Providence is a city filled with history, beauty, and the arts. As the capital and largest city in Rhode Island, Providence draws people in with its blend of New England charm and laid-back, coastal lifestyle . If you’re considering moving to Providence, it’s important to weigh the unique aspects of the city that make it a great place to live, along with the challenges that might affect your decision. Let’s take a closer look at 13 of the most prominent pros and cons of living in Providence.
Providence at a glance
Walk Score: 76 | Bike Score: 61 | Transit Score: 47 Median Sale Price: $550,000 | Average Rent for 1-Bedroom Apartment: $2,075 Providence neighborhoods | Houses for rent in Providence | Apartments for rent in Providence | Homes for sale in Providence
1. Pro: Thriving arts scene
Providence has an active arts community. The Rhode Island School of Design (RISD) and its museum anchor much of the city’s artistic scene while cementing the city’s status as a solid Rhode Island college town. Events like WaterFire showcase local art and bring the community together.
2. Con: Lacking public transportation options
While Providence has a bus system, the Rhode Island Public Transit Authority (RIPTA), it doesn’t extend to all suburbs. The lack of a subway or robust commuter rail means you might find it challenging to navigate without a car. For those used to large cities with vast transit networks, Providence’s system may feel limited.
3. Pro: Stellar higher education scene
Providence is home to several prestigious universities, including Brown University and RISD. These institutions bring a youthful energy to the city and provide endless educational and professional opportunities.
4. Con: Higher cost of living compared to nearby areas
Providence can be expensive compared to other parts of Rhode Island. With median home sale prices above the national median of $428,096 and apartments above the national average, some newcomers might find it tough to balance city living with affordability. While it’s cheaper than what people living in New York or Boston will experience, Providence still has higher living costs than its smaller neighboring cities.
5. Pro: Beautiful historic architecture
Walking through Providence feels like stepping into a time capsule, especially in popular neighborhoods like College Hill. The city has preserved much of its 18th- and 19th-century architecture, offering a picturesque backdrop to everyday life. Living in Providence gives you the chance to admire these well-preserved buildings, often right outside your front door.
6. Con: Harsh winter weather
While not one of the coldest cities in the U.S., New England winters in Providence can be tough. Snowstorms and freezing temperatures are common, and city streets can get tricky to navigate. If you aren’t used to cold weather, adjusting to Providence’s winter conditions might be challenging, requiring extra preparation for snowy months.
7. Pro: Great food scene
Providence is known for its fantastic culinary reputation. The city has a wide range of dining experiences, from Italian cuisine in Federal Hill to fresh seafood straight from Narragansett Bay. With numerous acclaimed restaurants, like Hemenway’s, and a commitment to farm-to-table dining, Providence is a foodie’s paradise.
8. Con: Limited job market in certain industries
While Providence offers job opportunities in education, health care, and arts, other industries are less readily available. Tech and finance, for example, may not have the same growth as friends living in New York or Boston. Professionals in niche industries might need to commute or work remotely for better opportunities.
9. Pro: Close to larger cities
Living in Providence means you’re just an hour from friends living in Boston and about three hours from New York City. You get easy access to the excitement of these larger cities while avoiding the crowds and higher cost of living. It’s a great balance for those who want proximity to the highlights of the Northeast.
10. Con: Traffic can be a headache
While Providence isn’t as traffic-congested as larger cities, its highways can get clogged during peak hours. The mix of older infrastructure and the limited number of routes into and out of the city means even short commutes can be frustrating. Parking downtown can also be a challenge, particularly during events or rush hour.
11. Pro: Coastal lifestyle
Rhode Island’s beautiful coastline is a short drive from Providence, offering easy access to beaches, boating, and outdoor activities. Living in Providence allows you to enjoy city living with the added benefit of being close to nature.
12. Con: Minimal space for urban growth
Providence is an older city with limited space for expansion. As a result, new developments can feel cramped, and there’s little room for large-scale growth. This limitation can make finding newer housing or commercial space in the city proper more challenging.
13. Pro: Strong downtown and nightlife
Downtown Providence has seen a resurgence, with a variety of bars, restaurants, and entertainment options. Community events and festivals light up the city during the warmer months, offering unique experiences for locals.
A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
It is better to leave a credit card with a zero balance open because removing the account could negatively impact several credit factors.
However, canceling a credit card can be a smart financial move in certain situations. For example, if you have a card with a high annual fee and rarely use it, canceling it might be a good idea to avoid unnecessary charges.
If you’ve successfully paid down a credit card, you may be wondering if it’s better to close it or leave it open with zero balance. While it’s recommended that you keep unused credit cards open instead of canceling, there are certain instances when canceling that credit card may be in your best interest financially.
Let’s examine the pros and cons of keeping and closing your zero-balance
Is it better to cancel zero-balance or keep them?
The general rule of thumb is that it’s best to keep your unused cards rather than cancel them. Open credit cards, even ones you aren’t actively using, help you build up your credit history and increase your available credit. That increase helps lower your credit utilization rate, which is the percentage of available credit you have used. These details are important because they relate to two factors that credit bureaus rely on when determining your credit score.
If you choose to keep a credit card open, try to use it occasionally to prevent the card issuer from decreasing your credit limit or closing your account due to inactivity.
On the flip side, sometimes the knowledge that you have a credit card available for purchases is too big of a temptation. If you’re having trouble controlling your credit card spending or if your credit card has a high annual fee, you may be better off canceling your card.
How does closing a credit card could impact your credit?
Canceling a credit card, particularly an older one, can lead to a credit score drop. The two primary potential causes of this drop are:
An increase in your credit utilization rate because you have less available credit
A decrease in the average age of your credit history
Let’s look more closely at how these two factors can directly impact your credit score. Understanding each one can help you determine whether or not you should close your zero-balance credit card account.
Your credit utilization rate could skyrocket
Even if you aren’t making purchases on a credit card, that available credit is helping to boost your credit utilization rate, which accounts for 30 percent of your credit score. The more available credit you’re using, the worse off your credit score will be.
To understand how your credit utilization ratio — and thus your credit score — could be affected by closing a credit card, here’s a helpful example. Let’s say you have two credit cards:
One has a $3,000 limit and a $3,000 balance (this is the money you owe).
The other has a $3,000 limit and $0 balance.
Your credit card utilization rate between both cards is 50 percent ($3,000 total balance divided by $6,000 total limit multiplied by 100 = 50 percent utilization).
However, if you close the credit card with the $0 balance, your credit utilization rate jumps to 100 percent ($3,000 total balance divided by $3,000 total limit multiplied by 100 = 100 percent utilization).
According to FICO®, the goal should be to keep your utilization ratio below 30 percent. There’s an easy formula you can use to calculate your credit utilization ratio:
Step 1. Divide the total amount of your overall credit debt by the total credit limit available across all of your credit cards.
Step 2. Multiply the result by 100 to produce your credit utilization ratio.
Pro tip: Before you close a credit card, take some time to determine what your credit utilization ratio would be. If that number will jump significantly, it may be a better idea to keep your zero-balance card open until you can pay down your total credit card balance.
The length of your credit history could decrease
The longer you’ve had a credit card open, the better. This helps to build your credit history, which accounts for 15 percent of your credit score. If you have a positive history associated with your credit card paired with years of having that card in your name, it’s a good idea to keep that card open and in use, as it improves the length of your credit history.
One easy way to keep a credit card in use without driving up your balance is to only use it for recurring payments for things like streaming services or other subscriptions. That way, you’ll know exactly how much is going on that card each month and can easily pay off the balance in full.
When should you close your zero-balance credit card?
Depending on your financial situation, there can be compelling reasons to cancel your unused credit card.
The card has a high annual fee
If you’re charged a high annual fee by your credit issuer, canceling may be a smart money move. However, it’s worth trying to have the fee waived before you decide to cancel, especially if you receive rewards through the card such as travel credits and perks. Call your credit card issuer to ask for the annual fee to be waived and mention that you’re considering closing your account. It never hurts to ask.
You’re a victim of fraud
If your credit card is lost or stolen, the issuer will usually close the account and send you a replacement. But, if a business continues to allow unauthorized charges even after you report the issue, closing the card might be the best financial move to protect yourself from further fraud.
You’re going through a divorce
If you’re separated or getting a divorce, it’s a good idea to close any accounts you share with your ex, as you could end up saddled with a credit card balance they’ve accrued on the account.
You’re out of debt
Everyone is different, and for some, the temptation to keep a credit card and not use it is too high. For those struggling to get out of debt or for those who recently climbed out of credit card debt, it might be a good idea to cancel your unused credit card and stick to using cash or your debit cards to avoid sinking back into revolving credit card debt.
How to cancel your credit card in 6 steps
If you do decide to close your credit card, there are several steps you should take to ensure you’ve properly closed your account.
Redeem rewards points: Refer to your credit card’s redemption rules to learn how to redeem your points prior to closing your account.
Pay off your balance to zero (if it isn’t already): Pay off any remaining balance on your card before attempting to cancel it.
Confirm your zero balance: Contact your credit card issuer online or via phone to make sure that your balance is zero.
Make it official with certified mail: Send a certified letter to the company that issued your card requesting they send you a written letter verifying the zero balance and the closed status of your account. Keeping a paper trail is a great way to maintain a record of when the account was closed in case you need to contest any information on your credit report down the line.
Monitor your credit reports: Check your credit report 30-45 days after your card is closed to make sure the card is officially reported as “closed.”
Dispute any errors: Once you’ve reviewed your updated credit report, be sure to dispute any incorrect information you may find.
Bottom line: It depends on your financial situation
Deciding if it’s better to close a zero-balance credit card or leave it open is a personal decision — the answer will depend on your unique financial circumstances. No matter your situation, it’s important to cancel any unused cards in a way that keeps your financial health intact and minimally impacts your credit score.
For some, having unused credit cards may be no temptation whatsoever, but for others, the knowledge of having a card available to use could be difficult to ignore. Canceling a credit card won’t necessarily change your spending habits in the long run, so it’s important to develop a healthy approach to your personal finances by creating a realistic budget and sticking to it.
Tame your credit card debt with Lexington Law Firm
When you have a credit card with a zero balance, the decision whether to keep it open or not depends on your credit score goals. If inaccurate information on your credit reports is dragging your score down, credit repair services can help you challenge these errors and potentially boost your score.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
SBA loans are government-guaranteed small-business loans issued by designated lenders to help small businesses access capital at low rates and long terms. It is possible to get multiple SBA loans as long as your SBA lender allows it, and you don’t exceed the borrowing limits set by the SBA.
Having more than one SBA loan can work in certain situations and help you access low-cost financing for your business; however, it can be difficult to qualify for multiple SBA loans, and it’s not right for every situation.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
How many SBA loans can you have?
The SBA itself does not limit the number of SBA loans you can take out, but it does place a cap on the maximum amount you can borrow. That means you can technically have as many SBA loans as you can qualify for with any given SBA lender, up to these limits:
SBA 7(a) loans: $5 million.
SBA 504 loans: $5 million (select projects may qualify for up to $5.5 million).
SBA microloans: $50,000.
The SBA also allows business owners to get both an Economic Injury Disaster Loan (EIDL) and a business physical disaster loan for a single declared disaster, as long as the combined amount of the loans doesn’t exceed $2 million
. However, the SBA prohibits business owners from having more than one EIDL for a single disaster.
How to qualify for multiple SBA loans
In general, the qualifications for multiple SBA loans are the same as they are for one SBA loan. SBA loan requirements can vary depending on your lender and the specific SBA program, but broadly, you’ll need to meet the following to qualify for a 7(a), 504 or microloan:
A for-profit business, operating in the United States.
Can’t get the desired loan on reasonable terms from other lenders. (For microloans, this only applies for loans over $20,000.)
Demonstrate creditworthiness to be able to repay the loan according to the lender’s requirements.
To qualify for an SBA disaster loan, you have to be physically located in a declared disaster zone, directly impacted by the disaster or unable to cover expenses or obligations because of a declared disaster. Business physical disaster loans cover physical damage caused by a declared disaster that is not fully covered by insurance.
While there are no set guidelines for qualifying for multiple SBA loans, in addition to the standard requirements, there are some other factors you should consider:
Standing with your current SBA loan. If you’re not in good standing with the SBA loan you currently have, it’s highly unlikely you’ll be approved for another one.
Available collateral. For loan totals above $50,000, you’ll need enough collateral to cover the total combined loan amounts. This is something to consider if your current loan didn’t require collateral, but your new SBA loan will push your total borrowing amount over $50,000.
Cash flow and DSCR. Make sure you calculate how an additional monthly payment will affect your business’s positive cash flow. Similarly, understand how a new loan affects your business’s debt service coverage ratio (DSCR), or the measure of cash flow against outstanding debt obligations. There’s no minimum DSCR set by the SBA, but lenders commonly look for a range of 1.25 to 1.50.
Combining different types of SBA loans
There are certain instances where it’s possible — and even advisable — to combine different types of SBA loans. For example, SBA 504 loans are an excellent option for purchasing, building or expanding commercial real estate and equipment, but they are fairly limited to those purposes. If there are other costs associated with your project that 504 funding cannot be used for — such as additional inventory or working capital — you might pair your 504 loan with an SBA 7(a) loan if you can qualify.
You can also combine EIDL and business physical damage loans (as long as the total doesn’t exceed $2 million). EIDLs are specifically for small businesses that have suffered economic losses due to a declared disaster, whereas business physical disaster loans cover physical damage caused by a declared disaster that is not fully covered by insurance.
Pros and cons of multiple SBA loans
Pros
Access to multiple low-cost financing options.
Added flexibility for uses.
Low interest loans for unforeseen disasters.
Cons
Can take a long time to fund.
Needs may exceed borrowing limits.
Can be difficult to qualify for.
Frequently asked questions
Can you have multiple SBA loans from different lenders?
Yes, it is possible to have multiple SBA loans from different lenders. Keep in mind that each SBA lender may have different qualification requirements.
Can I apply for an SBA loan again?
Yes. If you have previously applied for or had an SBA loan, or if you have a current SBA loan, you can apply for another one as long as your current loan amount won’t exceed the SBA’s borrowing limits. You cannot apply for two EIDLs for the same declared disaster.
North Las Vegas is a sweet spot to settle down in Nevada thanks to its suburban convenience and proximity to Las Vegas. Whether you’re drawn to the growing economy or the surrounding scenery, there’s a lot to consider when choosing this city as your home. Let’s dive into 13 of the most prominent pros and cons of living in North Las Vegas to help you decide if it’s the place for you.
North Las Vegas at a glance
Walk Score: 34 | Bike Score: 48 | Transit Score: 38 Median Sale Price: $415,000 | Average Rent for 1-Bedroom Apartment: $1,351 Houses for rent in North Las Vegas | Apartments for rent in North Las Vegas | Homes for sale in North Las Vegas
1. Pro: Affordable housing options
North Las Vegas offers more affordable housing compared to many other areas in the Las Vegas Valley. With a growing number of new developments, homebuyers and renters can find a range of properties at competitive prices slightly below the national median of $428,096. Apartments in North Las Vegas follow a similar trend and go for $1,222 on average.
2. Con: Limited public transportation
While the affordability is a plus, public transportation options in North Las Vegas are more limited compared to other nearby areas. Most residents rely on cars for daily commuting, which could be an inconvenience for those who prefer public transportation options.
3. Pro: Proximity to Las Vegas
Living in North Las Vegas means you’re just a short drive from friends living in Las Vegas. This proximity allows residents to enjoy the entertainment, dining, and nightlife that make Las Vegas famous without living directly in the hustle and bustle of the city.
4. Con: Desert heat
While not one of the hottest cities in the U.S., the desert climate in North Las Vegas can be tough to adjust to, especially during the summer months when temperatures often exceed 100 degrees. This can lead to higher cooling costs and fewer outdoor activities during the hottest parts of the year.
5. Pro: Expanding job market
The job market in North Las Vegas is growing rapidly, thanks to new industrial parks and companies moving into the area. Employers in logistics, manufacturing, and technology have established a presence, providing more quality job opportunities for locals.
6. Con: Lackluster shopping and dining options
Although North Las Vegas is growing, it still has fewer shopping and dining options compared to nearby Las Vegas and Henderson. Residents often find themselves driving to other parts of the valley to access more diverse retail and restaurant choices.
7. Pro: Surrounded by natural beauty
North Las Vegas is close to stunning natural attractions like the Red Rock Canyon and Valley of Fire. These spots are ideal for hiking, rock climbing, and camping, providing plenty of outdoor activities to enjoy.
8. Con: Traffic congestion
With the city’s growth, North Las Vegas has seen increased traffic, especially during rush hour. Commuters heading to other parts of the Las Vegas Valley may face longer travel times, particularly on major roads like I-15.
9. Pro: Strong community growth
The population in North Las Vegas is steadily growing, which has encouraged a stronger sense of community and a rise in community-centered events. This has contributed to a more family-friendly atmosphere in the area, with more parks and family-focused amenities being developed.
10. Con: Distance from major hospitals
While North Las Vegas has healthcare facilities, it is farther from some of the region’s major hospitals and specialized medical centers. For more complex medical needs, residents may need to travel to central Las Vegas or Henderson.
11. Pro: Educational improvements
North Las Vegas has made strides in improving its educational system, with new schools and investment in existing institutions. This is great news for families moving to the area, especially those looking for more schooling options for their children.
12. Con: Lack of large entertainment venues
If you’re someone who enjoys frequent trips to theaters, art galleries, or museums, North Las Vegas may leave you wanting more. Locals who like large-scale events may need to travel to Las Vegas for a broader range of options.
13. Pro: Family-friendly parks and recreation
North Las Vegas has invested in building family-friendly parks and recreational facilities. Aliante Nature Discovery Park is one popular place with playgrounds, trails, and a lake, perfect for a full day of family fun.
A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.
There’s a lot to consider when blending your life with your partner. Whether you’re moving in together or officially tying the knot, some of the most important decisions are around how—or if—to combine your finances.
One important topic: Should you open a joint savings account?
A joint savings account can be a great way to work together on your financial goals—but there’s a lot to know before making the leap. Read on to learn more about opening a joint savings account with your partner.
What is a joint bank account?
A joint bank account is shared by two or more individuals. It can be a joint savings account or a joint checking account.
Joint accounts function just like typical bank accounts. The primary difference is that both account holders (you and your partner) have full access to the account and have equal ownership of the funds.
If you’re considering a joint account, you might first want to learn more about what to consider before combining finances with your partner.
How does a joint savings account work?
With a shared savings account, both account holders have equal power over the account. That means you and your partner can both deposit and withdraw funds. And you’ll both be able to see all account activity.
With a joint account, there is no difference between the funds you or your partner contribute—they all go into one shared pool of funds. Both account holders can withdraw or spend from the pool, even if they weren’t the contributor.
Pros and cons of a joint savings account for couples
As with all financial decisions, there are potential pros and cons you’ll want to consider. One major advantage of joint accounts is that they may actually strengthen your relationship, according to a recent study, “Common Cents: Bank Account Structure and Couples’ Relationship Dynamics,” by Jenny Olson, Ph.D., an assistant professor of marketing at Indiana University.
“Couples with joint accounts were significantly better off than couples with separate accounts,” says Olson. “While relationship quality tends to decline over time, on average, we found that couples randomly assigned to merge their finances were buffered against that decline.”
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Benefits of a joint bank account
“A joint bank account is associated with greater financial goal alignment,” says Olson. “It promotes a more communal view of your marriage. You’re accessing the same pool of shared resources, so you need to work together when managing those resources. You tend to be more on the same page.”
Here are just a few other notable advantages of a joint account:
Convenience: One of the biggest perks of a joint account is having a shared pool of assets, which can streamline how you save and spend as a couple—no more worrying about paying each other back or keeping track of who contributes what.
Openness: With a shared account, you and your partner have a new window into the other’s financial situation and decision making. This transparency can help promote honest and open conversations about finances. “It facilitates communication and transparency, two benefits we know are good for marriage,” says Olson.
Helps you work on shared goals: A critical part of a relationship is sharing common goals, whether that’s traveling the world or saving for a house. No matter your objectives, a joint account can help you align your short- and long-term financial goals.
More savings: A shared account can help increase your saving power by combining your assets. And if you have an interest-bearing joint account, you can take advantage of the power of compound interest and earn even more over time, thanks to a typically higher balance.
Potential disadvantages of a joint bank account
While there are plenty of good reasons for opening a joint savings account, there are also potential pitfalls you’ll need to understand and consider:
Possibly too much transparency: When you open a joint savings account, you’ll sacrifice a level of financial privacy that you would have had with a solo savings account.
All contributions are subject to creditors: If your partner is having financial troubles, your contributions to the shared account could be used by creditors to pay off any debts.
A breakup could be even more messy: Ending a relationship can be complicated, but intertwined finances can make things even more messy. Remember that if you split, your partner might be entitled to their share of the balance in your joint account.
Money may be harder to track: Keeping track of the exact amount of money going in or out of a joint account can be tricky if more than one person is making transactions. Therefore, effective communication is vital to keep accurate tabs on your balance and to avoid issues with spending and tracking expenses.
Considering all the factors before pooling your assets into a joint savings account is essential. You need to assess and understand your and your partner’s financial situations, your shared goals, and the state of your relationship.
“We’re not saying a joint bank account is the only option or best option for all couples,” says Olson. “There are important nuances. There are going to be some situations where choosing an account structure warrants a conversation. Take a step back and talk to your partner about what will be best for you and your unique financial circumstances.”
Still weighing your options? Learn more about the pros and cons of opening a joint account.
FAQs about joint savings accounts for couples
Question: Are joint savings accounts insured by the Federal Deposit Insurance Corporation (FDIC)?
Answer: Yes, joint savings accounts are FDIC-insured bank accounts, if the bank is FDIC-insured. Each account holder is insured up to $250,000 per depositor, per account ownership category, which means you and your partner will be insured for a total of $500,000 per account category, assuming you maintain joint ownership of the account. (If a couple has joint ownership of, for example, a money market account and a CD at the same institution, each deposit type may be insured up to $500,000, per the FDIC, for total coverage of $1,000,000.)
Question: Can you open a joint savings account if you’re not married?
Answer: Yes, you can open a joint savings account regardless of your legal marital status. However, taxes on a joint account can get complicated for unmarried couples. Married couples can file together, but unmarried partners will need to file separately and might need to consult with a professional come tax time.
Question: Are joint savings accounts a good idea?
Answer: There’s no simple answer, but joint bank accounts have significant benefits. Check out the section below or speak with a financial advisor, if appropriate, to help determine whether a joint account is appropriate for your situation.
Question: Who owns the money in a joint account?
Answer: In most situations, all of the money in a shared account belongs to all account holders equally. In other words, if you have a joint savings account with your partner, you both own all its funds, regardless of your individual contributions.
Question: What happens to a joint account if one account holder dies?
Answer: Typically, the surviving account holder becomes the sole owner of all the funds in a joint account. This is called automatic rights of survivorship. Per the FDIC, the account holder will continue receiving FDIC coverage for joint ownership up to $500,000 until six months after the death, providing time to distribute the funds to other insured accounts as needed. After the six-month period, the surviving account holder will only be insured up to $250,000 for that account.
Ready to get started? Learn more about how to open an online savings account.
Is a joint savings account right for you?
When it comes to financial decisions, nothing is one size fits all. So how do you decide whether a joint bank account is the right move for you and your partner? Here are some signs a shared savings account may benefit both of you.
You live together and want to put money away for household expenses, like rent payments or home repairs.
You are saving for shared goals, like retirement, travel, or a child’s college fund.
You communicate openly and honestly about your spending and saving habits.
You understand each other’s financial background, and neither of you has unaddressed debts or other issues that might negatively affect a shared account.
You already have a joint checking account and are looking for more ways to organize your financial life.
How to open a joint savings account
The process of opening a joint savings account for couples is similar to opening a savings account on your own.
If you are opening a new account, you can either visit a branch or apply online. You and your partner will need to complete an application that includes personal information for both account owners.
If you want to add a co-owner to an existing account, you can fill out a joint owner authorization form and submit it by mail, fax, or through your online account.
Are you and your partner ready to start using a joint savings account? The Discover® Online Savings Account might be your perfect match, with a high annual percentage yield and no monthly fees or minimum deposit.
Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.
This article is for informational purposes only and is not intended as a substitute for professional advice. For specific advice about your unique circumstances, you may wish to consult a qualified professional, at your expense.
When you need help putting together a solid plan for your money, you might seek out financial consulting services. A financial consultant can offer advice and guidance on things like investing, retirement planning, and building wealth. You may also hear financial consultants referred to as financial advisors, as the terms are often used interchangeably, though there may be some slight differences.
What is financial consulting designed to do? In simple terms, it’s all about helping clients formulate a strategy for managing their money. What working with a personal finance consultant looks like for you can depend on your situation and goals.
Key Points
• Broadly speaking, financial consultants help clients identify strategies to help them reach financial goals.
• Services offered by financial consultants may include investment management, estate planning, tax planning, and retirement planning, among others.
• Financial consultants and financial advisors may hold certificates or designations that reflect advanced training, such as Certified Financial Planner (CFP) or Accredited Financial Planner (AFP).
• Choosing the right consultant requires evaluating the scope of services they offer, their professional certifications and designations, their fee structure, and more.
What Is a Financial Consultant?
Broadly speaking, a financial consultant is someone who offers advice about money – be it retirement planning or buying stocks or other securities – in a professional capacity. A financial consultant may work independently or be employed by a financial consulting firm, and they may offer services online or in-person.
Examples of Financial Consulting Services
Financial consultants can offer a variety of services to their clients. Again, those clients may be individual investors, business owners, or even a non-profit organization. The types of services a financial consultant may offer can include:
• Basic financial planning, such as creating a household budget
• Estate planning
• Tax planning and legacy planning
• Retirement planning
• College planning
• Succession planning for clients who own a business
A financial consultant’s overall goal is to help clients create a comprehensive plan for managing their money. Financial consultants may work with a diverse mix of clients, or niche down to offer their services to a specific demographic or client base, such as dual income couples, with no kids or members of the LGBTQ community.
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Financial Consultants vs. Financial Advisors
The terms “financial consultant” and “financial advisor” are often used interchangeably, as their meaning is roughly, but not quite, the same. There are some important differences, including the licensure that each is required to hold in order to practice, and the regulators each operates under. Generally, they both offer financial advice and guidance in a professional capacity, though.
Other Names for Financial Professionals
Financial consultants and financial advisors can go by more specific names, depending on which professional certifications they hold. Certifications and designations signify that a consultant or advisor has completed advanced training and education in a particular area. Here are some of the most common designations for financial professionals:
• Certified Financial Planner (CFP®)
• Chartered Financial Consultant (ChFC)
• Certified Public Accountant (CPA)
• Accredited Financial Planner (AFP)
• Registered Investment Advisor (RIA)
• Certified Annuity Advisor (CAA)
• Certified Financial Consultant (CFC)
• Certified Tax Advisor (CTA)
• Chartered Financial Manager (ChFM)
Navigating the alphabet soup of designations for financial consulting services can be confusing and it helps to understand what type of advice you need.
For instance, if you want to work with an advisor who can help with everything from budgeting to retirement planning, then you might choose a Certified Financial Planner. On the other hand, you might want to work with a registered investment advisor if you’re specifically seeking investment help.
The main thing to know about financial consulting services is that there’s more than one option to choose from. Taking time to research a consultant or advisor’s background and qualifications can make it easier to find the right person to work with when you need consulting services.
When Would You Need Financial Consulting?
Working with a financial consultant is a personal decision. With that in mind, you might start working with a consultant at any time if you feel that you need help managing your finances. If you need more specific examples of when it makes sense to hire a financial consultant, here are a few scenarios to consider:
• Your parents pass away, leaving you $500,000 in assets. You might work with a financial consultant to figure out the best way to maximize your inheritance while minimizing taxes.
• After 15 years of marriage, you and your spouse have decided to divorce. You decide to hire a financial consultant to help you create a plan for managing the assets that you’re leaving the marriage with.
• You’re a parent to a child with special needs who will require long-term care after you’re gone. You reach out to a financial consultant to discuss setting up a trust to pay for their care when the time comes.
Financial consulting services can be an appropriate choice when you have a difficult financial decision to make or you’re trying to navigate a situation that feels overwhelming. Winning the lottery, for instance, could leave you paralyzed with indecision about what to do with the money.
A financial consultant can also help you move through changing life stages. That can include getting married or divorced, having a child, starting or selling a business, or changing careers. Financial consultants can look at the bigger financial picture to help you get through the changes while keeping your long and short-term goals in sight.
Finding the Right Financial Consultant
Finding a financial advisor starts with taking inventory of your needs to determine what kind of advice is appropriate. Once you’ve figured out what kind of help you need, the next step is creating a list of advisors in your area that you might want to work with.
Asking questions can help you get a feel for how an advisor operates. Here are some examples of the types of questions you might want to ask:
• What kind of financial consulting services do you offer?
• Do you hold any professional certifications or designations?
• Do you specialize in working with a particular type of client?
• What is your investment style?
• How are your fees structured and what do you charge for consulting?
• What is your preferred method of communication?
• How often will we meet?
If you’re considering a robo-advisor, then it may be a good idea to look at how the platform manages portfolios, what benefits or features are included, and what you’ll pay for consulting services. Should you choose a robo-advisor vs. financial advisor? There are some pros and cons to consider.
On the pro side, a robo-advisor can be a less expensive way to get financial consulting services. The typical financial advisor cost is around 1% of assets under management per year. Robo-advisors may cost much less, with some offering services charging a fraction of what a human advisor would.
Of course, there’s a trade-off to consider, since you’re not getting financial advice with a human element behind it. For instance, if market volatility sets in and you’re tempted to sell off stocks in a panic, a robo-advisor wouldn’t be able to talk you through it the way a human advisor could. Taking that into consideration can help you decide which one might be right for you.
The Takeaway
A financial consultant’s job is to help you feel more secure and confident when making decisions about your money. Whether you need a consultant’s services or not can depend on where you are financially right now and where you want to go in the future.
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FAQ
Is a financial consultant the same as a financial advisor?
Financial consulting and financial advisory services are typically grouped together, as they generally mean the same thing. A financial consultant or a financial advisor can provide advice about things like investing, retirement planning, and estate planning. The difference is that consultants may offer their services on a one-time basis, while financial advisors may work with clients long-term.
What does a financial consultant cost?
What you’ll pay for financial consulting services can depend largely on the type of professional you’re working with. A typical financial advisor’s fee is around 1% annually, though it’s possible to pay more or less, depending on the kind of services you receive. Robo-advisor financial consulting can cost less, though it does lack the human element.
What does a financial consultant do?
Financial consultants help their clients create a plan for managing money. A financial consultant may work with individual investors, businesses, or organizations to offer financial advice. Financial consulting services may cover a broad scope of topics or concentrate in just one or two areas of financial planning.
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From charming southern hospitality, stunning beaches, and rich historical roots, South Carolina draws renters from all over. It’s home to bustling college towns, beautiful coastal escapes, and even thriving tech hubs. But is South Carolina a good palace to live? From palmetto-lined streets to legendary barbecue pits, South Carolina has quirks that both attract and challenge newcomers. Here, we explore ten pros and cons of living in South Carolina to help you get a feel for life in the Palmetto State.
Is South Carolina a good place to live?
Life in South Carolina is laid-back, yet provides scenic coastal living, historical architecture, and growing opportunities. Major cities like Charleston, Columbia, and Greenville have become economic hubs, attracting companies in industries ranging from healthcare to manufacturing and technology. Employers like Boeing, BMW, and Prisma Health are some of the state’s biggest, providing various career opportunities. The capital, Columbia, has a lively college-town vibe thanks to the University of South Carolina, while Charleston is a bustling port and an ever-expanding tech industry.
The state’s cultural scene shines with renowned events like Charleston’s Spoleto Festival USA, and Columbia’s SC State Fair, where the community comes together to celebrate. South Carolinians embrace the outdoors, enjoying everything from hiking through the lush landscapes of Congaree National Park to kayaking along scenic rivers. Beach lovers flock to Myrtle Beach and Hilton Head, while nature enthusiasts find solace in the state’s pristine forests and sprawling parks.
South Carolina overview
Population
5,118,425
Biggest cities in South Carolina
Charleston, Columbia, North Charleston
Average rent in Charleston
$1,468
Average rent in Columbia
$1,057
Average rent in North Charleston
$1,686
1. Pro: Beautiful beaches and mild winters
South Carolina’s coastline is a dream for beach lovers, with stunning sandy stretches like Myrtle Beach, Hilton Head, and Folly Beach. With winters that are mild compared to northern states, coastal life can be enjoyed almost year-round. Whether you prefer lounging on the beach, taking scenic oceanfront bike rides, or gathering with friends around beach bonfires, South Carolina’s beaches are an irresistible part of life here.
Local tip: Folly Beach locals say the best time to visit is in the fall when the crowds have thinned, and you can catch the magical sunsets without the summer rush.
2. Con: High humidity and hot summers
The flip side to those mild winters? Summers can be a real scorcher. With humidity often in the 90% range, the summer season here is long and intense, especially in cities like Columbia and Charleston. If you’re not used to high heat combined with high humidity, you may need some time to adjust.
3. Pro: Southern hospitality and friendly neighbors
Southern hospitality is alive and well in South Carolina, and it’s something newcomers notice right away. Whether you’re moving into an apartment in Charleston or renting a home in Greenville, expect friendly waves, porch chats, and genuine interest from your neighbors. The sense of community here makes it easy to settle in and feel welcomed, as locals take pride in making new residents feel at home.
Insider scoop: As an insider tip, if you want to connect with locals quickly, attend a neighborhood oyster roast or shrimp boil—these gatherings are a South Carolina staple.
4. Con: Limited public transit options
Public transportation isn’t as developed in South Carolina as in some other states, which means a car is a necessity for most people. Outside of Charleston and Columbia, public transit options are sparse. The reliance on driving can be a drawback, especially for those accustomed to using buses, trains, or metro systems.
5. Pro: Affordable cost of living
South Carolina is known for its affordable cost of living, making it an attractive choice for renters. Rent prices are generally reasonable, especially compared to other coastal states. In Columbia, the state’s capital, the average rent for a one-bedroom apartment is around $1,057, while in Greenville, a bustling city with a growing tech scene, it averages closer to $1,477. Charleston, with its historic charm and beach access, tends to be pricier, with one-bedroom rentals averaging around $1,468. Even so, compared to similarly popular cities along the East Coast, Charleston remains affordable.
6. Con: Higher utility bills
While rent and other expenses are generally low, utility costs in South Carolina can be surprisingly high. The hot and humid climate means air conditioning is a must during the warmer months, which can lead to higher energy bills. Some homes also rely on electric heat in the winter, adding to costs. For instance, utilities in Charleston are 20% more than the national average.
7. Pro: Renowned culinary scene, especially BBQ
South Carolina’s food scene is bursting with Southern charm, from mustard-based BBQ to shrimp and grits. Charleston is a foodie’s paradise with world-class restaurants and innovative chefs, while local BBQ joints across the state serve up signature flavors that locals swear by. If you’re a fan of seafood, low-country boils, and hearty Southern comfort food, you’ll feel right at home in the Palmetto State.
Insider scoop: For a true insider experience, head to the tiny town of Hemingway and try Scott’s Bar-B-Que, a legendary spot beloved by locals for its whole-hog, wood-smoked barbecue.
8. Con: Limited variety of international cuisine
While local cuisine is a strong suit, South Carolina may be limited in international food options compared to larger metropolitan areas. Outside of Charleston and Columbia, finding authentic international cuisine, like high-quality sushi or Mediterranean food, can be challenging. Foodies looking for a wide range of global eats may miss having extensive options nearby.
9. Pro: Rich history and cultural heritage
For history buffs, South Carolina is full of it. The state played a significant role in the American Revolution and the Civil War, and its historical legacy is preserved in sites like Fort Sumter and Charleston’s historic district. Living here offers endless opportunities to explore museums, cultural festivals, and historical landmarks, making it easy to stay connected with the state’s rich past.
Insider scoop: Try the candlelight walking tour in Charleston, where guides share hidden tales of Revolutionary battles, pirate lore, and local legends as you stroll cobblestone streets at dusk.
10. Con: Occasional hurricanes and tropical storms
Moving to South Carolina means being aware of the hurricane season, which typically runs from June to November. Coastal areas are particularly vulnerable, with Charleston and Hilton Head occasionally impacted by tropical storms and hurricanes. While precautions are standard, renters in coastal regions may face occasional evacuations and should consider flood insurance if they’re near low-lying areas.
Pros and cons of living in South Carolina: Overview
Madison, WI, is celebrated for its charming culture and rich history, anchored by its role as a hub for education and innovation. Home to the University of Wisconsin, the city buzzes with energy, blending academic pursuits with inviting neighborhoods, a diverse culinary scene, and many other hidden gems in Madison waiting to be discovered.
Whether you’re settling into a cozy rental house in Madison, WI, eyeing a home in the city, or planning to rent an apartment, living here means embracing a lively community that celebrates connection. From savoring local delicacies and discovering unique eateries to enjoying leisurely strolls around the beautiful lakes, you’ll truly experience the essence of life in Madison.
Photo courtesy of Christina Clancy, author of The Snowbirds (Feb. 2025)
1. Explore your new home
Madison is filled with hidden gems that showcase many unique experiences that blend history, charm, and natural beauty. Whether you’re seeking a tranquil escape in nature or a lively café to start your day, you’ll find a wealth of delightful options waiting for you.
Discover the hidden gems within the neighborhood
One of the best hidden gems in Madison comes from Christina Clancy, author of The Snowbirds (Feb. 2025) who shares a touching detail of her home. “The previous owners of our 1916 Prairie-style home in Madison revealed a charming detail about the kitchen: they had a special cabinet just for picnic baskets. The house is near Picnic Point, a finger of land that juts into Lake Mendota and is accessible via the five-mile-long Lake Shore Path, which stretches from the UW-Madison campus to the Lakeshore Nature Preserve.”
She goes on to share, “Now I take the path Picnic Point to run, forest bathe, birdwatch, walk my dog, join friends around the campfire pits, and ding cowbells at the marathoners and Iron Man participants hitting the final stretch of their races. When I go toward campus, the path leads to the community-run Hoofer Sailing Club where I can rent a boat, listen to the UW Marching Band practice for Badger game day, and watch live music on the Memorial Union Terrace overlooking the lake. The Lakeshore Path is where the community and the campus connect, and it’s where the vibrancy of our beloved college town and the natural beauty of the city are on full display.”
Photo Courtesy of Sunne Boutique
More hidden gems in Madison can be found by taking a leisurely walk to the University of Wisconsin campus and exploring nearby attractions. Visit the Henry Vilas Zoo, stroll along the lake path behind Edgewood College, or wander through the Arboretum. You’ll even discover a hidden gem called Lake Wingra where you can ice skate near the zoo or do a little ice fishing. In the summer, rent a boat or kayak and don’t forget to stop for ice cream at The Chocolate Shoppe right after.
Find your comfort coffee shop
Awa Sibi, the owner of the West African restaurant Les Delices De Awa, shares her morning routine before starting her day at the restaurant. “I look forward to grabbing an iced latte every morning from one of my favorite local coffee shops, Reverie, rain or shine. It brings a sense of community to walk into a coffee shop where you know all of the baristas and they know how you take your coffee.” She continues to recommend a visit to The Atwood and Shenck neighborhood which has an array of great local cafes for all the coffee lovers.
Visit historic spots
For the history buffs interested in the hidden gems in Madison, author Frank Bures, shares a great tip. “There are many places in Madison worth a stop, but one of best is Monona Terrace, the modernist, Frank Lloyd Wright-designed conference center that was first proposed in 1938, and finally built in 1997. On the roof of Monona Terrace is a small memorial to Otis Redding, the 26-years-old singer who died in a plane crash in Lake Monona in 1967, one month before his song ’Sittin’ on The Dock of the Bay’ was released.”
Photo courtesy of Forward Madison FC
2. Cheer for the Forward Madison FC
Set in the heart of Downtown Madison, the historic Breese Stevens Field is home to Professional Men’s Soccer Team, Forward Madison FC. Whether you’re a die-hard soccer fan, planning a fun night out with a group, or a business looking to treat your office to an evening on the town, an FMFC match is the perfect outing for you. This team marches to the beat of their own drum with its Flamingo flair, live cow mascot, and energy-packed supporters section, Forward Madison FC matches are a must in Madison.
3. Embark on a day of shopping
Madison offers a unique shopping experience for different interests and tastes that you’ll want to add to your bucket list. Whether you’re browsing curated collections or losing yourself in a captivating read, you’ll quickly find your go-to hidden gems in Madison that invite you to discover its delightful blend of local flavor and community spirit.
Browse through curated collections
As you explore Madison, be sure to stop by Wish Upon Boutique, a hidden fashion gem just minutes from the city. This boutique offers a meticulously curated collection of trendy women’s clothing, gifts, and accessories that are as unique as they are stylish. After shopping, take a walk through Stoughton’s history downtown and enjoy the perfect blend of small-town charm and city convenience.
Continue your shopping spree on Monroe Street where you’ll find a delightful selection of locally owned boutiques and local eateries. One store you don’t want to miss is Sunne Boutique. Inside this cheery little spot you’ll find a selection of clothing and goods with a California-European vibe. There is something unique for everyone to find. After, stop by Bloom Bakery for a shopping break and enjoy some sweet potato donuts.
Photo courtesy of Calabash Gifts
Another must-visit hidden gem in Madison is Calabash Gifts on Monroe Street, featuring a vibrant collection of arts from South Africa and Eastern Africa, including fine art, basketry, hand-carved animals, textile decor, stone carvings, and jewelry. Curated through fair trade practices, these pieces support African women’s cooperatives, job creation programs and individual artists.
Explore Madison’s literary gems
If you’re in the mood for a cozy afternoon, Mystery To Me Books is the perfect spot to relax and browse. While known for its wide selection of mystery novels, the shop offers a little something for everyone—whether you’re into rom-coms, fantasy, non-fiction, or graphic novels. They also host engaging events like author talks, where you can meet the writers behind your favorite books. If you’re looking to connect with fellow readers, their book club is a great way to immerse yourself in Madison’s community while diving into some great stories.
Another must-visit on your ever-growing list of book destinations is Frugal Muse Books on the west side of Madison. With 30 years of experience buying, selling, and trading, this beloved local shop is a treasure trove of nostalgia. Browsing through the eclectic collection of used and new books can evoke fond memories of discovering hidden gems, whether it’s a cherished childhood favorite or a quirky comic. You can also comfortably sell your beloved reads here, knowing they’ll continue to impact new readers’ lives. Plus, you’ll find an array of movies and music across various genres, including those niche subjects that spark joy and curiosity.
4. Savour Madison’s culinary landscape
Madison’s diverse culinary scene offers everything from farm-to-table delights to international cuisine, sure to satisfy every craving. It’s undeniable that Madison is a haven for food lovers and you’re sure to discover hidden gems as you explore the city.
Dine and discover
If you’re craving Italian cuisine in Madison, look no further than Lombardino’s Restaurant. This charming neighborhood eatery boasts a warm, inviting atmosphere that makes every visit feel special. With a frequently changing menu inspired by seasonal ingredients, there’s always something new and exciting to discover. Lombardino’s prides itself on sourcing from local farms and incorporating the finest imported Italian products, ensuring a fresh and authentic dining experience. To elevate your meal, explore their thoughtfully curated Italian wine list, perfectly paired to enhance each dish.
Photo courtesy of Lola’s
If you’re searching for a lively night out with friends, Lola’s Hi/Lo Lounge is the ultimate hidden gem in Madison. Step into this stylish cocktail lounge, reminiscent of the vibrant 60s, where the atmosphere radiates retro charm and sophistication. As a vinyl HiFi bar, Lola’s offers a unique auditory experience, with local DJs spinning classic vinyl records that set the perfect backdrop for your evening. Whether you’re enjoying dinner or unwinding late into the night, the inviting ambiance and expertly crafted cocktails create a memorable experience.
Find your community
Whether you’re new to Madison or a long-time local looking to get more involved in the community, becoming a member of the Madison, WI chapter of Books, Brunches & Booze is a great way to meet new people while exploring the city’s culinary delights. Enjoy unique venues like Leopold’s Books Bar Caffè, a cozy spot that combines a bookstore, bar, and coffee shop. Leopold’s is a great spot to dive into a novel and unwind with friends. It’s the ideal spot for book clubs and foodies alike.
Have your own cooking experience
FEED Kitchens is a food business incubator that invites individuals from various backgrounds to bring international flair to Madison’s food culture. With a membership, individuals and businesses can come together to create delicious food, many of whom actively contribute to the city’s culinary scene. The facility fosters a diverse community, with producers hailing from around the globe. In addition to the variety of products made at FEED Kitchens, over 20 food carts launch from the facility during the summer event season, serving the greater Madison region and further enriching the local food landscape.
Photo courtesy of Speckled Hen Inn
5. Enjoy a weekend away
If you’re living in Madison and craving a peaceful escape that feels worlds away, consider a stay at The Speckled Hen Inn. This charming 20-acre country estate offers rooms with king-sized beds, cozy fireplaces, and relaxing jetted tubs. Each stay includes a farm-to-table breakfast, featuring fresh, local ingredients. As you unwind by the fire, take in the serene views of sheep, llamas, and a horse grazing in the picturesque white-fenced pasture. It’s the perfect spot for a holiday retreat, offering all the warmth and tranquility of a Hallmark Christmas getaway.
Hidden gems in Madison, WI just waiting to be discovered
Every city has its pros and cons, but Madison, WI, is a captivating city that seamlessly blends culture, community, and natural beauty. From its diverse culinary scene to its unique shopping experiences and rich history, Madison invites both residents and visitors to explore its many hidden gems. Enjoy a meal at a charming neighborhood restaurant, cheer for a local soccer match, or uncover hidden gems in the city’s vibrant neighborhoods. Each experience contributes to the welcoming spirit that makes Madison what it’s known for.
While Palm Springs, CA is known for its iconic mid-century architecture and glamorous lifestyle, there’s a side to this desert paradise that often goes unnoticed. Beyond the bustling streets and unique neighborhoods lie hidden gems in Palm Springs that offer a glimpse into the area’s lesser-known spots.
Whether you’re seeking a mid-century home in the area, exploring available apartments, or looking at houses for rent in Palm Springs, CA, you’re in for an extraordinary experience. Join us as we uncover the treasures that make this destination truly special, revealing experiences that go beyond the ordinary and showcase the magic of the desert.
Photo courtesy of Dana Gaydon
1. Sip the day away with Palm Springs Wine Tasting
Wine tasting is a fun and exciting way to dive into the world of flavors and delicious aromas. Situated in the Coachella Valley, the area boasts vineyards that showcase California’s finest varietals.
Bring that excitement right to your Palm Springs home with a private tasting class from Palm Springs Wine Tasting. With options like Old World Classics and Vive la France, you’ll find an array of exciting selections. Perfect for both beginners and seasoned enthusiasts, this hands-on experience is sure to elevate your palate and make for a memorable evening.
2. Indulge in the local foodie scene
Exploring the food scene is a true culinary adventure for foodies searching for hidden gems in Palm Springs. The city features a lively array of dining choices, from upscale restaurants crafting innovative dishes to cozy cafes serving fresh, farm-to-table delights.
Vietnamese cuisine
“Rooster and the Pig is a stylish, industrial-chic restaurant in Palm Springs, offering creative and modern takes on Vietnamese cuisine,” shares Mike Arnone, artist at Big Mike Art.
Vietnamese food is a vibrant celebration of flavors and textures, known for its fresh ingredients and aromatic herbs. From crispy rolls to red curry duck, Rooster and the Pig is a hotspot for all admirers of Vietnamese cuisine and rich culture.
“Their inventive dishes, paired with expertly crafted cocktails, make it a must-visit for food lovers seeking a unique dining experience,” Arnone recommends.
Vegan cafe
For those seeking food without meat or animal byproducts, Nature’s Health Food and Cafe is the ideal stop to indulge in tasty treats. Serving everything from breakfast omelets to smoothies and shakes, this cafe has something for everyone in the desert.
Dining at a health food restaurant like this one is a refreshing experience, offering nutritious dishes that make you feel good from the inside out.
3. Venture beyond the city to Murray Canyon
Murray Canyon in Palm Springs is a picturesque destination located within the Agua Caliente Indian Reservation. It’s known for its stunning desert scenery, palm oasis, and diverse wildlife, making it a popular spot for adventurers in Coachella Valley.
“If you’re looking for hidden gems in Palm Springs, I recommend checking out Murray Canyon Trail. Located just a 10-minute drive from downtown, this beautiful trail is lined with lush palm trees and features stunning waterfalls from fresh snowmelt in the spring,” states Raizah Flores, Palm Springs Wedding Photographer at Rise in Love Photography. “You’ll even find serene swimming holes along the way, making it the perfect peaceful retreat to escape into nature.”
To dive deeper into experiencing the canyon up close, take a tour with 500 Experiences, an online platform that shares the top 500 experiences in the country. One of their standout options is the award-winning Murray Canyon Trail to Seven Falls hike, a stunning journey through an oasis of palm trees, a creek, and a beautiful waterfall.
For a truly immersive adventure, try the Murray Canyon Horseback Riding Tour—a fantastic way to take in the canyon’s stunning beauty from the back of a horse.
4. Work up a sweat at Desert Chrome
Taking a dance class at Desert Chrome is a fun and empowering way to get fit while expressing your creativity. These classes cater to all skill levels, offering a supportive environment where you can learn new moves and build strength. With classes from pole dancing to Lyra to bachelor and bachelorette parties, visiting this studio is a great way to meet new people and enjoy a unique workout in a vibrant setting.
Empower yourself, explore your wild side, and break a sweat at this hot desert hidden gem.
5. Take in the views on horseback
Exploring Joshua Tree National Park on horseback with Knob Hill Ranch is the perfect way to take in the enchanting desert landscapes. As the only guest ranch permitted to showcase the spectacular vistas, winding slot canyons, and vast desert traverses, Knob Hill Ranch offers rides on their loyal string of horses.
So, grab your boots and get ready for an afternoon of horseback adventures while taking in the hidden gems in Palm Springs.
6. See the city via coffee walk
One of the best ways to dive into a city is by taking it in with a walk around town—especially one with a yummy drink. A hotspot for locals is Palm Greens Cafe, where you can order a coffee or lavender lemonade before heading out for your afternoon of meandering through the shops. As you stroll, you’ll discover charming boutiques and art galleries that showcase the local culture, making each step a new adventure.
7. Make photo-based memorabilia
The desert landscapes of Palm Springs offer an unrivaled backdrop, from the sweeping mountain views to unique resorts. The true charm happens when you create memorabilia via a photo session with Monocle Project. It’s more than some pictures, it’s a cherished experience designed to make you feel and shine your best while having memories to last long after your trip.
The team combines artistic vision with high-end, personalized service to create a session that perfectly captures the beauty of the desert. Monocle Project ensures every detail is tailored to you, delivering not just lasting photos, but unforgettable memories to take home framed in the stunning desert light.
8. Bike through town
To take in the city from a different viewpoint, rent a bike and ride through the charming Old Las Palmas neighborhood. It’s a budget-friendly way to explore downtown while enjoying the beautiful places and unique architecture.
To refresh after your day of biking, take a pitstop for tasty drinks at Las Palmas Brewing, a family-owned and operated brewery and wine bar.
9. Listen to the local live music
Listening to live music in Palm Springs offers a glimpse into the city’s personality and artistic spirit. From cozy lounges to outdoor festivals, the music scene showcases everything from jazz and rock to soulful indie performances. Each venue has its own unique vibe and truly captures the heart and soul of Palm Springs.
Husband and wife duo
Leanna and Miguel are at the heart of the nostalgic Greater Palm Springs’ entertainment scene, where infectious energy and soulful melodies come together for an unforgettable night. This energetic experience showcases talented musicians and captivating performances that invite you to sing along and dance the night away.
Whether the show is nestled in a chic setting, popular clubhouse, or other secret locals hangout, it’s the perfect spot for both locals and visitors to soak in the magic of their live music while savoring delicious drinks and dining.
Step back in time
“If you’re looking for something to fit the mid-century vibes of Palm Springs, I highly recommend The Purple Room for a uniquely fun experience,” states Dana Gaydon, a brand and lifestyle photographer at Modern Joy Studio. “It’s a delicious dinner with a show featuring a special singer or band. It truly feels like you’re visiting the cocktail lounges of 1960s Palm Springs with good vibes and great food.”
After dinner, Gaydon recommends hitting up Bootlegger Tiki for an authentic tiki experience to complete the evening.
Photo courtesy of Dana Gaydon
10. Slip into a speakeasy
Visiting a speakeasy feels like uncovering one of the many hidden gems in Palm Springs, transporting you to a bygone era of glamour and intrigue. Tucked away from the loud streets of the city, these hidden bars often feature creative cocktails, dim lighting, and a cozy, intimate atmosphere.
“For a truly unique and clandestine experience, I recommend Evening Citizen, a Prohibition-era style speakeasy that will add an air of mystery and adventure to your evening,” states Maggie Miles at the Palm Springs Post, an independent news outlet covering Palm Springs. “With no signage and a hidden entrance, the journey there is just as exciting as the destination.”
Miles continues, “Once you’re inside, enjoy a bespoke cocktail in their dimly lit parlor. They really live up to their slogan ‘We keep you in the dark.’ Oh, and when you’re there, don’t miss the striking painting of Udo Kier, one of our local celebrities, that sits prominently behind the bar.”
Whether you’re sipping a classic drink or discovering a new favorite, a night at a Palm Springs speakeasy offers a memorable escape from the ordinary.
11. Dust off your boots and go dancing
Heading out to a night of country dancing is a lively way to immerse yourself in the local scene. With the hottest country music playing, the atmosphere at Dance Ranch Palm Springs is filled with energy and excitement, inviting everyone to hit the dance floor. From a two-step and waltz, to swing and line dancing, the friendly crowd and instructors create a welcoming environment to dust off those boots and learn some new moves.
12. Discover an art gallery
The Backstreet Art District is a vibrant hub of creativity, showcasing the talents of local artists and artisans. This unique area in Palm Springs features an eclectic mix of galleries, studios, and murals, making it a feast for the eyes as you explore the colorful streets. Visitors can often find captivating exhibitions, art walks, and pop-up events that highlight the community’s artistic spirit.
Kee Gallery
Kee Gallery, one of the newest additions to the Backstreet Art District, is a delightful hidden gem. Featuring three resident artists, Kathleen Strukoff, a modern impressionist painter, Ernesto Ramirez, a surrealist painter, and Erich Meager, a ratiolaminartist, the gallery blends their artistic differences seamlessly.
Attending the art walk at Kee Gallery on the first Wednesday of each month is a great opportunity to immerse yourself in the local art scene. The monthly event draws art lovers together, offering a lively atmosphere filled with engaging conversations and the chance to discover new talent.
Big Mike Art
Visiting Big Mike Art Gallery and Studio is a charming experience that immerses you in the world of contemporary art. The gallery features a diverse collection of bold, colorful pieces that reflect the artist, Michael Arnone’s, unique style and vision. With an inviting atmosphere, it’s a perfect place to explore and discover art that sparks your imagination.
Jones & Terwilliger Galleries
Visitors at Jones & Terwilliger Galleries in Palm Desert, CA are often captivated by the stunning artwork adorning the walls. Situated on El Paseo, this gallery offers a distinctive blend of classical paintings and contemporary art, creating a rich visual experience.
Whether you’re searching for a unique treasure to add to your collection or seeking assistance in curating art for your entire home, the gallery’s knowledgeable consultants are on hand to help bring your vision to life.
13. Spend an afternoon at a botanical garden
Strolling through a botanical garden is a fun and relaxing way to admire the diverse array of plants and flowers that call the desert home. The serene atmosphere offers a perfect backdrop for reflection, photography, or simply enjoying the sights and scents of nature.
“I recommend stopping by the Moorten Botanical Garden, it’s truly one of the amazing hidden gems in Palm Springs,” shares Art Davis at Palm Desert, a travel site for Palm Springs. “The garden showcases a stunning collection of desert plants from around the world. With the tranquil paths and diverse cacti and succulents, it’s a perfect spot for nature lovers and photographers.”
Look no further for hidden gems in Palm Springs
As you venture off the beaten path and consider some pros and cons of living in Palm Springs, you’ll discover that the city’s charm extends far beyond its well-known activities. From serene hiking trails to unique local eateries and captivating art installations, these hidden gems in Palm Springs offer a fresh perspective on this beloved desert oasis. So, the next time you find yourself in paradise, take a moment to explore the treasures waiting to be uncovered—you just might find your new favorite place.
A non-purpose loan is an alternative type of loan that allows individuals to use investment securities they own as collateral to borrow money. With a non-purpose loan, borrowers can get access to the funds they need and continue to earn potential returns on their investments. However, non-purpose loans come with some financial risks to be aware of.
Read on to learn how non-purpose loans work and their benefits and drawbacks.
Key Points
• Non-purpose loans are unconventional loans that use investment securities as collateral.
• Borrowers get access to loan funds and can still continue to earn returns on their investments.
• These loans can be used for almost any purpose except purchasing securities.
• A borrower may need investment assets with a market value of at least $100,000 to qualify for a non-purpose loan.
• If the value of the collateral investments drops, you may have to add more funds to your account or partially repay the loan.
What Is a Non-Purpose Loan?
A non-purpose loan — also known as a securities-backed line of credit (SBLOC) — is a type of secured loan offered by some financial institutions and brokerage firms. Instead of using collateral such as a home or car to back the loan, a borrower uses securities in their investment portfolio.
Interest rates on non-purpose loans tend to be variable, and they may be slightly higher than the rates on personal loans. (A personal loan calculator can help you determine the personal loan rate you might qualify for.) The borrower must make interest-only monthly payments on a non-purpose loan until you decide to pay it off. The loan’s principal can be repaid in increments or all at once.
The Way a Non-Purpose Loan Works
With a non-purpose loan, you borrow money using your investments to back the loan, and you continue to earn any interest, dividends, and capital appreciation on those investments.
The amount you can borrow with a non-purpose loan varies, although you can typically borrow between 50% to 95% of your portfolio. The exact percentage depends on two main factors: the types of assets in your accounts and the value of your portfolio. Lender requirements may also be a determining factor. To qualify for a non-purpose loan, a lender may require you to have assets with a market value of at least $100,000.
Unlike traditional lending products such as personal loans, non-purpose loans are subject to maintenance calls. That means if the value of your investment accounts falls below a certain level, the brokerage or financial institution will ask you to boost the equity in your investments to meet the margin requirements.
In the case of a maintenance call, you’ll need to increase your accounts’ value by either depositing more money in them or partially repaying the loan.
Non-Purpose Loan vs Margin Loan
A margin loan is another type of lending product that’s backed by a borrower’s investment securities. Like a non-purpose loan, a margin loan allows you to borrow against the investments in your portfolio while continuing to earn any dividends and interest. Margin loans are subject to maintenance calls just as non-purpose loans are.
However, there are differences between the two. A margin loan is typically used for the sole purpose of purchasing more securities. A non-purpose loan, on the other hand, can be used for virtually anything other than purchasing securities. To obtain a margin loan you can only use the investments in one account as collateral, whereas you can get a non-purpose loan by using investments in several accounts.
Pros and Cons of a Non-Purpose Loan
Non-purpose loans have distinct benefits and drawbacks. For example, these loans are flexible and can be used for many purposes, but they often require borrowers to have investment accounts with a high value.
This chart gives an at-a-glance comparison of the advantages and disadvantages of non-purpose loans.
Pros of a Non-Purpose Loan
Cons of a Non-Purpose Loan
May not involve a credit check
High asset value may be required
Allows borrowers to earn returns on investments
Typically has variable interest rates
You don’t have to sell investments to secure the loan so you avoid capital gains tax.
Subject to maintenance calls
Can be used to finance almost anything
Can’t be used for purchasing investments
Pros of a Non-Purpose Loan
Non-purpose loans have several features that can make them attractive to borrowers.
May not require a credit check. Unlike traditional loans such as unsecured personal loans, a non-purpose loan might not involve a credit check. Instead, the lender may base the amount of the loan on the value of your portfolio.
Allows investment returns. Borrowers don’t have to sell their securities to obtain a non-purpose loan. They can continue to get possible returns on investments.
May avoid capital gains tax. Because you don’t have to sell securities to get a non-purpose loan, you won’t have to pay capital gains tax.
Provides flexibility. With a non-purpose loan, you can use the proceeds in almost any way you wish. For instance, you can use the money to pay off medical expenses, tide you over during a job loss, or for home improvement funds.
Recommended: Using a Personal Loan for Taxes
Cons of a Non-Purpose Loan
Along with possible benefits, there are some significant drawbacks of non-purpose loans to consider.
High asset value requirements. To qualify for a non-purpose loan, a lender typically requires you to have assets with a high minimum value of at least $100,000.
Variable interest rates. Non-purpose loans generally have variable interest rates, which means the rates can go up and down throughout the life of the loan. You may want to check personal loan rates to compare the interest rates of other lending options.
Subject to maintenance calls. The investments that serve as your collateral for a non-purpose loan are prone to market volatility, so you could be impacted financially. For instance, should the value of your securities go down, the value of your portfolio may no longer meet the collateral requirements for the loan, prompting a maintenance call. In that case, you might have to deposit money in your accounts or partially repay the loan.
Loan funds cannot be used for investing. Unlike margin loans, you can’t use the money from a non-purpose loan to purchase investment securities.
Recommended: How to Pay Tax on Personal Loans
The Takeaway
A non-purpose loan may be attractive to certain borrowers because it gives them the ability to use their investment securities as collateral while continuing to earn money on their investments. However, these loans tend to have high minimum balance requirements and variable interest rates, and they’re subject to maintenance calls, which could be financially challenging. Consider the potential pros and cons of a non-purpose loan to make sure it’s a good option for you.
You can also look into other lending products. While SoFi doesn’t offer non-purpose loans, we do offer personal loans with amounts ranging from $5,000 all the way up to large personal loans of $100,000. You can explore the different types of loans available, and shop around for the best rates, to decide which option is right fit for your borrowing needs.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
FAQ
What is the meaning of a non-purpose loan?
A non-purpose loan is an unconventional loan that allows you to use securities from different investment accounts as collateral for the loan. For some borrowers, the main advantage to this type of loan is that their investments stay intact, and they can potentially earn money from interest and dividends.
However, there are disadvantages to non-purpose loans. For instance, if the value of your investments drop, you may be required to add money to your accounts or repay part of the loan.
What is the difference between a purpose and a non-purpose loan?
A purpose loan uses investment securities as collateral and is typically used to buy more securities. A non-purpose loan is also backed by investment securities, but it can be used for almost any purpose, except for purchasing securities.
Is a non-purpose loan better than a purpose loan?
Non-purpose loans and purpose loans have different uses and requirements, and one isn’t necessarily better than the other. It mainly depends on what you’re using the loan for. A purpose loan is generally used for one specific purpose, typically to purchase securities. A non-purpose loan can be used for almost anything except purchasing securities. Only you can decide which type of loan is best for your intended use of the funds.
Photo credit: iStock/RgStudio
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