Permit me to introduce a new term into the financial planning lexicon: goals-based budgeting. (Well, a Google search turned up a few other instances of its use, but they’re on government websites, so no one has seen them.) I came up with the term after reading through the comments of my last article (“The High Cost of Modern Living”) and reading J.D.’s recent article about his entry into the Third Stage of personal finance, which he explained thusly:
I’ve paid off my debt, built a cash cushion in savings, and am maxing out my retirement accounts. And after doing all of these things, I have money left over to spend on comic books and travel.
In my previous article, I listed several items we spend our money on — for instance, cell phones, cable TV, chocolate-covered pork fat — that didn’t exist in the past, and suggested that the allure of these modern inventions may explain why some people haven’t saved enough for retirement.
A few readers rose to defend their expenditures, arguing that many modern devices and services save time, increase efficiency, and replace older/costlier/less-efficient Stuff. Those are all valid points…if those purchases are aligned with your financial goals, or you’re saving enough to meet your financial goals and have money left over to spend on thingamajigs, doohickeys, and whatchamaspankits. This is J.D.’s “third stage” — the point at which you can relax a little bit with your spending.
Which brings us to this reader comment appended to J.D.’s article:
Whenever I hear that someone is “maxing out retirement accounts”, a red flag goes up. Depending on how late in life you’re starting and how much it will take to sustain your lifestyle, “maxing out” may not be enough. I hope that instead you are looking at how much you’ll need to accumulate and feel you are on track with that.
A very important point, indeed. If the analysis cited in a recent Wall Street Journal article is to be believed, nearly three of five baby boomers will run out of money in retirement. These folks have been walloped by stinky stocks, evaporating home equity, and interest rates that pay no interest. But many of them just didn’t save enough. For all of them, saving more is the solution.
Running Your Retirement Numbers How do you know if you’re saving enough for retirement, or any other money-reliant goal? The best (though still imperfect) way is to use some sort of financial calculator, be it online tool, software program, or spreadsheet. There are loads of these available. Do a Google search on “retirement calculator” and you get 84,700 hits. No, wait — that’s what you get when you search on “Goldman Sucks.”
Well, no matter; you don’t need to search for a retirement calculator because I’m going to point out a few in this post. In fact, I’ll walk you step-by-step through my favorite among The Motley Fool’s calculators. Click on “Retirement,” and then on “Am I saving enough? What can I change?” This calculator can handle all kinds of variables: Social Security, pensions (and whether they adjust for inflation), anticipated spending levels in retirement, and Roth and traditional retirement accounts.
So gather your retirement account statements, pull up the online calculator, and get ready to peer into your possible future.
Getting Cozy With the Calculator This calculator has input boxes, most of which have been completed with default data. You can get rid of those by typing in your own numbers (or zero if that field doesn’t apply). Certain areas are accompanied by a question mark. Click on one, and you’ll get an explanation of the desired data. Now, let’s start entering.
Personal information. The first few fields are pretty self-explanatory. If you plan to work part-time in retirement, enter your expected income and how long you plan to work.
Social Security benefits. Yes, you will receive Social Security (a topic I will cover in my next post). If you’re 55 or older, assume you’ll receive your estimated benefits. If you’re younger, be conservative by assuming you’ll receive 25% to 75% of your projected benefits, depending on the margin of safety you want to build into your analysis. The calculator will estimate your benefit, though you can enter the amount you received from your most recent Social Security statement (which arrived in the mail a few months before your last birthday) or visit the official government Social Securituy calculator to get an estimate.
Pension or defined-benefit plan. Make sure to indicate if your benefit will increase with inflation. This is also where you’d enter the payments you’ll receive from any other source of lifelong income, such as from an immediate annuity, reverse mortgage, or trust.
Your projections. For inflation, enter a number between 3% and 4%. Yes, inflation may go nuts down the road, but it hasn’t happened yet. What’s more likely (nay, inevitable, in my opinion) is that tax rates will rise. Soon-to-be retirees can expect their tax rates to drop once they retire. However, for my analysis, I’m assuming that won’t happen to me (I don’t plan to retire for 30 years). As for your income, assume it will increase at the same rate as inflation, unless you’re on the proverbial fast track. Finally, unless you know the day you’re going to die, choose an age between 90 and 100, depending on your health and family history. (If you’re looking for an estimate of your life expectancy, visit LivingTo100.)
Your projected monthly living expenses. The calculator allows you to break up your retirement spending in three phases. Generally, retirees spend more in their first five years as they enjoy their newfound freedom. Then, spending tends to decline in most categories (health care is the notable exception). Plug in the number in today’s dollars; the calculator will adjust for inflation. One big determinant of your retirement spending: Will your mortgage be paid off?
Your future, one-time investments. Expect an inheritance or to sell a business down the road? Enter those windfalls here. Just be realistic — many expected inheritances don’t materialize, often due to end-of-life medical expenses.
Your monthly savings (taxable accounts). This is where you enter the values and contribution amounts to non-retirement accounts, such as savings accounts and brokerage accounts that aren’t IRAs.
Your monthly savings (tax-advantaged accounts). Here’s where you input the values and contribution amounts to your retirement accounts. If you or your spouse has a 403(b), 457, or other defined-contribution plan, enter those values in the 401(k) fields. This is important: Enter future contributions to employer-sponsored retirement plans as a monthly amount, but enter future contributions to IRAs as an annual amount.
A note on returns: Be conservative when projecting investment returns. Young investors with stock-heavy portfolios shouldn’t assume more than 6%, and retirees with a mix of stocks and bonds should cap their assumed returns at 4%. I certainly hope that returns are higher, but I’m not betting my retirement on it.
And the Verdict Is… It’s time to score your test. At the bottom of the page, click “get your results.” The analysis will be expressed in months, e.g., “Your living expenses after retirement will be fully funded for 173 months.” Divide that number by 12, and you’ll get how many years your savings will last.
If the calculator gives your retirement plan high marks, congratulations! If not, click on the “inputs” tab at the top and adjust the variables to see what combination of increased savings, reduced retirement income, and later retirement age will give your plan an acceptable score.
Don’t Take One Tool’s Word for It While I think crunching your numbers is important, the truth is, the analysis will be wrong. There are just too many variables — such your rate of return, the rate of inflation, and how long you’ll live — that are unknowable. The best this tool will be able to do is give you a rough idea of whether you’re on track. Therefore, it’s important to do two things: 1) Run an analysis every year to see if you’re still on track, and 2) try other tools to get a second and third and fourth opinion. Here are a few others to consider:
If you’re looking for calculators that aren’t exclusive to retirement, head to Dinkytown (which, it should be noted, is not as fun as Funkytown).
Each calculator will give you a different result, due to how they run the numbers. You’ll be looking to see if a consensus emerges from the tools. If three of four calculators indicate that your retirement plan will succeed, then you’re probably on the right track. If three of four say you’ll run out of money, it’s time to plan to save more or work longer — or both. The same goes for your other financial goals.
Which brings us back to goals-based budgeting: If you’re saving enough for your priorities, then go nuts with the rest of your money. But I can tell you that there are millions of people in their 50s and older who wish they could turn back time and trade their purchases of yore for more savings today.
Your employer technically will always know when you borrow money from your 401(k). One of the tricky parts about managing a 401(k) loan is that, even though this money belongs to you, your employer can set terms and conditions around taking the loan. The employer may even disallow loans completely. Here’s how 401(k) loans work and what you should keep in mind if you’re thinking about taking one. A financial advisor can help guide you through the process of taking a 401(k) loan or recommend alternatives.
What Is a 401(k) Loan?
A 401(k) is a tax-advantaged retirement account that your employer provides. Money is deducted from your paycheck and saved in the account on a pretax basis. This lets you invest a full dollar for every dollar you earn, unlike the rest of your income on which you pay taxes and only keep a portion of those earnings.
This tax-advantaged status means that you ordinarily cannot sell assets and withdraw money from your 401(k) until you near retirement age or meet the qualifying criteria for a hardship withdrawal. If you do, the IRS will require you to pay the taxes you would have paid on the income you invested along with a 10% early withdrawal penalty.
If your 401(k) provider allows it, you can borrow money from the account with a 401(k) loan. Unlike a hardship withdrawal, you must repay this money back into the portfolio. If you make regular payments and repay the money on time, often within five years, you do not have to pay any taxes or penalties on the loan. But if you fail to repay the loan on time, the IRS will consider it an early distribution and you’ll owe taxes and penalties on the money you borrowed.
A 401(k) loan can be a good way to solve pressing financial problems, such as unexpected job loss or a sudden emergency. While it’s sometimes referred to as an interest-free loan from yourself, this is not accurate. When you take money from your 401(k) you lose out on any growth that this money would have had during the loan period. This is a real loss, one that grows the longer you take to put the money back in.
Your Employer and a 401(k) Loan
The rules governing 401(k) loans aren’t universal – they can vary from plan to plan, employer to employer. Unlike hardship withdrawals, which are generally defined and governed by the IRS, the terms of 401(k) loans are set by your employer when the program is established.
This means that your employer can decide:
If their 401(k) program will allow loans at all;
If their 401(k) program will allow loans freely, or only under certain conditions;
If there are conditions, what those conditions are;
The maximum amount of a loan (up to 50% of the account’s value);
Some repayment terms
As part of running and managing the 401(k) program, your employer will have an officer or agent who monitors all contributions, withdrawals and other aspects of the plan. This person is known as the “record keeper.” He or she may be an employee of the company or work for an external firm that the company hires to run the 401(k) program on its behalf.
On an institutional level, your employer has access to these records. This means that every withdrawal from an employee 401(k), including loans and hardship withdrawals, can be known by certain company employees.
However, it’s important to note that this does not mean your immediate supervisor or any specific colleagues will have access to this information. The details of a 401(k) plan are generally considered confidential financial information, so it’s likely that your company will have rules around who can see those records. The smaller your firm, the more likely it is that a close colleague will have access to 401(k) records. At a larger company, though, it’s likely that only finance or human resources personnel, along with upper management, will have the right to see those records.
In either case, the answer is the same though. Yes, your employer as an institution will know if you take out a loan from your 401(k) portfolio. However, that information is not necessarily available to any specific colleague.
Bottom Line
Your employer sets the rules for taking loans out of its 401(k) program, which means that as an institution certain employees will have the ability to know every withdrawal and loan that someone makes. However, that does not mean that any individual manager or coworker will have access to this information.
Retirement Savings Tips
Keep the IRS contribution limits in mind each year and max out your retirement accounts when you can. If you have a 401(k), 403(b) or 457 plan, you can contribute up to $22,500 to your account in 2023, plus another $7,500 if you’re 50 or older. You can save another $6,500 in an IRA ($7,500 if you’re 50 or older).
A financial advisor can help you build a comprehensive retirement plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.
Today we’ll take a look at FBC Mortgage, which is a Florida-based mortgage lender that does a ton of business in its home state.
In fact, they originated nearly $2 billion in home loans in the Sunshine State last year, which accounted for roughly 60% of their overall loan volume.
They also recently struck a deal with the University of Central Florida (UCF) to be the field sponsor at the “Bounce House.”
So it’s safe to say that if you live in Florida, there’s a good chance you’ve heard of FBC Mortgage. Either way, read on to learn more.
FBC Mortgage Fast Facts
Direct-to-consumer retail mortgage lender
Founded in 2005 in Orlando, Florida
Licensed in 48 states nationwide (excluding Hawaii and New York)
Funded over $3 billion in home loans during 2019
Refer to themselves as a top-20 national mortgage lender
Also operate correspondent and wholesale lending divisions
FBC Mortgage is somewhat middle-aged for a mortgage company, having been around for about 15 years.
The name is related to their past affiliation with the Florida Bank of Commerce, hence the initials FBC.
During their relatively short time in existence, the company changed hands twice but came full circle.
First, it was sold to privately-owned investment bank Sterne Agee Group, Inc. in 2012, then three years later it reacquired itself.
That excitement aside, today the independent nonbank lender has roughly 1,000 employees nationwide and funds billions in home loans annually.
Last year, nearly 80% of their total loan volume consisted of home purchase lending. So it’s clear they are partnered with lots of real estate agents and home builders.
But they also offer mortgage refinances, including rate and term refis and cash out refis, which accounted for the remainder of their lending.
As noted, a good chunk of their business is done in Florida, but they’re also very active in nearby Georgia and Texas, and as far away as Arizona and California.
How to Apply with FBC Mortgage
You can call them directly or simply apply online via their digital mortgage process
Their online app known as SimpleLoan.com allows you to get pre-approved in just 8 minutes
Applicants can import and upload key financial documents and generate a pre-approval letter after completion
Your designated mortgage professional (or loan officer) will contact you within 24 hours of loan submission
To get started, you head over to the FBC Mortgage website and click on Apply Now. It will ask if you’re working with a loan officer.
If yes, enter their name to be directed to their personal webpage, at which point you can apply for a mortgage immediately without any human interaction.
If no, you’ll simply be ported over to the same loan application and be connected with a loan officer after you begin.
It’s possible to search for a nearby branch or loan officer using the directory on their website as well.
FBC Mortgage has a digital mortgage process known as SimpleLoan, which lets users apply from a computer, smartphone, or tablet.
Once you create an account, you can import your pay stubs, W-2s, bank statements, and other key financial documents.
You can also scan and upload documents necessary to meet any conditions on your loan. And review any pending mortgage tasks required to close your loan.
Once your loan in submitted, you can review your loan details at any time, lock your loan, get real-time status, or contact your loan officer if you have any questions.
They say you can get pre-approved for a home loan in as little as eight minutes, which I believe is the same amount of time as Rocket Mortgage.
All in all, they appear to be using the latest technology to make applying for a mortgage quick and easy.
Loan Programs Offered by FBC Mortgage
Home purchase loans
Refinance loans: rate and term, cash out, streamline
Renovation loans (FHA 203k) and construction loans
Foreign national loans
Conventional conforming home loans
Jumbo home loans
Government-backed loans: FHA, USDA, and VA
Reverse mortgages
Portfolio loans
Fixed-rate and adjustable-rate options with various loan terms available
FBC Mortgage Rates
FBC Mortgage does not publicize its mortgage rates on its website or elsewhere as far as I know.
While slightly unfortunate, it doesn’t mean their rates are higher than the competition. We really don’t know unless you contact them for a quote.
The same goes for their lender fees, which don’t seem to appear on their website.
As such, it is recommended to get pricing before you apply to see how competitive they are relative to other mortgage lenders you’re considering.
You should have a good idea of pricing before you proceed to ensure you don’t leave money on the table.
Of course, pricing is just one of many factors when deciding on a mortgage company to work with.
One must also consider things like customer satisfaction, and a lender’s ability to close, and close on time.
FBC Mortgage Reviews
On Rate Your Lender, they have a 4.8-star rating out of 5 based on roughly 12,000 customer reviews. And 95% of customers say they would recommend FBC Mortgage.
On Birdeye, they’ve got a 4.1-star rating out of 5 based on 200 reviews.
On LendingTree, they have a perfect 5-star rating, but it’s only based on a small handful reviews. All 100% of customers on that review site recommend FBC.
There are also individual loan officer ratings on Zillow if you want to research specific people to work with, given the fact that they employ hundreds of loan originators.
They are an accredited business with the Better Business Bureau, and have been since 2011. They currently hold an A+ rating with the ratings company.
Their customer reviews on the BBB aren’t great, but that’s typical of the BBB website.
FBC Mortgage Pros and Cons
The Pros
Offer a digital mortgage application
Can apply directly from their website without human interaction
Lots of different loan programs to choose from
Free mortgage calculators on site
Mostly excellent customer reviews
A+ BBB rating
The Cons
Not licensed to lend in Hawaii or New York
Do not publicize their mortgage rates or lender fees
“Consumers looking to re-mortgage may find it difficult to afford higher interest rates, so seeking independent advice is essential to consider every option available to them, such as downsizing,” says Rachel Springall from financial data firm Moneyfacts.
It’s a big day at Get Rich Slowly HQ. Later this morning, I’ll speak with my book editor for the first time. This project is about to devour large chunks of my life. Fortunately, the new Staff Writers will pick up the slack. (Actually, to be fair, I think they’ll more than pull their own weight.) Here, then, is the first contribution from Adam Baker, Get Rich Slowly’s first-ever Staff Writer!
Receiving a “mini-windfall” of unexpected income is an awesome feeling! However, I have a confession to make. Courtney and I are terrible at handling how we spend these pleasant surprises. More times than not, we find it insanely easy to justify squandering this unexpected money on impulse purchases, even when the rest of our budget is working well.
For the most part, we’ve slain the “justification” monster in our budgeting life. We’ve desperately attempted to eliminate the “I deserve this…” mentality. However, when it comes to “mini-windfalls”, somehow we seem to always break down.
I’m referring to the $40 in the birthday card from a relative. Or the extra $125 you made selling some stuff at the neighbors garage sale last Saturday. Even miscellaneous income from side jobs would fall into this category if not included in your normal budget.
You can see this phenomenon amplified during two specific times of the year in early February and late April. Why? Those are the peak times for income tax refunds. While preparing taxes this year,I listened to countless people tell me what they would be doing with their “unexpected” money. We aren’t the only ones who are quick to justify non-budgeted impulse purchases with windfalls of this sort.
Income is Income is Income…
If we are being blunt, it shouldn’t matter if the money comes in the form of a bi-weekly corporate paycheck, a quirky birthday card, or a instant tax refund chain. Once the money is in our hands or hits our bank accounts, it all spends the exact same.
As a kid, I remember watching my father mix all of the food on his plate together before eating it. In response to my stares, he would always repeat, “It all ends up in the same place, anyway.”
While you can’t really argue with that logic, many would be quick to point out that they enjoy the different contrasting tastes. They enjoy the process of selecting what the next bite will be. They don’t want to just combine everything together.
While some may be able to effectively treat all income equally, most of us have some sort of internal struggle. It seems like no matter what the amount of the unexpected income, I can always match it up to something I’ve been wanting forever. It’s a nasty financial habit. One that I’ve honed with many years of practice.
Striving for Conscious Spending
Let me be clear. It’s perfectly fine to spend on wants. It’s a great idea to “blow” money from time to time. But if we aren’t conscious about how we handle this process, it can spiral out of control.
Courtney and I realized that we needed to establish parameters on how to deal with this sort of income before it actually arrived. We weren’t against allocating a portion of it to indulge our wants, but we did want control over the situation.
If we were going to “blow” money, I at least wanted a say in it. We no longer had interest in letting our whims have free rein over this portion of our income.
Two Strategies to Buck the “Justification” Habit
As I pointed out above, ideally we could just treat all income equally. We’d budget it all the same and allocate the “unexpected” in the same fashion as our normal paycheck. In practice, however, many of us still find ourselves compelled to splurge.
Here are two simple strategies that have helped us reestablish control:
Choose one specific, tangible goal to “catch” all extra income. The key is to select a specific goal ahead of time. For example, many choose to immediately throw any non-budgeted income at their debt. Once they’ve established what order they will pay off their debt, they simply apply all extra money as soon as it appears. This can also work for other goals, such as paying cash for your dream car or saving for a down payment on a house. My experience has been that if you pick a compelling goal, you’ll be inspired to find even more ways to increase your “unexpected” income. A worthy side benefit of this tactic.
Allocate a pre-determined percentage to “blow” money. This system is commonly used with larger windfalls (inheritance, sales of major assets, etc…), but can be applied to the smaller ones, as well. For example, you may choose to allocate 50% (with smaller windfalls) of any non-budgeted income to be spent as “blow” money, while they other 50% is either funneled into the normal budget or put towards a specific goal (as above). This tactic also can motivate you to find more ways of generating income. After all, the more side income you bring in the higher the percentage you get to apply towards personal wants.
Keep in mind, that neither of these tactics is going to completely solve the issue. I’m not a big fan of outsourcing responsibility onto a system of some kind. However, experimenting with these two techniques has helped me maintain control over an area that is a reoccurring weakness.
Once again, it’s all about consciousness. I feel empowered when I consciously choose how I treat all income that comes into our life. Even if I choose to spend it in the same way, I like knowing I’m in control.
How do you handle unexpected income in your life? Do you lump it all together or have you designed a specific system to handle it? What techniques do you use maintain control?
Inside: Are you looking for a remote job? This guide will help you find the best remote jobs for college students, with information on industries, pay, hours, and more.
The internet has made it possible to work from anywhere in the world.
This is great news for college students who want to earn some money while they study.
Back when I was in college, working remotely wasn’t even considered a possibility. But, now, there are a number of online jobs available that are perfect for college students.
In addition, remote jobs are one of the best ways for college students to make money and gain experience.
With a remote job, you can work from anywhere in the world, which is perfect for students who want to travel or live at home with their parents while transitioning to and from a college campus.
There are many different types of remote jobs available, so there is sure to be something that suits your skillset and interests.
In this article, we will explore the best remote jobs for college students.
How can a college student make money remotely?
Remote work has become increasingly popular among college students and for good reason.
Many students today have grown up with technology and possess the skills necessary to excel in remote jobs.
Not only does remote work provide a flexible schedule that can be easily adjusted to accommodate class schedules, but it also offers numerous benefits such as the ability to work from anywhere, reduced transportation costs, and the opportunity to contribute to environmental sustainability by reducing carbon emissions.
Additionally, remote work allows students to earn extra income, potentially reducing their reliance on student loans and minimizing post-graduation debt.
Can I work remotely in college?
Yes! Working remotely in college can be a great way to earn some extra money and gain some work experience.
Remote work has gained immense popularity across the globe, with its adoption nearly doubling since the pandemic.
As college students, you often possess the necessary tools for remote work, such as a laptop, making it a convenient option for them.
This is a great idea if you are looking at how to pay for college without loans.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
This is the perfect side hustle if you don’t have much time, experience, or money.
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The 15 best remote jobs for college students
Working remotely is a great way for college students to earn money and gain experience in their chosen field.
Whether you are looking for a way to make some extra money, or maybe you need a flexible job that will fit around your studies. Whatever the reason, there are plenty of remote jobs out there that could be perfect for you.
Also, you can review these non phone work from home jobs for more ideas.
Here are 15 of the best remote jobs for college students.
1. Virtual Assistant
A virtual assistant is one of the best remote jobs for college students due to its versatility and learning opportunities. Plus there are plenty of virtual assistant jobs with no experience out there.
As the demand for remote administrative support services continues to grow, virtual assistants play a crucial role in helping companies and individuals with various tasks. Working from a remote location, virtual assistants provide administrative assistance by handling phone calls, scheduling appointments, managing emails, and more.
By finding a position as a virtual assistant in their desired industry or with a respected professional, students can make their side hustle more beneficial to their future.
Benefits:
Provides an opportunity to gain professional experience and develop essential skills such as communication, time management, and resourcefulness.
Requires quick thinking and the ability to switch between diverse tasks, which enhances cognitive flexibility and adaptability.
Allows students to learn about different industries and gain insights into their chosen career paths.
Pay: Most virtual assistants average about $20 an hour.
2. Online Tutor
Online tutoring is widely regarded as one of the best remote jobs for college students. With its flexibility and convenience, it offers students the opportunity to work from anywhere at their own pace.
Whether they excel in a specific subject or want to gain teaching experience, online tutoring provides a platform for college students to share their knowledge and help others succeed academically.
Benefits:
A high degree of flexibility it offers.
Freedom to choose their own hours, instruction topics, and the number of students they want to work with.
Balance their tutoring responsibilities with their academic commitments, ensuring they can effectively manage their time.
Pay: Although the reported median hourly wage for tutors was $17 an hour. The actual pay can vary depending on factors such as the subject being taught, the level of expertise required, and the platform through which tutoring is conducted.
3. Proofreader
Proofreading is a crucial role in the final stages of the written content production process, making it one of the best remote jobs for college students. A proofreader possesses a keen eye for detail and a strong command of the language, allowing them to identify and rectify errors that may have eluded the writer or editor.
They play a vital role in ensuring the accuracy, clarity, and coherence of written materials across various industries.
Benefits:
Offer the flexibility to work from anywhere, making it ideal for college students who need to balance their studies with work.
Enhances skill development such as language skills, attention to detail, and critical thinking abilities, which are valuable in various fields.
Networking opportunities to build professional connections and expand one’s network.
Pay: The average pay for proofreading jobs is $22 per hour, providing college students with a valuable source of income.
4. Social Media Manager
In today’s digital world, social media has become an essential tool for businesses to connect with their target audience, build brand awareness, and drive engagement. With the increasing importance of social media, businesses are in need of skilled professionals who can effectively manage their social media presence.
This makes the role of a social media manager one of the best remote jobs for college students, providing them with the opportunity to earn money while gaining practical experience in online promotion.
Benefits:
Enjoy being paid to be on your favorite social media apps.
Ideal remote job for college students due to its flexibility.
Gain practical experience in online promotion, which can be valuable for those studying marketing, journalism, or communications. Benefits:
Pay: The pay for social media management can vary significantly, but you can expect $15 an hour to $25 an hour.
5. Freelance Writer
Remote writing jobs are an excellent option for college students looking to earn extra income while honing their writing skills.
As writers, college students have the opportunity to create a wide range of written materials that can be distributed through various channels, such as articles, blogs, website copy, and more.
The demand for remote freelance writers is high, making it a popular choice among college students seeking flexible work options.
Benefits:
Freelancers can work on short and long-term projects.
As long as you have a computer and internet connection, you can work from anywhere.
Showcase writing skills and earn income.
Pay: The pay for freelance writers is by the word (.01-$1.50 per word). With most freelance writers averaging about $29 an hour.
6. Social media influencer
Social media influencers have become a prominent and lucrative career option in today’s digital age.
For college students, becoming a social media influencer can be an excellent remote job opportunity that allows them to leverage their online presence and pursue their passions while earning money.
To stand out as a social media influencer, it’s essential to create content that is visually appealing and captures the attention of your audience. Experiment with different types of content, such as photos, videos, stories, and live streams, to keep your followers engaged.
Benefits:
Be creative, and authentic, and share valuable information or entertainment that aligns with your niche.
Foster a sense of community.
Monetize your social media presence with sponsored posts, brand partnerships, and affiliate marketing.
Offers flexible working hours, allowing you to manage your studies and other commitments effectively.
Provides opportunities for personal branding and networking, which can open doors to other remote job opportunities in the future.
Pay: Potential for high earnings. This is more passive income than an hourly job.
7. Website or App Tester
Website and app testing is a highly sought-after remote job option for college students due to its flexibility and the opportunity to gain valuable experience in the tech industry.
As designers and developers strive to create the best user experience possible, they often hire individuals to find bugs and issues in their websites and apps. The role of a website or app tester is crucial in ensuring the functionality and usability of these digital platforms.
This feedback is invaluable for designers and developers as it allows them to make necessary improvements and optimize the performance of their websites and apps.
Benefits:
Excellent opportunity for college students to develop and showcase their skills in a professional setting.
Gain practical experience in the tech industry while balancing their academic commitments.
The flexible hours offered by these remote positions allow students to work at their own pace and manage their time effectively.
Pay: Platforms like UserTesting offer a payment of $10 per website tested. You can also find remote hourly wages ranging from $12 an hour to $16 an hour, with potential bonuses based on quality and productivity goals.
8. Video Editing
With the increasing demand for video content across various platforms, video editors play a crucial role in creating engaging and impactful visuals. This profession offers the opportunity to work from anywhere, making it ideal for college students who may have limited availability or prefer a flexible work schedule.
By adhering to the overall video brand messaging strategy, you can shape the final product and captivate the audience. This creative aspect of video editing allows college students to explore their artistic talents and develop their skills in storytelling and visual communication.
Benefits:
One of the key advantages of video editing as a remote job is the ability to work from any location.
Provides a platform for creative expression.
Video editing is a profession that is in high demand.
This high demand translates to a wide range of job opportunities and the potential for steady work, even for college students.
Pay: When it comes to money, beginner video editors can typically charge up to $45 an hour. However, it’s worth noting that rates can vary depending on factors such as experience, the complexity of the project, and client’s budget.
As college students gain more experience and build a strong portfolio, they can potentially increase their rates and earn a higher income from video editing projects.
9. Remote Research Assistant:
Many professors and researchers hire remote research assistants to help with data collection, literature reviews, and other research tasks. This type of job requires strong research and analytical skills, as well as the ability to work independently.
As a research assistant, you will have the opportunity to delve deeper into a specific subject or area of interest.
This can be particularly beneficial if you are considering pursuing further education or a career in that field. By immersing yourself in research projects, you will gain a comprehensive understanding of the topic and develop expertise that can set you apart from others.
Benefits:
Opportunity to work closely with experienced researchers and professionals in your field of interest.
Gain valuable insights, knowledge, and skills that can enhance your academic and professional development.
Learn research methodologies, data analysis techniques, and critical thinking skills that are highly transferable to future career opportunities.
Hands-on experience in conducting research projects.
Build a network of professional contacts in your field.
Depending on the nature of the research projects you are involved in, there may be opportunities to contribute to academic publications or presentations. This can be a significant achievement that adds to your academic portfolio and demonstrates your research skills to potential employers or graduate school admissions committees.
Pay: Compensation for remote research assistant positions varies depending on the project and the level of responsibility. This is a great way to be paid to go to school.
10. Audio Transcription
Audio transcription is a popular remote job for college students that involves listening to audio files and accurately transcribing the spoken content into written form. Additionally, it provides an opportunity to develop valuable skills such as speed and accuracy in typing, excellent listening skills, and efficient time management.
Determine the type of transcription work you want to specialize in, such as technical legal transcription or educational podcast transcription. This will help you target specific clients and tailor your skills accordingly.
Benefits:
Offers flexibility in terms of scheduling, allowing students to work around their classes and other commitments.
Opportunity to develop valuable skills such as listening, typing, and time management, which can be beneficial in various professional settings.
Create a portfolio showcasing your transcription skills and experiences.
Pay: Transcription can be a well-paying job, with freelancing gigs offering up to $0.36 per minute of transcribed audio.
11. Data Entry
Data entry is a popular remote job option for college students due to its flexibility and convenience.
This role involves managing electronic data by entering and updating information in computer systems. It is a job that can easily be done remotely, allowing students to work from the comfort of their own homes or dorm rooms.
However, it is important to be cautious when seeking data entry jobs online to avoid scams.
Benefits:
Minimal specialized skills are required.
Data entry skills can also be beneficial for future career opportunities.
Employers often value individuals with data entry skills, as it showcases their ability to handle and organize large amounts of information accurately and efficiently.
Valuable experience in working with digital documents and databases.
Pay: The average pay for data entry is $18 an hour.
12. Virtual Recruiter
A virtual recruiter is a professional who is responsible for posting online job advertisements and searching for potential candidates to fill various positions.
This remote job opportunity can be particularly beneficial for college students as it offers flexibility in terms of working hours and allows them to gain valuable experience in the field of recruitment while still pursuing their education.
Benefits:
Collaborating with hiring managers and clients to understand their specific requirements and preferences for potential candidates.
This role provides hands-on experience in recruitment, which can be beneficial for your future career in HR or related fields.
Building relationships with candidates, hiring managers, and clients can expand your professional network and open doors for future opportunities.
Pay: The average pay for virtual recruiters is around $20 to $30 per hour, providing the potential for a lucrative income.
13. Blogger
College students can create their own blogs and build an audience by regularly posting content in a unique niche.
While this may not be the easiest route to make money fast, it provides an opportunity to showcase writing skills and develop a cohesive writing style. Once a blog gains a solid stream of visitors, it can be monetized through ads and affiliate links.
However, you will be starting a small online business which has its perks.
Benefits:
This is 100% passive income.
Works as much as you want or as little as you want on your site.
A simple way to help your readers while making money.
Your site can grow as you graduate college until you decide to sell it.
Pay: Various based on traffic and monetization. But it is an easy way to invest $100 to make $1000.
14. Course Creator
As a course creator, you have the chance to teach others about a topic or course that you are passionate about while earning a steady passive income. This job allows you to create online tutorials or how-to videos to educate and engage students from all over the world.
You will be responsible for creating and managing the content on your website and other online platforms. This includes developing blog posts, videos, podcasts, and other educational materials to enhance the learning experience for your students.
Make use of hosting platforms like Thinkific, Teachable, or Kajabi to facilitate easy access to course-related information for your students. These platforms offer features such as course management, student progress tracking, and payment processing, making it convenient for both you and your students.
Benefits:
Opportunity to earn a steady income while pursuing your passion and sharing your knowledge with others.
Working remotely offers flexibility in terms of working hours, allowing students to manage their time effectively and balance their studies with their job.
Gain valuable experience in content creation, marketing, and online teaching, which can greatly enhance their resume for future career opportunities.
Pay: This is a passive income job where you will put the work in upfront and have less ongoing maintenance to run your course.
15. Stock Trader
Stock trading is a lucrative and dynamic field that offers college students the opportunity to work remotely and earn a substantial income. With the rise of online trading platforms and the increasing popularity of investing, stock trading has become a highly sought-after skill in today’s market.
Honestly, I know more and more high school students waiting to turn 18, so they can start life as a stock traders.
As a stock trader, you will be responsible for buying and selling stocks, bonds, and other financial instruments for your own portfolio. This role requires a combination of analytical skills, market knowledge, and the ability to make quick decisions under pressure.
Continuous learning and staying updated on market trends and strategies are crucial to staying competitive in this field. I highly recommend taking the Trade and Travel course to learn the basics of stock market investing.
Successful traders can earn substantial profits, but it is important to note that trading also involves the risk of financial losses.
Benefits:
Stock traders have the potential to earn significant income through their trading activities. Learn how fast you can make money in stocks.
Flexibility to trade before class and work from anywhere with an internet connection.
Opportunity to work independently and be your own boss, setting your own schedule and goals.
However, it is important to acknowledge the challenges that come with being a stock trader. The stock market is highly volatile and unpredictable, requiring constant monitoring and adaptation to changing market conditions.
Pay: Various significantly with your profit /loss ratio. But, a great way to make $1000 a day.
16. Customer Service Agents
Customer service agent remote jobs are a great option for college students looking to gain work experience while studying. These jobs allow students to provide excellent customer service from the comfort of their own homes, offering flexibility and convenience.
Remote customer service agents interact with customers through various communication methods such as phone, chat, and email. They answer customer questions, solve problems, and direct customers to the appropriate resources when needed. These jobs can be done part-time, making them ideal for students with busy schedules.
Benefits:
Require little experience or education.
Develop valuable skills such as communication, problem-solving, and time management.
Showcase their communication skills to future employers, which is a highly desirable quality in any job.
Pay: Earnings can range from $10 to $25 per hour, depending on the role and experience.
17. Photography
Photography is a form of artistic expression that allows college students to showcase their creativity.
You can experiment with different styles, compositions, and subjects to capture unique and visually appealing images. This creative aspect of photography can be fulfilling and enjoyable for college students who have a passion for visual arts.
Benefits:
Choose when and where to take photos, giving them the freedom to balance their academic and personal lives effectively.
Build a portfolio of their best work. A strong portfolio can open doors to more significant opportunities in the future, such as exhibitions, collaborations, or even full-time photography careers.
Earn income while honing their skills in product, stock, or event photography.
When stock images are licensed, earn passive income from the sales.
Pay: When it comes to pay, the average rate for a photographer is $24 per hour. However, it’s important to note that pay can vary depending on factors such as experience, location, and the type of photography gig.
18. Virtual Internships
Virtual internships provide valuable work experience and allow you to gain industry-specific skills while working remotely. Many companies offer virtual internships in fields like marketing, finance, and technology.
Having an internship in the field you want to pursue is an invaluable opportunity to gain practical experience and enhance your career prospects.
Additionally, virtual internships can provide you with a unique perspective on the field you want to pursue (and if you still want to pursue it).
Benefits:
Gain relevant work experience in your desired career field.
Practical experience will not only enhance your understanding of the industry but also demonstrate your competence and dedication to potential employers.
Greatly strengthen your resume.
Build a network of contacts in your desired field.
Pay: These internships may be paid or unpaid, but the experience and connections you gain can be invaluable for your future career.
Looking for Online Summer Job?
There are a plethora of online summer temporary jobs available for college students. You just have to decide what is interesting for you to do.
Also, think about ways you can build your resume for future employment after graduation.
If I could go back to college, I would focus on learning how to make your money work for you. That is one of the best life skills you can truly understand.
This list above has plenty of options for you to consider.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
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FAQ
Many colleges and universities have career centers or job boards that specifically cater to remote job opportunities for college students.
Networking is crucial for college students when it comes to finding remote job opportunities. Reach out to your professors, classmates, and alumni who may have connections or knowledge of job opportunities.
This is smart if you want to know how to move out at 18.
Remote work requires a unique set of skills that allow individuals to effectively perform their job duties from a distance. In order to succeed in a remote job, college students should possess the following skills:
Time management: Remote work often provides flexibility in terms of scheduling, but it also requires individuals to manage their time effectively. College students need to be able to prioritize tasks, set deadlines, and stay organized to ensure they meet their work obligations.
Communication skills: Since remote work involves limited face-to-face interaction, strong communication skills are essential. College students should be able to effectively communicate through various channels such as email, instant messaging, and video conferencing.
Self-motivation: Working remotely requires a high level of self-discipline and motivation. College students need to be able to stay focused and productive without direct supervision. They should have the ability to set goals, stay on track, and meet deadlines without constant oversight.
Adaptability: Remote work often involves working with different tools, technologies, and platforms. College students should be adaptable and willing to learn new software or applications that are necessary for their role.
Problem-solving: Remote work may present unique challenges and obstacles that require critical thinking and problem-solving skills. College students should be able to analyze situations, identify potential issues, and come up with innovative solutions. This skill is particularly important when faced with technical difficulties or communication issues.
By honing these skills, college students can position themselves as valuable assets to remote employers and increase their chances of securing remote job opportunities.
When you’re applying for remote jobs, most of the time your potential employer will want to see some kind of portfolio that showcases your skills and experience.
You can create a portfolio by using a free online portfolio builder or by creating your own website.
With a visually appealing and user-friendly portfolio, you can make a lasting impression and increase your chances of landing your dream remote job.
Which Online Jobs for College Students Are Interesting To You?
There are a lot of great remote jobs for college students out there!
With a little bit of research, you can find the perfect job for your skills and interests.
Be sure to consider the pay, hours, and industry when you are looking for a remote job as well as career advancement.
For many students, working in college is a must! Because you know how to pay for college without parents is hard.
So, use these ideas to find the right job for you whether it is part-time or full-time.
And if all else fails, check out this list of low-stress jobs that pay well without a degree.
Know someone else that needs this, too? Then, please share!!
Bitcoin has practically become synonymous with cryptocurrency, but it’s hardly the only coin option out there. If you’re thinking about investing in crypto (or are already doing it), there are several others worth considering.
Let’s look at eight alternatives to Bitcoin for those seeking out the best cryptocurrencies.
But a note before we dive in: cryptocurrencies are extremely volatile and not recommended over other forms of investments like stocks and bonds. But if you do have the appetite for this kind of high-risk investment, let’s first look at what’s happening in the cryptocurrency space at the moment, before we get into the best cryptocurrencies.
What’s Ahead:
What’s Happening in the World of Cryptocurrency?
As you may have noticed, the prices of cryptocurrency tokens have drastically decreased in recent months — with many investors calling it a crypto crash. Even those coins that are considered the “best” cryptocurrencies have dropped in value.
With recent moves by the U.S Federal Reserve to combat high inflation by raising interest rates, on top of global instability, there has been a knock-on effect that’s played out as decreased valuations and even bankruptcies in crypto. More than a few collapses have shaken the crypto market in the past year.
In May 2022, the collapse of TerraUSD (a stable coin) along with its sister token, Luna, wiped out billions in the cryptocurrency market — about $40 billion, to be exact. As a result, some people lost their life savings and othersbit debated exiting the cryptocurrency space altogether.
Later, with the collapse of massive crypto exchange FTX in November 2022 and a number of firms filing for bankruptcy soon after (including BlockFi and Genesis), the losses continued to pile on.
Even Bitcoin has dropped in value, from its peak at $69,044.77 to hovering around $28,000 (specifically $28,349.25 on March 31st, 2023). And some smaller coins have had even sharper declines.
So, what does this mean for you if you’re considering investing in cryptocurrency?
Even a stable coin isn’t stable.
There’s volatility in the cryptocurrency space.
You shouldn’t risk money in cryptocurrency that you can’t afford to lose.
Read more: 5 Things You Should Know Before Investing in Crypto
8 Alternatives to Bitcoin
With that warning out of the way, let’s look at some alternatives to Bitcoin.
You’ve probably heard plenty of buzz over the years about “meme coins” and random success stories of ordinary folks becoming millionaires through cryptocurrency investing, just by seeking out Bitcoin alternatives.
If that’s your goal, this article isn’t for you. We’re not going to promise you any get-rich-quick coins. Rather, these are coins that have people talking and that may be worth considering if you’re looking to expand your crypto portfolio beyond Bitcoin.
Read more: How To Invest in Cryptocurrency: A Beginner’s Guide
Ethereum (ETH)
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The second most popular form of cryptocurrency, Ethereum is an open-source network managed by users, much like Bitcoin.
However, there are also some significant differences. The network operates through “smart contracts” written in computer code that is uploaded to the blockchain which other cryptocurrencies operate through.
Ethereum currently doesn’t sell as high as Bitcoin, with its price (as of March 2023) at $1,641.82.
Why Invest in Ethereum (Or Not)?
Ethereum is one of the safer options to invest in, ranked in the top 10 regarding price and stability.
You can also use it at more places than you may think — and within the next few years, the number of places that accept cryptocurrencies is expected to grow. Ethereum has a large existing network, a wide array of functions, and there’s constant innovation.
It may also be the best alternative to Bitcoin, particularly if you want to diversify away from an all-Bitcoin cryptocurrency portfolio. Ethereum is second only to Bitcoin in market capitalization, at $220.2 billion, compared to $548.4 billion for Bitcoin.
Ripple (XRP)
Many people like the idea of cryptocurrencies but fear their money isn’t safe in an unregulated, online world. Ripple aims to offer some of that safety.
Ripple is a money transfer and currency exchange network that processes transactions globally. And unlike most other cryptocurrencies, Ripple doesn’t need to be “mined.”
Read more: How To Mine Cryptocurrency: An Interview With a Crypto Miner
Ripple also offers fast settlement and low fees and is being used by large financial institutions (unlike other Bitcoin alternatives).
Why Invest in Ripple (Or Not)?
Ripple has been involved in a lawsuit for over a year with the SEC and the price has dropped significantly. Ripple argues it shouldn’t be treated as a security in order to avoid much stricter regulatory scrutiny. The company plans on exploring an initial public offering when the lawsuit is settled at some point in 2023.
That said, Ripple is still one of the top 10 cryptocurrencies (currently at no. 6 based on market cap). But for investment purposes, Ripple should be thought of as a cryptocurrency equivalent to penny stock — which is exactly where it’s trading.
XRP is trading at $0.535524 (as of April 2023) with a drop of over 84% from the all-time high.
But if you believe that Ripple will be a successful payment system, then its low price right now could be a key benefit.
Litecoin (LTC)
Source: Wit Olszewski/Shutterstock.com
Litecoin is often thought of as a close sibling of Bitcoin. Bitcoin and Litecoin work in the same way, but there are a few key features that make them different:
Founder Charlie Lee — The founder of Litecoin is well known, unlike the anonymous creator of Bitcoin.
Speed of transactions — Lee, an engineer, designed the Litecoin system to operate about four times faster than that of Bitcoin. This means that Litecoin can confirm the legitimacy of transactions much more quickly.
Number of coins — Bitcoin has a limit of 21 million coins once all are found, but Litecoin will have 84 million.
Why Invest in Litecoin (Or Not)?
Litecoin is nearly identical to Bitcoin, but transactions are faster — which is one of its biggest draws. However, there has been discussion as to whether this speed makes Litecoin less secure.
Litecoin’s current price is $89.26 (as of April 2023), which is down over 78% from its all-time high.
The potential upside of investing in LTC is that the coin has been around since 2015 and is seen as stable.
Cardano (ADA)
Source: Dennis Diatel/Shutterstock.com
Cardano is a proof-of-stake blockchain platform. It’s intended to be the next generation of the Ethereum network with a flexible blockchain and scalable platform for running smart contracts.
Cardano was introduced as an “Ethereum killer” and a valuable alternative to Bitcoin.
Charles Hoskinson, one of the co-founders of Ethereum, founded Cardano with the intent of being energy-efficient and supporting fast transactions with minimal transaction fees.
Why Invest in Cardano (Or Not)?
It may not be the best time to get into Cardano as the token has seen better days. It’s trading at $0.406295 (as of April 2023), down over 86% from the all-time high.
The upside in investing in Cardano is that it’s more energy-efficient and superior when it comes to smart contracts.
Binance Coin (BNB)
Binance is one of the largest cryptocurrency exchanges and the Binance Coin is the medium of exchange for the entire network. You can use your Binance Coin to trade and pay fees on the Binance cryptocurrency exchange. You can also use BNB on the BNB Chain ecosystem.
Binance Coin is one of the bigger players in the space (top five), with a total market capitalization of about $50 billion — although it’s primarily used to pay fees on the Binance exchange itself.
Read more: Binance.US Review
Why Invest in Binance Coin (Or Not)?
There are two factors that make Binance Coin worth considering. The first is its market capitalization. At over $42 billion and growing, it’s one of the bigger cryptocurrencies available. That’s also an indication it’s gaining acceptance in the marketplace, especially when you consider that it has been around since 2017.
The second factor is that this is a medium of exchange on the largest cryptocurrency exchange (Binance). You can use your Binance Coin to invest in the Binance Smart Chain network through Metamask if you want to get into the decentralized space.
BNB is currently trading at $316.82 (as of April 2023), down over 53% from its all-time high.
Polkadot (DOT)
Polkadot is a protocol that connects different blockchains with each other (like Ethereum and Bitcoin, for example) with the goal of weaving blockchains together. Polkadot is often referred to as a multi-chain network because it can join networks together (unlike Bitcoin).
However, Polkadot is similar to Bitcoin in the sense that it functions as both a token (DOT) and a decentralized exchange.
Polkadot wants to create an even playing field to improve innovation through the different blockchain networks. Polkadot operates by using two blockchains — a main “relay” network for permanent transactions and “para chains” for user-created blockchains.
Why Invest in Polkadot (Or Not)?
Polkadot aims to offer scalability improvements (the number of transactions per second a network can handle) and governance for protocol upgrades or changes.
What makes Polkadot a good investment is that it’s different in the sense that the network can interact with other blockchains.
With a current price of $6.32 (as of April 2023), DOT is down over 88% from its all-time high. On the flip side, the coin is up 134.37% since it started in August of 2020.
Solana (SOL)
Source: Rcc_Btn/Shutterstock.com
Solana is a public and open-source blockchain. Solana is both a form of cryptocurrency and a flexible platform for running decentralized applications. The cryptocurrency SOL is used for staking and paying transaction fees on the Solana network. Solana is focused on making cryptocurrency quicker and more scalable.
Solana has become popular in the DeFi (decentralized finance) and NFT spaces among users looking for alternatives to Ethereum. NFT projects are minted and traded using smart contracts and since Solana supports smart contracts, NFT projects are popping up here.
Solana is a solution for those seeking low-cost and high-speed alternatives to Bitcoin.
Why Invest in Solana (Or Not)?
Popular NFT projects are being built on the Solana blockchain. If you’re someone who believes in NFTs, then you’re going to want to look into the Solana network.
Read more: The Complete Guide To Buying Your First NFT
Solana’s transaction speed and low costs also make it an attractive option for those looking for a Bitcoin alternative.
SOL is down over 92% at $20.73 (as of April 2023) from the all-time high, but it’s up over 4,037% since it was formed in May 2020.
Avalanche (AVAX)
Avalanche is a decentralized, open-source, proof-of-stake blockchain with smart contract functions. Avalanche touts that it’s the fastest smart contracts platform in the entire blockchain industry (from time-to-finality). Avalanche hopes to offer a highly scalable blockchain without compromising decentralization or security.
The Avalanche blockchain uses its own coin, AVAX, to cover transactions on the network.
Why Invest in Avalanche (Or Not)?
Avalanche is worth investing in if you’re looking for something new and different. The token hasn’t been around as long as some of the other forms of cryptocurrency, so it’s not as established yet, but it’s one of the fastest-growing projects.
AVAX is worth $17.60 (as of April 2023) and is down nearly 88% from the all-time high. This is up almost 528% from the day it was formed on December 31, 2020.
The Bottom Line
While Bitcoin may have once been king, there are now plenty of other cryptocurrencies on the market if you want to start investing in the space. Just remember that any coin, no matter how much buzz it’s getting, is susceptible to market fluctuations — both good and bad.
When you’re a smoker, there is such a wide range of insurance company attitudes toward smoking that it pays to find out which ones have good rates for smokers.
For cigar smokers, there are additional criteria that you can meet in order to get a better rate on life insurance.
Occasional Cigar Smoking
To get life insurance for cigar smokers, it certainly pays to look into as many life insurance companies, like Banner Life Insurance, to find one that makes a distinction between cigar and cigarette smoking. Though there is generally little difference between the rates for cigarette and cigar smoker rates if you smoke cigars daily, there are many companies that look at the occasional cigar differently than regular cigar smoking.
Being labeled as a tobacco user is a general label that many insurance companies will give you no matter how often you smoke. However, there are some companies that consider the occasional cigar, such as one per week or per month, in a different category. With this type of life insurance for smokers, you aren’t given the standard tobacco rate that is generally double the non-smoker rate.
When you smoke the occasional cigar, your medical test can still show that you are free from nicotine. If you smoke cigars occasionally, you may be subject to urine or blood testing to ensure that you test nicotine free. You must also disclose that you occasionally smoke cigars when you fill out the application as well as other conditions affecting you health. When applying for life insurance, honestly is always the best policy, even if you only smoke a couple cigars a year, telling the agent will save you time and frustration later.
Some insurance companies offer non-tobacco rates for applicants who smoke the occasional cigar.
Others have special rates just for people who don’t smoke cigarettes and who smoke cigars. Whether that means the occasional cigar or regular cigar smoking will vary with the individual company. However, applicants must generally test negative for nicotine when they are given a urine test in order to get these special rates on life insurance for cigar smokers.
If you’re an occasional cigar smoker (only on special occasions or a couple a month), you may have received unreasonably high monthly premiums. If you’ve received a life insurance quote that made your jaw drop, but it doesn’t have to be this way. You probably just contacted the wrong company.
You need to find an insurance carrier who has a lot of experience working with cigar smokers. Each company is going to use different standards for cigar smokers. It’s important to find the perfect company that works for you.
Aside from finding experienced agents, it’s important that you receive quotes from several companies before you decide on one. More than likely the first quote that you receive from a company isn’t going to be the lowest. Make sure to get several before you pick one. While you could spend hours on the phone answering the same questions over and over, we can do all the work for you. Fill out the simple quote form and we can compile the lowest rates possible.
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A Life Insurance Policy can benefit everyone in the family.
A life insurance policy is the safety net your family deserves. You never want to use it, but better to have it just in case. Just imagine if it wasn’t there. Your family would be falling into a mount of debt.
Once you decide which company is going to fit your needs the best, the next decision is determining how much life insurance you need. It’s important to find the perfect balance of having enough money to cover your family, and not paying too much in monthly premiums. Your plan size is going to be a significant factor in calculating your monthly payments. So, how do you figure out how much you need? There are several different things for you to consider that can help you decide how much life insurance you need. You’ll need to look at how much debt you have and how many people rely on your annual income.
Before you buy a high risk life insurance plan, sit down at look at your debts you would leave behind if you were to die tomorrow (cheery thought, right?). You would add all of it up since the total is a great starting point. A very important point is to make sure to calculate mortgage, car payments, student loans (or student loans you could have in the future), credit card payments, and funeral expenses into your total.
The other thing that you have to look at is how much people rely on your annual income to meet their basic necessities. If you have a spouse and children that use your salary as their main source of support, then losing it can have devastating effects on the family or those who benefit from the policy. If you don’t have anyone other than yourself that uses your income, then you can consider taking out a smaller policy and saving money every month. For example, if your spouse works and your children have already moved out of the house, then a smaller policy is probably a better idea.
You know there is really no magic number regarding how much whole or term life insurance you should purchase, but most experts suggest getting at least ten times your annual salary. This might seem like a little much, but it will give your family enough money.
Major players in the household lending market are Bank of America Corporation, JPMorgan Chase and Co., Pentagon Federal Credit Union, Discover Bank, Member FDIC, LoanDepot, Spring EQ, A and A Dukaan Financial Services Private Limited, ABC Finance Limited, Australia and New Zealand Banking Group Limited, Barclays PLC.
New York, June 28, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Household Lending Global Market Report 2023” – https://www.reportlinker.com/p04590164/?utm_source=GNW , Citizens Commerce Bancshares Inc., Commonwealth Bank of Australia, Flagstar Bancorp Inc., HSBC Holdings PLC., Morgan Stanley, Navy Federal Credit Union, Roostify, and Royal Bank of Canada.
The global household lending market is expected to grow from $4,048.14 billion in 2022 to $4,520.83 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The household lending market is expected to reach $6,798.66 billion in 2027 at a CAGR of 10.7%.
The household lending market includes revenues earned by entities by providing conventional loans, secured and unsecured loans, and open-end and closed-end loans to borrowers for household lending.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Household lending refers the act of loaning money to purchase a home or household.The debtor pays back the borrowed funds and interest according to the loan repayment plan.
Household lending can aid in raising the budget for a home purchase using the loan amount provided.
North America was the largest region in the household lending market in 2022. The regions covered in the household lending market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of household lending are fixed-rate loans and home equity lines of credit, which are provided by banks, online lenders, credit unions, and others.A fixed-rate loan is one in which the interest rate is fixed throughout the loan or only a portion of it.
Various sources included are mortgage and credit unions, commercial banks, and others. The main types of interest rate are fixed-rate mortgage loans and adjustable-rate mortgage loans.
The huge spike in housing costs is expected to propel the growth of the household lending market in the coming future.Housing costs is rent and mortgage costs (principal repayment and mortgage interest); or a measure that is more inclusive and takes into account the costs of obligatory services and charges, routine maintenance and repairs, taxes, and utility bills.
The increased housing costs limit an individual’s capacity to buy a house by full cash payment and motivate them to apply for a loan.So, the increasing housing costs is boosting the household lending market.
For instance, in November 2022, according to the Federal Housing Finance Agency, a US-based autonomous federal body established as the Federal Housing Finance Board’s regulatory substitute, in the United States between the third quarters of 2021 and 2022, the price of homes increased by 12.4%. In contrast to the second quarter of 2022, home prices increased by 0.1 percent. Therefore, the huge spike in housing costs is driving the household lending market.
Technological advancements are the key trends gaining popularity in the household lending market.Major companies operating in the household lending market are focused on developing innovative technologies to strengthen their position in the market.
For instance, in October 2021, Roostify, a US-based developer of a digital lending platform for home loans, launched the ’first of many’ APIs (application programming interface) on its existing lending platform developed to automate data extraction from documents and document validation in the financing process.Roostify Document Intelligence (RDI) Service, the company’s newest technology, will employ AI (artificial intelligence) to identify, validate, and extract data from documents connected to mortgages.
Users can receive automatic feedback from the technology when they upload documents that are wrong or ineligible, and errors can be flagged before it cause a data input problem. As an API, this one may be integrated into any step of the lending process and serve a wide range of use cases that can take advantage of the automated identification and extraction of data from the mortgage document collection.
In March 2023, Barclays PLC, a UK-based multinational bank, acquired Kensington Mortgage Company Limited for an undisclosed amount.Through the acquisition, Barclays enhanced its current mortgage product portfolio by integrating a better-specialized mortgage lender with a solid reputation in the UK market, further strengthening its product capabilities, and aligning with Barclays’ strategic aim of delivering next-generation, digital consumer financial services.
Kensington Mortgage Company Limited is a UK-based mortgage lender for first-time purchasers, self-employed people, contractors, and others.
The countries covered in the household lending market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The household lending market research report is one of a series of new reports that provides household lending market statistics, including household lending industry global market size, regional shares, competitors with a household lending market share, detailed household lending market segments, market trends and opportunities, and any further data you may need to thrive in the household lending industry. This household lending market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. Read the full report: https://www.reportlinker.com/p04590164/?utm_source=GNW
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