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June 16, 2024 by Brett Tams

Inside: Learn what 50 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.

You’re probably wondering if I made $50 a year, how much do I truly make? What will that add up to over the course of the year when working?

Is my $50 an hour take home pay comparable to others in my industry? Is $50 an hour paycheck a good salary?

First of all, this is a wage you can actually live on and should be able to thrive and reach your financial goals. Annually $50 an hour should help you to breathe easier with your finances. You might wonder how can I start to increase my hourly wage to $55, $60, or $65 per hour?

Most of the hourly jobs that pay over $50 an hour do not require a degree, which is great news! Those paid on a salary basis tend to have a college degree and do not even calculate their hourly wage.

In this post, we’re going to detail exactly what $50 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.

That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.

By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.

The ultimate goal with money success is to be wise with how you spend your money.

If that is something you want too, then keep reading. You are in the right place.

$50 an Hour is How Much a Year?

When we ran all of our numbers to figure out how much is $50 per hour is as an annual salary, we used the average working day of 40 hours a week.

40 hours x 52 weeks x $50 = $104,000

$104,000 is the gross annual salary with a $50 per hour wage.

As of June 2023, the average hourly wage is $33.58 (source).

Let’s Break Down Of 50 Dollars An Hour Is How Much A Year

Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $50 times 2,080 working hours, and the result is $104,000.

That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.

You cross the 6 figure salary, which is a huge step with your income! That is way higher than the average $60000 salary threshold, which is desired to become middle-income worker.

Work Part Time?

But you may think, oh wait, I’m only working part-time. So if you’re working part-time, the assumption is working 20 hours a week at $50 an hour.

Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $50 times 1,040 working hours and the result is $52,000.

How Much is $50 Per Month?

On average, the monthly amount would average $8,667.

Annual Amount of $104,000 ÷ 12 months = $8,667 per month

Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.

This helps a financially stable person manage their finances without a bunch of stress. And if you are making $100k a year and still stressing about money, then you need to learn to drastically cut your expenses.

Work Part Time?

Only 20 hours per week. Then, the monthly amount would average $4,333.

How Much is $50 per Hour Per Week

This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?

Once again, the assumption is 40 hours worked.

40 hours x $50 = $2,000 per week.

Work Part Time?

Only 20 hours per week. Then, the weekly amount would be $1000.

How Much is $50 per Hour Bi-Weekly

For this calculation, take the average weekly pay of $2,000 and double it.

$2,000 per week x 2 = $4,000

Also, the other way to calculate this is:

40 hours x 2 weeks x $50 an hour = $4,000

Work Part Time?

Only 20 hours per week. Then, the bi-weekly amount would be $2,000.

How Much is $50 Per Hour Per Day

This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.

8 hours x $50 per hour = $400 per day.

If you work 10 hours a day for four days, then you would make $500 per day. (10 hours x $50 per hour)

Work Part Time?

Only 4 hours per day. Then, the daily amount would be $200.

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.

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$50 Per Hour is…

$50 per Hour – Full Time	Total Income
Yearly Salary (52 weeks)	$104,000
Yearly Wage (50 weeks)	$100,000
Monthly Salary (173 hours)	$8,667
Weekly Wage (40 Hours)	$2,000
Bi-Weekly Wage (80 Hours)	$4,000
Daily Wage (8 Hours)	$400
Net Estimated Monthly Income	$6,617

^{**These are assumptions based on simple scenarios.}

Paid Time Off Earning 50 Dollars an Hour

Does your employer offer paid time off?

As an hourly employee, you may or may not get paid time off.

So, here are the scenarios for both cases.

For general purposes, we are going to assume you work 40 hours per week over the course of the year.

Case # 1 – With Paid Time Off

Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.

In this case, you would make $104,000 per year.

This is the same as the example above for an annual salary making $50 per hour.

Case #2 – No Paid Time Off

Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.

Life happens. There will be times you need to take time off for numerous reasons – sick time, handling a family emergency, or even vacation.

So, let’s assume you take 2 weeks off without paid time off.

That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $50 times 2,000 working hours, and the result is $100,000.

40 hours x 50 weeks x $50 = $100,000

You would average $400 per working day and nothing when you don’t work.

$50 an Hour is How Much a year After Taxes

Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.

Also, every single person’s tax situation is different.

On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.

Gross Annual Salary: $104,000

Federal Taxes of 12%: $12,480
State Taxes of 4%: $4,160
Social Security and Medicare of 7.65%: $7,956

$50 an Hour per Year after Taxes: $79,404

This would be your net annual salary after taxes.

To turn that back into an hourly wage, the assumption is working 2,080 hours.

$79,404 ÷ 2,080 hours = $38.18 per hour

After estimated taxes and FICA, you are netting $38.18 an hour. That is $11.83 an hour less than what you thought you were paid.

This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.

Plus budgeting for under $38 an hour wage is much different.

$50 An Hour Salary Calculator

Now, you get to figure out how much you make based on your hours worked or if you make a wage between $50.01-50.99.

This is super helpful if you make $50.15, $50.45, or $55.90.

Plus many of the best paying jobs in real estate investment trusts pay in this range.

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$50 an Hour Budget – Example

You are probably wondering can I live on my own making 50 dollars an hour? How much rent or mortgage payment can you afford on 50 an hour?

Using our Cents Plan Formula, this is the best-case scenario on how to budget your $50 per hour paycheck.

When using these percentages, it is best to use net income because taxes must be paid.

In this example, we calculated $50 an hour was $38.18 after taxes. That would average $6,617 per month.

According to the Cents Plan Formula, here is the high-level view of a $50 per hour budget:

Basic Expenses of 50% = $3308.50
Save Money of 20% = $1323.40
Give Money of 10% = $661.70
Fun Spending of 20% = $1323.40
Debt of 0% = $0

Can You Make These Percentages?

For someone making over $100K gross annually, this is completely doable assuming there is no debt involved. The risk most people find themselves in is lifestyle creep and keeping up with the Joneses.

You can be strategic with your saving and investing to quickly become the millionaire next door. Then, that will allow a level of time freedom you have never experienced.

To further break down an example budget of $50 per hour, then using the ideal household percentages is extremely helpful.

recommended budget percentages based on $50 per hour wage:

Category	Ideal Percentages	Sample Monthly Budget
Giving	10%	$693
Savings	15-25%	$1733
Housing	20-30%	$1820
Utilities	4-7%	$347
Groceries	5-12%	$607
Clothing	1-4%	$65
Transportation	4-10%	$347
Medical	5-12%	$443
Life Insurance	1%	$43
Education	1-4%	$87
Personal	2-7%	$160
Recreation / Entertainment	3-8%	$282
Debts	0% – Goal	$0
Government Tax (including Income Taxes, Social Security & Medicare)	15-25%	$2050
Total Gross Income		$8,667

^**^{This is a sample budget. You can adjust your categories based on your personal situation.}

Learn how much house can I afford with 100k salary.

Can I Live off $50 Per Hour?

At this $50 hourly wage, you are making more than $100K per year. So yes, you should thrive on this annual salary.

This is well over the median income of $60,000 salary. That means you should be able to increase your savings percentage each year and live better than 80% of the world.

The question is, are you? Or are you straddled in debt? Struggling and living paycheck to paycheck?

Unfortunately, too many people are still struggling even though they are making nearly 4x the minimum wage.

Should living on $100K be doable? Absolutely.

Don’t be caught in a tough situation. You need to live below your means. If not, you are wasting too much of your hard-earned cash.

Can you truly live off $50 an hour annually?

Just like any wage… you must spend less than your income. Plus consistently save.

If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.

Your mindset is everything.

This is what you say to yourself… Okay, I am blessed to make more than the average worker. So, I must live on that paycheck or find ways to start diversifying my income into multiple streams and start investing. Then, I am going to give back to what helped me to get where I am today.

In the next section, we will dig into ways to increase and diversify your income, but for now, is it possible to thrive on $50 an hour?

Yes, you can do it, and as you can see it is possible with the sample budget of $50 per hour.

Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.

Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.

5 Ways to Increase Your Annual Salary

This right here is the most important section of this post.

Even though, you are making good money. You might have reached a maximum ceiling of income in your field. You may need to change companies.

More often than not, you need to find ways to diversify your income. One type of income will get you far in your personal finance journey, but to truly see faster progress you need multiple streams of income.

Finding ways to increase your monthly pay by $500 or $1000 will add up over the year.

1. Find Alternative Ways to Make Money

In today’s society, you need to find ways to make more money. Period.

There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.

So, you need to find a side hustle – another way to make money.

Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.

Must Read: 20 Genius Ways on How to Make Money Fast

2. Earn Passive Income

This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and becoming financially stable.

By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.

Here is an example:

You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.

One gentleman started with $5,000 in his trading account and now has well over $36,000 in less than a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.

Related Reading: How Fast Can you Make Money in Stocks? The Real Answer

3. Become a Freelancer

When you make $50 an hour, you are good at your job. You know what you are doing and people are willing to pay you for it.

Pick up side jobs and spend your free time as a freelancer.

This is one of the best ways to make extra money without a lot of upfront effort or costs.

I know plenty of people who make a living as freelance writers.

The options are endless if you are willing to think outside of the box.

4. Ask for a Raise

The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.

If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.

If that does not pan out, then look for a new job. Maybe a completely new industry.

It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $50 an hour isn’t worth it for you if you’re not able to enjoy life; maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.

5. Find a New Career

Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.

I was in the same situation for many years until I decided to make a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.

Tips to Live on $50 an Hour

In this last section, grasp these tips on how to live on $50 an hour. On our site, you can find lots of money saving tips to help stretch your income further.

Here are the most important tips to live on $50 an hour. More importantly stretch how much you make, in case you are in the “I don’t want to work anymore” mindset. Highlight these!

1. Spend Less Than you Make

First, you must learn to spend less than you make.

If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.

In order to break that dreadful cycle, it means your expenses must be less than your income.

And when I say income, it’s not the $50 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $50 an hour minus all the taxes, FICA, social security, and Medicare is taken out. That is your net income.

So, your net income has to be less than your net income. Learn the difference between gross pay vs net pay.

2. Living Below Your Means

You need to be happy. And living on less can make you happier. Studies prove that less is better.

Finding contentment in life is one thing that is a struggle for most.

We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.

Have you ever taken a step back and looked at what you really need?

Once you can find contentment with life, then you are going to be set for the long term with your finances.

Here is our story on owning less stuff. We have been happier since.

3. Make More Money

If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.

You need to be an advocate for yourself.

Find ways to make more money.

It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.

Whatever path you take, that’s fine. Just find ways to make more money. Period.

4. Make Saving Money Fun

You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!

Find new ways of saving money and have fun with it.

Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.

Here are plenty of things to do with no money. Free activities without costing you a dime. That is a fantastic resource for you and you will never be bored.

And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.

5. No State Taxes

Paying taxes is one option to increase what you take home in each paycheck.

These are the states that don’t pay state income taxes on wages:

Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming

It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.

Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.

6. Stick to a Budget

You need to learn how to start a budget. We have tons of budgeting resources for you.

While creating a budget is great, you need to learn how to use one.

You do not have to budget down to every last penny.

You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.

Budget Help:

7. Pay Off Debt Quickly

The amount that you pay interest on debt is absolutely absurd.

Unfortunately, that is how many of these companies make their money from the interest you pay on debt.

If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.

Here’s a debt calculator to help you. Figure out your debt-free date.

Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money and set money aside in separate bank accounts and pay for cash for things.

It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt-free journey.

Jobs that Pay $50 an Hour

You can find plenty of jobs that pay $50 per hour. Polish up that resume, cover letter, and interview skills.

Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.

First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.

Possible Ideas:

$50 Per Hour Annual Salary

In this post, we detailed 50 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.

$104,000

That is making over $100000 a year.

In this post, we highlighted ways to increase your income as well as tips for living off your wage.

Use the sample budget as a starting point with your expenses.

Now, think back to when you were making $11 an hour… a lot has changed since then, right?

You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!

Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.

Learn exactly how much do I make per year…

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

June 16, 2024 by Brett Tams

A term deposit, also known as a certificate of deposit (CD) or time deposit, is a low-risk, interest-bearing savings account. In most cases, term deposit holders place their funds into an account with a bank or financial institution and agree not to withdraw the funds until the maturity date (the end of the term). The funds can earn interest calculated based on the amount deposited and the term.

This guide explains what a term deposit is in more detail, including the pros and cons of term accounts.

What Is a Term Deposit or Time Deposit?

Time deposit, term deposit, or certificate of deposit (CD) are all words that refer to a particular kind of deposit account. It’s an amount of money paid into a savings account with a bank or other financial institution. The principal can earn interest over a period that can vary from a month to years. There is usually a minimum amount for the deposit, and the earned interest and principal are paid when the term ends.

One factor to consider is that the account holder usually agrees not to withdraw the funds before the term is over. However, if they do, the bank will likely charge a penalty. Yes, that’s a downside, but consider the overall picture: Term deposits typically offer higher interest rates than other savings accounts where the account holder can withdraw money at any time without penalties.

Compared to stocks and other alternative investments, term deposits are considered low-risk (they’re typically insured by the FDIC or NCUA) for up to $250,000 per account holder, per account ownership category (say, single, joint, or trust), per insured institution. For these reasons, the returns tend to be conservative vs. higher risk ways to grow your funds.

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How Does a Bank Use Term Deposits?

Banks and financial institutions can make money through financing. For example, they likely earn a profit by issuing home, car, and personal loans and charging interest on those financial products. Thus, banks are often in need of capital to fund the loans. Term deposits can provide locked-in capital for lending institutions.

Here’s how many bank accounts work:

• When a customer places funds in a term deposit, it’s similar to a loan to the bank. The bank will hold the funds for a set time and can use them to invest elsewhere to make a return.

• Say the bank gives the initial depositor a return of 2.00% for the use of funds in a term deposit. The bank can then use the money on deposit for a loan to a customer, charging a 6.00% interest rate for a net margin of 4.00%. Term deposits can help keep their financial operation running.

Banks want to maximize their net interest margin (net return) by offering lower interest for term deposits and charging high interest rates for loans. However, borrowers may choose a lender with the lowest interest rate, while CD account holders probably seek the highest rate of return. This dynamic keeps banks competitive.

Recommended: Understanding the Different Types of Bank Accounts

How Interest Rates Affect Term Deposits

Term deposits and saving accounts in general tend to be popular when interest rates are high. That’s because account holders can earn a high return just by stashing their money with a financial institution. When market interest rates are low, though, people are more inclined to borrow money and spend on items like homes and cars. They may know they’ll pay less interest on loans, keeping their monthly costs in check. This can stimulate the economy.

When interest rates are low (as checking account interest rates typically are), the demand for term deposits usually decreases because there are alternative investments that pay a higher return. For example, stocks, real estate, or precious metals might seem more appealing, although these are also higher risk.

The interest rate paid on a term deposit usually depends on the amount deposited and the time until maturity. A larger deposit may earn higher interest, and a deposit for a longer period of time (says, a few years vs. a few months) may also reap higher rewards.

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Types of Term Deposits

There are two main types of term deposits: fixed deposits and recurring deposits. Here’s a closer look.

Fixed Deposits

Fixed deposits are a one-time deposit into a savings account. The funds cannot be accessed until the maturity date, and interest is paid only on maturity.

Recurring Deposits

With a recurring deposit, the account holder deposits a set amount in regular intervals until the maturity date. For example, the account holder might deposit $100 monthly for five months. Each deposit will earn less interest than the previous installment because the bank holds it for a shorter period.

In addition to these two types, you may see banks promoting different kinds of CDs, whether they vary by term length or by features (such as a penalty-free CD, meaning you aren’t charged if you withdraw funds early).

Opening a Term Deposit

To open a term deposit account, search online for the best interest rates, keeping in mind how much you want to deposit, how often, and for how long. Most banks will ask you to fill in an online application. Make sure you read and agree to the terms of the agreement. For example, check the penalties that apply if you decide to withdraw your funds early as well as the minimum amount required to earn a certain interest rate.

Closing a Term Deposit

A term deposit may close for two reasons — either the account reaches maturity or the account holder decides to end the term early. Each bank or financial institution will have different policies regarding the penalties imposed for breaking a term deposit. Read the fine print or ask a bank representative for full details.

When time deposit accounts mature, some banks automatically renew them (you may hear this worded as “rolled over” into a new account) at the current interest rate. It would be your choice to let that move ahead or indicate to the bank that you prefer to withdraw your money.

If you want to close a term deposit before the maturity date, contact your bank, and find out what you need to do and the penalties. The penalty will depend on the amount saved, the interest rate, and the term. The fee may involve the loss of some or all of interest earned. In very rare cases, your CD could lose value in this way.

Term Deposits and Inflation

Term deposits may not keep up with inflation. That is, if you lock into an account and interest rates rise over time, your money won’t earn more. You will likely still earn the same amount promised when you funded the account. Also, once tax is deducted from the interest income, returns on a fixed deposit may fall below the rate of inflation. So, while term deposits are safe investments, the interest earned can wind up being negligible. You might investigate whether high-yield accounts or stocks, for instance, are a better option.

Term Deposit Pros

What are the advantages of a term deposit versus regular high-yield savings account and other investments? Here are some important benefits:

• Term deposit accounts are low-risk.

• CDs or time deposits usually pay a fixed rate of return higher than regular savings accounts.

• The funds in a CD or deposit account are typically FDIC-insured.

• Opening several accounts with different maturity dates can allow the account holder to withdraw funds at intervals over time, accessing money without paying any penalties. This system is called laddering.

• Minimum deposit amounts are often low.

Term Deposit Cons

There are a few important disadvantages of term deposit accounts to note, including:

• Term deposits can offer lower returns than other, riskier investments.

• Term deposits and CDs usually have fixed interest rates that do not keep up with inflation.

• Account holders likely do not have access to funds for the length of the term.

• Account holders will usually pay a penalty to access funds before the maturity date.

• A term deposit could be locked in at a low interest rate at a time when interest rates are rising.

Examples of Bank Term Deposits

Here’s an example of how time deposits can shape up. Currently, Bank of America offers a Featured CD account: A 13-month Featured CD with a deposit of more than $1,000 but less than $10,000 pays 4.75% APY.

At Chase, a 9-month CD with a deposit of more than $1,000 but less than $10,000 pays 4.25% APY. If you have $100,000 or more to deposit, the APY rises to 4.75%.

Recommended: How Do You Calculate Interest on a Savings Account?

The Takeaway

Term deposits, time deposits, or CDs are conservative ways to save. Account holders place a minimum amount of money into a bank account for a set term at a fixed interest rate. The principal and interest earned can be withdrawn at maturity or rolled over into another account. If funds are withdrawn early, however, a penalty will likely be assessed.

While these accounts typically have a low interest rate, they may earn more than standard bank accounts. What’s more, their low-risk status can help some people reach their financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Can you lose money in a term deposit?

Most term deposits or CDs are FDIC-insured, which means your money is safe should the bank fail. However, if you withdraw funds early, you may have to pay a penalty. In a worst-case scenario, this could mean that you receive less money than you originally invested.

Are term deposits and fixed deposits the same?

There is usually no difference between a term deposit and a fixed deposit. They both describe low-risk, interest-bearing savings accounts with maturity dates.

Do you pay tax on term deposits?

With the exception of CDs put in an IRA, any earnings on term deposits or CDs are usually subject to federal and state income taxes. The percentage depends on your overall income and tax bracket. If penalties are paid due to early withdrawal of funds, these can probably be deducted from taxes if the CD or term deposit was purchased through a tax-advantaged individual retirement account (IRA) or 401(k).

Photo credit: iStock/Olga Trofimova

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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.

SOBK-Q224-1918892-V1

Source: sofi.com

Apache is functioning normally

June 15, 2024 by Brett Tams

Are you excited to find the best version of yourself possible?

If you are, then you were in the absolutely correct place right now.

When trying to form a new habit or break a bad habit, many times we get lost in the overwhelming feeling that we are just not capable of making any changes. That is why these 30 day challenge ideas will help you become the person that you desire to be.

We cover a bunch of different thirty day challenge ideas across many contrasting areas in your life.

In this post, you are bound to find something that you will want to do.

For me personally, I have jumped on the 30 day challenge concept because I know that just a couple of days of trying a new habit isn’t going to last. I need to do something over a longer period of time to actually have it become ingrained as a habit or part of my life.

So, let’s dig into the best 30 day challenge ideas to get you started.

And don’t worry, we cover what are some fun 30 day challenges!

What is a 30 day challenge?

Simply put, a 30 day challenge is thirty days in a row that you challenge yourself to do something specific.

There are many things that you can do within these 30 days.

But, the goal is to use a thirty day challenge tracker and cross it off each and every day.

If you are not sure what can be achieved in 30 days, then you have never tried one of these challenges. You are able to accomplish more than you thought possible by sticking to the challenge.

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.

Does the 30 day challenge really work?

Yes, you will be transformed at the end of the month if you cross off a majority of your thirty days.

If you have not read Atomic Habits by James Clear, then I highly recommend getting this book ASAP.

This book will help you realize some of the things that you were doing without even realizing it, and causing you to have good or bad habits. Plus, it will help drive the desire to build good habits in your life.

For me personally, this book has helped me to build better habits and make progress. And I wished I read it when it first came out in 2018!

You need to get rid of bad habits that make your life a struggle. Thus, a 30 Day Challenge will help.

This is only true if you are committed to putting in the effort in time.

While you may skip a day and there is absolutely nothing wrong with that. As long as you jump back on the bandwagon and continue the next day.

Types of Fun 30 Day Challenges:

Well, let’s be honest if you’re not going to make it fun, then you shouldn’t do it at all! Because it is much easier to complete a fun 30 Day Challenge rather than something that you’re forced to be doing.

So, in order to keep it fun, you can always have a reward tied to the end.

Once you complete your 30 day challenge, then this is your reward for completion.

Too many times we look at thirty day challenges as “what should I give up for a month,” when in reality, you are not really depriving yourself for a month, you are trying to build a better you and better habits.

Here are the fun categories for all of our thirty day challenges:

How to Do a 30 Day Challenge?

As you will see shortly, there are lot of ways that you can intertwine these 30 day challenges together in your life and your schedule.

You may do one of these challenges while you’re sitting in the car waiting to pick up children from their activities. You may carve out time, specifically to work on a new skill, how and when you accomplish these challenges is up to you.

At the end of 30 days though, you are going to find a new level of happiness, enjoyment and fulfillment by sticking to these challenges.

The best way for success is to track your progress! There are resources at the bottom to help you out.

If you fall off the bandwagon for a day or two, that’s okay. Shake it off, and jump right on.

Don’t skip, more than a day. You got to get back on and complete your challenge.

30 Day Challenge Health & Fitness

First of all, I don’t like the sound of a 30 day wealth loss challenge because managing your health and fitness is a lifelong skill.

While thirty day challenge will give you a kickstart, you need to continue focusing on your overall health and fitness level.

Here are quick things to improve your health and fitness in the next month with one of these 30 day health challenge.

1. Do Workouts at Home

There is no reason you must go to the gym, so find a workout that you can do at home. There are plenty on YouTube, as well as subscription services to get you started.

Are 30 day workout challenges good? Personally, I have found that they keep my motivation going and accountable.

2. Daily Yoga

This is a challenge that I completed in the month of September is every day to do yoga. Some days it may be just 10 minutes, other days I may do an hour, but it is just a simple challenge to keep improving my flexibility and movement. Here is my favorite yoga instructor.

3. Drink Only Water, Tea & Coffee

Without realizing it, it is really easy to add a lot of liquid into your body that may not be the best. So, a quick and easy health challenge is to only drink water, tea, and coffee.

Eliminate all extra drinks, especially mixed cocktails, sodas, or energy drinks.

4. Stop Snacking

In today’s society, we are bombarded with eating small meals, and snacking is good for us. However, with the constant influx of food, we are more in a habit of snacking, rather than out of hunger for food.

To stop snacking, focus on your main meals for 30 days. Evaluate how you feel afterward a month.

5. Walk Before Lunch or Dinner

Walk before you sit down to eat a meal. Get outside, stretch your legs and take a walk around the block. It does not have to be for long; it can be 10 minutes or 30 minutes.

But, by taking that time to walk beforehand, you are burning calories and at an opportune time before you eat your main meals.

6. Focus on Core Strength

A quick 10 minute abs / core strength exercise helps us in everyday life. Yet, we tend to forget about building up the strength in our core.

Head to YouTube and do a 10 minute ab workout. It is very quick and easy.

You can easily fit in, when you go to take a break, instead of jumping on Facebook or Instagram. Do a quick 10 minute ab workout, and that will improve your health and fitness level by the end of 30 days.

7. Check out Fasting

Fasting is not for everyone. However, this statement intrigued me… the word breakfast means breaking your fast.

We are bombarded with food options 24/7, but maybe our bodies need a break from eating consistently. Check out this book for more info and talk to your doctor first.

8. Fit Bride-to-be Workout

If you are an upcoming bride, you probably want to be at the best possible fitness level that you are capable of doing. So here is a 30 day workout challenge, just for brides.

30 Day Challange Happiness & Gratitude

We all need a little bit more happiness in our life, and we all could express more gratitude. It does not have to be difficult.

These are simple concepts, but we get too focused on everything that is going wrong in our life. Thus, we do not look around and see the beauty and all of the good that is happening.

9. Walk Outside for Fresh Air

Did you know that fresh air is beneficial for your health? Also, it instantly improves your happiness level. So, all you have to do is step outside and take a fresh breath.

10. Start a Gratitude Journal

This helps you focus on three things. Each day wrote down three positive moments in your life. After you do this over the course of 30 days, your happiness level will improve, as well as your gratefulness.

11. Take Control of Your Phone

There is a great book written by two previous Google employees on how to use your technology appropriately and not have your technology take over your life. Check it out. You need to use your phone for the purposes of your phone, and not as a distraction tool.

12. Take a Social Media Break

Every day you are overwhelmed with the picture-perfect life of everybody else on Instagram and Facebook. Studies prove that will leave you discouraged and unhappy with your real life.

Take a thirty-day break from social media and stop focusing on everybody’s highlight reel. During those 30 days, connect with real people and have real conversations, and let your mind focus on the reality around you.

13. Buy a Bouquet of Flowers

Every once in a while, I splurge and buy a bouquet of flowers to put on the table – just because it brings a smile to my face every time I walk through that room. It is something very easy. Plus for my frugal side, I always buy flowers under $10.

14. What Brings Joy in Your Life?

For a quick minute, think about what just brings that extra joy in my life. Focus on those things. Plan to dedicate extra time to what you want out of life and not what others want for your life.

15. Take a Day for You

This is true for everyone, but right now I am going to speak directly to the mamas out there first. As a mom, we put our family and our kids first. We always make sure that we are available and ready to help them in every possible way. This will leave us drained over the course of a day, week, month and year.

Plan a day for yourself. Take a mental break from being in that role of a mom.

This applies to everyone; take a day to recharge your batteries. Then, you will be able to come back for another day with a fresh gusto!

16. Say Yes to that Hobby

We always have a reason or excuse why we are not going to start that hobby that we have thought about for many years. So, what better time to be happy, and give it a try? Try your new hobby for thirty days and see how it works out.

Resources for More Happiness & Gratitude Ideas:

30 day Financial Challenge

One of the hardest parts of managing money is it takes time to make progress. In a couple of days, you are not going to notice a significant change in one direction or another with your money.

At the end of 30 days, you can actually start to see progress with your money and your habits.

Here are the best financial challenges that you can do within a 30 day time period.

17. No Spend Challenge

If you have never participated in no spend challenge this 30 Day financial challenge is just for you. Learn how you spend money, and why you spend money.

That will help you evaluate whether spending money is worth it or not. Check out how to participate in a no spend month.

18. Have a 24 Hour Buy Period

Oh, retailers love to make a spend, spend, spend. This is your “conscious” way to pause your spending. Wait 24 hours before you could buy anything.

While this may not be convenient, it is a good way to see if you actually truly wanted that item, or if you are buying it for no specific need.

19. Envelope Challenge

With this super popular 100 envelope challenge, there is absolutely no reason that you cannot just do 30 days. Your results will vary on how much you end up saving. But, something is more than nothing!

If you decide to just do the numbers one through thirty, you will end up saving $465 at the end of the challenge. If you keep all the numbers 1-100 and randomly pick thirty envelopes, then your results are going to be different based on what envelopes you pick.

But either way, it is a good way to start saving money.

20. Financially Stable Habits

Regardless of where you are on your money journey, you can pick one of the financially stable habits and focus on those for the month. Pick a few habits to focus on for 30 days. If you want to be successful with money long term, you need to learn how to be financially stable.

21. Pick a Habit of a Thrifty Person

Being thrifty is a great quality to have! You are not cheap with your money, you know when to spend on quality, but a lot of times people look frown upon those who are thrifty.

By being thrifty, you will actually end up saving money in the long term. And that will impact your finances, so learn a quality of a thrifty person.

22. 30 Day Money Saving Challenge – Save $465

Our money saving challenges, here at Money Bliss, are extremely popular,
and for good reason, it sets you up for financial success.

There are plenty of options to save money in thirty days. You can save $5 a day over the course of 30 days, and end up saving $350. Or find ways to stop spending money and save $20 a day, then you accumulate $600 in just one month.

30 Day Journaling Challenge

In this section, some people either love or absolutely hate it because journaling can be overwhelming (mostly thanks to Pinterest). We always feel like our journaling is not as good as others, or our handwriting is not as pretty. Or that you do not have the time to dedicate to journaling.

So when it comes to this 30 Day journaling challenge, I challenge you to do what you can do and not compare yourself to others.

Personally, my handwriting and the beauty of my journals are not great either. I do bullet points mostly and that works for me. I just find ways to clear my head and write down my thoughts.

23. Set a Time to Journal

You must dedicate time to journaling. Block out time to journal. If not, It is not gonna happen. You need to set a time for you to journal, whether it is five minutes, ten minutes, thirty minutes, or an hour!

Take time for whatever you need to journal what is on your heart.

24. Find Journaling Prompts

Do not go into your journaling time without an idea of what you should journal about. In advance, look for journaling prompts that work for you where every day you focus on a different part of your life.

For example… Day one is work. Day two is your family. The third day is your friends, and keep going from there.

Or start with these money affirmations to guide you.

25. Create a Bucket List

We all have goals, aspirations, and dreams. Nevertheless, have you ever written them out on a list? This is your time to create a bucket list. Start thinking about what you want to do, where you want to go, and how it is going to happen.

26. Write a Letter

Letters are a great way to share your thoughts with others. You may find finishing a letter may take a little bit longer than one day (and that is completely okay).

These letters could be written for future events like once a person graduates from college, gets married, finds their first job, or has a baby – whatever it may be, the letters share your heart now to be opened later down for a future.

27. Journal about your Pet Peeves

If you have certain pet peeves that drive you crazy, then why not journal about them? Then, you can notice signals to stop them before they start or get worse. Consequently, you can also find happiness at the same time.

28. Learning Opportunities

Write a list of all the things that you want to learn. Next, journal about the action steps you need to take in order to start learning and doing.

29. Describe your Life in 5 Words

Sometimes we do not want to write at all, sometimes we want to write a ton, and that is completely okay. If somebody asked you today, describe your life in five words, what would you say? Journal about that.

30 day Self-Care Challenge

It is okay to participate in self care. This is extremely important for your mental health.

Don’t keep putting this off until tomorrow. Wellness at home is extremely important!

This is your chance at self care if not all the other people in your household will be begging for your attention.

30. Extra Time for You

We go through the day focused on everything that needs to be done and a lot of times we do not take a breath. Blocking out time for you is extremely important for self care. Right now, set a timer in your phone for 5-30 minutes of just extra time, just for you, and spend it how you choose.

31. Be Still

Plan the time to take an extra 10 minutes to get away and have time for yourself. Just to be still. It could be when you get ready in the morning, be early to a meeting, or while waiting for kids to be picked up. Give yourself an extra 10 minutes to get ready.

32. Get a Massage

Work out all those kinks in your neck and your back plus all that tension. Get a massage for yourself. If you cannot afford regular massages, then look at the handheld massager to use at home.

33. Take a Detox Bath

Soaking in a bathtub is a great way to help with self care. Even soaking your feet is an indulgent experience. By doing a detox bath, you are able to draw out the impurities in your skin. Here are good detox sea salts to evaluate your soaking time.

34. Get Enough Sleep

If you are not sleeping well, then you need to get to the core of the problem. Everybody needs around eight hours of quality sleep. So, pull the drapes, cool the room, and get the rest you truly need.

35. No Phone for a Day

This one is probably going to be a challenge for most of us, but by having a phone-free day you will realize how different you react to things and how different your life actually feels. Sundays are a great day to do this!

36. Get your Hands Dirty

For some people, this may be gardening in the dirt. For others, it may be kneading dough in the kitchen. Whatever it is, getting your hands dirty and activating your hand muscles is therapeutic.

37. Listen to your Favorite Music

Indulge in your favorite tunes. Take time to fill your mind with music that you enjoy! Even better, upgrade the subscription so you have ad-free listening time. Did you know with Amazon Prime, you have access to over 2 million songs for free.

38. Get Dressed Up – Just Because

Dressing nicely brings out confidence. You do not need a reason to dress up. Pick out your favorite dress or dazzle an outfit with fun heels or jewelry. Just because.

Resources for More Self Care Ideas:

30 day Self-Improvement Challenge

You cannot just say you want to improve. You have to put action behind those plans.

Self-improvement is one of the hardest areas to overcome.

We feel like there is too much self-improvement to be done. So, go into this section on simple habits you can start doing today that will make a difference in the long run.

39. Write a List of Areas to Improve

You may have grand goals for everything you can do for self-improvement. But, in reality, we cannot accomplish all those things overnight. So, write a list of areas that you can improve in. Then, focus on certain aspects over the next 30 days. Stick with only three to five of those items on your list.

40. Say Yes

There are many times that we are too afraid to do something new that we will not even give it a try. If you want to improve something in your life, then take the initiative and go ahead and say yes to trying something.

41. Read a Book

Spend at least 10 minutes reading a book. Ultimately, you should spend at least thirty minutes or more a day of reading. Pick a nonfiction book in an area you improve in your life. Make sure it is a topic you enjoy.

Great Self-Improvement Books:

42. Improve your Habits

As said in the book Atomic Habits, you are unable to make progress in life if you don’t start building solid habits. There is no faster way to improve than my daily progression of your habits. Grab a habit tracker and commit to the best 30 days.

43. Write Down Future Goals

If you’re not sure where you want to go in life. If you want to improve in areas you don’t even know where to start. So create a list of goals of what you want to do.

Find: 100 Self Care Ideas For A 30-Day Self-Improvement Challenge

30 Day Productivity Challenge

By being productive, you can get more done. Just because you are getting more done, it doesn’t mean that you need more time.

It means that you are more effective with the time you have in what you can get done.

44. Use a Timer

This is the best way to get focused quickly. Use a timer, set it for 30 minutes, and get to the task at hand. Get it done and move on. By focusing on one thing at a time, you are more likely to be extremely productive during that time.

This is the timer I use.

45. Limit Distractions

If the distractions are notifications on your phone or on your laptop, remove those while you are trying to be productive in whatever you are currently working on. Do not be tempted to do something else. Move the distractions to a different area (hint: your phone)!

46. Habit Tracker

If you really want to be productive, then use a habit tracker! You can cross off all the habits you are specifically focusing on each and every day. By doing this, you are able to be consistent and focus on building those good habits.

47. Plan your Day in Advance

Don’t let life plan you. You must be planning your day in advance. Make a list of the things that you want to accomplish. That is how you become productive.

48. Track Your Time

Use a tool like Toggl or a written plan to track your time. This is different than planning your time in your calendar. This is how you actually spend your time. Also, this helps you to realize where your infinity pools of wasted time happen and you can dedicate time towards self car.

Don’t just guess how you spend your day; actually, figure out how you spend every single hour of your day.

49. Understand Time Freedom

If you have never heard of time freedom, then you are missing out on the best self improvement tool available. If you’re wasting a good portion of your day doing things that are not going to make a difference at the end of the day, then what is the point?

Your time is important. Make sure you experience all life has to offer!

30 Day Creativity Challenge

Just for those of us who feel not creative enough, this is for you!

You do not have to worry about being super creative; just by using that other side of your brain, you are able to create new neuropathways and lower many aging conditions.

50. Color Daily

You can pick up a great coloring book for adults that are beautiful and you can spend time coloring yourself. Start with coloring for ten minutes a day and see how you feel.

51. Sidewalk Art

Let your creativity escape onto the sidewalks and driveways. Every day write an inspirational message for others to read. You may start a trend of people stopping daily on their walks.

52. Dance Like Nobody’s Watching

Let your mind and your body move just because you are enjoying the song. Move to how you feel your body needs to move. Let that creativity come out in ways that you have not experienced since you were a child.

53. Drawing Challenge

Drawing is not my strength. However, over the past year, I have been working with my daughter on drawing challenges for kids. It has helped to overcome my fears, actually improve, and given me more confidence to draw. Here is a great drawing channel to help you start.

54. Play Music

Find ways to be creative and just play music. Just play to play. Do not play to practice. Play for pure enjoyment.

55. Try a New Craft

Head to the craft store and find something that you want to do. There are plenty of crafts to suit your personality. Plus some are a great way to decompress and destress.

One of my friends started knitting hats as a way to pass the time while she was waiting for kids at sports activities.

30 Day Organization Challenge

By far, the most popular 30 day challenges are for organizing your home, your life, your stuff, your clothing, etc. More than likely, it is probably what you first associate with any 30 day challenge ideas.

Organize, declutter, spring clean … Get rid of the extra stuff in your house.

Take time to clean those areas that you have been neglecting. All great ideas, so let’s dig in!

56. Spring Clean

There is a great feeling of getting rid of stuff and the process of spring cleaning. You can feel this freshness in the area. Honestly, this is something we all should be doing each year. Here is a great spring cleaning checklist to help you get started.

57. Sell Your Stuff

Get rid of extra stuff in your house. If you have not used it for the last month, then you more than likely probably do not need it in your house. Start selling your stuff and here is a great resource to help you.

58. Declutter. Declutter Declutter.

There are lots of resources on decluttering. Just remember, decluttering is extremely important because every single day we have more and more stuff coming into our life, but we are not getting rid of more and more stuff.

Take time and declutter by doing a 30 day challenge. You are only focusing on a small area every single day and by the end of thirty days, you have made great progress.

Decluttering Resources for You:

59. Big 30 Day Decluttering Projects

Let’s face it, not every place in our house, we can organize in a day and sometimes they take a month. Perfect examples are the basement or garage. So on those bigger areas, you can still break them down and every day check one thing off the list.

During the overall decluttering challenge, focus on one area or one shelf per day in that space that needs help. Also, give yourself the grace to actually accomplish what you need to get done.

60. Keep a Clean House

Guilty of not being the best housekeeper? Don’t worry most of us are not great. Thankfully, you can easily check off tasks with this clean house checklist!

61. Take in Less

This is something that you can do on a daily basis. Your goal is to nothing or very little into your house, and have zero impact on the trash and waste. Your home slowly producing a minimalistic vibe. This is known as frugal green.

62. Minimalism

One of the best ways to live life with less and spend less money on a regular basis is to be a minimalist. You can choose your level of minimalism. This means that your cupboards are not allowed to overflow with extra stuff; those shelves must fit only what you need and what you use. Check out this minimalism challenge.

30 Day Challenge For Kids

Let’s not forget why we are trying to build good habits for ourselves, we can also instill good habits into our kids!

These are the 30 day challenge specifically designed for kids. All of them are fabulous 30 day challenge for students!

63. Teach Kids to be Grateful

Most children in America are extremely privileged and have access to things, and resources than most of the world and more than their own parents. They have become accustomed to the little things in life and take everything for granted.

So, we must teach our kids to be grateful. Here is a great gratitude challenge for kids.

64. Kindness Challenge

We all know the trouble that happens at our schools. Also, we know kids are choosing mean words, without realizing it, or maybe doing it on purpose. Either way, we need to instill kindness into our children. Here’s a great kindness challenge for kids to get you started.

65. Money Challenge for Kids

Kids need to be taught to save money. There is no way around it. If they are not taught at home, they will not have those lessons as adults. So, teach them to save their age, every single year growing up.

If they start this at age three, by the time they graduate, they will have over $2,000, not including interest in their accounts. Here is the Save Age challenge for kids.

66. Drawing Challenge for Kids

Every kid wants to learn to draw. Let them use their creative side and have fun. It is a simple project to complete each day. Plus when someone joins them, it becomes a fun experience to share. Use this drawing challenge to get the creative juices flowing!

67. Back to School Decluttering

Get the kid’s help on back-to-school decluttering! They need to learn to be responsible for their things too! Make it fun with a scavenger hunt with this back to school calendar decluttering list.

Success happens when you are able to track your progress!

Are you Ready for your Thirty Day Challenge?

The goal of this post is to get you motivated to find fun 30 day challenges for 2021!

It is not overwhelming with all of the possibilities that you could do in order to become fitter more healthy, improve your self care, improve your productivity, or clean out your house.

The goal of these challenges is to provide opportunities for you to choose what you want to do. You can find plenty of 30 day challenges on Instagram, TikTok, or Pinterest. But, don’t get caught up in trying to find all of these challenges.

Pick the thirty day challenge that is on your heart and you want to do. The best 30 day challenge is one that you deep down you need to accomplish.

No one else can write that, or find the challenge for you – only you can do that.

Right now, set a timer for five minutes and think about what areas would you like to do a 30 day challenge.

We have given you plenty of 30 day challenge ideas, but now you need to decide what works for you.

One of the great things about many of these challenges is they overlap.

Above you will find all of the their day challenge examples. Which one is your favorite challenge idea?

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

June 15, 2024 by Brett Tams

Earnings calls and earnings reports recap a company’s quarter or fiscal year, giving investors critical information as to how a company is functioning and faring. Understanding what’s going on with stocks can be tricky for both new and seasoned investors. It’s not always clear where you can turn for accurate information that will help with investment decisions — that’s why earnings calls or reports may be helpful.

But an earnings report doesn’t tell the whole story. Therefore, companies will hold earnings calls to provide context and backstory behind the data in an earnings report to help investors make informed decisions.

What Is an Earnings Call?

An earnings call is a conference call between the management of a public company and any interested outside party — usually investors, analysts, and business reporters — to discuss the company’s financial results and future outlook. Earnings calls are generally held quarterly, in the form of a teleconference or webcast; anyone can listen to an earnings call.

The earnings call often comes on the heels of the release of an earnings report and covers a given reporting period, typically a fiscal quarter or fiscal year.

💡 Recommended: How To Know When to Buy, Sell, Or Hold a Stock

The Securities and Exchange Commission (SEC) requires that public companies disclose certain financial information regularly and on an ongoing basis. Companies must file Form 10-Q quarterly reports during the first three fiscal quarters of the year. A 10-Q includes unaudited financial statements and provides the government and investors with a continuing account of the company’s financial position throughout the year.

For the fourth quarter of the year, a company will file a Form 10-K, an annual report that shares audited financial statements, a look at the company’s business overall, and financial conditions over the previous fiscal year. The financial information and metrics included on these reports, like earnings per share, is discussed during an earnings call.

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What Is the Importance of Earnings Calls?

An earnings call is important because it allows a company’s management to discuss pertinent financial information and a company’s outlook.

Publicly-traded companies are not required to hold earnings calls; they are only required to release the details of their financial performance in a Form 10-Q or Form 10-K. However, most public companies have quarterly conference calls to keep shareholders up to date with the latest financial developments and provide context beyond the earnings data.

Earnings calls are also important for investors, especially those practicing fundamental analysis. These calls help long-term investors decide whether or not to invest in or continue investing in a company. For short-term traders, earnings calls may be helpful to capitalize on short-term volatility in a stock’s price immediately following an earnings call.

💡 Recommended: How to Analyze a Stock

The Structure of an Earnings Call

A company will announce upcoming earnings calls several days or even several weeks before the event. The company will usually issue a press release containing dial-in or webcast access information for stakeholders interested in participating in the call.

Earnings calls are generally scheduled in the morning, before the stock market’s opening bell, or in the afternoon, following the end of the day’s trading. These calls occur shortly after an earnings report is made public.

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Safe Harbor Statement

When the call begins, a company representative will likely share a safe harbor statement, which is a disclaimer about some of the comments executives will make. Specifically, some statements might be “forward-looking” and discuss future revenue, margins, income, expenses, and overall business outlook. Because no company can predict the future, the SEC requires that each warns investors that forward-looking statements may differ from actual results and trends.

Overview of Financial Results

The earnings call is usually led by the CEO, CFO, or other senior executives. During the call, these executives will deliver prepared statements covering financial results and the company’s performance for the reporting period.

This section of the call allows company leaders to give a more in-depth look at the company from their own eyes beyond the data found in the earnings reports. Executives may discuss market trends or even unpredictable factors that could influence how the company moves forward. Management will also likely share risks and their plans to take them on.

Question and Answer Session

At the end of the call, there may be a chance for investors and analysts to ask questions about the financial results the company presents. However, not everyone will get to ask a question. The company’s management may answer these questions, or they may decline or defer answering until they have the correct information to make an accurate response.

Preparing for an Earnings Call as a Shareholder

Before listening in on an earnings call, it may help to research the company and its earnings history and listen to previous earnings calls. Here’s additional information to know how to listen to an earnings call.

Where to Find Earnings Call Info?

Companies will send out a press release announcing when they will give an earnings call. Investors can also check the investor relations section of a company’s website for scheduled earnings calls. Additionally, some financial news websites may keep calendars of expected upcoming earnings reports and calls investors can check to stay current.

Many companies will post audio from the call on their website, making it available to investors and analysts for a few weeks. Companies also frequently offer transcripts of the call to read. This is especially useful for investors who may have missed an earnings call.

Much of the information discussed in conference calls, including Forms 10-Q and 10-K, are part of the public record and searchable on the SEC’s website. To find a company’s public filings, the SEC has a searchable Electronic Data Gathering, Analysis, and Retrieval system (EDGAR).

How Long is an Earnings Call?

An earnings call usually lasts for less than an hour. However, there are no requirements for how long an earnings call should be.

What to Listen For

Investors should treat earnings calls as valuable information on a company but know that it doesn’t typically paint the complete picture of its potential performance.

Some key things investors should listen for in an earnings call are:

• How the company performed compared to analysts’ expectations

• What the company attributes its financial performance to

• Any changes in guidance for the future

• Any significant challenges or headwinds the company is facing

• Questions from analysts and how management responds to them

💡 Recommended: The Ultimate List of Financial Ratios

Additionally, it may help to listen to the tone of the company’s executives when they are talking about the company’s performance. It isn’t quantifiable, but learning to pick up on the tone of management’s description of the company’s financials and the answers to analysts’ questions can help investors better understand the outlook for the company.

The Takeaway

Earnings calls provide investors with valuable insights into a company’s financial performance and outlook. These calls, paired with quarterly earnings reports, give investors a thorough understanding of the company, which helps with making investment decisions.

While earnings calls and earnings reports can be helpful to investors, keep in mind that they don’t tell the whole story. You’ll want to do your due diligence and further research to better inform your investment decisions, too.

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SoFi Invest®
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
Individual customer accounts may be subject to the terms applicable to one or more of these platforms.

1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.

For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

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.

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Source: sofi.com

Apache is functioning normally

June 14, 2024 by Brett Tams

Inside: Learn what 16 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.

You’re probably wondering if I made $16 a year, how much do I truly make? What will that add up to over the course of the year?

Is $16 a living wage?

Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage?

In this post, we’re going to detail exactly what $16 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.

That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.

By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.

The ultimate goal with money success is to be wise with how you spend your money.

Knowing 16 dollars an hour is how much a year will help you manage money wisely.

If that is something you want too, then keep reading. You are in the right place.

$16 an Hour is How Much a Year?

When we ran all of our numbers to figure out how much is $16 per hour is as an annual salary, we used the average working day of 40 hours a week.

40 hours x 52 weeks x $16 = $33,280

$33,280 is the gross annual salary with a $16 per hour wage.

As of June 2023, the average hourly wage is $33.58 (source).

Let’s breakdown how that number is calculated.

Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiple the hourly salary of $16 times 2,080 working hours, and the result is $33,280.

That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.

That is just above the $32000 salary, which is a lower starter salary, but well below where you want to start about a $43000 salary.

Work Part Time?

But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $16 an hour.

Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiple the hourly salary of $16 times 1,040 working hours, and the result is $16,650.

How Much is $16 Per Month?

On average, the monthly amount would average $2,773.

Annual Amount of $33,280 ÷ 12 months = $2,773 per month

Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.

Work Part Time?

Only 20 hours per week. Then, the monthly amount would average $1,387.

How Much is $16 per Hour Per Week

This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?

Once again, the assumption is 40 hours worked.

40 hours x $16 = $640 per week.

Work Part Time?

Only 20 hours per week. Then, the weekly amount would be $320.

Here are jobs that pay weekly.

How Much is $16 per Hour Bi-Weekly

For this calculation, take the average weekly pay of $640 and double it.

$640 per week x 2 = $1,280

Also, the other way to calculate this is:

40 hours x 2 weeks x $16 an hour = $1,280.

Work Part Time?

Only 20 hours per week. Then, the bi-weekly amount would be $640.

How Much is $16 Per Hour Per Day

This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.

8 hours x $16 per hour = $128 per day.

If you work 10 hours a day for four days, then you would make $160 per day. (10 hours x $16 per hour)

Work Part Time?

Only 4 hours per day. Then, the daily amount would be $64.

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.

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$16 Per Hour is…

$16 per Hour – Full Time	Total Income
Yearly Salary (52 weeks)	$33,280
Yearly Wage (50 weeks)	$32,000
Monthly Salary (173 hours)	$2,773
Weekly Wage (40 Hours)	$640
Bi-Weekly Wage (80 Hours)	$1,280
Daily Wage (8 Hours)	$128
Net Estimated Monthly Income	$2,117

^{**These are assumptions based on simple scenarios.}

Do you know how many work days in a year you work? This answer may surprise you.

Paid Time Off Earning 16 Dollars an Hour

Does your employer offer paid time off?

As an hourly employee, you may or may not get paid time off.

So, here are the scenarios for both cases.

For general purposes, we are going to assume you work 40 hours per week over the course of the year.

Case # 1 – With Paid Time Off

Most hourly employees, get two weeks of paid time off which is equivalent to 2 weeks of paid time off.

In this case, you would make $33,280 per year.

This is the same as the example above for an annual salary making $16 per hour.

Case #2 – No Paid Time Off

Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.

Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.

So, let’s assume you take 2 weeks off without paid time off.

That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $16 times 2,000 working hours, and the result is $32,000.

40 hours x 50 weeks x $16 = $33,000

You would average $128 per working day and nothing when you don’t work.

$16 an Hour is How Much a year After Taxes

Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.

Also, every single person’s tax situation is different.

On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.

Gross Annual Salary: $33,280

Federal Taxes of 12%: $2,994
State Taxes of 4%: $1,331
Social Security and Medicare of 7.65%: $2,546

$16 an Hour per Year after Taxes: $25,409

This would be your net annual salary after taxes.

To turn that back into an hourly wage, the assumption is working 2,080 hours.

$25,409 ÷ 2,080 hours = $12.22 per hour

After estimated taxes and FICA, you are netting $12.22 an hour. That is $3.78 an hour less than what you planned. A very significant amount when managing your money.

This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.

Plus budgeting on a just over $12 an hour wage is much different.

$16 an Hour Salary

Now, you get to figure out how much you make based on your hours worked or if you make a wage between $16.01-16.99.

This is super helpful if you make $16.25 or $16.35.

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$16 an Hour Budget – Example

You are probably wondering can I live on my own making 16 dollars an hour? How much rent can you afford on 16 an hour?

Using our Cents Plan Formula, this is the best case scenario on how to budget your $16 per hour paycheck.

When using these percentages, it is best to use net income because taxes must be paid.

In this example, above we calculated $16 an hour was $12.22 after taxes. That would average $2,117 per month.

According to the Cents Plan Formula, here is the high level view of a $16 per hour budget:

Basic Expenses of 50% = $1,058.72
Save Money of 20% = $423.49
Give Money of 10% = $211.74
Fun Spending of 20% = $423.49
Debt of 0% = $0

Obviously, that is not doable for everyone living above the poverty line. So, you have to be strategic in ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun money.

To further break down an example budget of $16 per hour, then using the ideal household percentages is extremely helpful.

recommended budget percentages based on $16 per hour wage:

Category	Ideal Percentages	Sample Monthly Budget
Giving	10%	$139
Savings	15-25%	$416
Housing	20-30%	$777
Utilities	4-7%	$139
Groceries	5-12%	$211
Clothing	1-4%	$14
Transportation	4-10%	$111
Medical	5-12%	$139
Life Insurance	1%	$14
Education	1-4%	$21
Personal	2-7%	$55
Recreation / Entertainment	3-8%	$83
Debts	0% – Goal	$0
Government Tax (including Income Taxes, Social Security & Medicare)	15-25%	$656
Total Gross Income		$2,773

^**^{In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.}

A great way to lower your transportation costs is to buy a beater car.

Can I Live off $16 Per Hour?

Even living above the minimum wage by $3-4 can be a very difficult situation.

Is it doable? Absolutely.

You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.

A lot of times when people are making under near the minimum wage mark or slightly above, they feel like they are in this constant cycle that they can never keep up. They are not good enough to make more money. Feel like they are constantly struggling to keep up with bills and expenses. And things just keep adding on top.

You need to do is change your money mindset.

This is what you say to yourself… Okay, this is my season of life right now. I have aspirations and goals to change how much I make, but for now, I am going to make sure that I am able to live on my 16 dollars per hour. No going into debt for me.

In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $16 an hour?

Yes, you can do it, and as you can see it is possible with the sample budget of $16 per hour.

Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.

Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.

5 Ways to Increase Your Hourly Wage

This right here is the most crucial section of this post.

You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.

Even an increase of 50 cents to $16.50 will add up over the year. An increase to $17 an hour is even better!

1. Ask for a Raise

The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.

If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.

2. Look for A New Job

Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.

It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $16 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.

Many low stress jobs after retirement pay in this range.

3. Find a New Career

Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.

For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.

4. Find Alternative Ways to Make Money

In today’s society, you need to find ways to make more money. Period.

There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.

So, you need to find a side hustle – another way to make money.

Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.

5. Earn Passive Income

The last way to increase your hourly wage is to start earning passive income.

This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound.

By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.

Here is an example:

You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.

One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.

Tips to Live on $16 an Hour

In this last section, grasp these tips on how to live on $16 an hour. On our site, you can find lots of money saving tips to help stretch your income further.

Here are the most important tips to live on $16 an hour. Highlight these!

1. Spend Less Than You Make

First, you must learn to spend less than you make.

If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.

In order to break that dreadful cycle, it means your expenses must be less than your income.

And when I say income, it’s not the $16 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $16 an hour minus all the taxes, FICA, Social Security, and Medicare are taken out. That is your net income.

So, your net income has to be less than your net income.

2. Living Below Your Means

You need to be happy. And living on less can actually make you happier. Studies prove that less is better.

Finding contentment in life is one thing that is a struggle for most.

We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.

Have you ever taken a step back and looked at what you really need?

Once you are able to find contentment with life, then you are going to be set for the long term with your finances.

Here is our story on owning less stuff. We have been happier since.

Learn how to live below your means.

3. Make Saving Money Fun

You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!

Find new ways of saving money and have fun with it.

Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.

Here are things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.

And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.

4. Make More Money

If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.

You need to be an advocate for yourself.

Find ways to make more money.

It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.

Whatever path you take, that’s fine. Just find ways to make more money. Period.

Here are the best ways to make money online for beginners!

5. No State Taxes

Paying taxes is one option to increase what you take home in each paycheck.

These are the states that don’t pay state income taxes on wages:

Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming

It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.

Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.

6. Stick to a Budget

You need to learn how to start a budget. We have tons of budgeting resources for you.

While creating a budget is great, you need to learn how to use one.

You do not have to budget down to every last penny.

You need to make sure your expenses are less than your income and you are creating sinking funds for those irregular expenses.

Budget Help:

7. Pay Off Debt Quickly

The amount that you pay interest on debt is absolutely absurd.

Unfortunately, that is how many of these companies make their money from the interest you pay on debt.

If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.

Here’s a debt calculator to help you. Figure out your debt free date.

Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.

It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.

Jobs that Pay $16 an Hour

You can find jobs that pay $16 per hour. Polish up that resume, cover letter, and interview skills.

Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.

First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.

Possible Ideas:

Administrative assistant
Customer service representatives
Housecleaning specialist
Delivery drivers
Bus drivers
School Paraeducators
Warehouse workers

Companies that pay more than $16 per hour:

Target
In-N-Out Burger
Whole Foods
McDonald’s
Macy’s
Advance Auto Parts
Whataburger
Most local grocery chains
Many hotels
Charter Communications
Wells Fargo
Bank of America
JP Morgan
most local schools

Plus many more in HCOL areas only!

$16 Per Hour Annual Salary

In this post, we detailed 16 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.

How much is 16 dollars an hour annually…

$33,280

This is slightly over $33,000 per year. Consequently, we highlighted ways to increase your income as well as tips for living off your wage.

Use the sample budget as a starting point with your expenses.

You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!

Learn exactly how much do I make per year…

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

June 14, 2024 by Brett Tams

Hello! Today, I have a great debt payoff story to share from Davina (from the blog Davinas Finance Corner). Here’s how Davina went from being in payday loan debt for 1.5 years to being debt-free, saving over $50,000 and building a five-figure investment portfolio. Enjoy! In this post, I will share how being stuck in…

Hello! Today, I have a great debt payoff story to share from Davina (from the blog Davinas Finance Corner). Here’s how Davina went from being in payday loan debt for 1.5 years to being debt-free, saving over $50,000 and building a five-figure investment portfolio. Enjoy!

In this post, I will share how being stuck in payday loan debt for 1.5 years completely changed my relationship with money. I will detail how I saved over $50,000, became debt free and built a five-figure investment portfolio.

I’ll talk about the mistakes I made, the lessons I learned, and the crucial changes that helped me turn my financial life around.

I understand that many people struggle with their finances and I want to share my story to inspire you.

I want to show you that no matter how bad your situation may seem, you can make changes and achieve your goals. You don’t have to deprive yourself, it’s possible to create a plan that works for you and still enjoy life.

Related:

My Story

I grew up in a single-parent household with my mum and older brother and we did ok. We had everything we needed but I was aware that we were a low-income household.

My friends had the latest name-brand shoes and clothes, but my mum couldn’t afford to buy those things for us. FOMO is real when you’re in school so I felt it.

I remember thinking when I get older I want to create a life for myself where I don’t have financial restrictions.

When I was younger I was actually good at managing my money. My mum drilled the importance of saving into my head, so when I got my first job that is what I did.

I had a part-time retail job while I was a college student and we were paid weekly. Each week I would calculate my hours to work out how much I would be paid and plan my spending.

You would think that I was destined to have a good relationship with money but somewhere along the way, my good money habits got lost.

How I got into debt

I got my first credit card when I was 18, I didn’t need it for any particular reason I just signed up because the bank offered it to me. When I received it in the mail I didn’t use it, it was just sitting there.

Then a few months later I was made redundant from my job so I activated the credit card and used it to maintain my lifestyle. This was my first mistake.

I was unemployed so I had no money to repay the balance, but I wasn’t thinking about that. All I cared about was maintaining my lifestyle which consisted of socialising with friends.

Eventually, I got another job and was back on my feet but I didn’t pay off the credit card I just ignored it. For a very long time!

A few years later I turned 21 and wanted to buy a car but instead of saving up for it, I decided to get a loan. So I took out the loan, bought a second-hand car and less than a year later I was made redundant again!

I didn’t have any savings (clearly I didn’t learn from the past) so I was back to square one. I was unemployed, but this time I had $6,200 debt ($2,000 credit card, $1,200 overdraft and $3,000 loan). The banks were chasing me for payment but I told them I wasn’t working and ignored the payment demands.

The final debt I incurred was the worst. It was a few years later and I had a good job. I was making decent money for someone in their 20s who still lived at home and my expenses were low.

I was living life and having fun, but that fun was expensive. Every weekend I was out with friends. We were going out to clubs, dinners, concerts, festivals and going on holidays.

I was living paycheck to paycheck and still didn’t have any savings so if I ran out of money I had to borrow it from family or friends. Some months were ok and I could get by, but it was tight. Then one month I made a terrible mistake.

It was the week between Christmas and New Year’s and I was broke. We were paid a week early and I had spent all my money on Christmas presents and festivities.

My cousin asked me to go out, I had no money so I should have said no. But instead, I said yes and I took out a payday loan. I received the money instantly so I got ready and went out.

The next month the company took the loan repayment plus a lot of interest from my account so I was broke again. But it was my birthday month so I got another payday loan so I could fund my celebrations.

The next month, the same thing happens. The loan repayment was taken so I took out another loan to get by and this cycle continued for the next 1.5 years!

Every month once I repaid the loan I was left with no money. I had no savings to fall back on and I had debts that I had ignored for years so I was stuck.

At this point, I started to feel the weight of the mistakes I had made (finally). Every month I was worried about how I would get by. I felt embarrassed and stressed. I also felt disappointed with myself because I was making decent money and I knew better.

So I finally decided to do something about it. I needed to figure out a way to get out of the hole I had been digging myself over the past few years.

I Got Help

I did a Google search to try and find some resources. I found a debt charity that could help so I called them up and explained my situation.

We went through all of my debts explored my options and agreed the best option would be to go on a debt management plan.

The way this worked is I would make a monthly payment of what I could afford to the charity and they would distribute it among all of my creditors.

This wasn’t going to pay off my debt fast, in fact, it barely made a dent in the balance. But it was a step in the right direction and it would stop the creditors from chasing me and ease my stress.

A Lucky Break

Side note: Have you read The Alchemist? If you haven’t I highly recommend you do. In the book, there is a quote that says “When you want something the universe conspires in helping you achieve it.” That is what this lucky break felt like.

The following year I found out I was being made redundant again! (Clearly, I have bad luck with jobs lol) But this time I was going to receive a payout. Initially, I was excited and thought yes big payout I can use the money to buy a new car.

But the whole process took about three months and during that period I had time to think. And I decided to use the money to pay off some of my debt and save the rest.

At this point, I didn’t want to make the same mistakes and I knew that I needed to build up my savings and change my spending habits.

Once I received the redundancy payment I stuck to my plan and repaid the payday loans and the overdraft and I put the rest in my savings account.

Debt recap:

Credit card – $2,000

Loan for the car – $3,000

Overdraft $1,200

Payday loans – $3,600

Total debt = $9,800

Redundancy payment = $7,000 – $4,800 towards debt and – $2,000 in savings – $200 to spend on myself.

Remaining debt = $5,000

I wasn’t completely debt-free at this point, but I reduced my debts and finally had some money in savings. I got a new job shortly after and every month I made sure I contributed to my savings.

I was determined to change my relationship with money so I tried to learn as much as I could about personal finance. Once I applied my learnings I was able to pay off all my debt, completely change my relationship with money and save over $50,000.

How I paid off my debt and saved over $50k

To put things in perspective, I work in Finance and make decent money but I’m not well off. I did get a lucky break with the redundancy payout which I am very grateful for. But it wasn’t enough to pay off all my debts. And it took me about 3 years to save this money.

The most important thing I did to help me was to educate myself about money, change my money mindset and create a plan that worked for me.

Below, I will share the steps I took to get there.

Changed My Mindset

Before I received the redundancy payment I had a reality check. I had to admit to myself that I was living above my means and I had to take responsibility. No one was going to save me I had to make changes to get out of this mess.

I looked at the facts and thought to myself I make decent money so there is no reason I can’t build up my savings and spend money on things I enjoy. But I needed to learn how to manage my money and stop letting my money manage me.

This meant making changes to my lifestyle and sometimes saying no to social invitations. I didn’t like the way I felt when I was stuck in the payday loan cycle so I was committed to this new journey.

If you’re in a similar situation the first step is to understand what got you to where you are. Once you understand this you can put things in place to help you improve.

I Educated Myself About Money

Now that I was committed to making changes I started to research how money really works. I wanted to understand how people manage their money, learn healthy money habits and implement them into my life.

I started to listen to podcasts and watch finance YouTube videos and came across a lot of people who were once in debt but managed to create financial freedom.

This was super helpful for me because they were regular people who managed to change their circumstances and they were sharing the blueprint.

I also started reading books about money. I read the classic personal finance book Rich Dad Poor Dad I also read The Psychology of Money and The Millionaire Next Door. Here is what I learned from all of the information I consumed.

To create financial stability or financial freedom you need to do the following.

Stick to a budget
Live below your means
Avoid spending money on liabilities
Find ways to grow your money
Invest in yourself

One thing I did and I recommend others do the same is I took the information I learned and adjusted it to fit my lifestyle. I didn’t take everything I heard and copy it. Instead, I used it as inspiration. Personal finance is personal so always do what works best for you.

For example, investing in the stock market was highly recommended, but I wasn’t ready at the time. So I focused on saving instead but I made sure I used a high-yield savings account. This way I could earn interest so money was still growing.

Here are the YouTube channels that I learned the most from:

Nischa
Jennifer Thompson
Earn Your Leisure

I Got My Priorities In Order

My number one priority on this journey was to build up my savings. I understood that aside from my poor spending habits not having money set aside led me to get into debt. So that is what I focused on.

I didn’t have a specific amount I wanted to save, I just wanted to have a cushion to fall back on. So every month when I got paid I made sure I contributed to my savings. I started off small but once I changed my spending habits and cleared all my debt I was saving about 50% of my income.

Looked at My Spending Habits

My spending habits were the biggest factor for me so once I committed to repaying my debt through the charity I knew that I needed to make some changes and get my spending under control.

I got my bank statements, looked at my spending over the last few months and used an Excel spreadsheet to categorise everything.

Most of my money was being spent on eating out, takeaways, shopping and socialising. The most shocking part for me was the amount of money I was spending on food.

I was spending over $300 a month on eating out with friends and takeaways! I knew I was spending too much, but seeing the actual number was the wake-up call I needed.

This was something I could change so I started planning my meals and doing weekly grocery shopping. Having my meals planned saved me so much money because at meal times I didn’t have to overthink about what to eat. And it helped me reduce the amount of takeaways I was eating. I also cut back on going to dinner with friends.

I didn’t change everything at once, I focused on the areas that made the biggest difference and over time I made more changes. It can be overwhelming to change everything at once so you can start small and build up over time.

Once I started to see improvements like having money left over in my account before payday and seeing my savings build up I was hooked and wanted to keep going.

Created a budget

I knew that I needed to create a budget to help me manage my spending. But it had to be the right budget for me.

I didn’t want to be rigid and stop doing the things I enjoy. I believe in balance and knew that if I restricted myself I wouldn’t stick to it.

So I thought about the things that I valued and found a way to include them in my budget. For me, those things were travelling, going to the theatre and having dinner with friends.

I sat down at my laptop and put all of my numbers in an Excel sheet. It looked a bit tight but I knew if I made some changes I could make it work.

I Made Some Changes

I looked at my monthly direct debits and subscriptions and got rid of what I didn’t need. I was paying $90 for a gym membership that I was hardly using so I cancelled it.

I had cable for over a decade but I found a cheaper TV alternative so I made the switch.

Once my phone contract expired I switched to a SIM-only contract and saved $50 a month.

To optimise my budget, I paid any bills I could upfront instead of on a monthly basis. This included bills like car tax and insurance and Amazon Prime. By doing so I was able to take advantage of discounts offered by providers as an incentive for full payment. And it meant I had fewer expenses every month.

Doing weekly grocery shopping was working well for me, but I was spending about $250 a month which is a lot for one person. So I fined-tuned my grocery items and switched to a cheaper grocery store which saved me over $100 a month.

I also signed up for a loyalty card at the grocery store so I would get discounts and collect points when I was shopping.

I gave myself a monthly personal allowance to spend on fun so I was still able to do the things I enjoyed, I just did it within a budget. And once that allowance was finished so was my fun for that month lol I used a separate bank card for this allowance to help me stay accountable.

I created a sinking fund for my holidays and I made sure I saved a portion of my paycheck every month no matter what. I treated it like a bill.

Another change I made was I started working as an independent contractor which increased my income by about $20,000 a year. I was doing the same job, I just figured out a way to work smarter.

Even though I was making more money, I didn’t increase my spending, instead, I increased my savings. This is one of the best tips I can give to avoid lifestyle creep.

Once I started seeing the impact of these changes I became obsessed. I turned into a savvy spender and was always looking for ways to spend smarter and save money.

At this point, I was managing my money well and my spending habits were under control. So I finally called up the debt collectors and agreed to repay the rest of my debt in equal payments over 6 months. I was so happy and relieved when I made the final payment!

I put my money in places to grow

Once I paid off the rest of my debt and had saved up about $20,000 I knew the next step was to invest my money. So I did more research and decided the best option for me was to invest in index funds.

I am risk averse so I took a long-term approach and committed to investing an amount I could afford consistently every month. I also put my savings in a high-yield account so I was earning interest on my savings.

I was able to do this because I finally had some room to breathe in my budget. I wasn’t living paycheck to paycheck. Also, my mindset and my priorities had changed.

It Worked

By the middle of 2023, I was completely debt-free, had $54,000 in savings and had built a five-figure investment portfolio. It wasn’t easy, but I am proud of myself because I came a long way.

Upon reflection, I am grateful for the lessons I learned because they completely changed my relationship with money. It also helped me learn to prioritise spending money on things I value instead of material things.

I love to travel and now I can afford to travel at least twice a year. I have been on some amazing trips and I am looking forward to many more.

This money journey also taught me that sometimes less is more. Now I buy less stuff because I am content with what I have. I only buy what I need and I feel lighter and more free.

Here is a picture of me in Thailand. I felt so happy on this trip because I could afford to do the things I enjoy and wasn’t stressing about money.

Future Plans

I plan to use some of the money I have saved to buy an investment property because I understand the importance of buying assets. And I will continue to invest in the stock market. I am also working on my blog davinasfinancecorner and hope to monetise it this year.

Having financial stability is priceless and it has given me more options. I am intrigued by digital nomads at the moment so we’ll see where the future takes me 🙂

Do you have debt? Do you have a plan to pay it off?

Author Bio: Hey there! I’m Davina. I have worked in accounting and finance for over a decade and have learned the best ways to budget, save and make more money. Now I have created Davinas Finance Corner to help you do the same. I have experienced first-hand the struggle of being in debt, living paycheck to paycheck and not having enough money to do the things I enjoy.

I didn’t like that feeling so I was determined to break free from that cycle and change my circumstances. Once I applied the principles I learned from my career in accounting and personal finance I was able to pay off my debt, save my first $50,000 and build an investment portfolio.

Through my blog, I aim to empower women to take control of their finances, build wealth and work on their personal growth. Whether it is finding ways to save more, make extra money or improve yourself I am here to provide information to help you on your journey.

Source: makingsenseofcents.com

Apache is functioning normally

June 14, 2024 by Brett Tams

Record-high home prices and elevated interest rates have weighed down mortgage markets. The Federal Reserve signaled its intention to maintain higher-for-longer rates, confirming that a reprieve is not on the horizon for borrowers and originators alike. Recent stagnation in refinancing loans, coupled with supply and demand discrepancies in housing, means originators still find themselves in an increasingly competitive landscape despite having expectations of the worst being over. These market developments underscore the reality we must face: Playing the interest rate waiting game is not a viable strategy. Instead, originators must aggressively seek out innovative ways to serve borrowers and generate business in this challenging market.

Meet your clients where they are

Because originators’ loan activity has decreased significantly, it’s imperative that you incorporate new products and services in order to grow your business and meet borrowers’ needs in the current market.

Housing sales have slowed due to waning supply and record-high prices. However, a record $17 trillion of home equity is still available in the market. The bottom line: People are staying put. So how can you leverage this massive amount of equity? Explore HELOCs, which come in all shapes and sizes, meaning you can tailor them to your client base. For example, bank statement HELOCs serve self-employed borrowers, who might not qualify for traditional products. Bank statement HELOCs offer borrowers the flexibility to fund the endeavors that matter most to them, such as business ventures, home renovations, and other expenses.

Furthermore, elevated interest rates have made it more difficult for borrowers to obtain personal loans. That’s where HELOCs come in: By offering bank statement HELOCs, originators can provide a valuable service that meets borrowers’ current needs while expanding originators’ own businesses through broadened product offerings.

In addition to HELOCs, flexible non-agency loans, such as non-QM loans, can help originators serve a greater range of borrowers. These loans are particularly beneficial for the growing number of self-employed borrowers who might not meet traditional criteria for mortgage qualification.

By growing your experience with and expertise in niche products such as HELOCs and non-agency loans, you will hold a competitive advantage over your peers that stick to offering only conventional loan products.

Be proactive to stay ahead

Offering innovative products to your clients isn’t only for their benefit; it’s an investment in your own growth too. The time that originators spend becoming an expert in niche products enables them to offer tailored solutions to more diverse borrowers, expanding the potential reach of their practices and opening the door to long-term business growth. Keeping a finger on the pulse of borrower behaviors and motivations allows originators to anticipate their clients’ needs and stay ahead of market challenges.

Continuous education on products is crucial for originators, and those that don’t make a proactive effort to increase and improve their knowledge are at a disadvantage when it comes to delivering on their clients’ needs and standing out among industry peers. Originators must seek out webinars, workshops, and training that enhance their understanding of new and developing product offerings, ongoing market trends, and industry best practices. Looking beyond their own education, originators must also be prepared to educate clients on the benefits of different loan products and how certain mortgage innovations could be applied to help them achieve their goals. Educated borrowers are likely to be confident in their financial choices, offer business referrals, and establish trusting relationships with their originators.

By remaining flexible and innovative, originators can thrive even in a challenging interest rate environment. Remember to focus on delivering value to borrowers and to proactively seek out new opportunities. No matter what the market is like, you can turn industry innovation into a growth opportunity for your business.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: [email protected]

Apache is functioning normally

June 14, 2024 by Brett Tams

Record-high home prices and elevated interest rates have weighed down mortgage markets. The Federal Reserve signaled its intention to maintain higher-for-longer rates, confirming that a reprieve is not on the horizon for borrowers and originators alike. Recent stagnation in refinancing loans, coupled with supply and demand discrepancies in housing, means originators still find themselves in an increasingly competitive landscape despite having expectations of the worst being over. These market developments underscore the reality we must face: Playing the interest rate waiting game is not a viable strategy. Instead, originators must aggressively seek out innovative ways to serve borrowers and generate business in this challenging market.

Meet your clients where they are

Because originators’ loan activity has decreased significantly, it’s imperative that you incorporate new products and services in order to grow your business and meet borrowers’ needs in the current market.

Housing sales have slowed due to waning supply and record-high prices. However, a record $17 trillion of home equity is still available in the market. The bottom line: People are staying put. So how can you leverage this massive amount of equity? Explore HELOCs, which come in all shapes and sizes, meaning you can tailor them to your client base. For example, bank statement HELOCs serve self-employed borrowers, who might not qualify for traditional products. Bank statement HELOCs offer borrowers the flexibility to fund the endeavors that matter most to them, such as business ventures, home renovations, and other expenses.

Furthermore, elevated interest rates have made it more difficult for borrowers to obtain personal loans. That’s where HELOCs come in: By offering bank statement HELOCs, originators can provide a valuable service that meets borrowers’ current needs while expanding originators’ own businesses through broadened product offerings.

In addition to HELOCs, flexible non-agency loans, such as non-QM loans, can help originators serve a greater range of borrowers. These loans are particularly beneficial for the growing number of self-employed borrowers who might not meet traditional criteria for mortgage qualification.

By growing your experience with and expertise in niche products such as HELOCs and non-agency loans, you will hold a competitive advantage over your peers that stick to offering only conventional loan products.

Be proactive to stay ahead

Offering innovative products to your clients isn’t only for their benefit; it’s an investment in your own growth too. The time that originators spend becoming an expert in niche products enables them to offer tailored solutions to more diverse borrowers, expanding the potential reach of their practices and opening the door to long-term business growth. Keeping a finger on the pulse of borrower behaviors and motivations allows originators to anticipate their clients’ needs and stay ahead of market challenges.

Continuous education on products is crucial for originators, and those that don’t make a proactive effort to increase and improve their knowledge are at a disadvantage when it comes to delivering on their clients’ needs and standing out among industry peers. Originators must seek out webinars, workshops, and training that enhance their understanding of new and developing product offerings, ongoing market trends, and industry best practices. Looking beyond their own education, originators must also be prepared to educate clients on the benefits of different loan products and how certain mortgage innovations could be applied to help them achieve their goals. Educated borrowers are likely to be confident in their financial choices, offer business referrals, and establish trusting relationships with their originators.

By remaining flexible and innovative, originators can thrive even in a challenging interest rate environment. Remember to focus on delivering value to borrowers and to proactively seek out new opportunities. No matter what the market is like, you can turn industry innovation into a growth opportunity for your business.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: [email protected]

Apache is functioning normally

June 14, 2024 by Brett Tams

Record-high home prices and elevated interest rates have weighed down mortgage markets. The Federal Reserve signaled its intention to maintain higher-for-longer rates, confirming that a reprieve is not on the horizon for borrowers and originators alike. Recent stagnation in refinancing loans, coupled with supply and demand discrepancies in housing, means originators still find themselves in an increasingly competitive landscape despite having expectations of the worst being over. These market developments underscore the reality we must face: Playing the interest rate waiting game is not a viable strategy. Instead, originators must aggressively seek out innovative ways to serve borrowers and generate business in this challenging market.

Meet your clients where they are

Because originators’ loan activity has decreased significantly, it’s imperative that you incorporate new products and services in order to grow your business and meet borrowers’ needs in the current market.

Housing sales have slowed due to waning supply and record-high prices. However, a record $17 trillion of home equity is still available in the market. The bottom line: People are staying put. So how can you leverage this massive amount of equity? Explore HELOCs, which come in all shapes and sizes, meaning you can tailor them to your client base. For example, bank statement HELOCs serve self-employed borrowers, who might not qualify for traditional products. Bank statement HELOCs offer borrowers the flexibility to fund the endeavors that matter most to them, such as business ventures, home renovations, and other expenses.

Furthermore, elevated interest rates have made it more difficult for borrowers to obtain personal loans. That’s where HELOCs come in: By offering bank statement HELOCs, originators can provide a valuable service that meets borrowers’ current needs while expanding originators’ own businesses through broadened product offerings.

In addition to HELOCs, flexible non-agency loans, such as non-QM loans, can help originators serve a greater range of borrowers. These loans are particularly beneficial for the growing number of self-employed borrowers who might not meet traditional criteria for mortgage qualification.

By growing your experience with and expertise in niche products such as HELOCs and non-agency loans, you will hold a competitive advantage over your peers that stick to offering only conventional loan products.

Be proactive to stay ahead

Offering innovative products to your clients isn’t only for their benefit; it’s an investment in your own growth too. The time that originators spend becoming an expert in niche products enables them to offer tailored solutions to more diverse borrowers, expanding the potential reach of their practices and opening the door to long-term business growth. Keeping a finger on the pulse of borrower behaviors and motivations allows originators to anticipate their clients’ needs and stay ahead of market challenges.

Continuous education on products is crucial for originators, and those that don’t make a proactive effort to increase and improve their knowledge are at a disadvantage when it comes to delivering on their clients’ needs and standing out among industry peers. Originators must seek out webinars, workshops, and training that enhance their understanding of new and developing product offerings, ongoing market trends, and industry best practices. Looking beyond their own education, originators must also be prepared to educate clients on the benefits of different loan products and how certain mortgage innovations could be applied to help them achieve their goals. Educated borrowers are likely to be confident in their financial choices, offer business referrals, and establish trusting relationships with their originators.

By remaining flexible and innovative, originators can thrive even in a challenging interest rate environment. Remember to focus on delivering value to borrowers and to proactively seek out new opportunities. No matter what the market is like, you can turn industry innovation into a growth opportunity for your business.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: [email protected]

Apache is functioning normally

June 14, 2024 by Brett Tams

Chris Clow/RMD: How has reverse business this year been going, and how do you foresee business progressing by the time we get to December?

Tyler Plack: We just finished out May, and I thought the May results were very good. I’m excited about where we’re headed. Some of our corporate goals have been to increase the size of our sales floor and to focus on bringing on some of these remote loan officers in the “feet in the street” model. The reception we’ve received from some of those loan officers has been very warm and exciting.

What we’re seeing in terms of our in-person and call-center model is that it continues to grow as well. The results have been increasing month over month for every month this year. Our expectation is that this trend will continue through the end of the year. To say that I am bullish on reverse mortgages is probably an understatement.

Clow: Your company was highlighted in a recent RMI report for a significant boost in originations between February and March. I’m curious about how sourcing is going. Are you focusing on any particular area of business to build out further and keep things moving through the year?

<img decoding="async" width="890" height="1024" data-attachment-id="436075" data-permalink="https://www.housingwire.com/articles/south-river-mortgage-eyes-reverse-growth-transitions-from-broker-to-direct-lender/tylerplack_southrivermortgage/" data-orig-file="https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg" data-orig-size="890,1024" data-comments-opened="1" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="tylerplack_southrivermortgage" data-image-description="

Tyler Plack, president of South River Mortgage.

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Tyler Plack

” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?w=261″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?w=890″ src=”https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?w=890″ alt=”Tyler Plack, president of South River Mortgage.” class=”wp-image-436075″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg 890w, https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?resize=130,150 130w, https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?resize=261,300 261w, https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?resize=768,884 768w” sizes=”(max-width: 890px) 100vw, 890px”>

Tyler Plack

Plack: Yeah, we are very focused on our direct-mail model. We’ve done a lot of work in the data science department. This is such a crucial corporate goal that I probably spend about half of my day focused on data science. It is that important to what we do. Some of the increase in results you’re seeing is due to gains we’re making in the statistics world.

What that is exactly is a statistical model, but it’s done well and continues to improve. We’re really excited about that and expect to continue growing originations, largely through our own marketing and this new external sales model that we’re building.

Clow: Without revealing anything proprietary, I’m curious about how data science factors into the decision-making process. What more can you tell me about what you’re looking at and how you apply it to translate into return on investment?

Plack: I think there’s a box of consumers who want the product but don’t qualify for it, and there’s a box of consumers who qualify but don’t want the product. What we really want to focus on is the consumers who want the product and qualify for it. That’s where the data modeling comes in.

We’re looking at the overall credit picture and the overall property picture, applying a ton of math and statistical models to find who we can help the most. This results in us helping more people at a lower cost and making sure that the people we’re talking to can actually be helped, rather than people who would love our help but unfortunately will never qualify for it. So, it’s about the intersection of both the level of interest of the consumer and our projections on their qualification.

Clow: Is that data you can acquire, or is it mainly generated internally, or do you take another approach to processing it?

Plack: It’s a mixture of everything. There’s some data we take from other sources, and there’s a ton of data we have internally that we’re using as well. We throw all that into a model that helps us decide, on a week-to-week basis, who is going to have the highest propensity to take the loan, close and fund.

Clow: Do you think that is used enough in the industry? It doesn’t seem like there’s a lot of emphasis on data science in the broader business, although I could be mistaken.

Plack: I think there are certainly gains to be made through better modeling, but I don’t know that it’s the key for everyone. I know it’s worked well for me due to our analytically minded team, but for the average loan officer or sales manager, I wouldn’t focus on the data. I would focus on making connections with financial advisers and planners, and using traditional methods. With scale, it makes sense the way we do it, but there is more than one way to originate loans.

Any company should take a multifaceted, multimodal approach. We might be really good at direct mail, but we could be missing out on referral networks and that style of origination. We’re working to build into that. For those who don’t have exposure to direct-mail marketing, perhaps they should spend some time in it. Just like an investment portfolio, your marketing strategy should be diversified.

Look for more from Tyler Plack and South River on RMD soon.

Source: housingwire.com

Hanover Mortgages

The Refined Mortgage Lending Company & Home Loan Lenders

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Chris Clow/RMD: How has reverse business this year been going, and how do you foresee business progressing by the time we get to December?

Clow: Your company was highlighted in a recent RMI report for a significant boost in originations between February and March. I’m curious about how sourcing is going. Are you focusing on any particular area of business to build out further and keep things moving through the year?

Clow: Without revealing anything proprietary, I’m curious about how data science factors into the decision-making process. What more can you tell me about what you’re looking at and how you apply it to translate into return on investment?

Clow: Is that data you can acquire, or is it mainly generated internally, or do you take another approach to processing it?

Clow: Do you think that is used enough in the industry? It doesn’t seem like there’s a lot of emphasis on data science in the broader business, although I could be mistaken.