Not a bad deal, we usually see this once a year at around this time of year. Useful if you need Avios.
Source: doctorofcredit.com
Everyone knows high mortgage rates have been a total drag lately, especially for prospective home buyers facing extremely high asking prices.
But what if I told you that nearly half of those who purchased a home recently still got an interest rate below 5%?
Sounds pretty unlikely, given the fact that the 30-year fixed is back over 7%, and never went lower than 6% for the duration of 2024.
However, that didn’t stop 45% of “mortgage buyers” (non-cash buyers) from obtaining a sub-5% mortgage rate, per a new survey from Zillow.
As for how, the most common reason cited was special financing offered by the seller or home builder.
One of the most common ways to get a below-market mortgage rate has been via the home builders.
They often operate in-house mortgage companies to ensure their customers make it to the finish line.
And thanks to a financing tool call “forward commitments,” they’re able to offer super low mortgage rates to the customers who use their captive lender.
Those commitments involve buying low mortgage rates in bulk, ahead of time, and then deploying the low rates to customers who buy properties in select communities.
While some only offer temporary rate buydowns, lately many have offered permanent rate buydowns for the full 30-year loan term.
This probably sounds pretty sweet, but keep in mind you need to buy a newly-built home to get your hands on a special rate.
Some have argued that the discount is built into a higher sales price, so proceed with caution.
Also read my piece on using the home builder’s mortgage lender for more on that.
For the record, individual home sellers can offer sales concessions that can be used to buy down the mortgage rate too.
And together with builder buydowns, that was the most commonly cited reason for a low rate at 35%.
Another 26% said their offer was contingent on a rate buydown from the seller/builder. So more than half of the low rates came from these arrangements alone.
The third most common reason a recent home buyer was able to get a low mortgage rate was due to paying discount points (at 23%).
If you have the available funds, it’s always an option to buy down your rate by paying some money upfront.
This is a form of prepaid interest where you pay today for savings tomorrow. The key though is keeping the loan long enough to experience the savings.
The problem with this is if mortgage rates happen to go even lower before the breakeven point (when the points become profitable), it disincentivizes a rate and term refinance.
Or if you happen to sell the property too soon, same thing. In contrast, temporary buydowns don’t result in lost funds.
If you sell/refinance soon after a temp buydown, the leftover funds are typically applied to the outstanding loan balance.
Long story short, there’s risk when buying points in that you’ll leave money on the table.
The same could be said of temporary buydowns in that mortgage rates might not be lower when the rate reverts to the higher note rate.
A lot of folks have bought the house and dated the rate, assuming the mortgage rates would come down. So far they haven’t.
Another 23% of buyers said they got a low rate because they borrowed from a friend or family member.
This is pretty surprising to me seeing that it’s such a large share of the population. I can’t imagine that many home buyers getting special financing from mom and dad or someone else.
But per Zillow’s study, this is what the numbers indicate. For me, it’s pretty rare to use intrafamily financing, but it definitely is a thing, especially with rates so much higher today.
An example would be your parents offering to finance your home purchase with a special low rate from the Bank of Mom and Dad, perhaps at a cool 3.99%!
If you’re so lucky, great. But for most this sadly isn’t a reality.
Another common reason folks got a sub-5% mortgage rate was by refinancing after they bought the home.
They must have nailed the timing (and paid points) because rates never officially went below 6% this year.
Lastly, sub-5% mortgage rates were associated with adjustable-rate mortgages, homebuyer assistance, and shorter loans terms, such as the 15-year fixed.
Of course, if it’s not a 30-year fixed, sub-5% doesn’t have quite the same meaning or value.
Still, it’s impressive to see that nearly half of home buyers got creative and found a way to overcome the mortgage rate hurdle.
Problem is there’s still the high home price to contend with, and little way around that at the moment.
The Zillow Consumer Housing Trends Report 2024 study involved 18,500 successful home buyers and was fielded between March and September 2024.
Source: thetruthaboutmortgage.com
Are you looking for the best jobs that pay $100,000 a year? Many people dream of making a six-figure salary and making more money. A job that pays $100,000 or more can help you reach your financial goals. It can let you save for the future, pay off debts, or enjoy a comfortable lifestyle. Jobs…
Are you looking for the best jobs that pay $100,000 a year?
Many people dream of making a six-figure salary and making more money. A job that pays $100,000 or more can help you reach your financial goals. It can let you save for the future, pay off debts, or enjoy a comfortable lifestyle.
Jobs that pay $100,000 or more many times need a college degree. But some high-paying jobs only need training.
Below are the best jobs that pay $100,000 a year.
Recommended reading: 26 High Paying Jobs With No Experience Required
Software developers are in high demand. They create computer programs and apps that we use every day. This job many times pays over $100,000 a year.
You don’t always need a college degree to become a software developer. Many learn through coding boot camps or teach themselves. The most important thing is having strong programming skills.
This job lets you be creative and solve problems, and you’ll usually work with a team of other developers. Many companies may allow you to work from home (I know a few software developers and they all work from home), and sometimes you may even have flexible hours.
Pharmacists give out medicines and help patients understand how to use them safely. They also check for drug interactions and answer questions about medications.
To become a pharmacist, you’ll need to go to school, and you’ll need a degree called a doctor of pharmacy. It usually takes about 5 to 6 years after high school.
The hard work pays off, though, as pharmacists make over $100,000.
You can work in different places as a pharmacist. Many work in drugstores or grocery stores, and others work in hospitals or clinics.
Many pilots earn over $100,000 a year, especially those who work for major airlines.
As a commercial pilot, you’ll fly passengers and cargo to destinations around the world. You’ll need special training and licenses to do this job. It takes hard work, but the pay can be great!
New pilots usually start at smaller airlines and they may earn less money at first. But as you gain experience, you can move up to bigger airlines that pay more. Some experienced pilots at major airlines can make $200,000 or even $300,000 or more a year!
The job comes with other perks too. You might get free or cheap flights for you and your family. Plus, you’ll get to travel and see new places as part of your work.
Blogging is what I do, and I make well over $100,000 per year. There have even been many months where I have earned over $100,000 in a single month.
As a blogger, you can write about topics you’re passionate about, whether it’s personal finance, travel, cooking, lifestyle, or something else, while also helping others by sharing useful information.
Making a six-figure income as a blogger typically involves multiple income streams, such as affiliate marketing, sponsored content, ad revenue, and selling digital products or courses (I do all of these to make money on my blog). It takes time and effort to build an audience and establish trust with readers, but once your blog grows, the opportunities are pretty much endless.
The best part is that you don’t need any specific degree to get started – just a willingness to learn, a knack for writing, and a strong work ethic.
You’ll also enjoy flexibility in your schedule and the potential to work from anywhere. Many successful bloggers, including myself, have turned their blogs into full-time, money-making careers.
You can learn more at How To Start A Blog FREE Course and join over 80,000 people who have already taken the course. Want to see how I built a $5,000,000 blog? In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
Nurse practitioners are in high demand and earn great salaries. You can make over $100,000 a year in this role.
To become a nurse practitioner, you’ll need extra schooling after becoming a registered nurse. You’ll need a master’s degree or doctoral nursing degree, as well as pass an exam.
This career lets you care for patients and work in different settings. You might work in hospitals, clinics, or private offices. Some nurse practitioners even run their own practices (many states allow for this).
Marketing managers are in high demand because they help companies (such as in tech, retail, travel, and more) promote products and services to customers. This job can pay $100,000 or more per year.
As a marketing manager, you’d create plans (such as a marketing campaign) to reach target audiences. You might use social media, ads, and other ways to spread the word about a company.
They work with teams to come up with new ideas, and this could include making videos, writing content, or planning events. They also look at data to see what’s working and what’s not.
Art directors can make good money while pursuing their love of art. They get to shape the look of projects. This could be for ads, magazines, movies, or TV shows, and they make big decisions about colors, styles, and layouts.
The pay for art directors is great and many earn over $100,000 a year.
To become an art director, you need a mix of skills. You should be good at art and design. But you also need leadership abilities, as art directors guide teams of artists and designers.
Most art directors have a bachelor’s degree in art or design and many start in lower-level creative jobs first. They work their way up to director roles.
Physicians are among the highest-paid professionals in the medical field. They diagnose and treat illnesses, injuries, and other health problems.
To become a physician, you need to complete medical school and a residency program, and this takes many years of study and hard work.
The average salary for physicians is well over $100,000 per year. Some specialists can earn much more, even over $500,000 or higher.
As a physician, you can choose from many different specialties. These include family medicine, pediatrics, surgery, and more.
Physicians usually work long hours, many times including nights and weekends. But many find the job very rewarding because they help people every day.
Recommended reading: 30 Best Jobs That Help People
Are you good with words? Do you love writing? A copywriter job might be perfect for you! Copywriters create content for websites, ads, and more.
Copywriters can make $100,000 or more per year. I personally know many copywriters who make a great income.
Many companies need copywriters. You could work for big businesses, small shops, or even yourself. There are lots of options.
To be a great copywriter, you need to be creative and you also need to understand what makes people want to buy things.
You don’t always need a college degree to be a copywriter. But you do need to be a really good writer.
Real estate agents can make $100,000 a year or more. This job lets you help people buy and sell homes.
You need a license to become an agent. Getting one takes some study and passing a test. Once you have it, you can start working with clients.
Your pay depends on how many homes you sell. Most agents earn a percentage of each sale, so the more expensive the house, the more money you can make.
Health services managers play a key role in running healthcare facilities. They oversee daily operations, manage budgets, create work schedules, make sure patients get good care, and more.
To become a health services manager, you’ll need a bachelor’s degree, and many employers prefer a master’s degree in health administration or a related field.
This job is in high demand. As the population ages, more healthcare services are needed. This means more jobs for health services managers.
Business operations managers are in charge of how a company works day-to-day. They make sure everything runs smoothly and this includes things like managing people, money, and resources.
You’d need to be good at solving problems and making decisions. Being organized is also very important.
Economists study how people and businesses use resources. They look at things like money, goods, and services, and they try to understand and predict economic trends.
Economists use math and statistics a lot and need strong problem-solving skills. They might work for the government, banks, or big companies.
To become an economist, you’ll need at least a bachelor’s degree. Many jobs ask for a master’s degree or even a Ph.D.
Mathematicians use numbers and formulas to solve complex problems. They work in many fields like science, engineering, and finance.
Many mathematicians work in research roles at universities or government labs. Some find jobs in private industries like tech or insurance companies.
To become a mathematician, you usually need at least a master’s degree in math. Some jobs might require a Ph.D.
Architects design buildings and spaces that shape our world. They might create homes, offices, schools, or even entire cities. It’s a job that mixes art and science.
As an architect, you’ll use your creativity to draw plans and make models. You’ll work with clients to understand their needs and turn their ideas into reality. Math and physics skills are important too, as you need to make sure buildings are safe and strong.
Real estate entrepreneurs buy, sell, and manage properties to make money. They look for good deals on houses, apartments, commercial buildings, or land.
You can start small with just one property. As you learn, you can grow your business and own more places.
Real estate investors sometimes even fix up old buildings. They make them look nice so they can sell them for more money (this is called flipping).
Some entrepreneurs rent out their properties. They become landlords and collect money from tenants each month.
Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money
Chiropractors can make a great salary while helping people feel better.
They focus on treating problems with bones, muscles, and joints, and use their hands to adjust patients’ spines and other parts of their bodies.
To become a chiropractor, you need to go to school for several years after college. You’ll learn about the human body and how to treat different issues without surgery or medicine.
Many people visit chiropractors for back pain, neck pain, or headaches. You’d work with patients of all ages, from kids to older adults.
Sales managers lead teams of salespeople to meet company goals. You might enjoy this job if you like working with others and hitting targets.
As a sales manager, you’ll set sales goals, train new staff, and track performance. You’ll also work with other departments to create sales plans.
Also, you don’t need to be a sales manager to make over $100,000 each year – there are many sales jobs where you can make good money and not have to manage anyone.
Construction managers are in high demand (because construction is booming all over!), and they oversee building construction projects from start to finish. This job can pay over $100,000 a year for top earners.
This job needs good leadership skills as they are in charge of workers, budgets, and schedules. Their job is to make sure everything runs smoothly.
Most construction managers have a bachelor’s degree. You might study construction science, engineering, or business. Some people work their way up from other construction jobs too.
IT (information technology) managers play an important role in companies, especially nowadays, with nearly all companies using a computer in some way. IT managers oversee computer systems and IT teams. This job typically pays over $100,000 a year.
You’ll need strong tech skills and leadership abilities. IT managers plan projects, set budgets, and manage staff. They also make sure systems run smoothly and stay secure.
To become an IT manager, you typically need a bachelor’s degree in computer science or a related field. Some companies may prefer a master’s degree. Work experience in IT is also very important.
As a dentist, you can earn well over $100,000 a year by helping people take care of their teeth.
Dentists do many things, such as clean teeth, fill cavities, and fix broken teeth.
To become a dentist, you need to go to dental school after college. It takes about 8 years of school in total – 4 years of undergraduate school and 4 years of dental school.
Vets take care of sick and injured animals, giving them medicine and performing surgeries.
Becoming a vet takes a lot of school (a minimum of 8 years of schooling – 4 years in undergraduate, 4 in veterinary school, and time spent in clinical training), but it can pay off. Many vets earn over $100,000 a year.
Vets don’t just work in animal clinics. They can find jobs in zoos, farms, or research labs.
Want to make $100,000 a year? Try selling printables!
Printables are digital designs that people can buy and print at home. You can create all sorts of printables, such as planners, wall art, gift tags, cards, or even party decorations.
The best part? You only need to make each design once. Then you can sell it over and over again.
You can learn more at How I Make Money Selling Printables On Etsy.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
If you’re looking for a rewarding career that can pay well, becoming an occupational therapist might be a great choice. This job helps people overcome physical and mental challenges to live better lives.
Occupational therapists work with kids, adults, or older people who have injuries, illnesses, or disabilities.
To become an occupational therapist, you’ll need a master’s degree and you’ll also have to get a license to practice.
You can earn a good living as a lawyer and this is typically one of the highest-paying jobs in the workforce. Many lawyers make $100,000 or more per year. The highest-paid lawyers can even make well over $200,000 annually.
Lawyers give legal advice, represent clients, and work on different types of cases. These could include criminal law, family law, or business law.
To become a lawyer, you need to go to law school after college, as well as pass the bar exam.
Human resources managers play a very important role in companies. They handle hiring, employee relations, and workplace policies. Many HR manager jobs pay $100,000 or more per year.
To become an HR manager, you usually need a bachelor’s degree in human resources or a related field. Some jobs may ask for a master’s degree. Experience in HR is also important.
Speech-language pathology might be perfect for you if you are looking for a job that pays well and also helps people. This career lets you work with people of all ages who have trouble speaking or swallowing.
This job is in high demand and you can find work in schools, hospitals, or private clinics. Some speech-language pathologists even work for themselves.
To become one, you’ll need to go to college and get a master’s degree. You’ll also need a license to work.
Personal financial advisors help people manage their money and plan for the future. They can make around $100,000 or more a year.
As an advisor, you’d work with clients to set financial goals. You might help them save for retirement, buy a house, or pay for their kids’ college. You might also give advice on investments, insurance, and taxes.
Bookkeepers keep track of financial records for businesses, record income and expenses, manage payroll, and create financial reports.
To become a bookkeeper, you usually need a high school diploma or equivalent. Some employers might prefer a bachelor’s degree in accounting or a related field.
I have a few friends who provide monthly bookkeeping services to small businesses, and they all really like what they do. Plus, you don’t need a college degree to get started (only one of them has an accounting degree – most do not!) – so this is something you can learn.
You can learn more at Online Bookkeeping Jobs: Learn How To Get Started Today.
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
Teaching professors can earn $100,000 or more per year. This job combines a love for education with the chance to make good money.
You’ll need advanced degrees to become a teaching professor as most schools want you to have a Ph.D. in your field. Some might accept a master’s degree for certain subjects.
Your main job is to teach college students. You’ll create lesson plans, give lectures, and grade assignments.
Many teaching professors work at universities. But you can also find jobs at community colleges or online schools. Some professors teach both in-person and online classes.
As a CEO, you can earn over $100,000 a year and some earn millions of dollars each year.
CEOs lead companies and make important decisions. They set goals, manage teams, and work with other executives. It’s a fast-paced role that requires strong leadership skills.
To become a CEO, you’ll need lots of experience. Most start in lower roles and work their way up. A business degree can help, but it’s not always required.
Engineers are some of the highest-paid professionals in the job market today. Many engineering jobs pay salaries well over $100,000 per year, so this makes it an attractive career path for those seeking financial stability.
There are many different types of engineers, such as:
To become an engineer, you’ll need a strong background in math and science. Most engineering jobs require at least a bachelor’s degree in a related field.
Below are answers to common questions about the best jobs that pay $100,000 a year.
Yes, $100,000 is a good salary for most people. It’s more than double the average U.S. income. This amount can give you a comfortable life in many places. Of course, in some areas, $100,000 may not seem like enough. So, a lot depends on where you live.
Many jobs can pay $100K or more. Some top choices are software developer, pharmacist, airline pilot, and nurse practitioner. These jobs need special training or a degree but they can lead to high pay and good job security.
There’s no truly “easy” job that pays $100K. All high-paying jobs need hard work and skills. But some may feel easier if you enjoy them. For example, if you love writing, being a successful blogger could be a good fit.
You can earn $100K without a college degree in some jobs such as real estate agent, sales manager, blogger, and pilot. These jobs usually need special training, apprenticeships, or certifications instead of a degree. There are also jobs that I didn’t talk about in the list above that can make over $100,000 a year without a degree such as working as a firefighter, in law enforcement, as a plumber, and more.
Some high-paying jobs are less popular due to stress or tough conditions. Examples include underwater welder, oil rig worker, and coal miner. These jobs can pay well but may have health risks or unpleasant working conditions.
Jobs that can pay over $200K many times need lots of education and experience. Some examples are surgeon, investment banker, CEO, and lawyer. These jobs usually need many years of school and work to reach top pay levels.
Jobs that pay $100K per month ($1.2 million per year) are more rare. They might include top athletes, famous actors or musicians, successful business owners, and high-level executives at big companies. These jobs are hard to get and often involve fame or running large businesses.
I hope you enjoyed my article on the best jobs that pay $100K a year.
Finding a job that pays $100,000 or more can open doors to financial security and a better quality of life. Whether you’re interested in healthcare, technology, or even entrepreneurship, there are many options for jobs that pay a high salary.
Some of these careers require advanced degrees, while others only need specialized training or a willingness to learn new skills.
I hope you are able to find the job and career path that you are looking for!
What do you think are the best jobs that pay $100,000 or more each year?
Recommended reading:
Source: makingsenseofcents.com
Consider this your election cheat sheet to find out what Vice President Kamala Harris and former President Donald Trump are promising to do as they vie for the nation’s highest office. Here’s where the candidates stand on top economic and personal finance issues.
Both presidential candidates want to lower prices and slow inflation, but whether a president can directly do so is less certain. Inflation, as measured by the consumer price index, has already slowed to 2.4%, well off its pandemic-fueled peak.
Place tariffs on imports. Trump wants to place a 10% to 20% tariff on all foreign imports; up to 60% tariff on imports from China; and 100% to 200% imports on automobiles produced in Mexico. He says his tariffs would support U.S. manufacturing and raise revenue. But experts from all over the political spectrum say that his tariff plan is more likely to increase prices in the U.S.
Lower gas prices. Trump has pledged to increase oil and gas production on federal lands. The president’s ability to lower gas prices is limited as the price at the pump is more directly influenced by global market forces.
Weaken the power of the Federal Reserve. Trump says he wants to bring the Federal Reserve under the power of the president; experts say it could weaken the central bank’s credibility in making interest rate decisions.
Cap credit card interest rates at around 10%. The average credit card interest rate is 21.51%, according to Federal Reserve data from May 2024. It would require Congress to enact and would likely face legal pushback.
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Ban price gouging. Harris wants to create rules that would prevent corporate grocers from raising prices arbitrarily. The ban would require approval by Congress. Critics say her plan is mainly an election promise rather than a sound economic policy.
Lower prescription drug costs. Harris plans to extend to all Americans a $35 cap on insulin and $2,000 cap on out-of-pocket expenses for seniors. She also wants to make it quicker and easier for Medicare and other federal programs to negotiate prescription drug prices. Experts say her plans could be effective in bringing down costs, but will face pushback from Big Pharma lobbyists.
Increase the minimum wage. Harris says she would push to raise the federal minimum wage to at least $15 per hour, up from the current minimum wage of $7.25. The federal minimum wage hasn’t been touched since 2009 and raising it would require approval in Congress.
The campaign proposals that would most directly impact consumers are tax cuts and credits.
Extend tax cuts in his 2017 Tax Cuts and Jobs Act that are expiring at the end of next year. The TCJA includes estate tax cuts and individual income tax cuts.
Replace personal income taxes with tariffs. His new plan would place a 10% across-the-board tariff on foreign imports with much more for China. More on that above.
Lower the corporate tax rate by one percentage point. Trump wants to cut the corporate tax rate from 21% to 20%.
Implement R&D tax credits for businesses. The tax credits would allow businesses to write off 100% of expenses in its first year, including machinery and equipment. It’s a reversal of his 2017 tax cuts that phased out write-offs for R&D expenses in a business’ first year.
Increase taxes for the wealthy. Harris wants to raise the net investment income tax up to 5% on those with incomes above $400,000. She also wants to increase the highest tax rate on long-term capital gains to 28% on taxable income above $1 million.
Increase taxes for corporations.
Expand Child Tax Credit: Harris wants to increase the credit to $6,000 for children under the age of 1; $3,600 for children ages 2-5; and $3,000 for older children.
Permanently extend the expanded premium tax credits for those who purchase health insurance through the health insurance marketplace.
Increase tax incentives for small businesses. An increase in federal tax incentives from $5,000 to $50,000. The deduction would be available to new businesses until they turn a profit. The incentive feeds into her goal of creating 25 million new small businesses in the next four years.
No tax on tips: The candidates’ aims are vastly different, but there’s one proposal they both support: exempting workers from paying taxes on their tips. But experts say it’s just bad policy that doesn’t get to the fundamental needs of tipped workers.
When it comes to health care, the candidates have been light on the details, although both candidates promise to protect Medicare. Here’s where they differ.
Revisit the Affordable Care Act. Trump tried to repeal and replace the Affordable Care Act in his first term, but was unsuccessful. During the presidential debate on Sept. 10, he was asked if he would try again. In response, Trump said he had only “concepts” of a new plan.
Push for vitro fertilization (IVF) coverage. Trump has said the government or insurance companies should cover IVF, though many in the GOP oppose the idea.
Leave abortion laws up to the states. He says he would veto any federal ban on abortion.
Expand Medicare coverage to include long-term care including at-home care for seniors and those with disabilities. She also promises to provide vision and hearing benefits for seniors under Medicare.
Work with states to eliminate medical debt.
Lower prescription drug costs. See above.
Protect access to IVF.
Restore federal protections for abortion access under Roe v. Wade. Harris also promises to ensure there will never be a federal ban on abortion.
Harris wants to increase housing and make it more affordable while Trump has emphasized market-driven solutions. There are two areas that both candidates agree:
Open up federal lands for new housing developments. Neither has specified which lands that would include, but experts say much of the federally held land would not be ideal for creating new housing. There is precedence for using federal land to build housing; most available land is in the West.
Cut red tape. Reducing regulatory burden has bipartisan support, but most housing reform would need to be done at the local level to have an impact.
Build 3 million new homes over four years. Experts say her proposals would likely spur additional new housing creation, but building 3 million new homes in that short of a period of time is unlikely.
Add tax incentives for home builders. Harris proposed a new Neighborhood Homes Tax Credit to create 400,000 new owner-occupied homes in lower income communities and a tax break for builders that construct affordable starter homes.
Create a $40 billion innovation fund to incentivize stakeholders — state and local governments, as well as private developers and homebuilders — to find new strategies to expand the housing supply.
Introduce $25,000 in down payment assistance for first-time home buyers. It would be even greater for first-generation home buyers, but has not elaborated how much. It’s unclear how it would be implemented and experts say that without a bigger housing stock, her plan won’t work.
Lower rent and prevent price-fixing among corporate landlords. Experts are skeptical that her plans would lower rent. However, if a significant stock of new housing is created, it could alleviate some price pressures on the rental market.
Beyond deregulation and opening up federal lands for home building, Trump’s plans have been sparse when it comes to housing. However, experts say that his plans to deport millions of unauthorized immigrants could drive up housing prices since the construction industry is reliant on immigrant labor.
As president, Harris would likely champion student loan relief and free community college. Trump would likely restrict or dismantle loan forgiveness and promote access to non-traditional degrees.
Curb debt cancellation. Trump would likely not support broad student loan cancellation or strengthening other forgiveness plans that the Biden-Harris administration has championed. Trump has also said that access to existing loan forgiveness should be restricted, including the Public Service Loan Forgiveness (PSLF) program.
Dissolve SAVE. Trump is likely to strike down SAVE, an income-driven repayment program that is currently caught up in legal challenges.
Support vocational training. Trump’s platform says it would support creating “drastically more affordable alternatives to a traditional four-year college degree.”
Support “Plan B” student loan forgiveness. Harris would likely support Biden’s “Plan B” that would reduce or eliminate accrued interest for 23 million borrowers who owe more than they originally borrowed. The plan is currently wrapped up in state legal battles.
Support SAVE and other income-driven repayment plans. Harris would likely support the SAVE repayment plan through legal battles. She would also support the continuation of other income-driven repayment plans, including PSLF, as well as the borrower defense to repayment program that protects borrowers who are defrauded or misled by their colleges.
Champion free community college and trade school education. She also says she wants to subsidize tuition at Minority Serving Institutions, including Historically Black Colleges and Universities (HBCUs).
Expand the Pell Grant. She plans to expand grants to 7 million students and double the maximum award by 2029. Pell Grants are given to undergraduates from low-income backgrounds and are currently up to $7,395 per year.
Trump’s plan to deport unauthorized immigrants, en masse, would have unintended, but significant economic consequences including:
Increasing costs economy-wide. Reduced labor supply that would increase costs for businesses and, ultimately, be passed down to the consumer. It would especially impact the hospitality and service industries that rely on immigrant workers.
Driving up food prices. Immigrants make up a large portion of the agricultural workforce. Without that labor, the food supply in the U.S. could tighten, which would drive up prices.
Slowing housing construction since immigrants play a huge part in the creation of housing in the U.S. This could further worsen the nation’s affordable housing shortage.
Hosts Sean Pyles and Anna Helhoski discuss the grand economic promises made by presidential candidates and the intricate realities of presidential influence on the economy to help you understand the real effects on your daily finances.
Photo of former President Donald Trump by Anna Moneymaker/Getty Images News via Getty Images.
Photo of Vice President Kamala Harris by Brandon Bell/Getty Images News via Getty Images.
Source: nerdwallet.com
FHA loan applicants saw median payments decrease to $1,753, down from $1,817 in August. Conventional loan applicants experienced a slight dip as well, with median payments at $2,053 in September, compared to $2,056 in August. The states with the highest PAPI scores, indicating more challenging affordability, were Idaho (238.4), Nevada (236.7), Arizona (210.3), Florida (202.5), … [Read more…]
National average salary: $61,770
Job growth outlook: 60%
Job description:
• Install, repair, and maintain wind turbines
• Collect turbine data for analysis
• Service underground systems related to wind turbine maintenance
• Minimum interaction with colleagues makes this a promising job for antisocial people
Requirements: Likely need certification
How to get started: You can attend a technical school for this occupation and learn additional skills on-the-job to advance your career
National average salary: $48,800
Job growth outlook: 48%
Job description:
• Set up, assemble, and maintain systems which convert sunlight into energy
• Connect panels to electrical systems
• Perform routine maintenance of photovoltaic systems
Requirements: High school diploma or equivalent
How to get started: You’ll typically need to take courses at a technical college and receive on-the-job training
National average salary: $56,430
Job growth outlook: 9%
Job description:
• Ensure work aligns with relevant local codes
• Install and program security and fire alarm wiring and equipment
• Perform routine maintenance and repairs to wiring and equipment
Requirements: High school diploma or equivalent
How to get started: You can attend technical school or get an entry-level job and receive training there
National average salary: $48,690
Job growth outlook: 6%
Job description:
• Remove existing floor materials to prep for installation
• Lay and finish materials on floors
• Lay and set materials on other surfaces such as countertops, showers, and walls
Requirements: None
How to get started: You can work as an assistant or apprentice, and learn additional skills on the job to advance your career
National average salary: $48,690
Job growth outlook: 6%
Job description:
• Remove existing materials to prep surfaces
• Apply tile or stone to floors, walls, and countertops
• Lay tile and stone in accordance to design plans
Requirements: None
How to get started: You can work as an assistant or apprentice, and learn additional skills on the job to advance your career
National average salary: $61,170
Job growth outlook: 15%
Job description:
• Disassemble and reassemble problematic machinery
• Repair or replace malfunctioning machinery components
• Perform tests and calibrate machinery to required specifications
Requirements: High school diploma or equivalent
How to get started: Work as an apprentice or assistant, and learn skills on the job
National average salary: $61,300
Job growth outlook: 8%
Job description:
• Build, repair, and inspect structures submerged in liquid
• Work in teams to coordinate underwater tasks
• Work with other professionals to ensure tasks are conducted safely, such as with engineers to lay foundations for a bridge
Requirements: Technical school
How to get started: You’ll need technical school and on-the-job training to advance
National average salary: $75,400
Job growth outlook: 5%
Job description:
• Diagnose electrical or mechanical problems on aircraft
• Ensure work meets performance requirements
• Test parts of aircraft with diagnostic equipment
Requirements: High school diploma or equivalent
How to get started: You’ll likely need specialized certifications
National average salary: $61,000
Job growth outlook: 9%
Job description:
• Perform routine maintenance on machinery
• Diagnose and repair or replace defective parts
• Travel to worksite for heavy or large equipment
Requirements: High school diploma or equivalent
How to get started: You may need technical school or an entry-level position and on-the-job training
National average salary: $48,010
Job growth outlook: 7%
Job description:
• Perform routine maintenance on farm machinery
• Diagnose and repair parts on broken farm equipment
• Maintain records of repairs and maintenance
Requirements: High school diploma or equivalent
How to get started: You’ll need either technical school or an entry-level position to receive on-the-job training
National average salary: $61,170
Job growth outlook: 15%
Job description:
• Inspect and replace or repair broken or defective machinery in factories, power plants, and construction sites
• Test major components when necessary
• May need to travel to conduct repairs and maintenance tasks
Requirements: High school diploma or equivalent
How to get started: You’ll need an apprenticeship program, which can last several years
National average salary: $51,140
Job growth outlook: 5%
Job description:
• Coordinate between air traffic control and maintenance personnel
• Implement airfield safety procedures
• Monitor and maintain flight records
Requirements: High school diploma or equivalent
How to get started: You’ll need some training in technical school or on the job
National average salary: $54,690
Job growth outlook: 5%
Job description:
• Tend, control, and operate pumps (portable, power-driven, or stationary)
• Handle equipment to transfer materials such as oil, liquid, and gasses to and from vessels
Requirements: High school diploma or equivalent
How to get started: You’ll typically need either technical school or to work as an apprentice and receive training on the job
National average salary: $58,920
Job growth outlook: 8%
Job description:
• Coordinate and supervise loading, unloading, staging, and securing of aircraft baggage or cargo
• May need to assist members of flight crews in handling in-flight cargo
• May need to determine cargo quantity to ensure it’s loaded safely
Requirements: High school diploma or equivalent
How to get started: You’ll need related experience, such as cargo handling, to be promoted to the job
National average salary: $171,210
Job growth outlook: 5%
Job description:
• Fly and navigate aircraft such as airplanes and helicopters
• Ensure aircraft is balanced and in good condition before flights
• Monitor aircraft during flight, takeoff, and landing
Requirements: High school diploma or equivalent
How to get started: You’ll need to complete flight training
Recommended: Is $100,000 a Good Salary?
National average salary: $84,270
Job growth outlook: 4%
Job description:
• Drive and maneuver public transportation
• Watch for obstructions and other vehicles at crossings and remain alert to potential hazards
• Report delays or mechanical problems using dispatch devices like radios
Requirements: High school diploma or equivalent
How to get started: May need formalized training
National average salary: $55,310
Job growth outlook: 18%
Job description:
• Speak with clients about symptoms, treatment goals, and medical history
• Manipulate muscles, ligaments, and other soft tissues on the body
• Offer guidance on stretching and strengthening muscles
Requirements: You’ll need to get certified and licensed
How to get started: Attend training school; some programs help with job placement. Wages may be paid by salary or hourly.
National average salary: $48,200
Job growth outlook: 13%
Job description:
• Develop materials and programs to teach the community about health topics
• Help community find health services
• Analyze data from community to learn how to help and improve services
• Good opportunity for working after retirement
Requirements: High school diploma or equivalent
How to get started: You’ll usually need certification and on-the-job training
National average salary: $49,540
Job growth outlook: 5%
Job description:
• Conduct surveillance and collect evidence for clients
• Search records to gather clues
• Interview people to collect information that will help investigation
• Because investigations are increasingly conducted online, this can be an interesting work-at-home job for retirees
Requirements: High school diploma or equivalent; may need licensing, depending on the state
How to get started: You’ll most likely need work experience, so it’s best to get started assisting another private detective or investigator
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National average salary: $58,670
Job growth outlook: 15%
Job description:
• Administer and interpret hearing tests
• Take ear impressions in order to prepare, design, or modify ear molds
• Help select and fit hearing aids
Requirements: High school diploma or equivalent
How to get started: You can get hired as an assistant or apprentice and receive on-the-job training
National average salary: $67,800
Job growth outlook: 4%
Job description:
• Supervise and manage security and protective service staff
• Create and maintain records related to the job
• Ensure security and protective service workers are monitoring potential hazards and dangerous situations
Requirements: High school diploma or equivalent
How to get started: You’ll typically be promoted after years of experience
Recommended: What is The Difference Between Transunion and Equifax?
It’s possible to earn a good income without having to complete a college degree. Many skilled positions still require technical school, apprenticeship, or on-the-job training. Certifications may also be required. Job growth looks promising for specialized mechanics and machine operators, security supervisors, and health workers. Other industries needing skilled labor include transportation, construction, and renewable energy. As long as you’re willing to put in the work and continue learning, you can be on your way to a fruitful career.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
Some of the best paid jobs that don’t require a college degree include those in construction, maintenance and repair, and transportation.
The easiest jobs to get without a college degree include entry-level positions in the construction or transportation industries.
Photo credit: iStock/dusanpetkovic
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SORL-Q424-010
Source: sofi.com
Fort Wayne is known for its affordable cost of living, growing job market, and friendly people, making it an appealing option for many. That said, like any city, Fort Wayne has its own set of advantages and disadvantages. Let’s take a closer look at 11 of the most impactful pros and cons of living in Fort Wayne to help figure out whether or not it’s the place for you.
Walk Score: 32 | Bike Score: 41 | Transit Score: 22
Median Sale Price: $225,900 | Average Rent for 1-Bedroom Apartment: $1,142
Houses for rent in Fort Wayne | Apartments for rent in Fort Wayne | Homes for sale in Fort Wayne
Fort Wayne has one of the most affordable housing markets in the U.S. Median home sale prices are well below the national median of $427,496. Apartments in Fort Wayne follow a similar pattern and typically go for around $1,078 on average. This affordability makes it easier for residents to enjoy a comfortable lifestyle without stretching their budgets to the limit.
While Fort Wayne is easy to navigate by car, the public transportation system is limited. Citilink, the local bus service, covers some areas, but it may not be convenient for all. If you don’t own a car, getting around can be challenging, especially for commuting to certain neighborhoods or reaching destinations on the outskirts of town.
Fort Wayne’s job market is steadily growing, with particular strengths in manufacturing, healthcare, and education. Large employers like Parkview Health, General Motors, and Steel Dynamics provide ample job opportunities, while the city’s focus on innovation and technology is opening doors for new industries. For those seeking employment or career advancement, Fort Wayne has some solid options.
Fort Wayne experiences a wide range of weather, from hot, humid summers to cold, snowy winters. The unpredictability of the weather can be a drawback for some, especially those unaccustomed to frequent temperature fluctuations. Snow removal can be a hassle, and summer humidity can make outdoor activities less enjoyable.
For a mid-sized city, Fort Wayne has a surprisingly strong arts scene. The Fort Wayne Museum of Art, the Embassy Theatre, and events like the annual Three Rivers Festival provide year-round entertainment.
If you’re a sports fan, you may find Fort Wayne’s offerings lacking. While the city does have minor league teams like the TinCaps (baseball) and the Komets (hockey), it lacks professional franchises. Sports fans might have to visit friends living in Indianapolis or Chicago for big-league action.
Fort Wayne is home to an impressive amount of parks and green spaces. The city’s parks system includes over 80 parks, like the stunning Lakeside Park & Rose Garden and the expansive Franke Park. Rivergreenway Trail, which winds along the St. Marys River, provides scenic paths for walking, biking, and running.
If you’re looking for a city with elite nightlife, Fort Wayne might not meet your expectations. While there are bars, breweries, and live music venues, the city’s nightlife is more laid-back compared to larger Indiana cities.
Fort Wayne is home to several higher education institutions, including Purdue University Fort Wayne and Indiana Tech. These colleges offer a range of programs and cement the city’s status as one of the best college towns in Indiana. The presence of these schools also adds a youthful vibe to the city and provides continuing education opportunities for residents of all ages.
Despite being one of the better college towns in Indiana, Fort Wayne has a relaxed and slower pace of life. For some, it’s a welcome change from the hustle and buzz of bigger cities. For others, the laid-back atmosphere might feel too quiet. Those who crave constant activity may find themselves seeking more excitement elsewhere.
Fort Wayne’s central location in the Midwest makes it easy to travel to nearby cities like Indianapolis, Chicago, and Detroit. It’s close enough to enjoy weekend trips but still offers the perks of small-town living. The city is also served by the Fort Wayne International Airport, making air travel relatively convenient.
Source: rent.com
The SBA Working Capital Pilot (WCP) program offers business lines of credit as part of the SBA 7(a) loan program. Although the SBA also offers lines of credit through the CAPLines program, the WCP program is designed to provide greater flexibility and serve a wider range of small-business owners.
Like other SBA loans, WCP lines of credit provide large funding amounts, competitive interest rates and long terms. These small-business loans can be a good option for established businesses that want access to working capital.
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
The SBA Working Capital Pilot program is an SBA loan program that offers business credit lines that are partially guaranteed by the U.S. Small Business Administration. These working capital lines of credit are issued by participating lenders, typically banks and credit unions.
The WCP is a pilot loan program, meaning these products are available from a limited time unless the program is extended or made permanent. Currently, the program is set to run from Aug. 1, 2024 through July 31, 2027
.
Pilot loan programs, including this one, fall under the umbrella of the SBA 7(a) loan program and follow many of that program’s guidelines.
SBA Working Capital Pilot lines of credit are available up to $5 million and can be used for a variety of working capital needs.
There are two types of credit lines available through this program:
Transaction-based. These business lines of credit can be used for a single or multiple purposes during the term. Transaction-based WCP credit lines may be revolving or non-revolving based on the needs of the business.
Asset-based. These products are revolving lines of credit that are backed by specific collateral, in the form of a monthly borrowing base certificate (BBC). A BBC reports the value of your assets, usually accounts receivable and inventory, that support your credit line amount.
With both types of WCP lines of credit, your lender must perform a review on an annual basis (at a minimum). As part of this process, it will need to document that you are creditworthy, can make your payments and are compliant with the WCP program requirements.
If you can’t meet these criteria, the lender will not be able to approve any further draws nor renew the credit line until the requirements are met.
The maximum term on a SBA Working Capital Pilot line of credit is 60 months. For this program, the “term” refers to the period of time in which the lender agrees to lend you this credit. Your lender can, however, set independent loan “maturities” (usually on an annual basis) to take place during the term.
In other words, your maturity would dictate your repayment period. If your lender sets a maturity of one year, for example, you would need to make your final repayment on any funds you borrowed by the end of those 12 months.
Interest rates on SBA Working Capital Pilot lines of credit are the same as SBA 7(a) loan rates. This means that rates are set based on the prime rate, plus a spread that’s negotiated between you and your lender. Rates can be fixed or variable, but are subject to SBA maximums, which are determined by the size of your credit line.
Currently, fixed rates range from 13% to 16% and variable rates range from 11% to 14.5%.
Like other SBA 7(a) loans, your lender can charge a variety of fees on top of interest, including:
Service and packaging fees.
Extraordinary service fees.
Out-of-pocket expense fees.
Late payment fees
The SBA guarantee fee, however, works differently for the WCP program than it does for other loans. For the WCP program, you pay an annual short-term guarantee fee. The lender charges a proportional amount of this fee for each year your line of credit is in use.
The benefit of this structure is that you pay a short-term fee for a one-year term, rather than for a long-term maturity (which is how you would pay it for other types of 7(a) loans).
Competitive interest rates.
Large credit line amounts.
Can be used for a variety of working capital needs.
Option for one-on-one counseling with SBA Export Finance Managers.
Can be hard to qualify.
Slow to fund.
Requires collateral and personal guarantee.
Must be a for-profit business, in an eligible industry, operating in the U.S.
Must be able to show your creditworthiness and ability to repay the loan.
Can’t get the desired loan on reasonable terms from other lenders.
Must be able to demonstrate the need for a loan and show the business purpose for which you’ll use the funds.
Cannot be delinquent on any existing government loans.
Owners of 20% or more of the business must provide a personal guarantee.
You’ll also need to meet program-specific requirements, which include the following:
Must have a history of at least 12 full months of operations (i.e. generating revenue from your business operations).
Must be able to provide timely and accurate financial statements, accounts receivable and accounts payable aging reports and inventory reports.
Keep in mind that although the SBA doesn’t define credit score or annual revenue requirements, you’ll need to meet these qualifications as set by your lender. In general, it’s helpful to have good credit (a score of 690 or higher) and strong revenue.
To apply for a line of credit through the SBA Working Capital Pilot program, you’ll work directly with a participating lender, like a bank or credit union. If you have a pre-existing relationship with a financial institution, you might reach out to ask if it offers this type of SBA loan.
Although the application process will vary based on your SBA lender, you’ll generally need to provide:
SBA Form 1919, Borrower Information Form.
SBA Form 912, Statement of Personal History.
Business financial statements, such as balance sheets, profit and loss statements and projected financial statements.
Accounts receivable and accounts payable aging reports and applicable inventory reports.
Business certificate or license.
Loan application history.
Income tax returns.
Resumes for each business owner.
Business overview and history.
Business lease.
For this program, the lender will also require a lien on any collateral associated with transactions that you finance using your WCP credit line. This may include inventory, accounts receivable and contract proceeds, among other assets.
Once you submit your application, the underwriting and closing processes can take anywhere from 30 to 90 days. SBA Preferred Lenders may offer faster processing times, as they can issue loans without prior SBA approval.
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Source: nerdwallet.com
In reality, Redfin agents report that buyers and sellers are waiting until after the election, which aligns with its survey that revealed nearly one-quarter of prospective first-time buyers are holding off to see what Harris or Trump do next. However, home sales and listings are still holding up. The typical US homebuyer’s monthly mortgage payment … [Read more…]
When people are starting a business, it’s likely that they’ll consider the tax benefits of different company structures. In some cases, founders may create a limited liability company (LLC) specifically for its tax benefits.
Here, we’ll delve into the tax benefits of LLCs for business owners, as well as other pros and cons.
Key Points
• LLCs offer flexibility in choosing tax classification, such as sole proprietorship or partnership.
• Pass-through taxation allows LLC income to be taxed once at the individual level, avoiding corporate taxes.
• Members report income and losses on personal tax returns, potentially lowering overall tax liability.
• LLCs can opt for S-Corp taxation, retaining pass-through benefits while potentially reducing self-employment taxes.
• Tax benefits vary by state, so consulting a tax professional is recommended for specific advantages.
An LLC is a type of business structure available in the United States. A kind of hybrid, it combines some characteristics of corporations with others from a partnership or sole proprietorship.
According to the IRS, LLC owners are called “members.” Depending on the state in which you set up the LLC, members may be individual people, other LLCs, or corporations. There is no maximum number of members that a company can have, and most states allow LLCs with just one member. Check your state for specifics.
As mentioned above, company founders may choose an LLC structure especially for its tax benefits. Here, we go into detail about what those benefits are.
An LLC, as its full name implies, provides limited liability to its members. This means that, if the company fails, the owners’ and investors’ private assets are not at risk and can’t be seized to repay company debts.
As noted previously, an LLC can have one member or many, and those members can be individuals or companies. This business structure gives owners significant freedom when starting their company.
LLCs can be managed by a member (owner) or by a hired manager. A member-managed LLC may be chosen if the company has limited resources or few members. An owner may select a member with management experience to oversee the business, or they may want all members to actively participate in the company’s operations.
A hired manager is someone who is not a member but has the appropriate experience and skill sets to run the LLC. An accountant or financial advisor can go into detail about the tax benefits of member-manager vs. hired manager approaches. (Here’s what to know if you’re filing taxes for the first time.)
LLC member-owners have some control over how their business will be taxed. If there is only one member, it will automatically be treated like a sole proprietorship, and if there is more than one, like a partnership. In those cases, business income will pass through the business to the member-owners, and they’ll only get taxed once. Members will report income and losses on their personal tax returns, while the LLC itself is not taxed. (Learn how business income differs from other types of income.)
Because income and losses are reported as part of members’ personal financial pictures at tax time, taxes will be owed at each member’s personal tax rate.
Alternatively, the LLC owners may decide to be taxed as a corporation. If they choose an S-Corp structure, pass-through taxation still applies.
Recommended: How Long Does It Take Taxes to Come Back?
When someone opens an LLC, it shows that they’ve gone beyond just hanging a shingle. Instead, they went through the decision making and paper filing processes involved in setting up the LLC.
According to the U.S. Small Business Association (SBA), another form of business structure — the corporation — has the strictest requirements. In contrast, LLCs have some but fewer.
In general, an LLC should maintain a current operating agreement, hold annual meetings, ensure that they have appropriate shares recorded for each member, and keep records if membership interests transfer. (Find out if you can use a personal checking account for your business.)
So far, the LLC sounds like the ideal low-maintenance company structure. However, there are several caveats to be aware of.
Forming an LLC can cost a few hundred dollars, which may be more than what a small business wants to spend. (An online budget planner can help business owners set budgets and track spending.) The company will also need to file annual reports along with annual fees and taxes. These taxes and fees may cost a miniscule amount or several hundred dollars annually.
When a corporation wants to raise funds, they sometimes issue shares of stock. An LLC cannot issue stock.
Recommended: How to Start Investing in Stocks
Some states may require that an LLC be dissolved if there is a change in ownership. If the people starting the business expect to take in outside investors over the years, a corporation might be a better choice.
personal accountant or other professional before making this decision.
If you create an LLC to buy rental homes, you’ll have the benefits of no personal liability and pass-through taxation. There can be a flexible ownership structure, personal anonymity, and fairly simple reporting.
However, it may be harder to finance rental property as an LLC. There can also be significant fees to get the LLC up and running. LLCs for rentals can be more complex at tax time, and property transfers can also be more complicated.
Consider how simple or complex your proposed business will become. Do you plan to basically run the business yourself, or will it ideally turn into something bigger? What kind of legal protections will you need based on your business plans?
Entrepreneurs should also weigh the tax benefits of LLCs and sole proprietorships. The two structures, along with partnerships and S-corps, feature pass-through benefits, meaning that profits are taxed only when they’re paid to the company owner(s). A C-corp, meanwhile, is taxed as a company as well as when shareholder payouts are made.
Consult your accountant or financial advisor for specifics on your situation.
No matter what business structure you choose, it’s important to keep track of your finances. SoFi’s spending app provides you with an easy-to-use online budget planner so you can stay on top of your finances.
Limited liability companies (LLCs) come with plenty of advantages and a few disadvantages. As its name implies, the owners’ and investors’ private assets are not at risk if the company should struggle financially. Owners of the LLC are referred to as members. Membership may range from one individual to multiple individuals to other companies.
A major benefit is pass-through taxation, where income passes through the company to its members, who report it on their personal taxes. One disadvantage of LLCs for very small businesses is the startup cost and annual fees, which can run to several hundred dollars a year. Consult a professional to find out whether an LLC is the right fit for your business plan.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
With an LLC, you’ll have flexibility in deciding the structure under which your company will be taxed. There are more tax benefits of an LLC, including pass-through taxation, which means you’ll only get taxed once at your individual tax rate.
They can include limited liability, meaning that owners aren’t personally responsible for company debts; flexible structures; pass-through taxation; more credibility; and fewer compliance requirements compared to a corporation.
Each situation is unique, so consult your accountant or financial advisor for specifics.
Photo credit: iStock/hh5800
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SORL-Q424-006
Source: sofi.com