chief economist at LendingTree, in a written statement Monday.

“That said, it’s not out of the realm of possibility for someone who received multiple offers and then picked the one with the lowest rate to save hundreds of dollars a month, thousands of dollars a year and tens, if not hundreds, of thousands of dollars over the lifetime of their loan,” he added in a press release.

Almost 30% of those surveyed said the top reason for not seeking multiple mortgage offers stemmed from confidence that they were receiving the best rate, followed by 20% saying they had a desire to use the lender recommended to them by their real estate agent.

Refinances, however, are a different story, with the survey finding that out of the 45% of homebuyers who’ve refinanced the mortgage on their current home, 56% shopped around.

A little over 80% of those who shopped around found a lower rate than their current lender offered, the report concluded

To no one’s surprise, a good chunk of the survey’s participants said mortgage rates have had an impact on when they decided to buy a home.

Over a third of buyers (35%) purchased a home earlier than planned to take advantage of low rates. Comparing genders, 43% of men were swayed to purchase a home due to lower rates versus 26% of women respondents.

Meanwhile, about 57% of respondents say they met with a real estate agent before they met with a lender during their home buying process.

Source: nationalmortgagenews.com

Apache is functioning normally

May 29, 2024 by Brett Tams

Homeownership is possible with bad credit home loans

The range of home loans for bad credit available today often surprises buyers.

Many lenders will issue government-backed FHA and VA loans to borrowers with credit scores starting at 580. Some lenders even offer FHA loans with a credit score as low as 500, though this is far less common.

With a credit score above 600, your options open up even more. Conventional mortgages require only a 620 score to qualify. And with a credit score of 680 or higher, you could apply for just about any home loan.

Verify your home loan eligibility. Start here

In this article (Skip to…)

Can I buy a house with bad credit?

Yes, you can buy a house with bad credit. While getting approved for a home loan with bad credit is challenging, it’s not impossible.

Check your home loan options. Start here

Across the industry, the lowest possible credit score to get a mortgage loan is 500. However, it’s important to note that mortgage lenders willing to accommodate such low scores are few and far between.

Additionally, these lenders usually charge higher interest rates to offset the risk associated with lending to borrowers with poor credit histories.

What do mortgage lenders consider a bad credit score?

The definition of a bad credit score varies between mortgage lenders. But, as a rule of thumb, the FICO scoring model considers scores below 580 to be “poor” or “bad.” If you’re looking for a mortgage with a credit score below 620, it may be considered a “low credit mortgage.”

Verify your home loan eligibility. Start here

FICO credit score ranges:

Below 580: Bad credit
580 to 669: Fair credit
670 to 739: Good credit
740 or above: Excellent credit

Still, some home buyers can qualify for a home loan with a FICO score as low as 500, depending on the loan program.

Home loans for bad credit

Home buyers seeking bad credit home loans have multiple programs to choose from. Yet, the FHA loan stands out as the most common mortgage option for those with poor credit histories.

When comparing home loans for bad credit, evaluate the loan terms, interest rates, and monthly payments to determine which suits your personal finances best.

Verify your home loan eligibility. Start here

Although each loan program and lender has its own unique credit score requirements and minimum down payments, here’s what you can generally expect to see:

FHA loan: 500 credit score

An FHA mortgage is a government-backed loan guaranteed by the Federal Housing Administration. This is why they’re a good option for borrowers with bad credit. You can qualify for an FHA loan with a low credit score of 500 and a 10% down payment, or 3.5% down if your FICO is 580 or above.

FHA loans accept applicants with credit scores as low as 500.
Applicants with scores between 500 and 579 need a 10% down payment.
Borrowers with low or bad credit may pay higher mortgage interest rates, but FHA loan rate increases are typically lower than conventional loans.
An upfront and annual mortgage insurance premium (MIP) is required, which adds to the loan’s overall cost.

Another appealing quality is that, unlike conventional loans, FHA-backed mortgages don’t carry risk-based pricing. This is also known as “loan-level pricing adjustments” (LLPAs). Risk-based pricing is a fee added to loan applications with lower credit scores or other less-than-ideal traits.

Check your FHA loan eligibility. Start here

FHA loans are a strong option if you’re seeking home loans with bad credit. This type of mortgage offers lenient qualifying credit requirements and no risk-based pricing adjustments.

Non-qualified mortgage (Non-QM): 500 credit score

Non-QM loans offer a more flexible lending criteria for those who do not meet the strict qualifications of conventional mortgages, with some available to borrowers with credit scores as low as 500.

Tailored for applicants unable to qualify for mainstream home loans.
Usually charge higher interest rates compared to other types of loans.

For individuals with bad credit, non-QM loans provide an alternative path to homeownership, albeit with potentially higher costs.

Check your bad credit home loan options. Start here

If you’re interested in a non-QM loan, check out the specialty mortgage programs some banks and credit unions offer that are neither conventional loans nor government-backed. Or, work with a mortgage broker who can recommend products from various lenders that might fit your needs.

VA loan: 580 credit score

The Department of Veterans Affairs offers VA loans to veterans, active-duty service members, and some military-affiliated borrowers. VA loans do not require a down payment or ongoing mortgage insurance payments.

VA loans do not have a minimum credit score, but lenders typically prefer a minimum of 580 to 620.
Borrowers with lower credit scores get rates comparable to those with higher credit scores.
VA loans are renowned for offering the lowest interest rates available.
A one-time funding fee is included, which most borrowers roll into their closing costs.

Verify your VA loan eligibility. Start here

VA loans are among the best options for financing a home for those who qualify, regardless of credit history.

Conventional loan: 620 credit score

Conventional loans are arguably the most common type of mortgage. Borrowers with low credit scores may wish to consider alternative options because a conventional loan would most likely have higher interest rates and fees.

A minimum credit score of 620 is generally required.
Loan-level price adjustments (LLPAs) are based on credit score and loan-to-value ratio (LTV).
Private mortgage insurance (PMI) is required for down payments of less than 20% of the home purchase price.

As your LTV rises and your credit score falls, your fee goes up. For instance, a borrower with a 20% down payment and a 700 credit score will pay 1.25% of the loan amount in LLPAs. But an applicant with a 640 score and 10% down will be charged a fee of 2.75%.

Verify your conventional loan eligibility. Start here

Still, despite the higher costs associated with lower credit scores, conventional loans remain a viable option for many, with FHA loans often presenting a more cost-effective route for bad-credit borrowers.

Fannie Mae HomeReady: 620 credit score

The HomeReady program by Fannie Mae offers an avenue for low- to moderate-income borrowers to secure financing with just a 3% down payment.

A minimum credit score of 620.
Available to both first-time and repeat home buyers.
Offers reduced rates for private mortgage insurance compared to standard conventional loans.

Verify your HomeReady eligibility. Start here

HomeReady is an excellent program for those looking to finance homes in low-income communities.

Freddie Mac Home Possible: 660 credit score

Freddie Mac’s first-time home buyer program, Home Possible, can help buyers get into homes with a 3% down payment.

Minimum credit score of 660
Must be a first-time home buyer
Down payment assistance programs are available for those unable to save the required down payment.

Verify your Home Possible eligibility. Start here

This loan program is particularly well suited for first-time home buyers with moderate credit.

USDA loan: 640 credit score

USDA loans are popular with home buyers in qualifying rural areas because they offer zero-down payment options and competitive mortgage rates.

Applicants need a minimum 640 credit score to qualify.
The property must be situated in a designated rural area.
Household income cannot exceed 115% of the area median income (AMI).
Whether you’re purchasing a home or refinancing your current mortgage with a USDA loan, you’ll pay a 1% upfront guarantee fee and a 0.35% annual fee.

Verify your USDA loan eligibility. Start here

A USDA mortgage is a government-backed loan guaranteed by the U.S. Department of Agriculture. This is why USDA loans are a great option for people looking to buy real estate in a rural area because they have flexible credit requirements and require no down payment.

Bad credit mortgage lenders

A less-than-perfect FICO score doesn’t mean you’re confined to dealing with subpar mortgage lenders. Surprisingly, some top-tier lenders specialize in assisting borrowers whose credit scores hover around or even dip below 600.

While it’s true that qualification may not be possible for everyone and your interest rate might be above what a “prime” mortgage borrower would receive, you have just as much right to seek out the best mortgage rates, fees, and customer service. Don’t let your credit score deter you from exploring all available options.

For comprehensive advice on finding the right lender for your situation, check out our guide to the best bad credit mortgage lenders. This resource lists the top lenders specifically catering to bad credit home loans, helping you make an informed decision that aligns with your needs.

How to get a home loan for bad credit

Improving your chances of getting a bad credit home loan may seem daunting, but there are strategies to boost your loan approval odds. As you begin the loan application process, mortgage underwriters will review your entire financial history. If your credit is low but the rest of your financial picture looks good, you’re more likely to get approved.

Check your home loan options. Start here

By following these proven steps, you can significantly improve your appeal to lenders and streamline your home buying process.

Check your free credit report for accuracy

The three major credit bureaus (Experian, Equifax, and TransUnion) make mistakes sometimes. Your creditors can report inaccurate information to the credit bureaus, too. Monitor your credit history to notice errors before they lower your score. The government has set up a website where you can check your credit accounts free: annualcreditreport.com

Dispute inaccurate information

If you do find inaccurate information in your credit history, be sure to file a dispute, especially if the errors include huge blemishes like foreclosures, repossessions, or collections accounts.

Collections accounts can linger on your credit reports for years. They can negatively impact your financial standing even after they’re paid, as paying off a collection upgrades its status to “Paid” but doesn’t remove it from your report.

Negotiating for its complete removal, known as “Pay for Delete,” by contacting the collection agency and offering payment in exchange for deletion from your credit report is a game-changer. Always ensure this agreement is in writing before making any payments, effectively erasing the financial mishap and potentially boosting your credit score.

Get mortgage loan preapproval

Securing mortgage preapproval is a pivotal step for buyers with bad credit. It not only clarifies your budget but also boosts your appeal to sellers. The preapproval process can also pinpoint where to improve your credit so be honest about your finances when seeking preapproval; lenders may suggest programs for credit issues.

Lower your DTI and credit utilization ratios

Lenders evaluate your debt-to-income ratio, or DTI, to determine if you can afford a new monthly mortgage payment. Reducing existing debts before submitting a mortgage application can make qualifying for a home loan easier.

Similarly, paying down credit card debt and personal loan balances also lowers your credit utilization ratio. Credit utilization measures your debt balance against your credit limit. For instance, a $7,000 balance on a $10,000 credit limit results in a 70% ratio, which is considered high. Aiming for a utilization ratio of 30% or lower can significantly boost your credit score.

Improve your payment history

Missed and late payments will lower your FICO score. Be sure to make on-time payments on all your loans and credit cards. It’s a good idea to set your accounts on autopay.

Consider a co-signer

If you’re unable to qualify for a mortgage due to a low credit score, you might want to consider bringing a co-signer into the equation. A co-signer essentially vouches for you, making lenders more comfortable with extending credit your way. In essence, you’re leveraging another person’s higher credit score and financial stability to boost your chances of securing that loan.

That said, it’s crucial to understand the responsibilities and implications for both parties involved. The co-signer’s credit score will be affected, for better or worse, by the loan’s performance. Lenders might also average your credit scores, depending on their specific policies, which can make the loan more attainable. Nevertheless, your interest rates will often be based on the lower of the two scores, meaning you may pay a bit more over the life of the loan.

Avoid unnecessary hard pulls

First things first: not all credit checks are detrimental to your credit score. Soft inquiries, such as those conducted for background checks, don’t affect your score.

However, hard inquiries, like the ones made when you apply for a new credit card or a loan, can lower your score a bit. Each hard pull can reduce your credit score by a few points. So always check whether the creditor will be performing a hard or soft pull on your credit report.

Leverage home equity

For homeowners who are unable to cash-out refinance due to bad credit, a home equity line of credit (HELOC) may be a solution. A HELOC allows access to funds based on the equity built in the home. By tapping into home equity through a HELOC, individuals bypass the strict credit requirements of conventional cash-out refinancing.

This approach can unlock cash for renovations, debt consolidation, or other financial needs, even when a poor credit score would typically close doors to such opportunities.

FAQ: Home loans for bad credit

Check your home loans for bad credit options. Start here

What is the lowest credit score to buy a house?

The lowest credit score typically required to buy a house is 500 with an FHA loan, which requires the borrower to make a 10% down payment. For credit scores of 580 or higher, a 3.5% down payment is sufficient. Conventional loans typically require a minimum credit score of around 620.

Can you get a mortgage with very bad credit?

Yes, it’s possible to secure a mortgage with bad credit, especially through government-backed loans designed to assist borrowers in this situation. Some lenders also offer home loans for bad credit, which are designed to assist potential homeowners with lower credit scores. These loan programs may offer other benefits, such as lower minimum down payments or no down payment requirements at all.

Which mortgage lender is best for bad credit?

Different mortgage lenders will view your application differently, so it’s important to shop around when you have bad credit. Online mortgage lenders have opened up more choices for many low-credit-score borrowers. Make sure to work with someone who has a Nationwide Mortgage Licensing System (NMLS) license.

How are mortgage lenders able to offer home loans for bad credit?

Unlike personal loans and student loans, mortgages are secured loans. The security comes from the value of your home, which your lender could repossess if you default. FHA, VA, and USDA loans have an additional level of protection: backing from the federal government. That’s why you could still get an FHA loan, for example, even with a credit score below 580, which most lenders consider subprime lending.

Can I get a home loan with a 500 credit score?

It is possible to find an FHA lender willing to approve a credit score as low as 500. You may also be able to find a non-QM (non-conforming) conventional lender with a 500 credit score minimum. But you won’t have many choices and must be prepared to make a larger down payment. It will also help if you have fewer other debts compared to your monthly income.

Check your eligibility for a bad credit home loan

It’s possible to buy a house with bad credit.

You’ll likely pay a higher mortgage rate, but you could get on the homeownership ladder now and start building equity. And you can always refinance to a lower rate later once your credit improves.

Want to find out whether you qualify for one of the many home loans for bad credit? Consulting with a mortgage loan officer about your options is free and will help you determine which bad credit mortgage program is best for you.

Time to make a move? Let us find the right mortgage for you

Source: themortgagereports.com

Apache is functioning normally

May 29, 2024 by Brett Tams

Enjoy complimentary access to top ideas and insights — selected by our editors.

High interest rates and low inventory have plagued the housing market, making it particularly difficult for younger adults to enter the world of homeownership. In recent years, millennials have notoriously struggled with owning houses — has Gen Z learned from their struggles enough to create better paths to homeownership?

At the very least, they’re keeping a positive attitude: Research from ServiceLink found that the younger generations had a more optimistic view of the housing market in 2024, with 56% of Gen Zers and 51% of millennials believing that conditions for buying were favorable, compared with 38% of Gen X and 18% of baby boomers. However, the survey results were not all that positive when it came to the respondents’ views on interest rates: Forty-two percent of those who considered buying a home in the past 12 months gave up the quest.

It’s all driving new trends in housing, especially among the youngest working generation. Gen Z is finding creative solutions to alleviate housing costs, with recent college graduates moving back home with their parents at a higher rate, as well as using “house hacking,” or renting out part of your property to afford housing costs.

Read more: Gen Z factors future rental income in home buying decisions

“Housing is very costly. People are definitely more open to sharing space,” Danny Gardner, Freddie Mac’s senior vice president of mission and community engagement, recently told National Mortgage News.

Some loan officers, including John Birke of Movement Mortgage, have developed marketing aimed at tapping into this interest on TikTok, a social media channel the industry has increasingly been experimenting with as a way to reach younger generations.

“I’ve done several videos about house hacking. I think it’s going to become more and more popular in the future,” Birke said. “Both Gen Z and millennials are frustrated that they’ve been essentially shut out of the housing market with few options for buying a home.”

Gen Z may also have more pressing financial concerns to balance such as erasing debt, especially from student loans, according to a FinLocker survey last year. While mortgage lenders are seeking to court young homebuyers with attractive marketing, the appeal of rental income is undeniable.

Read more: Housing affordability initiatives launched this spring

There are, however, a few trends working in Gen Z’s favor. The flexibility of remote work, which Gen Z has benefited from for much of their adult life, gives younger adults the opportunity to buy homes in more affordable areas while still working jobs in expensive, urban areas.

Many Gen Z homeowners likely purchased during the ultra-low rate era of 2020 and 2021, data from Redfin suggests. Their advantageous window compares favorably to Millennials, who in their early 20s lived through the Great Recession, and Gen Xers, who faced mortgage rates around 11% in 1989, when the oldest of that cohort were 24 years old.

Read more about recent Gen Z housing trends below.

Source: nationalmortgagenews.com

Apache is functioning normally

May 29, 2024 by Brett Tams

Inside: Unlock the secrets to savvy spending with smart budgeting strategies. Explore techniques to stay within your financial limits and secure a stable future. Use these ways to ensure your budget works.

Budgeting isn’t just about crunching numbers – it’s a lifeline for your financial health.

Staying within set limits is essential because it helps prevent debt accumulation, allows for savings growth, and ensures that you’re prepared for both expected and unexpected costs.

You probably already know this, but you don’t like the idea of a budget! Especially when you need to know how to stop going over budget!

Think of a budget as a financial compass, guiding you through the sea of expenses without losing your way.

Quick Overview of What Smart Budgeting Entails

Smart budgeting is the smart play in the financial game, where you make your money work for you, not against you.

This involves understanding your income, neatly categorizing expenses, and planning ahead to ensure you spend less than you earn. By doing this, you create a buffer zone for saving and investing.

It’s a balance of discipline, foresight, and savvy financial planning that aligns with your unique lifestyle and goals.

Below, we will have tips on how you can ensure you don’t go over your budget.

Top Tips to Stick to Your Budget

1. Set Clear Financial Goals to Guide Your Spending Choices

Setting clear financial goals is like planting signposts along your fiscal journey. They guide your spending choices and keep you motivated.

Whether it’s a dream vacation, a new car, or an emergency fund, specific targets make it easier to resist needless spending and ensure every dollar is bringing you closer to what you truly want. Remember, a well-defined goal is a milestone waiting to be reached.

Check out the top smart financial goals!

2. Know Your Income

Understanding precisely how much money you bring home is the bedrock of smart budgeting. This is how to calculate your annual net income.

If you are planning to spend more money than you make, then that is a huge red flag.

You have to plan to budget less than your income. Knowing these numbers is crucial; it ensures that your budget is built on solid ground and not in financial quicksand.

3. Create a Realistic Expense List

Time to be realistic about what you spend. Look at your bank accounts and credit cards to know what you are truly spending and where.

Start by listing all your fixed costs such as rent, utilities, and insurance.
Then, add estimates for variable expenses like groceries and entertainment.

Be honest and avoid underestimating these costs; if anything, overestimate slightly to give yourself some wiggle room. This transparency with yourself prevents unpleasant surprises and helps cement a budget you can truly live with.

4. Adopt Zero-Based Budgeting to Allocate Every Dollar

Zero-based budgeting is like giving every dollar a purpose before it even hits your wallet.

With this strategy, your income minus your expenses should equal zero, which means you assign every dollar to savings, investments, or expenses. This meticulous approach ensures that you don’t have any money aimlessly floating around, which reduces the temptation to splurge.

Zero-based budgeting is the ultimate financial organizer, making sure no dollar goes to waste. One of the popular budgeting methods to use!

5. Practicing the 24-Hour Rule to Avoid Emotional Spending

Emotions can often lead to budget-busting spending sprees. However, by practicing the 24-hour rule, you combat those impulsive urges.

This is one of the simplest ways I don’t go over budget.

When you feel the temptation to make a non-essential purchase, commit to waiting a full day before taking out your wallet. This pause allows you to consider if the item is a necessity or just a fleeting desire. Reflecting on your financial goals during this cooling-off period often leads to wiser decisions and consistent, long-term savings.

6. Automate Savings and Bill Payments to Prevent Oversight

The marvels of modern banking can turn you into a financial ninja with minimal effort. By automating your savings and bill payments, you rid yourself of the worry of manual oversight.

It’s as simple as setting up automatic transfers to your savings account right after payday and scheduling auto payments for recurring bills.

This ensures your financial commitments are met before you even think of discretionary spending, keeping your savings plan on track and your credit history spotless.

It may take a few months for your budget to start working.

7. Embrace the Envelope System for Controlled Spending

The cash envelope system takes budgeting back to basics with a tactile and visual approach.

By dividing cash into envelopes labeled for different spending categories like groceries, entertainment, or eating out, you create a physical barrier to overspending. Once an envelope is empty, that’s your cue to stop spending in that category.

It’s straightforward yet powerful; the tangible aspect of seeing cash dwindle provides a stronger cue to curb spending than swiping a card ever could.

8. Utilize Apps and Online Tools for Regular Budget Review

These platforms make regular budget reviews less of a chore and more of a seamless part of your daily life.

Track your expenses in real-time, receive alerts when you’re nearing a budget limit, and gain insights into your spending habits with just a few taps on your screen.

This tech-savvy approach to budgeting not only simplifies the process but also empowers you to make informed decisions about your money on the go.

Find the best budgeting apps on the market today.

9. Mindful Spending Techniques

This is when you question the value proposition and encourage you to think before you buy.

Start by questioning the necessity and value of the item.

Will it enhance your life or clutter it?
Is this on social media as the “must-have” item?
Do you truly need it? Or is it a want?
Will the constant barrage of new items increase your happiness?

Also, practice gratitude for what you already own to minimize the allure of new purchases.

Mindful spending isn’t about deprivation; it’s about making more room in your life for financial peace and the things that truly matter.

10. Altering Lifestyle Choices

Altering your lifestyle to fit your budget might sound daunting, but it’s often the most effective way to ensure your spending doesn’t spiral out of control.

The first step is to be mindful of lifestyle creep.

Make mindful modifications like dining in more often, choosing staycations over expensive holidays, or opting for public transport over a personal vehicle. These changes don’t have to feel like sacrifices; view them as trade-offs for a more stress-free financial future.

Embracing a lifestyle that aligns with your budget paves the way to a richer (pun intended) life. Yes, debt free is the new rich.

11. Dealing With Unexpected Expenses Without Breaking the Bank

You turn around and are hit with an unexpected expense. It is the worst and I know something we deal with on a yearly basis at least.

Dealing with unexpected expenses can feel like navigating a financial minefield. To handle these without breaking the bank, initially aim to establish a rainy day fund with at least 10-20K of cash investments.

Start small, if necessary, and grow this fund over time. Should an unexpected expense arise, you can dip into this fund instead of derailing your budget. It’s your personal financial cushion, softening the blow of life’s surprises without causing a monetary meltdown.

12. When to Adjust Your Budget for Income and Lifestyle Changes

Life never sits still, and neither should your budget. If there’s a change in your income — maybe a raise or a job loss — it’s time to adjust your numbers. Similarly, lifestyle changes like a new family member or a big move call for a budget review.

Revisiting your budget whenever these changes arise ensures it remains tailored to your current circumstances. A budget that reflects your present situation is not only more realistic but also more sustainable.

The goal is to increase your savings percentage with any extra income coming in and forgo lifestyle inflation.

13. Keeping a Miscellaneous Line in Your Budget for Surprises

Life’s full of surprises, and some can hit your wallet unexpectedly. Keeping a miscellaneous line in your budget is like having an umbrella for a rainy day.

Set aside a small pot of money within your budget for these unforeseeable instances. If a surprise does pop up, you can cover the cost without dipping into other savings or spending allocations. This strategic buffer grants you financial flexibility and peace of mind.

Also, this can be used as fun money when times are tight.

14. Tracking Progress and Celebrating Small Wins

A budget is a living document, but it’s also a tapestry of your financial victories.

Tracking your progress is not just about ensuring compliance; it’s about recognizing and celebrating the small wins.

These accomplishments, such as paying off a credit card or sticking to your budget for a full month, build momentum and reinforce positive habits. Celebrate these successes—they’re the stepping stones to your larger financial dreams.

Plus, they’re great morale boosters that motivate you to keep going!

15. Find an Accountability Partner to Keep You in Check

Enlisting an accountability partner is like having a co-pilot on your financial journey. Choose a trustworthy friend or family member who understands your goals and is willing to help you stay on course.

Share your budget, your triumphs, and even your slip-ups with them. They can offer support, celebrate your victories, and gently nudge you back on track when needed.

Your accountability partner is a powerful ally, turning the often solitary act of budget management into a shared and sociable success story.

Frequently Asked Questions (FAQ)

To quickly create a budget you’ll stick to, use a reliable tool like YNAB to map out your income, essential expenses, savings, and discretionary spending for the next month. By clearly seeing where your money should go, adjusting as needed, and monitoring your progress, it becomes easier to adhere to your financial plan.

Keeping it simple and realistic from the start is the best foundation for budget commitment.

You might be exceeding your budget due to unrealistic limits, impulse purchases, or unexpected expenses. Prevent this by creating a realistic budget on what you already spend and creating a buffer for unanticipated costs.

Consistency and flexibility in your approach are key to staying within budget.

Accommodating irregular income requires a bit of foresight.

Start by budgeting based on your lowest-earning month to create a conservative baseline.
Save during higher-income periods to smooth out the leaner ones.
Continually adjust your spending priorities as your income fluctuates.

Also, maintain an emergency fund and categorize expenses by necessity to build a budget that’s both resilient and flexible.

Automated payments are a game-changer for sticking to your budget. They ensure bills and savings get paid first, reducing the risk of spending what you intended to save or forgetting due dates.

Setting up automatic payments may take a few hours and a few months to verify all of your bills are paid. But, something that is worth you doing.

Automation takes the guesswork out of financial commitments and helps you maintain a consistent savings habit.

How do I make sure I don’t go over my budget?

You are afraid to budget because you know you will go over your budget, right?

That mentally needs to change.

To ensure you don’t go over your budget, embrace the psychological trick of setting your spending plan slightly below what you can comfortably afford.

Convince yourself that this lower threshold is your maximum capacity, and any overages will merely tap into your deliberate buffer rather than causing financial strain. For example, if your income is $5000 per month, then budget $4000. That way you have a buffer to be (hopefully) saved at the end of the month.

This mindset, coupled with regular tracking, thoughtful spending, and strategic adjustments, can keep your finances firmly in the green.

One step closer to becoming financially stable.

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

May 28, 2024 by Brett Tams

Want to make extra money? Here are 21 ways to get paid to answer questions from home. Making extra money has become easier than ever, and answering questions online is a flexible way to earn cash. There are websites and apps where you can share what you know about different topics to make money. It’s…

Want to make extra money? Here are 21 ways to get paid to answer questions from home.

Making extra money has become easier than ever, and answering questions online is a flexible way to earn cash.

There are websites and apps where you can share what you know about different topics to make money. It’s a convenient way to make some extra cash on the side, and you can do it whenever it fits into your schedule.

Plus, you get to answer all kinds of interesting questions, from easy surveys to giving expert advice.

I have been getting paid to answer questions for years, through many of the ways listed below, so I know that these are real!

21 Ways To Get Paid To Answer Questions

Below are 21 ways to get paid to answer questions:

1. JustAnswer

Are you good at fixing cars or know why cats behave the way that they do? If you have knowledge in a specific area, JustAnswer might be your route to earning extra cash. On JustAnswer, individuals and professionals like you get paid to share their expertise and help others with their questions on your own schedule.

On JustAnswer, there are different types of experts like mechanics, doctors, lawyers, veterinarians, home experts, appraisers, consultants, computer and tech experts, and more. They have many categories with questions that need to be answered.

When someone has a question, they can go to JustAnswer and pay a fee. Then, JustAnswer finds an expert who knows about the topic to answer their question (these are typically detailed answers with insight).

JustAnswer says that if you’re qualified and answer questions online, your earning potential could be between $2,000 and $7,000 every month.

To become an expert on JustAnswer, you apply online. In this application process, they check your credentials to make sure you’re qualified as well as do a background check. Once approved, the JustAnswer team gives you a quick meeting to show you how to use the platform. It usually takes about a week to get verified after you apply.

You can get paid through direct deposit, PayPal, or Venmo.

2. User Interviews

At User Interviews, you can make between $50 and $100 an hour simply by participating in market research studies.

Big companies such as Macy’s, Home Depot, Spotify, Trip Advisor, Pinterest, and Amazon use User Interviews to hear what people think about their new products, apps, and websites.

You don’t just fill out surveys; these studies involve interacting with interviewers. They’ll ask questions, and your honest feedback can influence products and services.

Every month, User Interviews launches over 2,000 new studies. Last year, they paid over 87,000 participants.

I did a user interview and earned $400 for just one hour of work. It was easy – all done online with a video call. They wanted my thoughts on a new feature for a website.

Please click here to learn more about User Interviews.

3. Become a blogger

Starting a blog can be a fun way to share what you know and make money. Blogging means writing articles, or “blog posts” that get put on a website. You can write about lots of topics, like travel, food, or helping others with your expert advice.

When you blog, you can make money such as by:

Ads – You can put ads on your site. When people visit your blog and see or click the ads, you get paid.
Affiliate marketing – This is when you talk about products and give a referral link. When someone buys the product using your link, you earn a commission.
Selling products – Create things like ebooks or courses. When people buy them, you make money.

I started Making Sense of Cents in 2011. Since then, it’s helped me make over $5,000,000. I started it just to share my money journey, without even knowing that websites could make money.

And, I get paid to answer questions all the time! Many of the articles that I write have been inspired by questions that I have personally been asked by my readers. Readers will send me questions via email every day, and many times I will turn these questions into a new blog post.

You can learn more about starting a blog at How To Start A Blog FREE Course. Over 80,000 people have taken this course already. Join for free, and I’ll teach you what you need to know from setting up your blog to making money and getting readers.

There are other ways similar to this that you can get paid to answer questions too, such as by starting a YouTube channel.

4. Swagbucks

Swagbucks is a well-known rewards site where you earn money for doing surveys and other tasks. It began in 2008, and every day they give out 7,000 gift cards to their members. Yes, each day!

I’ve used Swagbucks to get Amazon gift cards and PayPal cash without much work. I’ve earned over 110 gift cards from them over the years.

When I logged into Swagbucks, I had 26 surveys to choose from. Each one took less than an hour and paid less than $10. For instance, one asked about my dining preferences, like how I find new places to eat and what kinds of food I like when I go out.

Another positive of Swagbucks is that payouts are easy to get and have a low minimum threshold.

Please click here to learn more about Swagbucks.

5. Freecash

Freecash is an online platform where you can earn extra cash. It teams up with businesses that need consumers to check out their products.

You sign up and do tasks like trying out apps, playing fun games, or answering surveys. Many times, you will be asked to answer questions and give your review on an app.

The amount you earn with Freecash varies. If you spend some time on it every day, you might make around $10 daily. Some users spend more time and report earning hundreds monthly, with a few reaching a thousand or more each month as well.

Click here to sign up for Freecash.

6. American Consumer Opinion

American Consumer Opinion is a free paid online survey company I really like. They pay you for each survey you do. You can make between $1 and $50 per survey, depending on how long it is.

American Consumer Opinion has paid over $30,146,855 to people who take surveys, with over 20 million surveys completed. They’re one of the most popular survey sites online.

You can sign up for American Consumer Opinion here.

7. InboxDollars

InboxDollars is a website where you can earn money by doing things like taking surveys, playing games, watching videos, shopping online, and more.

Most surveys on InboxDollars pay between $0.50 and $5.00 and take 3 to 25 minutes. If you meet certain criteria, you could even earn $10, $20, or more per survey.

By signing up through my link, you will receive a free $5 bonus! Sign up for InboxDollars here.

8. Survey Junkie

Survey Junkie is a platform where you can make money by sharing your opinion. If you take three surveys every day, you can earn up to $40 a month. It’s a simple way to add some extra cash to your wallet just by answering questions.

To make the most out of Survey Junkie, act fast when new surveys come out. Surveys have limited spots and can fill up quickly. Fill in your surveys honestly to avoid disqualification. Plus, by taking a quick tour of the site, you can snag some extra points.

Please click here to sign up for Survey Junkie.

9. Branded Surveys

Earning extra cash with Branded Surveys is both easy and rewarding. When you sign up, which is totally free, you can start taking surveys that pay you between $0.50 and $5.00 each.

Branded Surveys is a free survey company where you can earn cash and gift cards like Amazon and iTunes. They have over 2 million members and have paid out over $24,000,000 to their members. If you join today, you’ll get a free 100-point sign-up bonus.

There are many different payment options as well, such as gift cards and PayPal cash.

You can sign up for Branded Surveys here.

10. Prime Opinion

Prime Opinion is a survey platform that lets you make money by sharing your thoughts in online surveys. It’s easy to use and rewards you with PayPal cash or gift cards for your opinions, all without leaving home.

When I logged in recently, I had over 40 different available surveys that I could take, ranging from just a few minutes to around an hour.

There are many payout options too, such as Visa cards, PayPal cash, and gift cards.

Please click here to join Prime Opinion and get up to a $5 free bonus.

11. Five Surveys

Five Surveys is a paid online survey site that is easy to use, and you can get paid to answer questions online. Once you complete five surveys, you can claim $5. So, you get paid $1 per survey no matter how short or long it is, as long as you complete it.

Once you’ve earned, withdrawing your money from Five Surveys is easy and you can pick from multiple methods to receive your funds, whether you prefer direct payment or redeeming rewards like gift cards for popular retailers.

Please click here to sign up for Five Surveys.

12. Chegg

Have you ever thought about making money while helping others with their homework?

Chegg is an option you might want to consider. Chegg is a platform where students ask for help on their schoolwork, and experts like you provide answers.

The payment on Chegg can vary. They have a system where you earn more based on the number of questions you answer.

13. HelpOwl

HelpOwl is a site where you can earn points for helping others with their questions.

You can get 1,000 points for your first accepted answer. For any answers after that, you can get 100 points. Plus, each time your answer is marked as helpful, you can get an extra 10 points. Manuals get you even more points (but are much more detailed).

Your points can be redeemed for Amazon and Walmart gift cards.

14. PrestoExperts

PrestoExperts is a site where you can share your expertise and get paid for helping others. It doesn’t matter where you are, as you can answer questions from your computer or phone.

If you are knowledgeable about topics like law, health, or even tutoring, you could be in demand. There are over 600 different categories that questions are asked about, so there is probably a topic that you can answer.

15. Studypool

Studypool is an online platform where you can earn money by helping students with their questions. If you’re an expert in a particular subject, you can make cash by giving students the answers and explanations they need.

Once you’re approved, you can start answering questions. You decide how much your help is worth and can set your own prices.

Tutors at Studypool get paid for each question they answer. But, the site does keep a commission. This commission can be between 15% and 30%, depending on how active you are on the platform.

16. BestMark

BestMark is a top mystery shopping company that I have personally used.

This is my favorite mystery shopping company, and it’s the one I’ve used for all my mystery shopping. I’ve done over 50 mystery shops with them, and I have been paid to answer many questions through their site.

BestMark has mystery shopping jobs at places like restaurants, beauty stores, clothing stores, electronic stores (like Best Buy), car dealerships, movie theaters, retail stores, phone calls (for example, where you call the store to evaluate their customer service over the phone), entertainment attractions (like go-kart tracks and theme parks), and banks.

Businesses use mystery shopping to check and improve their customer service and products. They hire mystery shoppers to act like regular customers, visit their places, and give detailed feedback. Your job is to observe, interact, and share your thoughts on the entire experience.

17. Premium.Chat

If you have a website or social media account with followers, then Premium.Chat gives you a way to earn money by sharing your expertise through texting. Whether you’re a coach, tutor, entertainer, social media influencer, model, teacher, or any kind of advisor, this platform may work for you.

You can earn money by text chatting and charging per minute (from $1.00 to $5.99) or up to $50 for a single chat. You can also get paid for video calls.

The platform manages billing and payments, so you can just focus on chatting. You’ll receive payments via direct deposit or PayPal on the 10th of each month for the previous month’s chats.

18. BetterHelp therapist

BetterHelp is a top online therapy platform where you can offer text therapy and schedule video sessions and make a full-time income.

There are over 33,000 therapists on this platform, and they are always looking for more therapists.

As a BetterHelp therapist, you can earn around $100,000 per year for working 40 hours a week. You also get a monthly health insurance stipend of $450 to $650, bonuses for high performance, and other benefits. They ask for at least 3 years of experience in therapy for adults, couples, or teens.

19. Maven

Maven is a site where you can earn money by sharing your expertise. If you’re someone with a wealth of knowledge in a specific field, Maven can be your platform to make money by answering questions.

Maven is an online course platform where you can create a course that answers questions. There are courses on all different kinds of subjects on Maven, such as AI, design, engineering, marketing, business, leadership, and more.

20. Weegy

Weegy is a question-and-answer site where anyone can ask a question and earn money by answering questions anywhere, anytime and from your desktop computer, tablet, or smartphone.

With Weegy, you can earn around 20 cents for each question you answer, on average. The amount may vary based on how accurate and detailed your answer is.

21. Online tutor

An online tutor is someone who helps another person learn more about a specific subject, such as math, grammar, science, physics, geography, and more.

As a tutor, you could spend 30 minutes teaching a lesson, a few minutes answering questions online, or having a one-on-one video lesson with a student.

You may get paid to help answer questions as a tutor for high school students, college students, or even elementary students. Many people need tutors!

I recommend reading 11 Best Places To Find Online Tutoring Jobs (Make $100+ an hour) to learn more.

Frequently Asked Questions

Below are answers to common questions about how to get paid to answer questions.

Can I get paid for answering questions?

Yes, you can get paid for answering questions. Websites like JustAnswer pay experts from different fields to answer users’ questions. If you’re knowledgeable in a specific area, you could earn money by helping others. There are other ways to get paid to answer questions as well, such as by creating an online course or starting a blog.

How much do you make on JustAnswer?

On JustAnswer, your earnings can vary widely based on your area of expertise and the complexity of questions you’re answering. The potential pay ranges from $5 to $35 per question, but it greatly depends on how much time and effort you invest.

Which app pays for answering questions?

Swagbucks is an app that rewards you for answering questions and completing surveys. By answering daily polls and trivia, you can accumulate points, which can then be converted into gift cards or cash.

What trivia app pays real money?

Swagbucks has trivia games that can pay real money. There are also other apps made for trivia, where you can earn cash by correctly answering questions on different topics.

Does Quora pay you to answer questions?

Quora doesn’t pay for questions and answers directly, but they do have a program called the Quora Partner Program. If you’re eligible and contribute high-quality content, you can earn money through it.

How To Get Paid To Answer Questions

I hope you enjoyed this article on how to get paid to answer questions.

If you like helping others or sharing what you know, you can earn money for it. Some are a side hustle, and others are a full-time job or business.

Depending on the website or app you use, you might get paid directly, earn points that you can turn into cash or gift cards, or even receive tips. Each place that pays you to answer questions has its own rules and topics, so you can pick the ones that interest you most and match your skills.

I have been earning a full-time income for years by answering questions for others, and I really enjoy it. From mystery shopping to surveys, focus groups, blogging, and more, I have done many of the ways to get paid to answer questions on the list above.

Are you interested in learning how to get paid to answer questions?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

May 28, 2024 by Brett Tams

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

You are struggling to make money.

And right now, you need to figure out how to turn 100 into 1000.

Plus you want to do this preferably fast!

We will share a few of the most important ideas that you can take to turn 100 dollars into 1000 in a day. These are simple and easy-to-follow strategies that anyone can follow without any prior experience or skill set; just some determination.

If you do not want to earn $1,000 in just one day, then this article is not for you.

However, if your goal is to turn 100 into 1K over time and build multiple streams of income that last forever–this post will provide some insight on how it can be done.

At the end of this guide, I’ll leave you with 10 key points about how to get started on your path towards turning 100 dollars into 1000.

Make the most of your time, because you’re running out of it!

How to Turn 100 into 1000

To turn 100 into 1000, you want to multiply your initial investment 10x.

That is a big promise!

The great news is this is something that can be easily achieved. Actually, way easier than you could possibly imagine.

Your goal is to learn how to turn 100 into 1000.

For some of you, you may want to learn how to turn $100 dollars into $1000 in a day.

Regardless of if you want to know how to turn $100 into $1000 in 30 days or a week, you will learn strategies to help you create more income streams. And that my friend is a win that will put you on a trajectory towards financial stability!

This is how can I flip my money…

Step One: Set Your Goals

When trying to reach a goal, you should be able to work on it on the same day. In order for this process, one must know what obstacles they might face and how they can overcome them with simple tactics.

It is important to set goals when trying anything new because they help keep the process moving forward.

In addition, when working towards a goal one needs to have an “end game” or at least something that will satisfy their objectives after achieving success. This is important because if someone sets out with no end-game (or doesn’t even think about it) then there is no sense of motivation or purpose.

Finally, it’s important to have a strategy for attaining your goal that is not too difficult and also ensures the best possible results are attained in the quickest amount of time.

Step Two: Create A Plan

The biggest obstacle with almost any make money idea is how people perceive them before they’ve had time to prove themselves.

You jump right in without taking the time to learn the new skill. Thus, you end up losing money quickly, which is exactly the opposite of what you wanted to do.

While you can know how to turn $1000 into $1000 in a day, you need a plan to make sure that happens on a consistent basis.

The most important step in the process of turning $100 into $1000 is to create an action plan.

A written document of what you plan to do. Include some of these items:

Write down your Make Money Idea
Skill sets you must learn
What steps do you need to take to reach your goal
Mind map out all of the possibilities as well as obstacles
How to market yourself or your business
Timeline to achieve your end goal
Steps to reach your goal.

More than likely, making over $1000 is not something you want to do once and be done. It will be something you want to rinse and repeat.

Put in the proper work, so you can see successful results.

Step Three: Take Action

The third step is to take action. You can’t just sit around and wait for success to come knocking on your door; you have to do something about it!

While it is great to plan what you want to do, you need to take action.

If not, you will never see results.

Also, it is important to set milestones in order to track your progress.

Ways to Turn $100 into $1,000

The average person spends $100 a month on their phone, cable, and coffee. If you want to make sure that your money is going towards the things that will help increase your wealth, then you need to learn ways to turn $100 into $1000.

Here are 12 simple ways that can be taken to turn $100 into $1,000.

Each idea will help you accomplish the goal of turning 100 dollars into 1,000 dollars in a short amount of time.

You just have to put in the work and dedication.

#1 – Start a Blog

Starting a blog is not an easy task and takes hard work.

A blog can be a lucrative career for those who are passionate about writing and sharing their expertise. Blogs make money through ad revenue, affiliate marketing, sponsored posts, and selling digital products.

The process of starting your own blog starts when you decide on the topic that interests you, create a website for it, design the layout, write posts about what’s happening in your life or what has happened in yours recently (almost every day), post pictures to show how much progress has been made with building content for your site and then finally sharing it online!

Starting a blog can be relatively inexpensive, but the income potential is high.

Check out the course roadmap and find out where to start first!

#2 – Open an Etsy shop or Shopify store

Etsy is a marketplace for handcrafted items that provides free tools to help you start an online shop. Use the site’s search engine, browse its features, and find products that will be popular with your target audience.

An Etsy shop is a great way to create a business and make money. It can allow you to sell whatever you want, with the potential for making more than $1,000.

The same is true for a Shopify store.

# 3- Invest in Stocks

This is my personal favorite way to turn 100 into 1000. Yes, that is true! While a blog is great, this allows more time freedom in my life with true passive income.

Investing can be a powerful way to turn $100 into $1,000 (over and over again). There are many ways to do this, but one thing is certain: investing has a foundational role in becoming independently wealthy.

Here is the BIGGEST CAVEAT to investing in stocks: you must learn how to trade and be successful.

Don’t just assume you can jump in and start to make $1000 in a day or follow some guru.

You must take this investing course.

If you don’t come back once you lost more money and invest in a proper stock market investing course.

You can start investing for as little as $100.

One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.

Oh, and please stay away from Robinhood as a brokerage firm. Also, don’t jump into forex until you have some serious knowledge under your belt.

#4 – Invest in Real Estate

Investing in real estate is an excellent way to diversify your portfolio and it’s also a great way to make money.

Real estate is one of the most secure investments with low risk, but it also has the potential to provide stable returns. It’s important to choose a real estate investment strategy that is suited to your risk tolerance and any capital constraints you may have.

You can invest in real estate by purchasing a single property, multiple properties, or buying fractional shares. There are many different portfolio types that meet your needs and risk tolerance.

Real estate investment is a smart way to get passive income.

#5 – Get into Freelancing

As a freelancer, you have the opportunity to work with different companies and organizations. You decide where your next job is based on what you like best about each company or organization.

Freelancing is a unique way to work and offers the opportunity to do something you love without having to worry about someone else.

You don’t need to have a lot of money to start freelancing.

The internet has made it easy for people with skills and expertise in many fields to make money, even if you do not have any experience or credentials.

Freelancing is a way for people to earn money without having an employer. It might be intimidating, but it’s worth the effort and investment of time. You can start by building your portfolio website that will help you convince clients in order to get your foot in the door with freelancing opportunities.

Freelancing is a great way to earn income while still having time for personal life.

Get started with Fiverr!

#6 -Flip Digital Assets

A flip digital asset is a physical object that can be used to collect data from a device, such as a computer or mobile phone. This allows for the collection of information without having to install additional software.

These are the three types of digital assets that are currently available for purchase: cryptocurrencies, utility tokens, and collectibles. It is important to note that these currencies can be bought or sold at any time with no transaction fees.

However, it may take some time before you see your initial investment grow significantly due to large volatility in cryptocurrency prices or NFTs.

#7 – Start Service Businesses

Start businesses that provide services, such as childcare, lawn care, or housecleaning. The rules of business are always changing and it’s important to be able to adapt your business plan accordingly.

When starting a service business, the most important step is to have an idea for your service.

You can start by thinking about what you enjoy doing and then finding a way to monetize it. For example, if you are good at social media marketing, you could create an Instagram account with different types of content that would attract people who are looking for services similar to yours.

If you like dogs, start a business by dog walking or pet sitting. You can take it one step further and provide products your clients need like leashes, treats, and poop bags. This is great if you have a passion for animals.

Service businesses such as cleaning and lawn care can be started for a few hundred dollars or less.

You are trading your time for money.

#8 – Learn a New Skill

Learning a new skill is not an easy task.

It takes time, energy, and patience to master something that you have never done before.

However, it can be worth the investment in your future if you are able to use the skills learned for work or different hobbies later on down the line.

Plus many new skills can be used to help you make more money fast.

This is also one of the best ways to create your own financial future if you want it, which will make your life significantly better and happier.

Find a job that pays a lot of money
Increase your skills and qualifications to find a better-paying job.
Start studying for an exam or qualification people will be willing to pay more for, such as a degree or certification.
Network to find out more information about how much money you could be making if you were in the job of your dreams and what qualifications may be required for it.
Learn everything you can to be successful with your new side hustle.

In order to learn a new skill, you’ll need to set some time aside. You can decide on how much time you want to spend learning a new skill by deciding the frequency of practice.

Think about how many hours per day you want to spend practicing the skill. For example, if you want to learn a new juggling skill, you could decide that every day for 15 minutes will be dedicated to practice. If you want to learn a new skill every day, it will take about 30 minutes per day.

#9 – Couponing

Couponing is a very popular way to save money on grocery items.

Couponing involves finding coupons for specific items and looking to see if the coupon has been used before. In order to save money on groceries, it is important to check the expiration date of any coupons and to remember to use them before they expire.

This is a backward way of stretching spending $100 to get $1000 worth of product.

Couponers may be extreme couponers who stack coupons, compete with other stores, and use rebates to get items for 95% off or more.

# 10 – Loan your $100

A loan is a sum of money that somebody borrows from somebody else, who agrees to give it back with interest. The lender may be a bank or other financial institution, while the borrower must be a person, a company, or a government. The money is lent for a specific purpose, such as buying property or starting a business.

This is the riskiest idea and not my first pick, but it’s another passive income idea to test out.

This is an opportunity for people who want to take their $100 and turn it into $1,000 by loaning them back the money that they’ve given you.

#11 – Day Trading

Day trading is an investing strategy that entails buying and selling securities during the same trading day.

You are looking to profit by trading in the short term. The same is true with swing trading while holding investments from two days up to a month.

Only invest what you’re able to lose!

If you are serious about day trading, you can make good money with proper risk management. But, you must invest in this investing course.

#12 – Invest in Crypto

Investing in cryptocurrency is a risky investment, but it can pay off if you’re careful.

It’s important to keep your personal information secure when investing in cryptocurrencies, and never access an exchange account with the same password you use for your bank account.

Today, there are many different cryptocurrencies that you can invest in. Cryptocurrencies are becoming more and more popular with every day passing by. Cryptos are very volatile, so it’s important to invest in them with caution.

How to Be Successful when turning 100 into 1000

The concept of success can be difficult to define.

Success is something that is elusive, elusive in nature. Most people quickly dismiss the thought of achieving anything with this elusive ability.

The goal of attracting more money is to inspire you to make more out of what you have.

A little goes a long way to help everyone achieve their goals.

Here are a few things you need to focus on for long term success:

Be disciplined. This is the key to getting results in any area of your life.
Practice. Practice, practice and more practice.
Work Hard. One of the most important steps is to work hard on your craft. This will lead to natural success in your field or area of expertise.
Find Mentors. Another important step in getting results is to find mentors who are already successful and take time to learn from them what they did, how they did it, and when. This will help you avoid the mistakes they made.
Spend Money to Make Money. Don’t be afraid to spend money on what will bring about success for you and your company. Spending time making sure that people know who you are and what you do is a great investment!
Time Block. Another key component to successful results is being disciplined with your time. Make sure that every hour of the day has been dedicated to a project that is going to bring you closer to your goal.
Start Now. The final step I have for you in this journey of success is the most important one, which is to do it now. Don’t put off what you know will make your business grow.

The most important thing is to do it now!

This post will help you double it and make 2000 fast!

Try these 10 simple steps to attract massive results

For many people, the thought of turning 100 into 1000 dollars is difficult to achieve.

They just see how quickly money dwindles away and they are stuck in the scarcity mindset.

Turning 100 into 1000 is not as easy as it seems. But, if you can get over that mental roadblock with these 10 simple steps, you are on the right path.

1) Set an income goal- you’re worth it! What do you want your net profit per year to be? Write it down. Whatever your number is, you need to double it as an income goal for now.

2) Maintain a positive attitude- be grateful and enjoy life! You deserve this!

3) Believe that you can do it- your future is bright!

4) Don’t give up hope on the things you want.

5) Give generously to others, but also hug yourself.

6) Write your goals down and post them for everyone to see, then read them aloud every night before bed!

7) Visualize the life you want- it’s time to create a life of abundance!

8) Take care of your body by eating right, exercising, and getting enough sleep.

9) Stay calm in the face of adversity- you’re an unstoppable force!

10) Believe in yourself and what you’re capable of- anything is possible!

Ready to turn $100 into $1000

What if you could make more money and live a better life?

How would that change your world?

This is why I gave you the simple steps to make 100 into 1000.

This is how can I turn $100 into $200? Then $100 into $1000.

If you want to make more money, this is one of the best ways to do it.

This is your first step on how to become financially independent.

You can be in business for yourself or create a company that will generate a lot of money. You can do this from home or anywhere that’s a good location for you.

In today’s era of online work environment, there is a growing trend to make money hustling on the side.

Trust me, any of these 100 into 1000 ideas is going to blow your mind.

Don’t keep reading; jump in and start doing it!

More Make Money Resources:

One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.

As an Amazon Associate and member of other affiliate programs, I earn from qualifying purchases.

This is the perfect side hustle if you don’t have much time, experience, or money.

Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.

Are you passionate about words and reading?

If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.

Check out this free workshop!

If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!

This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.

Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.

Find out TODAY if this is THE business you’ve been looking for.

You can make money as a freelance writer. Learn techniques to find those jobs and earn the kind of money you deserve!

Plus get tips to land your first freelance writing gig!

Learn how to buy and resell items from flea markets, thrift stores and yard sales. They will teach you how to create a profitable reselling business quickly

…no matter how much or how little experience you have.

Learn how to supplement your daily, weekly, or monthly income with trading so that you can live your best life! This is a lifestyle trading style you need to learn.

Honestly, this course is a must for anyone who invests. You will lose more in the market than you will spend this quality education – guaranteed.

Read my Invest with Teri Review.

Designed as a 101-level course on freight brokerage, you’ll learn the basics of freight brokering in this online course.

This course is designed for freight brokers in any setting, regardless of their employment status.

If you want to start your brokerage, we’ll show you exactly how to do it. If you are an agent or employee of a brokerage, we’ll take you through sales and operations modules designed to help you source more leads and move more freight.

The Empowered Business Lab teaches you how to sell your digital products naturally with strategies that just make sense.

Monica helps thousands find momentum and create revenue streams in their businesses.

After taking a second job as a driver for Amazon to make ends meet, this former teacher pivoted to be a successful stock trader.

Leaving behind the stress of teaching, now he sets his own schedule and makes more money than he ever imagined. He grew his account from $500 to $38000 in 8 months.

Check out this interview.

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

May 27, 2024 by Brett Tams

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

Being a budgeter is just about the worst job in the world UNLESS you know about fun money and how to make it work for you!!

When budgeting, you are told to track for every single purchase, make sure you’re staying within your limits, and make sure you’re still saving for important things.

But all of that can be a little more fun when you use these tips to make your budget have a good time.

First, forget the math! You’re going to need some kind of online system that will do all of the math for you. You might have to pay a little bit, but it’s worth it when you don’t have to do any work! Check out my favorite!

You know the saying, “Money can’t buy happiness.”

I believe that money does not have to be the root of all evil either. We are surrounded by an abundance of material goods and services for ourselves these days—it’s easy to spend like there is no tomorrow!

That being said, let me tell you about some ways I’ve found how to make my day-to-day budget fun with a little bit of creativity sprinkled on top!

Fun money is a novel concept and is one of the most popular ways to spend money.

This guide will help you create the perfect balance between saving and splurging, including different ways on how to spend it wisely.

What is Fun Money?

Fun money is the money that you’re able to spend on yourself without feeling guilty.

It is the predetermined amount of money or allowance set aside for each person to have their own fun money.

Fun Money has many benefits, including giving you freedom from guilt when indulging in your favorite treats.

It allows you to spend your funds however makes sense in order not to restrict yourself on what you can do with them.

Why do you need fun money in your budget?

Many people use fun money to reward themselves for completing certain tasks or achieving some goal. For example…

If you are trying to lose weight by eating healthy foods but have a hard time sticking to your diet. Then, you may use fun money to buy yourself a new outfit or shoes.
If you have been saving for a house and have reached the amount of money needed to purchase one. Then, you might use some of your fun money to go on a vacation.

Fun money is usually not earmarked for anything specific but is typically used as an incentive to complete some task or achieve some goal.

Also, fun money can be used as your own personal “spend-as-you-wish” fund. There are no questions asked if you stay within the allotted amount.

1. Morale

Fun money is a morale-booster and budget saving tool. The more fun you make your budget, the less stress it will cause in your life.

It’s important to take time for yourself by spending some of the extra savings on something that makes you happy. This could be like buying new clothes or going out with friends.

2. Limits Impulse Spending

The ultimate pressure to spend is real and happens without thinking! Fun money is something that you put aside for those impulse buys. Like those candy bars by the checkout line at Target or buying an extra coffee on your way to work in the morning.

This will help keep you responsible and accountable as well as limit spending because it’s set aside before purchases are made.

3. Money Fights Go Away

It’s no secret that money is the root of many arguments in relationships.

However, there are ways to avoid these issues and save your relationship!

One way you can do this is by creating an account for fun money. Fun money should be used when one partner wants to spend time with friends or family without guilt tripping their significant other into giving them more space within the budget.

4. No Judging

Fun money is a way to make your budget fun by spending it for yourself without judgment.

This makes you feel like the amount of money in your account doesn’t mean anything because it’s not necessarily something that society deems valuable. Thus, feeling free from judgment will allow you to enjoy all aspects of life more.

“If I have fun while I’m there, then why would anyone care about what happens?”

5. Stick to Budget

Fun money is the perfect way to make your budget fun.

Without this, people are more likely to abandon their budgets altogether and spend their funds on things that don’t contribute towards achieving financial freedom.

It’s easy for people to forget about fun when they’re working through a serious list of obligations every day like work, school, or family commitments.

Fun money provides an outlet where you can not only enjoy yourself. But, also save some extra cash in order to put it away into investments later down the line.

6. Importance of Adding Fun

The importance of adding fun money to your budget is undeniable.

This money allows you to have the freedom and flexibility to do what you want without worrying about how it will affect your finances.

It allows you to save for something big, or just have some extra money for a rainy day.

Fun Money As a Budget Essential Category

Fun money is a type of budget that you can use for special things to make your life and budget more fun.

While there are many ways to approach budgeting, Fun Money helps you set a fun and enjoyable budget.

This is one of the personal budget categories you need in your budget.

These are funds that you set aside specifically for spending on whatever you want because it won’t impact the rest of your budget.

If this sounds like a good idea, start with $10 and then increase or decrease how much is allocated per month depending on what suits your lifestyle best.

The only rule is that Fun Money must be spent within 90 days. So, make sure whatever it ends up being used for fits this criterion!

How Much Fun Money per Month

Each month, the average American spends $8.37 on “fun money.” This is just a little over $0.25 per day and includes things like going to movies, eating out, and going to the mall.

The amount of fun money you need is largely dependent on your goals and income.

It’s important to know what you want out of the budget before determining how much cash it will take to achieve those goals, as well as how often one should spend this type of money.

It can be anything from $10 a month for something like coffee or streaming services all the way up to $100 per month if that aligns with personal/family needs such as groceries or utilities.

When it comes to the average budget, it is recommended to have at least $10 – 20 available every month for fun money.

How to Budget for Fun Money

Budgeting for fun money is a good idea because it will help you avoid spending too much money.

If you make sure to plan your finances well, then there should be no problem with budgeting for fun money.

Fun Money Budget – This is one way people can set up their finances and plan out what they need before purchases start coming up.

Fun Money Reserve – This is a savings account that’s separate from the main budget and can help people save for bigger purchases.

The overall budgeting process should include fun money.

Tips on How to Budget for Fun

In order to budget for fun, one must first figure out what one would like to do with their money. They should then decide which activities are worth the most and cut back on any unnecessary spending.

One should also take into account how much one want to spend on each activity and set a limit for those activities as well.

Separate Money from Main Accounts

Separating this money allows you to spend guilt-free while still having a budget in place for other things.

The fun money should not be left to your main checking and savings.

Keep that money in a separate checking account or a cash envelope. Money just for you!

As you get used to the concept of fun money, you will see how easy it is to pay all monthly obligations while knowing something exciting is waiting for you!

Fun Things to Spend Money On

Fun money is a way to spend your money on experiences rather than things. It’s an excellent way for individuals to have fun while also saving up for future financial goals.

It’s important to set personal guidelines before you get started, such as knowing how much of your income can go towards fun money and what types of items are allowed because the experience will be more satisfying when it’s done with intent.

Here are things to spend money on for fun:

Golfing
Manicures
Movies
A really nice dinner out for two
Happy Hour
Ziplining tour
Hobbies
That thing you have been wanting FOREVER!

Honestly, anything that feels like a luxury to you or spending that brings tension in your relationship.

Always try and find free forms of entertainment. Do you want to go see a movie? Check the library for free screenings! There’s always something going on in your city, and it’ll cost you nothing but time.

Another great way to have fun with your budget is to take advantage of all the free things in your city. Go on a picnic in the park, go ice skating at night when it’s empty, or try out the free classes that are offered at your local gym.

Most of the time having a fun time with your money is more important than spending it on things.

How to Save for your Fun Money

First of all, start saving for your fun money on a regular basis.

You’ll want to save at least $5 per week on average in order to have enough saved up by the time you want to buy your fun item. If you’re not sure how much money that is, just multiply $5 by 52 weeks and you will have $260 a year. Increase the amount each week or month and you will have more fun money spending!

Next, set up a jar or put some coins in a piggy bank. Do not touch it for at least two months.

Then, buy your fun item and use that money instead of spending it on anything else.

By focusing on what you want and not what you don’t, it is easier to save more funds so they have enough for when life gets tough during the week.

When they think about this new perspective, people understand why saving up isn’t always necessary. This is especially true if there aren’t any calamities or emergencies coming around the corner and will constantly find ways to make their money work for them.

A “Fun Money Budget” is Less Stress

A fun money budget is a type of spending plan that allows people to spend money on activities or experiences they enjoy, without having to worry about how much they are spending.

In fact, it is the opposite of a strict budget, where people must spend money on necessities.

By utilizing fun money, transparency will result in more trust and fewer money fights.

Money is a tool that you have permission to use.

There are numerous ways to break out of financial constraints and enjoy life with your money. All while staying on budget.

You can save for fun by doing something like taking up a hobby or spending time with friends and family! It’s all about having fun!

Budgeting for “fun money” can make all the hard work seem more doable by giving you a sense of purpose and making it easier to stick with your goals.

More Budgeting Resources:

From all of the free and paid budgeting apps, here are our top budgeting apps to check out!

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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!

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Source: moneybliss.org

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May 27, 2024 by Brett Tams

Inside: Learn $75000 a year is how much an hour. Plus find a 75k salary budget to live the lifestyle you want.

You want to know to look into this… 75k salary is a good hourly wage when you think about it.

When you get a job and you are making about $16 an hour, making over $75,000 a year seems like it would provide amazing opportunities for you. Right?

The median household income was $70,084 in 2021 not much different from the previous year (source). Think of it as a bell curve with $70 at the top; the median means half of the population makes less than that and half makes more money.

The average income in the U.S. is $55,350 for a 40-hour workweek; that is an increase of 1.1% from the previous year (source). That means if you take everyone’s income and divide the money out evenly between all of the people.

Obviously, $75k is above the average and median incomes; yet, most people feel like they can barely make ends meet with this higher than average salary.

But, the question remains… can you truly live off 75,000 per year in today’s society? The question you want to ask all of your friends is $75000 per year is a good salary.

In this post, we are going to dive into everything that you need to know about a $75000 salary including hourly pay and a sample budget on how to spend and save your money.

These key facts will help you with money management and learn how much per hour $75k is as well as what you make per month, weekly, and biweekly.

Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…

Can I make a living on this salary?

$75000 a year is How Much an Hour?

When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 75k a year hourly. That way you can decide whether or not the job is worthwhile for you.

75000 salary / 2080 hours = $36.06 per hour

$75000 a year is $36.06 per hour

Let’s breakdown how that 75000 salary to hourly number is calculated.

For our calculations to figure out how much is 75K salary hourly, we used the average five working days of 40 hours a week.

Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $75000 by 2,080 working hours and the result is $36.06 per hour.

Just above $36 an hour.

That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.

You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.

What If I Increased My Salary?

Just an interesting note… if you were to increase your annual salary by $9K, it would increase your hourly wage by $4.32 per hour.

To break it down – 84k a year is how much an hour = $40.38

That is a huge difference in what you are able to afford! Every dollar adds up to over $40 an hour.

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

How Much is $75K salary Per Month?

On average, the monthly amount would be $6,250.00.

Annual Salary of $75,000 ÷ 12 months = $6,250.00 per month

This is how much you make a month if you get paid 75000 a year.

$75k a year is how much a week?

This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $75k salary a year, how much can I expect to make at the end of the week for my effort?

Once again, the assumption is 40 hours worked.

Annual Salary of $75000/52 weeks = $1,442 per week.

$75000 a year is how much biweekly?

For this calculation, take the average weekly pay of $1,442 and double it.

$1,442 per week x 2 = $2,884

Also, the other way to calculate this is:

Annual Salary of $75000 / 26 weeks = $2,884 biweekly.

Get your biweekly budget template.

How Much Is $75K Salary Per Day

This depends on how many hours you work in a day. For this example, we are going to use an eight-hour work day.

8 hours x 52 weeks = 260 working days

Annual Salary of $75000 / 260 working days = $288 per day

If you work a 10 hour day on 208 days throughout the year, you make $360 per day.

$75000 Salary is…

$75000 Salary – Full Time	Total Income
Yearly Salary (52 weeks)	$75,000
Monthly Salary	$6,250
Weekly Wage (40 Hours)	$1,442
Bi-Weekly Salary (80 Hours)	$2,884
Daily Wage (8 Hours)	$288
Daily Wage (10 Hours)	$360
Hourly Wage	$36.06
Net Estimated Monthly Income	$4,772
Net Estimated Hourly Income	$27.53

^{**These are assumptions based on simple scenarios.}

75k A Year Is How Much An Hour After Taxes

Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with a salary range of up to $160,200.

When you start getting into a higher salary range, the more you make, the more money that you have to pay in taxes.

Every single tax situation is different.

On the basic level, let’s assume a 12% federal tax rate and 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.

So, how much an hour is 75000 a year after taxes?

Gross Annual Salary: $75,000

Federal Taxes of 12%: $9,000
State Taxes of 4%: $3,000
Social Security and Medicare of 7.65%: $5,737

$75k Per Year After Taxes is $57,262.

This would be your net annual salary after taxes.

Hourly Wage After Taxes

To turn that back into an hourly wage, the assumption is working 2,080 hours.

$57262 ÷ 2,080 hours = $27.53 per hour

After estimated taxes and FICA, you are netting $57,262 per year, which is $17,737 per year less than what you expect.

***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***

Taxes Based On Your State

In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody who lives in a no-tax state like Texas or Florida. This is the debate of HCOL vs LCOL.

Thus, your yearly gross $75000 income can range from $51,262 to $60,262 depending on your state income taxes.

That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously, you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $75,000 income.

How Much Is 75K A Year Hourly Salary Calculator

More than likely, your salary is not a flat 75k, here is a tool to convert salary to hourly calculator.

This is great when looking for the best jobs for moms.

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75k salary lifestyle

Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.

One of the biggest factors to consider is your cost of living.

In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $75,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower-cost area.

To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.

As we noted earlier in the post, $75,000 a year is above the median income by $15000 that you would find in the United States. Thus, you are able to live an above-average lifestyle here in America.

What a $75,000 lifestyle will buy you:

If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.

When A $75,000 Salary Will Hold you Back:

However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 75k a year is going to be pretty darn difficult.

There are two factors that will keep holding you back:

You must pay off debt and cut all fun spending until that happens.
Break the paycheck to paycheck cycle.
Live a lifestyle that you can afford.

It is possible to get ahead with money!

It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.

$75K a year Budget – Example

As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.

If you want to know how to manage 75k salary the best, then this is a prime example for you to compare your spending.

You can compare your budget to the ideal household budget percentages.

recommended budget percentages based on $75000 a year salary:

Category	Ideal Percentages	Sample Monthly Budget
Giving	10%	$500
Savings	15-25%	$1000
Housing	20-30%	$1500
Utilities	4-7%	$250
Groceries	5-12%	$472
Clothing	1-4%	$47
Transportation	4-10%	$313
Medical	5-12%	$344
Life Insurance	1%	$19
Education	1-4%	$47
Personal	2-7%	$94
Recreation / Entertainment	3-8%	$188
Debts	0% – Goal	$0
Government Tax (including Income Taxes, Social Security & Medicare)	15-25%	$1478
Total Gross Income		$6,250

^**^{In this budget, prioritization was given to savings, basic expenses and no debt.}

Is $75,000 a year a Good Salary?

As we stated earlier if you are able to make $75,000 a year, that is a good salary. You are making more money than the average American and slightly less on the bell curve on the median income.

You shouldn’t be questioning yourself if 75000 a good salary.

However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.

This $75k salary would be considered a middle-upper class salary. This salary is something that you can live on very comfortably.

Check: Are you in the middle class?

In fact, this income level in the United States has enough buying power to put you in the top 91 percentile globally for per person income (source).

The question you need to ask yourself with your 75k salary is:

Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?

In the future years and with possible inflation, some expensive cities 75,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities that you can make a comfortable living at 75,000 per year.

If you are looking for a career change, you want to find jobs paying six figures.

Is 75k a good salary for a Single Person?

Simply put, yes.

You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.

Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $75000 per year.

And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.

Is 75k a good salary for a family?

Many of the same principles apply above on whether $75000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.

The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.

That means that amount of money is coming out of the income that you earned.

So, the question really remains is can you provide a good life for your family making $75,000 a year? This is the hardest part because each family has different choices, priorities, and values.

More or less, it comes down to two things:

The location where you live in.
Your lifestyle choices.

You can live comfortably as a family on this salary, but you will not be able to afford everything you want.

Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 75,000 per year, then the combined income for the household would be $150,000. Thus making your combined salary a very good income.

Learn how much money a family of 4 needs in each state.

Can you Live on $75000 Per Year?

As we outlined earlier in the post, $75,000 a year:

$36.06 Per Hour
$288-360 Per Day (depending on length of day worked)
$1442 Per Week
$2884 Per Biweekly
$6250 Per Month

Next up is making $80000 a year.

Like anything else in life, you get to decide how to spend, save and give your money.

That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.

In addition, if you are early in your career, starting out around 50,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making $75K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.

Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.

But one of the things that can help you the most is to stick to zero based budgeting to make sure you stay on track.

Learn exactly how much do I make per year…

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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