Mortgage Professional America wants to uncover the best workplaces in mortgage for the fifth annual Top Mortgage Employers. Open to all organizations within the mortgage industry, from large national mortgage brokerages to local retail agencies, the Top Mortgage Employers will recognize companies based on several metrics, including culture, benefits, employee development, and more. By participating, … [Read more…]
Source: iStock
The thrift store scene in Las Vegas is fantastic, especially if you know where to look.
Apr. 28 2023, Published 2:52 p.m. ET
Thrift stores, as we know, are the mecca of eco-couture. You can basically find anything and everything, from designer dresses to retro furniture to electronics that may or may not work.
But, one of the best things about thrifting is how it holds the history and personality of a place, and the people that live there. For a city like Las Vegas, its flair can be discovered all throughout its stores.
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Source: iStock
Located in the heart of the Downtown Las Vegas Arts District at 1409 South Commerce Street, Alt Rebel is a place to buy, sell, and trade gently used merchandise. If you are looking to refresh your wardrobe with some refined vintage pieces, Alt Rebel describes itself to be an upscale thrift spot, including pieces from brands like Marc by Marc Jacobs, Dr. Martens, True Religion, and Louis Vuitton.
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Located at 390 South Decatur Boulevard, Opportunity Village Thrift Store is not only a place to shop but a chance to support an organization that dedicates itself to empowering those with disabilities. The thrift store is owned by the nonprofit Opportunity Village, which provides workforce development, employment assistance, housing, and more for people with disabilities.
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This spot is a great place to shop for furniture, tools for those with disabilities, and all your usual thrift store finds. The store is partnered with World Market Center and local trade shows where it sources everything from vintage wall art to designer shoes, available for purchase in stores as well as online.
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With six locations in the Las Vegas Valley, Savers is an obvious choice for finding new outfits without resorting to fast fashion. Although it’s not unique to the area, Savers is a place where you can find some of the largest selections of cheap clothing sustainably.
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Find new vintage pieces at 1300 South Main Street, at The Red Kat Vintage. The store is full of retro pieces, with vinyl records, eclectic accessories, and clothing to sort through. This is definitely the spot to find the coolest colors, textures, and inspiration to branch out when it comes to fashion, per Thrillist.
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Source: iStock
If you are on the hunt for one-of-a-kind, vintage home decor, and furniture, look no further than 1300 South Main Street. Patina is known for its upscale vintage home furnishings, lighting, accessories, and apparel, all found in the heart of downtown Las Vegas. And the best part? You can shop online as well as in-store to locate your new favorites.
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With two locations on the same block, at 1403 South Commerce Street and 1415 South Commerce Street, this thrift store has a unique backstory.
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Off The Threads was started by Linda Ruiz in 2018, when she was just 18 years old. Since then, Off The Threads has taken off with the help of Ruiz’s family, and Ruiz and her grandma even scored a gig as seamstresses for singer Dua Lipa for the Billboard Music Awards. At both shops, you can find racks full of vintage goodies, designer pieces, and even mystery bags for those who need a little push to expand their wardrobe.
Source: greenmatters.com
Gov. Brian P. Kemp has announced that Creative Home Ideas, a YMF Company and design-house focused on home fashion, will create 70 new jobs and invest more than $15 million in a new distribution and light manufacturing facility in Liberty County.
“Last year, 85% of jobs created through economic development projects were located outside metro Atlanta, and we’re proud to welcome even more opportunity to rural areas like Liberty County,” Gov. Kemp said. “Through our reliable infrastructure, growing broadband connections, and world-class workforce development programs, the Peach State is attracting unprecedented levels of job creation. This is just the latest example of that success, and we’re thankful that Creative Home Ideas had Georgia on their minds when they made this choice.”
Started in 1981, Creative Home Ideas is a family-owned business with expertise in designing, manufacturing, and distributing fresh and innovative home decor. The company’s collections include bedding, bath, kitchen, window treatments, decorative pillows, throw blankets, and rugs.
“YMF Carpets is very excited to be expanding our operations into the South,” said Yaron Shemesh, CEO of YMF Carpets, Inc. “The facility we are planning will include light manufacturing which will allow us to grow our business and reach company goals while taking advantage of the proximity to the port of Savannah. We have enjoyed working with Liberty County and are looking forward to establishing a long relationship with the Georgia Ports Authority as well as the Midway community.”
Operations are expected to begin in 2024. The company will be hiring for light manufacturing, warehouse, shipping, customer service, and back office personnel. Interested individuals can learn more about working at Creative Home Ideas at Creative_ Home Ideas_Sunsbury_ [email protected].
“We are pleased and excited that Creative Home Ideas, a company with a reputation for innovation and growth, has selected Tradeport East Business Center as the best location to make a substantial investment for its future growth,” said Liberty County Development Authority Chairman Allen Brown. “Like the other corporations that have preceded them in selecting and investing in Tradeport East, we are confident that Creative Home Ideas will also find that Liberty County is a prime location to Come Grow Globally.”
Creative Home Ideas’ new facility will be located at 1962 Sunbury Road.
“We’re happy to welcome New Jersey-based Creative Home Ideas to Coastal Georgia,” said Executive Director of the Georgia Ports Authority Griff Lynch. “Its new distribution center will not only boost the local economy, it will set the company at the center of a logistics hub that puts global and domestic markets within easy reach.”
Senior Project Manager Adela Kelley represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team on this competitive project in partnership with Liberty County Development Authority, the Georgia Ports Authority, and Georgia Power.
“Creative Home Ideas is a great addition to Georgia’s community of home-improvement companies, bringing with it many iconic brands,” said GDEcD Commissioner Pat Wilson. “By working with Georgia Ports Authority, Liberty County has created a successful environment for companies to grow by connecting them to domestic and international markets. Port activity supports one in nine jobs across the state, and that impact continues to grow as Georgia solidifies its position as a global business and logistics hub. We’re thankful for the dedication of partners like Liberty County and the ports, and congratulations to Creative Home Ideas.
Source: coastalcourier.com
Saving money is a crucial aspect of personal finance. Understanding the different types of savings accounts and selecting the right one for your needs can help you grow your money and achieve your financial goals.
In this article, we’ll explore various types of savings accounts, including traditional savings accounts, money market accounts, certificates of deposit (CDs), high-yield savings accounts, cash-management accounts, and specialty savings accounts.
Here are the six primary types of savings accounts, each designed to meet varying financial needs and goals.
Traditional savings accounts are a popular choice for those looking to start saving money. They are typically offered by traditional banks and credit unions and are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).
Traditional savings accounts are easy to open and maintain, making them an ideal choice for beginners. They offer a secure place to store your money, with the backing of federal deposit insurance. However, the interest rates on these accounts are typically lower than other types of savings accounts.
A traditional savings account is a great place to start building your emergency fund or saving for short-term goals, such as a down payment on a car or a vacation. They provide a safe place to store your money while earning modest interest.
See also: Best savings accounts for 2023
High-yield savings accounts offer higher interest rates than traditional savings accounts, making them an attractive option for savers looking to maximize their interest earnings.
High-yield savings accounts offer competitive interest rates, often higher than those found at traditional banks. They typically come with low or no monthly fees and provide easy online and mobile access. However, these accounts may have limited branch locations, making it difficult for some users to visit a physical location.
A high-yield savings account is an excellent choice for those looking to earn a higher return on their savings while still maintaining easy access to their funds.
See also: Best high-yield savings accounts for 2023
Money market accounts are a type of savings account that typically offer higher interest rates than traditional savings accounts. They are offered by banks, credit unions, and non-bank financial institutions.
Money market accounts offer higher interest rates than traditional savings accounts, making them an attractive option for those looking to earn more on their savings. They also provide some liquidity with limited check-writing and debit card access. However, these accounts typically require a higher minimum balance to maintain, and there may be monthly fees if the balance falls below a certain threshold.
If you’re looking for a savings account that offers higher interest rates than a traditional savings account, but still provides some access to your money, a money market account may be the right choice for you.
See also: Best money market accounts for 2023
Certificates of deposit (CDs) are time-based deposit accounts that offer fixed interest rates for a specified term. They are offered by banks, credit unions, and other financial institutions.
CDs offer higher interest rates than traditional savings accounts and money market accounts. They are a low-risk investment option, making them ideal for long-term savings goals. However, CDs require you to lock your money away for a set period, and early withdrawal penalties may apply if you need to access your funds before the term ends.
If you have a long-term savings goal or are looking for a low-risk investment, a CD may be the right choice for you.
Cash-management accounts are a hybrid of checking and savings accounts, offering the benefits of both types of accounts in one convenient package.
Cash-management accounts offer high-interest rates and the flexibility of a checking account, making them an appealing option for those who want the best of both worlds. However, these accounts are typically offered by online banks and non-bank financial institutions, so access to brick-and-mortar branches may be limited.
A cash-management account is perfect for individuals who want a high-interest savings account combined with the convenience of a checking account.
Specialty savings accounts are tailored to help individuals save for specific financial goals. These accounts often come with unique features, benefits, and tax advantages. Let’s take a closer look at three common types of specialty savings accounts.
Health Savings Accounts (HSAs) are designed to help individuals save for qualified medical expenses on a tax-advantaged basis. They are available to those who are enrolled in a high deductible health plan (HDHP).
HSAs offer significant tax advantages, allowing you to save and invest money for healthcare expenses without paying taxes on contributions, earnings, or withdrawals for qualified expenses. However, HSAs are only available to those enrolled in an HDHP, and there are annual contribution limits. Additionally, using HSA funds for non-qualified expenses can result in taxes and penalties.
If you have a high deductible health plan and want to save for future medical expenses while enjoying tax benefits, an HSA may be the right choice for you.
Education Savings Accounts (ESAs) are designed to help families save for education expenses, such as tuition, books, and other related costs. The two main types of ESAs are the Coverdell Education Savings Account and the 529 Savings Plan.
ESAs offer tax advantages, allowing you to grow your savings tax-free and make withdrawals for qualified education expenses without paying taxes. However, there are contribution limits, and eligibility requirements may apply. Additionally, using ESA funds for non-qualified expenses can result in taxes and penalties.
If you’re planning to save for future education costs, such as college tuition or private K-12 schooling, an ESA may be the right choice for you.
Individual Development Accounts (IDAs) are designed to help low-income individuals save for specific financial goals, such as purchasing a home, starting a business, or paying for higher education.
IDAs offer the unique benefit of matching funds, which can significantly boost your savings. They also provide financial education and counseling services to help you achieve your financial goals. However, IDAs have strict eligibility requirements based on income, and there may be restrictions on how the funds can be used.
If you meet the eligibility requirements and have a specific financial goal in mind, an IDA can be a valuable tool to help you save and achieve your objectives with the support of matching funds and financial education services.
Selecting the right savings account is an important step in achieving your financial goals. To make the best decision, consider the following factors and follow these steps to guide you through the process:
Before choosing a savings account, it’s crucial to understand your financial objectives. Consider your short-term and long-term goals, such as:
Understanding your goals will help you determine the type of savings account that best aligns with your priorities and financial timeline.
Once you’ve identified your financial goals, start comparing interest rates, fees, and account features across different savings account options. Factors to consider include:
See also: Best 5% Interest Savings Accounts of 2023
When choosing a savings account, it’s essential to evaluate the financial institution’s accessibility and customer service. Factors to consider include:
Diversifying your savings strategy by utilizing different types of savings accounts can help you maximize your interest earnings, meet various financial goals, and manage risks. Consider opening multiple accounts, such as:
Understanding the various types of savings accounts can help you make an informed decision about where to store your money and how to grow your savings. By choosing the right account for your needs, you can maximize your interest earnings, maintain liquidity, and achieve your financial goals. Start saving and growing your money today!
Source: crediful.com
Ahh … the birds are chirping, the days are getting longer, and the 2023 spring housing market is finally kicking into full gear.
But making predictions about this year’s prime selling season is like trying to see through a cold, thick, fog. Mortgage interest rates are at near 20-year highs, adding hundreds—or even thousands—of dollars to monthly mortgage payments. There aren’t many new homes coming onto the market. And in some markets, home prices are continuing to shoot up. Yet, in others, they’re beginning to come down.
So how are homebuyers and sellers supposed to make sense of it all?
One indicator of how an area’s real estate market is faring is how long it’s taking homes to sell. In the hottest, most competitive markets, where bidding wars and offers above asking price might still be the norm, homes are selling briskly—sometimes within days of being listed. But in other parts of the country, listings are languishing. That’s a sign that sellers could be cutting prices, and buyers have more negotiating power.
That’s why Realtor.com®’s data team took a deep dive into the numbers to uncover the median days that homes are taking to sell across the country.
“Fewer days on market is usually some combination of more demand in places with relatively lower supply,” says Hannah Jones, Realtor.com economic data analyst. “So, the homes that are available spend less time on the market.”
There were just five out of the biggest 250 metropolitan areas in the nation where homes were selling faster than they were last year. These markets were in the Rust Belt and Midwest, where homes are mostly cheaper.
Yet, homes are sitting longer on the market—generally in the more expensive parts of the country.
“The upside is that for buyers who are still looking in these markets, they probably have a little more negotiation power,” Jones says. “Sellers are going to be more motivated to sell.”
To find out how quickly homes are moving, we dug into Realtor.com’s housing data for the 250 largest metropolitan areas. We compared the median days on market (DOM) in March 2023 to March 2022. (Metros include the main city and surrounding towns and smaller urban areas.) We limited our list to just one metro per state to ensure geographic diversity.
So let’s take a look at the cities where you have some extra time to ponder your buying decisions—and those where you better act fast.
Median list price in March 2023: $197,450
Median days on market in March 2023: 58
Year-over-year change in days on market: 14 fewer days
Homes in Erie, in the northwestern part of Pennsylvania, are selling two weeks faster than this time last year—and for buyers, that can make a substantial difference. This time last year, real estate in the Rust Belt city was spending 71 days on market, almost twice the national median figure.
It makes sense in these affordability-crunched times that Erie’s market would be picking up. Home prices were around half of the national median list price of $424,00 in March, though waterfront properties on Lake Erie can still command a premium. And it’s one of the only markets on this list where the number of homes for sale in March was fewer than in the year before.
“There’s definitely a huge shortage right now,” says local realtor Nanci Lore, at Marsha Marsh Real Estate in Erie.
Lorei says high mortgage rates are keeping some would-be local sellers from listing their homes—they don’t want to lose their low rates when buying a new house. So they’re staying put, which makes the housing shortfall even worse.
Median list price: $486,475
Median days on market: 59
Change in days on market:: 7 fewer days
Traverse City, in northern Michigan on Lake Michigan’s Grand Traverse Bay, has long been a popular Midwestern tourist destination. The area’s beaches, wineries, pretty cherry orchards, and historic lighthouses have given it a reputation for scenic beauty and a charmed lifestyle, making it especially attractive for buyers seeking a vacation home or place to retire.
It’s also more expensive than every other metro where homes are selling faster this year than last, with a median listing price about 15% higher than the national median listing price.
Buyers who act fast can get a four-bedroom house on half an acre for $319,900. Or they can splurge on this two-bedroom, waterfront home with panoramic views for $825,000.
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Watch: The Top Real Estate Markets of 2023, Revealed
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Median list price: $159,900
Median days on market: 50
Change in days on market:: 4 fewer days
In northeast Ohio, Youngstown was once an anchor of the steel industry, dotted with mills and factories. But when those businesses vanished, residents took a powder, too; and there were fewer buyers left to keep home prices strong.
But the affordable real estate has lately become a draw. List prices in Youngstown were up almost 20% year over year in March—the biggest price increase of any metro on the list. Despite the increases, homes are more than 60% less expensive than the national median.
The typical home in Youngstown spends 50 days on the market right now, tied for the fewest in our ranking.
Youngstown also stands out, because there are marginally more homes for sale in the metro compared to a year earlier. That gives buyers a bit more of a selection.
Those who are handy and don’t mind putting in some work can pick up a three-bedroom ranch for under $70,000. There are also plenty of move-in ready homes, such as this five-bedroom, three-and-a-half bathroom house for $378,900.
Median list price: $140,950
Median days on market: 50
Change in days on market: 2 fewer days
Located on the Illinois River in the central part of the state, surrounded by fertile farmland, buyers here can find some decent, bargain-priced homes for sale. Peoria has the cheapest real estate of any of the places on our list. And that’s even with a 10% year-over-year price increase.
The median listing price in Peoria in March 2022 was $99,900—one of the last U.S. metros where median home prices were below $100,000.
Meanwhile, the number of homes for sale in Peoria in March was also down almost 10% year over year, which helps to explain why homes are selling fast there.
This stately, six-bedroom, historic home is listed for $295,000. Meanwhile, this four-bedroom, brick home is on the market for just $129,900.
Median list price: $152,090
Median days on market: 65
Change in days on market: 0 (flat)
Charleston’s extreme affordability, with home prices at less than half the national average, helps insulate it from the dynamics pushing up days-on-market numbers in other areas.
Joe Nekoranec, a real estate salesperson at Berkshire Hathaway Real Estate Services Great Expectations Realty in Charleston, says it all comes down to the limited housing supply.
“It’s just scarcity, plain and simple,” he says. “There’s hardly anything to buy.”
Nekoranec says buyers who couldn’t afford to compete during the frenzy of the pandemic market are still coming to Charleston because of how affordable it is.
“I’m seeing stuff that nobody would have bought a few years ago being sucked up by buyers,” Nekoranec says.
Median list price in March 2023: $399,875
Median days on market in March 2023: 59
Year-over-year change in days on market: 49 more days
Huntsville, in the foothills of the Appalachian Mountains, leads our list of places with the biggest increase in the number of median days the listing is on the market. Still, at 59 days, Huntsville is just five days more than the national average.
So what’s going on here? Well, at this time last year, the median listing in Huntsville—home to NASA’s Marshall Space Flight Center—was spending only 10 days on the market. That was less than one-third of the national median DOM at the time.
There are more than twice as many homes available in Huntsville now than the same time last year. Sellers are slashing prices to attract buyers. And at under $400,000, the median listing price in Huntsville is still about 6% less expensive than national median.
Andy Dugger, the managing broker and director of business development at Amanda Howard Sotheby’s International Realty, says one of the biggest challenges right now is setting expectations.
“I think a lot of sellers still expect their house to sell in 11 days, like it was a year ago,” Duggar says. “So when you’re expecting that, four weeks can feel like an eternity.”
Median list price: $431,175
Median days on market: 78
Change in days on market: 43 more days
Chico is a relatively small metro at the foot of northern California’s Sierra Nevada mountains, with a history rooted in ranching and farming. It’s also a college town, home to the Chico campus of the California State University system. And by Golden State standards, it has some bargain-priced real estate.
Unfortunately for sellers, there’s a surplus of inventory right n0w. Homes are now sitting on the market more than twice as long as they were a year ago. However, that could be good news for buyers looking in Chico.
This three-bedroom, storybook-style home, for example, is on the market for just $409,000.
Median list price: $450,000
Median days on market: 53
Change in days on market: 42 more days
The Raleigh-Durham research triangle has been attracting new residents over the years. The area is home to lots of well-paying science, technology, engineering, and math-related jobs, as well as several top schools—including Duke University.
The market has also experienced a surge in new construction recently, leading to more homes going up for sale. The number of homes for sale in March 2023 is more than three times as many as there were a year ago. That extra inventory has given buyers the power to be a bit choosier.
This three-bedroom, two-bathroom house with a front porch is listed at $315,ooo, while this three-bedroom, brick stunner is available for $438,000.
Median list price: $628,000
Median days on market: 88
Change in days on market: 41 more days
The Hilo metro includes all of Hawaii, otherwise known as the Big Island. Fun fact: there are four active volcanoes on the island.
High prices, too. In fact, median home prices are up 11% year over year. But as more workers are being called back into their offices, and fewer buyers are seeking out vacation properties, the number of days it takes to sell a home there has almost doubled in one year. The figure hit nearly three months in March 2023.
Buyers on a budget can score a small, three-bedroom house for $550,000.
Median list price: $499,000
Median days on market: 70
Change in days on market: 40 more days
Abutting the New Hampshire-Vermont border, Lebanon has seen its home sales slow considerably—likely because they’re just so much more expensive than they were a year ago. The median price per square foot for listings here is up 30% year over year in March.
Sellers hoping they can be the exception to the slowdown are still pricing homes too high, says Ben Cushing, the vice president and regional manager of the Upper Valley of New Hampshire and Vermont Four Seasons Sotheby’s International Realty.
They might be remembering the market as it was at the height of the pandemic or not realizing how much more leverage buyers have gained.
“Things were crazy a year ago,” Cushing says.
But the market has since shifted—big time.
Source: realtor.com
The Silicon Valley boom paved the way for unprecedented returns for scores of high-tech companies, resulting in a mass influx of highly-skilled professionals to the San Francisco Bay Area.
A surge in job creation invariably boosted housing demand across the region. With a limited supply at hand, the prices quickly spiraled out of control, appreciating at an extraordinary clip.
The effect of rising demand and limited supply quickly resulted in an over-inflated property market which out-priced nearly everyone in the Bay Area counties. Year-on-year growth rates show that the median house price in San Francisco has increased by 1.3%, – to $1.6 million. While substantial, this is the smallest gain since 2012. More significantly, housing prices across Santa Clara County dropped by 6%, averaging out at $1.26 million.
Analysts agree that the explosive growth in the property market are due in large part to the runaway success of technology companies in the region. 2019 ranked among the most active years for IPO listings, leading to an influx of billions of dollars in venture capital, and various rounds of financing activity. This has led to a cooling of expectations as various tech companies such as Slack, Uber, and Lyft, failed to hit their price targets.
Interestingly enough, the steep prices in San Francisco and its surroundings have many homebuyers shift interest to other areas, like Oakland and Berkeley. Home prices in these areas have risen by approximately 4%, reflecting a median house price of $860,000.
Dozens of economists were recently surveyed regarding pricing in the Bay Area market. The consensus among them was that San Francisco will lose traction as other housing markets like Austin, Texas gain momentum. Apparently, the worst performing real estate market in 2020 is expected to be the Bay Area.
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Of the 100 economists that were polled in the survey, 64 of them believe that San Francisco’s housing market will underperform this year, followed by 61 experts who believe that San Jose will underperform. If these predictions hold true, home values across the Bay Area will start to decline. Obviously, residents of the Bay Area have mixed feelings about their home value decline, but those looking to rent and buy properties will be heartened by this news.
The uninterrupted growth in property prices has everyone overly concerned. The majority of real estate developers have been focusing on the high-end market when developing new housing facilities. This has neglected the low and middle-income earners who were simply priced out of the market.
Of course, notable exceptions exist such as Danny Haber of oWOW, a California-based real estate development company which focuses on low-cost, luxury accommodations for the market, in and around the Oakland region. Owing to general trends in the Bay Area, most people do not consider home ownership, let alone rentals. While high home prices affect buyers and sellers, they also have an impact on renters by raising the costs. Unfortunately, the rise in rental prices has outstripped the growth in real earnings by a wide margin.
According to SF Gate, the one third rule is not applicable to the Bay Area property market. Typically, renters spend approximately 33% of their gross income on housing, but in the Bay Area, this is a pipe dream.
Rental prices for a single bedroom apartment in San Francisco can average $2,900 per month, which requires earnings of $105,000 a year. Most wage earners come nowhere near close to that figure. In fact, experts found that San Francisco rentals, including San Mateo and Marin counties, eat up to 50% of gross income. This being said, the costs of living here become more affordable in households with multiple wage earners.
Construction costs in the Bay Area rose by 6.7% during 2018, making San Francisco the most expensive real estate market to build in. Typically, increases in demand are met with increases in supply to reduce pricing, but in San Francisco’s housing market this is not the case.
Of course, the tech sector is likely to rebound and this will add further pressure onto housing prices. In the absence of accelerated construction, other viable solutions need to be found.
One possible solution to the housing crisis in the Bay Area is MacroUnits, the system provided by oWOW. These modular-style housing units are built offsite and shipped to their destination.
This alternative reduces the costs of remodeling existing apartments, shortening the time to market and reducing overall costs for customers. A flexible walls system known as Magic Walls is used to maximize the living space and create luxurious accommodations by transforming single bedroom units into multi-bedroom units with additional facilities, all within the same square footage.
By entering the market with lower prices, Danny Haber’s company is rapidly expanding its tenant base, by offering upgraded housing at an affordable price. If this system is implemented at scale, it could become part of a comprehensive solution to the housing dilemma.
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Million Dollar Homes in NYC Aren’t Selling Like They Used To
Source: fancypantshomes.com
Unless your last name is Rockefeller, Hilton, or Walton (as in Sam Walton, founder of Wal-Mart — four of the seven richest Americans are Sam’s heirs) chances are you had to work for the money you have. If you’re not yet retired, you still have years of that work ahead of you. And you retirees aren’t completely off the hook, either: Houses and cars need to be repaired, meals need to be cooked, and taxes need to be filed. If you don’t do these things yourself, you’ll have to pay someone else to do them.
Your ability to turn your labor into a paycheck — or to do things yourself, so you don’t have to fund someone else’s paycheck — is your “human capital.” This combination of knowledge, experience, talents, work habits, and social skills is perhaps your most important income-producing asset (as I wrote in January).
I’ve been thinking a lot about “enhancing human capital” over the past couple of years, especially as we’ve entered the toughest employment environment since the early 1980s. Few people can take their jobs for granted. Too much can change: the economy, technology, competition, even health (affecting one’s ability to do a job — approximately one-quarter of retirees stopped working due to health problems).
Then there’s the question of how to grow your net worth these days. Cash and bonds are at decades-low yields, and we all know now that the stock market doesn’t always go up. Thus, the asset we have the most control over is the one we take a shower with (assuming you do it alone, at least some of the time). A great career can result in a great retirement, because a higher income allows for more savings and retirement benefits.
But let’s face it: Earning a higher paycheck isn’t easy these days, so it takes deliberate planning, extra work, and perhaps bringing a higher-up into the shower. Since I’m not a human resources expert, I asked one of my Foolish colleagues — Angelique Keenley, Vice President of HR at The Motley Fool — for suggestions. She passed along these 11 ways to improve your income-producing capacity.
J.D.’s note: I’m a huge proponent of personal development. Your career is your most valuable asset, and by becoming a better worker (whether for yourself or for others), you boost your ability to earn. And that doesn’t just pay off now — it pays off for decades to come. Here are some other articles on this subject from the GRS archives: “How I Gave Myself a Raise“, “Five Steps to Six Figures in Seven Years“.
Source: getrichslowly.org
Bed Bath & Beyond may be shuttering, but the vision it sold of a manicured, functional and up-to-date home, lives on.
Over its five-decade history, the retailer was a big contributor to the societal meme that a considerable portion of our paycheck ought to be devoted to the continuous improvement of our living spaces. Its shelves and catalogs were a testament to the notion that every household item — from toilet roll holder to mattress cover — was worthy of rigorous comparison shopping.
These days, much of that decor- and gadget-centric shopaholism has shifted to more competitive online offerings. But the core consumer appetites the retailer helped stoke — for things like smart garbage bins, movement-adapting mattresses, and bean-to-cup automated espresso machines — remains vigorous as always.
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Startup founders continue to take these wants quite seriously. And while home decor and gadgetry has never been a mainstay of the venture capital business, there are always a few companies in the space that score some funding.
Arguably, modern life would look rather different had some of these ventures never managed to scale. iRobot, maker of the Roomba robot vacuums that are the scourge of dust mites and house pets, sucked up $30 million in venture funding in the late 1990s and early 2000s. And Keurig, a startup inspired by its founder’s distaste of old, stale office coffee, owed some of its early development to seed funding secured in the 1990s.
In recent years, startup investors have been shying away from big rounds for consumer products and electronics companies. They’ve also sustained some major losses on prior deals. This includes the oft-mocked Juicero, a startup that raised $118 million but went bust following reports that its $400 juicing machines performed no better than a person mushing its fruit and veggie packets by hand.
Today, startups should probably expect more rigorous diligence. That may be one reason we aren’t seeing a lot of deals getting done.
Even so, an analysis of Crunchbase data unearthed a decent cohort of recently funded startups with housewares and kitchen gadgetry. Below, we put together a sample list of 10 funded in the past couple years that have collectively raised over $377 million.
If I were to pick a rising star on this list, it would be Mill, a startup selling a $33 monthly subscription for a “food-shrinking, de-stinking” kitchen bin and food waste pick-up service. The San Bruno, California-based company has reportedly raised more than $100 million from backers including Breakthrough Energy Ventures and Energy Impact Partners.
Coffee drinkers also have a few emerging names to follow. Spinn, which has raised over $44 million to date, employs “centrifugal brewing” and precision grinding in its $800 machines, which churn out custom-crafted espressos, filter coffees and cold brews. Terra Kaffe, meanwhile, has secured $15 million for its automatic bean-to-cup espresso maker.
Others are eyeing the bedroom. This included Brooklinen, maker of upscale bedding and towels, and Bryte, a developer of smart mattresses aimed at providing more restorative sleep.
Then there’s Aura Frames, maker of smart picture frames whose product could go in any room. The New York startup has raised over $40 million in equity funding to date.
The nice thing about the business of marketing a functional and beautiful home is that the minute you sell something, it opens up fresh demand for something else. Every gadget needs a place to put it, creating a potential customer for new, smart storage. Buying a new mattress invariably means also buying sheets and pillows too.
Seems we’re never really done spending. Or shopping. For home goods retailers, that’s just the way they like it.
Photo by Fabio Bracht on Unsplash
Stay up to date with recent funding rounds, acquisitions, and more with the
Crunchbase Daily.
Source: news.crunchbase.com
One would think that short-term goals are pretty easy to accomplish. Oh, really?
Think again. Short-term goals can be easily put off for a plethora of reasons. Research suggests this as 91% of people fail on their New Years’ resolutions.
When it comes down to getting short-term goals done, including short-term financial goals, one must implement some strategies to stay on task and on schedule.
Let’s start out by discussing some strategies for achieving important short-term goals and then move onto some short-term financial goals that are worth your time and effort.
Grab your notepad, you’re going need it!
Goals can have different timelines attached to them. For example, a short-term goal may take months or even years to achieve, whereas a long-term goal may take 5-10 years or more to reach. It’s important to be realistic about how much time you need and plan accordingly in order to make sure you can stay on track with your objectives.
Additionally, breaking down each goal into smaller steps can help make the goals feel more achievable. It may also be helpful to track your progress and celebrate successes along the way! More on that in a sec.,,
A short-term goal is a goal that shouldn’t take you long to complete. Generally, I would define a short-term goal as a goal that takes roughly less than a year to complete. Many times, these goals only take a month or a few weeks. They could only take a day or two.
Short-term goals usually have a very clear path toward their completion. You know exactly how you’ll accomplish your goal – every step you’ll need to take. You can break the goal down into smaller pieces and then track your progress along the way.
It’s crucial that each of your short-term goals follow the “SMART” goal format.
Setting goals can be daunting, but with the SMART framework, you can turn your aspirations into achievable objectives that will help you make meaningful progress towards your dreams! SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound.
Think of SMART as your goal-setting BFF! When you have a SMART goal in mind, you know exactly what you want to achieve, how you will measure your progress, and when you will achieve it. Whether you want to improve your finances, health, or personal growth, SMART goals can help you stay focused, motivated, and accountable.
| SMART Goals | Stands For: |
|---|---|
| Specific | Clear and well-defined objectives |
| Measurable | Goals that have quantifiable targets |
| Achievable | Goals that are realistic and feasible |
| Relevant | Objectives that align with your values |
| Time-bound | Goals with specific deadlines |
Unfortunately, even when you know exactly how you’ll accomplish your goal, there are a number of circumstances that can get in the way. Let’s explore how to push through these difficulties and find success.
Unless you’re like The Rock and have seemingly unending energy and strength, your productivity will rise and fall during the course of a day. I know, you didn’t like me telling you that, but someone had to, right?
Short-term goals are best made progress on during the times of day you have high to moderate energy. If you’re saving these goals for the times of day when you’re in a slump, let’s face it: you’re probably not going to get ‘er done. Save the low energy times for leisurely activities.
Okay, so how do you find your daily energy peak? Here’s what I recommend . . . .
Set a recurring alarm when you first wake up for every 30 minutes. Every time the alarm goes off, rate your energy level on a scale of 0 (being no energy) to 10 (being high energy) in a notepad or on graph paper. You can do this for one day or you can do it for a week and average out the results.
This will allow you to see how your energy level changes throughout the day and will allow you to make better decisions regarding how you allocate your time and tasks.
I would recommend working on your short-term goals during the times of day that your energy level is a “5” or higher.
I remember when I first started this blog I was a night owl and had the most energy as the sun was going down. Today, I find mornings work better for me. The lesson? Make sure you adjust your tasks to your changing energy levels. Who knows, you might make a radical shift like me over time.
I have no idea why multitasking is so praised in our culture. Multitasking, in my opinion, slows people down and produces poor results. It’s much better to work on one short-term goal at a time.
Besides, these are short-term goals – not long-term ones. You’ll be able to get them done pretty quickly and move on to other tasks in short order.
Of your short-term financial goals, it might be worthwhile to work on the quickest short-term goals first – the ones that take the least amount of time. This will give you a few quick wins, which should motivate you to press on.
During my time in the Army National Guard, I learned how to focus. In battle, there’s nothing worse than not keeping your head in the game. When enemies are nearby, it’s critical that you stay on task and don’t daydream. There are plenty of distractions in battle – some of which are set by the enemy – and they need to be avoided.
When you’re working on your short-term goals – including financial goals – you should eliminate any distractions.
When you’re working at home, there are plenty of distractions. If you have kids, you know what I mean. Now, kids are a great distraction, but you should be very careful to make sure they don’t pull you away from your other obligations.
For example, let’s say you have a monthly budget meeting with your spouse. Instead of having the meeting when the kids are running around throwing toys at you, it’s probably best to wait until they go to bed.
Other potential distractions include technology. Yes, while technology can help you accomplish your financial goals – like analyzing your investments with Betterment or Personal Capital – it can also send you alerts that aren’t relevant to the task at hand (like text notifications from your second great aunt Martha).
How do you eliminate technological distractions? Well, if you have Apple devices, it’s pretty easy to do so. On your iPhone, turn on Do Not Disturb. You can do the same thing on your Mac. This way, you can focus in peace and get some work done!
Just like when you’re working on long-term goals, you need to dig deep to find your motivation for short-term goals.
Why do you want to start a budget, for example? If you don’t have a good enough reason or reasons, trust me, the number-crunching will get old fast and you’ll probably give up before you develop a working budget.
Imagine the benefits, for example, of creating a working budget. How will it improve your relationship with your spouse? How will it keep you on track with your long-term financial goals? You’d be surprised by how many motivations you can find for even the most seemingly mundane short-term financial goals.
Alright, you’re all geared up. You have some strategies for achieving your short-term financial goals, but which goals are worth your while? That’s what we’re going to talk about next, partner.
Surprise! Just kidding. You probably guessed this one.
The truth is that a working budget is the cornerstone of any good financial plan. A proactive budget not only tells you what you’ve spent, but it tells you what you should and should not spend – that’s huge.
Over time, by working your budget, you’ll find ways to cut your expenses and discover new motivations for raising your income.
Thanks to technology, there are all kinds of ways to pay your bills. You might pay through your bank’s online bill-pay feature, you might pay through the merchants’ websites, you might pay using your debit or credit card, you might pay with checks – or you might pay with your smartphone!
Chances are, you’re using a variety of methods to pay your bills. But do you have a solid system in place? How will you know if your credit card expired and a merchant can’t pull money through auto-pay? Are you trusting the banks and merchants to let you know when your card is about to expire?
Sure, that might work. But perhaps it would be better to put everything into a spreadsheet so you can keep track of all of your bills and how they’re paid. You can also create reminders to pay in your favorite app!
Do you have life insurance? Disability insurance? Umbrella insurance? How about renters insurance? These policies are commonly overlooked.
Find the best insurance and make sure you’re covered.
If you’re looking for real life short-term goal examples, you’re in luck! I polled some fans on the Good Financial Cents Facebook page and here’s some of the best ones:
Joseph Hogue from PeerFinance101.com shares his goals:
Financial goals
Life goals
Kate Dore from Cashville Skyline offers:
Jacob Wade from iHeartBudgets.com shares his ambitious short-term goals:
Those are some good examples of short-term goals. Here are some other examples you can use to kickstart your own short-term goal ideas:
| Financial Goal | Specific | Measurable | Achievable | Relevant | Time-bound |
|---|---|---|---|---|---|
| Emergency fund | Save $10,000 in a high-yield savings account | Yes | Yes | Yes | By age 30 |
| Retirement savings | Contribute at least 10% of your annual income to a 401(k) or IRA account, aim for $100,000 in retirement savings | Yes | Yes | Yes | By age 30 |
| High-interest debt | Pay off $5,000 of credit card debt | Yes | Yes | Yes | By age 30 |
| Credit score | Improve credit score to 750 or higher | Yes | Yes | Yes | By age 30 |
| Budgeting | Create a monthly budget, track spending, and save $5,000 | Yes | Yes | Yes | By age 30 |
| Education and career | Invest in education or career development | Yes | Yes | Yes | By age 30 |
| Investing | Invest $5,000 in stocks, mutual funds, or other investments | Yes | Yes | Yes | By age 30 |
| Home down payment | Save $20,000 for a down payment on a home | Yes | Yes | Yes | By age 30 |
| Estate plan | Create a will and estate plan | Yes | Yes | Yes | By age 30 |
| Living below your means | Reduce expenses by 10%, increase savings rate by 5% | Yes | Yes | Yes | By age 30 |
My short-term goals fall into two categories: Quarterly (90 day goals) and weekly goals. Each quarter I list out my goals and then make sure my weekly goals stay on point to achieving those goals.
One easy way I’ve recently implemented of staying on point is creating my weekly goals Sunday night. I’l create a note on my iPhone, but that’s only the half of it.
I then take a picture (screenshot) of my weekly goals and make that the lock screen on my phone. That way every time I turn my phone on I see the top 4-5 goals I need to accomplish that week. Here’s how it looks on my phone:
You’ll also notice I list my daily reminders of my Success Habits I do each day.
These include doing The Love Habits with my wife, writing in my Five Minute Journal, knocking out 50 push-ups, praying, and completing my Crush Your Day PDF (from my 10x Goals Accelerator course) before I go to bed.
I’ve taken achieving my short-term goals to the next level because of this powerful combination.
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So, there you have it! Setting short-term goals is an excellent way to achieve your long-term vision, improve your skills, and build momentum towards success.
By following the SMART framework, you can turn your aspirations into actionable steps that will help you make meaningful progress towards your dreams. Remember, short-term goals don’t have to be boring!
Whether you’re learning a new skill, connecting with new people, or saving up for a fun adventure, short-term goals can be exciting and fulfilling.
So, what are you waiting for? Grab a pen and paper and start setting some short-term goals today!
Short-term goals are essential for several reasons. They provide a clear direction and purpose, help you break down larger goals into smaller, manageable steps, build confidence and self-efficacy, and improve your overall productivity and performance.
Short-term goals are an essential component of achieving long-term goals. They help you break down larger objectives into smaller, more manageable steps and build momentum towards achieving your long-term vision. By setting and achieving short-term goals, you can stay motivated and focused, improve your skills and habits, and make progress towards your ultimate goals.
Prioritizing short-term goals depends on your personal preferences, needs, and circumstances. Consider which goals are most urgent, important, or aligned with your long-term vision. Prioritizing goals helps you focus your time, energy, and resources on the most critical objectives and avoid getting overwhelmed or distracted.
The number of short-term goals you should have at once depends on your capacity and workload. It’s generally best to focus on a few goals at a time to avoid getting overwhelmed or losing focus. Prioritize your goals based on their urgency, importance, and relevance to your long-term vision.
Source: goodfinancialcents.com
PeerCube is a peer-to-peer (P2P) filtering tool. PeerCube has been capturing and analyzing data on P2P lending sites since 2011, which actually makes it one of the better established P2P investing apps available (most have been around only a year or two, and some for just a few months!). Since it began operations, PeerCube has […]
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