Ben Villarreal
When you apply for a home loan, an underwriter will review your file in order to make a lending decision.
They can approve your loan, deny your loan, or possibly suspend your loan pending additional information.
The two most common outcomes are approval and denial, but even an approved loan is typically “conditional.”
This means it’s actually a conditional approval that requires certain requirements to be met before you’re issued a final approval.
Only at that point can you sign loan documents and eventually fund your loan.
There are various levels of loan approval in the mortgage world.
If you’ve been considering a home purchase, you’ve likely come across the terms mortgage pre-qual or mortgage pre-approval.
As the names suggests, it’s a preliminary step in the home loan approval process, a sort of “seeing where you stand.”
A pre-qual is the less robust of the two and often just involves light calculations (sans any real paperwork) to determine your purchasing power.
Depending on the bank or lender in question, a pre-approval may involve a credit pull and the furnishing of certain documentation such as pay stubs, tax returns, and bank statements.
With this information in hand, a lender can give you a fairly good idea of how much house you can afford and whether you qualify for a home loan.
It’s still pretty preliminary though, which explains why it’s called a pre-approval. And it’s also not a formal loan application, nor is it reviewed by an actual underwriter.
Once you find a home and make an offer, you’d formally apply for a loan and if approved, it would be a conditional loan approval.
This approval is subject to meeting any outstanding conditions, as determined by the loan underwriter.
After those are met, you’ll be issued what’s called a “final approval” and will be able to sign loan documents and fund/record.
If and when you receive a conditional loan approval, you’ll also be given a list of conditions that must be met to get a final approval.
These are known as “prior-to-doc conditions,” or PTDs for short. Before you can receive loan documents to sign, these need to be signed off.
The loan underwriter (or loan processor) will provide this list of conditions when they review your loan file.
Typical PTD conditions include things like:
– rental and employment verification
– bank statements (showing proof of funds or deposits)
– tax returns or transcripts
– credit card statements
– CPA letter if self-employed
– mortgage statements (for other properties)
– copy of driver’s license for identification
– copy of check for down payment/earnest money
– home appraisal
– title search
– gift letters
– proof of homeowners insurance
– flood certification
– lock confirmation (if floating your rate)
– letters of explanation (LOEs)
As you can see, there can still be quite a bit of work once you’re conditionally approved for a mortgage.
This explains why it typically takes a month or longer to get a mortgage, even if you’re approved in a matter of days (or minutes).
However, many of these items are straightforward and can often be satisfied quite easily. Others simply take time, like the home appraisal and title search.
There are also times when the underwriter needs more information, so a letter of explanation (LOE) may be required to clear up any questions or confusion.
Tip: Work diligently with the loan officer or mortgage broker to submit a complete and clean loan file upfront to avoid extra paperwork requests later!
Once your list of PTDs are satisfied, you’ll receive what is known as a “clear-to-close” (CTC) notice and a final approval from the underwriter. This is great news and means you’re almost to the finish line!
A clear-to-close is the underwriter’s way of saying all conditions were met and the loan documents can finally be generated. At this time, you’ll also receive your Closing Disclosure (CD).
It lists all the details of your loan, including your interest rate, monthly payment, closing costs, and your right of rescission (if applicable).
This document must be sent to you for review at least three business days before loan signing.
At this time, you’ll also make an appointment to sign with a notary public (or to eSign if available in your state). And you’ll receive wire instructions from escrow.
But wait, there’s more!
Once you’ve signed your loan documents, there might be another set of conditions known as prior-to-funding conditions, or PTFs.
Typically, these involve some housekeeping by the lender and the title/escrow company and might just be a matter of confirming and sending a wire.
Common PTF conditions include things like:
– employment verification
– final credit check (to see if any new debt/inquiries)
– verification of funds to close
– any additional letters of explanation
– title/escrow tasks like sending a wire or requesting proof of funds
After the PTF conditions are cleared, your loan will be able to fund and record with the county clerk.
This can still take a day or two depending on timing, wires, etc. Yes, it’s time-consuming, but a mortgage is a big deal so be patient!
The short answer is yes. The home loan process generally takes 30 to 45 days.
During that time, if anything material changes or is discovered by the underwriter, it’s possible that your conditional approval can turn into a loan denial.
For example, you might be denied if the underwriter finds out you quit or lost your job, or if you missed a different mortgage payment. Or if you applied for other loans or racked up new debt.
The same might be true if you’re unable to verify income, assets, etc., or if the home inspection reveals property issues that can’t be resolved.
Perhaps the appraised value came in low and you no longer qualify, or rates skyrocketed and you failed to lock your loan.
There are countless ways to jeopardize a mortgage. While some things might be out of your control, many are not.
This is why you’re typically told to do nothing and wait for the loan to fund before spending or making any big life changes.
Ultimately, lenders want to know that you’re able to pay back the loan, so anything that counters that belief can put your approval into question.
To make the process as painless as possible, do as you’re told and provide documents promptly when asked.
Source: thetruthaboutmortgage.com
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
In the United States, the median home price reached $431,000 in the third quarter of 2023. Unless they’ve been stockpiling money, most people don’t have enough cash to purchase a home outright. That’s why mortgages exist. To help you understand your financing options when you’re looking to buy a house, here’s an overview of the five types of mortgages available to residential buyers.
A mortgage is a type of loan used to purchase real estate. If you don’t repay the loan as agreed, the lender has the right to take the property from you, sell it and use the money from the sale to cover your balance. This is a process known as foreclosure.
When you’re shopping for a mortgage, it’s important to understand the terminology used by real estate agents, brokers and other professionals.
Principal is the amount of money you borrow. For example, if you need to borrow $380,000 to cover the cost of a home, you have a principal balance of $380,000.
Interest is the cost of borrowing money. It’s usually expressed as a percentage, for example, 5.8 percent. A high interest rate could increase your total cost of ownership by hundreds of thousands of dollars, so it’s important to shop around for the best rates.
Your loan term is how long you have to pay back the loan. The two most common loan terms are 15 years and 30 years. So, for example, if you have a 30-year mortgage, you have 30 years to pay back the principal balance.
When you shop for a mortgage, you also need to think about your monthly payment. In many cases, you’re required to put property taxes and homeowners insurance premiums into an escrow account. If this applies to your situation, your monthly mortgage payment will be higher to account for insurance and taxes.
Although every mortgage has the same basic purpose, different types of mortgages address different situations. Here are the five most common.
A conventional loan is a mortgage that’s not part of a government program. You get this type of mortgage through a private bank or credit union. One of the main advantages to getting a conventional loan is you don’t have to pay for private mortgage insurance if you make a down payment of at least 20 percent of the purchase price of the home.
Private mortgage insurance is a type of insurance that protects your lender in the event you default on your loan. You have to pay extra for PMI, so avoiding it is a good way to keep your costs as low as possible.
One of the major drawbacks of conventional mortgages is they have stringent credit requirements. You generally need a score of at least 620, making conventional loans a poor fit for subprime (scores ranging from 580 to 619) or deep subprime (scores below 580) borrowers.
Every conforming mortgage must follow (conform to) the standards set by Fannie Mae and Freddie Mac, which are home mortgage agencies backed by the U.S. government. Both agencies provide funds to banks, making more mortgages available to American consumers.
To conform to the Fannie Mae and Freddie Mac standards, lenders must vet mortgage applicants carefully. This means you generally need decent credit to qualify. You also need an acceptable debt-to-income ratio. This ratio compares your monthly debt payments to your gross monthly income to make sure your estimated mortgage payment isn’t too high.
The main drawback of a conforming mortgage is that there’s a limit to how much you can borrow. The Federal Housing Finance Agency has announced that the 2024 baseline loan limit for a single-family home is set at $766,550. In areas with a high cost of living, the loan limit for a single-family home is $1,149,825.
A government-backed loan is insured by the federal government, but it’s issued by a private lender, giving you the best of both worlds. One of the biggest advantages of government-backed loans is that banks view them as less of a risk than other types of loans. Therefore, you may get approved even if your credit score is too low for a conventional mortgage.
One potential drawback is that you may have to pay for private mortgage insurance if you can’t afford to put down 20 percent on a home. This increases the total cost of purchasing.
These are the three most common types of mortgages backed by government agencies:
An interest-only mortgage is a special type of adjustable-rate mortgage (you’ll learn more about adjustable rates in the next section). During the first few years, you don’t pay back any of the principal balance. Instead, you just pay the interest.
After this initial period, you begin paying the principal and the interest. Since the rate is adjustable, it changes each year based on market conditions.
The main advantage of an interest-only loan is that you have a low payment for the first few years. That said, your payment will go up eventually. Your interest rate may also increase significantly.
Jumbo mortgages are ideal for borrowers living in areas with very high costs of living. For example, it’s tough to find a home in the Los Angeles area that costs less than $1 million. You might not get very far with the conforming mortgage loan limit.
A jumbo mortgage allows you to borrow more than the conforming limit set by Fannie Mae and Freddie Mac. Due to the amount of money involved, your lender may require excellent credit and a low DTI ratio. It may also take longer to get approved for this type of mortgage.
Lenders offer fixed-rate mortgages and adjustable mortgages. A fixed-rate mortgage is exactly what it sounds like—a home loan with a fixed interest rate, a rate that stays the same for the entire loan term.
The main advantage of a fixed-rate loan is that you know exactly how much you’ll pay every month. You don’t have to play guessing games based on changes in the market. That said, if you apply for a mortgage when rates are high, you’ll be locked into the same rate unless you refinance your loan.
An adjustable-rate mortgage has an interest rate that goes up and down. If you apply when rates are high, there’s a chance the rate could go down in the future. However, there’s also a chance your rate will go even higher, increasing your monthly payment beyond what you can comfortably afford.
To keep your costs in check, follow these tips to get the best loan terms available:
If your credit is holding you back from the home of your dreams, don’t despair. The team at Lexington Law may be able to help by addressing any inaccurate negative items listed on your credit reports.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Source: lexingtonlaw.com
Almost nineteen years into early retirement now, I’ve come to realize that the complete freedom of this lifestyle can be a double-edged sword.
You’ve already heard me raving plenty about the upside: having the freedom to raise a son from the day he was born to beyond his eighteenth birthday with no compromises. And then to put thousands of hours into everything else I value as well: family, health, friends, adventures, building stuff, and even writing the occasional blog post. No complaints about any of this.
But if I can indulge you to play me a brief Tiny Violin of First World Problems solo, even this perfect life comes with one flaw: I never have to do anything I don’t want to do.
To most people, this sounds like a dream come true. Especially if you combine total freedom with plenty of money, life is just a non-stop blissful playground of self actualization, right?
Well, maybe, but maybe not. In reality, the answer depends on who you are.
Freedom and money reveal a person’s true strengths and weaknesses, and the result is a spectrum with “Unlimited drugs and booze on the couch” at one end, and “Create and manage a series of nonprofit foundations which employ thousands of people to research and invest in medical advances and clean energy” at the other.
For most of my journey so far, I seem to have found the balance pretty naturally. My Dad job was very intense for the first decade, but somehow I also had time to build and restore quite a few houses in the neighborhood, take plenty of intense trips to interesting places, give some talks and make some videos, and still write a few hundred blog posts.
But in these last few years, I have started slowing down, and it has become more and more difficult to wrangle and focus myself to get these things to happen as often.
Instead of constantly bouncing around the construction site building cool things, or falling into laser focus on the keyboard finishing an article that I just had to share with you, I found myself retiring to the couch earlier and earlier each afternoon, seeking distraction on the phone and wishing I had the energy and focus to do those other more enjoyable things.
So I fought back, by learning more about health and wellness. Trying to study and train my way into more energy and focus and motivation. And you’ve seen some of the results here, in articles I’ve shared about daily habits, steering clear of excessive comfort, and more.
And all of these things really work, IF you take the knowledge and actually put it into action. And therein lies the problem:
I kept learning effective new things, and successfully incorporating them into my life. They would work for a while, but gradually my brain would invent various excuses to stop doing them consistently, leaving me with plenty of knowledge but far too little accomplishment to show for it.
Until finally, just a few months ago, I realized that I had been sabotaging my own progress by turning my biggest life advantage into a disadvantage:
I have been using my freedom too much – in order to avoid doing things that I didn’t feel like doing.
See, freedom is great if it frees you from leaving your children at 5am so you can drive an hour through a traffic jam to sit in an office building for nine hours. But that same freedom goes to waste if you then just plunk the kids down in front of a playlist of cheap cartoons while you lounge in the corner to scroll Facebook all day.
You need to use it to do things that are even more valuable than the job you just quit. And if you can’t do that, you might as well just keep the damned job.
This is what I was doing, while lying about it to myself. I would focus on the easy things which are still good for me, like taking care of the house or hanging out with friends who live nearby. But I avoid doing the harder things – which for me means the things that require more planning, energy or focus. Even though these are the things that allow me to lead the life I enjoy most.
Let’s use workouts as an easy example. I already know that on a minute-for-minute basis, this is the single most effective thing almost anybody can do with their time because it drastically improves every other area of life. But despite knowing this, I was still following this pattern:
“I want to get in a really good weight training workout today.
Because I know it’s the best thing I can possibly do for my health and wellness.
But I don’t feel like doing a workout because it’s hard.
So I’ll try to grease the wheels for myself so it’s easier to achieve.
I’ll pick the perfect time of day when the weather is nice, and my energy level is high.
I’ll set up my gym in advance the night before.
And when that golden moment of perfect conditions hits,
I’ll hit the gym!“
But between you and me, that moment didn’t always come. Some weeks I’d achieve it 2-3 times, some weeks I’d get “busy” and make excuses like “well at least I walked a lot today”. Some days I would complete a great workout, but when recording it in the journal I’d see that the previous one was over a week ago.
And the results of this lackluster effort were exactly what you’d expect: lackluster fitness.
Then something changed and I learned that there’s a much better way to get those workouts done. It’s by replacing the long, meandering, frankly wussypants dialog above with this one:
I want to work out today.
I don’t feel like it.
^^^ AHA!! I JUST CAUGHT MYSELF TRYING TO SELF SABOTAGE! ^^^
I am now already putting on my shoes and walking to the gym.
I’m using workouts as an example because this is the behavior I managed to change most successfully, but the exact same technique applies to everything else that you or I want to do, but fail to do regularly.
The key is learning to watch over yourself like an Eagle and identify that exact moment of hesitation.
And then instead of using it as a trigger for excuses, you use it as a trigger for action.
It’s so counterintuitive at first, but then obvious in retrospect. Hesitance feels shitty in the moment, and it really can ruin your life if you listen to it too often. But the ultimate solution is usually to run directly towards, rather than away from, the stuff you don’t want to do.
So really, Hesitation can be the ultimate life coach.
Using Extremely Badass People as Fuel
As part of writing this article, I shared the idea around with friends to test it out first. And I was initially surprised to get mixed results. About half of them could relate with me: they felt they were underachieving in life and wanted to do more. The other half though I was crazy: these people feel they are already doing too much, raising multiple kids and managing multiple businesses and training for ironman triathlons in the mountains.
The overachievers go through life nicely buzzed but often stressed. When hearing them describe their schedules, I was absolutely not envious. At the same time, they weren’t impressed with my schedule either because it’s too easy. We could both benefit from making adjustments towards the center.
Enter Goggins
Impressive overachiever friends are one thing, but the thing that really flipped the switch for me was hearing a podcast interview with our planet’s most extreme example of driving yourself beyond your former limits, David Goggins.
I learned about his life story with a mix of awe and horror. Severely beaten as a child, he grew up with a looming wall of psychological demons and issues, but his reaction was the unique part: he has been driven to compulsively seek out and overcome extreme hardship, not just to unimaginable levels but hundreds of times beyond that.
From pushing through several near-death experiences just to qualify for a Navy SEALS career, to breaking his own legs, heart and lungs from the constant exertion of things like running 240 miles over four days without sleeping, to setting a world record of 4025 bar pull ups over 24 hours (shredding his hands to look like ground beef in the process), the man does things I would never have thought are even close to possible for a human.
And that flipped a switch for me, by putting my own incredibly easy, under-achieving life into perspective.
Because while I absolutely do not want any part of the Goggins life, and I’ll would gladly live my life never having run more than 10 miles at a single stretch, I do find it incredibly helpful to learn that pretty much all of our barriers are entirely mental, not physical or placed upon us by the outside world.
Sure, we do have different starting points and different amounts of luck. But instead of thinking of life like this:
I now realize that things are more like this:
And that’s a really empowering way to think about life, that feels like the sky has opened way up.
Ongoing Inspiration
So the podcast was just an introduction. I wrote down a particularly concise quote “You already fuckin’ know what to do.” on a piece of cardstock, stuck it to my bathroom mirror, and started acting on it immediately.
Suddenly, I was able to hit the gym every single day because I had two ways to approach it: wanting to put in a workout, and not wanting to put in a workout, either of which became a trigger to work out immediately.
And of course, once I finally put in the effort, it started working. Even though I’ve been sorta into this type of training since I was a teenager, I have mostly floated along on a plateau for years. But with this change in attitude, I gained ten pounds of lean weight over the first four months, returning to the strength and flexibility that I had at age 25, and every single joint in my body feels like it has been upgraded to a study, well oiled spring.
I also used the “catch yourself at the moment of hesitance” to get myself to run instead of walk more often (over 20 runs since I got back to Colorado last month), get over to the MMM-HQ coworking space for more work and socializing visits, and even to sit back down at the computer to write this post for you. While I’ve found that too much blogger work (and internet “success”) is a bad thing, there is still a right level that works for me. But it takes a lot of discipline to be willing to do it, because of all the other easier and more thrilling activities I could be doing with this same stretch of time.
Refilling the Inspiration Tank
For me, fully internalizing this one powerful piece of inspiring profanity has been transformative. But I still find that returning regularly to the well makes all this work even better. So I downloaded both of the Goggins audiobooks and worked through them in little chunks on my morning walks over the period of a month. Then I moved on to Peter Attia’s Outlive, and Jocko Willink’s Extreme Ownership.
While the intellectuals fret about the perils of “Bro Science” or the “Toxic Masculinity” of today’s tribe of health podcasters and question their motivation, I simply absorb the messages that work for me and discard the rest. Find people who make you reach a little higher, and feed on their energy.
And for me, being exposed to successful, strong, athletic people who squeeze a lot of work out of themselves is a big source of inspiration. It helps me do more with my day, which is exactly what works for me right now at this phase of life.
And I wish you more of what works for you too!
Source: mrmoneymustache.com
The definition of a U.S. Savings Bond is an investment in the federal government that helps to increase your money. By purchasing a savings bond, you are essentially lending money to the government which you will get back in the future, when the bond matures, with interest. Because these financial products are backed by the federal government, they are considered to be extremely low-risk. And, in certain situations, there can be tax advantages.
Here’s a closer look at these bonds, including:
• What are savings bonds?
• How do savings bonds work?
• What are the different types of savings bonds?
• How do you buy and redeem savings bonds?
• What are the pros and cons of buying savings bonds?
First, to answer the basic question, “What is a savings bond?”: Basically, it is a loan issued by the U.S. Treasury and made to the U.S. government. Purchase a savings bond, and you are loaning that money to the government. At the end of the bond’s 30-year term, you receive your initial investment plus the compounded interest.
You may withdraw funds before then, as long as the bond has been held for at least five years.
💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.
Savings bonds are issued by the U.S. Treasury. You can buy one for yourself, or for someone else, even if that person is under age 18. (That’s why, when you clean out your closets, you may find a U.S. Savings Bond that was a birthday present from Grandma a long time ago.)
You buy a savings bond for face value, or the principal, and the bond will then pay interest over a specific period of time. Basically, these savings bonds function the same way that other types of bonds work.
• You can buy savings bonds electronically from the U.S. Treasury’s website, TreasuryDirect.gov . For the most part, it’s not possible to buy paper bonds anymore but should you run across one, you can still redeem them. (See below). Unlike many other types of bonds, like some high-yield bonds, you can’t sell savings bonds or hold them in brokerage accounts.
If you have a savings bond that has been tucked away for a while and you are wondering what it’s worth, here are your options:
• If it’s a paper bond, log onto the Treasury Department’s website and use the calculator there to find out the value.
• If it’s an electronic bond, you will need to create (if you don’t already have one) and log onto your TreasuryDirect account.
For U.S. Savings Bonds, interest is earned monthly. The interest is compounded semiannually. This means that every six months, the government will apply the bond’s interest rate to grow the principal. That new, larger principal then earns interest for the next six months, when the interest is again added to the principal, and so on.
There are two types of U.S. Savings Bonds available for purchase — Series EE and Series I savings bonds. Here are the differences between the two.
Introduced in 1980, Series EE Bonds earn interest plus a guaranteed return of double their value when held for 20 years. These bonds continue to pay interest for 30 years.
Series EE Bonds issued after May 2005 earn a fixed rate. The current Series EE interest rate for bonds issued as of May 1, 2024 is 2.70%.
Series I Bonds pay a combination of two rates. The first is the original fixed interest rate. The second is an inflation-adjusted interest rate, which is calculated twice a year using the consumer price index for urban consumers (CPI-U). This adjusted rate is designed to protect bond buyers from inflation eating into the value of the investment.
When you redeem a Series I Bond, you get back the face value plus the accumulated interest. You know the fixed rate when you buy the bond. But the inflation-adjusted rate will vary depending on the CPI-U during times of adjustment.
The current composite rate for Series I Savings Bonds issued as of May 1, 2024 is 4.28%.
Municipal bonds are a somewhat different savings vehicle than Series I and Series EE Bonds. Municipal Bonds are issued by a state, municipality, or country to fund capital expenditures. By offering these bonds, projects like highway or school construction can be funded.
These bonds (sometimes called “munis”) are exempt from federal taxes and the majority of local taxes. The market price of bonds will vary with the market, and they typically require a larger investment of, say, $5,000. Municipal bonds are available in different terms, ranging from relatively short (about two to five years) to longer (the typical 30-year length).
You can buy Series EE and I Savings Bonds directly through the United States Treasury Department online account system called TreasuryDirect, as noted above. This is a little bit different than the way you might buy other types of bonds. You can open an account at TreasuryDirect just as you would a checking or savings account at your local bank.
You can buy either an EE or I Savings Bond in any amount ranging from a $25 minimum in penny increments per year. So, if the spirit moves you, go ahead and buy a bond for $49.99. The flexible increments allow investors to dollar cost average and make other types of calculated purchases.
That said, there are annual maximums on how much you may purchase in savings bonds. The electronic bond maximum is $10,000 for each type. You can buy up to $5,000 in paper Series I Bonds using a tax refund you are eligible for. Paper EE Series bonds are no longer issued.
If you are due a refund and you want to buy I Bonds, be sure to file IRS form 8888 when you file your federal tax return. On that form you’ll specify how much of your refund you want to use to buy paper Series I bonds, keeping in mind the minimum purchase amount for a paper bond is $50. The IRS will then process your return and send you the bond that you indicate you want to buy.
Here’s a look at the possible benefits and downsides of investing in savings bonds. This will help you decide if buying these bonds is the right path for you, or if you might prefer to otherwise invest your money or stash it in a high-yield bank account.
Here are some of the upsides of investing in savings bonds:
• Low risk. U.S. Savings Bonds are one of the lower risk investments you could make. You are guaranteed to get back the entire amount you invested, known as principal. You will also receive interest if you keep the bonds until maturity.
• Tax advantages. Savings bond holders don’t pay state or local taxes on interest at any time. You don’t have to pay federal income tax on the interest until you cash in the bond.
• Education exception. Eligible taxpayers may qualify for a tax break when they use U.S. Savings Bonds to pay for qualified education expenses.
• No fees. Unlike just about every other type of security, you won’t pay a fee, markup or commission when you buy savings bonds. They’re sold at face value, directly from the Treasury, so what you pay for is what you get. If you buy a $50 bond, for example, you’ll pay $50.
• Great gift. Unlike most securities, people under age 18 may hold U.S. Savings bonds in their own names. That’s what makes them a popular birthday and graduation gift.
• Patriotic gesture. Buying a U.S. Savings Bond helps support the U.S. government. That’s something that was important and appealed to investors when these savings bonds were first introduced in 1935.
Next, consider these potential downsides of investing in savings bonds:
• Low return. The biggest disadvantage of savings bonds is their low rate of return, as noted above. A low risk investment like this often pays low returns. You may find you can invest your money elsewhere for a higher return with only slightly higher risk.
• Purchase limit. For U.S. Savings Bonds, there’s a purchase limit per year of $10,000 in bonds for each series (meaning you can invest a total of $20,000 per year), plus a $5,000 limit for paper I bonds via tax refunds. For some individuals, this might not align with their investing goals.
• Tax liability. It’s likely you’ll have to pay federal income tax when you cash in your savings bond, unless you’ve used the proceeds for higher education payments.
• Penalty for early withdrawal. If you cash in your savings bond before five years have elapsed, you will have to pay the previous three months of interest as a fee. You are typically not allowed to cash in a bond before the one-year mark.
Here, a summary of the pros and cons of investing in savings bonds:
Pros of Savings Bonds | Cons of Savings Bonds |
---|---|
• Low risk • Education exception • Possible tax advantages • No fees • Great gift • Patriotic gesture |
• Low returns • Purchase limit • Possible tax liability • Penalty for early withdrawal |
You may wonder how long it takes for a savings bond to mature. The EE and I savings bonds earn interest for 30 years, until they reach their maturity date.
Recommended: Bonds or CDs: Which Is Smarter for Your Money?
You’ll also need to know how and when to redeem a savings bond. These bonds earn interest for 30 years, but you can cash them in penalty-free after five years.
• If you have a paper bond, you can cash it in at your bank or credit union. Bring the bond and your ID. Or go to the Treasury’s TreasuryDirect site for details on how to cash it in.
• For electronic bonds, log into your TreasuryDirect account, click on “confirm redemption,” and follow the instructions to deposit the amount to a linked checking or savings account. You will likely get the money within a few business days.
• If you inherited or found an old U.S. Savings Bond, you may be able to redeem savings bonds through the TreasuryDirect portal or via Treasury Retail Securities Services.
If you cash in a U.S. Savings Bond after one year but before five years, you’ll pay a penalty that is the equivalent of the previous three months of interest. Keep in mind that for EE bonds, if you cash in before holding for 20 years, you lose the opportunity to receive the doubled value of the bond that accrues after 20 years.
America’s savings bond program began under President Franklin Delano Roosevelt in 1935, during the Great Depression, with what were known as “baby bonds.” This started the tradition of citizens participating in government financing.
The Series E Saving Bond contributed billions of dollars to financing the World War II effort, and in the post-war years, they became a popular savings vehicle. The fact that they are guaranteed by the U.S. government generally makes them a safe place to stash cash and earn interest.
U.S. Savings Bonds can be one of the safest ways to invest for the future and show your patriotism. While the interest rates are typically low, for some investors, knowing that the money is being securely held for a couple of decades can really enhance their peace of mind.
Another way to help increase your peace of mind and financial well-being is finding the right banking partner for your deposit product needs.
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.
The value of a $50 savings bond will depend on how long it has been held. You can log onto the TreasuryDirect site and use the calculator there to find out the value. As an example, a $50 Series I bond issued in 2000 would be worth more than $211 today.
The full maturation date of U.S. savings bonds is 30 years.
A savings bond is a secure way of investing in the U.S. government and earning interest. Basically, when you buy a U.S. Savings Bond, you are loaning the government money, which, upon maturity, they pay back with interest.
Photo credit: iStock/AlexSecret
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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.
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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.
4.60% APY
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 deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
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.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.
SOBK-Q224-1865150-V1
Source: sofi.com
A newly completed architectural masterpiece has recently landed on the market in Palm Springs for $5.495 million. And it pairs a million-dollar location in the heart of Palm Springs with eye-catching design — both inside and out!
Nestled within the exclusive gated community of ONE Las Palmas, this brand-new desert oasis (completed in 2023) is a one-of-a-kind property. From its unique curvilinear design to its luxurious details and amenities, this home is a true work of art that pays tribute to the storied architectural history of Palm Springs.
Sitting on nearly half an acre, the five-bedroom, six-bathroom residence with modern aesthetics and resort-style features is listed with Scott Lyle and Kyle Gilligan of Compass. And here’s a quick overview of what it has to offer future residents:
The Palm Springs property features a standout curvilinear architectural design. The unique shape and flow of the house maximize indoor/outdoor living and create a feeling of harmony between the interior spaces and exterior landscape.
The distinct architecture bears the signature of lauded architect Brian Foster, known for his original designs that combine art and architecture to create true masterpieces.
He even designed a modern desert stunner for Sylvester Stallone (though we don’t think that one was ever built, as Sly exited the Palm Springs market a few years back, selling his La Quinta property for a little over $3 million).
Stepping inside, the gaze is immediately drawn up by the soaring 13-foot ceilings. But it’s the curving walls that guide the eye through the open-concept living areas out towards the floor-to-ceiling glass sliders.
The curvilinear layout blurs the lines between inside and outside, allowing the majestic mountain views to become part of the interior design.
The expansive great room is the crown jewel of this architectural masterpiece.
With ceilings soaring to over 13 feet high, the space takes on a grand, cathedral-like feel, punctuated by carefully curated art, custom finishes and lighting.
Full-height sliding glass doors spanning nearly 50 feet across one wall allow the stunning mountain views to basically become part of the decor — and flood the living space with natural light.
The gourmet chef’s kitchen is a foodie’s paradise, designed for both intimate meals and large-scale entertaining. It features an expansive island with luxurious quartz counters, providing ample prep space and seating for guests.
The top-of-the-line Wolf and Subzero appliances are complemented by gorgeous cabinetry that offers plenty of storage space while maintaining a clean, modern aesthetic.
The massive primary suite is an oasis of relaxation and luxury. Large windows flood the bedroom with natural light and showcase gorgeous mountain views.
The primary suite also has the rare feature of direct access to a private zen patio with a two-person outdoor shower, bathtub, and cozy fire feature — perfect for relaxing under the stars.
The primary suite also boasts a spa-like bathroom with dual vanities, an oversized walk-in shower built for two, and the finest finishes. But the highlight is undoubtedly the artful freestanding tub placed perfectly to take in the view.
Stepping outside, we find a free-form pool that complements the design of the house.
Surrounded by lush landscaping, the pool has a 98-inch TV looming over it for some quite spectacular movie screenings.
Beyond the free-form pool, a tanning shelf, an outdoor fireplace, and even a putting green add to the list of outdoor activities to enjoy.
Gentle water features provide tranquil sounds, while an expansive spa overlooking the rockscape provides another opportunity to soak sore muscles.
The home is equipped with a full Net $0 Solar system, including batteries and pool heating. It also features a reverse osmosis whole-house system, ensuring clean and safe water throughout the property.
It’s also available for immediate occupancy, with the owner ready to pass on the keys to the next resident. So if you know anyone who’s been dying to move into the idyllic Victory neighborhood from Don’t Worry Darling, make sure to share our article with them. This Palm Springs architectural might be right up their alley.
More stories
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Cool Listings: Striking modern desert home blends in with its surroundings in Palm Springs
F1 Champion Jenson Button and his designer wife list glam Palm Springs retreat for $2.3 million
Source: fancypantshomes.com
Renting an apartment brings a unique set of joys and responsibilities. It’s your sanctuary, your haven, your slice of the world to call your own — albeit temporarily. While the allure of the rental lifestyle lies in its flexibility and convenience, it’s crucial to remember that with great living comes great responsibility. Whether you’re renting an apartment in Knoxville, TN or Seattle, WA, maintaining your apartment isn’t just about keeping it tidy; it’s about nurturing a space where you can truly thrive, both now and in the future.
In this ApartmentGuide article, we’ll explore essential apartment maintenance tips that every renter should know. These practices not only enhance your daily living experience but also play a pivotal role in ensuring a smooth move-out process and maximizing your chances of reclaiming that precious security deposit.
A clean apartment isn’t just visually pleasing; it’s also a healthier and more inviting environment to reside in. Implementing regular cleaning routines helps prevent the buildup of dirt, grime, and allergens, promoting a hygienic living space. Here’s a comprehensive checklist to guide your cleaning endeavors:
Clutter can accumulate quickly in a small living space, making it feel cramped and chaotic. Justin deVries with Waveland Property Management in Holland, MI, shares how regular decluttering sessions help you “maintain your apartment’s overall appeal and functionality.” Here are some areas to focus on:
Promptly reporting any apartment maintenance issues or damages to your landlord or property manager is essential for preserving the integrity of your apartment and ensuring your safety and comfort. Whether it’s a leaky faucet, malfunctioning appliance, or structural concern, don’t hesitate to communicate your concerns and request timely repairs.
By adhering to these apartment maintenance tips, you not only enhance your quality of life as a renter but also demonstrate your commitment to responsible stewardship of your living space. A well-maintained apartment not only fosters a sense of pride and contentment but also streamlines the move-out process and increases the likelihood of receiving your full security deposit refund. So, roll up your sleeves, put on your cleaning gloves, and embark on your journey to apartment bliss.
Source: apartmentguide.com
Market is always a blast, packed with days of appointments, fresh new fabrics and furniture frames and seemingly limitless inspiration. We go to pick up new products from vendors we know and love, source new merchandise, and scout out vendors we didn’t know we needed!
And while we’re doing all of these things, it’s impossible not to spot the trends as we walk through showroom after showroom. Some of them we embrace, others we enjoy from afar, and all of them we enjoy coming and going as the Markets and years go by.
I’m talking here about trends and the things we loved seeing the most at Spring 2024 Market in High Point, North Carolina.
Let’s kick things off with pastels! A throwback to the 1980s perhaps (and the ‘40s/’50s before that, and the ‘20s before that!)? A colorful yet soft palette, we saw sweet pinks, tender greens, serene blues, and gentle yellows all over market.
Within the pastels family, lavender was a standout color at Market. We spotted purples and plums frequently, but lovely lavender stole the show. Lavender started making an appearance last market and has been all over the world of fashion, but this spring it really was ubiquitous.
But if pastels are not your thing, fear not: Despite the popularity of pastels, moody palettes continued to make their bold statements, with blacks and plums reigning supreme.
Cottagecore, a personal favorite of mine, was making its soft statement all over Market. This shabby chic reincarnation, which is zero percent shabby and 100% sweetly chic, creates soft, cozy spaces often incorporating florals, checks and ticking strips along with wood detailing, woven elements like wicker, and ruffles galore. It made us feel like spending the weekend in the English countryside. The look is a welcome contrast to clean lined, low patterned contemporary spaces and prioritizes warmth and comfort over all.
Mountain Modern plays up the neutral palettes mentioned before, bringing in cool leathers, plush furs, stained woods in varied hues, and accented with black elements. Whether you’re up for a run down the mountain or just here for the apre ski, this vibe will have you feeling like you’re perched in a mountaintop chalet.
In the world of design, it’s all about the layers. Whatever your aesthetic, it’s the layers of elements that pull a space together and give it the overall feeling you want to achieve. Perhaps it’s the resurgence of cottage charm, the return of pattern on pattern in general, or just our collective love of textiles, but ruffles, pleats and fringe were seen everywhere and we couldn’t get enough of them!
Whether it’s a pleated ottoman skirt, ruffles around a bench, bed skirts (I think it’s safe to say these have made their comeback) or a canopy bed draped in layers upon layers of gorgeous fabrics, these elements soften the spaces they fill and offer opportunities to add pattern, color and oh-so-lovely layers for which we are always looking.
In the same vein, while scallops are nothing new, we spotted them being used in fun new ways, including bed frames and furniture aprons and skirting. When a space begins to feel like it’s being overrun with straight lines, a sweet scallop addition is a great way to soften things up. Commit to the curvy lines of a scalloped furniture piece, or tuck in a scalloped tray on a tabletop or ottoman for just a dash of the look.
While we’re on the subject of making old new again, canopy beds are perhaps one of the things I loved seeing most at Market, and not only because they give us just that many more surfaces onto which we can apply color and pattern and use more textiles in general. This historic concept used to serve a purpose beyond their aesthetic contributions – they kept their occupants warm and cozy in a time when central heating didn’t exist, and offered a shred of privacy when privacy could be hard to come by. Today, this style and its many variations are getting plenty of attention and I just can’t get enough.
Mural wallpapers are still going strong and encompass a variety of aesthetics. From bold colors and graphic patterns to idyllic English countryside scenes to classic chinoiserie, they all make their own kind of statement and add large-scale personality to spaces.
While we often build a room from the ground up (if we begin designing around a rug), I’ll have to end this with what we spotted on the floor: hair-on-hide rugs and traditional rugs, both in all types of spaces. Hide rugs, layered or on their own, were featured in a number of spaces, and not just those with a rustic flair. Traditional rugs were also highlighted in settings that ranged from traditional to modern, serving as fantastic foundations to all.
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Source: journalnow.com
Welcome to the sun-kissed paradise of Palm Springs, CA, where the desert landscape meets luxurious relaxation. With its iconic mid-century modern architecture, world-class golf courses, and stunning mountain views, Palm Springs offers a unique blend of natural beauty and modern elegance. Whether you’re drawn to the vibrant arts scene, the renowned spas and resorts, or the outdoor adventures in the nearby Joshua Tree National Park, this city has something for everyone. So whether you’re searching for the perfect apartment in Palm Springs or eyeing a larger house for rent in the surrounding neighborhoods, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Palm Springs, CA. Let’s get started and see what awaits in this desert oasis.
Palm Springs boasts a warm and sunny climate throughout the year, making it an ideal destination for those who enjoy outdoor activities and a relaxed lifestyle. With an average of 350 days of sunshine annually, residents can take advantage of the city’s beautiful weather by engaging in activities such as golfing, hiking, and lounging by the pool. The dry desert climate also contributes to the city’s reputation as a wellness destination, attracting visitors and residents alike seeking the benefits of the warm, dry air.
Palm Springs is home to a thriving arts and culture scene, with numerous art galleries, museums, and cultural events that showcase the city’s creative spirit. The Palm Springs Art Museum features a diverse collection of contemporary and classic art, while the city’s annual Modernism Week celebrates its mid-century modern architecture and design. Residents can also enjoy live performances at the Palm Springs International Film Festival and the Coachella Valley Music and Arts Festival, adding to the city’s vibrant cultural landscape.
With its stunning natural surroundings, Palm Springs offers a wide range of outdoor recreational opportunities for residents to enjoy. From hiking in the nearby San Jacinto Mountains to exploring the Indian Canyons and the Joshua Tree National Park, outdoor enthusiasts will find plenty of options to stay active and connect with nature. The city’s proximity to the Coachella Valley also provides access to world-class golf courses, tennis facilities, and equestrian activities, catering to a variety of interests.
Palm Springs is renowned for its distinctive mid-century modern architecture, characterized by clean lines, open floor plans, and indoor-outdoor living spaces. The city’s residential neighborhoods and commercial buildings showcase iconic examples of this architectural style, attracting enthusiasts and historians from around the world. Residents have the opportunity to live in or visit these architectural gems, contributing to the city’s unique and visually appealing environment.
As a premier resort destination, Palm Springs offers residents access to a wide array of luxury resorts and spas, providing opportunities for relaxation and rejuvenation. From world-class hotels with stunning pools and wellness amenities to exclusive spa retreats offering a range of treatments and services, residents can indulge in the city’s luxurious offerings. The Murrietta Hot Springs Resort is a highlight. Whether for a weekend getaway or a regular self-care routine, the abundance of options adds to the city’s appeal as a desirable place to live.
Palm Springs boasts a diverse culinary scene, with a wide range of dining options that cater to various tastes and preferences. From upscale restaurants offering fine dining experiences to casual eateries serving international cuisine, residents can explore a multitude of flavors and culinary traditions. The city’s Food and Wine Festival, farmers’ markets, and local culinary events further contribute to the rich gastronomic landscape, providing residents with ample opportunities to savor the best of Palm Springs’ dining scene.
Palm Springs has established itself as a popular retirement destination, attracting active adults seeking a vibrant and engaging lifestyle. The city’s retirement communities and senior living options offer a range of amenities and activities tailored to the needs and interests of older residents. From golf communities with championship courses to social clubs and wellness programs, retirees can find a supportive and active environment that enhances their quality of life in Palm Springs.
One of the drawbacks of living in Palm Springs is the relatively high cost of living, particularly in terms of housing and real estate. The average rent for a 2 bedroom apartment is $2,284, higher than the national average of $1,987. The city’s desirable location and amenities contribute to property values and rental prices that may be out of reach for some residents. Additionally, the cost of goods and services in the area can be higher compared to other cities, impacting the overall affordability for individuals and families.
Palm Springs has limited public transportation options, which can pose challenges for residents who rely on alternative modes of transportation. Palm Springs has a transit score of 30 so while the city offers some bus routes and a free trolley service in the downtown area, the overall public transit infrastructure may not fully meet the needs of all residents. This can result in increased reliance on personal vehicles and limited accessibility for those without access to private transportation.
As a popular tourist destination, Palm Springs experiences seasonal fluctuations in population and activity, which can impact the daily life of residents. The influx of visitors during peak tourist seasons may lead to crowded public spaces, increased traffic, and higher demand for services, affecting the overall livability of the city. Residents may need to adapt to these seasonal changes and plan accordingly to navigate the ebb and flow of tourism in Palm Springs.
While Palm Springs offers a desirable lifestyle, the city’s job market and career opportunities may be limited in certain industries. The local economy is heavily reliant on tourism, hospitality, and service-related sectors, which may not align with the professional aspirations of all residents. Those seeking diverse employment options or specialized career paths may find it challenging to secure suitable opportunities within the city, leading to potential career limitations.
Palm Springs experiences extreme summer temperatures, with high heat and dry conditions that can be challenging for some residents. The desert climate can result in prolonged periods of intense heat, reaching the low to mid 100 degree temperatures during the peak of summer. While the warm weather is appealing to many, the extreme heat may pose health risks and discomfort for individuals who are sensitive to high temperatures, requiring careful adaptation and preparation during the summer months.
Palm Springs has a limited number of educational institutions, particularly in terms of higher education and specialized academic programs. While the city offers primary and secondary schools, as well as community college options, residents seeking advanced degrees or specific fields of study may need to consider commuting to nearby areas for educational opportunities. This can impact the accessibility and diversity of academic pursuits for individuals and families residing in Palm Springs.
As a desert city, Palm Springs faces water scarcity and conservation concerns, which can impact the local environment and lifestyle. The region’s reliance on water resources for landscaping, agriculture, and residential use requires a concerted effort towards sustainable water management. Residents may need to adhere to water conservation measures and contribute to ongoing efforts to preserve and protect the natural resources of the area, addressing the challenges associated with water scarcity in Palm Springs.
It’s a familiar scenario to most of us: You’re purchasing something at a counter or checking out after a service. Suddenly, you freeze. Wait, you think, do people tip for this? If so, how much? And should you tip in cash or with a credit or debit card? Did you even budget enough for an appropriate tip?
With a little research—starting with this comprehensive guide to tipping—you can avoid any potential social gaffes and master the art of showing your appreciation, whether you’re at a salon or a café. Here’s everything you need to know to give gratuities gracefully.
The line between tippable and non-tippable service is blurring. California-based etiquette expert Elaine Swann says, “We’re seeing more requests for tips in places we never did before.”
For example, increasingly, there’s an option to add a tip at a retail counter. Swann says, “If you couldn’t find what you were looking for and someone helped you, if they went out of their way and were very gracious, then sure, show your appreciation. But other than that, you don’t have to tip in a retail store.”
However, you’re expected to tip in plenty of places, and the rules for each scenario vary. Let’s break it down by industry.
For generations, the standard restaurant tip was always “15% for good service, 20% for great,” Swann says. Now, she observes, the minimum is closer to 15% to 18%, and 20% to 25% for exemplary service.
But Swann cautions to inquire where exactly your gratuity is going. “Often, a restaurant will add an 18% gratuity for large groups. But is that tip going to the server? If you’re unsure, ask management what the fee is for—that way, you can make a more informed decision about how much to tip your server.”
Finally, the consensus is that you don’t need to tip at a fast-casual restaurant (where you order at a counter versus having table service). But if you feel you’ve received exemplary service, it’s appreciated. One notable exception is the coffee shop, where a $1 or $2 tip per drink is standard.
Tipping for food delivery should be treated like good service at a restaurant: You tip a minimum of 18% to 20%. If you’re ordering a lot, the weather is bad, or the driver is coming a far distance, consider adding a few extra percentage points. And make no mistake: The “delivery fee” on your bill goes to the company, not your delivery person, so don’t lower your tip based on that fee.
The standard at a traditional establishment, where you order and receive your drink directly from the bartender, is about $1 per beer and $2 per cocktail. However, if you’re at an upscale cocktail bar and your mixologist has gone to great lengths, you should tip 20% of the final tab at the end of your visit.
Moving can be more expensive than you think, so make sure you factor 20% of your total moving costs as a tip for your movers. If you have, for example, a collection of grand pianos or bowling balls, add a little more for their trouble.
Your moving crew will typically be managed by a leader who handles the paperwork and primarily communicates with you. It’s acceptable to give them the entire tip at the end of the move and explain that it should be shared with the full crew.
The bottom line, Swann says, is that since cab rides customarily conclude with a tip, ride-share trips should, too. Include a tip in the app used to schedule the car service; if you’re wondering how much to tip your ride-share driver, the standard is about 15%.
When tipping the valet who parks and retrieves your car, the standard tip is between $3 and $5, depending on the level of service.
Hotels arefull of potential tipping situations, from the person who brings your bags to your room to the housekeeper who keeps it clean. But typical practices break down like this:
If you have loads of luggage, stick with $1 or $2 per luggage item. But if you only have a couple of things, tip $5 to make the elevator ride worth their while.
What’s the best practice when ordering that steak and eggs or late-night hot fudge sundae to your room? Pretend you’re at a restaurant and tip the standard 15% to -20% if there’s not already a room service charge added to the bill.
Tip the hotel maid between $1 and $5 per day, but don’t wait until the end of your stay, as the staff might change daily. Include a small note with the tip each day to signal the tip is for that day’s service.
The minimum tip is 15%, but the standard is closer to 20%. Include everyone involved. Tip your hair washer $2 to $5 and give 20% to anyone providing additional services. (For example, tip your hair colorist 20% of that service cost).
The same goes for tipping at the nail salon. Tip between 15% and 20% for each service (or more if the service is exceptional). For example, if you have a separate nail technician and esthetician, tip them separately based on the cost of the service provided.
If you have a regular relationship with your stylist or other personal services provider, a holiday gift is a good idea—generally a gift certificate or cash that’s equal to the cost of one session.
Tipping a babysitter or nanny each time isn’t necessary, but an end-of-the-year gift is a nice gesture. For nannies, the standard is roughly one or two weeks’ pay; for babysitters, it’s about the cost of one evening of babysitting.
Factor in the cost of tipping when planning your wedding finances. With so many different services involved in your special day, make sure you’ve budgeted for all of them:
Tip caterers and reception staff 15% to 20% of the total cost of your food bill, or $5 to $10 per guest, unless gratuity is already included in your contract.
The standard tip for a wedding planner is less defined, but it tends to fall between 10% and 20% of the wedding cost—or a generous gift, which many newlyweds opt to do.
Most people offer between $50 and $150 per DJ or between $25 and $35 to each wedding band member.
The standard 15-25% is the norm for any makeup artists providing services to the bridal party.
Swann clarifies that professional service providers—financial advisors, doctors, lawyers, teachers, veterinarians, therapists, or life coaches—should not be offered tips.
Similarly, some workers cannot accept tips. Delivery drivers are discouraged from doing so (so they aren’t targeted for cash), and mail carriers are forbidden from receiving monetary gifts of more than $20, per the USPS. However, Swann says, “a small gift, rather than money, is always appreciated.”
Knowing when to tip is often complicated by various factors—but there are ways to simplify these scenarios. Here’s how to handle a few common tipping troubles:
Swann says, “When you sit down at the table, simply say out loud to the group, ‘Are we splitting the check evenly, or are we all paying for ourselves?’” Addressing the problem directly makes the situation more manageable.
If your server treated you poorly, Swann says it’s okay for your “tip to reflect that level of service.” However, “You should always tip a restaurant server, and never less than 10%,” Swann says. “But if you give less than the standard amount, make sure the bad service was truly the fault of the server and not, for example, the chef, busser, or management.”
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Tipping can be a headache if you’re not sure what the situation requires or if you’re uncertain about what’s typically offered. But armed with this extensive guide to tipping, you’ll know the proper protocol, including when to tip, how much, and to whom.
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Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.
Source: discover.com
GRAND FORKS – Customers who wander into Flippin’ Happy Home Decor & More, located in the former location of Picks on South Washington, are often a little surprised to see all the vivid colors, said Keera Sullivan, who owns and operates the store with her husband Duane Sullivan.
They may be expecting the sort of merchandise they’re used to seeing at Picks.
Picks, which closed in December, offered merchandise that leaned toward neutral colors, such as black, white and cream, and more subdued colors – more “farm-house-y” in style, Keera said.
But Flippin’ Happy Home Decor & More offers a menagerie of products that in no way shies away from intense, bright colors. They show up in all kinds of items, including restored or repurposed furniture, hand-painted greeting cards, paintings and other artwork, pottery, candles, embroidered jean jackets, photographs, soap, stuffed animals and toys, jewelry and, of course, all manner of home decor.
In recent weeks, Keera Sullivan has noticed that customers come into the store and “they’ve realized it changed – but they’re not disappointed,” she said. “They say, this is really fun.”
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That’s exactly what she is aiming for.
“We try to make it more of a fun experience for customers,” she said.
Color is certainly a distinguishing factor in the store’s merchandise.
For example, Sullivan, who specializes in refurbishing vintage furniture, is working on a hot pink – “and I mean, really hot pink” – hutch, she said. It will be trimmed with gold accents. She plans to install a chandelier to further enhance the one-of-a-kind piece.
And the Sullivans have found that these bright-colored items appeal to customers of all ages, they said.
Since January, in the first few store openings, “we’ve had nothing but good feedback,” Keera Sullivan said. “People comment on how clean it is, how bright it is, and the variety (of merchandise).”
The popular Picks store sold vintage, houseware, repurposed and home decor items – kind of a cross between thrift store and estate sale, the owner Kelley Palmiscno told the Herald last year.
For the Flippin’ Happy Home Decor & More store, the move – after three years at 418 N. Washington – to 1224 S. Washington in late January has been a good business decision, Keera Sullivan said.
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“Picks closing created a void in the community,” she said. “A lot of people enjoyed shopping there.” Some of the Picks vendors have joined the Sullivans’ business.
The South Washington location offered the couple about three times more space and a tried-and-true spot where customers were accustomed to finding locally-sourced, vintage and repurposed items.
“It’s a big popular space, and a busier location,” Keera Sullivan said. “Since moving, we almost tripled our sales in the first couple of months.”
In addition, she said, “Local shopping has been on the rise,” she said. “A lot of people want to support local makers.”
During the last weekend in February, the nice weather “sparked a fire in people,” Duane Sullivan said, with his wife adding, “There were so many people here, I was overwhelmed.”
The store, which features hand-made, upcycled, repurposed products, “is pretty special,” she said. “I think we’re only going to go up from here. Each week has been better than the last.”
The store is open on an intermittent basis – Wednesdays to Sundays – two or three times a month. This month, the dates are March 6-10 and 20-24. For more information, go to
www.flippinhappyhomedecor.com
or call (612) 581-2279.
The Sullivans know their vendors well; they started out in December 2020 with eight vendors at their North Washington location and have grown to about 30, Keera Sullivan said.
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As part of their contract, the vendors work at the store, meeting customers, explaining their process and products, and handling sales, she said. “We like to have that face-to-face contact” between artist and customer.
“We like to put that personalization behind it,” Sullivan said, noting that customers seem to enjoy interacting with and getting to know vendors.
“People will ask, do you ever paint furniture in red? Or, do you do this in blue?” she said. “So vendors find out what customers want and what else they could be making.”
She and her husband share information about the artist and the products, if the vendor does not happen to be in the store.
One vendor, Chrissie Fisher of Grand Forks, makes crocheted stuffed animals.
“She puts so much detail” in each of her items, Sullivan said. “And, she makes sure her creations are kid-safe. … (One of my daughters) likes to eat eyes off them – and, with these, she can’t.”
The store contracts with vendors who wish to have a designated booth in the store, and with general vendors whose products are intermingled with others in a different space. The store receives a commission on each item sold. The booths are all full, but the Sullivans are always looking for vendors whose products do not duplicate items already in the store.
“We’re always looking for new and creative talent,” Sullivan said.
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But the creative people who are connected with Flippin’ Happy Home Decor & More are not just business associates, said Kristen Peterson, of Grand Forks, one of the first vendors to join the store.
“Keera has done something remarkable with this business, in bringing together the artists and vendors and also growing it to the point where it (became) necessary to move to another location to support its growth.”
Speaking for vendors, Peterson said, “She has given us a place to sell our artwork and crafts and merchandise. She also created a team that has grown to be a family. …
“We have gotten to know each other’s children and spouses,” she said. “There is a very supportive nature about the women who are vendors … If one is sick or having health problems, we try to rally and send our support or provide ears to listen.
“If someone needs advice on a project or is looking for materials or help, we are there to offer whatever is needed.”
Along with another vendor who has also been with the business since the beginning, Peterson said, “For us, it feels like a home.”
Peterson also emphasized how important it is to have a place for vendors to show and sell their products.
“There is only one major craft show in the area per year,” she said. “And I know that I, as an artist, have struggled to find venues and galleries in Grand Forks that are willing to show my work. I have a great relationship with Artwise Gallery here in town, but otherwise, it has not been easy. Keera has brought us together and given us a place where we can show our work and be ourselves. That really means a lot to us.”
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And from Sullivan’s perspective, she said, “we are pretty proud of these vendors. We actually couldn’t do this without (them). It’s really a team effort.”
Source: grandforksherald.com