By year-end, so-called “mortgage foreclosure rescue” and loan modification firms will be prohibited from collecting fees until homeowners have a written offer from their mortgage lender or loan servicer that they deem acceptable.
The FTC today issued the “Mortgage Assistance Relief Services (MARS) Rule” to protect homeowners from “bogus operations” that falsely claim they’ll negotiate a loan modification, short sale, or some other form of foreclosure relief in exchange for a fee.
Per the rule, mortgage relief companies won’t be able to collect any fees until borrowers are happy with the offer they receive – consumers can also reject an offer without any charge.
Additionally, these companies must make it clear in advertisements that they aren’t affiliated with the government, that the mortgage lender may not agree to change the consumer’s loan, and if they advise homeowners to stop making mortgage payments, they must also inform them that doing so could lead to the loss of their home and/or credit score damage.
They are also banned from telling consumers to stop communicating with their lenders or servicers, and must also let consumers know that they can seize doing business with the companies at any time.
The amount of the fee must also be disclosed upfront.
Here’s the loophole:
Attorneys are generally exempt from the new rules if they meet three conditions:
– must be engaged in the practice of law – must be licensed in the state where the consumer or the dwelling is located – must comply with state laws and regulations governing attorney conduct related to the rule
And to be exempt from the advance fee ban, attorneys must meet a fourth requirement, that they place any fees they collect in a client trust account and abide by state laws and regulations covering such accounts.
The new rules take effect on December 29, 2010, minus the advance-fee ban provision, which becomes effective January 31, 2011.
Do you receive a year-end bonus? Lucky you! While you may be tempted to go on a shopping spree or take your gang out to a great dinner, hold on a second. Yes, you can use some for fun, but you might also want to put some of a year-end bonus toward your financial goals.
Smart bonus money moves may include paying down debt, helping to fund a short-term savings goal (such as a downpayment on a house or establishing an emergency fund), as well as investing the money to potentially achieve long-term growth.
There’s no one right formula for spending (or not spending) a bonus: Each person’s financial situation and future goals are entirely unique.
But here are some ideas for using your bonus — or any other cash infusion, in fact — that can help improve your financial wellness today and tomorrow.
Allocating Some Money to Fun
You worked hard all year. So it’s totally understandable if you want to put some of your bonus money simply towards a few wants vs. just needs.
With any financial decision, it typically doesn’t have to be all or nothing, and that includes your work bonus. In fact, taking a balanced approach to your money might actually help you to maintain the stamina that financial goals often require.
Although the exact split is ultimately up to you, to avoid overspending, you might want to consider putting roughly 90% of your bonus towards your financial goals, and devoting about 10% to “fun money.”
If you’re getting a $5,000 bonus (after taxes), for example, that means you would have $500 to spend treating yourself. The other $4,500 would then go towards putting a big dent in your money goals.
Recommended: Benefits of Automating Your Finances
Chipping Away at Debt
If you have debt — whether from a student loan, car loan, or credit card debt — a bonus can be a great way to start whittling away at whatever balance you have to contend with, or even wiping it out completely.
Doing this can help you avoid throwing more money away just on interest charges, and if you manage to wipe out debt completely, you’ll have one less financial responsibility to stress about every month.
How much of your recent influx of cash should be directed toward debt reduction is entirely personal, and will depend on your situation.
Some financial planners recommend that people with high-interest debt consider putting around half of their annual bonuses toward paying down that debt. But this decision will depend on your individual circumstances.
Since credit card debt typically costs the most in interest, that can be a great place to start. Many credit cards charge close to 20% interest or higher. So if your goal is to ultimately build wealth, it may be smart to minimize credit card balances or, even better, pay them off completely.
It would be unreasonable to expect that you could out-invest what you are paying out in credit card interest. The same idea goes for any high-interest or emotionally stressful debt on your balance sheet.
Recommended: 5 Reasons to Switch Bank Accounts
Saving for a Short-Term Goal
If you haven’t yet started, or haven’t quite finished, creating an emergency fund, getting a bonus is a great time to beef up that financial cushion.
While many people don’t like to think about the possibility of their car breaking down, a medical emergency, or job loss, should one of these unexpected events occur, it could quickly put you in a difficult financial situation.
Without back-up, you can risk landing in debt should you experience a financial set-back.
How much to sock away for a rainy day is highly personal. But a common rule of thumb is to create an emergency fund that has enough money to cover three to six months of living expenses. You may need more or less, depending on your situation.
If you already have a decent cash cushion, you may next want to think about what large purchases you are hoping to make in the not-too-distant future, say, less than five years.
This could be a downpayment on a home, a renovation project, taking a special family vacation, buying a new car, or any financial step that requires a large infusion of cash.
Then consider using at least some of your bonus check to jump start these savings goals, or add to previously established ones.
It’s a good idea to put money you are saving for a short-term goal (whether it’s a downpayment or an emergency fund) in an account that is safe, earns interest, and will allow you to access it when you need it.
Some options include a savings account at a bank, an online savings account, a checking and savings account, or a certificate of deposit (CD). Keep in mind, though, that with a CD, you typically need to leave the money untouched for a certain period of time.
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Invest for the Future
Bonus money can also help you start investing in longer term goals, such as retirement or paying for a child’s education. Using bonus money to buy investments can help you create additional wealth over time.
For example, a lump sum of cash can work wonders in boosting your retirement savings. Even if you’re technically on track for retirement, adding more money to your IRA or 401(k) today can leave you with a larger income stream when you’re older. If you’re already contributing to these accounts, be aware of the annual limits.
You can contribute to your retirement using your bonus in a couple of ways. Many companies will automatically deduct from your bonus for your 401(k) at the same rate as usual.
You can also ask your company in advance if you can have a special withholding for your bonus. You may be able to fill out a form (or go onto the company portal) to designate up to 100 percent of your bonus to your 401(k).
If you can’t direct that money to your 401(k), and you’re eligible for an IRA, consider maxing that out instead.
Either one can help get you closer to a great retirement–and may also help you save significantly on taxes in the short term.
People who have kids may want to consider putting some bonus money toward starting, or adding to, a college savings account, such as a 529 plan (which in some states can offer tax benefits).
For financial goals outside of retirement, you may want to look into opening a brokerage account.
This is an investment account that allows you to buy and sell investments like stocks, bonds, and mutual funds. A taxable brokerage account does not offer the same tax incentives as a 401(k) or an IRA, but is much more flexible in terms of when the money can be accessed.
How much of your bonus you should put towards long-term investments is an individual decision that will depend on your current financial circumstances.
The Takeaway
No matter the size of your hard-earned bonus, it’s a good idea to think about how it can best serve you and your goals in both the short and long term. Some smart ways to use bonus money include getting ahead of high-interest debt, setting up or enlarging your emergency fund, saving up for a large purchase (such as a home), as well as beefing up retirement savings and other long-term investments.
You can mix and match smart spending and smart saving to fit your financial situation. One easy way to do this is to sign up for an online bank account from SoFi Checking and Savings. You’ll earn a competitive annual percentage yield, pay no account fees, and you’ll spend and save — all in one convenient place. Whether you’re saving for something specific or storing cash until you’re ready to invest, SoFi Checking and Savings can help you put that year-end bonus to good use.
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SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 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. Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. SOBK0523026U
How to Make $500 a Month in Passive Income – SmartAsset
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You can produce $500 a month in passive income through savings accounts, certificates of deposit, stocks, bonds, funds and other investment vehicles. Each offers varying rates of return, degrees of safety, convenience, and liquidity. And each requires a significant initial investment to produce the required amount of passive income.
A financial advisor will be able to help with your investment decisions.
How to Make $500 a Month in Passive Income
Passive income generally refers to money you receive automatically without having to do anything such as work for wages. The most common way to generate passive income is through purchasing investments that pay you interest or dividends.
Producing passive income in this way calls for putting in money rather than putting in the effort. However, once you have invested the money, you can cash checks or receive deposits to your bank account without any intervention on your part.
And there are many investments you can make to produce $500 monthly in passive income. Here are some of the most accessible and reliable:
Savings Account
A bank or credit union savings account is as passive, safe and convenient as you can get. The top-paying savings accounts yield around 4.5% annually. At that rate, depositing approximately $133,333 will give you $500 monthly.
Certificates of Deposit
Certificates of deposit (CDs) are relatively safe, somewhat better-paying and a little less convenient than savings accounts. The best one-year bank certificates of deposit yield about 5% annually. So if you buy a $120,000 12-month CD, you’ll get about $500 in passive income each and every month.
Bonds
Corporate bonds are riskier than bank deposits. But AAA-rated bonds are generally considered safe and historically yield a little over 4%. If you buy $125,000 worth of AA-rated bonds, you can expect to receive the equivalent of $500 a month. That usually comes in quarterly, semi-annual or annual payments.
Dividend-paying Stocks
Shares of public companies that split profits with shareholders by paying cash dividends yield between 2% and 6% a year. With that in mind, putting $250,000 into low-yielding dividend stocks or $83,333 into high-yielding shares will get your $500 a month. Although, most dividends are paid quarterly, semi-annually or annually.
Diversified Securities Portfolio
A diversified securities portfolio of 60% stocks and 40% bonds has returned about 6.1% annually on average for the last decade, according to Vanguard. If future performance matches past performance, which is not guaranteed, $100,000 invested in a well-chosen 60/40 portfolio could grow by about $6,000 a year. The return includes dividends as well as price appreciation, so you may have to sell some of your investments to get $500 a month.
Exchange-Traded Funds
Low in cost and easy to buy, passively managed exchange-traded funds (ETFs) produce returns that vary according to whether they track stock, bond or other indexes. To cite one example, Vanguard’s High Dividend Yield ETF yields approximately 3%. You’d need to invest approximately $167,000 to get $500 a month in passive income from that ETF.
Real Estate
Purchasing shares of a Real Estate Investment Trust (REIT) is one popular way to get passive income from real estate. Publicly traded REITS pay dividends at an average rate of about 3%. So you’d need $167,000 to produce $500 in monthly passive income this way.
Other income opportunities that are somewhat less passive can also provide regular monthly income with varying amounts of effort. Drop shipping, for example, is a business model that involves setting up an online store and taking orders for products that pass directly to a supplier, who fulfills them without you having to do a thing except accept payment.
Direct investments in real estate, such as purchasing rental properties, can produce income that the internal revenue service (IRS) views as passive income, entitling it to more favorable tax treatment than earned income from working. However, managing residential real estate can involve considerable effort and attention on your part unless you pay a management company to take care of leasing, repairs and other tasks.
Bottom Line
To generate $500 a month in passive income you may need to invest between $83,333 and $250,000, depending on the asset and investment type you select. In addition to yield, you’ll want to consider safety, liquidity and convenience when selecting the investments you’ll employ to provide monthly passive income. However, once you’ve made the decision and put down your money, you can expect to receive regular payments without much, if any, additional future effort.
Tips for Investing
Financial advisors help investors analyze various investment options and can help create a plan of action to meet their goals. Before investing in any passive income investments, consider talking with an advisor to understand how it fits within your portfolio. Finding a qualified 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. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
When investing your money, it is important to diversify your assets among many different types of stocks and bonds. This helps you gain exposure to multiple sectors of the market and benefit from their growth. Our asset allocation calculator helps you select a profile that’s right for you based on your answers to simple questions.
Mark Henricks
Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.
If you’ve had endometrial cancer in the past, you’re going to face some unique challenges when shopping for life insurance.
If you’ve fully recovered from your cancer treatments, you may be able to buy a policy at a decent rating.
To help you determine whether you would qualify and at what rating, we’ve put together a complete guide to insurance underwriting for applicants that have had endometrial cancer.
Having the proper life insurance plan can help make losing a loved one a little easier without the added financial stress.
Life Insurance Underwriting for Endometrial Cancer
During the application process, they are going to ask you a lot of questions. They are going to review several categories:
When were you diagnosed with endometrial cancer?
What stage was your cancer in (in situ through stage 4)?
How long did your cancer treatment last?
What treatments did you receive for your cancer?
How long has it been since you’ve recovered from your treatments?
Do you have a family history of cancer and have any close family members died of cancer?
This are only some of the basic questions they are going to ask about your cancer. Each insurance company has a different questionnaire. The more information the carrier gets about you, the better your chances of being approved.
Life Insurance Quotes after Endometrial Cancer
After you’ve had endometrial cancer, your life insurance rating will depend on a few factors. First, insurance companies will want to know how far the cancer spread, rated by the cancer stage. If the cancer didn’t spread beyond the uterus, you have a better chance of getting insured than if the cancer spread further.
In addition, the longer you’ve been cancer-free, the better. This shows insurance companies that you haven’t had any new problems or complications. Insurance companies will also review your overall health to make a decision. While each company treats uterine cancer a little differently, here are some general guidelines that you can use to predict your life insurance rating.
Preferred Plus: Impossible for someone that has had uterine cancer. The chances of a recurrence or other health problems are just too high for an applicant to receive a discounted policy.
Preferred: Also impossible. Insurance companies generally don’t give discounted policies to people that have had cancer.
Standard: Should not be expected for applicants that have had uterine cancer. In very rare cases, someone that has fully recovered and only had stage 0 or 1 uterine cancer may receive a standard rating Applicants would need to be in otherwise exceptionally good health and have waited at least four years since treatment.
Table Rating (substandard): Most likely rating for applicants that have recovered from stage 0 and stage 1 endometrial cancer. An applicant should wait at least two years after treatment and would likely get a better rating for waiting four or more years. Applicants with stage 2 endometrial cancer (only in the uterus and cervix) may also get a rated policy several years after recovering from treatment.
Declines: Applicants that have had stage 3 or 4 uterine cancer. There is just too high risk to qualify for a regular insurance policy. Applicants that had stage 2 uterine cancer and apply within 5 years of treatment are also likely to be denied.
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Life Insurance Case Studies after Endometrial Cancer
Qualifying for life insurance after endometrial cancer is difficult, but you can increase your chances. To help explain this, here are a few cases of previous clients we have worked with.
Case Study #1: Female, 58 y/o, non-smoker, had Stage 0 endometrial Cancer at 53, recovered fully after surgery and radiation therapy, tried applying for insurance right away and was denied.
This applicant caught her uterine cancer early and was able to successfully treat the problem without any issues. She tried to apply for life insurance right at the end of her radiation therapy and was denied, causing her to think she couldn’t qualify for insurance. We helped her complete her application because her first attempt didn’t include enough information on her treatment. By reapplying with our help, she received a substandard level 1 policy, only one level below standard and typically the best rating for someone that had uterine cancer.
Case Study #2: Female, 64 y/o, had Stage 2 endometrial cancer at 57, ended cancer treatment at 58
This applicant had Stage 2 endometrial cancer when she was 57. Luckily, she fully recovered after treatment. She tried applying for insurance at 64, but she couldn’t qualify. Insurance companies are generally wary of taking on applicants that have had Stage 2 uterine cancer. We suggested she go see her doctor for a complete check-up. The doctor verified that she was in great health and that there were no signs of cancer. After she did this, she qualified for a rated policy.
The Bottom Line
Qualifying for life insurance after endometrial cancer isn’t easy, but it is possible. It helps to work with a professional that understands this condition. Has plenty of experience working to get life insurance for people that have had uterine cancer. We can help you fill out your application and give you the best chance of qualifying for a fair rating. If you can’t qualify for regular life insurance, we can also guide you through your other options, like guaranteed issue life insurance.
Even if you’ve had a hard time getting life insurance with cancer in the past, we can show you several different options for life insurance coverage.
One option is a guaranteed issue policy. These plans allow anyone to buy life insurance, regardless of past health complications. All you have to do is give some basic info. These plans don’t provide nearly as much insurance, but some coverage is better than no coverage.
If you’re planning to work your way through college, consider a job that offers more than just a paycheck. Some companies pay for college — fully, partially or through other educational perks.
Combined with other cost-effective ways to pay for college — like scholarships, grants and fellowships — employer assistance can reduce your total college costs substantially and help you start your post-grad life on a strong financial footing.
National employers that pay for college
Don’t overlook your local employers. Explore the educational benefits of local companies to see what they offer. For example, Dick’s Drive-In Restaurants — a popular chain in Seattle — has a $28,000 scholarship program for employees who pass a skills test.
How do employer educational benefits work?
Employers can help pay for your college tuition in different ways. Here are a few of the most common employer tuition assistance programs.
Reimbursed tuition. Employers who offer tuition reimbursement will often pay you for qualified educational expenses after you’ve paid your college. Tuition reimbursement can be partial — where the employer covers a percentage or flat amount. Or, you can be reimbursed for full tuition. Though this helps to cover expensive college costs, it can be difficult for students who have to pay the bill upfront.
Tuition paid directly. Some employers offer tuition assistance where eligible college costs are paid directly to the school. In some cases, the company will partner with a college or educational platform — like Guild — to handle payments and administrative tasks. Similar to reimbursement, an employer can choose to cover a portion or the full cost of your education.
Employer-sponsored scholarships. Scholarships from your employer could account for tens of thousands of dollars toward your education. For example, Taco Bell offers the Live Mas scholarship — up to $25,000 — to eligible employees. As with other scholarships or merit-based rewards, you may be required to answer a set of questions that highlight your achievements and goals. You could also be required to maintain a certain GPA.
What to know about employer tuition assistance before you commit
Educational programs can vary greatly by company.
In general, a company will define the type and amount of the benefit, who is eligible and any other stipulations.
Here are a few questions to ask when evaluating a company’s educational assistance program, based on findings from the Society for Human Resource Management.
Who is eligible for tuition assistance? Some employers may offer assistance only to full-time employees or people who have worked there for a certain amount of time.
Are there certain degree types or schools that qualify? For most financial aid, you’ll need to attend an accredited university. But your employer can have additional requirements — like requiring a major that relates to your current job.
How much does the company cover? Your company could pay a percentage of eligible costs, a flat amount or the full cost.
Are other educational expenses covered? For example, will financial aid pay for textbooks and fees?
How are the funds dispersed? Your employer may require you to pay upfront and provide documentation so they can reimburse you. Or, they may have a partnership with a college or educational platform to handle payments directly.
Are there any stipulations for me to remain eligible for the benefit? You may have to stay with the company for a certain number of years after completing your program.
How do I sign up for employer educational benefits? Make sure you’re aware of any enrollment periods or deadlines ahead of time.
Planning to purchase a home or refinance an existing one? If you served in the military or you’re a surviving spouse, then a VA home loan may be an option worth considering.
However, you must meet requirements set by the U.S. Department of Veterans Affairs (VA) as well as lender credit and income conditions to be eligible for a VA loan.
Here’s what you need to know about VA home loans.
What Is a VA Home Loan and Who Can Get It?
A VA home loan is a $0 down loan backed by the VA and issued by private mortgage lenders. The VA loan is available to veterans, service members, and select surviving military spouses.
Since 1944, the program has backed more than 25 million loans including more than 1.2 million mortgages.
If you qualify, you can purchase, build, or refinance a home with little to no down payment, have access to competitive interest rates, and have no private mortgage insurance (PMI).
What Are the Requirements for a VA Home Loan?
To be eligible for the VA home loan program, you must meet military service and discharge conditions and satisfy the lender’s income and credit requirements.
You must meet one or more of the following criteria to qualify for a VA home loan:
Served 90 consecutive days of active service during wartime.
Served 181 days of active service during peacetime.
Served 6 years in the National Guard or Reserves.
You are the surviving spouse of a veteran who died in the line of duty or as a result of a service-related disability. You also didn’t remarry before you were 57 years old or before December 16, 2003.
In some cases, you may still qualify for a VA loan even if you don’t meet the service length requirements. For example, you were discharged for a service-related disability.
You must also meet the lender’s minimum underwriting criteria:
Credit: While the VA doesn’t require a certain credit score to qualify for a VA loan, most lenders want to see a score of 620 or higher.
Debt-to-income ratio: A DTI of 41% or lower is generally preferred. Anything above that may require additional financial review.
Down payment: Nearly 90% of VA home loans are made with no down payment. But, if the purchase price of the home is greater than its appraised value, you may need to pay the difference.
Property requirements: According to the VA, properties must meet minimum requirements to make sure that it is safe, structurally sound, and sanitary before the loan is guaranteed. A VA appraisal may also be required.
Find a Total Mortgage loan expert near you to discuss your options if you qualify for a VA loan.
What Is the VA Loan Process? 6 Simple Steps Explained
Even though it’s a specialized loan product, the VA loan process isn’t more difficult than any other type of loan.
Here are 6 simple steps to getting a VA home loan.
1. Apply for your Certificate of Eligibility (COE)
A COE is a form from the Department of Veterans Affairs showing the lender that you’re eligible for a VA loan. To receive a COE, you must meet the service history and duty status requirements from the VA.
You can request a COE online, by mail, or through your lender.
2. Find a VA-approved lender
Not all banks, mortgage companies, or credit unions offer VA loan products. You must find a lender approved by the U.S. Department of Veterans Affairs.
Lenders also offer different interest rates and fees, so make sure to shop around for the best loan for your situation.
3. Get pre-approved
Getting pre-approved for a VA home loan can help you better understand what you can afford and make your offers more attractive to sellers.
To get pre-approved, the lender will verify your financial information and provide a loan estimate. Once pre-approved, the lender will give you a pre-approval letter.
4. Go house hunting
Find an agent that’s knowledgeable of the VA loan process. An agent who has helped VA loan borrowers in the past may be able to offer better insight on what to expect.
Once you’ve found a home and signed a purchase agreement, the next step is the VA home loan mortgage process.
5. VA appraisal and home inspection
The lender will process your loan application and order a VA appraisal. The VA will estimate the market value of the property and make sure it meets minimum property requirements.
You will also need to schedule a home inspection. The inspector will conduct a comprehensive overview of the structure and components of the home. Afterward, the inspector will give you an objective assessment of the condition of the home.
6. Closing
At closing, you’ll sign documents and pay any required closing costs, including the VA funding fee. The funding fee is a one-time payment to the VA ranging from 0.5% to 3.6% of the loan amount. This fee helps support the VA loan program.
Once everything is signed and paid, you will officially be the owner of a new home.
How Are VA Home Loan Interest Rates Set?
The VA doesn’t set interest rates for loans. Instead, the lender will set your interest rate depending on what’s going on in the market and your financial situation. This is why it’s important to shop for the best interest rates.
There are several factors that go into determining VA home loan interest rates. These include:
Credit score
Payment history
Loan type
Loan term
Interest rates constantly change, so if you’re happy with the rate you’re quoted, you can lock in your rate with your lender.
Can You Get a VA Loan for a Multifamily Home?
According to the Department of Veterans Affairs, VA loans can be used to purchase a 4-unit house. You’re also required to occupy the property as a primary residence but the other units can be rented out. This isn’t a special type of VA loan. All VA loans are single-family home loans.
Does a VA Loan Cover the Cost of New Construction?
Veterans and active military can also use a short-term VA construction loan to build a single-family home on purchased land.
The VA construction loan covers the cost of purchasing a lot, building the home, and financing the mortgage once it’s finished.
Apply for a VA Home Loan With Total Mortgage
VA home loans are usually easier to qualify for, can have lower interest rates than conventional loan products, and have additional benefits not available to the average borrower. However, you need to meet certain requirements to be eligible for this type of loan product.
Total Mortgage is committed to helping veterans, active military, and surviving spouses get a mortgage for as little as 0% down. We offer VA 15-year fixed, 30-year fixed, and streamline refinance.
Find a Total Mortgage branch or apply online and get a free rate quote.
Studies show that landscaping can add 12 to 15 percent to the value of your home. All you need is a green thumb to put some extra green in your pocket.
Landscaping is more than flowers and shrubs. Upgrades can involve things like patios and decks, flowerbeds, barbecue pits, watering systems, and plants of all sorts. As you enter into a landscaping project, you have plenty of choices about what kinds of upgrades to make.
The trick is to make improvements that prospective buyers want. If you do, then your property value will rise.
What Do the Experts Say?
Though experts agree that landscaping improvements usually raise a property’s value, it can be difficult to predict exactly what kind of gains you’ll see in individual circumstances. Estimates vary by home and note that the lasting effect of landscaping requires ongoing maintenance.
Virginia Tech horticulturist Alex Niemiera concluded that landscaping can add 12.7 percent to the value of a home — in his research six years ago. That translates into an extra $16,500 to $38,100 in value on a $300,000 home. In extreme cases, property values can more than double, and conversely, they can actually decrease if the landscaping contains undesired features that the local market doesn’t support.
The American Society of Landscape Architects (ASLA) recommends that homeowners invest 10 percent of the home’s value in landscaping. Landscape architecture goes beyond plantings, or softscaping, to include structural features like lighting, fences, garden paths, fire pits, swimming pools, and ponds.
Outdoor rooms, terraces, and decks are also high-yield structural or hardscaping investments. A landscape architect can work with the client to generate a detailed plan. Typically, the homeowner then hires a general contractor, landscape contractor, or subcontractor to perform the installation.
Landscaping on the Cheap
Of course, it’s quite easy to spend more on installation and ongoing maintenance than the landscaping benefits the value of your home.
A professional landscaper might seem like an extravagance, but they can help you gain equity in your home and save money by recommending features and plantings that will appeal to buyers and are cheap to maintain.
For example, perennials and bulbs can add color and style to your property all year long. Other cost-effective improvements include aesthetically pleasing architectural improvements, such as stone walkways and terracing that require little or no maintenance.
Another important factor to consider is the contractors who do your landscaping upgrades. Many companies vie for this kind of business, and choosing the right contractor can make a lot of difference.
Find a contractor with whom you are comfortable, who is honest and patient, and who can show you a good track record. Lastly, pay attention to the details. A subtle, small change, such as curving the edges of your flowerbeds, can by itself increase your home value by 1 percent.
How Does Curb Appeal Impacts Home Value?
Appealing landscaping can measurably increase the appraised value of your property.
“If a landscaping change is positive, it can often enhance price and reduce a home’s time on the market,” says Appraisal Institute President Richard L. Borges.
“But if the change is negative, it can lower the price and lengthen the time a home remains for sale.”
Curb appeal is essential when selling a home, Borges says, noting it’s the homeowner’s opportunity to make a great first impression. A home with lackluster landscaping or an exterior in desperate need of a fresh coat of paint will likely be unappealing to prospective buyers and ultimately could affect the home’s potential resale value, he said.
Borges says homeowners should ask themselves the following questions when it comes to the quality of their home’s green space:
Is the landscaping attractive enough to make the prospective buyer walk through the front door? Keep the design contemporary and in line with comparable properties in the area.
Could the landscaping provide cost savings? Landscaping that requires little or no water to maintain could be desirable depending on the geographic area.
Is the landscaping energy-efficient for the home overall? For example, it’s a good idea to plant trees in a place where they block the sun in locations with year-round hot climates.
Are the trees planted at a safe distance from the home and are they healthy and well maintained? Weak, old or damaged trees planted too close to a home or building could pose dangers to the home’s structure and will need to be removed. Consumers should also be sure that mulching or beds don’t get too close to wood around foundations to avoid wood-destroying organisms.
Home renovation guru Bob Vila counsels that perhaps the biggest mistake homeowners make is a piecemeal approach to landscaping.
“Homeowners begin projects, start to clear areas, put in a mix of plants, and proceed without a plan. The result is a hodgepodge of plantings and gardens that give the property a disorganized feel. An implemented professional landscape design provides a polished look. Following a professionally prepared plan will lead the homeowner to a beautiful property while remaining within a pre-established budget.”
Vila cautions homeowners to remember that everything doesn’t have to happen at once. Consider a five-year plan that has plantings maturing at varying rates and adds various features each year.
This way you can remain within your budget—time-wise and cost-wise—while still progressing toward a complete landscape renovation.
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Do you know how much a freight broker makes?
Shipping is one of the most common forms of international trade that takes place on our planet. There are many different types to choose from, like air freight, sea transport, and trucking.
Freight brokers are in high demand.
The daily tasks of a freight broker require plenty of planning, organization, and skill.
In this post, we will explore how much a freight broker makes on average each year as well as the types of employment that pay them the best salaries.
Let’s take a look at what these jobs entail:
What is a Freight Broker?
A freight broker negotiates with carriers for shipping opportunities by representing buyers and sellers interested in transportation services offered through qualified carriers or companies which may include ships as well as land-based modes such as trucks and trains.
It can be a lucrative profession if you’re skilled at it, but how much do freight brokers earn?
What is the average freight broker salary?
The average freight broker salary is $45,000. This number can vary depending on a number of factors, including the region of the country in which they work and their level of experience.
Also, as Freight 360 points out, the commission is the lucrative part of the job, and most W-2 employees make over $80K per year.
Freight brokers in the Midwest typically earn more than those in other regions. This is due to the fact that there is more business activity in this part of the country.
Those who are just starting out in this career field may not earn quite as much as those who have been working as freight brokers for several years. However, with time and experience, most people will see a gradual increase in their income.
How much does a freight broker make per year?
According to the US Bureau of Labor Statistics, the median salary for a freight broker is $46,910 or $22 an hour.
On a higher pay scale, Indeed.com lists the national average salary at $62,105 per year.
This means that 50% of all workers make more than this amount and 50% make less.
The freight broker salary is often impacted by a number of factors. One of the most important factors is whether or not the freight broker is a W-2 employee or an owner/operator of their own company.
W-2 Freight Brokers
W-2 employees are more common and make less than owners/operators. They work under a licensed freight broker and receive a base salary plus commission on each shipment they book.
Licensed Freight Brokers
Licensed freight brokers who own their own company often employ other freight brokers and may have higher earnings potential.
A freight broker is an independent business person or a broker who works with the transportation companies, agents, or brokers to renegotiate freight contracts on behalf of the shipper.
Becoming a freight broker requires a significant investment and takes a higher than average risk but it could prove to be well worth it in the long-term.
1099 Freight Broker
As 1099 independent contractors, a freight broker works under a licensed broker. But, they do not have the benefits of being a W-2 employee.
Freight broker Salaries by state
Freight broker salaries hover near the average $60000 salary. However, this salary varies widely based on location.
These statistics below are from Indeed.com.
Highest paying states
Kansas: $75,686 per year
Arkansas: $71,220 per year
Illinois: $66,448 per year
Utah: $65,250 per year
Georgia: $63,896 per year
Florida: $62,515 per year
Ohio: $62,268 per year
Texas: $61,921 per year
Iowa: $60,744 per year
Lowest paying states
West Virginia: $37,750 per year
Vermont: $38,040 per year
Alaska: $39,620 per year
Wisconsin: $39,710 per year
Hawaii: $39,920 per year
Interestingly enough, many of the low cost of living areas have the highest salaries. Whereas the lowest paying states have a higher cost of living. So, when factoring this into the HCOL vs LCOL debate, this is a highly lucrative career in those mid0west states.
Can you make good money as a freight broker?
Since you make money as a freight broker through commissions, there is no limit to what you can earn. You can make good money if you are driven to succeed and hit your sales quota each month.
Is becoming a freight broker worth it?
Being a freight broker training can be lucrative, with many freight brokers making six figures.
This business is ideal for talented salespeople who know how to cultivate long-lasting customer relationships. Freedom is one of the biggest factors for many people and it’s hard to find a job that offers this amount of freedom.
What are the most common freight broker job responsibilities?
Freight brokers are responsible for a variety of tasks, including finding shipments for their clients, negotiating rates, and arranging transportation. They must have strong analytical thinking and problem-solving skills in order to be successful in this career.
Freight brokers are responsible for a wide range of tasks, from communicating with clients and carriers to preparing and issuing invoices.
The most common freight broker job responsibilities are maintaining strong communication, collaborating with other departments, and retaining customers. Freight brokers are also responsible for ensuring that shipments arrive on time and under budget.
In addition, they also need to be familiar with the laws and regulations governing freight transportation.
Additionally, freight brokers should have a deep understanding of the transportation industry so they can provide the best possible service to their clients.
What skills are required to be a successful freight broker?
There are a number of skills that are important for freight brokers. These include, but are not limited to, customer service skills, problem solving skills, communication skills, and organization skills. Additionally, it is important to have a passion for the job in order to maximize income potential.
In order to succeed in this career, you’ll need strong computer skills. This includes being able to use Excel spreadsheets and other software programs that are commonly used in the freight industry.
What education is necessary to become a freight broker?
There are many ways to become a freight broker, but the best way to start is by taking a course from a private company. This will give you the essential knowledge and training you need to start working in this field.
DAT, one of the best companies, that provides the best load boards for truckers recommended this course.
In order to become a freight broker, you will need both experience and education. Depending on the state in which you reside, you may be required to have a certification in order to work as a freight broker.
In fact, it is one of the few well-paying careers that does not require secondary education. Most employers only need a high school diploma or GED.
What are the career prospects for freight brokers?
The freight broker job market is always on the move. The industry is constantly growing and changing, so it’s important to stay up-to-date on the latest trends.
As will all know, supply chain issues will continue and freight brokers will help eliminate the problems with logistics.
One of the best ways to get started is by working for someone else as a freight broker before moving on to become running your own business.
Unfortunately, the turnover rate for new brokerage authorities is high. Only one-third keep their designations. However, if you have the right skills and are willing to put in the work, then your career prospects are excellent.
In fact, if you keep using these good excuses to miss work, then a job change is probably needed.
How can you earn more as a freight broker?
There are many ways to increase your income as a freight broker. As a business owner or someone working on commissions, you want to do everything you can to increase your profit margin.
Use Load Boards
Freight brokers can maximize their income potential by using load boards.
Load boards are a valuable resource for freight brokers, as they provide access to a large number of shippers and carriers. When freight brokers have access to a large number of shippers and carriers, they are able to find the best matches for their clients’ shipments.
Grow with DAT load boards.
Generate More Business
If you want to increase your income, the first thing to do is to get more clients.
This can be done by either marketing yourself or networking with other businesses.
By working, harder and smarter, you will find more and retain more clients. This means taking on more jobs, learning new skills, and being efficient with your time.
Increase your Margin
Another way to increase your income is to bill more for your services. You can do this by becoming an expert in a certain area of freight shipping or by charging higher rates.
Additionally, you can work on becoming more efficient so that you can take on more clients and earn more commissions. Finally, try to focus on developing long-term relationships with clients so that you can continue to receive repeat business.
Ask for A Raise
There are a few ways to make more money as a freight broker. You can increase your base salary or commission rate.
Generally speaking, the more business a freight broker can bring in, the higher their commission rate will be. Then, asking for a raise will be easy.
Delegate Tasks
As a freight broker, you may be tempted to do everything yourself in order to save money. However, this can actually limit your earning potential.
By delegating administrative or back-office tasks to others (especially if you are a 1099 or licensed broker), you can free up more time to focus on sales and generate more revenue.
Location. Location. Location.
Location is key when it comes to freight broker salaries. The closer you are to a transportation hub, the more you can expect to make. Additionally, freight brokers in some states earn more than those in others due to differing registration fees, varying licensing and insurance requirements, and different local and state taxes.
Be Your Own Boss
In addition, by owning your own freight brokerage, you keep all of the profits. You will also have more control over the work that you do and who you work with.
This can lead to a more successful business and a higher earning potential.
Now, You Know How Much Freight Brokers Make
Is this the right career path for you?
There are many factors to consider. Many people love that these types of jobs can be done remotely and give you flexibility.
Freight brokers are in high demand due to the increasing popularity of freight shipping.
Freight broker salaries vary depending on a variety of factors, including experience, skills, and location. However, most freight brokers make a comfortable living.
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One of the biggest misconceptions about buying life insurance, if you are a scuba diver, is that you will be classified as “High Risk“. This is simply not true.
However, your risky hobby will most likely increase your monthly premium. There are certain guidelines that insurance companies use to figure out your “risk rate”.
Health, hobbies, and history are a few of these and your answers all go into an algorithm that helps the underwriter determine your risk to the company, and frankly your risk of dying.
As a scuba diver, you may have learned that getting cheaper life insurance premiums is almost impossible.
But we’ve done some research and we found out that there are some measures you can take to mitigate the murky waters of high-risk and high premium life insurance.
Many scuba divers can still qualify for the best rates.
What Determines Your Rate?
When it comes to scuba diving, there are several factors that life insurance companies need to know to clarify the risk of your activity.
They need to know what type of certification you have, your experience with scuba diving, the average and max depth you dive and the type of scuba diving you participate in.
They want to make sure they know everything about your scuba diving experiences before they insure you.
Knowing these four things help insurance companies determine what risk they are taking on insuring your life.
Scuba Diver Certifications
If your are a scuba diver, you must be a certified scuba diver before an insurance company will even consider issuing you a policy.
Insurance companies want to make sure you are certified by a nationally recognized scuba diving organization such as PADI, NAUI or SSI to name a few.
They want to make sure that you are qualified and know what you are doing when you are diving.
The higher degree of certification you have, such as Advanced Scuba Diver or Master Scuba Diver, can also allow you to receive better rates.
Experience
Your scuba diving experience can tell the insurance company a lot about what type of diver you are. If you are just a recreational diver that goes when you are on vacation to the Caribbean, or if you are a more experienced diver. The insurance company will want to know how many dives you have had in your career.
If you have had a lot of dives in your career, this allows the insurance company to see you are a knowledgeable scuba diver, and therefore a safer risk than someone who has only done 4 – 5 dives in their life.
Life insurance companies will also be concerned with the amount of dives you have done in the past 1- 2 years. Life insurance companies are looking for consistencies in your dives. This allows them to reasonably predict your diving pattern for the future and access your risk based on that.This is where some insurance companies really start to stand out.
Some insurance companies have a MAX number of dives they allow per year for their top rate class. This number can vary from a few a year, vacation only, 10 or 12 to no max. Make sure you talk to a qualified agent who can get the company that suits your diving frequency.
Type of Scuba Diving
Another risk factor that life insurance companies take into account is the type of scuba diving you participate in. This is an important factor and something you want to be open with your insurance agent about, as it changes the companies that will offer you a life insurance policy.
Insurance companies can offer the best rates they have available to open water divers. What this means is they want to make sure that when you are diving you have a clear and non-obstructive path to the surface should the need arise. If you dive in reefs and lakes this is good news. However, if you enjoy cave diving, wreck diving or commercial diving, most insurance companies will only allow a Standard rate class and the majority will have a “Flat Extra” fee per $1,000 of insurance coverage.
Max Diving Depth
Out of all the factors listed above, the max depth you dive is by far the most crucial fact in determining your risk class. This fact is something you want to be completely honest with your agent with, as most companies have a max depth they will allow for their best rate classes.
75 feet is the typical max depth that insurance companies allow for their best rate classes.
This is usually above the range of most recreational dives. The standard recreational dive is usually around 30 -40 feet and includes 1 or more dive masters or instructors. Most insurance companies find this to be the least risky option when diving. There are a few companies that only allow up to 50′ dives, this is why it is important to make sure you are speaking with an agent who knows what he id doing.
Once you go past 75 feet the list of companies willing to give you preferred or preferred plus rates shrinks. 100 feet is the max depth allowed by the rest of the insurance companies for their best rates. If you are diving at these depths, it is very important to have the proper certification, as the standard open water diver certification only allows up to 60 feet.
As you progress past 100 feet the list of companies willing to insure you at preferred plus or preferred vanishes and there is only a handful of companies that will give you a standard rate class. Of the companies that will insure you for dives of 100 feet or more there is usually a ‘flat extra’ charge per $1,000 of coverage. This ‘flat extra fee’ can be anywhere from $2.50 – $7.50 per $1,000 of insurance coverage you are needing.
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Bottom Line
Being open and honest with your life insurance agent is one of the best moves you can make. With all the different standards and variables for each insurance company, it is important that they have all of the information they need when it comes to your scuba diving activities. Make the first step by talking to a qualified agent who can shop your policy around with the best company.
How will artificial intelligence — Chat GPT and image-generating programs such as DALL-E — change the way the home furnishings industry does business? A handful of home décor executives, some of whom are experimenting with the technology and others who are still in watch-and-see mode, shared their thinking with Home Accents Today:
Jamie Merida
Bountiful Home
As far as it being an AI tool for writing and language, I don’t see it being an asset to us, but I am intrigued by AI photo generators as a brainstorming tool. Typing in a few prompts, like “pinecone toile” or “modern red living room” creates dozens of interesting results that could help sync a client’s vision with my design.
Maura Dineen
Creative director, Moe’s Home Collection
Moe’s is an innovative and forward-thinking company, always searching for new ways to approach our work. We’ve been utilizing AI across multiple teams, and Chat GPT has become another tool in our tool kit. Like any tool, it’s excellent for some things but not everything. Without giving anything away, we strive to provide a seamless experience using the most cutting-edge technologies, and Chat GPT is no exception. We’re excited to see how AI evolves in supporting our business.
Brian Berk
President, Howard Elliott Collection
I am not super familiar with the capabilities or limitations of Chat GPT. I think that it might be helpful for writing product content.
Brownlee Currey
President Currey & Company
It already has! Chat GPT can’t duplicate a specific written voice, but it is a whiz for keywording, formatting and laying out written documents. Personally, I’ve been using it since early this year to ease the writing process and get words on paper quickly. In the not-so-distant future, we will all be integrating software such as Chat GPT into our workflows, for a variety of purposes.
Alyssa Abrams
Marketing director, U.S., Eichholtz
At this time, no. We have an incredible team of customer service reps that are knowledgeable and friendly, but furthermore, are an extension of our brand experience. There is no replacement for human interaction when it comes to building relationships with customers!
Emma Lowry
Vice president of product development, Elk Home
Yes. Absolutely, there are a myriad of ways ChatGPT is going to change our business. I have been using it for marketplace analysis, meeting agendas and product descriptions. We are looking into how it could be used for digital marketing strategies, data analysis and the list goes on. We have also been playing around with DALL-E which generates AI images for new design concepts.
Pam Cain
President, Chelsea House
Chat GPT is one of the most mind-blowing technology releases I’ve seen, which is backed by both the number of users it’s generated quickly and the number of use cases it supports. Running a brand in the design industry requires a delicate balance of business savvy and design-eye, and there’s no doubt Chat GPT can make companies in any field more efficient and process-oriented. For every task it can easily handle, we free up more time to discover trends, design thoughtful and beautiful furnishings, and connect with our audience in meaningful ways. We’ve already begun using it!
Giovanni Marra
Director of marketing and digital strategy, Nourison
We’ve experimented with Chat GPT. It might help with research and some simpler tasks, but it can’t really write for you in your brand’s voice. It is interesting to test but we’ll keep focusing on our talented writers for our main content creation.
Shari Kline
Owner and creative director, TL at Home
If I’m being perfectly honest, I think I’d probably enjoy using it to help jumpstart the process of writing product descriptions. But I think overall it’s probably more insidious than helpful in the long run.
Monty Rathi
Chief operating officer, Kaleen
It’s an innovative idea and it definitely would help out our business as we continue growing. We haven’t experimented with it yet but we will soon, and we hope to find ways we could use it in the future.
Austin Craley
Vice president of sales, Loloi
I don’t know if it will be an asset, but it will change a lot in our industry, and quickly. Many jobs will become simpler and easier to do. The long-term implications are still to be determined.
Emily May
Director of advertising and public relations, Feizy
Yes, when you have a very small team, even having a rough draft of content created can be incredibly helpful. Some projects, like collection copy or brochure language for a specific program still require a lot of human oversight, but templated communications are a great way to embrace this new technology. I could really see this being helpful to distribute companywide communications, re-weather-related closures, changes in personnel and company policies.
Greg Jordt
Executive vice president Sales and marketing, Harounian Rugs International
The fact that I had to Google ‘ChatGPT’ probably tells you and me, that we will not be offering it any time soon. ChatGPT is a natural language processing tool driven by AI technology that allows you to have human-like conversations and much more with the chatbot. The language model can answer questions and assist you with tasks. At this time and in the foreseeable future, I don’t see how this technology will enhance the capabilities and the service of our current customer service department.
Ned Baker
Key account manager, Tamarian Rugs
I suppose it could be a tool for dealing with some of the “hard facts” of the rug industry; history, production info, sales/trend gathering, etc. But it seems to me there would be a limit in the creative aspects of the work and would remove the human interaction that is the “secret sauce” to the high-end rug market. I also feel something is lost in the “authenticity”, again, because the human element is removed. There is little left of a “journey” to achieve something, therefore less is learned, less is gained.