Credit matters when looking to buy a house, car or any other pricey asset. Unless a consumer is flush with cash, the path to home and vehicle ownership may go through a mortgage or a loan. Good credit can provide you with terms and privileges not available to a person with poor credit, including lower interest rates and increased borrowing capacity.
We delve into what constitutes a good credit score and the reasons why it is important to have a good credit score.
Recommended: What Credit Score Is Needed to Buy a Car
What’s Considered Good Credit?
Consumers with standard credit scores of 661 or greater are considered to have good credit, because they rank as prime or super prime in terms of their risk assessment. A bad credit score falls on the lower end of the range and a good credit score falls on the higher end of the range.
Many credit scoring models, including the standard FICO® Scores and VantageScore 4.0, measure an individual’s credit risk on a three-digit scale ranging from 300 to 850. The highest risk group are consumers with deep subprime credit scores from 300 to 500, and the lowest risk group are consumers with super prime credit scores from 781 to 850, according to Experian.
Consumers may build and attain good credit by paying their bills on time, maintaining a mix of accounts and keeping their revolving balances under 30% of credit limits.
Recommended: What Is the Difference Between TransUnion and Equifax?
Check your score with SoFi Insights
Track your credit score for free. Sign up and get $10.*
8 Benefits of Good Credit
Here are the eight core benefits of good credit, which highlight why it is important to have a good credit score:
Benefit #1: Easier Access to Credit
Good credit may provide you with easier access to additional credit. When a consumer applies for a credit card or personal loan, lenders may analyze the consumer’s credit report and credit score to make an informed decision on whether to approve or deny the application. A person with good credit is considered low-risk and therefore has an easier time getting approved for a personal loan compared to high-risk borrowers.
Benefit #2: Lower Interest Rates
Consumers with good credit may qualify for lower interest rates when borrowing money. For example, available financing data for new vehicle purchases in the first quarter of 2022 show consumers in the deep subprime category of bad credit have obtained auto loans with 14.76% interest on average. Meanwhile, consumers in the super prime category of excellent credit secured 2.40% interest rates on average. That amounts to an over 12 percentage point difference in interest rates.
Benefit #3: Lower Car Insurance Premiums
Many auto insurance companies use credit-based insurance scores to help categorize consumers by risk and determine what premiums they may pay. Under this practice, higher-risk consumers may pay higher auto insurance premiums than lower-risk consumers. In some states, having good credit or improving your credit score may lead to lower auto insurance premiums over time.
Benefit #4: Increased Borrowing Capacity
Consumers with good credit may obtain larger credit limits than those with poor credit. This could translate to greater spending power on a credit card and the ability to make larger purchases on credit. Having good credit also puts you in a better position to apply for and obtain new credit.
A bolstered borrowing capacity is not limited to credit cards either — credit unions and banks may offer personal loans to consumers with good credit. Such loans can help you consolidate debt, finance large purchases or obtain fast cash to weather an unforeseen emergency. Personal loans also may command lower interest rates than credit cards.
Recommended: Does Net Worth Include Home Equity?
Benefit #5: Easier to Buy a Home or Car
Good credit can help you buy a house with a good mortgage rate or a car with affordable financing. Borrowing money to own a home or vehicle comes at a price that includes principal and interest. Consumers with good credit may qualify for 0% annual percentage rate loans for a car, where no APR means no interest or finance charges. Establishing good credit may also improve your likelihood of obtaining a low-APR mortgage, which translates to lower debt repayment obligations.
Automotive consumers had an average credit score of 738 for new vehicle purchases and 678 for used vehicle purchases in the fourth quarter of 2022, according to Experian’s quarterly report. This shows the average automotive consumer boasted good credit within the prime category of low risk.
Recommended: Should I Sell My House Now or Wait?
Benefit #6: More Apartment Lease Options
Signing a lease to an apartment may require good credit. Landlords who conduct credit checks might deny lease applications if a prospective tenant has bad credit. Or, those with poor credit may have to provide a higher security deposit for rental housing compared with a prospective tenant who boasts good credit. Tenants with good credit also may have more leverage to negotiate for lower rent.
Jobseekers can benefit from good credit, as some employers may consider a person’s credit score when making hiring decisions. The U.S. Department of Housing and Urban Development says that a low credit score or credit invisibility is a burden that can “limit housing choice and employment opportunity,” whereas “a good credit score is part of the pathway to self-sufficiency and economic opportunity.” The term “credit invisible” refers to consumers who lack a credit score or credit history.
Benefit #8: Ability to Obtain Security Clearances
Law enforcement officers with good credit could gain privileged access to classified national security information and FBI facilities. Any state or local law enforcement officer seeking a security clearance has to first satisfy a comprehensive background check that includes a review of credit history. The FBI shares secret or top secret information with local law enforcement officers who have obtained security clearances.
Poor credit history would not necessarily disqualify an officer from obtaining a security clearance, but significant credit history issues “may prevent a clearance from being approved,” according to information posted on the FBI’s website.
The Takeaway
Good credit is important for anyone who wishes to borrow money to help finance key purchases. Many consumers rely upon mortgages and loans to buy houses and cars, while many cash-strapped individuals turn to credit cards to buy essential goods and services ranging from food and electricity to water and rent for housing.
The eight benefits of good credit highlighted above showcase why it is critical to pay your bills on time and practice good budgeting. SoFi Insights is a money tracker app that allows you to monitor and keep track of your credit score, among other perks that could assist with financial planning and managing your net worth.
Check out the features SoFi Insights offers to help bolster your financial success.
Photo credit: iStock/AndreyPopov
*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data. Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website . SORL0523023
While perhaps the most advantageous reason to use a mortgage broker is their ability to shop your rate with multiple lenders, you still need to put in the time to comparison shop.
There are three main reasons I can think of offhand to explain this argument. And while you’re at it, don’t forget to compare banks vs. brokers too if you want to truly exhaust all your options.
Remember, gathering several mortgage quotes is a proven method to land a lower interest rate on your home loan, backed up by real studies.
Yes, it takes more time, but the return on investment can be enormous when you look at the fraction of time involved to the potential money saved.
Different Skill Sets and Personalities
Mortgage brokers are individuals just like real estate agents
This means they can have various experience levels and unique personalities
You’ll want to choose one that is both competent and easy to work with
Who takes the time to explain how everything works and answers your questions
First off, mortgage brokers are often just individuals, though larger shops exist as well.
This means they may have various personalities and hold different skill sets, with some more experienced than others.
You might find one broker that’s been working in the mortgage industry for two years, and another that’s been at it for 30 years or longer.
Chances are you’re going to favor the veteran if faced with a decision between the two, but if you don’t even put in the time to check out more than one, you’re doing yourself a disservice.
This isn’t much different than only obtaining a single mortgage rate quote from a retail mortgage lender.
Sure, the broker has the advantage of shopping your loan scenario with multiple lenders on your behalf, thereby providing you with several quotes, but it’s still not an exhaustive search.
Obviously, you want to choose a broker that is competent enough to get your loan to the finish line, especially if it’s an important, time-sensitive home purchase.
And you’ll also want to work with someone who is honest, trustworthy, and perhaps friendly and available if and when you have questions.
Similar to a real estate agent, it can be worth your time to speak to a few different brokers to feel them out before proceeding to work with one.
Sure, referrals are great, but make sure you like the person as well, and vet them yourself to ensure they’re a good fit.
Distinct Wholesale Lender Partners
Brokers can work with an unlimited number of wholesale lenders
Some may be approved with a ton of different companies, while others only work with a few
Their mortgage rates and available loan programs will be dictated by who they choose to partner with
This means you might have more options and/or lower rates with one broker versus another
That brings us to reason number two why you need to compare mortgage brokers. They may have different wholesale lender partners.
Remember, one of the main reasons to use a mortgage broker is their ability to shop your loan with several lenders.
As opposed to a retail bank, which just has one set of loan programs, rates, and fees, a broker can explore their entire rolodex to find a good home for your loan.
However, this search really depends on who that particular broker is partnered with, or if they take the time to present you with a full range of options.
Not all brokers are approved to work with the same wholesale lenders. For example, some may work with United Wholesale Mortgage (UWM), while others may work with Quicken Loans’ Rocket Pro TPO.
As such, the broker you choose may only be able to quote you mortgage rates from one of these companies.
Along those same lines, one broker may be approved with a dozen wholesale lenders, while another only two or three.
Additionally, they may just have a preferred wholesale lender that they send most of their loans to, and you might not get to see all there is to offer.
Ultimately, you want choice when using a broker, otherwise it’s kind of a waste of time, even if they provide exceptional service and are highly competent.
Varying Compensation Levels
Brokers get to choose their lender-paid compensation plans with each company they partner with
Two different brokers can select completely different plans with the same exact lender
This means one broker could earn double that of another while offering the same loan from the same company
The result could be a higher or lower mortgage rate depending on which broker you wind up working with
I saved the best for last – brokers get to choose their compensation levels with their wholesale partners.
They might get the choice to earn one, two, or even three points on every mortgage they close, along with numbers in between like 1.75% or 2.50%.
While what they earn is totally their prerogative, it does mean you could partner with a broker that earns double or even triple that of another who is working with the same exact lender, and providing the same exact loan.
For example, let’s say you’ve got a $400,000 loan amount and the broker you decided to work with has a compensation plan of 2.50% with Lender A.
This means they’ll earn $11,000 in lender-paid compensation for your loan, which is paid directly by the wholesaler to the broker.
While it doesn’t come out of your pocket directly, higher commission equates to a higher mortgage rate.
Now imagine a different broker who works with that same lender chose a compensation plan of just 1% per loan, in order to snag more business (increased volume, smaller margins).
They’d only be paid $4,000 on our hypothetical loan, which means you’ll probably get a lower interest rate as a result.
And remember, it’s the same exact loan from the same exact lender. The only difference would be the individual who is handling your loan.
Again, that can matter, as not all brokers are created equal, as mentioned above, but this does illustrate the importance of comparing mortgage brokers, just as you would banks and direct lenders.
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.
I have recently become fascinated by the idea of Billionaire Morning Routines.
The premise is that if you want to be successful in life, then you must wake up at an early hour and dedicate time or energy towards your goals. I am still not sure how this translates into a morning routine for me, but what I do know is:
You don’t need much money to become wealthy.
Your mindset can drastically change the trajectory of your day and life.
Sometimes it can feel like the odds are stacked against you. But there’s always hope.
Personally, I have found success by following this simple morning routine that will help get me through each day and set my path for success.
Successful millionaires have certain habits that can help you be more productive each and every day! While not everyone aspires to be a millionaire, these habits can still be useful for anyone looking to increase their productivity levels.
In this post, we are going to dig into billionaire morning routines and look at some millionaire morning routines as well.
Is a cup of strong coffee enough? Or do you need to layer some more key habits of billionaires on top?
So, if you’re looking for some tips on how to be more productive, following in the footsteps of some successful millionaires is a great place to start!
Remember these are the people making 10 figures…
What is a Billionaire Morning Routine?
A Billionaire Morning Routine is a set of habits that wealthy individuals use to start their day in order to increase their chances of success. This usually involves waking up early, exercising, eating a healthy breakfast, and spending time on personal development.
These routines are a set of designated activities that can help you stay on track. A millionaire or billionaire morning routine helps you organize your day from the moment you wake up until the time you leave for work. The difference between what you’re doing and a millionaire morning routine is the way you manage your time.
Every day is different for billionaires, but their morning routine should always be prioritized by their lifestyle needs first.
A billionaire morning routine should focus on managing your time in a way that allows for consistency with priorities of lifestyle needs and productivity goals.
Why is a Millionaires Morning Routine or even a Billionaires Important?
The reason a Millionaire’s Morning Routine is important is that it sets the tone for the rest of the day. If you start your day by working on your goals and taking care of yourself, you’re more likely to have a successful day.
Don’t you want to maximize your time and get the most out of your day?
These are the key benefits of following a billionaires morning routine:
Stay focused on the important tasks at hand each morning.
Help you better prioritize your time in the morning and throughout your day.
Increase your productivity all day long.
Reduce the stress you feel each morning.
Boost your energy levels throughout the day.
In addition, a millionaire or billionaire’s lifestyle is associated with a number of benefits, including increased happiness, improved focus, and more time to accomplish goals.
There are many reasons why having a billionaires morning routine, or even a millionaires morning routine, is so important.
A millionaire morning routine is empowering because it gives you control over your life–and who doesn’t want that?
Billionaire Morning Routines
There are a lot of different opinions on how to achieve success in life, but one thing is for sure: you have to get up early if you want to be a millionaire.
You have heard the saying, “the early bird gets the worm.”
They use these routines to set themselves up for success and make the most of their time. Plus there are a few key things that all millionaire morning routines have in common.
This allows them to get centered and focus on what they want to achieve.
The billionaires’ morning routines are a good place to start when trying to improve your own routine.
Billionaire morning routines are the first place to start when trying to change your daily habits for the better. These practices provide a foundation that you can build off of as you work towards reaching your goals.
#1 – Wake up early
Wake up early to get more done in the morning.
Go to bed at a reasonable time so you can sleep well and be refreshed for the day.
Here are some tips to make waking up easier:
Have a wind-down process before bedtime.
Switch off screens an hour or two before you plan to go to bed so you sleep easily when the sun rises at 5 am.
Wake up five minutes earlier than you do now and work your way up until you wake up an hour earlier.
Waking up early is a simple change that anyone can make!
To get up early, go to bed earlier. The key to getting up early is going to bed early and having a wind-down routine so you sleep easily when you get into bed.
#2 – Meditate
Meditation can aid in concentration, creativity and reduce stress.
There are a variety of ways to meditate, including sitting quietly and focusing on your breathing.
When it comes to improving productivity, many people think that meditation is a waste of time. However, this could not be further from the truth.
In fact, there are a number of reasons why you should meditate every day:
Lowers your stress levels
Helps you focus
Improves creativity
Provides answers to unexpected problems
Helps make decision making easier
Keeps you less distracted throughout the day.
The hardest part of meditation is getting started, but it’s worth it if you have the discipline to stick with it for even 5 minutes a day or do some other form of relaxation therapy before falling asleep at night.
It doesn’t matter how long you do it, as long as you’re getting the benefits from it.
#3 – Glass of Water
Drinking water in the morning can improve general health and well-being.
Celebrities including Kim Kardashian, Beyoncé, and Cameron Diaz have touted the benefits of drinking water regularly.
Water is essential for life. In fact, our body is composed of about 60% water. We lose water every day through sweating, breathing, and urination, so it’s important to replenish our fluid intake. Drinking a glass of water in the morning can reduce calorie intake and improve mental performance.
Drinking water in the morning can help you stay alert, make you more energetic, and provide the necessary fuel for your brain. It’s important to drink water first thing in the morning because it hydrates quickly and fuels your body. Drinking water is also a great way to hydrate for a long day of work or play later on that day.
#4 – Exercise
The wealthiest people in the world begin their days with some exercise. They choose to perform this activity in the morning so that it doesn’t get forgotten among all their other daily responsibilities.
Richard Branson, a British billionaire, exercises every morning without fail.
Exercising boosts your confidence, has positive effects on your mood, and helps them focus throughout the day.
The key is to find a way to incorporate exercise into your routine each day. Find an exercise that works for you and stick with it.
Wake up early and exercise. Exercise is a great way to start your day off on the right foot. It gets your blood flowing and helps you wake up mentally and physically. Plus, it’s a great way to get in some extra fitness goals for the day!
#6 – Read a book
Reading can boost cognitive activity in the brain. This means that you’ll be more alert and prepared for whatever challenges the day throws your way!
Also, reading before bed can help calm the mind and prepare the body for sleep.
# 7 – Eat a healthy breakfast
Many successful people have made breakfast a key part of their morning routine.
Starting your day off with a filling meal can help you stay focused, give you more energy, and help you concentrate on the work you need to accomplish later in the day.
Breakfast is the most important meal of the day, and it’s especially important to eat a healthy breakfast. Eating breakfast helps your body and mind function at their best. It can give you energy for the day ahead, help you focus, and provide necessary nutrients for your brain.
There are many different types of healthy breakfasts that you can try. Some people like to have eggs, others prefer yogurt or granola. Kelly Ripa has coffee, yogurt, and granola as a breakfast routine; Barack Obama has eggs, potatoes, and wheat toast. Reese Witherspoon’s go-to green smoothie recipe has been her breakfast routine for the last nine years. Idris Elba keeps it simple with toast during his morning routine.
No matter what you choose to eat for breakfast, make sure you drink plenty of water as well.
On the flip side of the coin is fasting during breakfast and maybe even lunch.
#8 – Plan your day the night before
Plan out your day ahead of time. One of the best ways to ensure that you make the most of your time is by planning out your day ahead of time. This will help keep you organized and focused on what’s important.
Determining when during the day is the best time to tackle your toughest jobs can help reduce stress and increase performance.
Journal your thoughts, plan your day, and focus on what you want in life.
Goals don’t happen unless they are written down and acted upon.
One way to make sure you start your day off on the right foot is by planning your day the night before. This way, you can wake up knowing what you need to do and have a plan in place for how you’re going to get it done.
Reflecting in the evening about what you want for yourself can help solidify your intentions and give them power by writing them down for review each day.
#9 – Plan the day ahead
Others prefer to plan their day in the morning.
Getting out of bed and putting your best foot forward EVERY SINGLE DAY is important for having a successful morning routine.
By planning out your tasks, you will be better prepared to face any challenges that come your way during the day.
To help with this, try creating a morning routine that fosters a healthy mind, body, and spirit. This will get you ready to operate at peak performance.
In order to be successful, you have to know your schedule so you can plan time blocks for specific activities. There are only so many hours in a day – you must make sure they are well spent.
#10 – Create your routine
Creating a routine for your morning will help you accomplish more with your time, starting your day off on the right foot, and it will also give you a chance to start your day off with joy before any hustle or stress begins.
Some of the benefits of a millionaire morning routine include stress-free, accomplished things, and increased levels of happiness.
However, remember that the Millionaire Morning Routine is not the only one out there! You can start your day by hitting the ground running but don’t copy and paste a billionaire’s exact routine. Billionaires set their days apart with goals, so try our goal-setting worksheet to get a head start!
There are many factors to consider when deciding if a millionaire morning routine is for you, such as the goals you want to achieve and your schedule.
However, you need to create a routine that works for you. Below, you will see some samples from billionaires, but at the end of the day, it has to work for you.
When you have something to look forward to at the beginning of each day, it helps reduce stress and makes you happier. It’s also a way to get your day started on the right foot.
What time does the average billionaire wake up?
There is no average billionaire wake up time because there is no average billionaire.
However, it is well known that most millionaires and top executives wake up early in the morning. Some may be up by 4 am while others start their days between 6-7 am.
This gives them plenty of time to get ready for their day and start working on their goals.
Waking up early is a great way to start your day. You have more time to get things done, and you’re less likely to be stressed out. In addition, it’s a good opportunity to meditate and clear your mind before getting started on your work.
Billionaire Morning Routine Examples
There’s no one right way to have a successful morning routine, but many millionaires and billionaires have habits that they credit with helping them achieve their goals.
Others include setting priorities for the day and planning ahead.
There are many different morning routines that billionaires follow in order to achieve success. Some of these routines include waking up early, exercising, and reading. Others involve spending time with family and friends or networking.
No matter what a billionaire’s routine may be… the most important thing is that they stick to it and make sure they are taking steps each day to move closer to their goals.
These billionaires have different workdays, but all follow a similar daily routine to keep their minds and bodies in check.
Elon Musk Morning Routine
Elon Musk is a well-known entrepreneur and investor. He is the founder, CEO, and CTO of SpaceX, co-founder of Tesla Motors, and chairman of SolarCity. He also has a keen interest in artificial intelligence.
First of all, sleep for Musk is minimal with him going to bed around 1 am and back working by 7 am.
Musk has a routine that includes 5 minute blocks. In each block, he does one thing that is important to him. This could be making calls, sending emails, or working on a project. By doing this, he is able to focus on one task at a time and avoid distractions.
Musk’s routine also includes planning out how long it will take him to complete tasks throughout the day so that he can be sure not to waste time on tasks that are unnecessary or take too much time. This prevents him from feeling rushed and allows him to focus on the most important tasks. He makes a solid plan for his day in order to prioritize what he needs to accomplish – even though it may not go as he planned.
Kylie Jenner Morning Routine
Jenner wakes up early which is credited to her mom as setting an example for rising early. This self-made billionaire is not sleeping in at all, especially with her daughter.
The most intensive part of her morning routine is getting herself glammed up for the day. She will not eat breakfast without her makeup on. Workouts? She is known to work out 1-2 times a day depending on her schedule.
Finally, she eats breakfast and starts working on her business.
Waking up early and exercising sets the tone for the rest of her day and allows her to get things done efficiently.
Jack Dorsey Morning Routine
Jack Dorsey is the founder of Twitter and Square. He has a very unique morning routine that some people might find inspiring.
He wakes up at 5:00 am and spends his early hours on personal care.
First, Dorsey starts off by taking an ice bath to shock his system. This supposedly boosts mental confidence, which is necessary for running two major tech companies.
After the ice bath, he spends 60 minutes meditating in silence. This prepares him for his five-mile walk or jog to work. He skips breakfast, which many people find controversial.
He wraps up his day by journaling and reflecting on what went well and what could be improved.
Warren Buffet Morning Routine
Let’s be honest… many people look at Warren Buffet for inspiration and guidance. He is a wealth of knowledge that has lived throughout many of the toughest points in our nation’s history.
Billionaire Warren Buffet reportedly wakes up at 6:45 am and drinks a can of Coke. Then, he heads to the local McDonald’s for breakfast.
Very opposite of what most people would assume. But this morning routine has served Buffet well for years.
Warren gets down to business. He explains that most days, he just sits in his office and reads finance-related materials all day – specifically related to company financials, market materials, financial journals, and investor reports.
After leaving the office, Buffet goes home and might pick up fast food from time to time, but typically eats at home later in the day. A little reading before bed around 10 pm.
Oprah Winfrey Morning Routine
Oprah Winfrey is a famous American talk show host and actress. She wakes up at around 8:00 AM every day, brushes her teeth, lets the dogs out, and then starts her morning routine.
She places importance on reading at least five cards from her 365 Gathered Truths box each morning. More than likely she started with saying any of these money affirmations before she found her fame.
Oprah has a routine that includes a couple of hours spent on spiritual exercises, followed by an hour of low-impact strength-training program. She also spends time with her family and friends before finally starting work in the afternoon.
Jeff Bezos Morning Routine
Jeff Bezos has a very strict daily routine that he follows. He wakes up early (somewhere between 5:00 am -6:30 am) and begins by reading the news. After that, he spends time with family, eats breakfast, and does various activities that are not work-related.
His first business meeting starts at 10 am normally working on Amazon business matters. He has business meetings and visits fulfillment centers in the afternoon, but avoids important decisions late due to fatigue.
Sleep is important to this entrepreneur and goes to bed earlier than most.
What is the most successful morning routine?
The most successful morning routine for many people includes a mix of habits that help them start their day off on the right foot. This may include waking up early, drinking a glass of water, eating a healthy breakfast, and spending some time in prayer or meditation.
In order to be successful, it’s important to have a morning routine that incorporates good habits.
If you struggle with habits, then I highly recommend you read the book Atomic Habits. These habits are easy to incorporate into your own life and will help you accomplish more tasks and live like a billionaire.
How long does the 1 billion dollar morning routine take?
The 1 billion dollar morning routine was created by Jim Kwik, a YouTube creator.
It takes at least one hour to work through his 1 billion dollar morning routine.
Here are the key principles for Jim Kwik’s 1 billion dollar routine (source):
Recall your dreams
Make your bead
Drink water and take supplements
Focus on breathing
Meditate for 15-20 minutes
Move the body for 1-2 minutes
Take a cold shower
Enjoy a cup of tea
Journal
Create 3 lists: to-do list, to-be list, and to-feel list
Read for 20-30 minutes
Make a brain smoothie
Participate in brain training.
Start with the most difficult (and important) task
Self-care, self-love, and setting a vision and direction for the day are essential components of this routine. And don’t forget about hydration! A glass of water is a great way to start your day off on the right foot.
Journaling is another important part of this routine. It allows you to check-in with yourself about your stressors and how to navigate them. Consider implementing a few of these steps into your routine to see how they make you feel.
The 1 billion dollar morning routine may not be feasible for everyone, but some of the steps included are still worth considering (particularly the one about having a plan). Or moving some of the activities to other parts of the day.
What are the habits of a billionaire life?
In order to achieve success in life, it is important to emulate the habits of a billionaire. This may seem daunting at first, but if you take a closer look at what these individuals do on a daily basis, you will find that many of their habits are actually quite attainable.
For example, many billionaires are avid readers and they make sure to read something every day. They also have a strong focus on personal finance and know how to manage their money well. Additionally, they understand the importance of taking care of themselves both physically and mentally. All of these habits are important for anyone looking to achieve success in life!
These types of people are the opposite of I don’t want to work anymore.
What will your productive morning routines look like?
There’s no “right” way to have a productive morning routine – as long as you’re committed to it and conforms to the same principles.
For example, many successful people have different routines but they all commit to following them. This may include things like personal commitment, engagement, team building, and productive motion.
It’s also key to be flexible with your routine so that you can adjust when necessary. For instance, if something comes up or there’s a change in your schedule, you’ll be able to adapt without too much trouble.
The important thing is that you make time for the things that are important to you and that help you achieve your goals.
This might include exercise, breakfast preparation, or “mindful living.”
Whatever it is, make sure it works for you and that you’re actually going to stick with it!
What will go on your Billionaire Morning Routine List?
Most morning routines of millionaires and billionaires weren’t created overnight; they’re crafted over time. Same with buying their mansion.
So don’t worry if you don’t get everything right the first time around–just keep working at it and you’ll see results soon enough!
Get out of bed and put your best foot forward EVERY. SINGLE. DAY.
Each person’s journey to greatness will be unique, but by following the examples set by these successful individuals, you’ll be on your way to achieving anything you want!
Having a millionaire morning routine means that you start your day stress-free. It also helps you achieve your goals. The benefits of the millionaire morning routine vary depending on the schedule and personality of each individual.
But, in general, incorporating a project into your morning routine can help you feel more in control of your life, boost energy levels throughout the day, and make healthier choices.
In fact, check out these millionaire quotes.
The habits of successful millionaires can be applied to any area of your life for increased success.
Finding your own productive morning routine is better than leaving your luck up to left hand itching.
Know someone else that needs this, too? Then, please share!!
Last Updated: May 28, 2023 BY Michelle Schroeder-Gardner – 29 Comments
Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.
Are you looking to start refinancing student loans? The average 2015 college graduate has slightly over $35,000 in student loan debt.
And, if you have a law or medical degree, you may find yourself with an average of around $150,000 or $200,000 in student loan debt, respectively.
That’s a lot of money!
One thing I haven’t talked about much here on Making Sense of Cents is that there are many options for paying off your debt, such as by consolidating or refinancing your student loans.
Many don’t realize that they may be able to refinance or consolidate their student loans. I personally know this because I never once thought about either back when I had student loan debt.
Before you make the leap of consolidating or refinancing student loans, though, there are many things to think about. Continue reading below to determine if either consolidating or refinancing student loans is the right decision for you.
Related: How I Paid Off $40,000 In Student Loan Debt In 7 Months
Consolidating Student Loans – Positives And Negatives
Consolidating your student loans is when you combine your student loans into one single loan.
If you have federal student loans, you may be able to do a federal loan consolidation. While federal student loan consolidation most likely won’t help you save money by combining, it may help you to better manage your loan payments. This is due to the fact that you will only have one bill each month after you consolidate (this is why it’s called “consolidation”).
Many graduates have over five different student loans to pay each month, which can cause a huge mess if you forget to pay one!
Disclosure: We receive compensation from the companies below if you click on a link. Amount of compensation does not impact the ranking or placement of a particular product. Not all available financial products and offers from all financial institutions have been reviewed by this website. This content is not provided by Credible or any of the Providers on the Credible website. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Credible.
Related tip: I highly recommend Credible for student loan refinancing (they are the top student loan refinancing company and have great customer service!). You can lower the interest rate on your student loans significantly by using Credible which may help you shave thousands off your student loan bill over time. Through Credible, you may be able to refinance your student loans to a rate as low as 2.47%! Plus, it’s free to apply.
Refinancing Student Loans: Positives And Negatives
Student loan refinancing is when you apply for a new loan that is then used to pay off your other student loans.
This is usually a great option if your credit history or credit score are better than when they were when you originally took out your student loans.
By refinancing your student loans, you may qualify for better repayment terms, a lower interest rate, and more. This is great because it may help you pay off your student loans quicker.
The positives of refinancing student loans include:
Companies, such as Credible (this is an affiliate link and I highly recommend them), allow you to refinance your federal student loans as well as your private student loans into one. The average person who refinances can save thousands of dollars on their loan, which is a great amount! You can save a lot of money through student loan consolidation such as with Credible, especially if you have high interest federal or private loans.
Before refinancing a federal student loan, though, you will want to think about different federal benefits that you may be giving up. You may give up income-based repayment plans, loan forgiveness for those who have certain public service jobs (such as certain jobs at public schools, the military, Peace Corps, and more). By refinancing federal student loans, you are giving up any future option to these.
However, keep in mind that by refinancing student loans, you may receive lower monthly payments, lower interest rates, and more. This may help you pay off your debt a lot more quickly.
Things you should think about before you take your next step.
Before you take your next step, I wanted to recap the above so that you are clear about what your choices are.
If you are able to take advantage of deferment, loan forgiveness, or some other sort of federal student loan program, you may want to think twice before you refinance federal student loans.
Be careful with variable interest rates. While they may seem appealing at times, remember that your interest rate may fluctuate. If you currently have a variable rate, you may want to refinance into a fixed-rate and this may make refinancing a great decision for you.
Consolidating your student loans usually leads to increasing your loan term, which may lead to lower monthly payments. However, it can also lead to higher interest charges over the life of your loan.
If your credit is better than it was when you first took out your student loans, you may be able to qualify for better terms and a better interest rate by refinancing student loans. I recommend shopping around to see what you can get. Start out by checking out Credible!
Do you have student loan debt? What’s your action plan to pay off student loans? Do you plan on refinancing your student loans?
You want to started investing but aren’t sure what steps to take. No worries. Let me walk you through the basics and you’ll soon be on your way.
Before we start, you should know that the stock market offers a great way to grow your wealth. However, with the reward of earning 5%, 8%, or even 12% per year on your investments comes with the risk of losing money.
That means the value of your investments may drop one year. It may also take several years to recover from that loss. If you aren’t ready for the risks, then investing is not for you.
Think about These Issues Before You Start Investing
Investors are urged to invest for long term gain. This is due to changes in the market (those gains and losses you will see).
If you will not need your money for a minimum of 5 – 7 years, then you are the perfect candidate for investing. The between now and when you need your money is called the time horizon. For example, if you are investing toward buying a small cabin on the lake in 15 years, then your time horizon is 15 years. However, if your child will be heading off to college in 4 years, your time horizon would be 4 years.
Your time horizon is not the only thing you should know. Ask yourself a few other questions as well:
Am I investing for retirement, education, or another purpose?
How much do I have to invest, and is that money available in a lump sum, a regular monthly amount, or both?
Am I wanting to spend my time managing these investments?
How much money do I want to spend in investment fees?
What amount of fluctuation from the U.S. stock market performance am I willing to accept?
Your responses will guide your investing decisions, not only for the types of investments but also the brokerage firm you choose.
Consider Investing for Retirement with Low-Cost Index Funds
Let’s say you are investing for retirement, have an initial investment of $3,000. The plan is to add $100 each month to your account. You goal is to spend little time managing your investment. In addition, you would like to closely match U.S. stock performance (either the S&P 500 or the entire market). What should you do?
You can open an IRA with an online brokerage firm such as E*Trade, Fidelity, Schwab, TD Ameritrade, or Vanguard. To get started investing, you will need to fund your account. Funding is how the money moves from your account to your investment accounts.
In most cases, funding is arranged by setting up a link between your checking account and the brokerage account, and making transfers. The initial process can take a few days but after the connection is established, you can move funds to purchase shares of stocks, mutual funds, or ETFs.
Next, purchase either commission-free, market-index exchange-traded funds (ETFs) or no-load, no-transaction-fee market-index mutual funds. For example, you can buy shares in Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) for a minimum initial investment of $3,000 and additional investments of at least $1. You will want to make sure you sign up for paperless statements so you can get the $20 account fee waived.
Or, you could purchase shares in commission-free Schwab U.S. Broad Market ETF (SCHB) for $1,000 (or any multiple of its market price, which is about $50 at this writing); and make additional minimum purchases that equal the fund’s share price.
Buy Individual Stocks If You Are Comfortable with Greater Risk
Alternatively, you may be interested in growing your wealth more aggressively and are willing to accept risks (and losses) associated with potentially greater rewards. You have plenty of time to spend evaluating and selecting individual stocks plus you don’t mind paying transaction fees associated with the purchase and sale of stocks (or sector or specialty mutual funds or ETFs).
Again, you could open a regular brokerage account with any of the online brokerage firms. You might look at investing with Acorns, E*Trade, Schwab, or Fidelity. Keep in mind that each on-line firm has minimum investment thresholds that you will need to meet. You could choose stocks on your own or find ones using screening tools available on each firm’s website.
After determining what you’d like to buy and the approximate quantity, you’ll want to set a price to indicate how much you are willing to pay for shares and then place your order. Fees to place orders typically run about $9.99 or less.
Decide Whether Innovative Brokerage Firms Are Right for You
You might also consider investing with a newer firm, such as Betterment, Motif Investing, or Loyal3; these companies all have unique approaches to serving customers that may or may not meet your needs.
Betterment makes investment decisions on your behalf and charges an account management fee rather than individual transaction fees; you may like this approach if you don’t have time to invest on your own. Motif Investing offers fee-free investing through its Horizon Motifs, which are comprised primarily of market index ETFs, along with its specialty motifs that trade for a flat $9.95 fee. Loyal3 has a totally fee-free platform in which you can buy shares (or even fractional shares) of certain stocks with an investment of as little as $10.
If you are ready, now is the time to get started in investing, regardless of whether the market is up or down today. The sooner you start, the more your money can grow.
Julie Rains is a freelance writer specializing in personal finance, mortgages, and investing. She writes for her own blogInvesting to Thrive as well as other media outlets including Wise Bread and Loans101.
Julie holds a Bachelor of Science in Business Administration with a concentration in Finance from The University of North Carolina at Chapel Hill. Julie started investing soon after graduation and has continued to invest and learn over the past 20+ years. In her free time, she enjoys cycling with friends and spending time with her husband and nearly grown sons.
Once upon a time, retirement in America was referred to as “a three-legged stool.” The first leg was your expected Social Security benefits, the second leg was your own personal savings and the third was something old-timers called a pension.
A financial advisor can help you create an income plan for retirement. Find a fiduciary advisor today.
A pension – also called a “defined benefit plan” – is a payment from a former employer that was (and sometimes still is) offered as a benefit with no contribution from you. The payment amount is based on years of service with that company. Once you’ve worked long enough to become “vested,” your benefit is guaranteed at a certain age and doesn’t end until you die. In many cases, a surviving spouse can receive a reduced benefit.
In 1975, there were 103,346 pension plans in the United States, a number that started to decline in the early 1990s and dwindled to just 46,577 plans by 2020. In many cases, the companies that promised those pensions have been sold, merged or gone out of business. However, many workers who are still entitled to receive those benefits lack any details about their pensions, including how to go about collecting them.
Unclaimed pensions are waiting to be claimed by at least 80,000 people, according to the Pension Benefit Guaranty Corp. (PBGC), the federal agency that oversees retirement security for Americans. In some cases, the people entitled to those pensions don’t even know they’re eligible to receive payments.
Resources For Locating an Unclaimed Pension
If you’re looking for a missing pension – or want to find out if you qualify to receive one, try these resources:
Previous employers. Keep your contact information updated with the benefits administrator at the companies where you worked or their successors.
Legal assistance. The Pension Rights Center is an information resource that also runs Pension Counseling and Information Programs in 31 states. These programs provide free legal assistance for help with pensions, profit-sharing and retirement savings plans.
In states without counseling and information programs, the Pension Rights Center’s Pension Help America offers assistance in finding counseling projects, government agencies and legal service providers.
Meanwhile, the National Pension Lawyer’s Network, an affiliate of the Pension Rights Center, is a free service that can refer you to lawyers who take pension cases, sometimes pro bono.
Employee Benefits Security Administration. The EBSA is part of the U.S. Department of Labor and has free counselors who can answer pension questions. The E-Fast feature on the agency’s website can find pension plan annual reports going back to 2010, which explain how to file a pension claim. The Abandoned Plan Search Tool is also on the agency’s website.
Other resources. Pension Benefit Guaranty Corp. (PBGC) can help with claiming a pension. You can call for assistance toll-free at 800-400-7242.
Meanwhile, the National Association of State Treasurers runs the National Association of Unclaimed Property Administrators, a network of to help locate unclaimed assets. Additionally, the National Registry of Unclaimed Retirement Benefits is run by PenChecks, the largest independent processor of retirement benefit distributions in the U.S.
Bottom Line
As defined-benefit pension plans have been phased out in favor of 401(k) and similar accounts, workers may not know that they qualified for a pension many years ago. In addition, as older companies have been sold, merged or closed pension plans can lose track of vested employees. Even when a company has declared bankruptcy, pension benefits may be protected by the federal Pension Benefit Guarantee Corp. (PBGC)
Tips for Claiming Your Pension
There are a number of resources, as listed above, for locating a missing or unclaimed pension. If you think you once qualified for a pension, don’t assume that you’ll be contacted to claim it. Remember, just because you once worked at a company that offered a pension plan you may not have worked there long enough to become vested. In that case, your pension benefits would have been forfeited when you left the company. To see how any pension income might figure in your retirement plans, try SmartAsset’s retirement calculator. This free tool will estimate how much you’ll have when the time comes to retire.
In most cases, an old pension likely won’t pay enough benefits to live on. You’ll still need to figure out when and how to claim your Social Security benefits and maintain your own savings to support yourself in retirement. A financial advisor can help. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Birmingham, Alabama is more than a geographic center; it is a tapestry of beautiful landscapes, mouthwatering culinary delights, and more. However, like any place, there are drawbacks to keep in mind, such as the city’s vulnerability to severe weather, limited public transportation options, and the occasional traffic. Before making the decision to settle down in Birmingham, it is essential to weigh the pros and cons. This Redfin article will delve into ten key factors to consider, helping you make an informed judgment on whether Birmingham is indeed a good place to live. So whether you’re in the market for Birmingham apartments or houses for sale, read on to get started.
Pros of living in Birmingham, Alabama
1. Booming job market and business opportunities
With a diverse and thriving economy, Birmingham offers various industries, from healthcare and finance to technology and manufacturing. The top companies are Regions Financial Corp, Encompass Health, and Alabama Power, to name a few. The city’s business environment and entrepreneurial spirit foster innovation and growth, creating a fertile ground for career advancement and professional success. Whether you’re looking to kick-start your career or seeking new challenges, Birmingham welcomes you with many job openings.
2. Lush green landscapes and proximity to outdoor recreation
Amid Birmingham’s bustling cityscape lies a hidden gem of lush green landscapes and proximity to outdoor recreational areas. With its picturesque parks, serene lakes, and sprawling forests, Birmingham offers natural beauty and tranquility. Whether it’s exploring the awe-inspiring vistas of Oak Mountain State Park, kayaking along the Cahaba River, or simply finding solace in the city’s well-maintained green spaces, Birmingham’s connection to nature rejuvenates the spirit and offers endless opportunities for outdoor recreation.
3. Affordable housing costs
Birmingham offers a range of housing choices that cater to various budgets and lifestyles. Whether searching for a charming historic home, a cozy suburban retreat, or a modern urban apartment, Birmingham has it all. The median sale price is $205,000, well below the national average of $407,992. Apartments in Birmingham are just as affordable, with a two-bedroom apartment averaging $1,352.
The city’s affordable housing market allows individuals and families to find a place they can call home and provides opportunities for financial stability and investment.
4. Convenient location with easy access to other major cities
Birmingham’s convenient location is a gateway to exciting adventures and exploration. With just around a 2-hour drive, residents can immerse themselves in the vibrant energy of Atlanta, GA, a cultural and economic powerhouse offering myriad experiences. Likewise, the enchanting allure of Nashville, TN, renowned for its rich music heritage, is within a 3-hour drive. Birmingham’s strategic location connects residents to a thriving city network, opening doors to new experiences, career opportunities, and cultural exchanges.
5. Vibrant music and entertainment culture
You’ll find a stage for a vibrant and electrifying music and entertainment culture, where the rhythm of life resonates through every corner of Birmingham. From lively jazz clubs like Uptown Jazz Lounge to rock’ n’ roll hotspots, Birmingham pulsates with the sound of talented artists and captivating performances. Countless live music venues provide the perfect backdrop for unforgettable nights of melodic harmonies and soul-stirring beats. Whether you’re a fan of blues, country, hip-hop, or indie rock, Birmingham’s diverse music scene caters to all tastes and preferences.
Cons of living in Birmingham, Alabama
1. Hot and humid summers
Birmingham experiences hot and humid summers, which can be perceived as a drawback to living in the area. In the summer, the city’s residents often endure high temperatures, frequently reaching around 90 degrees Fahrenheit, coupled with substantial humidity levels. The combination of heat and humidity can make the summer months uncomfortable and challenging for some individuals. The air can feel heavy, and outdoor activities can become more arduous due to excessive sweating and a general feeling of stickiness. The sweltering conditions can also pose health risks, especially for vulnerable populations or those with respiratory issues.
2. Limited public transportation options
Living in Birmingham can present a challenge due to its limited public transportation system. Unlike larger metropolitan areas, Birmingham’s public transportation options are relatively limited with a transit score of 21. Birmingham has a smaller network of buses and a lack of extensive rail systems which can pose challenges for residents who rely on public transportation to commute to work, run errands, or access various parts of the city. Limited public transportation can result in longer commute times, restricted mobility, and greater dependence on private vehicles. This can be particularly inconvenient for those needing access to a car or individuals who prefer public transportation for environmental or cost-saving reasons.
3. Occasional severe weather
The region is prone to severe weather, including thunderstorms, tornadoes, and rare hurricanes or tropical storms. The unpredictability of these weather patterns can create challenges and potential risks for Birmingham residents. Thunderstorms can bring heavy rainfall, lightning, and strong winds, leading to flash flooding and property damage. While relatively rare, tornadoes can be devastating and pose a significant threat to life and property. Similarly, the city can be affected by the outer bands of hurricanes or tropical storms, resulting in heavy rainfall, strong winds, and potential flooding. Severe weather requires residents to remain vigilant and prepared, investing in appropriate safety measures such as storm shelters or emergency kits.
4. The occasional air pollution from industrial activity in the area
Birmingham is ranked position 18 for annual particle pollution out of 200 metropolitan areas. As an industrial hub, Birmingham’s factories, power plants, and other industrial facilities contribute to releasing pollutants into the air. This can lead to poor air quality and potential health risks for residents. Fine particulate matter and pollutants such as nitrogen oxides and sulfur dioxide can be emitted, posing respiratory hazards and exacerbating pre-existing health conditions. The occasional haze and smog can diminish the visual appeal of the cityscape and detract from the overall quality of life. Additionally, prolonged exposure to air pollution can have long-term effects on the respiratory system and overall well-being.
5. Heavy traffic congestion
As the largest city in Alabama, Birmingham experiences significant traffic volumes, particularly during peak commuting hours. The city’s road infrastructure, while continuously improving, can struggle to accommodate the increasing number of vehicles on the road. Commuters often encounter delays, especially on major highways and arterial routes, leading to longer travel times and increased frustration. The heavy traffic can impact daily routines, making it challenging to plan schedules effectively and contributing to stress levels.
Is Birmingham, Alabama a good place to live? Final thoughts
In wrapping up this exploration, it’s clear that Birmingham, Alabama is a city filled with potential and a rich tapestry of experiences. Its affordable housing, dynamic arts scene, and convenient location make it an enticing place to call home. However, it’s important to consider challenges like traffic and weather. Ultimately, the decision to embrace Birmingham depends on your desires and aspirations. So, weigh the pros and cons and let your inner compass guide you to a place where you can truly thrive.
Cities in Northern California saw more severe drops in population during the pandemic than those in Southern California, new census data show, with Bay Area communities hit particularly hard.
The same data show that many of the cities that grew the most between July 2020 and July 2022 were in Southern California.
Experts said that several factors might explain the north-south divide. But one likely reason is the Bay Area’s tech-rich economy. Many tech companies allowed employees to work from home and it is likely that “remote work has impacted the Bay Area more,” leading to an exodus of workers in Northern California, said Dowell Myers, a professor of policy, planning and demography at USC.
San Francisco has generated headlines recently due to its dramatic population loss over the last two years, but other Bay Area cities were also ranked as having some of the biggest population losses.
Advertisement
San Jose lost almost 40,000 residents and dropped out of the top 10 list of the nation’s most populous cities.
Highest rate of population loss among big cities
San Francisco, -7.1%
Daly City, -4.4%
Berkeley, -4.2%
San Mateo, -4.1%
San Jose, -3.8%
Experts expect population loss in major cities to slow as the pandemic recedes into the past, but they say the state’s housing crisis — another driving factor — won’t be going away anytime soon.
The lion’s share of the cities that gained the most people between July 2020 and July 2022 was in suburban and exurban areas across the state. A Times analysis showed that these areas, largely in the Central Valley, also led the way in housing gains.
Northern California cities were also likely affected by “less construction and higher prices” for housing, Myers said.
The census data underscore some trends that have been seen during the COVID-19 crisis. Urban centers such as downtown San Francisco emptied out as tech workers stopped coming in to work, causing local economic distress. Some more far-flung areas such as Placer County and the Lake Tahoe region saw an influx of people from cities who were able to work remotely.
High housing costs were another key factor in the population shift, experts say. With housing costs rising, some Californians used the pandemic as an excuse to sell and move to cheaper areas. But the real estate price boom made it harder for others to move in.
“Hundreds of thousands more people would desire to live in the Bay Area — if not millions — and Southern California,” said Michael Lens, a professor of urban planning and public policy at UCLA, “if we made it easier to accommodate those people through more housing units and presumably more affordable housing.”
Of the 30 cities, counties and unincorporated areas in California that shrank the most, only two were in the southern part of the state, in Kern County: Taft, which lost 5.8% of its population, and Tehachapi, which lost 4.6%.
Cities and counties in metropolitan Southern California were absent from the top 30 list, with the cities of Commerce and Cerritos each losing about 4% and placing 36th and 41st, respectively, in that ranking.
Among cities with populations of more than 100,000, three of the five cities with the highest rate of increase were in Southern California, with the other two in the Sacramento and Fresno exurbs.
Highest rate of population increase among big cities
Menifee, 6.0%
Roseville, 4.3%
Clovis, 3.2%
Murrieta, 2.2%
Jurupa Valley, 2.2%
Menifee, which added over 4,500 homes between 2019 and 2022, has been intentional about its growth, city manager Armando Villa told The Times in March.
Meanwhile, a number of smaller cities with populations under 100,000 — many in Northern California — saw similar losses.
Susanville lost more than 15% of its population in the two-year span, but that was likely due to the 2021 Dixie fire, which burned more than a million acres and destroyed over 1,400 homes and other structures, according to the California Department of Forestry and Fire Protection. The town is also expected to lose one of its biggest employers, with the impending closure of the California Correctional Center.
Fire was also a likely factor in the city with the highest rate of population increase in that stretch — Paradise.
The city showed some signs of rebuilding after the 2018 Camp fire, gaining nearly 2,000 people after losing some 20,000 — almost 85% of its total residents — after the deadliest conflagration in state history.
But Lens said an increase in population — often connected to a boost in housing — is “not what we would hope” for in less dense areas.
Though growth in less dense areas isn’t necessarily a bad thing, he explained, the areas that need housing the most and can grow more efficiently are the major cities.
In a housing crisis, places such as Lathrop or Calimesa are “not where the demand is strongest,” so new housing may not be as direly needed, and the rural zones seeing growth are “not the most economically productive areas of the state,” he said.
Also, from a climate perspective, Lens noted that less densely populated areas lead to longer commutes and are “not the ideal places to put housing.”
Last Updated: June 14, 2021 BY Michelle Schroeder-Gardner – 56 Comments
Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.
Currently, one of our main goals is to save for a down payment for our next house. Due to this, we have been wondering about how much exactly we should save.
With our first house we didn’t put down 20% and had to pay PMI (big mistake), so we will definitely put down at least 20% on our next house.
Also, we are self-employed and I have heard that most self-employed people have to put around 25% to 30% down (and sometimes even 35%!) because banks want to see more upfront from small business owners.
Now, that’s a lot of money!
This has got us thinking. While we are aiming for 30% or more, at what point should we stop saving for our down payment and ramp up our retirement savings instead? Yes, we are still saving for retirement, but should we be saving more?
In the personal finance world, the decision seems to be split. Some are all about paying off a mortgage quickly, whereas others don’t think that’s a good idea. There is no right or wrong answer, which makes the decision a little more difficult.
Of course, I do realize that this is a good situation to be in, so I am not complaining. However, how do you decide what is best for you?
Below are positives and negatives of paying off your mortgage early or even buying your house upfront with cash.
Related content: How can I pay off my 30 year mortgage in 10 years?
Positive – Your house will be paid off early!
Of course, this is the biggest positive.
Your house will be paid off, you will be able to free up some cash each month, and you won’t have to worry about paying for a roof over your head each month.
Not having that huge amount of debt hanging over your head would be a wonderful feeling. Life would probably be a little less stressful and you may feel more financially independent.
Negative – Your money may do better if it’s invested in a different way.
While paying off your mortgage early can feel great and be a big accomplishment, mortgage interest rates right now are low.
You may do better by investing your money in other ways and earning a higher return. This can mean investing in certain companies, paying off high interest rate debt, investing in passive income, and more.
Positive – You can earn a guaranteed return by paying off your mortgage early.
On the flip side, by paying off your mortgage early, you can earn a guaranteed return.
Other investments most likely will mean that a return is not guaranteed (unless we are talking about paying off other debt), whereas when paying off your mortgage early, you will be certain what your return is.
Negative – A lot of your money is in one place if you pay off your mortgage early.
This is one big reason why I’m not sure if paying off your mortgage early is a good idea. If you have other investments and are on track for retirement, then by all means go for paying off your mortgage early.
However, if you don’t have much saved, then having everything you own in one place may not be a good idea.
Also, since all of your money is tied up with your house, it might be hard to get money if you end up needing it. Having at least some liquid money is a good idea.
Positive – You don’t have to deal with the hassle of getting a mortgage if you pay in cash.
If you have enough cash, then you might be able to skip the whole process of getting a mortgage.
Skipping a mortgage can be a positive for many reasons. Sellers love cash buyers, as it makes the buying process easier on them since they don’t have to wait for a mortgage to go through. This means you may get a discount if you buy 100% in cash or your offer may be chosen over others.
Also, if you are self-employed, skipping the mortgage process can be a good thing. I’ve heard stories of self-employed people trying to get a mortgage and it sounds like it’s a very difficult thing to do.
Are you wanting to pay off your mortgage early? Why or why not?
Today we’ll check out a Southern California-based mortgage broker named “Lendevity,” which has been earning rave reviews lately.
Their name is actually a combination of lend and longevity, their way of saying they’ll be by your side throughout the loan process and beyond.
The company says it takes an “advisory approach” to better understand your financing needs and create a custom solution that fits your goals.
They do so using the latest technology, charge $0 lender fees, and aim to close loans in three weeks or less.
And they’ve got a loyalty program to boot if you come back to them a second time. Let’s learn more.
Lendevity Fast Facts
Online mortgage broker that offers home purchase and refinance loans
Founded in 2018, headquartered in Woodland Hills, CA
Licensed to do business in five states (AZ, CA, CO, OR, WA)
Charge $0 lender fees on most loans
Offer a loyalty program for repeat customers that waives 3rd party fees
As noted, Lendevity is a mortgage broker, meaning they connect consumers with their wholesale lender partners.
This gives them the ability to shop your loan so you don’t have to in order to find the best price.
They may also have access to unique loan programs the bigger banks might not offer.
The company is located in Woodland Hills, California and was founded in 2018. Despite being rather young, they’ve got consistently excellent reviews.
At the moment, they are licensed to do business in just five states, including Arizona, California, Colorado, Oregon, and Washington.
One benefit to using them is their lack of lender fees, along with a loyalty program if you come back a second or a third time.
How to Apply for a Mortgage with Lendevity
To begin, you can call them up, visit their office, or simply cruise over to the website and apply.
Since they like to take a hands-on approach, your best move might be speaking to a rep first to discuss your loan scenario.
From there they can determine eligibility and loan pricing, then you can apply via their website.
Their digital home loan application, which allows you to complete most tasks electronically, is powered by ICE Mortgage Technology.
You can fill out the app from any device, upload necessary documents, eSign disclosures, and track loan progress from start to finish.
They aim to close their loans in three weeks or less, which is also a plus if you’re in a hurry or simply don’t want the process to be dragged out.
What’s nice about mortgage brokers these days is they offer the same technology that the big fintech companies have, like Rocket Mortgage or Better Mortgage.
So you can get the best of both worlds when using a local broker. And those who need a little more attention get a loan guide throughout as well.
Loan Programs Offered by Lendevity
Home purchase loans
Refinance loans
Conforming loans backed by Fannie Mae and Freddie Mac
FHA loans
VA loans
Jumbo loans
Bank statement loans
Band-Aid loans
One of the benefits of a being a mortgage broker is the ability to offer home loan programs from a variety of different companies.
This allows Lendevity to extend a complete lending menu to its customers, even if they’ve had issues obtaining financing elsewhere.
Lendevity has options for new home buyers (home purchase loans) and existing homeowners (refinance loans), including cash out solutions.
They’ve got all the usual stuff like conforming loans backed by Fannie Mae and Freddie Mac, FHA loans, and VA loans.
The only major program they don’t seem to offer is USDA loans, which are reserved for rural home buyers.
They even offer jumbo loans with loan amounts up to $10 million. So even if you’re buying or refinancing an absolute mansion, they should offer a solution.
Those who’ve had trouble qualifying for a home loan in the past can take advantage of their so-called Band-Aid Loan, which pays off debts to improve credit scores and DTI ratios.
Then they can get you more permanent financing six months or so later.
If you’re a self-employed borrower, Lendevity also offers bank statement loans that don’t require tax returns to qualify.
Both fixed-rate and adjustable-rate mortgages are available in a variety of different loan terms to suit different needs.
Lendevity Mortgage Rates and Fees
While Lendevity doesn’t post their mortgage rates on their website, they do claim to utilize a transparent pricing model.
This means showing you a variety of mortgage rate and fee options that you can choose from depending on your needs.
For example, you may want to pay discount points for an even lower mortgage rate. Or you could be satisfied with a slightly higher rate in exchange for no fees whatsoever.
Lendevity says they don’t charge lender fees. And claims you won’t be charged an origination fee unless the circumstances of your loan program require it.
Not exactly sure what that means, but it sounds like they don’t charge fees in the vast majority of cases.
And either way, will probably structure your loan as a no cost mortgage, meaning nothing is paid out-of-pocket.
Anecdotally, I’ve seen their rates advertised on third-party websites like Zillow and they were among the lowest listed.
So my guess is they’re pretty competitive with other online, low-cost lenders out there, which may be cheaper than big banks and other household names.
If they can help you snag a low mortgage rate at the same time, it’s a win-win. No costs and a low monthly payment for as long as you keep your loan.
Speaking of, they have a loyalty program for existing customers who refinance a mortgage. In short, they’ll waive all third-party fees, such as title insurance and escrow.
That might give them another leg up on the competition if they’re already matching the lowest rate you find elsewhere.
Lendevity Mortgage Reviews
On Zillow, Lendevity has a perfect 5-star rating from 55 reviews. Nearly all of them indicated that either the interest rate or closing costs were lower than expected, or both in some cases.
They’ve also got a perfect 5-star rating on Yelp from 45 reviews and a similarly solid 4.9-star rating out of 5 on Google from nearly 120 reviews.
It’s the same story on the Better Business bureau (BBB) website, a perfect 5/5 from 28 customer reviews.
Lendevity is also an accredited business with an ‘A+ rating at the moment.
All in all, they appear to be very well-liked by their customers, despite not having hundreds or thousands of reviews. Hopefully it’s a sign of more good things to come.
To sum things up, Lendevity seems to be big on customer service like many mortgage brokers are.
They could be a good fit for a first-time home buyer who needs some additional hand-holding, or someone with a more complex loan scenario that a big bank might fumble.
If their mortgage rates are also low, they could be a good pick for just about any home buyer or existing owner looking to refinance.
Lendevity Pros and Cons
The Good
Can apply for a mortgage online in minutes
Offer a digital mortgage process
Do not charge lender fees
Loyalty program that waives third-party fees for return customers