Biggerpockets’ David Greene joins us on today’s podcast to discuss his latest book, Pillars of Wealth. Hear how to make, save, and invest your money in order to hit financial freedom faster. David shares several insights on building wealth, including why incompetence could be holding you back from success. David and Shelby also discuss inflation, the current state of the economy, and the way winners think. Don’t miss it!
Listen to today’s show and learn:
About David Greene and Pillars of Wealth [2:25]
A helpful tip for increasing motivation [7:45]
Why it doesn’t take super smarts to be financially savvy [10:25]
How David Greene got into real estate [11:24]
How incompetence is holding you back from success [13:28]
David Greene’s DISC profile [15:38]
How to get better at social media and being social [16:38]
Why defense matters when it comes to getting rich [18:42]
The first step to becoming wealthy [21:06]
Tracking your real estate marketing budget and net earnings [23:07]
David Greene’s thoughts on inflation and the economy [25:26]
Preparing for a major recession [29:07]
Building skills in order to build wealth [31:13]
What leadership is and why leaders make more money [33:24]
How winners think [35:19]
Giving your best and getting excellence in return [36:53]
Why most real estate agents aren’t what the market wants [41:55]
Hacks for getting more energy to get more done [48:08]
The easy button: deceptive information on success [49:56]
The good news [54:06]
Applying your work-out work ethic to work [54:30]
Where to find and follow David Greene [55:77]
David Greene
David Greene is a real estate broker and and co-host of the BiggerPockets Real estate podcast. The author of best selling books “Long Distance Real Estate Investing”, “Buy, Rehab, Rent, Refinance, Repeat”, and “Sold: Every Real Estate Agents Guide to Building a Profitable Business”, David is a nationally recognized authority on real estate, and has been featured on CNN, Forbes, and HGTV as well as over 25 different real estate podcasts. A licensed real estate broker and lender, David runs “The David Greene Team”, a top producing real estate company in Keller Williams where he has won multiple awards for production. An active real estate investor, David owns properties of various asset classes across the country.
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Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported an average net loss of $1,015 on each loan they originated in the third quarter of 2023. That’s nearly double the reported loss of $534 per loan in the previous quarter, according to the Mortgage Bankers Association(MBA).
The average pre-tax production loss was 34 basis points (bps) in Q3. A decline in originations volume worsened net-production losses in Q3 compared to Q2, the MBA noted.
“While production revenues stayed relatively flat, per-loan production costs reverted to the third-highest level in the history of MBA’s survey, which reversed a portion of the cost improvements made in the second quarter,” Marina Walsh, MBA’s vice president of industry analysis, said in a news release.
Net production has been in the red for six consecutive quarters, but a turnaround is unlikely until Q2 2024, the MBA projected.
Amid a declining origination environment, mortgage servicing remained a silver lining.
Combining both the production and servicing business lines, 51% of mortgage companies stayed profitable in the third quarter of 2023, down from 58% the previous quarter.
“Were it not for mortgage servicing, only about one in three companies would have been profitable,” Walsh said.
Average production volume was $477 million per company in the third quarter, down from $502 million in the second quarter. Meanwhile, volume by count per company averaged 1,497 loans in Q3, down from 1,553 loans in Q2.
Total production revenue – including fee income, net secondary marketing income and warehouse spread – increased to 329 bps in the third quarter, up slightly from 328 bps in the quarter prior. On a per-loan basis, production revenue decreased to $10,426 per loan in the third quarter, down from $10,510 per loan in the second quarter.
Total loan production expenses – such as commissions, compensation, occupancy, equipment and corporate allocations – rose to $11,441 per loan in Q3, up slightly from $11,044 per loan in the previous quarter. Loan production expenses averaged around $7,305 per loan.
Servicing operating income – which excludes mortgage servicing rights (MSR) amortization, gains/loss in the valuation of servicing rights net of hedging gains/losses and gains/losses on the bulk sale of MSRs – was $104 per loan in Q3, the MBA reported. That’s down from $105 per loan in Q2.
The sale of MSRs does not directly impact earnings as a revenue stream, but the conversion of MSRs into cash via sales deals bolsters a lender’s cash flow and overall liquidity.
The MBA expects mortgage origination volume for one- to four-family homes to post $399 billion in Q4, down from $444 billion in Q3 2023, according to its latest forecast.
The trade group also projected the 30-year fixed mortgage rate to average around 7.2% in 2023 before falling to 6.1% in 2024.
Most of us have hopes and plans for the future, and they often require a degree of financial success. Whether your aspiration is relatively small and close to home (say, hosting an amazing 30th birthday party for your sweetie at their favorite restaurant) or considerably grander (owning multiple homes and retiring by age 50), it takes planning and discipline to achieve them.
In a nutshell, smart money habits can start you on the path to achieving financial success and realizing your dreams. Adopting small (and repeated) changes in behavior can be one way to start building good financial habits that can last a lifetime.
Read on to learn six of the most important money habits that can help steer you to financial success and realizing your money goals.
Why Good Money Habits Matter
Good money habits can set you up for financial success. They act like guardrails, keeping you moving towards positives (like an impressive retirement fund) and away from potential challenges (say, too much credit card debt). They are, in fact, similar to other wise habits in your life, whether that means eating well, exercising regularly, not staying up too late watching Netflix, or remembering to call your folks often.
Yes, good habits can require some time and energy to establish, and then you likely need to maintain focus to stay on track. Some will become second nature or no-brainers; others may require more ongoing effort. But by sticking with them, good money habits can guide you to help manage your personal finances well, make smart decisions with your funds, and achieve your future goals.
💡 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.
6 Good Money Habits to Adopt
Here’s a closer look at six key money habits that can help you develop financial success.
1. Set Financial Goals
Formulating your financial goals can be an important step. Goals can guide you as you go about building a financial plan for the years ahead.
One person’s goals might be to pay off their student loans and save for a down payment on a house; another might want to sock away enough cash to start their own business down the road; and yet another might want to achieve a lifestyle where they can pay for their child’s college education and take ski vacations every winter.
Putting pen to paper or opening a document on your laptop can be a helpful way to focus and define specific financial goals to work towards. This can give you clarity and boost your motivation vs. simply saving in the abstract.
Once you have goals in mind, you can begin saving toward them and tracking your progress.
2. Budget Well and Track Your Spending
If you are just winging it in terms of your finances, it’s probably wise to prioritize setting up a budget. The word “budget” can cause a knee-jerk reaction because it smacks of deprivation (as in, no more lattes, ever!) but that’s not what it’s about.
Rather, a budget involves understanding how much money you have coming in and where it’s going (typically towards spending and saving). It can help you be more aware of your finances and balance them, too.
Out of the various techniques, the 50/30/20 budget rule is a popular option. It spells out that 50% of your take-home pay goes towards your needs (housing, food, and healthcare, for instance), 30% towards your wants (dining out, those lattes mentioned above, travel), and 20% towards savings.
There are plenty of other different budgeting methods to try and tools you can use to track your spending, which is an important facet of good budgeting. Your bank may even offer a convenient system for this. By tracking your spending, you can see where you may be spending too much (say, your once-a-week takeout habit has crept up to four times a week), be more mindful with money, and optimize your finances. Perhaps you can put more towards debt payments, for example, than you realized.
It can also be wise to get in the habit of checking in with your money regularly; many people find that a couple of times a week is a good frequency.
💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.
3. Consolidate Debt
As you work on your budget, you may want to cultivate another money habit to develop financial success. That involves dealing with debt.
This might mean paying off credit card balances in full and making all other necessary debt payments on time, such as mortgage installments and student loan payments. Calendar reminders can help ensure that all payments get made on time, as can automating your payments (more on that below). It may even help to arrange to have all payments due on the same day. Some lenders are willing to move a monthly due date.
If you have student loan debt, you might look into refinancing options. You might, say, be able to lower your monthly payment, though that could extend the term of your loan and cost you more in interest over the life of the loan. However, doing so may be the right move for some people. (Also keep in mind that if you refinance federal loans as private student loans you will lose access to federal benefits and protections.)
Facing and managing your debt is an important step, regardless of the specific solution you decide upon. It’s a habit that allows you to take control of your money. And it can keep your debt-to-income ratio low, which can be an important factor when you want to borrow money at as low a rate as possible.
Get up to $250 towards your holiday shopping.
Open a SoFi Checking and Savings Account with direct deposit and get up to a $250 cash bonus. Plus, get up to 4.60% APY on your cash!
4. Know When to Consider Balance Transfer vs. Personal Loans
Building on the idea of consolidating debt is the next financial habit. This one involves knowing the warning signs when your debt is getting uncomfortably high and then taking steps to rein it in.
Sometimes, the steps above aren’t enough. If that’s the case, it’s wise to consider your options vs. taking a wait and see approach. Currently, credit card interest rates are over 20% which can be hard for some people to pay off.
So if you see your balance rising to a level you are worried about, consider the following options as you take control of your debt:
• You might try a balance-transfer credit card, which can give you a reprieve from high interest accruing for a period of time (often 18 months), allowing you to pay down your debt.
• You might consider taking out a personal loan and using those funds to pay off your credit card debt. The goal here is to have a lower monthly payment on the personal loan than what your credit card bill amounted to.
• Contact a nonprofit credit counseling service, such as the National Foundation for Credit Counseling, or nfcc.org. Getting in this habit before debt gets deeper can help you in the long run.
5. Automate Your Finances
It can be a good idea to save money right after getting paid — before the cash sits in checking long enough to spark the urge to spend it. So why not make it simple and save automatically upfront?
A person interested in saving might begin by automating just one kind of transaction. For example, they may opt to have $50 moved from a checking account to a different savings-oriented account each month. If that money remains unspent each month, those monthly automatic savings would total to $600 at the end of the year.
That could be a good way to start an emergency fund without expending much effort. You can also automate payments of, say, your utilities and housing costs or your car loan. Paying bills on time this way can help build your credit.
There are also numerous ways to automate your investments. A workplace plan, like a 401(k), may already be doing this. For someone who’s on their own, mutual funds can make auto-investment really easy. Alternatively, a robo-advisor service can automatically invest contributions on behalf of the investor. (Note: This automation may be challenging for those paid irregularly, such as freelancers and seasonal workers.)
By embracing automation, you can nail an important money habit. You can pay yourself first and stash cash away in savings. And you can avoid such bad money habits as not saving enough, paying bills late, or forgetting to pay them at all.
Recommended: How to Become Financially Independent
6. Investing Early and Often
“I invested too much money for retirement,” said no one, ever. Arguably, there’s no other financial goal that requires more habitual action — spread over decades — than saving and investing for retirement.
It can be tempting to push off planning for retirement until tomorrow. After all, when someone’s in their 20s or 30s, retirement is likely decades and decades away. Psychologically, it’s simple to presume that it’s just not worth thinking about in the now.
But, for many, retirement can be one of life’s biggest and most important expenses. It can secure your comfortable future. Investing early, often, and wisely, can help accomplish that goal.
Adopting this habit ASAP can be a big help; it allows for more time for money to grow via compounding. Compound returns are earnings on both the original amount invested (the principal) and the money earned via investing (the profit). The more months (or years) a person invests, the higher the potential for profits to compound. Note: It is important to note that all investing carries risk as the stock market can fluctuate.
Being consistent about moving money into your portfolio is important, too. Luckily, there are easy and affordable ways to get started investing. First, open an account, like a brokerage or a retirement account. (Investing in a 401(k) also counts as investing.) Then, investors can purchase investments like stocks and funds to achieve their goals. Or investors can use an automated investing service.
The Takeaway
Building good financial habits can be rewarding. There are more technological tools than ever to help with budgeting or expense tracking. From digital apps to automatic investing, building healthy financial habits has never been more accessible.
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 up to 4.60% APY on SoFi Checking and Savings.
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It’s not uncommon to hit a moment in your financial life when you could use some cash…like, right away. Maybe you have a slew of unexpected expenses, get laid off, or need to help a loved one in need. Whatever the case, you may be craving a quick cash infusion.
To help out, here’s a list of 23 ways to get some money flowing your way ASAP. Some are online methods, others are in-person, but all can help you out when you are in a pinch.
Read on to see which of these ideas may suit you, plus tips on staying safe as you go after those additional funds.
When You Need Quick Cash
Many people hit a time when they could really use some additional cash. Perhaps you moved to a new town and need to put down a security deposit on a rental as well as pay your movers. Or you are a freelancer, and one of your clients is slow to pay. Or you need pricey dental work which isn’t fully covered by your health insurance. Or perhaps you just went overboard on holiday gift buying, and now your credit card bill is due.
Whatever the reason, if you need to get money fast and don’t want to break out your high-interest plastic to see you through, don’t panic. There can be an array of ways to bring in cash quickly. Some are online (taking marketing surveys), some are in person (dog walking), but there is likely to be at least a couple that suit your preferences and your situation.
💡 Quick Tip: An online bank account with SoFi can help your money earn more — up to 4.60% APY, with no minimum balance required.
Online vs Offline Money-Making Opportunities
As you look into ideas for how to get money fast, one key consideration is whether you want to do so online or offline. Perhaps both ways suit you, but many people have a preference.
If you have a job, are caring for dependents, or otherwise are under time constraints, you may prefer to squeeze in your money-making activities here and there. Online opportunities may suit you well, since some are available 24/7. For example, you could upload items you want to sell on eBay at any hour.
For others, offline work is more suitable. If, say, you are a brilliant guitar player and have a knack for sharing your skills, music lessons could be a good path, and you might find doing these in person more rewarding than via Zoom. Or holding a yard sale and selling off unwanted stuff could bring in a good amount of cash quickly.
Making Money Online
To help you scope out opportunities, consider this list of online ways to make quick cash.
1. Take Online Surveys and Market Research
From the privacy of your home, at your convenience, you could be earning small amounts of money (which can add up) by taking online surveys, watching videos, or even sharing your search history. These typically help marketers gain insight into consumer behavior and opinions Some places to sign up: Branded Surveys, Inbox Dollars, and Survey Junkie sites.
2. Sign Up for Freelancing Platforms
Do you have a skill to share…and sell? You might be able to offer your writing, social media, web design, translation, or other talents on a platform like Upwork, and get paid for freelance gigs. This can be an especially good way to make money even with no job.
3. Sell Products on E-Commerce Websites
If you are artsy or craftsy, you might try posting your work for sale online. Whether you make necklaces, take great nature photos, or knit beautiful baby sweaters, Etsy is a popular option. Just keep in mind that e-commerce websites typically have posting fees and then take a cut of your sales.
4. Offer Online Tutoring and Courses
You might be able to make quick cash by teaching online. Did you score in the top percentile on a standardized test or ace high-school physics? Are you pretty much fluent in French, or can you make bake-off-worthy cakes? You might be able to do remote tutoring or offer a class online. The key to bringing in quick cash here will be marketing your services well, so do a little online research upfront about how to bring an audience your way.
5. Try Affiliate Marketing
Do you love social media and have a strong presence, whether as a gamer, sharer of clothing hauls, or a guide to neighborhood businesses? If so, you could make quick cash via affiliate marketing. This means that you earn a commission on every visit, sale, or sign-up that you generate for a brand or merchant. You can learn more at affiliate marketing sites such as SemRush.
6. Find Unclaimed Money
Did you know that unclaimed funds, whether from forgotten-about bank accounts or insurance benefit checks that were never cashed, can wind up with the state government and sit, waiting to be claimed? It may be a bit of a longshot, but it can’t hurt to check out this unclaimed funds website and see if there is any cash in your name that you might collect.
7. Claim App Referrals
You may be used to those “Refer a friend and get $25!” offers online. If the shoe fits, as they say, wear it! For instance, if a buddy signs up for a PayPal or a Swagbucks account at your recommendation, you could benefit with a small chunk of change heading your way as a thank you.
8. Open a Bank Account
The personal finance business can be competitive these days, and some banks will offer you a tidy sum to open an account with them. This is among the more common bank bonuses, and while amounts will vary, you could earn a quick $250 this way. These offers are often at online vs. traditional banks. Just be sure to read the fine print before you sign up to make sure that there aren’t fees or minimum balances that would be challenging for you.
9. Sell Unused Gift Cards
Here’s a slightly weird way to make money. Do you have a gift card or two, maybe sent by a well-intentioned relative, sitting unused? Perhaps you never go to the coffee chain the card is for, or you don’t have a branch of the store nearby. You might recoup some of the card’s value by selling it on a site like CardCash, ClipKard, or GiftCash.
10. Get Paid Sooner
Need more ideas for how to make quick cash? This one doesn’t exactly bring in more money but can give you access to your earnings sooner. Some financial institutions will make your paycheck available up to 48 hours early when you sign up with direct deposit. Again, this isn’t a sum beyond what you earn, but it can let you, for instance, pay bills on time when you otherwise couldn’t.
11. Work as a Virtual Assistant
In this age of automation, many jobs can be done remotely as long as you have computer and wifi access. That includes being someone’s assistant and helping with tasks like scheduling, correspondence, and travel arrangements. Look for listings on sites like FlexJobs and LinkedIn.
💡 Quick Tip: If your checking account doesn’t offer decent rates, why not apply for an online checking account with SoFi to earn 0.50% APY. That’s 7x the national checking account average.
Making Money Offline
Need more inspiration on how to make quick cash? There are plenty of ways to do so in the real world instead of online. Here is an assortment of ideas for getting some money into your bank account, where it’s needed most.
12. Do Local Odd Jobs and Gigs
Are there any services, whether one-off or ongoing, that you could offer? You might be able to help a senior with shopping, do yard work, assist someone with cleaning out their basement before they move, or set up for a party. Take a look at sites like Fiverr, Craigslist, or Nextdoor, as well as locations like community bulletin boards at cafes and other locations.
13. Sell Unused or Unwanted Items
Your junk could be someone else’s treasure that they might be willing to pay for. You could have a yard sale or visit one of the many places to sell your stuff. Items that could be sale-worthy include good condition electronics, cookware, clothing, sports equipment, housewares, home decor, your vinyl collection, and more.
14. Pet Sit or Walk Dogs
Here’s another idea for how to make quick cash, and it’s perfect for animal lovers: Do some pet sitting or dog walking. Using a well-known social networking site or a pet sitting site could help get attention and build the business; you might also try posting flyers in your neighborhood offering dog-walking services. Cash payments can make this a good gig for those who don’t want to wait for their money.
15. Tutor or Skill Share
As mentioned above, if you have a skill or talent (from speaking great Spanish to coding), you could tutor or offer instruction. Local schools and community centers could be a good place to market your skills; think about what credentials you can tout to show prospective students that you have the know-how.
16. Recycle for Cash
In this era of eco-consciousness, there are plenty of opportunities to recycle for cash. This can be as simple as gathering your own and your neighbors’ unwanted cans and bottles and redeeming them, or you might get scrap metal via Craigslist or Freecycle and then sell it to a scrap yard. And who knew? You might even earn quick cash via recycling cardboard at BoxCycle.
17. Take Care of Children or Elders
Could you do some babysitting, childcare, or eldercare to bring in cash? You’re likely to have some warm and fuzzy feelings too after doing gigs like these and helping others. Caregivers may have to go through an in-depth vetting process to sign up with an agency like Care.com, so be prepared to answer lots of questions (Do you have experience? What would you do in an emergency? Will you cook and clean?) and provide background information and ID.
18. Pawn Items of Value
Let’s say you have an urgent car repair bill and unfortunately haven’t got enough saved in an emergency fund. You could get cash quick by pawning an item (think jewelry, wristwatches, electronics, and musical instruments). This means you take it to a pawn shop, get cash, and if you come back and repay the loan in a certain time frame, you retake possession of the item. If you don’t, the pawn shop can sell it. This practice could benefit you when you need money fast.
19. Rent Out Extra Space
You’ve probably heard about the sharing economy, which can allow people to monetize their unused space. For instance, if you live in a popular area and have an extra bedroom, you might rent it out on Airbnb to people visiting your town for a few nights. You may even be able to rent out your unused parking space on Spacer.
20. Deliver Food
It’s a sign of the times: Food delivery, from groceries to restaurant meals to bubble teas, is on the rise. You might be able to make some fast money by doing this kind of delivery via a service like DoorDash, UberEats, InstaCart, and GrubHub, among others. This can be a good way to use your free time to bring in some cash when you need it quickly.
21. Drive Rideshare
Similarly, if you have access to a car, you could drive a rideshare for a company like Uber or Lyft. Whether ferrying people to the airport, work, or out to dinner, it can be a good way to monetize your free time.
22. Flip Free Items
Are you handy? Here’s a way to get some money flowing your way: You could snag items from Freecycle, Craigslist, Nextdoor, or even the curb, and refurbish and sell them as a low-cost side hustle. Maybe someone is getting rid of an old coffee table or nightstand that’s in rough shape. You could refinish or paint it and sell it at a profit. Yes, it takes a bit of time to do this work, but the opportunity to bring in perhaps a couple of hundred dollars for your effort is real.
23. Cash in Your Coins
Here’s an easy idea for making quick cash: Look around your house for that coin jar that many people have shoved in a closet or on a windowsill. If you have a stash of quarters somewhere, you might be surprised by how much it can add up to. Getting it to the bank or a retailer that offers coin counting and redemption services could bring you a good infusion of cash.
Combining Online and Offline Opportunities
Now that you’ve read this list, you can begin to think about which ideas spark the most interest or best suit your situation. When you want to make quick cash, you don’t have to try just one method.
Feel free to mix up online and offline techniques to make money fast. You might drive a rideshare on Sundays and tutor via Zoom twice a week. It’s all about what works best for you.
Balancing Your Time
One thing to remember as you work to bring in extra cash is that it is possible to overdo it. Whether you have a job and/or a family or are unemployed and single (or anything in between), remember that you do need downtime and rest. Don’t overschedule yourself with odd jobs and other money-making tasks. You need to balance your time. And if you are sleep-deprived and exhausted, you can’t do a good job making money anyway!
Tips for Staying Safe While Making Quick Cash
A word or two of warning as you look for ways to make quick cash: There are occasionally scams and dangerous situations out there. Be savvy as you move ahead.
Avoiding Scams
If an opportunity to make money sounds too good to be true, it probably is. There are quite a number of employment scams out there, so be vigilant. Work-from-home scams and overpayment scams are common; check out Fraud.org’s site to learn more and protect yourself.
When selling items, also proceed with caution. There are also fraudsters using overpayment and money order trickery to get something for nothing.
Managing Personal Information
If you are applying for gig work, be cautious about to whom you send your personal information (such as your Social Security number and banking details). Do your research and vet the recipient of this info; otherwise, you might be dealing with a scammer who is trying to commit identity theft.
The Takeaway
Many people encounter a moment when they could really use some cash quickly. Happily, there are many ways to get money flowing your way, both online and offline. From dog walking to selling your unwanted stuff, from tutoring to taking surveys on your laptop, there are likely several options that can suit your needs.
And once you make that extra moolah, make sure it’s working hard for you and earning you some interest, thanks to a good banking partner.
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 up to 4.60% APY on SoFi Checking and Savings.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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 deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
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 http://www.sofi.com/legal/banking-rate-sheet..
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
The Internal Revenue Service (IRS) generally requires that you report a forgiven or canceled debt as income for tax purposes. But forgiven student loan debt is different.
The American Rescue Plan (ARP) Act specifies that student loan debt discharged between 2021 and 2025, and incurred for postsecondary education expenses, will not be counted as income, and therefore does not incur a federal tax liability.
This includes federal Direct Loans, Family Federal Education Loans (FFEL), Perkins Loans, and federal consolidation loans. Additionally, non-federal loans such as state education loans, institutional loans direct from colleges and universities, and even private student loans also qualify.
However, some states have indicated that they still count canceled student loans as taxable income. Read on for more information about which discharged student debt is taxable and by whom.
Different Student Loan Forgiveness Programs
Federal student debt can be canceled via an income-driven repayment plan (IDR) or forgiveness programs.
While President Joe Biden’s plan to offer federal debt cancellation of up to $20,000 to those with qualifying income failed — struck down by the U.S. Supreme Court — other forms of student loan forgiveness have been strengthened.
In October 2023, the White House announced at least $127 billion in student loan relief for nearly 3.6 million Americans:
• $5.2 billion in additional debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs.
• Nearly $2.8 billion in new debt relief for nearly 51,000 borrowers through fixes to income-driven repayment. These are borrowers who made 20 years or more of payments but never got the relief they were entitled to.
• $1.2 billion for nearly 22,000 borrowers who have a total or permanent disability who have been identified and approved for discharge through a data match with the Social Security Administration.
Recommended: Guide to Student Loan Forgiveness
Whose Student Loan Cancellation Is Not Federally Taxed?
As stated earlier, under the provisions of the ARP Act, any student debt (private or federal) for post-secondary education that was or is forgiven in the years of 2021 through 2025 will not be federally taxed. This means that the borrowers just listed above were not required to report their discharged loan amount as earned income, and therefore taxable.
Outside of the special five-year window of tax exemption provided by the ARP Act, participants in the Public Service Federal Loan program who receive forgiveness also don’t have to worry about paying taxes on the canceled amount. The program explicitly states that earned forgiveness through PSLF is not considered taxable income.
Recommended: A Look Into the Public Service Loan Forgiveness Program
Whose Student Loan Cancellation Is Federally Taxed?
Borrowers who receive loan cancellation after participating fully in an income-driven loan repayment plan can generally expect to pay taxes. Again, those whose debt was discharged in 2021 and 2022, or will be discharged in 2023, 2024, or 2025, will not need to pay federal taxes on their forgiven loans.
Forgiven amounts that are taxable are treated as earned income during the fiscal year it was received. Your lender might issue tax Form 1099-C to denote your debt cancellation. 💡 Quick Tip: Enjoy no hidden fees and special member benefits when you refinance student loans with SoFi.
Which States Have Said They Will Tax Forgiven Student Loans?
Typically, states follow the tax policy of the federal government. But some states have announced that their residents must include their forgiven or canceled student loan amount on their state tax returns.
As of October 2023, the states that say forgiven loans are taxable are Mississippi, North Carolina, Indiana, Wisconsin, and possibly Arkansas, depending on an upcoming vote in its legislature. More states could decide to do so.
It’s important to consult a qualified tax accountant or someone knowledgeable about forgiveness of student loans in your state to confirm the latest information of how much you owe.
Preparing to Pay Discharged Student Loan Taxes
If you’re anticipating a tax liability after receiving loan forgiveness, there are a few steps you can take today to get ready.
Step 1: Estimate Your Bill
The first step when bracing for a student loan forgiveness tax bill is calculating how much you might owe come tax season. This factor can be influenced by factors including the type of forgiveness you are receiving and the forgiven amount.
To avoid sticker shock, you can use a student loan forgiveness tax calculator, like the Loan Simulator on StudentAid.gov. It lets you see how much of your student loan debt might be forgiven, based on your projected earnings.
Step 2: Choose the Right Plan
Enrolling your federal student loans into an IDR plan can help you keep your monthly payments to a manageable amount while you’re awaiting loan forgiveness. All of these repayment plans calculate your monthly payment based on your income and family size.
The newest IDR program is the Saving on a Valuable Education (SAVE) plan, which offers unique benefits that will lower payments for many borrowers, to as low as 5% of disposable income in 2024 for those who qualify.
Recommended: The SAVE Plan: What Student Loan Borrowers Need to Know
Step 3: Prioritize Saving
If you’re expecting loan forgiveness after 2025, it might be advantageous to allocate extra cash flow toward a dedicated tax savings fund. Incrementally setting money aside over multiple years can ease the burden of a sudden lump sum tax bill down the line.
Paying Taxes on Canceled Student Loan
If you can’t afford to cover an increased tax bill, contact the IRS to discuss your options. Inquire about payment plans that can help you pay smaller tax payments over a longer period of time. However, be aware that fees and interest will likely accrue. 💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.
The Takeaway
Thanks to a special law passed by Congress in 2021, post-secondary education loans forgiven from 2021 through 2025 will not count as earned income and will not be federally taxed. That said, state taxes may be due, depending on where the borrower lives.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
FAQ
Is loan repayment considered taxable income?
If your employer offers loan repayment assistance benefits, they would typically be considered taxable income. However under the Cares Act, loan forgiveness payments — and employer assistance loan payments up to $5,250 — made each year from 2021 through 2025 are tax-free.
Will refinancing my student loans help me avoid taxes?
Student loan refinancing simply involves reworking one or more existing student loans into a new private loan with more favorable terms. It’s a repayment strategy that does not incur a tax liability.
Photo credit: iStock/fizkes
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
What was your favorite thing to talk about as a kid? Maybe it was dinosaurs, or Barbie or the Magic Treehouse book series. It probably wasn’t compound interest. Getting kids excited about investing can pay off for the rest of their lives — but how do you do it?
Here are six strategies to help get kids interested in investing for good.
1. Make it relatable
Explaining what investing is and why people should care about it can feel like an exercise in futility — the jargon, the math, all the acronyms — but at its core, investing is incredibly simple. Investing means taking the money you already have and using it to make more money without having to do any additional work. When talking with kids, stay away from “Roth IRA,” “dividends” and “return on investment,” and instead focus on the basics.
The language should be simple: If you have $100 now, and you invest it, you may have $110 later. Then, that extra $10 you earned will start earning money, too. You can play around with an investment calculator to help them visualize how their money could earn more money over time.
And while it’s good to be skeptical of financial advice on social media, there are some great sources of information that may help get kids more interested in money management.
“I got started with the help of YouTube,” says Ariana Bribiesca, a content creator based in Malibu, California, who started investing at age 16 and now runs the TikTok account Ari Invests. “I spent about 10 months doing research before I decided to open up my brokerage account.”
Bribiesca got introduced to investing through social media, particularly through her YouTube recommendation page, which showcased videos about credit cards, the college application process, starting a business, and investing.
2. Have them invest in what they’re into
One way to get a kid excited about investing, according to Riley Adams, a certified personal accountant and founder of Young and the Invested in Pleasanton, California, is to help them connect with brands they like.
“Instead of saying, ‘I shop at Nike,’ or ‘I use Snapchat,’ it actually lets you go a step further and gets you involved by not just spending your money with these companies, but making money on things you already do,” Adams says.
Investing in brands kids are excited about may help them feel a more personal connection to the experience. If they’re invested in their favorite store, shopping there may feel like they’re helping make their own stock more valuable instead of just spending money.
3. Make it a game
Investing itself may not be something kids are interested in, but turning it into a game may help your kids feel more excited about it — especially if there’s a chance they can beat you at it.
“Gamification is definitely a big thing, so find little ways to make it seem more like a game, and it’s more fun to get involved with,” Adams says.
You can have regular contests to see who can make more money on their investments, with the winner earning a prize in addition to whatever profits they make; or see who can better predict what happens to the stock market based on what’s happening in the news.
Just like players can lose when playing a game, investors can lose money. Helping a child understand the risks is an important piece of the puzzle when it comes to helping them develop a healthy relationship with investing.
4. Get them some practice
If you don’t want to risk real money, you can open a paper trading account for kids, which allows them to simulate the investing experience for free.
“I practiced with fake money before investing my own money for about two months,” Bribiesca says. “I used the app Stock Market Simulator which gave me $10,000 of simulated money to invest. I showed my parents my entire journey with it and would even force them to watch a couple YouTube videos with me so they understood what I was learning.”
If the kids in your life are ready to start investing for real, you can help them open a 529 plan to help them save for college, a Roth IRA to get a jump on retirement, or a custodial brokerage account for general investing.
5. Help them make it a habit
Making a habit stick requires repeating the behavior again and again. If you’re trying to help a child stick with investing for good, they’ll need to get in the habit of doing so early.
If you give a child an allowance or pay them for small jobs around the house, help develop their investing habit by teaching them to take a portion of their earnings and put it toward investing for the future. This can help cement the habit and make it something they do regularly as they get older.
6. Talk openly about money
While some adults may not want to discuss finances in front of the kids, it may be more beneficial for children to see healthy financial behaviors and conversations modeled for them. If they never hear adults talking about investing or budgeting, or are told that talking about money is inappropriate, they may not have the tools to deal with financial conversations when they get older.
“Overall, it is important for parents to include their kids in talks about money and slowly introduce them to different topics or resources,” Bribiesca says. “It is important to include them because kids like to imitate their parents and follow their footsteps when they notice something can be very rewarding.”
Neither the author nor editor held positions in the aforementioned investments at the time of publication.
New York-based digital lender Better Home & Finance Holding Company has partnered with information technology consulting company Infosys on a mortgage-as-a-service platform.
The integrated end-to-end digital mortgage white-labeled platform aims to cut origination costs and helps partners limit operational volatility in the current interest rate environment, Better said Thursday in announcing the launch.
“Better’s mortgage as a service platform is the first full-stack, end-to-end solution that handles all aspects of the mortgage process including point of sale, pricing, underwriting, loan origination, closing, funding and investor sale,” Vishal Garg, CEO and founder of Better, said in an e-mailed response to HousingWire.
Better’s mortgage as a service currently consists roughly 20% of its revenue and the lender aims to grow this business line, Garg said.
The partnership with Infosys is in line with Better’s new strategy to become a leading mortgage-as-a-service company or a white-label provider of mortgage technology.
Before Better debuted on the Nasdaq after a two-year journey in late August, the digital lender strived to be a one-stop shop where the firm does everything in-house. Prior to its initial public offering (IPO), Better shifted its strategy to doing only what its best at in-house and partnering with other businesses for the rest.
The company’s latest efforts to become a digital homeownership company includes the launch of Better Insurance.
The white-label solution eliminates redundancy and offers competitive pricing for customers without engaging with insurance agents, said Nick Taylor, head of real estate at Better.
When a buyer applies for home insurance, Better Insurance asks questions about the type of property and estimated home sales price, then the firm provides customers with a preview of insurance options.
The digital lender reported a net loss of $45.5 million in Q2, an improvement from a net loss of $89.9 million the previous quarter.
Better’s origination volume was $900 million across 2,421 loans in the second quarter of 2023, compared to production of $800 million across 2,347 loans funded in the previous quarter.
Better ranked as the 62nd largest mortgage lender in the first half of 2023, according to Inside Mortgage Finance.
The lender is scheduled to report its third-quarter financial earnings on Nov. 14.
Thinking about becoming a transcriptionist? In this Transcribe Anywhere Review, I’ll go over whether this course is worth it or not. Transcription is a popular work from home job, and there’s a high demand for transcriptionists. Plus, you can make a good income with a home-based business. On average, a general transcriptionist makes about $45,000…
Thinking about becoming a transcriptionist? In this Transcribe Anywhere Review, I’ll go over whether this course is worth it or not.
Transcription is a popular work from home job, and there’s a high demand for transcriptionists.
Plus, you can make a good income with a home-based business. On average, a general transcriptionist makes about $45,000 per year, while legal transcriptionists can earn around $60,000 annually.
You might have heard of Transcribe Anywhere, a popular course for transcription training. It is self-paced training for both general and legal transcription, along with resources to improve your skills and find transcription jobs.
But, is it a worthwhile investment, and is it a worthwhile course to take?
In this Transcribe Anywhere review, I will go in-depth into the details of the course, talk about what’s included, and help you figure out if you should take this course. I’ll also answer some frequently asked questions and talk about six job alternatives related to transcription.
By the end of this article, you’ll have a clearer understanding of whether Transcribe Anywhere is the right choice for your career goals.
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
Recommended reading:
Key Takeaways About Transcribe Anywhere
A transcriptionist turns audio and video files into text documents. They listen to what’s being said and type it up into a text format.
Transcribe Anywhere has in-depth training in general and legal transcription, plus comes with lifetime access.
The courses take around 2 to 6 months to finish – they are self-paced, so you can go as slow or fast as you want.
The courses will help you to improve your transcription skills, find jobs, and start a business.
Transcribe Anywhere Review
What is transcription?
Transcription is the process of converting spoken language into written text. As a transcriptionist, your job is to listen to audio or video recordings and accurately type the spoken words into text format. This freelance job requires good listening skills to accurately transcribe what is being said.
To be successful as a transcriptionist, you will need to be good at spelling, grammar, punctuation, and maintaining focus over time.
There are many types of transcription jobs available, like general, medical, or legal transcription. As a freelance transcriptionist, you can handle different types of projects and serve various clients.
For transcription, you’ll need a computer with word processing software (like Microsoft Word), quality headphones, a foot pedal for playback, and a comfortable chair for long hours at your desk.
You might be curious, can’t a computer automatically transcribe? Well, computers often make many mistakes when transcribing, so having a human do it is more accurate and dependable.
What is Transcribe Anywhere?
Transcribe Anywhere is an online transcription course created by Janet Shaughnessy. This course helps people learn how to transcribe and work from home. They have two main courses: a general transcription course and a legal transcription course. Both courses are very thorough and easy to follow, making them great for beginners.
You’ll get access to many learning resources, such as audio and video files, practice dictations, and quizzes. This makes sure that you understand what it takes to become a successful transcriptionist.
Transcribe Anywhere has a free training workshop so you can learn the basics and decide if transcription is the right career for you.
What’s in Transcribe Anywhere?
Below, I will be talking about what is in Transcribe Anywhere.
Transcribe Anywhere courses
Transcribe Anywhere has two main courses: General Transcription: Theory & Practice and Legal Transcription: Theory & Practice.
These courses have many modules which teach a wide range of topics related to transcription and include videos, tutorials, and practical lessons.
In a section below, I will be talking more about the lessons in each course.
How much does Transcribe Anywhere cost?
If you’re considering investing in the Transcribe Anywhere courses, you’re probably wondering about the price.
Here’s a breakdown:
General Transcription course – $497
Legal Transcription course – $597
General & Legal Transcription Bundle (Both Courses) – $797
Both Courses + Website & Support + Live Access to the Transcribe Anywhere Team – $2,997 (This is more expensive because it includes both courses, transcription equipment (software, headset, and foot pedal), plus a done-for-you professionally designed website).
There are also payment plans where you can split the cost into 4 payments.
Transcribe Anywhere also can be sampled through a free training: FREE Workshop: Is a Career in Transcription Right for You?
Community and support
Transcribe Anywhere comes with a helpful support group where students can engage in discussions and seek advice. You can connect with others who share your interests, providing valuable insights from individuals at different points in their transcription journey. This community serves as a valuable source of motivation, guidance, and career tips.
This community used to be in a Facebook group, but it was recently moved to a new forum dedicated to Transcribe Anywhere.
How to sign up for Transcribe Anywhere
To purchase Transcribe Anywhere, visit their website and choose the course that best suits what you’re looking for. Whether you’re thinking about General Transcription or Legal Transcription, both courses have a thorough curriculum that will help you find transcription jobs.
Here are the links for the two courses:
So, what is the difference between legal transcription and general transcription?
General transcription involves converting audio and video content into written form, and it is used across various industries like academia, marketing, interviews, and films. On the other hand, legal transcription requires the same skills as general transcription, but it also demands expertise in legal terminology and documentation.
Below is more information about each course:
General Transcription course
The General Transcription course is a training course in transcription to give students a versatile skill set for many different industries. The curriculum covers everything from basic transcription knowledge to perfecting skills for accurate transcriptions.
What’s included in this course?
Learn everything you need to know about transcription
How-to’s of transcription and software video tutorials
Video tutorials, worksheets, printable PDF cheat sheets
Tips, tricks, and step-by-step how-to from a 30+ year transcription veteran instructor
How to build and market your transcription business
Final exam and certificate
Inclusion in the Official Graduate Directory (upon passing the final exam)
Lifetime access to the entire course and student community
Here is what is in each module:
Module 1 – Laying the Foundation
The first module of the general transcription course teaches you the basics of becoming a transcriptionist. The lessons included are:
The Right Equipment You Need For the Job
Tools of the Trade
Standard vs. Strict Verbatim
Types of GT Jobs
Formatting a Transcript
Cyber Security
Module 2 – Essential Skills for Excellent Transcription
This module teaches you the correct usage of punctuation, spelling, and more so that you can provide high-quality and accurate transcriptions. The lessons included are:
Parts of Speech
Sentences, Fragments, and Run-ons
Phrases
Clauses
Punctuation Makes Perfect
Punctuation Practice
Spelling: The Lost Art
Transcribing Numbers
Miscellaneous Transcription Conventions
Module 3 – Time-saving Tools for Efficient Transcription
This module teaches you different ways to work faster so that you can make more money. The lessons included are:
Using Text Expanders and Shortcut Keys
Shortcut Keys for the Top 102 Most Frequently Used English Phrases
Spell Check, Search & Replace, Modern Usage Notes
Commonly Used Transcriptionist’s Notes
Using Transcription Templates (includes downloadable templates)
How to Download Practice Transcription Files (video tutorial)
Time Coding
Midterm Exam
Module 4 – Introduction to Practice Dictations
Module 4 is all about practicing your transcription skills. There are several practice lessons along with an answer key so that you can check your work.
Level 1 Practice Dictations: Clear audio in simple, short videos
Level 2 Practice Dictations: Audio-only Files; Non-American English accents
Level 3 Practice Dictations: Transcribing “Strict Verbatim” Style
Level 4 Practice Dictations: Transcribing Multiple Speakers
Level 5 Practice Dictations: Semi-Poor Audio Quality & Research Skills
Level 6 Practice Dictations: Working with Time Codes
Level 7 Practice Dictations: Transcribing Poor Audio with Foreign Accents
Module 5 – Final Exam and Certification of Completion
This is the module where you take the final exam, and it is graded by a human on the Transcribe Anywhere team. You are given feedback as well so that you know what you can improve on. If you pass the exam (you can take it as many times as needed), you are given a Certificate of Completion.
Module 6 – Building Your Business
This module teaches you how to build your transcription business and goes over topics such as:
Income Guidelines and Setting Your Rates
How to Handle Finances and Taxes When Working as a Freelance Transcriptionist
Developing a Business Plan
Marketing and Advertising
Customer Service Essentials
Connecting with Clients
Where to Find Contract Work
Top Business Directories for Local Marketing
How to Find Clients on YouTube
Opportunities for Expanding Your Services
Please click here to learn more about General Transcription: Theory and Practice.
Legal Transcription course
The Legal Transcription course, on the other hand, is tailored for those wanting a specialization. This course dives deep into legal transcription, giving an in-depth understanding of legal terminologies, formats, procedures, etc. Like the General course, this one too is comprehensive; however, it is focused primarily on the legal sector.
Legal transcriptionists are in demand by a range of professionals and organizations, including attorneys, court reporters, academics, insurance companies, and research institutions, among others.
What’s included in this course?
14 full-length training modules
Legal transcription style guide plus downloadable templates of legal forms and documents
Learn the latest advancements in the world of legal transcription
Video tutorials, worksheets, printable PDF cheat sheets
Tips, tricks, and step-by-step how-to from a 30+ year transcription veteran instructor
Marketing how-to/tutorials
Final exam and certificate
Inclusion in the Official Graduate Directory (upon passing the final exam)
Lifetime access to the entire course and student community
BONUS – Transcriptionist Pro Website Theme
Here is what is in each module:
Module 1 – Introduction to Legal Transcription– This module goes over what legal transcription is and goes over the basics.
Module 2 – Tools of the Trade – In this module, software and other tools are discussed. You will learn what equipment you need and where to get it.
Module 3 – Lawyers Litigate; Transcriptionists Punctuate– This module goes over parts of speech, sentences, phrases, punctuation, legal terminology, spelling, and so much more.
Module 4 – Microsoft Word for Legal Transcriptionists – This module teaches students how to notate transcripts, how to use shortcuts to increase typing speed, and more.
Module 5 – Basic Legal Correspondence & Practice Dictation– This module teaches students how to transcribe common documents from lawyers and other legal professionals, such as memos, client consultations, examinations, property deeds, and more.
Module 6 – The Legal Process and Court Procedure– This module helps students better understand the legal process, such as descriptions of types of law, steps in a civil or criminal case, and the anatomy of a court transcript.
Module 7 – Forms and Templates – This module helps students better understand different legal documents that are used in judicial proceedings.
Module 8 – Practice Transcription of Court Proceedings – In this module, students can practice transcribing court proceedings.
Module 9 – Depositions – This module helps students better understand the deposition process. There are also practice audio files that students can work on.
Module 10 – Law Enforcement – Students can practice law enforcement transcripts in this module.
Module 11 – Conferences and Legal Association Meetings – This module is all about how to transcribe legal meetings and conferences.
Module 12 – Time Coding for Legal Transcriptionists – This module teaches students how to transcribe documents that include time stamps.
Module 13 – Resources and Final Exam – This module links to helpful tools and resources such as writing and style guides, legal resources, dictionaries, and more. The final exam is also located in this module.
Please click here to learn more about Legal Transcription: Theory and Practice.
Is Transcribe Anywhere legitimate?
Transcribe Anywhere success stories
Transcribe Anywhere has helped many students start their transcription careers. Many students of Transcribe Anywhere have built successful transcription businesses after completing the course.
Here are some Transcribe Anywhere testimonials:
“I purchased this general transcription training course recently to help me get started in a new career and I couldn’t be happier with my decision. This is an extremely comprehensive course. There’s NOTHING out there like this (believe me, I looked) and it has ALL you need to get started! I highly recommend this course!” – Laura P.
“I took kind of a backward journey to Janet’s course! I started work doing legal transcription several months ago. I took the Transcribe Anywhere course “Legal Transcription: Theory and Practice” as a way to increase my skill set. The course was great! I discovered what I didn’t know, which not only helps me with my current work but also with obtaining my CET certification, which I want to do in the next few months. If anyone is wondering about legal transcription work in general, I can tell you I love it. The work is so interesting to me, and the ability to work from home is wonderful. I have a fairly active family, and I love being able to switch my hours around and work early, late, or weekends if I need to.” – Krista K.
“My husband was recently transferred to another state for work and I cannot join him until my son graduates from high school. This created a financial burden for us as we were going to have a house payment and a rent payment in another state. I needed to generate some income for us quickly but I didn’t want to work outside the home. I began the legal transcription course in April. There were definitely times when I thought I wouldn’t be able to complete the course because it is not easy. However, I knew I needed to do this for my family and I persevered, passing my final exam at the end of July. I began searching for work soon after, and within two weeks was hired on doing government work. Staying the course and completing what I started has allowed me to generate an additional $1600 per month for my family. If you are looking for a reputable course, this is it! Without this course, I would never have been able to work from home and generate this kind of income.” – Tracy R.
You can read more Transcribe Anywhere testimonials here.
Transcribe Anywhere review BBB
Transcribe Anywhere has a positive reputation on BBB with an A+ rating.
Pros and Cons of Transcribe Anywhere
A Transcribe Anywhere review wouldn’t be complete without talking about the pros and cons of Transcribe Anywhere.
Pros:
Well-rounded course material – The courses teach you everything you need to know about starting a transcription business, all from the very beginning.
Focused on building a career – The courses at Transcribe Anywhere are not just about learning transcription. They also help students set up a successful transcription business.
Flexibility – The self-paced nature of the courses at Transcribe Anywhere lets you learn at your own pace. This can be a benefit for those balancing work, family, or other commitments while pursuing the course.
Cons:
Cost – The courses at Transcribe Anywhere are several hundred dollars, which may be a barrier for some people to begin them.
Time commitment – Since Transcribe Anywhere courses teach you everything that you need to know, they do take a decent amount of time to finish at 2 to 6 months.
As you can see, the advantages of Transcribe Anywhere outweigh any potential downsides. The helpful course lessons make it worth the time and cost for many people.
Frequently Asked Questions About Transcribe Anywhere
Below are answers to common questions about Transcribe Anywhere and their courses.
Is Transcribe Anywhere worth it?
Should you take a course to learn transcription if you’re just starting out?
Enrolling in a transcription course can be a good idea for many. This course teaches skills like fast and accurate typing, and how to use transcription software. They can also help you find jobs and kickstart your career.
However, if you’re a quick learner with strong grammar and typing skills, you might find beginner transcription work without needing a course. There are also free resources online, like tutorials and practice tests, to help you get started.
Yet, for specialized and higher-paying transcription jobs, like legal or medical transcription, a course is often necessary.
As long as you’re willing to put in the hard work to master the skill, the courses seem to be worth it.
Who is Transcribe Anywhere for?
Transcribe Anywhere is designed for people looking for a career in transcription or anyone looking to improve their transcription skills. Whether you’re a beginner or an experienced transcriptionist looking to improve your skills, Transcribe Anywhere has helpful training.
How long does Transcribe Anywhere take?
Both the general and legal transcription courses take around 2 to 4 months to finish. The two courses are self-paced, which means you can take as much (or as little!) time as you need to complete them.
Who is Janet Shaughnessy?
Janet Shaughnessy is the founder of Transcribe Anywhere and an experienced transcriptionist. She also runs her own transcription business called Zoom Transcription Services. She created Transcribe Anywhere to teach others the skills needed to become successful transcriptionists and find clients.
How much can a beginner transcriptionist make?
Beginner transcribers’ earnings depend on factors like the company you work for and how fast you can type. Typically, transcriptionists make between $15 to $30 per hour. It’s worth knowing that transcription jobs often pay based on the duration of the audio you’re transcribing. This means that if you have excellent listening and typing skills, you’re likely to complete assignments more quickly, allowing you to make more money. While transcription work won’t make you wealthy, it offers a legitimate way to earn money from home with the flexibility to structure your workweeks.
This is an online typing job that depends a lot on how fast you can type – the faster you can type, the more money you can most likely make.
Recommended: 20+ Best Jobs That Pay $20 An Hour Or More
Is there a free trial or sample course available for Transcribe Anywhere?
Transcribe Anywhere has free training: FREE Workshop: Is a Career in Transcription Right for You?
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
Is Transcribe Anywhere accredited?
General and legal transcription programs do not have national accreditation. But, Transcribe Anywhere is recognized as an approved school by the American Association of Electronic Reporters and Transcribers (AAERT).
How does Transcribe Anywhere compare to other transcription courses?
Transcribe Anywhere has received a lot of positive reviews for its very helpful courses and is often said to be the best transcription course out there.
Jobs similar to transcription
In this section, we’ll look at some jobs similar to transcription.
Blogger
Bloggers write content on different topics, such as finance, travel, lifestyle, food, and more. There is a lot of typing involved as a blogger, which is what makes it a little similar to transcribing.
I have been blogging for over 10 years, and it’s my favorite way to work from home. Highly recommend it!
If you are interested in becoming a blogger, I recommend signing up for the How To Start A Blog FREE Course. In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
Recommended reading: How To Monetize A Blog: How I Grew A $5 Million Blog
Proofreader
If you’re skilled at spotting grammar and punctuation mistakes, proofreading could be an ideal job for you. As a proofreader, your role is to review written material, making sure that it’s free from any grammatical, spelling, or punctuation errors.
If you are interested in finding online proofreading jobs, I recommend signing up for this free 76-minute workshop all about how to start a freelance proofreading business. You can sign up for free here.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year)
Virtual assistant
A virtual assistant (VA) provides administrative, technical, or creative support to clients from a remote location (such as their home office). VAs may handle emails, schedule appointments, or manage social media accounts.
If you are interested in finding part-time virtual assistant jobs or even full-time ones, I recommend signing up for the free workshop 5 Steps To Become a Virtual Assistant. Here, you will learn how to become a virtual assistant, even if you have no experience.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
Translator
If you are fluent in two or more languages, working as a translator might be a great fit for you. As a translator, you’ll be converting written text from one language to another while preserving the meaning and context.
Freelance writer
Freelance writers write articles, blog posts, ebooks, or even social media content for clients.
Recommended reading: 14 Places To Find Freelance Writing Jobs – (Start With No Experience!)
Bookkeeping
Bookkeepers are responsible for helping businesses take care of their finances, such as by tracking receipts and spending.
If you are interested in finding online bookkeeping jobs, I recommend signing up for this free workshop all about finding a virtual bookkeeping job. Here, you will learn how to start a freelance bookkeeping business. You can sign up for free here.
Recommended reading: Online Bookkeeping Jobs: Learn How To Get Started Today
Transcribe Anywhere Review – Summary
I hope you enjoyed this Transcribe Anywhere review.
If you want to become a transcriptionist, then the two courses sold by Transcribe Anywhere are a great place to start your new career.
Transcribe Anywhere’s courses help you turn your transcription skills into a career. They teach not only transcription but also how to find good-paying clients and run your business successfully.
These courses benefit anyone seeking a flexible remote job. Whether you’re a mom wanting to work while your kids are at school, a retiree wanting to boost your income, or a digital nomad looking for a reliable source of income on the move, Transcribe Anywhere can help you reach your goal.
A great free resource is FREE Workshop: Is a Career in Transcription Right for You? You’ll learn what transcription is and why it’s a highly in-demand skill, who hires transcriptionists, what it takes to become one, and more.
Do you want to become a transcriptionist? Do you have other questions for this Transcribe Anywhere Review?
Mr. Cooper Group announced on Thursday that certain systems it locked down in early November after a cyberattack have resumed operations. Still, the incident will bring additional costs to the company in the fourth quarter.
On Oct. 31, Dallas-based Mr. Cooper disclosed that it had experienced a cybersecurity incident. An unauthorized third party accessed certain of its technology systems and customer data. The lender and servicer informed law enforcement, regulatory authorities and other stakeholders.
“Following detection of this incident, the Company initiated response protocols that included deploying containment measures involving shutting down certain systems as a precautionary measure,” Mr Cooper said in an 8k filing with the Securities and Exchange Commission (SEC). “Due to these and other measures, we believe we have contained the cyber threat.”
Servicing operations resumed on Nov. 4, with employees taking customer calls and payments, remitting to investors and onboarding new loans. The company has already resumed buying mortgage servicing rights (MSRs).
Mr. Cooper had 4.3 million customers and $937 billion in UPB at the end of September. It aims to reach $1 trillion in MSR, including via acquisitions.
Regarding its origination system, the company expects to “be fully operational shortly, following reestablishment of connectivity with vendors and agencies.”
Customers could not make payments or access their accounts because the system was down from Nov. 1 to Nov. 4. Mr. Cooper said consumers will not be subject to late fees, penalties or negative credit reporting related to late payments.
Mr. Cooper funded $3.3 billion in origination volume in the third quarter of 2023.
The company estimates fourth-quarter earnings will include $5 to $10 million in additional vendor costs. At this time, however, it’s not possible to quantify the full extent of remediation and legal expenses.
The company expects pretax operating earnings between $0 and a loss of $10 million in its origination segment in the fourth quarter due to the shutdown of its systems.
Meanwhile, the servicing segment pretax operating earnings should be between $200 million and $210 million, excluding MSR mark-to-market net of hedges.
Mr. Cooper delivered $275 million in net income from July to September, compared to $142 million in the second quarter.
The cyber attack is not expected to bring a “material” impact on the company finances, Mr. Cooper said. In addition, operational impacts will be limited to the fourth quarter.
In late October, the Federal Trade Commission(FTC) informed that nonbank financial institutions, including mortgage brokers, motor vehicle dealers and payday lenders, must report certain data breaches and other security events.
U.S. credit card balances continued to climb above $1 trillion last quarter, while the number of newly delinquent credit card users now tops the pre-pandemic average, a new report shows.
The uptick in borrowers who have fallen at least 30 days behind on their card payments appears to cut across income and geography, but it is “disproportionately driven” by millennials, credit card users with auto or student loans and those with higher credit card balances, the Federal Reserve Bank of New York said Tuesday in its third-quarter report on household debt and credit.
Millennials, who were born between 1980 and 1994, are now moving into credit card delinquency status at a higher rate — 0.4% — than they were in the third quarter of 2019, according to the report. The potential reason for the higher rate may come down to urgent bills — housing, education, child care — that may take precedence over paying off credit cards.
“Those are all reasons why young adults are struggling,” said Ted Rossman, a senior industry analyst at Bankrate.com who specializes in credit card trends. “It’s a cumulative effect. If you’re paying so much more for these things, it makes sense that credit card payments might slip.”
Researchers at the New York Fed said Tuesday that they are planning to do more research into why millennials are experiencing higher rates of delinquency compared to other generations.
One factor could be that older generations, who are more likely to be homeowners, may have benefitted from mortgage refinancing in recent years that lowered their monthly housing costs. Millennials, many of whom may not be homeowners yet, are dealing with higher rent costs.
Overall, household debt, including credit card balances, mortgages, auto loans and student loans, totaled $17.29 trillion in the third quarter, an increase of 4.8% year over year. Balances have grown by $3.1 trillion since the end of 2019, just before the pandemic started.
For the second consecutive quarter, credit card balances exceeded the $1 trillion mark, rising to $1.08 trillion as of Sept. 30, up from 16.1% from a year earlier, the New York Fed found. Credit card balances were $1.03 billion the prior quarter, up from $980 billion in the first quarter.
About 2% of all card users went from “current” status in the second quarter to 30 or more days past due in the third quarter, the report said. That’s up from 1.7% in the first and second quarters of this year, and it’s higher than the third quarter average of 1.7% between 2015 and 2019.
The increase in credit card delinquencies last quarter comes on the heels of what had appeared to be a stabilization of past-due payments, particularly among subprime borrowers who in general have been more likely than other borrowers to be late on their card payments.
During the third quarter, the rates of transition into delinquency status increased for all loan categories except student loans, the New York Fed found. About 8% of credit card balances moved into delinquency status, with borrowers between the ages of 30 and 39 seeing the sharpest increase in credit card delinquency for the quarter, according to the report.
Banks as a whole are not yet sounding alarm bells about rising credit card delinquencies. But several are pointing to “normalization” trends that include an uptick in past-due payments.
At Capital One Financial in McLean, Virginia, the 30 days’ past due delinquency rate increased to 4.31% during the third quarter, up 134 basis points from the same quarter in 2022, Chairman and CEO Richard Fairbank said on the company’s third-quarter earnings call. The monthly delinquency rate and monthly charge-off rate are “now modestly above 2019 levels,” he added.
Meanwhile, Synchrony Financial of Stamford, Connecticut, said its 30-day and 90-day past-due payments are now “approaching 2019 levels” as credit trends continue to return to normal.
“Overall, our credit performance remains within our expectations,” Chief Financial Officer Brian Wenzel Sr. told analysts during the firm’s third-quarter earnings call. At the same time, the $113 billion-asset card issuer is “continuously monitoring” its card portfolio and has “implemented further credit actions,” such as tightening some of its loan origination criteria, Wenzel said.
Rossman of Bankrate.com called the overall increase in card balances “striking,” but added that “all things considered, I think the consumer has hung in there a lot better than expected.”
Still, he’s beginning to wonder when the impact of inflation and higher interest rates will widely, and negatively, impact consumers, who are by and large still in spending mode, he said.
The job market will be one area to keep watching, he said.
“I do think we’re getting closer to a tipping point in terms of excess savings, which has pretty much been exhausted at this point,” he said. “We’re getting to the point where something has to give. People will have to spend less or these debts and loans are going to become increasingly difficult.”