financial

Apache is functioning normally

Eviction filings have risen more than 50% in some cities when compared to pre-pandemic levels, as expiring relief measures and economic volatility play havoc with the finances of renters in certain parts of the country.

This is according to data from the Eviction Lab at Princeton University, as reported by the Associated Press.

“Protections have ended, the federal moratorium is obviously over, and emergency rental assistance money has dried up in most places,” Daniel Grubbs-Donovan, research specialist at the Eviction Lab told the AP. “Across the country, low-income renters are in an even worse situation than before the pandemic due to things like massive increases in rent during the pandemic, inflation and other pandemic-era related financial difficulties.”

Eviction Lab tracks data in roughly 36 cities and 10 states, finding that eviction filings are more than 50% higher in certain areas. Landlords file about 3.6 million eviction cases each year, according to the organization.

Among the cities with the highest rates, Houston came in the highest. Evictions there were 56% higher in April and 50% higher in May, according to the data. In Minneapolis/St. Paul, rates were 106% higher in March, 55% higher in April and 63% higher in May. Nashville was 35% and Phoenix was 33% higher in May, while Rhode Island was 32% higher in May.

“The latest data mirrors trends that started last year, with the Eviction Lab finding nearly 970,000 evictions filed in locations it tracks — a 78.6% increase compared to 2021, when much of the country was following an eviction moratorium,” the Ap report said. “By December, eviction filings were nearly back to pre-pandemic levels.”

Rent prices have also steadily increased, being roughly 5% higher in 2023 over last year, and over 30% higher in 2023 when compared to 2019 according to data from Zillow as shared in the report.

As federal relief programs from the pandemic are increasingly expiring or becoming phased out, calls for additional resources from Congress have failed to gain any significant momentum, particularly as concerns over spending dominate the legislative agenda of the U.S. House of Representatives.

The expiration of eviction moratoria is also leading to higher rates of eviction. But similarly to a lack of will seen in the U.S. Congress, a number of state legislatures have not seen any meaningful legislation emerge to combat the trend, despite organized efforts in states like New York and Texas.

However, several pandemic housing relief measures have been made permanent.

Nationwide, 200 measures have passed since January 2021, including legal representation for tenants, sealing eviction records and mediation to resolve cases before they reach court, according to the National Low Income Housing Coalition.

Source: housingwire.com

Apache is functioning normally

Despite other indices showing the average 30yr fixed rate in the 6.7 range, the actual average (after accounting for points) is once again over 7%.  We were already close as the index stood at 6.91 yesterday afternoon.  That means lenders were offering rates in a range between 6.625 and 7.5%, give or take.

Today’s index leapt almost immediately to 7.04, meaning lenders are predominantly quoting 7% or 7.125%.  At this point, it’s good to note that a “point” (1% of the loan balance paid upfront for the purpose of dropping one’s rate) goes a longer way than normal these days.  At the moment, it would turn a 7.125 rate into a 6.625 rate.

In other words:

7.125% with no points = 6.625% with 1 point.  

Whether or not this makes financial sense for anyone’s individual scenario, budget, or outlook is a matter of legitimate debate, but points have been more prevalent than historically normal due to their outsized value.  That’s unfortunate with respect to other rate indices like Freddie Mac’s, which no longer takes points into consideration.

So what caused the spike? Economic data!  We know the bond market has been hungry for evidence for or against economic resilience.  Today’s data suggested much more resilience than expected.  Thus, bonds sold/deteriorated, and that leads to higher interest rates.

Source: mortgagenewsdaily.com

Apache is functioning normally

If you live in Montana or surrounding states, you may have come across Mann Mortgage, a Kalispell, Montana-based mortgage lender.

They appear to be one of the main mortgage players in the Treasure State, having closed over $300 million in home loans there just last year.

The company also does quite a bit of volume in nearby states, with a big focus on home purchase financing. Let’s discover more about this small town, tech-savvy mortgage lender.

Mann Mortgage Fast Facts

  • Direct-to-consumer retail mortgage lender based in Kalispell, Montana
  • Founded in 1989 by North Dakota native Don Mann
  • Funded roughly $1.1 billion in home loans last year
  • Much of their loan volume comes from Montana and the Pacific Northwest
  • Currently licensed in 21 states and the District of Columbia
  • Offer home purchase loans, rate and term refis, and cash out refis

Mann Mortgage got its start all the way back in the late 1980s, founded by North Dakota native Don Mann.

He modeled the eponymous business after 1950s era farming co-ops, whereby resources were pooled to keep lending “personal and local.”

Today, the company boasts 500+ employees across 55 branch locations, and funded more than $1 billion in home loans in 2019.

A good chunk came from the company’s home state of Montana, along with the nearby states of Idaho, Oregon, and Washington.

At the moment, they are licensed in the following states: Alaska, Arizona, California, Colorado, District of Columbia, Hawaii, Idaho, Maryland, Minnesota, Montana, Nevada, New Mexico, North Carolina, North Dakota, Oregon, South Dakota, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.

Roughly 70% of the company’s 2019 loan volume was home purchase mortgages, with the remainder split almost evenly between rate and term refinances and cash out refis.

Getting a Home Loan with Mann Mortgage

  • They offer a digital mortgage solution known as SimpleApp powered by Ellie Mae
  • Allows borrowers to apply for a home loan from anywhere including desktop, smartphone, or tablet
  • Can securely upload documents or link financial accounts to quickly complete the process in less than 10 minutes
  • Borrowers are also able to visit a branch or get on the phone with one of their loan officers

They say you can apply for a home loan in 10 minutes or less thanks to their online mortgage application known as SimpleApp.

Once at their website, you simply click on “Apply Now,” at which point you’ll be asked to select your state.

Then you select a branch location and you’ll be sent to their digital mortgage application powered by Ellie Mae.

It allows you to input all of your information quickly and securely, compare loan options and loan rates, upload documents, link financial accounts, and save your progress as you move along.

You can opt-in to receive status updates and reach out to a loan officer at any time if you need assistance.

Their goal is to streamline the mortgage application process while also providing human support if and when you need it.

Mann Mortgage also has a loan officer directory and branch locator on their website if you’ve been referred to someone specific or prefer to get in touch with a loan officer first.

In summary, you’ve got options when it comes to applying for a mortgage, whether you’re tech savvy or not.

Loan Types Offered by Mann Mortgage

Mann Mortgage Rates

For one reason or another, Mann Mortgage does not display their mortgage rates on its website.

This is completely normal and ultimately some lenders do and some don’t. It doesn’t mean their rates are good or bad or average, it’s just that they don’t advertise them.

As such, you’ll need to either apply for a mortgage or get in touch with a Mann Mortgage loan officer to receive pricing.

I generally recommend that you get pricing before applying with a certain mortgage lender just to ensure they offer low rates and fees.

The same goes for their lender fees – there isn’t any mention of them on their website, so again you’ll need to inquire about things like a loan origination fee, underwriting and processing fees, and so on.

The good news is they seem to be very well-liked and have excellent customer satisfaction, so there’s a good chance their interest rates and fees are competitive, otherwise former customers probably wouldn’t be so positive.

But always put in the time to shop around if you want to be absolutely sure you’re getting the best deal out there.

Mann Mortgage Reviews

The company has over 14,000 reviews on SocialSurvey with a 4.89-star rating out of 5, which is beyond excellent.

Mann Mortgage also landed in the top-10 for medium-sized mortgage lenders in terms of customer satisfaction.

On Zillow, they have an even better 4.96-star rating out of 5 based on over 700 customer reviews, which often say the mortgage rate was lowered than expected.

On LendingTree, they have a 4.7-star rating out of 5 on about 60 reviews, with 92% of customers recommending them.

While they aren’t a Better Business Bureau accredited company, they do have an A+ BBB rating, which is based on complaint history (none at the time of this writing).

All in all, Mann Mortgage appears to offer a good mix of technology with a local, small business feel that hopefully isn’t too corporate or bureaucratic.

If you live in one of the states they’re licensed in, they could be a good fit for your home loan needs.

Mann Mortgage Pros and Cons

The Pros

  • Digital mortgage application powered by Ellie Mae
  • Excellent customer reviews across several ratings websites
  • Physical branch locations for those who prefer face-to-face consultation
  • Lots of loan programs to choose from
  • A+ BBB rating

The Cons

  • Not licensed in all states
  • Do not advertise mortgage rates or lender fees
  • Will likely transfer servicing rights to a different loan servicer

(photo: edward stojakovic)

Source: thetruthaboutmortgage.com

Apache is functioning normally

During this epic recovery, which started on April 7, 2020,  I was very adamant on Twitter that job openings would hit 10 million soon. Today, job openings are now trending near 11 million. As you see from the chart below, the labor market dynamics from the end of the great financial crisis, where job openings were just a tad over 2 million, is much different today. People forget that we had near 7 million job openings before COVID-19 hit us. The trend was always your friend with this data line that many people often ignore.

Jobless claims data looks solid. As the baby boomers retire, we need labor to replace them and grow jobs.

Luckily for the United States of America, our demographics are solid going out into this century compared to other countries. I have always stressed our American muscle is not just having king dollar but our demographics. This is why I use the term replacement buyers for housing, and it applies to workers too.

After I retired the America is back recovery model on Dec. 9, 2020, I knew the jobs recovery would lag all the other economic data for multiple reasons. However, we are getting closer to that September 2022 milestone. So, let’s look at the numbers today with seven months left until the September report:

—Feb 2020: 152,553,000 jobs
—Today: 150,390,000 jobs

That leaves us with 2,163,000 jobs left to make up with seven months to go, which means we need to average adding 309,000 jobs per month. The unemployment rate currently stands at 3.8%.

Take a look at the jobs data and which sector added jobs in February: Construction jobs came in big again, and we didn’t have any negative sectors the last month.


Job openings for construction workers are still historically high today as the need for labor in America is very high. So much for the premise that robots and immigrants would take all the jobs in America.


Looking at jobs data is always about prime-age employment data for ages 25-54. The employment-to-population percentage for the prime-age labor force is 1% away from being back to February 2020 levels. The jobs recovery in this new expansion has been much better than we saw during the recovery phase after the great financial crisis.

Education and employment

Most Americans have always been working, even if they’re not college-educated. The labor force with the least educational attainment tends to have a higher unemployment rate. I started the hashtag A Tighter Labor Market Is A Good Thing to remind everyone that the economy runs hot when we have a tighter labor market. We want to see the kind of unemployment rates that college-educated people have spread to everyone because we have tons of jobs that don’t need a college education.

Here is a breakdown of the unemployment rate and educational attainment for those 25 years and older:

—Less than a high school diploma: 4.3%.
—High school graduate and no college: 4.5%.
—Some college or associate degree: 3.8%
—Bachelor’s degree and higher: 2.2%.

The 10-year yield and mortgage rates

My 2022 forecast said: For 2022, my range for the 10-year yield is 0.62%-1.94%, similar to 2021. Accordingly, my upper end range in mortgage rates is 3.375%-3.625% and the lower end range is 2.375%-2.50%. This is very similar to what I have done in the past, paying my respects to the downtrend in bond yields since 1981.

We had a few times in the previous cycle where the 10-year yield was below 1.60% and above 3%. Regarding 4% plus mortgage rates, I can make a case for higher yields, but this would require the world economies functioning all together in a world with no pandemic. For this scenario, Japan and Germany yields need to rise, which would push our 10-year yield toward 2.42% and get mortgage rates over 4%. Current conditions don’t support this.

The 10-year yield has made a great attempt to break over 1.94% this year, as Germany and Japan’s bond yields rose noticeably in mid January. While our 10-year yield didn’t rise as much, once Japan and Germany broke out, our yields did get above 1.94% for the first time since 2019 for a few days. However, they haven’t been able to hold their increases.

As I am writing this, our 10-year yield is at 1.71%. I have stressed that it’s going to be very hard for the 10-year yield to break over 1.94% and have a higher duration, even with the hot economic growth with extremely hot inflation data. The trend in the 10-year yield, which has been going lower for decades, is simply too powerful. The 10-year yield didn’t collapse lower when we had deflationary pressures in 2009. Currently, the 10-year yield is not heading much higher as we see much higher year-over-year growth in inflation.

We have seen mortgage rates fall recently with the moves lower in the 10-year yield. If economic growth gets weaker toward the second half of 2022, it will be tough to have the 10-year yield getting above 1.94% and staying above that level. As you can see now, global yields need to rise for this to happen.

Economic cycle update

Now for an economic update. Some of the economic data has been cooling off as expected, but staying firm. We can’t replicate the same economic growth coming out of COVID-19. Eventually, we get back to our normal slow but steady economic growth patterns. Economics is demographics and productivity, and population growth is slowing here in the U.S., and productivity growth hasn’t been strong for a while now. We have limits to what we can do here in the U.S.

The St. Louis Financial Stress Index, a crucial variable in the AB recovery model, shows life lately at -0.5427%. The stock market has been more active lately, and the Russian Invasion has now put in a shock factor that has simply too many variables to account for. If things get better on that front, the markets will act better. However, we can see more stress in this index if things get worse. The oil and wheat shock in prices will impact global economies.

The leading economic index has had an epic recovery from the lows of April. However, last month it didn’t show any growth. When this data line falls four to six months, a recession red flag is raised. We aren’t there yet, but I am keeping an eye on this.

Retail sales have held up much better than I could have imagined; Americans are spending and even adjusting to inflation and retail sales are booming. However, the growth rate is getting back to normal after the crazy growth in 2021. The moderation in the data that I had expected is finally here but it has still been an impressive run for retail sales.

Americans’ personal savings rate and disposable income are healthy enough to keep the expansion going! Even though the disaster relief has faded from the economic discussion, both these levels are good to go as employment has picked up a lot from the COVID-19 lows with wage growth. We have to remember, households have more cash, more net wealth, and have refinanced their mortgages to have lower payments.

This is a big reason why households’ cash flow is much better now, and employment has been up a lot since the lows of COVID-19.

However, just like I had an America is Back recovery model on April 7, 2020, I have recession models and raise recession red flags as the expansion matures. I raised my first red flag recently when the unemployment rate got to 4%, and the 2-year yield got above 0.56%.

Once the Fed raises rates, the second recession red flag will be presented. This will most likely happen this month.

The third recession red flag is getting very close; the 2/10s are getting very close to inverting. I have been on an inverted yield curve watch since Thanksgiving 2021, and now it’s almost here. Typically we see an inverted curve before every recession. This red flag is very complicated, and once it is raised, I will go into more detail on how I look at this.

My job is to show you the progress of the economic expansion into the next recession and out — over and over again. Each economic expansion is unique, and with the Russian Invasion and massive price increases on oil and wheat, I have incorporated those factors into the equation. We have to take this one day at a time because the news can get better or worse with each passing day.

Source: housingwire.com

Apache is functioning normally

I shared a list of my favorite books about money once before, but that was over two years ago. I’ve read dozens of books since then (and thumbed through dozens more). Here is a revised list of 25 great books about money.

These are all books that I found entertaining or influential. There are still many “big name” books that I haven’t read, such as “A Random Walk Down Wall Street” and “The Intelligent Investor,” and I’ve left off some perennial favorites such as “The Richest Man in Babylon” and “The Wealthy Barber.”

These books are grouped into sections, roughly following the financial progression of the average person (from debt to financial independence). I’ve linked to the Amazon page for each book, but, as always, I encourage you to borrow the titles that interest you from your public library. If you prefer to read on a device, get to know Overdrive, which allows you to borrow e-books for free.

Debt Reduction

For those in the first stage of personal finance, debt reduction is the most important task. I know from experience that this can seem like a long, lonely battle. But others have fought it before, and have lived to document the process. Here are three books that describe different approaches to winning the fight:

The Total Money Makeover by Dave Ramsey — Ramsey is an anti-credit zealot. He made a $4 million fortune by his mid-twenties, and then lost it to bankruptcy. Now he runs a personal-finance empire. He takes a lot of criticism for his support of the debt snowball, which he describes in detail here, but the thing is, his methods work. If you’re struggling with debt, there’s no better starting place than this book. Ramsey’s advice is permeated with his Christianity, but you can get a lot out of this book even if you’re not religious. [My review.]

Debt is Slavery by Michael Mihalik — Debt is Slavery is a deceptively simple book. It’s short. Its advice seems basic. And it’s self-published, so how good can it be? Well, I think it’s great. In fact, I found myself wishing that I had written it. Mihalik’s advice is spot-on, and he covers a lot of topics that other authors shy away from, such as the effects of advertising, the weight of possessions, and the soul-sucking misery that comes from a bad job. This book may be short, but it’s sweet. Especially great for recent graduates, I think.

How to Get Out of Debt, Stay Out of Debt, and Live Prosperously by Jerrold Mundis — How to Get Out of Debt is built on the principles of Debtors Anonymous, a twelve-step program founded in 1971 to help those who struggle with compulsive debt. Mundis was himself a debtor, and he based this book on his own experience. This isn’t purely theoretical information from the mind of some Wall Street finance whiz who has never struggled; this book contains real tips and real stories from real people. If you’ve tried Dave Ramsey without success, read this. It’s 20 years old, but the information is timeless. [My review.]

Everyday Personal Finance

After you’ve defeated debt, you enter the second stage of personal finance, mastering the everyday habits that allow you to build wealth. The books listed here offer a wide view, discussing many aspects of money. They offer advice about saving, investing, and frugality. They don’t go into much detail about any one subject, but they provide motivation to get started. And that’s what’s most important.

Your Money or Your Life by Dominguez, Robin, and Tilford — A classic, and one of the foundation books for the simplicity movement. The authors play off the concept “time is money” in a very literal sense. They encourage readers to sort out priorities, to cut expenses, and then to seek passive income in pursuit of financial independence. A little New Age-y in spots. An excellent book, and a huge influence on many prominent personal-finance bloggers. I hope to review the new, revised edition of YMoYL soon.

All Your Worth: The Ultimate Lifetime Money Plan by Elizabeth Warren and Amelia Warren Tyagi — I didn’t like All Your Worth when I first read it. The book takes a dim view of frugality and thrift, and it contains some wild assumptions (like 12% stock market returns). But with time, I’ve come to appreciate the strength of All Your Worth, not just for those struggling to shake off debt, but also for those of us who are beginning to build wealth. This book’s balanced money formula is probably the single most important part of my current financial plan. There’s good stuff here, though you may need to filter some of the authors’ rhetoric. [My review.]

I Will Teach You to Be Rich by Ramit Sethi — This book is great, but it’s not for everyone. It’s targeted almost exclusively at young adults. If you’re under 30 and single, and if you make a decent living, this book is perfect. But if you’re 45 and married with two children, and if you struggle to make ends meet, this book is less useful. Plus, Ramit has a strong authorial voice. He’s bold, sarcastic, and even a little sassy. Not everyone likes this. If you’re turned off by his blog (or by his guest posts at Get Rich Slowly), you’ll be turned off by his tone in this book. These caveats aside, I Will Teach You to Be Rich is packed with solid advice, cites its sources, and provides scores of tactical tips for managing money. [My review.]

The Complete Tightwad Gazette by Amy Dacyczyn — “The Tightwad Gazette” was a newsletter published during the early 1990s by Amy Dacyczyn (pronounced “decision”). Eventually the back issues were collected into a series of books, which were in turn collected as The Complete Tightwad Gazette. Dacyczyn wrote articles like: “Used Shoes: Are they Good or Bad?”, “Budget Bug-Busting”, “Tightwad Toys”, and “Saving Money on Your Mortgage”. Sounds just like a personal finance blog, doesn’t it? This book has thousands of tips, many of which were contributed by readers of the newsletter. (You won’t find any info on investing here. This book is about frugality!)

Investing

Learning to invest your money wisely is one important aspect of the middle stages of financial development. Wall Street is not friendly to the small investor. It’s designed to part you from your hard-earned dollars. These books can help you develop an investment philosophy that will let you improve your odds of retiring wealthy.

The Four Pillars of Investing by William Bernstein — I’ve read dozens of books about investing. Of these, The Four Pillars of Investing is probably my favorite. Most investing manuals espouse one sure-fire method or another. Four Pillars does that to an extent, but the author provides a great deal of depth and color to support his argument. I love that Bernstein takes a comprehensive, holistic approach to the subject, not just looking at the theory and business of investing, but also looking at the history and psychology of investing. This is a great book. [My review.]

The Random Walk Guide to Investing by Burton Malkiel — Malkiel is best known for his classic A Random Walk Down Wall Street. This book is shorter, written in plain English (there’s no investing jargon), and easy to understand. But that doesn’t mean it’s simplistic. This is an excellent book, filled with advice based on sound financial principles. It covers risk tolerance, asset allocation, diversification, and even a little behavioral finance. An excellent guide for beginners. [My review.]

The Only Investment Guide You’ll Ever Need by Andrew Tobias — Andrew Tobias is an entertaining writer. His jocular, conversational tone will keep you interested as he describes mutual funds, bonds, and treasury bills. There’s a good section on how to handle a windfall (lottery, inheritance). My favorite bit from Tobias is his three-step budget: destroy your credit cards, invest 20% of everything you earn (and never touch it), and live on the remaining 80% no matter what. Awesome. This is a classic introduction to the subject of investing, though at times it seems a little dated. (You can read Andrew Tobias every day at his blog.

The Bogleheads’ Guide to Investing by Larimore, Lindauer, and LeBoeuf — You want expert investment advice? You can’t beat the info found here. These devotees of Vanugard founder John Bogle are big on slow, sure investments like indexed mutual funds. They tap their decades of experience to teach about diversification, inflation, and asset allocation. It’s not nearly as boring as it sounds. This book covers a broad range of topics, though its primary focus is investing. Highly recommended.

The Automatic Millionaire by David Bach — There’s more to David Bach than just “the latté factor”. The system he recommends here is excellent — an automated approach to managing your personal finances. If you’ve been meaning to open a Roth IRA, but have never actually done so, then read this book! He’ll explain how to set it up so that it’s painless. The only caveat I’d note is that this book is several years old now, and because it contains specific recommendations for financial companies, it may be be in need of an update.

Financial Independence

This next group of books may be my favorite. These volumes cover topics related to Financial Independence — that magical point where you no longer have to work. This is the final stage of money management. For many people, this means retirement. But it doesn’t have to be that way. These books offer solid advice for how to create a future that matches your dreams.

The Millionaire Next Door by Stanley and Danko — The authors interviewed and surveyed a pool of millionaires, attempting to find common connections among them. They discovered that millionaires live below their means. They budget. They let their adult children make it on their own. This book introduces several key concepts, including degrees of wealth accumulation. It’s a bit tedious in spots, at least in the audio version. This is one of just a few books to cover both sides of the wealth equation: saving money and earning money. [My review.]

Yes, You Can…Achieve Financial Independence by James Stowers — Yes, You Can…Achieve Financial Independence is informative without being dense. It’s accessible without being condescending. Its advice is solid. The book is filled with investment advice, but it gives equal time to thrift and savings. Best of all, it asks as many questions as it provides answers. It prompts the reader to think, to evaluate her priorities. Its message is that yes, you can achieve Financial Independence, but you can’t get there overnight, and you can’t get there without setting goals and making sacrifices. [My review.]

The Incredible Secret Money Machine by Don Lancaster — This hard-to-find volume from 1978 looks like a get-rich-quick book. It’s not. It’s all about starting and running small businesses, especially craft businesses. To Lancaster, a “money machine” is any venture that generates “nickels”. Nickels are small streams of revenue from individual customers. If your goal is simply to earn a comfortable income for yourself by doing something you love, then this book can help you explore the idea of business ownership. One of my Dad’s favorites, and one of my favorites, too. [My review.]

The 4-Hour Workweek by Tim Ferriss — The 4-Hour Workweek is a frustrating book. A lot of the advice seems impractical and out-of-reach for the average person. But on the other hand, it’s filled with inspirational anecdotes and provocative ideas about how you can make the leap from desk jockey to the pursuit of your dreams. In my review, I wrote that this book “is like a kick in the head”, and it’s true. The flow of ideas is relentless. Despite its flaws, I think this is a great book. [My review.]

Work Less, Live More: The Way to Semi-Retirement by Bob Clyatt — While Financial Independence is my long-term dream, semi-retirement is my more immediate goal. Clyatt describes techniques for leaving the workaday world years (or decades) before the traditional retirement age of 65. Work Less, Live More includes sections on defining your goals, learning to live on less, putting your investments on autopilot, and more. This book is like a toned-down, practical version of The 4-Hour Workweek. I like it. A lot.

The Psychology of Money

I firmly believe that success with money is more about mind than it is about math. We all understand the arithmetic behind personal finance — to build wealth, you must spend less than you earn — it’s mastering the emotions and habits that causes us trouble. These books explore your money and your brain.

Why Smart People Make Big Money Mistakes (and How to Correct Them) by Gary Belsky and Thomas Gilovich — In this short book, Belsky and Gilovich catalog a menagerie of mental mistakes that cause people to spend more than they should. What might have been a boring topic becomes fascinating thanks to an engaging style and plenty of anecdotes and examples. This book covers more than a dozen psychological barriers to wealth and explains how to prevent them from sabotaging you. [My review.]

The Paradox of Choice by Barry Schwartz — I just finished this book the other night, and hope to provide a full review in the next week. It’s fascinating. Schwartz argues that the vast array of choices available to us in the marketplace actually make us less happy. We’d be better off with two options for a wide-screen plasma television instead of twenty. Too much choice doesn’t just make us unhappy — it prevents us from making smart decisions. Fascinating stuff.

Kids and Money

Many parents are unprepared to teach their children about money. You needn’t be one of them. These books suggest methods for getting kids to understand how money works.

Living Simply with Children by Marie Sherlock — Sherlock offers tips for how to raise children that aren’t part of the consumerist culture. She encourages strong family ties as a counter to the relentless purchase to acquire “stuff”. Sherlock is also a proponent of using family rituals to replace consumer-oriented cultural activities. There’s some great advice here (the book is strongly influenced by Your Money or Your Life), but some readers may be put off by the author’s philosophy.

Growing Money: A Complete Investing Guide for Kids by Gail Karlitz — Growing Money has good chapters on banks and bonds, but most of the book is devoted to stocks. The book also contains chapters on the history of the stock market, how investors make money, and how to buy and sell stocks. This is probably my favorite book for children, but it does have some weak spots. Only one page out of 120 is devoted to mutual funds. Because the book is aimed at children, taxes are barely considered. Still, its strengths outweigh its weaknesses. It’s the sort of book to buy for your nephew, but read yourself before you pass it on. [My review.]

What Color is Your Piggy Bank? by Adelia Cellini Linecker — This slim volume is a great choice for kids from 10-14 who are beginning to show an interest in entrepreneurship. Linecker covers the world of jobs, setting up shop, and how to manage money.

Financial Journalism

This final trio of books won’t help you get rich — at least not directly. These don’t contain overt stock tips or advice for frugal living. Instead, they tell real-life stories about certain aspects of finance.

Den of Thieves by James B. Stewart — It’s not just Bernie Madoff. Wall Street has fallen prey to all sorts of unscrupulous men over the course of its history. In Den of Thieves, Stewart takes us inside the high-finance worlds of Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine. These men were embroiled in the insider trading scandals that shook the market during the 1980s, and through their stories were able to see just how corrupting the influence of money can be. A little dense at times, but a great way to learn about the market.

Buffett: The Making of an American Capitalist by Roger Lowenstein — It’s no secret that Warren Buffett is one of my financial heroes. In this biography of Buffett, Roger Lowenstein describes the events that shaped his life, starting as a boy in the early 1930s. As we follow Buffett’s growth, we learn about the development of investment theory. There’s plenty of information here about Buffett’s investment philosophy. Entertaining and educational.

Hard Times: An Oral History of the Great Depression by Studs Terkel — Writer Studs Terkel published Hard Times in 1970. It features excerpts from over 100 interviews he conducted with those who lived through the 1930s. Terkel spoke with all sorts of people: old and young, rich and poor, famous and not-so-famous, liberal and conservative. By including the perspectives of so many different people, Terkel is able to paint a richer picture of what things were like. [My review.]

Bonus! The Worst Book About Money

Over the past few years, I’ve read many bad books about money. But none can compare to to the idiocy contained in The Secret by Rhonda Byrne. This book promotes all of the wrong messages, and encourages readers to believe that if they simply wish for something, it will come true.

The Secret contains tips like:

  • “It is helpful to use your imagination and make-believe you already have the money you want. Play games of having wealth and you will feel better about money; as you feel better about it, more will flow into your life.”
  • “The only reason any person does not have enough money is because they are blocking money from coming to them with their thoughts.”
  • “Visualize checks in the mail.”

“This kind of crap is dangerous,” I wrote in my original review. “It’s get-rich-quick drivel of the worst sort. It doesn’t help people address their money issues. It puts them into a pattern of wishful thinking.”

This book is awful.

Final Thoughts

Few personal finance books are perfect. For most, you need to employ personal filters. Dave Ramsey’s The Total Money Makeover is a fantastic book on debt reduction, but if you’re not Christian, you’ll have to tune out the Bible verses. All Your Worth contains a great plan for achieving financial balance, but you may need to ignore its constant disparaging of frugality and thrift.

Because I’ve limited myself to 25 books, I’ve had to leave a lot of great titles off the list. Please feel to share your favorite books about money and explain why others should read them.

Source: getrichslowly.org

Apache is functioning normally

The average cost of homeowners insurance in Washington is $1,215 per year, or about $101 per month, according to a NerdWallet analysis. That’s less than the national average of $1,820 per year.

We’ve analyzed rates and companies across the state to find the best homeowners insurance in Washington. Our sample rates are for a homeowner with good credit and $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible. Your rates will be different.

Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state.

Why you can trust NerdWallet

Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our writing and data analyses. You can trust the prices we show you because our data analysts take rigorous measures to eliminate inaccuracies in pricing data and may update rates for accuracy as new information becomes available.

We include rates from every locale in the country where coverage is offered and data is available. When comparing rates for different coverage amounts and backgrounds, we change only one variable at a time, so you can easily see how each factor affects pricing.

Our sample homeowner had good credit, $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible.

The best homeowners insurance in Washington

If you’re looking to buy homeowners insurance from a well-rated national brand, consider one of these insurers from NerdWallet’s list of the Best Homeowners Insurance Companies.

More about the best home insurance companies in Washington

See more details about each company to help you decide which one is best for you.

State Farm

Well-established insurer with a lengthy list of coverage options.

Coverage options

More than average

Average set of discounts

NAIC complaints

Fewer than expected

State Farm

Well-established insurer with a lengthy list of coverage options.

Coverage options

More than average

Average set of discounts

NAIC complaints

Fewer than expected

State Farm is a great choice for homeowners who like to work directly with a company representative, as the company sells policies through a wide network of agents. And its attention to customer service has paid off; the company has fewer customer complaints to state regulators than expected for a company of its size.

State Farm offers a free Ting device as a perk for home insurance policyholders. Ting is a smart plug that monitors your home’s electrical network to help prevent fires.

Farmers

Those seeking benefits like diminishing deductibles and claims forgiveness may want to consider Farmers.

Coverage options

More than average

Average set of discounts

NAIC complaints

Fewer than expected

Farmers

Those seeking benefits like diminishing deductibles and claims forgiveness may want to consider Farmers.

Coverage options

More than average

Average set of discounts

NAIC complaints

Fewer than expected

Homeowners policies from Farmers may include two valuable types of insurance: extended dwelling and replacement cost coverage. Extended dwelling coverage gives you extra insurance for the structure of your house, while replacement cost coverage offers higher reimbursement for stolen or destroyed belongings.

Some Farmers policies also come with perks that can save you money. For example, with claim forgiveness, Farmers won’t raise your rate for a claim as long as you haven’t filed one within the past five years.

Chubb

Perks and high coverage limits for affluent homeowners.

Coverage options

About average

Great set of discounts

NAIC complaints

Far fewer than expected

Chubb

Perks and high coverage limits for affluent homeowners.

Coverage options

About average

Great set of discounts

NAIC complaints

Far fewer than expected

Chubb caters to high-value homes and draws far fewer consumer complaints than expected for a company of its size, according to the National Association of Insurance Commissioners. Its home insurance policies come with some great perks, including extended replacement cost in case it costs more than your dwelling limit to rebuild your home after a disaster.

Chubb policyholders may also be able to take advantage of the company’s HomeScan service, which uses infrared cameras to look for problems behind the walls of your home.

Nationwide

For shoppers seeking a broad range of coverage options, Nationwide may fit the bill.

Coverage options

More than average

Great set of discounts

NAIC complaints

Close to expected

Nationwide

For shoppers seeking a broad range of coverage options, Nationwide may fit the bill.

Coverage options

More than average

Great set of discounts

NAIC complaints

Close to expected

We like Nationwide for its wide variety of coverage options. For example, its standard homeowners insurance policy generally includes ordinance or law coverage, which can help pay to bring your home up to current building codes after a covered claim. You can add other coverage for things like identity theft and damage from backed-up sewers and drains.

Depending on how much personal assistance you need, you can get a quote for homeowners insurance on the Nationwide website or work with a local agent instead. You can also use the website to pay bills, file claims or check claim status.

Country Financial

Best for those who prefer to have a personal conversation with an agent when choosing coverage.

Coverage options

More than average

Great set of discounts

NAIC complaints

Far fewer than expected

Country Financial

Best for those who prefer to have a personal conversation with an agent when choosing coverage.

Coverage options

More than average

Great set of discounts

NAIC complaints

Far fewer than expected

Country Financial has three different levels of homeowners coverage to help you choose the package that’s best for you. You also have the option to add extra coverage for the structure of your home, in case inflation drives up the cost of rebuilding more than you expect.

Country Financial sells homeowners insurance through local representatives. The company has drawn far fewer complaints than expected to state regulators.

USAA

Offers perks for the military community.

Coverage options

Below average

Average set of discounts

NAIC complaints

Far fewer than expected

USAA

Offers perks for the military community.

Coverage options

Below average

Average set of discounts

NAIC complaints

Far fewer than expected

USAA sells homeowners insurance to veterans, active military and their families. If you fall into one of those groups, you might want to look into USAA’s offerings. The company’s homeowners policies include some unique perks such as deductible-free coverage for military uniforms and coverage for identity theft.

Homeowners in Washington can take part in the company’s Connected Home program, which gives you a discount on your policy if you buy and install approved smart-home devices. These include water leak sensors, cameras and thermostats.

How much does homeowners insurance cost in Washington?

The average annual cost of home insurance in Washington is $1,215. That’s 33% less than the national average of $1,820.

In most U.S. states, including Washington, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.

In Washington, those with poor credit pay an average of $1,390 per year for homeowners insurance, according to NerdWallet’s rate analysis. That’s 14% more than those with good credit.

Average cost of homeowners insurance in Washington by city

How much you pay for homeowners insurance in Washington depends on where you live. For instance, the average cost of home insurance in Seattle is $1,165 per year, while homeowners in Yakima pay $1,305 per year, on average.

Average annual rate

Average monthly rate

Bellingham

Federal Way

Marysville

Port Orchard

The cheapest home insurance in Washington

Here are the insurers we found with average annual rates below the Washington average of $1,215.

What to know about Washington homeowners insurance

Washington homeowners have a few risks to consider when shopping for home insurance, including earthquakes, wildfires, flooding and winter weather.

Earthquakes and landslides

Washington state is particularly prone to earthquakes as part of the Pacific Ring of Fire. Standard homeowners insurance doesn’t cover earthquakes or other earth movements like landslides or mudslides, so you may want to look into separate earthquake insurance or an earthquake endorsement.

When purchasing earthquake insurance, pay attention to the deductibles so you know the potential out-of-pocket costs. Your earthquake insurance often has a separate deductible, which can be around 10% to 25% of the coverage on your policy. For example, if you have a 20% deductible on $200,000 of coverage, you would need to pay a $40,000 deductible for earthquake damage before your insurance kicks in.

Wildfires

Wildfires are a potential risk in Washington state, especially in dry seasons. Your homeowners insurance will typically cover damage from fires. Always review your policy for exceptions and to ensure you have enough coverage in case of a total loss related to wildfire.

Pay particular attention to your dwelling coverage limit. This is the amount the insurance company will pay to rebuild your house. A significant fire can destroy your whole home, so talk with your insurer to make sure you have enough coverage to rebuild if necessary.

Flooding

Washingtonians who live near rivers, lakes or coastal areas may be at risk of flooding. Standard homeowners insurance policies typically do not cover flood damage. As a result, homeowners in flood-prone areas may need to purchase separate flood insurance to protect their property from water damage.

To find out if you’re at risk, check out the Federal Emergency Management Agency’s flood maps or visit RiskFactor.com, a website from the nonprofit First Street Foundation. Even if your property is deemed low risk, it may be worthwhile to purchase flood insurance for extra peace of mind.

Keep in mind that while you can purchase flood coverage anytime, there’s typically a 30-day waiting period before the insurance takes effect. Here’s more information about flood insurance and waiting periods.

Winter weather

Heavy snowfall, winter storms, and freezing temperatures can cause damage from fallen trees, the weight of ice or snow, or burst pipes, among others. Your standard homeowners policy will cover most damage from winter weather, but carefully review the coverage in your policy, as there may be exclusions.

Be sure to take appropriate precautions to limit the risk of damage, as damage due to negligence may not be covered. For example, homeowners should keep their home temperature above 60 degrees and ensure water sources are drained or insulated to avoid the risk of flooding due to burst pipes.

Washington insurance department

The Consumer Advocacy group can also help with your other insurance-related questions by live chat from 8 a.m. to 5 p.m. on Monday through Friday, by email or by phone at 800-562-6900.

Looking for more insurance in Washington?

Amanda Shapland contributed to this story.

Frequently asked questions

Is homeowners insurance required in Washington?

Homeowners insurance is not legally required in Washington state, but your mortgage lender may require you to buy it.

Does Washington homeowners insurance cover wildfire?

Homeowners insurance in Washington covers fires from most causes, including wildfires.

How can I save money on home insurance in Washington?

There are several ways to save money on homeowners insurance in Washington:

  • Shop around to make sure you’re getting the best rate.

  • Choose a higher deductible. In case of any claims, you’ll pay more out of pocket, but your premiums will be lower.

Source: nerdwallet.com

Apache is functioning normally

When a couple first get married, the last thing either wants to think about is the inevitable—death.

However, it is a realistic part of the cycle of life.

While it’s not something to dwell on, it is a smart idea to keep in mind that one half of the married couple will die in the future, be it of old age or other unfortunate reasons.

In the case that one half of the couple should die prematurely, a financial catastrophe can occur, especially if the couple has children. The surviving spouse may have trouble supporting the family alone and providing for the children.

And of course, there will be other expenses like house payments, car payments, and other possible debts. For newly married couples, it is a good idea to consider life insurance for married couples.

Having insurance is best to ensure the financial security of the family should a disaster occur.

Life Insurance for Couples 

If a couple decided to get life insurance for married couples, both can name each as the beneficiary so that if one dies, then the other will have financial support from the life insurance pay out. In addition, in the unfortunate case that both die and they have children, then the children can be named as the beneficiaries, giving financial security to the children. Having life insurance is the best option if one spouse is a stay at home parent.

If the working spouse dies, then the remaining spouse will probably have trouble finding a job or a means to support the family and themselves. Given the possibilities, even if they are slim, that tragedy can strike a family, it’s always best to be prepared.

While younger couples may not think they need life insurance, getting life insurance for married couples earlier on will mean that the premiums will be much lower, especially if both are in prime health. Younger people are also more likely to be approved for life insurance.

Buy Life Insurance While it’s Cheap

Also, at the early stages in a marriage, the couple will be just beginning to collect expenses, like buying a car or buying a home. It’s better to be prepared in the case that one spouse passes away and the other cannot cover those expenses. Life insurance is not only needed to cover living expenses, but funeral expenses as well. Funerals aren’t cheap at all, and the remaining spouse and family may have trouble affording an appropriate funeral given the price. The insurance can help with the cost of a funeral and other post-death expenses.

Also, the remaining spouse may suffer mentally from death, so they may not be capable of working or earning an income. Life insurance benefits will aid that spouse in that situation.

While no one wants to think of something as grim and solemn as death, it is better to consider the worst for the benefit of the remaining spouse and family. Instead of thinking about getting life insurance in a negative light, think of it a securing a financial future for your family should the event come that you pass away early.

Life Insurance Options for Married Couples

When you start looking for life insurance, there are several different policies and life insurance company options that you can choose from, each of them has its own advantages and disadvantages. It’s important to sit down with your spouse and discuss which one will best for your family.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-leaderboard-2-0-asloadedmax-width:300px!important;max-height:250px!important

The first two options are the standard life insurance policies, term, and permanent life insurance. A term life insurance policy that is only effective for a pre-determined time, like 10, 20, or 30 years. Once that time is up, the policy is no longer effective, these policies basically have an expiration date. One the set term is over, you’ll have to go through the application process again and purchase another policy.

On the flip side is permanent life insurance, which is exactly what it sounds like. As long as you continue to pay the monthly premiums, these policies are in force. These plans also build cash value, which is useful if you ever need to take out a loan using the cash value.

Aside from traditional life insurance plans, there are also joint life insurance plans. These policies are similar except for they cover two different people under them instead of just one. With joint policies, there are two main types to consider, first-to-die insurance and second-to-die insurance.

First-to-die policies are paid out when the first person in the couple passes away. The payout from the policy automatically goes to the spouse and the policy is no longer effective.

Second-to-die policies are the opposite. These policies are paid out when both people pass away. The money is normally given to the children or another beneficiary to help pay for all of the final expenses like mortgages, funeral costs, and taxes.

How Much Life Insurance Do Married Couples Need?

Now that you know which type of policy you’ll get, you both will have to decide how large of a policy you’re going to buy. You can get a policy as small as $25,000 all the way up to millions of dollars. Obviously, the larger the policy, the more expensive the monthly premiums are going to be. It’s important to find the perfect balance between adequate life insurance coverage and affordable monthly premiums.

The biggest thing to consider when calculating your insurance needs is your debt. If you or your spouse (or both) were to pass away, would your loved ones be left with lies and piles of unexpected debt? Who would pay for the car and the mortgage? It’s important to plan ahead for the terrible things that could happen. After you add up all of your debt, then you have a great starting point for deciding how much life insurance you’ll need.

The other factor you should consider is that number of people that would suffer from losing you and your salary. Do the two of you have children that would struggle to get by? Does one spouse not work and rely solely on the other’s income? Each situation is going to be different, there is no “one size fits all” life insurance plan.

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Cheap Life Insurance for Couples

When you apply for life insurance, the company is going to look at many different things when calculating your monthly premiums. One of the biggest factors is your age. The younger you are, the cheaper your rates are going to be. If you’re looking to save some money, don’t wait to apply for life insurance.

@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-leader-1-0-asloadedmax-width:728px!important;max-height:90px!importantThe company is also going to look at your health. Do you have any high risk or chronic conditions? Do you exercise regularly? Are you at a healthy weight? All of these are going to impact what type of rating you receive from the company. One of the best things you can do to save money on life insurance is to lose weight and exercise regularly. The healthier you are, the less risk you pose to the insurance company.

After the initial paperwork, the company will send a paramedic to your house to do a medical exam. This medical exam will consist of family history, some health questions, and basic vitals like blood pressure. They will also take a blood sample and urine sample. After this, they will look at all of the factors and give you a rating that will determine how much you pay and if you’re approved.

@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-mobile-banner-1-0-asloadedmax-width:250px!important;max-height:250px!important@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-mobile-banner-2-0-asloadedmax-width:336px!important;max-height:280px!important

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Source: goodfinancialcents.com

Apache is functioning normally

Apache is functioning normally

There’s yet another mortgage disruptor in town, the latest goes by the name of “Morty.”

Sounds like a play on the word mortgage…or someone’s last name, like Mortimer. Think Trading Places.

Anyway, like many other new entrants to the home loan industry, they claim to offer the “modern, online mortgage.”

This means leveraging technology to make the home loan process a lot easier, and less painful. And hopefully cheaper too!

Let’s find out more to see if they can change the mortgage landscape as we know it.

How Morty Works

You start by building a so-called “financial profile,” which includes things like your income, assets, employment, along with the subject property information.

The Morty platform apparently allows you to automatically link this information, and doing so means you should receive accurate quotes. Kind of reminds me of how Quicken’s Rocket Mortgage works.

The problem with the current setup is that standard quoting engines assume you’re telling the truth, or at least providing accurate details.

Once all the paperwork comes in the quote might be higher, or entirely invalid depending on the differences.

Ideally, Morty is able to catch all the gotchas during this information gathering process so you can go into underwriting with confidence you’ll actually be approved.

I went ahead and filled out the form on the Morty website to get started and it asked a few basic questions, such as my name, e-mail address, transaction type, and property location.

Unfortunately, that’s as far as I got. Not sure if the site was completely live when I checked it out, or if I entered a state where they don’t do business.

Morty Is a Mortgage Broker On a Larger Scale

Once your financial profile is complete, you’ll be able to compare loan options from a variety of different lenders.

Yes, Morty is a mortgage broker located in New York City, so you’ve got multiple banks to choose from here.

Originally, they worked with 10 mortgage lenders in 10 markets across the United States.

Those 10 states included Colorado, DC, Florida, Georgia, Maryland, New York, North Carolina, Oregon, Tennessee, and Virginia, per NMLS records.

Today, they are licensed in 44 states and the District of Columbia. The only excluded states are Arizona, Hawaii, Massachusetts, Missouri, Nevada, and Utah.

It’s unclear if and when they’ll roll out to all 50 states, but time will tell.

In terms of where their lender network stands today, they say they provide access to over 1,500+ loan options.

So you should have a decent array of programs, lenders, and wholesale mortgage rates to choose from.

When they launched in 2016, they initially focused on helping home buyers via conventional loans.

Recently, Morty added support for jumbo loans up to $2 million loan amounts and financing for investment properties as well.

If you previously closed a home purchase loan with Morty, they say they can assist with a mortgage refinance transaction.

So it appears refinances are limited via the platform, though that could change in the future. But they definitely seem focused on home buyers for now.

In terms of specific loan programs, they offer 15-year, 20-year and 30-year fixed-rate mortgages, along with 10/6, 7/6, and 5/6 ARM mortgages.

Morty Acts as Your Guide Throughout the Loan Process

Once you find an offer you like, you’re able to proceed with the backing of Morty. They claim to stay with you through closing to ensure there aren’t any hiccups.

And if there are any unexpected turns along the way, they’ll be around to get you through them.

Essentially, they aspire to be the mortgage broker for the modern age seeing that traditional brokers are generally one-person shops with limited technology, though that too is beginning to change.

Morty is not a direct lender, but rather a “kind of fancy mortgage concierge.” They work with lenders on your behalf to help you close your loan.

As you can see from the chart above, they seem to think typical mortgage brokers lack transparent pricing and terms, while also working in the Stone Age. Or at least not with a modern online platform.

The question though, or perhaps the million-dollar question, is if they can uphold their pledge when working with third-party lenders that may still be stuck in the Dark Ages.

I suppose the inherent problem with being a mortgage broker is that you’re always going to be at the mercy of the banks and lenders you work with.

If they drop the ball for whatever reason, it’s not necessarily the broker’s fault…but they still represent the borrower and have to bear the consequences.

An online mortgage banker actually has full control of the process, whereas a broker only has some control.

It sounds like they are bringing the process up to speed for the digital age, but there might be some growing pains as the mortgage industry slowly marches toward this inevitability.

Read more: Clara wants to be your hipster mortgage lender.

Source: thetruthaboutmortgage.com