The Carrington Companies has promoted Brett Wilbur to the position of chief information officer. He will succeed Brent Rasmussen, who will retire in early July.
It’s the second leadership change for the company this year. Wilbur will report directly to Andrew Taffet, the company’s chief investment officer, who was also tapped as CEO in March.
In his new position, Wilbur will oversee all information technology aspects of the company and continue to optimize its existing infrastructure and systems, Carrington said in a news release.
“During the past 17 years, I have had the privilege of working alongside Brett and witnessed his unwavering dedication, thought process and technical ability,” Taffet said in a prepared statement. “His understanding of Carrington’s vision and goals, along with his commitment to technical excellence, make him a perfect fit for the role.”
Wilbur, who joined Carrington in November 2006 as associate director, said the company is well positioned from an information technology standpoint.
Carrington’s primary business includes single-family mortgage asset management; mortgage origination in the retail, wholesale and correspondent spaces; servicing; and real estate sales and settlement services.
In the mortgage space, Carrington Mortgage Services provides nonqualified mortgages (non-QM), conventional loans and government-backed loans through the Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) programs.
The company services loans in all 50 states and Puerto Rico. According to data platform Modex, Carrington originated $1.38 billion in mortgage volume in 2023 across 7,193 units. Year to date, its total mortgage production is $850 million.
The lender had 283 sponsored mortgage originators as of June 18, according to the Nationwide Multistate Licensing System (NMLS).
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June 18, 2024 at 6:17 AM
Average mortgage rates continue sliding lower for popular 30-year and 15-year terms as of Tuesday, June 18, 2024.
The current average interest rate for a 30-year fixed mortgage is 7.02% for purchase and 6.96% for refinance, down 10 basis points from 7.12% for purchase and 19 basis points from 7.15% for refinance last Tuesday. For homeowners looking to refinance to a 15-year term, the average rate is 6.49% — down 22 basis points from 6.71% over the past week. The average rate on a 30-year fixed jumbo mortgage is 7.17%.
Mortgage rates for Tuesday, June 18, 2024
30-year fixed rate — 7.02%
20-year fixed rate — 6.76%
15-year fixed rate — 6.43%
10-year fixed rate — 6.31%
5/1 adjustable rate mortgage — 6.69%
30-year fixed FHA rate — 6.86%
30-year fixed VA rate — 7.02%
30-year fixed jumbo rate — 7.17%
Mortgage rates for Tuesday, June 18, 2024
30-year fixed rate — 6.96%
20-year fixed rate — 6.77%
15-year fixed rate — 6.49%
10-year fixed rate — 6.32%
5/1 adjustable rate mortgage — 6.56%
30-year fixed FHA rate — 6.99%
30-year fixed VA rate — 7.62%
30-year fixed jumbo rate — 7.08%
Freddie Mac weekly mortgage report: Rates continue falling back
Freddie Mac reports an average 6.95% for a 30-year fixed-rate mortgage, down 4 basis points from last week’s average 6.99% for a 30-year fixed-rate mortgage, according to its weekly Prime Mortgage Market Survey of nationwide lenders published on June 13, 2024. The fixed rate for a 15-year mortgage is 6.17%, down 12 basis points from last week’s average 6.29%. These figures are higher than a year ago, when rates averaged 6.69% for a 30-year term and 6.10% for a 15-year term.
“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” says Sam Khater, Freddie Mac’s chief economist, of the latest data. “Top-line inflation numbers were flat but shelter inflation, which measures rent and homeownership costs, increased, showing that housing affordability continues to be an ongoing impediment for buyers on the house hunt.”
Freddie Mac updates its Prime Mortgage Market Survey data weekly on Thursday mornings.
Mortgage rates for June 18, 2024
Mortgage rates are determined by many factors that include inflation rates, economic conditions, housing market trends and the Federal Reserve’s target interest rate. Lenders also consider your personal credit score, the amount available for your down payment, the property you’re interested in and other terms of the loan you’re requesting, like 30-year or 15-year offers.
Because mortgage rates can fluctuate daily, it’s best to lock in a rate when you’re comfortable with the overall conditions of your mortgage or home loan.
Mortgage rates in the news
Mortgage lenders keep a close eye on the benchmark federal funds target interest rate set by the Federal Reserve, the U.S.’s central bank. Called the Fed rate, it’s the benchmark that affects rates on deposit accounts, loans and other financial products. Typically, as the fed rate rises, so do APYs on savings products like CDs, high-yield savings accounts and money market accounts. Mortgage and home loan rates don’t follow the Fed rate as closely, but they do reflect the same elements the Fed evaluates when making decisions on the benchmark — especially inflation — which means as the Fed rate increases, mortgage rates also tend to rise.
The Federal Reserve increased the target interest rate 11 times from March 2022 to July 2023 in an effort to combat the highest inflation in four decades coming out of the pandemic.
June 12, 2024: Fed holds benchmark rate unchanged for seventh time since July 2023
At the conclusion of its fourth rate-setting policy meeting of 2024 on June 12, 2024, the Federal Reserve kept the federal funds target interest rate steady at a 23-year high of 5.25% to 5.50%, marking the seventh consecutive time the Fed’s held the benchmark rate unchanged since July 2023.
In its post-meeting statement, the Federal Reserve acknowledged “there has been modest further progress toward the Committee’s 2 percent inflation objective,” but also that the “economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.”
The Federal Reserve is focused on a 2% inflation goal that’s ideal for keeping employment high and prices low. Despite speculation in March of three rate cuts by the end of the year, the Fed reiterated from its May statement that its rate-setting committee “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
Officials now estimate one rate cut this year with an additional four cuts anticipated in 2025.
What to expect at the Fed’s July policy meeting
It’s too early to predict what the Federal Reserve will decide at its next policy meeting on July 30 and July 31, 2024, though officials have signaled a cut to the key interest rate later this year.
Inflation appears to be cooling, falling from a peak of 9.1% in June 2022 to rates that have ranged from 3% and 4% since May 2023. The Consumer Price Index released on June 12 revealed consumer prices rose 3.3% year over year, unchanged from 3.3% in April, which was celebrated as “unequivocally good” by economists and puts pressure on the Fed’s timetable for rate cuts. Producer Price Index data released on June 13 reports a 0.2% increase in wholesale prices — or the prices manufacturers pay to producers of goods and services — from April’s 0.5% increase, adding evidence to cooling inflation.
Adding to the good news is the June 7 jobs report that showed a surge in hiring, with employers adding 272,000 jobs in May — higher than the 175,000 positions added in March.
When asked at a post-meeting press conference whether new inflation data changes the timeline on rate cuts, Federal Reserve Chair Jerome Powell said while it’s “plausible” a cut could come as early as September, “We want to gain further confidence. Certainly, more good inflation readings will help with that.”
The Powell-led rate-setting panel will announce a rate decision at the conclusion of its meeting on July 31 at 2 p.m. ET.
NAR settlement offers ray of hope to summer homebuyers
While high mortgage rates could convince current homeowners to delay selling their properties, resulting in low housing inventory, a major change in the way Americans buy and sell homes may offer a ray of sunshine to prospective homebuyers. On April 23, a judge granted preliminary approval to a $418 million antitrust settlement with the National Association of Realtors that ends customary real estate broker commissions of up to 6% of a home’s purchase price starting in July. The settlement isn’t expected to affect mortgage rates, yet it paves the way for consumers to negotiate what they pay for an agent’s services, saving homebuyers money in the long run.
Dig deeper: When’s the next Federal Reserve meeting? The FOMC — and how it affects your finances
4 top factors that affect your mortgage rate
The difference of even half a percentage point on your interest rate can save you hundreds of dollars a month and thousands of dollars over the life of your mortgage, but the mortgage rate you’re ultimately offered depends on the mortgage you’re interested in, payments you’re willing to pay up front and your overall financial health.
Your credit score. Knowing your credit score can help you shop around for lenders you’re likely to get approval through, as well as understand the type of mortgage for your lifestyle and income. The best mortgage rates go to borrowers with good to excellent credit — typically a FICO credit score of at least 670 — though even with fair credit, you may be able to find a mortgage offering decent rates.
Your down payment. The more money you can put down toward your home, the better it benefits your interest rate. Paying at least 20% of your home’s purchase price up front generally results in a lower interest rate — and you can avoid mortgage insurance, which increases your total cost.
Your loan term. While the 30-year mortgage remains a popular way for Americans to purchase homes, you can find terms of 20 years, 15 years and 10 years. Shorter loan terms usually come with lower interest rates, though with higher monthly payments. Longer mortgage terms can result in smaller monthly payments, though you’ll pay higher total interest over the life of your loan.
Interest rate type. Mortgage rates come with two basic types of rates — fixed and variable. Fixed-rate mortgages offer a consistent interest rate over the life of your loan, whereas adjustable-rate mortgages (ARMs) often start with a lower fixed rate for an agreed-on time and then adjust to a variable rate based on market conditions for the remainder of your term. Choosing between these two rates depends on your financial goals and tolerance for risk.
Frequently asked questions about mortgage rates
What are mortgage lenders?
Lenders are financial institutions that loan money to homebuyers. A lender is different from a loan servicer, which typically handles the operational tasks of your loan, like processing payments, talking directly with borrowers and sending monthly statements.
What does it mean to refinance a mortgage?
Refinancing is a process of trading in your current mortgage to another lender for lower rates and better terms than your current loan. With a refinance, the new lender pays off your old mortgage and you then pay your monthly statements from the new lender.
What is an adjustable-rate mortgage?
An adjustable-rate mortgage — commonly called an ARM — is a type of home loan with a variable rate. Unlike a fixed-rate mortgage, which locks in an interest rate and predictable payments that apply over the full loan term, an ARM starts at an initial fixed rate for a period of three years or longer, after which it adjusts to a higher rate and then further adjusts periodically over the remaining life of the loan.
For a 5/1 adjustable-rate mortgage, the first number indicates the number of years at the fixed rate — or five years — and the second number indicates the rate at which the mortgage rate readjusts after — in this case, each year or annually.
Why are mortgage rates so high?
Mortgage rates are influenced by complicated factors like inflation, employment rates, the bond market and the overall economy. While the Federal Reserve doesn’t set mortgage rates, this central bank of the U.S. sets benchmark rates that indirectly affect rates on financial products like mortgages, personal loans and deposit accounts.
March inflation data came in higher than expectations, which is among the main concerns driving mortgage rates higher in April.
Can I negotiate my mortgage rate?
It’s not likely — lenders consider the market conditions and other financial factors when determining rates. You can, however, ask about how you can reduce costs in other ways when comparing mortgage lenders. For instance, many lenders offer lower rates in exchange for “mortgage points” — upfront fees you pay to your lender. A mortgage point could cost 1% of your mortgage amount, which means about $5,000 on a $500,000 home loan, with each point lowering your interest rate by about 0.25%, depending on your lender and loan.
Editor’s note: Rates shown are as of Tuesday, June 18, 2024, at 6:15 a.m. ET. APYs and promotional rates for some products can vary by region and are subject to change.
Sources
Primary Mortgage Market Survey, Freddie Mac. Accessed June 14, 2024.
Employment Situation Summary, U.S. Bureau of Labor and Statistics. Accessed June 7, 2024.
Consumer Price Index Summary, U.S. Bureau of Labor and Statistics. Accessed June 12, 2024.
Producer Price Index News Release summary, U.S. Bureau of Labor and Statistics. Accessed June 13, 2024.
Mortgage Industry Insights, Bankrate. Accessed June 18, 2024.
For many Americans, one of the best ways to get closer to their ideal annual income is to learn how to make money online.
According to a 2024 study from Smart Asset, individual Americans need an annual salary of $96,500 to live comfortably in a major city, and families with two children need to make about $235,000.
However, the Bureau of Labor Statistics (BLS) recently reported that the weekly median earnings for Americans was $1,139. This makes the median annual salary a little less than $60,000—far below the annual cost of living in many cities.
Some leverage the thriving “gig economy,” where you find contracted gigs in a virtual marketplace, and others generate passive income. Regardless of your skill set and interests, you’re sure to find something that works for you.
We put together a list of 27 different ways you can make money from home to supplement your income. You’ll also learn what it takes to get started and whether or not it’s right for you.
1. Find miscellaneous freelance jobs
A great place to start when learning how to make money online is by looking at platforms that offer a wide range of work. Before diving into the rest of the list, it’s helpful to know about popular platforms like Upwork and Fiverr. Every day, people and companies post jobs you may be perfect for.
At these sites, you can type in some of your various skills to see if any jobs are available. You can also create a detailed profile marketing your skills so people can find you more easily and offer you work.
Best for: People with a wide range of skills.
What you need to get started: Skills will vary depending on the specific job.
2. Take online surveys
Many companies out there want to get opinions from specific demographics and will pay you to take these surveys. While these don’t pay as much as many of the other options on the list, they also don’t take that long to do, so they are a simple way to make extra money. You can sign up to take these surveys at websites like Survey Junkie or Swagbucks.
Best for: Anyone with access to the internet.
What you need to get started: Access to a web browser.
3. Perform data entry
Data entry is a skill that many people can learn if they don’t already have experience. Doing data entry typically involves inputting data from different sources into a spreadsheet. Sometimes, you can find businesses looking for long-term workers, which can offer a little more stability than finding “gig work.” In addition to sites like Upwork and Fiverr, you can find data entry work at TechSpeed and Oworkers.
Best for: Well-organized individuals.
What you need to get started: Some proficiency with spreadsheet programs like Excel and Google Sheets.
4. Become an online tutor
For teachers looking for online side hustles, becoming an online tutor is a great option. Even if you’re not a teacher, you may be able to find some subjects that you can help students with. The platforms that link tutors with students usually cover school subjects like math, English, foreign languages, writing, and more. You can sign up to tutor on websites like TutorMe, Skooli, and Preply.
Best for: Those who love to teach.
What you need to get started: Experience teaching and expertise in the subject matter.
5. Be a virtual assistant
Many businesses of all sizes need additional help, so they hire virtual assistants. Virtual assistant tasks can vary depending on the gig. Some of these opportunities may be for one day of work, but others may need help for longer stretches of time.
These may pay you per job or per hour, and you can find these gigs on any freelance website. As of 2024, the average hourly rate for virtual assistants is $24 per hour and can be upward of almost $34 per hour.
Best for: People with a wide range of skills.
What you need to get started: Skills will vary depending on the specific job, but some skills can be helpful for many gigs like project management, organization skills, and data entry.
6. Get paid for your perspective
Focus groups are a key aspect of marketing, but it’s no longer just for new products hitting store shelves. In the digital age, companies are looking for people to review the user experience for their websites.
Sites like UserTesting pay you to share your opinions about different products from a variety of different brands. There are also sites like Userbrain that allow you to test different websites, applications, and software.
Best for: Individuals who like sharing their opinions.
What you need to get started: Access to a web browser.
7. Rent out your stuff
Do you have things that you don’t mind renting out? Well, websites like FriendWithA connect you with people who are looking to rent various items. Some of the main items people rent include cameras and film equipment, tools, generators, bikes, and other items people may only need for a day or two.
Best for: People with items they aren’t regularly using.
What you need to get started: Items in good condition to rent.
8. Rent out a room
In addition to apps like Uber, Airbnb is one of the most popular platforms in the new “sharing economy.” Many people use Airbnb as an alternative to hotels while traveling, but some people need a room to rent for longer periods.
Joining a platform like Airbnb allows you to make use of the extra room in your home for both travelers and long-term renters.
Best for: People with an extra room or home.
What you need to get started: A well-maintained room or home.
9. Sell used items
Selling used items is one of the best ways to make money because we all have things we no longer use. You no longer need to have a garage sale to sell your old items because there are platforms that can help you find buyers. There’s a long list of platforms that allow you to sell your used items like:
One of the primary advantages is that you’re no longer limited to your neighborhood and can reach a larger pool of potential buyers. If you have unique novelty items you’re willing to sell, you may want to consider a platform like eBay, where people are regularly looking for hard-to-find items. This is also a great way for kids to make extra money by selling old toys.
Some of these sites are also a great way to make money fast online because they have quick payouts once an item is sold. If the buyer is local, you can get paid the same day.
Best for: Those with old items they no longer need.
What you need to get started: Supplies to ship orders or transportation to deliver locally.
10. Sell graphic design services
There’s no shortage of graphic design jobs, and you can find these jobs through freelance websites or directly with businesses. Many businesses of all sizes need people who can design advertisements, logos, and more. If you’re a graphic designer, it may be a good idea to create a website that hosts a portfolio of your work where people can contact you directly as well.
Although it’s helpful if you have a background in graphic design, you can learn many graphic design skills on your own. There are many helpful tutorials for popular programs like Photoshop on YouTube and other social media sites.
Best for: Graphic designers.
What you need to get started: Graphic design software.
11. Create online courses
Is there something you know quite a bit about that you can teach to others? If so, you can create and sell online courses. From work-related topics to yoga to parenting strategies, offering classes for something you are a subject matter expert in can help you make money while doing something you love! Some of the best websites to sell your courses include Udemy, Skillshare, and Teachable.
You may want to familiarize yourself with online course platforms because they are a great resource to broaden your skills. If you’re willing to invest some time and a little money, there are many courses to teach you new skills that you can turn into more ways to make money online.
Best for: Those who love to teach.
What you need to get started: Expertise in the subject matter you want to teach.
12.Self-publish books
There are many ways for writers to make money online, and writing books is easier than ever. You no longer need to go through a publisher to make money selling books. Today, there are many different websites that allow you to self-publish and sell your books.
The most popular site is Amazon’s Kindle Direct Publishing (KDP), but you can also sell your books on websites like Apple, Google Play books, Kobo, and more. If you have a microphone, you can turn your books into audiobooks as a way to make even more money from your writing.
Best for: Writers.
What you need to get started: Writing software.
13. Start a blog
Blogging became big as a way to make extra money online in the early days of the internet, and it’s still very viable. The great thing about blogging is that you can write about anything you’re interested in and just need to find others who are interested in the same topic.
There are different ways to make money from a blog. You can create your own website and sell Google Ad space or find sponsors. You can also use platforms like Medium, which has a built-in audience, and you can earn revenue as more people read your posts.
Best for: Those who like to write.
What you need to get started: Writing skills and knowledge about a topic.
14. Do freelance writing
Although many news outlets and websites have dedicated journalists, there is also a lot of work out there for freelance writing. Some of the biggest websites out there, from the Washington Post to the New York Times, take submissions from freelance writers.
One of the best ways to find freelance writing work is by following editors on X (formerly known as Twitter). They’ll often post asking for people who can write on a specific topic. Sometimes, these gigs will pay hundreds of dollars for a single article. If you’re a fast writer and can write articles within a couple of hours, you could earn an hourly rate of $100 an hour or more.
If there’s a specific website you’d like to write for, just check and see if they have a page that tells you how to submit pitches for articles. Keep in mind that each publication pays different rates, and sometimes, the work can be inconsistent.
Best for: Writers. What you need to get started: Writing software.
15. Find voice-over work
There are many people looking for voice-over work in advertisements, presentations, or audiobooks. If you can read a script, there may be people out there who will hire you for your voice work. Freelance platforms like Upwork often have miscellaneous voiceover job postings, but you can make more with longer-form content.
ACX is the platform Amazon’s Audible uses for authors to find people to read their audiobooks. The prices vary, but you can sometimes make significantly more there than on the freelance websites.
Best for: Anyone with a great voice.
What you need to get started: A microphone with good quality.
16. Sell arts and crafts
There are many different marketplaces online for those who love making arts and crafts. One of the most popular marketplaces is Etsy, and there’s a market for just about anything you enjoy making. You can make your own prices, and the platform takes a small percentage of the sale.
Best for: Creatives and artists.
What you need to get started: Materials to create items.
17. Sell stock photography and videos
Have you ever wondered where websites get their high-quality photos or videos? Many of them don’t have in-house photographers or videographers. They buy stock photos and stock video footage for a variety of projects.
For those who love photography and videography, there are a variety of websites that will buy your photos and videos. Websites like SmugMug Pro, 500px, Getty Images, and many others will pay you for the rights to your photos and videos.
Best for: Photographers and videographers.
What you need to get started: A camera.
18. Sell royalty-free music
Similar to photography and videography, many websites will pay you for your music. This type of music goes in the background of YouTube videos, advertisements, and anywhere else people may need some background music. Websites like Epidemic Sound and Pond5 are good places to start when it comes to selling your tunes.
Best for: Musicians.
What you need to get started: Instruments and recording equipment. Royalty and licensing information is available on the websites.
19. Create an e-commerce website
There are many websites that allow you to sell your product, but each one takes a percentage of the profits for using their platform. You can keep a larger portion of your profits by creating an e-commerce website.
When you create your own website, you’ll hold onto most of the profits. One of the most popular ways to sell is with Shopify, which easily plugs into your website. Shopify and similar services have fees as well, but it’s less than using a platform like Etsy.
The primary downside is that marketplaces like Etsy have a built-in user base, so you would have to do your own marketing to get the word out about your website.
Best for: People with something to sell who want a larger portion of the profits.
What you need to get started: The ability to create a website.
20. Utilize affiliate links
Affiliate links are a way to make additional money that work in conjunction with many of the other jobs on this list. An affiliate link is a special link that you use for a product or service from a company, and each time someone uses your link, you get a commission. This is how many stay-at-home parents popularized blogging in the 2000s. You can easily make passive income by using affiliate links with any of the following:
Personal blogs and websites
Social media profiles and content
Podcasts
In an interview with Business Insider, creative entrepreneur and YouTuber Roberto Blake explained how he started making $5,000 a month from affiliate marketing. “I fell into affiliate marketing from the Amazon affiliate program, but then I realized a lot of subscriptions and software I was using had programs, too,” said Blake while discussing additional ways to do affiliate marketing.
Best for: Those who also make money from creating a platform like a blog, YouTube channel, or podcast.
What you need to get started: Discussing other products and services that you can link to.
21. Edit audio or video
There are many different job postings on freelance websites for audio and video editing. Many companies find freelancers through sites like Upwork and Fiverr to help them with their marketing content.
In addition to companies hiring audio and video editors, many social media influencers on platforms like YouTube and TikTok outsource their editing. Podcasters often hire audio editors as well.
This is another one of the skills that you can potentially learn if you don’t have experience yet.
Best for: People who enjoy editing audio and video.
What you need to get started: Software to edit audio and video.
22. Edit copy
People are always looking for editors. Whether it’s an author looking for someone to edit their next book or a company that needs an editor for something they’re publishing for the public, people need their words to look excellent. Previously mentioned websites like Upwork and Fiverr regularly have jobs for editors, but you can also find work at Reedsy and Wordvice.
Best for: Those who love language.
What you need to get started: Familiarity with the English language and various types of grammar rules, such as Chicago or AP style.
23. Become a social media influencer
Currently, it’s easier than ever to make money online through social media platforms. Platforms like YouTube and TikTok pay creators directly through their creator programs. Typically, you have to meet certain criteria to be eligible for these programs, but some people make hundreds or even thousands of dollars each month through them.
If you’re an online business owner, a writer, or anyone who sells products or services, social media is a great way to find new buyers. On these platforms, you can provide links to your products, and you can also include affiliate links as a way to earn even more.
Best for: People who don’t mind being on camera.
What you need to get started: Some or all of the following: a camera, smartphone, and editing software.
24. Start a podcast
Podcasting is an easy way to start making content that could potentially make you money. You have a lot of creative freedom with podcasts as well. You can talk about topics that you’re interested in, tell stories, or interview people. Then, you can broadcast it to thousands or even millions of potential listeners on apps like Apple Podcasts and Spotify.
It can take some time to make money from podcasting. Unlike social media platforms like YouTube or TikTok, podcasting platforms don’t have a program to pay creators. Podcasters primarily make their money from advertisements and affiliate links. Once you have a dedicated audience, you can reach out to companies to sell ad space on your podcast.
Best for: People who enjoy talking.
What you need to get started: A microphone and audio-editing software.
25. Create a newsletter
Newsletters were some of the first ways for people to make money online. Services like Mailchimp and others allow you to create an email list and send a newsletter out to your subscribers.
The newsletter can be as frequent as you’d like, you can discuss different topics that interest you, and you can put it behind a paywall on your website. Substack is a newer platform that combines blogging with newsletters, and you can charge readers a monthly or annual subscription. This is a helpful tool for those who don’t want to build their own website.
You can also use a newsletter as a way to promote your online business and alert your customers of new products or discounts.
Anne Janzer is a self-published author and discusses how she uses her newsletter to sell more books. “When I have something new going on, I can go and ask those folks, ‘Hey, can you share the word about this?’ and they’re the first ones to go out and post about my new book,” Janzer said in an interview about how her newsletter leads to more sales.
Best for: Writers and people with an online business. What you need to get started: The ability to write.
26. Walk or board dogs
If you’re a dog lover, this may be the right option for you. There are apps like Wag and Rover that connect dog walkers with people, but you can board dogs as well. For those who rent, you may need your landlord’s approval before boarding dogs, but this is a great option for those who want to make money from home.
Both Wag and Rover offer additional dog services for those with other dog specialties. These include:
Drop-in visits to check on dogs while the owner is away
Dog training
Dog sitting
Best for: People who love dogs.
What you need to get started: Possibly transportation to get to clients and a home that allows pets if you choose to board them.
27. Trade stocks
This path of making money from home is on the riskier side, but it can also come with higher rewards. The difference between investing and day trading stocks is that investments are long term, whereas trading involves buying and selling stocks on a daily basis.
To make money trading stocks, you’ll need to stay updated on all of the latest stock news and learn when to buy and sell properly. There’s a learning curve to trading stocks, but some people make full-time income trading stocks through brokerages like Charles Schwab, Vanguard, or Robinhood.
Best for: People with a high risk tolerance.
What you need to get started: Before trading, you’ll want to learn as much as you can about various stocks and how to read the market to minimize losses. Then, you need a computer to trade, or you can trade on apps like Robinhood.
Making money online can help you pay off your debts
If you have a lot of debt, allocating funds from your paycheck can be difficult. Making money online is a great way to earn extra income that you can put toward your debts and potentially improve your credit. Some people are even able to make more money online than they would in an office job.
Having a good credit score is also a way to get access to credit cards and loans. You can use these to fund your online business or better equipment. This all starts with knowing your credit health and having the right tools.
At Credit.com, you can get your free credit report card to check your credit. Sign up for ExtraCredit for additional tools like credit monitoring and ways to report additional payments to the major credit bureaus.
Inside: Dream about what life could be if you didn’t have a job? If you are in the boat of I don’t want to work anymore, then you must read this post.
The reality is most people have days where they absolutely have no desire to work. Yet, you know deep down that you have to make money in order to pay your bills.
You are thinking… I don’t want a job I just want a life.
So, what happens when you don’t want to work anymore?
Well, if you don’t want to go to work today, you could take a sick day and get away with it. You can do that here and there for a while, but unfortunately, your employer is going to catch up to the quality of work that you are able to do or not do.
At this point you might be saying, you know I don’t want a job, I just want a life.
And that is very understandable if you don’t want to work in a field anymore job that you don’t love.
You want time freedom in your life!!
We will dive into the reasons for not wanting to work and how to overcome them when you need the money.
What to do if I don’t want to work?
The best thing to do is to find a job that you love and want to do on a daily basis!
Something that you can’t wait to go to work to be able to do. A way to make money that doesn’t feel like a job!
Unfortunately, too many of us feel we cannot do what we want to do when we want to do it. Thus, we want more out of life.
In this post, we are going to detail. If you don’t want to work anymore, what steps can you take to quit the job and live the life that you want?
Is it normal to not want to work?
I think each and every one of us has a desire not to work. Maybe you are thinking “I hate my job.”
This desire to work may ebb and flow based on what is going on, how you are feeling, and your current situation.
Especially if you are in a situation where you do not enjoy your boss, your co-workers, the company culture, or the current assignment, it will make going to work harder.
Whatever your job entails, if you are not enjoying what you’re doing, it is harder and harder to go to work on work every day.
As you can read on Reddit personal finance threads, there are plenty of people who have shared their stories about how they don’t want to work, seeking solace from others, and looking for ways to get out of the current situation that they’re in.
Also, if you are thinking that I can never make it until I am 55 then think about retirement. You are just sick of working and you may be in your 20s, 30s, or 40s.
It is okay to dream about not working daily!
Why We Don’t Want to Work
There are several reasons for not wanting to work.
Primarily many people do not feel engaged at their jobs, which makes them less likely to want to continue working. Gallup found that only 15% of employees feel engaged at work.1
In addition, there is an increasing amount of competition in the workforce as well as a lack of clear career paths and advancement opportunities for those who desire more freedom or flexibility with their careers. This can lead someone to think about becoming self-employed or going into a different field.
There are many reasons for not wanting to work.
People on Reddit share their stories about how they don’t want to work anymore. Some are still in school, some are retired, and others have other reasons for not wanting to work.
We all have heard about the Great Resignation with people saying “enough is enough; I don’t want to go back to work.”
1. Burnout
Burnout is when an employee begins to feel exhausted and overwhelmed by their job. They do not want to be there anymore and it negatively impacts the happiness of both the individual and their work environment.
If you want to stop working, it is okay!
Just make sure you can still be financially independent.
2. Not enjoying your job
Many people wake up and say, “I don’t really want to do the work today.” If you are not enjoying your job, it is harder and harder to go in every day.
People don’t want to work because they feel like they’re working more than is necessary, or there’s no meaning behind their job anymore.
If you find yourself not enjoying your job, it might be time to leave. Many people experience dissatisfaction with their jobs and want to retire early.
Many times this is when people leave their jobs and find success is the best revenge.
3. Mental Health
Mental health issues can be caused by outside factors, such as stress and anxiety, and can lead to feelings of wanting to avoid work.
For many, the idea of going to work can feel overwhelming and lead to feelings of anxiety and dread. It is also essential to take a step back and assess the quality of your mental health.
If this is something you have been struggling with, it is important to think about why you are feeling this way and take steps to address it.
If this persists, it is important to seek professional help. Visiting a therapist or counselor can help you identify the root causes of your negative feelings and develop a plan to overcome them. In many cases, your workplace may even cover the cost of therapy, so you don’t have to worry about paying out-of-pocket.
This is one of the good excuses to miss work.
4. Lack of Interest
When you find yourself feeling like you don’t want to work anymore, it’s important to take some time to examine the reasons why and identify potential solutions.
It could be that you’ve been in the same job for a long time and need a change of scenery.
Maybe you’re feeling overwhelmed and undervalued by your current role.
Possibly you have other things that are taking president and you don’t have the same level of interest.
Whatever the source of your feelings, they need to be addressed.
5. Support System
Friends and family can be a great source of support, offering advice and understanding. However, if they do not believe in you, it can make it even harder to find motivation.
On top of that, if you have family obligations such as childcare, it can be difficult to make the time to work or even to access the necessary resources.
Talking to your loved ones about your feelings and concerns is a great first step in getting through this tough time.
One of these family emergency excuses could help you in a pinch.
6. Lack of Appreciation
It can be incredibly disheartening to work hard and not be appreciated.
It’s easy to become discouraged and feel like you don’t want to work anymore if you’re putting in the effort and not being recognized.
When this happens it’s important to remember that you are valuable and your work does matter. It’s also important to talk to someone about how you’re feeling, whether that be a friend, family member, or therapist.
You just want someone to say to you, “I appreciate you!”
7. Thinking of Career Change
If you find yourself in a position where you don’t want to work for weeks on end, it’s important to figure out why. Are you having a hard time at your current job or do you no longer wish to pursue a career? If it’s the latter, it can be freeing to consider all the possible career changes you can make.
Many people don’t want to work anymore because:
they don’t want to pursue a career in corporate America
tired of the same job they’ve been doing for years
don’t want to continue vying for raises, bonuses, or promotions
It’s okay to dream about something else, something fresh and different.
You may find yourself researching other opportunities to put your skillset to use.
9. More Interest in Hobby to Turn into Side Hustle
For many people, having a side hustle is a great way to make extra money, explore a passion, and turn a hobby into something productive and profitable.
If you find yourself no longer wanting to go to work and feeling more fulfilled in your hobbies, it may be time to pursue a side hustle.
You can monetize your hobby and create a side gig to give yourself a new source of income.
This will provide you with the freedom to pursue what you’re interested in and make a living from it. It can also give you the option to quit your job and explore other areas of your life.
10. Wanting to make money passively
Making money passively is a goal that many people desire, but it can be hard to turn into reality.
While it is possible to make money passively in the stock market, real estate, or a small business, one can also earn passive income by doing any type of side hustle.
It is better to find ways to make passive income from something you enjoy.
You need to figure out what should I do for a living that will make passive income.
How do you make a living if you don’t want to work?
If you don’t want to work, you still need to find a way to make a living.
Passive income is the most effective way of making money without working.
It allows you to work on your business or hobby full-time and then withdraw a certain amount every month that helps pay for all of your expenses, including food, rent/mortgage, etc.
So, your first step is to create a passive income source.
If you don’t, then don’t say, “I don’t want to do the work today.”
In fact, there are many good excuses to miss work.
Can I survive without working?
Well, that completely depends on your financial situation. (Since most people are not aware of where they stand financially, here are the Money Bliss Steps to help you.)
If you are lucky enough to be a trust fund baby with somebody else managing your money, you are likely fine and can survive without working.
However, if you are like most normal folk, then you may be able to survive for a little bit without working. But over time, it will catch up to you. Not working is not a long-term solution.
While you may be on unemployment and collecting unemployment benefits, or maybe even disability payments that are not enough to make ends meet. In most cities, you can survive in the short term without working. But in the long term, it is not going to work out for you.
If you are serious about not wanting to work, you need to find the FIRE movement, which means financial independence retire early.
That is a better term for not wanting to work anymore. When you want to quit the job and do something else in life, you have to do what is called FIRE.
5 Simple Steps To Quit the Job
To quit the job or the career path that you were in, you have to take steps ahead of time to make sure that your transition (financially) is as smooth as possible.
The biggest question is how can I make money if I don’t want to work ever.
You set aside money to take care of your obligations and bills while being able to live the life that you want to live. That means you have more types of income than just a paycheck.
These are the exact steps you need to take to quit the job. Obviously, it won’t happen overnight. But, you can see the light at the end of the tunnel.
1. Make an Exit Plan
First, you have to make a plan of how finances will work without a typical paycheck. You need to learn how to FI quickly.
In order to retire early or quit the job, you must be able to financially support yourself without a consistent income coming in from a regular paycheck.
Specifically, it means you need to find ways to make passive income. That could be in the stock market, real estate, small business, side hustle hobby, or driving for Uber. There are a variety of different ways to make money; it is just better to find ways to make money doing something you enjoy.
One of the things you will quickly realize is that to make money passively, you must have money on hand to invest. That is the “Catch 22” of why people get caught in the cycle of it being too difficult to change their financial position and just give up.
If you don’t like your job and you don’t want to work anymore, then you need the mindset that something is gonna change, you are gonna make it a reality.
It will be hard for a short period of time to save up the money necessary to build the steps to be able to quit working or FIRE, but you might be surprised how you can double $10k quickly when you put your mind to it.
Motivation is a great thing, especially given the right circumstances.
Related Answers:
2. Save Money
If you don’t want to work anymore, then you have to save money to cover your bills. Period.
There is no way to get around that situation.
Your friends and family are not going to pick up the slack just because you want to quit your job.
So, you have to find all of the possible ways to save money. A great place to start is with one of our money saving challenges.
Another great way to save more money is by changing your habits.
In order to “retire early,” you must save a majority of your income at an early age to gain the benefit of compounding early. If you are thinking, “Well shoot, I missed that bucket,” then don’t worry … now is better to start than waiting too long.
Things only look up from here!
3. Cut Expenses
You have to be able to live below your means.
If you’re not interested in your job or the career that you are currently in and you don’t want to work anymore, then you need to cut your expenses in order to save more money.
One of the wisest tricks of the FIRE community is becoming a thrifty person. You know when to spend money on quality items as well as you know when to save money on frivolous expenses.
4. Pick a date.
As with any smart financial goal, you need to put a deadline on when you want things to happen.
If you are not happy with your job and your depression isn’t worth it anymore, then you have to find a date to move on and do something else.
Obviously, you’ll need some of these FIRE calculators to learn how much you need to make your dream a reality.
that happen. Here are some of the best fire calculators that you can find, to learn, how much you need to quit your job.
5. Start Hustling
Let’s face it, 2020 changed the workplace as well as our priorities. Honestly, I think it was for the better. We all realize there is more to life than just the constant line of being busy.
In addition, many of us found the extra time that we can now put to work and start to make money.
It is easier to work when you have a target goal in mind of not working anymore. You must start saving money to put to work passively.
Below you will find ideas to help you search out the best serious ways to make more money. The last thing you want to do is learn what happens when you don’t save enough for retirement.
When You Don’t Want to Work Anymore
In this post, we answered the question of how can I make money if I don’t want to work.
The secret sauce is called passive income.
You must earn money on your investments. So, yes, now is a good time to invest in stocks.
There are many ways to make passive income; it could be in the swing trading the stock market, real estate, a business venture, a side hustle, or simply long-term investing.
Unless you are massively independently wealthy and part of the 1%, with millions of dollars that you do not know what to do with, then you will want to make some money on your nest egg that you create over time.
If you are saying, “I just want a life,” then stop waiting for the magic time for your retirement. You don’t have to wait until the retirement age of 65 years old.
You are in charge of your life and can make it happen… if you put your mind to it.
Source
Gallup. “What Is Employee Engagement and How Do You Improve It?” https://www.gallup.com/workplace/285674/improve-employee-engagement-workplace.aspx#:~:text=Based%20on%20over%2050%20years,in%20the%20%22engaged%22%20category. Accessed March 11, 2024.
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Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Saving money can be a challenge, especially for those with a lower household income. To help individuals and families with lower incomes save, some financial institutions offer a type of bank account known as a micro saving account.
A micro savings account works similarly to a traditional savings account, but it’s designed for consumers who can only make small deposits. It can also be helpful for anyone else who finds that stashing away small amounts suits them. Regardless of your income, if micro saving suits your financial style, it can be a win-win.
What Is a Micro Savings Account?
A micro savings account (also sometimes seen written as microsavings account) is a savings account that can help meet the financial needs of consumers with smaller household incomes. It can also suit any saver who likes to tuck away small amounts here and there.
A micro savings account works a bit differently from how a savings account works at most financial institutions. Micro savings accounts typically don’t have a minimum deposit requirement, don’t charge service fees, and are more flexible regarding the possible amount of withdrawals.
Many financial institutions that offer micro savings accounts do so to incentivize consumers to save $1,000 a year by encouraging them to save just $20 a week. They often have educational initiatives in place to help guide micro savings account holders towards meeting this goal.
💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.
Benefits of Micro Savings Accounts
The following benefits are typically associated with micro savings accounts:
• Low-risk savings account that can earn interest
• Little to no upfront costs
• No credit checks required for new account holders
• Additional microfinance services such as microloans may be available for account holders
• Lower or fewer fees or no fees at all
• No minimum account balance requirements
• More flexible withdrawal limits
Disadvantages of Micro Savings Accounts
There aren’t any real disadvantages associated with micro savings accounts. That said, here are a few small downsides worth considering:
• Savings accounts tend to have a smaller return than other forms of investing (such as a CD vs. a savings account)
• Micro savings accounts can be harder to find than normal savings accounts
Get up to $300 when you bank with SoFi.
Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!
What Are Micro Savings Accounts Used For?
Here’s a closer look at what micro savings accounts are typically used for.
Creating a Regular Savings Habit
Micro savings accounts can help savers boost their liquid assets at an incremental level while giving them the chance to earn interest on their savings. Financial institutions offer micro savings accounts to help encourage good saving habits. These accounts can help remove barriers to saving for those who can’t afford to put away a lot of money. They can also suit those who like to save a little money here and there.
Saving Money Consistently in Smaller Amounts
One of the ideas that drives micro savings accounts is the concept that consistently saving small amounts of money can add up and make an impact. It may not seem that worthwhile at first glance, but setting aside $10 a week can help make a difference. That sum can begin to build a savings fund that can help consumers meet their financial goals or avoid taking on debt when unexpected expenses arise.
Keeping Savings Separate
Storing money in a checking account makes it a lot harder to ignore when spending temptations arise. Keeping money stored in a savings account (where it can grow slowly but surely if not touched) can make it easier to keep it separate from spending money.
Maybe you are saving for a vacation or you need a new washer/dryer. Whatever your goal is, when you are ready to spend money from a savings account, the funds will be there for the taking.
Managing Money Through a Mobile App
Today, lots of people love the convenience of using apps for P2P transfers and other activities. That ease is available with the many micro savings accounts that can be managed through mobile banking accounts. These can make it simpler to monitor spending and saving.
There are also micro savings apps (like Acorns) that have automated savings features that make it easier to save small amounts of money.
Alternatives to Micro Savings Accounts
If you don’t find a micro savings account that meets your needs, there are alternative saving options that can offer similar benefits. Here are two options worth considering.
• Credit unions: Because credit unions are member-owned, unlike not-for-profit financial institutions such as banks, they tend to charge less fees and offer higher interest rates on savings. Applying to a credit union where you can consider opening a checking vs. savings account (or perhaps both) may be able to replace the purpose of a micro savings account.
• High-yield savings accounts: High-yield savings accounts work the same way that normal savings accounts do but they tend to have a much higher interest rate on deposits.
A high-yield savings account is a great way to take advantage of the power of compound interest and help your money grow faster.
These savings accounts can often be found through online banks. Because these institutions don’t have the overhead of brick-and-mortar locations, they may be able to afford to offer higher interest rates.
You don’t have to do anything differently than you would with a normal savings account to earn this extra interest. You can add small deposits as funds become available.
Recommended: A Guide to High-Yield Savings Accounts
The Takeaway
Saving money is hard and requires a lot of discipline. Micro savings accounts are designed to help those with lower incomes or who simply like to save little by little. These accounts typically allow you to make small contributions, charge fewer (or no) fees, and have lower minimum balance requirements. Having the right savings account can make it easier to meet your financial goals.
Another way to save successfully: Open a high-yield bank account.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
How do I create a micro savings account?
Creating a micro savings account works the same as opening any type of savings account. First, you will need to open a bank account or just the savings account by filling out an application and providing the necessary identifying information and documentation. Once you’ve opened the account, you can start making contributions to the micro savings account.
What are the advantages of micro savings?
The main advantages of micro savings accounts are rooted in accessibility: These accounts tend to have no or lower account fees, have smaller or no minimum account balance requirements, and have more flexible withdrawal options. They make it easy to save with small contributions. Many financial institutions that offer micro savings accounts also offer educational initiatives and mobile banking apps that make it easier to learn how to save more money.
Are micro savings apps worth it?
Yes, micro savings apps can be worth downloading, as they can make it a lot easier to achieve savings goals. Alongside making it easier to track spending and saving habits, micro savings apps even have automated savings features that make it easier to stash away small amounts of money.
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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
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Delaware is a state full of rich history, stunning coastlines, and unique cultural experiences. From the historic streets of New Castle to the serene beaches of Rehoboth, Delaware’s attractions draw visitors year-round. Famous for its lack of sales tax and the storied legacy of the DuPont family, Delaware stands out in many ways. But what else is Delaware known for? Whether you’re looking to buy or rent a home in Dover, move into an apartment in Milford, or you’re just passing through, you’ll quickly discover that this state has much more to offer than meets the eye. In this article, we’ll explore what makes Delaware unique and why so many are proud to call it home.
1. First state
People know Delaware as the “First State” because it ratified the U.S. Constitution first on December 7, 1787. This historic moment is celebrated annually with various events and educational programs. Dover, the state capital, hosts many of these celebrations, attracting history enthusiasts from around the nation.
2. Scrapple
Scrapple is a beloved Delaware dish made from pork scraps and cornmeal, seasoned and fried to perfection. People often enjoy it as a breakfast item, with eggs and toast. The Apple Scrapple Festival in Bridgeville celebrates this unique food with tastings, cooking contests, and exciting activities.
3. DuPont legacy
The DuPont family has played a pivotal role in shaping the Delaware’s economy and culture. Starting with the establishment of gunpowder mills in the early 19th century, the DuPont Company evolved into one of the largest chemical companies in the world. Visitors of Delaware can spend a day exploring the original DuPont Company powder yards and workers’ community. The family’s influence extends beyond industry, with significant contributions to education, healthcare, and the arts in Delaware.
4. Beaches and boardwalks
Delaware’s coastline is famous for its beautiful beaches and bustling boardwalks. Rehoboth Beach, known as the “Nation’s Summer Capital,” attracts visitors with its charming boardwalk and lively atmosphere. Bethany Beach offers a quieter, more relaxed vibe, perfect for a serene getaway. A popular event for locals is the annual Sea Witch Festival in Rehoboth Beach, featuring a parade, costume contests, and fun activities.
Delaware is a haven for shoppers, thanks to its lack of a state sales tax. The Christiana Mall near Newark is a major shopping destination, featuring over 150 stores, including high-end retailers and popular brands. Additionally, outlets in Rehoboth Beach offer great deals on designer goods, drawing bargain hunters year-round. Downtown Wilmington and Dover also provide unique shopping experiences with local boutiques and specialty shops.
Fun facts Delaware is famous for
The Delaware Memorial Bridge: This bridge, spanning the Delaware River, is one of the longest twin-span suspension bridges in the world.
Historic celebration: The state is home to the longest-running uninterrupted Fourth of July parade in the nation, held annually in the town of Smyrna since 1777.
Tax haven: Delaware is known for its business-friendly laws and is home to more than 1 million corporations, including over 60% of the Fortune 500 companies, due to its favorable tax policies and corporate laws.
6. Horseshoe Crabs and Shorebirds
Delaware Bay is known for its unique ecological phenomenon involving horseshoe crabs and migratory shorebirds. Each spring, thousands of horseshoe crabs come ashore to lay their eggs. This event attracts a variety of shorebirds, especially the Red Knot, which feeds on the crab eggs to fuel its long migration. This natural spectacle is crucial for bird conservation and attracts biologists and bird watchers worldwide.
7. Nemours Children’s Health System
Founded by Alfred I. du Pont, Delaware is home to the renowned Nemours Children’s Health System. The Nemours/Alfred I. duPont Hospital for Children in Wilmington is a leading pediatric care facility. It provides specialized medical treatments and comprehensive healthcare services for children. The hospital’s state-of-the-art research programs contribute significantly to pediatric medicine advancements. Families from across the region seek care at this world-class institution.
8. Punkin Chunkin
Punkin Chunkin is a uniquely Delaware event where teams compete to launch pumpkins as far as possible using homemade contraptions. Categories include air cannons, catapults, and trebuchets, showcasing engineering creativity. The competition is held in the rural areas of Sussex County, offering a festive atmosphere with food vendors and live music.
9. Air Mobility Command Museum
The Air Mobility Command Museum at Dover Air Force Base showcases the history of military airlift and refueling aircraft. This museum is a must-visit for aviation enthusiasts and history buffs featuring over 30 aircraft, including the iconic C-5 Galaxy. Interactive exhibits and simulators provide an immersive experience for visitors. Additionally, the museum hosts special events, such as vintage aircraft fly-ins and educational programs for the community.
10. Bombay Hook National Wildlife Refuge
Bombay Hook National Wildlife Refuge is a haven for wildlife and nature lovers. Located along the Delaware Bay, it spans 16,000 acres of tidal salt marsh. The refuge is home to diverse bird species, making it a prime spot for birdwatching. Visitors can enjoy scenic drives, walking trails, and photography opportunities. The refuge plays a vital role in preserving Delaware’s natural habitats.
11. Delaware Art Museum
The Delaware Art Museum in Wilmington is renowned for its collection of American art and illustrations. It features works by Howard Pyle, a native of Wilmington and a prominent illustrator. The museum’s Bancroft Collection includes British Pre-Raphaelite art, offering a unique perspective. Special exhibitions and community programs make the museum a cultural hub in Delaware.
12. Fenwick Island Lighthouse
The Fenwick Island Lighthouse, built in 1858, stands as a historic landmark on the Delaware-Maryland border. This iconic structure served as a critical navigational aid for boats traveling along the Atlantic coast. Over the years, it has attracted numerous visitors offering them a glimpse into the life of 19th-century lighthouse keepers and the evolution of coastal navigation technology. Today, it’s preserved as a cherished landmark, embodying the heart of Delaware’s coastal communities.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Mortgage rates continued to inch toward the 7% mark following last week’s meeting of Federal Reserve policymakers and new inflation data that showed further cooling of consumer prices.
On Tuesday, HousingWire‘s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.08%. That was down 11 basis points from the same time last week and exactly 50 basis points below this year’s peak rate that was recorded in early May.
HousingWire Lead Analyst Logan Mohtashami recently noted that some specific economic signals are working in the favor of lower mortgage rates. These include a decline in the 10-year Treasury yield (which fell from 4.61% on May 29 to 4.24% on June 13) and a narrowing of the spread between the 30-year mortgage rate and the 10-year yield.
“If we took the worst levels of the spreads from 2023 and incorporated those today, mortgage rates would be0.52% higher,” Mohtashami wrote on Saturday. “While we are far from being average with the spreads, the fact that we have seen this improvement is a plus this year.”
Along with the lower costs of borrowing, prospective homebuyers are also being helped by more homes listed for sale. Data from Altos Research shows that for-sale inventory at the national level grew by 1.5% during the week ending June 14 and has reached its 2024 peak of more than 620,000 homes. For context, the inventory level in mid-June 2023 was less than 452,000.
“If mortgage rates keep falling and demand picks up, we will have a much better buffer with active inventory than in 2022 and 2023,” Mohtashami observed. “My rule of thumb has been that inventory should have some weekly prints between 11,000 – 17,000 as long as rates are above 7.25%. We have hit that three times this year; last year was a whopping zero.”
Last week, as expected, the Federal Open Market Committee left benchmark rates unchanged for a seventh straight meeting, holding them steady at a range of 5.25% to 5.5%. That came a day after the Consumer Price Index for May showed that annualized inflation fell to 3.3%, down from 3.4% growth in April. Fed officials have taken a hardline stance that inflation must move closer to their 2% target before short-term interest rates can be trimmed.
The U.S. employment report for May also influenced the Fed’s decision to leave rates unchanged. The national economy added 272,000 jobs last month, beating estimates of 180,000 and far outpacing the revised figure of 160,000 jobs added in April.
Melissa Cohn, a Florida-based regional vice president for William Raveis Mortgage, said in prepared remarks last week that the Fed’s “updated dot plot was more hawkish than we had hoped.“ She noted that in March, 10 of 19 officials indicated a total of three rate cuts this year. Last week, 11 of 19 predicted one cut or fewer.
“We are back to data-watching. There were no huge surprises in the Fed’s comments or dot plot,“ Cohn said. “Expecting one rate cut should be neutral for the markets, and the Fed’s future actions will depend on the markets. Let’s hope that we see the CPI report next month to show further progress on inflation — then we will have a good summer for mortgage rates and the real estate market.”
A Redfin report released last week noted that even as the U.S. median home price reached another record high of $394,000 during the four weeks ending June 9, declining mortgage rates are helping to alleviate monthly mortgage payment burdens. But Redfin also cautioned that if lower rates lead demand to outpace supply, affordability could take a hit.
”Lower rates and higher prices may ultimately cancel each other out when it comes to homebuyers’ monthly payments,” Chen Zhao, Redfin’s economic research lead, said in the report.
A zero-coupon certificate of deposit or zero-coupon CD is a type of CD that’s purchased at a discount and pays out interest at maturity. Zero-coupon CDs can offer higher yields than standard CDs for investors who have the patience to wait until maturity to collect their original deposit and the interest earned.
Zero-coupon certificates of deposit are similar to bonds in that both are considered lower-risk, fixed-income instruments, but they serve different purposes in a portfolio. Understanding how a zero-coupon CD works can make it easier to decide if it’s a good investment for you.
What Is a Zero-Coupon CD?
To understand zero-coupon CDs, it’s important to know how a regular certificate of deposit works. A CD account, also referred to as a time-deposit or term-deposit account, is designed to hold money for a specified period of time. While the money is in the CD, it earns interest at a rate determined by the CD issuer — and the investor cannot add to the account or withdraw from it without penalty.
CDs are FDIC or NCUA insured when held at a member bank or credit union. That means deposits are insured up to $250,000.
CDs are some of the most common interest-bearing accounts banks offer, along with savings accounts and money market accounts (MMAs).
A zero-coupon certificate of deposit does not pay periodic interest. Instead, the interest is paid out at the end of the CD’s maturity term. This can allow the purchaser of the CD to potentially earn a higher rate of return because zero-coupon CDs are sold at a discount to face value, but the investor is paid the full face value at maturity.
By comparison, traditional certificates of deposit pay interest periodically. For example, you might open a CD at your bank with interest that compounds daily. Other CDs can compound monthly. Either way, you’d receive an interest payment in your CD account for each month that you hold it until it matures.
Once the CD matures, you’ll be able to withdraw the initial amount you deposited along with the compound interest. You could also roll the entire amount into a new CD if you’d prefer.
Remember: Withdrawing money from a CD early can trigger an early withdrawal penalty that’s typically equal to some of the interest earned.
How Do Zero-Coupon CDs Work?
Ordinarily when you buy a CD, you’d deposit an amount equal to or greater than the minimum deposit specified by the bank. You’d then earn interest on that amount for the entirety of the CD’s maturity term.
With zero-coupon CD accounts, though, you’re purchasing the CDs for less than their face value. But at the end of the CD’s term, you’d be paid out the full face value of the CD. The discount — and your interest earned — is the difference between what you pay for the CD and what you collect at maturity. So you can easily see at a glance how much you’ll earn from a zero-coupon CD investment.
In a sense, that’s similar to how the coupon rate of a bond works. A bond’s coupon is the annual interest rate that’s paid out, typically on a semiannual basis. The coupon rate is always tied to a bond’s face value. So a $1,000 bond with a 5.00% interest rate has a 5.00% coupon rate, meaning a $50 annual payout until it matures.
Real World Example of a Zero-Coupon CD
Here’s a simple example of how a zero-coupon CD works. Say your bank offers a zero-coupon certificate of deposit with a face value of $10,000. You have the opportunity to purchase the CD for $8,000, a discount of $2,000. The CD has a maturity term of five years.
You wouldn’t receive any interest payments from the CD until maturity. And since the CD has a set term, you wouldn’t be able to withdraw money from the account early. But assuming your CD is held at an FDIC- or NCUA-member institution, the risk of losing money is very low.
At the end of the five years, the bank pays you the full $10,000 face value of the CD. So you’ve essentially received $400 per year in interest income for the duration of the CD’s maturity term — or 5.00% per year. You can then use that money to purchase another zero-coupon CD or invest it any other way you’d like.
💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.
Tips When Investing in a Zero-Coupon CD
If you’re interested in zero-coupon CDs, there are a few things to consider to make sure they’re a good investment for you. Specifically, it’s important to look at:
• What the CD is selling for (in other words, how big of a discount you’re getting to its face value)
• How long you’ll have to hold the CD until it reaches maturity
• The face value amount of the CD (and what the bank will pay you in full, once it matures)
It’s easy to be tempted by a zero-coupon certificate of deposit that offers a steep discount between the face value and the amount paid out at maturity. But consider what kind of trade-off you might be making in terms of how long you have to hold the CD.
If you don’t have the patience to wait out a longer maturity term, or you need the money in the shorter term, then the prospect of higher returns may hold less sway for you. Also, keep in mind what kind of liquidity you’re looking for. If you think you might need to withdraw savings for any reason before maturity, then a standard CD could be a better fit.
Comparing zero-coupon CD offerings at different banks can help you find one that fits your needs and goals. You may also consider other types of cash equivalents, such as money market funds or short-term government bonds if you’re looking for alternatives to zero-coupon CDs.
Recommended: How to Invest in CDs: A Beginner’s Guide
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Pros of Zero-Coupon CDs
Zero-coupon CDs have some features that could make them more attractive than other types of CDs. The main advantages of investing in zero coupon certificates of deposit include:
• Higher return potential than regular CDs
• Guaranteed returns, since you’re unable to withdraw money before maturity
• Suited for longer-term goals
• Can be federally insured
Zero-coupon CDs are lower-risk investments, which can make them more appealing than bonds. While bonds are considered lower-risk investments generally, if the bond issuer defaults, then you might walk away from your investment with nothing.
A zero-coupon certificate of deposit, on the other hand, does not carry this same default risk because your money is insured up to $250,000. There is, however, a risk that the CD issuer could “call” the CD before it matures (see more about this in the next section).
Cons of Zero-Coupon CDs
Every investment has features that may be sticking points for investors. If you’re wondering what the downsides of zero-coupon CDs are, here are a few things to consider:
• No periodic interest payments
• No liquidity, since you’re required to keep your money in the CD until maturity
• Some zero-coupon CDs may be callable, which means the issuer can redeem them before maturity, and the investor won’t get the full face value
• Taxes are due on the interest that accrues annually, even though the interest isn’t paid out until maturity
It may be helpful to talk to your financial advisor or a tax professional about the tax implications of zero-coupon CDs. It’s possible that the added “income” from these CDs that you have to report each year could increase your tax liability.
How to Collect Interest on Zero-Coupon CDs
Since zero-coupon CDs only pay out at interest at the end of the maturity term, all you have to do to collect the interest is wait until the CD matures. You can direct the bank that issued the CD to deposit the principal and interest into a savings account or another bank account. Or you can use the interest and principal to purchase new CDs.
It’s important to ask the bank what options you’ll have for collecting the interest when the CD matures to make sure renewal isn’t automatic. With regular CDs, banks may give you a window leading up to maturity in which you can specify what you’d like to do with the money in your account. If you don’t ask for the money to be out to you it may be rolled over to a new CD instead.
How to Value Zero-Coupon CDs
The face value of a zero-coupon CD is the amount that’s paid to you at maturity. Banks should specify what the face value of the CD is before you purchase it so you understand how much you’re going to get back later.
In terms of whether a specific zero-coupon CD is worth the money, it helps to look at how much of a discount you’re getting and what that equates to in terms of average interest earned during each year of maturity.
Purchasing a $10,000 zero-coupon CD for $8,000, for example, means you’re getting it at 20% below face value. Buying a $5,000 zero-coupon CD for $4,500, on the other hand, means you’re only getting a 10% discount.
Of course, you’ll also want to keep the maturity term in perspective when assessing what a zero-coupon CD is worth to you personally. Getting a 10% discount for a CD with a three-year maturity term, for example, may trump a 20% discount for a five-year CD, especially if you don’t want to tie up your money for that long.
The Takeaway
Investing in zero-coupon CDs could be a good fit if you’re looking for a lower-risk way to save money for a long-term financial goal, and you’d like a higher yield than most other cash equivalents.
Zero-coupon CDs are sold at a discount to face value, and while the investor doesn’t accrue interest payments annually, they get the full face value at maturity — which often adds up to a higher yield than many savings vehicles. And because the difference between the discount and the face value is clear, zero-coupon CDs are predictable investments (e.g. you buy a $5,000 CD for $4,000, but you collect $5,000 at maturity).
As with any investment, it’s important for investors to know the terms before they commit any funds. For example, zero-coupon CDs don’t pay periodic interest, but the account holder is expected to pay taxes on the amount of interest earned each year (even though they don’t collect it until they cash out or roll over the CD).
If you’re eager to earn a higher rate on your savings, you’ve got a lot of options to explore — including a high-yield bank account or a regular CD.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
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FAQ
What is a coupon on a CD?
The coupon on a CD is its periodic interest payment. When a CD is zero coupon, that means it doesn’t pay out interest monthly or annually. Instead, the investor gets the full amount of interest earned paid out to them when the CD reaches maturity.
Is a certificate of deposit a zero-coupon bond?
Certificates of deposit and bonds are two different types of savings vehicles. While a CD can be zero-coupon the same way that a bond can, your money is not invested in the same way. CD accounts also don’t carry the same types of default risk that bonds can present.
Are CDs safer than bonds?
CDs can be safer than bonds since CDs don’t carry default risk. A bond is only as good as the entity that issues it. If the issuer defaults, then bond investors can lose money. CDs, on the other hand, are issued by banks and typically covered by FDIC insurance which generally makes them safer investments.
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Inside: Here is the real answer from a day trader and long term investor on how fast can you make money in stocks? Increase freedom by day or swing trading.
The answer depends.
It depends on what your particular objectives are for making money.
If you are a day trader, you obviously can make quick money during the day.
If you are a swing trader, you can make money over the course of typically two to five days. Most swing trades are closed within 30 days.
If you are a long-term investor, it takes longer to make money in the stock market since the rate of return is slower with index funds or mutual funds.
The biggest caveat for the average person to make money with stocks quickly is they buy at the wrong times and sell at the wrong times.
Everyone has heard the mantra of buy low, sell high. Right?
Sounds simple enough.
However, the amateur investor does not understand how the overall market moves, the momentum of the day, and their particular stock of choice.
Personally, I know I can make money with stocks quickly. For me, I average $300-500 in a day easily (and way more using options). But, I have moved from novice investor by taking this investing course. I have practiced with paper trading (simulated account) and I have worked hard to get the results that I see on a consistent basis.
My mantra is… I need to be consistent enough to achieve remarkable results in the stock market.
That is your answer to how fast can I make money in the stocks.
Even Jean-Jacques Rousseau, a philosopher, writer, and composer has a perfect quote when it comes to making money fast in stocks, “Patience is bitter, but its fruit is sweet.”
If you don’t understand what patience means, you are not prepared to make money fast in stocks.
You have to be disciplined enough to pull the trigger at the right time and exit before you get greedy or lose everything.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Trading involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Past performance is not necessarily indicative of future results.
Your results will vary. Trade at your own risk.
How Fast Can you Make Money In Stocks?
You can make money quickly in a matter of seconds. You can also lose money in a matter of seconds.
The brutal truth… day trading is not made for everyone.
However, you can make consistent income to supplement your paycheck. And that right there is enticing for anyone.
As a day trader, you close out all of your trades on the same day. Thus, you will have a realized gain or loss at the end of the day. This is the fastest way to make money in the stock market.
As a swing trader, you will hold your trades until the stock moves to your desired price. Once you close your trades, that is when you have a realized gain or loss.
For long term investing, that is normally a buy and hold strategy of holding a stock, EFT, or index fund for longer than a year.
The best part is you can design what type of trading style works best for your personality and maximize the profits you are capable of.
In order to have the highest success rates of making money in the quickest time possible, I highly recommend that you take this course.
Trading has been a life-changing event for her, as well as her 1000s of students that have all made over $1,000 per day. That is a testament to the quality education that you would receive on how to trade.
So, if you were wondering can you make $1000 a month trading stocks? The answer is yes and you can make $1000 a day if you take the course I have taken.
Personally, I truly believe that spending the money on this online investing course is money better spent paying a financial advisor or paying for college.
Is Day trading worth It?
Can you make a living day trading?
Yes, it is very possible to make day trading a viable career path for you.
There are many benefits to being a day trader because you set your own hours. Since you are your own boss, you do not have to answer to anybody else. And in many cases, you could possibly work fewer hours than a regular salaried position.
On the flip side of being a day trader is you will have highs and lows. Until you fully grasp the concept that as a trader you will not win 100% of the time, you will struggle. In fact, most traders are probably executing trades with 50% wins and 50% are losses; that is what they call their batting average.
As an active trader, you must be careful to protect your account balance through the proper execution of risk management. (If you don’t understand this risk concept, then you must watch this video).
The goal for a day trader is to lose small amounts of money and reap a bigger reward of profit at the end of the day.
According to Glassdoor, the average day trader makes $71,260 a year. Thus, day trading is a very viable career because this is a higher potential than the average salaried $60000 per year that somebody else can provide for you.
Now, let’s break down how much does the average day trader make in days, weeks, and months.
The stock market is open for trading for about 252 days per year. This can fluctuate slightly based on holidays, Leap Year, or major events.
Average Trader Makes
Daily
$282.78
Weekly
$1,370.38
Monthly
$5,938.33
Yearly
$71,260.00
Your results will vary. Trade at your own risk.
Now, what if you love your job and just want to supplement your income with trading? That is completely possible and something many people do today.
Check out this person’s journey.
Serious About Learning How Fast You Can Earn Money In Stocks?
The stock market can be tricky. The stock market can be a beast to try to understand. That is why so many financial gurus are always making predictions and a very small handful actually pan out.
In the most simplistic form, a stock price is when a buyer and seller agree on a specific price. That price can move up and it can move down throughout the day. But at that particular moment in time, that is where the buyers and sellers agree on a price.
Once you move from a novice investor to a beginner investor to a good investor to an advanced investor, you are able to increase how fast you can potentially earn money.
The biggest mistake is to just jump into the market and start trading without any clue to what you are doing.
To have a greater probability of success, then you must take a top-notch investing course. The other option is to skip the cost of the course and lose even more in the stock market. Your choice.
I picked this top-notch investing course and am very happy with my decision. Thus, I highly recommend it to others who are serious about trading to supplement their income.
Check out my Trade and Travel Review – Join the $1000 in a Day Club!
If you don’t have cash for the full course upfront, just start with the basic Trade and Travel course. You can always upgrade to VIP once you begin profiting off the stock market and move to advanced trading strategies of shorting and options.
On top of that, you need to spend time practicing your trades in a simulated account; also known, as paper trading.
Practice everything you are learning from the course without losing money. You are trading with fake money until you can get the hang of day and swing trading.
Learn how the stocks move.
Learn how the market reacts.
Master your trading plan.
Refine your trading mindset.
Once you are comfortable and ready, then you can move on to a live trading account. That is where you actually start reaping what you have sown.
Day trading or swing trading is not a waste of time or a bad idea if you know how to execute properly and know your long term goal.
Plus it helps you find time freedom in your life.
Best Stocks to Invest in 2023
Are you trying to find the best stocks to invest in the current year? It may remind you of looking into an eight ball, taking your best guess, and then throwing a dart to hit a bullseye.
There are over 6000 stocks that trade on the NYSE & Nasdaq (source)!
That is a lot of companies to search through to find the best stocks for 2021. Typically, day traders look heavily on technology stocks and growth stocks.
So, how do you go along and pick the best stocks?
One option is to listen to the big financial gurus on TV or in the news telling you to buy this or that stock. They may have some good ideas, but they also may have a few misses. Plus those stocks may be at all time highs.
Another option is you copy what your friend has done. See the stocks they picked, and hopefully, you don’t get burned by a bad stock pick.
Look around your house and find products that you use and believe will continue to do better. (Buyer beware… your favorite products may not be the best stocks in their sector.)
If you truly want to be a savvy investor, then you need to find an easier way for you to pick stocks that fit within your financial portfolio. Even better to find stocks that align with your values and ethics.
More importantly, do this research without spending a ton of your own time!
If you are looking for the best stocks to invest in right now, you can use the Motley Fool’s services to help you pick the best stocks right now.
The other option is to do all of your due diligence and time picking your own company.
Personally, I use Motley Fool’s Stock Advisory. It is an easy way to start with a group of solid companies and less time for me to search out all other detailed information provided.
Is it possible to make a living trading stocks?
Most aspiring day traders will never become profitable. Even though this is the perfect early morning job.
Sad, but true.
That is because they do not have a system (aka trading plan) in place. They were not taught how to trade effectively, manage risk, and happily close a trade for a profit or a loss.
Unfortunately, trying to trade by the seat of your pants and whatever fits your fancy, will not work. The same goes for trading with you you hear on popular Reddit forums, Discord groups, or Twitter.
You have to know when to buy, how much to buy, what your risk tolerance is, when you plan to sell (win or lose), and your potential profit.
Just because you calculate a potential profit of $1,000 does not mean that it is a great trade since you may lose 3000 dollars to make that $1,000 profit happen. And in that case, that trade is not worth it.
There is a consensus out there that day trading is not worth it. Probably because those people lost a ton of money in the market because they were clueless on how to trade.
The question becomes are you willing to advance your knowledge more than the average person to make a living trading stocks.
To be successful at making money in stocks, you must understand how the market moves, be able to make solid decisions on buying or selling the stock or option.
If you struggle to make simple decisions on what you are going to have for dinner, then day trading might not be for you. So, stick with long-term investing with index funds.
If you have an inkling to add another type of income, then day trading or swing trading might be favorable for you. Or a desire of I don’t want to work anymore.
Day trading is a good idea if you are looking to change your personal finance situation and find freedom by increasing your net worth.
Think about how your life and how your stress level can be transformed by short term investing. What can you possibly accomplish by using the stock market as another stream of income?
I cannot stress enough that you must take a solid investing course.
Are you Ready to Make Money Fast in Stocks?
In conclusion, the real answer is yes, you can make money fast in the stock market. Even more when you have successful trade options (VIP level). The market comes with risk and you can also lose money fast in the stock market.
Yes, now is a good time to invest in stocks.
The determination will be decided by how much time you spend truly learning about how to make real money in the stock market.
If you’re following Twitter, discord, Reddit groups, or just following the trends, you may have some success, but it is not guaranteed for a long time.
If you have a proven reliable trading system, like I have taken I you can make the progress you need to start making real money in the stock market.
But remember, nothing is guaranteed.
Nothing that I have said in this post is a promise that you are guaranteed to make money in the stock market. All I’m saying is…it is possible.
You can learn how to make 300 dollars fast. Or even make 5000 fast.
You just have to put in the time, the dedication, and the desire to do it.
Just remember, do not start trading with real money until you have made significant progress in a simulated account and feel confident in your ability to make money in a live account.
You must be able to take money away from other people in the stock market and not have them steal your money.
LearnHow to Get Weekly Paychecks From The Stock Market
Trading involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Past performance is not necessarily indicative of future results.
Your results will vary. Trade at your own risk.
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We live in a fast-paced world and are accustomed to immediate gratification. Just as we can get groceries delivered in minutes and order a new movie online with a few clicks, so too do we often expect our bank deposits to be available immediately.
But it doesn’t always work that way when it comes to finances. Some things do require a wait, even though it may seem like they should happen instantaneously. When money is put into a bank account, it can take a while for the deposited funds to appear and become available. Here’s a simple breakdown of how long it takes for funds to clear.
What Are Cleared Funds?
Depositing money into a bank account doesn’t always make those funds appear immediately. It can take time for the funds to clear and become available to use. This is because banks and credit unions may place a temporary hold on the deposit. When this happens, the account holder can see their “total balance” on their account and their “available balance.” The latter is the amount of the total balance minus any pending deposits. The available balance is, as the name indicates, what is available for use.
Why Banks Put a Hold on Deposits
One reason why banks don’t immediately declare deposits to be cleared funds is to help avoid issues that can arise when a deposit bounces. Having a brief waiting period helps protect customers from bank fraud and from paying unnecessary fees. If a bank were to allow a customer to spend funds from a check that ends up bouncing, the customer would then need to repay the bank the amount they deposited and probably pay an overdraft fee (even if the customer wasn’t at fault).
Some holds take longer than others. The federal government regulates the max amount of time a banking institution can hold onto the funds before they make them available to the account holder. Banks and credit unions also have their own policies regarding how long it will take for funds to become available after a deposit, which can be shorter than federal regulations. It can be helpful to review your bank’s policies for holding deposits so you can get a better idea of when cleared funds will become available. That way, you won’t accidentally overdraw your account.
How Do Cleared Funds Work?
Cleared funds appear in a bank account, such as a checking account, after the holding period ends. Usually, this holding period lasts until the next business day, but it can take longer. Weekends and holidays can slow this process down. The type of deposit made can also affect the timeline.
Here’s a specific example: If you deposit a check via an ATM that is not part of your bank’s network, you will probably have to wait a while to access the money. It may take up to five days before that check becomes available cash in your account.
Compare that to the case of electronic deposits made via the Automated Clearing House (ACH). The funds can actually clear and become available as soon as the same day. Having a paycheck deposited via direct deposit can help you access your money a lot faster than if you deposited a check at an ATM.
Breakdown of Times of Cleared Funds
All banks and credit unions have their own timeline they follow surrounding cleared funds. In addition, the federal government sets a maximum limit for how long they can make consumers wait to access their deposit.
Here’s a quick breakdown of the federally allowed wait times for different types of transactions, from wiring money to check deposits.
Type of Deposit
Timeline
Direct Deposit
Up to the second business day
Wire Transfer
Up to the second business day
Paper check (less than $200)*
Next Business Day
Cash*
Same day or next business day
U.S. Treasury check*
Next Business Day
U.S. Postal Service money order*
Next business day
State or local government check*
Next business day
Casher’s, certified, or teller’s check*
Next business day
Mobile check deposit
Up to second business day
Federal Reserve and Federal Home Loan checks*
Next business day
Any other checks or non-U.S. Postal Service money orders
Second business day
Deposits made at an ATM owned by the customer’s financial institution
Second business day
Deposits made at an ATM not owned by the customer’s financial institution
Fifth business day
*Deposited in person.
It’s worth noting that these are the maximum hold times allowed; in many cases these deposits happen much quicker. Again, it’s worth reviewing the bank’s funds availability policy. This will be listed in the account agreement given to you, the account holder, when you opened an account. You can also ask the bank for a copy of their holding policies or look online for it.
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When Can You Withdrawal Cleared Funds?
Deposits often clear in segments. That is, a portion of the funds will become available in your checking account before the whole amount deposited is ready for use. In most cases, the bank has to allow the customer to access $225 from the deposit at the start of the next business day. You could either withdraw cash or write a check. Usually the rest of the deposit is available on the second business day, unless something occurs to trigger a delay.
Cleared Funds vs Available Funds
The terms “cleared funds” and “available funds” both refer to funds that are available for immediate withdrawal or use. It’s important to keep in mind that simply depositing a check doesn’t mean you can use the money right away.
• Regarding a deposit, the $225 that must be made available by the next business day is known as your cleared or available funds. So on the next day, you can go ahead and use that amount.
• However, the rest of your deposit may not yet be available. If you try to draw against it, you are risking overdraft and charges. The full amount of the deposit may take up to a few more days to become ready for use.
Reasons Why Deposits May Be Delayed Until They Become Cleared Funds
There are a few different reasons why deposits can be delayed on their path to becoming cleared funds. Let’s examine some of these.
Deposits Over $5,000
When it comes to large deposits (excluding cash or electronic payments), the bank is typically required to make the first $5,525 of the deposit available by the second business day and the remainder available on the seventh business day, or later.
Recommended: Where to Cash a Check Without Paying a Fee
Brand New Customer Accounts
Newer customer accounts (less than 30 days old) can experience deposit delays up to nine days. Although with official checks and electronic payments, partial funds can be available the next day. (If you are in this situation and in a rush to make a payment, you can look into other ways to send money to another’s bank account, such as P2P apps. These can draw upon other available funds.)
Post-Dated or Fraudulent Checks
If a bank has reason to suspect a deposit is suspicious (such as if a check appears to be fraudulent), then it may hold the funds for longer than normal. A couple of examples of what might cause this kind of hold:
• A check is post-dated, meaning it’s been filled out to show a date that is in the future.
• A check is more than 60 days old.
The Takeaway
Cleared funds are the funds that become available once a deposit to a bank account clears. That means the money is ready for use. The timeline for funds clearing depends on several factors, such as where, when, and how the deposit was made and how large the amount is. Some funds may clear right away, while others can take a few days. However, federal laws are in place regarding how long a bank can wait to clear funds. By understanding this process, you can likely manage your financial life a little better and avoid situations that involve overdrafts or bounced checks.
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FAQ
What is the difference between a cleared balance and an available balance?
A cleared balance (or cleared funds) and an available balance are the same thing — it’s the amount of money in your account that is available for immediate withdrawal or use.
How long does it take to get money cleared?
Some deposits clear as soon as the same day, but most generally clear the next business day. In some cases, though, a deposit can take as long as nine days to clear. Check with your bank to know their timelines.
Can you reverse a cleared check?
Once a check has cleared, there is little that can be done to reverse the transaction. If, however, a cleared check is to be found fraudulent, it may be possible for a bank to intervene.
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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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