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Apache is functioning normally

March 12, 2024 by Brett Tams

Today’s mortgage interest rates

If you’re in the market for a home, here are today’s mortgage rates compared to last week’s.

Loan type	Interest rate	A week ago	Change
30-year fixed rate	6.97%	7.12%	-0.14
15-year fixed rate	6.47%	6.57%	-0.10
30-year jumbo mortgage rate	7.04%	7.13%	-0.09
30-year mortgage refinance rate	6.96%	7.10%	-0.13

Average rates offered by lenders nationwide as of March 8, 2024. We use rates collected by Bankrate to track daily mortgage rate trends.

Mortgage rates change every day. Experts recommend shopping around to make sure you’re getting the lowest rate. By entering your information below, you can get a custom quote from one of CNET’s partner lenders.

About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.

Choosing the right mortgage type and term

When picking a mortgage, consider the loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. You’ll also need to choose between a fixed-rate mortgage, where the interest rate is set for the duration of the loan, and an adjustable-rate mortgage. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market’s current interest rate. Fixed-rate mortgages offer more stability and are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront.

30-year fixed-rate mortgages

The average interest rate for a standard 30-year fixed mortgage is 6.97%, which is a decrease of 14 basis points from seven days ago. (A basis point is equivalent to 0.01%.) A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you’ll have a lower monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 6.47%, which is a decrease of 10 basis points from the same time last week. Though you’ll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 6.51%, a slide of 4 basis points compared to last week. You’ll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option.

Mortgage rate news

High inflation and the Federal Reserve’s aggressive interest rate hikes drove up mortgage rates over the last several years. Toward the end of last year, however, the Fed announced that interest rate cuts were on the table for 2024. That projection led to a significant drop in mortgage rates, pushing them into the 6% range. Since early February, however, mortgage rates have climbed back above 7% in response to strong economic data.

30-year fixed mortgage: 6.97%
15-year fixed mortgage: 6.47%
5/1 adjustable-rate mortgage: 6.51%

Mortgage rate forecasts from experts

Experts say interest rate cuts from the Fed will allow mortgage rates to ease, though the first cut won’t likely come until May or June, depending on how quickly inflation decelerates.

“We are expecting mortgage rates to fall to around 6.5% by the end of this year, but there’s still a lot of volatility I think we might see,” said Daryl Fairweather, chief economist at Redfin. “It’s possible that rates might go up before they go down again, so that’s why we’re still being conservative with rates being around 6.5%.”

Each month brings a new set of inflation and labor data that can change how investors and the market respond and what direction mortgage rates go, said Odeta Kushi, deputy chief economist at First American Financial Corporation. “Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates,” Kushi said.

While mortgage forecasters base their projections on different data, most experts and market watchers predict rates will move toward 6% or lower by the end of 2024. Here’s a look at where some major housing authorities expect average mortgage rates to land.

What influences mortgage rates?

While it’s important to monitor mortgage rates if you’re shopping for a home, remember that no one has a crystal ball. It’s impossible to time the mortgage market, and rates will always have some level of volatility because so many factors are at play.

“Mortgage rates tend to follow long-date Treasury yields, a function of current inflation and economic growth as well as expectations about future economic conditions,” says Orphe Divounguy, senior macroeconomist at Zillow Home Loans.

Here are the factors that influence the average rates on home loans.

Federal Reserve monetary policy: The nation’s central bank doesn’t set interest rates, but when it adjusts the federal funds rate, mortgages tend to go in the same direction.
Inflation: Mortgage rates tend to increase during high inflation. Lenders usually set higher interest rates on loans to compensate for the loss of purchasing power.
The bond market: Mortgage lenders often use long-term bond yields, like the 10-Year Treasury, as a benchmark to set interest rates on home loans. When yields rise, mortgage rates typically increase.
Geopolitical events: World events, such as elections, pandemics or economic crises, can also affect home loan rates, particularly when global financial markets face uncertainty.
Other economic factors: The bond market, employment data, investor confidence and housing market trends, such as supply and demand, can also affect the direction of mortgage rates.

Calculate your monthly mortgage payment

Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET’s mortgage calculator below can help homebuyers prepare for monthly mortgage payments.

Tips for finding the best mortgage rates

Though mortgage rates and home prices are high, the housing market won’t be unaffordable forever. It’s always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right.

Save for a bigger down payment: Though a 20% down payment isn’t required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest.
Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates.
Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments.
Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs.
Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.

Source: cnet.com

Apache is functioning normally

March 11, 2024 by Brett Tams

The median annual wage for speech pathologists in the U.S. is $84,140, according to the latest data from the U.S. Bureau of Labor Statistics (BLS). But salaries can vary significantly, ranging from less than $56,370 to more than $126,680.

How much money you can make as a speech-language pathologist may depend on several factors, including the industry in which you work, the level of education you attain, and where you live.

Here’s a look at what speech pathologists do and how they are paid.

What Is a Speech Pathologist?

Speech pathologists are health care providers who evaluate, diagnose, and treat children and adults who are experiencing communication difficulties because of speech, language, or voice problems. They also may treat clients who are struggling with developmental delays, memory issues, or who have trouble swallowing.

Speech pathologists typically work in a school, hospital, or rehabilitation/nursing home setting, or they may open their own practice. They often work as part of a multi-disciplinary team that also provides occupational therapy, physical therapy, and other types of care.

All speech pathologists must be licensed. While the qualifications can vary by state, a master’s degree from an accredited university is often required, along with several hours of supervised clinical experience, a Certificate of Clinical Competence in Speech-Language Pathology (CCC-SLP) from the American Speech-Language Hearing Association (ASHA), and a passing grade on a state exam.

Depending on the work you plan to do, other certifications may be required by your employer, including a teaching certificate if you practice in an educational setting.
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How Much Do Starting Speech Pathologists Make a Year?

Speech-language pathologists with one to three years of experience earned a median salary of $74,000 in 2023, according to the ASHA’s SLP Health Care Survey Salary Report. The job site ZipRecruiter lists Massachusetts, Washington, Colorado, Delaware, and Illinois as the states where speech pathologists currently earn the highest entry-level salaries.

Recommended: High-Paying Vocational Jobs for 2024

What Is the Average Salary for a Speech Pathologist?

So how much can you expect to make per year if you stay with a career as a speech pathologist?

The 2023 SLP Health Care Survey Salary Report found that several factors can have an impact on speech pathologists’ earnings, including job duties, the type of facility where they’re employed, if they work full- or part-time, if they’re paid a salary vs. hourly wage or on a per-visit basis, and whether they work in a region with a higher cost of living.

Here are the average annual salaries for speech pathologists by state.

Average Speech Pathologist Salary by State

State	Average Annual Salary
Alabama	$81,140
Alaska	$90,279
Arizona	$83,423
Arkansas	$68,644
California	$94,592
Colorado	$87,186
Connecticut	$80,836
Delaware	$82,742
Florida	$66,895
Georgia	$75,588
Hawaii	$87,406
Idaho	$90,774
Illinois	$80,442
Indiana	$85,185
Iowa	$80,542
Kansas	$75,362
Kentucky	$72,228
Louisiana	$73,799
Maine	$91,996
Maryland	$80,211
Massachusetts	$90,970
Michigan	$72,246
Minnesota	$84,527
Mississippi	$80,048
Missouri	$77,637
Montana	$82,167
Nebraska	$78,728
Nevada	$85,362
New Hampshire	$88,375
New Jersey	$89,146
New Mexico	$84,483
New York	$98,990
North Carolina	$75,258
North Dakota	$89,084
Ohio	$82,280
Oklahoma	$76,241
Oregon	$89,146
Pennsylvania	$90,666
Rhode Island	$82,571
South Carolina	$76,844
South Dakota	$84,193
Tennessee	$78,555
Texas	$90,424
Utah	$78,424
Vermont	$97,120
Virginia	$81,864
Washington	$110,930
West Virginia	$70,022
Wisconsin	$87,933
Wyoming	$86,602

Source: ZipRecruiter

Recommended: Cost of Living by State

Speech Pathologists Job Considerations for Pay and Benefits

If you decide speech pathology is the right fit for you, you may not need to worry about job security. The BLS is projecting that employment of speech pathologists will grow by 19% over the next decade, which is much faster than the average for all occupations combined.

Therapists are needed more than ever to assist aging baby boomers and others who’ve experienced a stroke, hearing loss, dementia, or other health-related issues. And there is an increasing need for those who wish to work with kids and adults on the autism spectrum. Therapists are also needed to help children overcome speech impediments and other communication issues.

A career as a speech pathologist also can offer a competitive paycheck. While the BLS reported the median weekly earnings for all full-time workers was $1,145 in the fourth quarter of 2023, the average weekly paycheck for a speech pathologist was $1,652, according to ZipRecruiter.

Of course, the pay and benefits you receive will likely be tied to the job you choose. If you’re employed by a public school district in a rural community, for example, you may not earn as much as a department head at a large health facility in a major city. Still, you can expect to receive benefits similar to other workers in the health-care field, including health insurance, a retirement plan, vacation pay, etc.

As you weigh your career decisions, consider using online tools to ensure you’re staying on track with your personal and financial goals. A money tracker app, for example, can help you create a budget and keep an eye on your spending and your credit score.

Pros and Cons of a Speech Pathologist’s Salary

Probably the biggest downside of choosing a career as a speech pathologist is the amount of time and money it can take just to get started. After getting your bachelor’s degree, it may take two or more years to complete your master’s degree and clinical training. Depending on the career path you choose, you also may need to earn certain certifications along with your state license to practice. And it may take some time to pay off your student debt.

On the plus side, you’ll be helping others in a career that can be extremely fulfilling, and you can earn a comfortable living while doing so.

Here are some more pros and cons to keep in mind.

Pros:

• As a speech pathologist, you will be helping others and, in many cases, changing lives.

• You’ll be working and networking with other professionals who will help you keep learning.

• You may be able to design a schedule that fits your needs (especially if you have your own practice).

Cons:

• You may have an overwhelming caseload, and the work could be frustrating and stressful at times.

• You may have to work nights and weekends (even with a job in education or in private practice).

• The paperwork can be daunting and may require working overtime or taking work home to keep up.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

Working as a speech pathologist can be professionally rewarding. Not only is the field growing, it tends to pay well, too. However, you can expect to make a substantial investment in time and money before you get the job you want. And how much you earn — especially when starting out — can depend on several factors, including the specialty you choose, who your employer is, and where you’re located.

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FAQ

Can you make $100,000 a year as a speech pathologist?

Yes. While the median annual wage for speech-language pathologists in the U.S. is $84,140, the highest 10% of earners in this category make six-figure salaries.

Do most speech pathologists enjoy their work?

Speech-language pathologists came in at No. 3 on U.S. News & World Report’s ranking of “Best HealthCare Jobs” for 2024 and No. 10 on the news site’s list of “100 Best Jobs.” While the career was rated above average for stress, it received high ratings for both flexibility and opportunities for upward mobility.

Is it hard to get hired as a speech pathologist?

According to the U.S. Bureau of Labor Statistics, the job outlook for speech pathologists is good, and should be solid for the next decade. If you get the proper education and training, and you have a passion for helping others, it shouldn’t be too difficult to find work in this profession.

Photo credit: iStock/akinbostanci

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Apache is functioning normally

March 11, 2024 by Brett Tams

Today’s mortgage rates

Average mortgage rates fell moderately for a third consecutive day yesterday. But don’t get too comfortable. The two economic reports that are most consequential for those rates are both due over the next few days. And they could change everything.

First thing, it was looking as if mortgage rates today might fall, perhaps modestly. But that could change later in the day.

Current mortgage and refinance rates

Find your lowest rate. Start here

Program	Mortgage Rate	APR*	Change
Conventional 30-year fixed	7.1%	7.12%	-0.06

Conventional 15-year fixed	6.46%	6.49%	-0.08

Conventional 20-year fixed	7.03%	7.05%	-0.01

Conventional 10-year fixed	6.48%	6.51%	-0.11

30-year fixed FHA	6.11%	6.77%	-0.13

30-year fixed VA	6.43%	6.54%	-0.08

5/1 ARM Conventional	6.29%	7.36%	Unchanged

Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here.

Should you lock your mortgage rate today?

Are the steady falls in mortgage rates we’ve been seeing in recent days the start of the sustained downward trend I’ve been predicting? It’s possible. But I doubt it.

I’m not expecting that to begin properly for at least a couple of months and perhaps longer.

So, for now, my personal rate lock recommendations are:

LOCK if closing in 7 days
LOCK if closing in 15 days
LOCK if closing in 30 days
LOCK if closing in 45 days
LOCK if closing in 60 days

However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So, let your gut and your own tolerance for risk help guide you.

>Related: 7 Tips to get the best refinance rate

Market data affecting today’s mortgage rates

Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same time the business day before, so much of the movement will often have happened in the previous session. The numbers are:

The yield on 10-year Treasury notes ticked down to 4.08% from 4.09%. (Good for mortgage rates. However, yields were rising this morning.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
Major stock indexes were rising this morning. (Bad for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
Oil prices inched down to $78.53 from $78.60 a barrel. (Neutral for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
Gold prices edged up to $2,174 from $2,158 an ounce. (Neutral for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Gold tends to rise when investors worry about the economy.
CNN Business Fear & Greed index — increased minimally to 75 from 74 out of 100. (Bad for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So lower readings are often better than higher ones

*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.

Caveats about markets and rates

Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.

So, use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today look likely to move downward. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.

Find your lowest rate. Start here

What’s driving mortgage rates today?

Today

This morning, we finally saw the February jobs report (aka the employment situation report). And it might prove less bad for mortgage rates than one might fear.

Yesterday, I described the report’s three headline figures. Here they are again with this morning’s actual figures shown in bold:

Nonfarm payrolls (the number of new jobs created that month) — Today’s actual: 275,000. Markets were expecting that to be 198,000, well down from January’s 353,000
Unemployment rate — Today’s actual: 3.9%. Markets were expecting that to be 3.7%, unchanged from January
Average hourly wages — Today’s actual: 0.1%. Markets were expecting a 0.2% rise, much lower than January’s 0.6% increase

You can see that the unemployment rate and average hourly earnings numbers would typically be good for mortgage rates. But markets tend to react to nonfarm payrolls primarily. And The Wall Street Journal (paywall) reported the data under the headline, “Hiring Boom Continues With 275,000 Jobs Added.”

Still, the news wasn’t as dire as it could have been: Two out of three ain’t bad. So, I’m hoping that markets won’t punish mortgage rates too badly.

One caveat on today’s report — and other important ones. Markets don’t always respond in the ways we’ve come to expect. Sometimes, there’s a delayed reaction. Other times, investors might discover something hidden in the minutiae of the report that changes their response. And, occasionally, they just act perversely.

Next week

Just as this week has been dominated by this morning’s jobs report, next week is likely to pivot on Tuesday morning’s consumer price index (CPI).

We’re also due February’s retail sales figures on Wednesday and various inflation and other reports. But the CPI’s likely to rule next week.

Don’t forget you can always learn more about what’s driving mortgage rates in the most recent weekend edition of this daily report. These provide a more detailed analysis of what’s happening. They are published each Saturday morning soon after 10 a.m. (ET) and include a preview of the following week.

Recent trends

According to Freddie Mac’s archives, the weekly all-time lowest rate for 30-year, fixed-rate mortgages was set on Jan. 7, 2021, when it stood at 2.65%. The weekly all-time high was 18.63% on Sep. 10, 1981.

Freddie’s Mar. 7 report put that same weekly average at 6.88% down from the previous week’s 6.94%. But note that Freddie’s data are almost always out of date by the time it announces its weekly figures.

Expert forecasts for mortgage rates

Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.

And here are their rate forecasts for the four quarters of 2024 (Q1/24, Q2/24 Q3/24 and Q4/24).

The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were updated on Feb. 12 and the MBA’s on Feb. 20.

Forecaster	Q1/24	Q2/24	Q3/24	Q4/24
Fannie Mae	6.5%	6.3%	6.1%	5.9%
MBA	6.9%	6.6%	6.3%	6.1%

Of course, given so many unknowables, both these forecasts might be even more speculative than usual. And their past record for accuracy hasn’t been wildly impressive.

Important notes on today’s mortgage rates

Here are some things you need to know:

Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care’
Only “top-tier” borrowers (with stellar credit scores, big down payments, and very healthy finances) get the ultralow mortgage rates you’ll see advertised
Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
Refinance rates are typically close to those for purchases.

A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.

Find your lowest mortgage rate today

You should comparison shop widely, no matter what sort of mortgage you want. Federal regulator the Consumer Financial Protection Bureau found in May 2023:

“Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and down payment).”

In other words, over the lifetime of a 30-year loan, homebuyers who don’t bother to get quotes from multiple lenders risk losing an average of $36,000. What could you do with that sort of money?

Verify your new rate

Mortgage rate methodology

The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.

How your mortgage interest rate is determined

Mortgage and refinance rates vary a lot depending on each borrower’s unique situation.

Factors that determine your mortgage interest rate include:

Overall strength of the economy — A strong economy usually means higher rates, while a weaker one can push current mortgage rates down to promote borrowing
Lender capacity — When a lender is very busy, it will increase rates to deter new business and give its loan officers some breathing room
Property type (condo, single-family, town house, etc.) — A primary residence, meaning a home you plan to live in full time, will have a lower interest rate. Investment properties, second homes, and vacation homes have higher mortgage rates
Loan-to-value ratio (determined by your down payment) — Your loan-to-value ratio (LTV) compares your loan amount to the value of the home. A lower LTV, meaning a bigger down payment, gets you a lower mortgage rate
Debt-To-Income ratio — This number compares your total monthly debts to your pretax income. The more debt you currently have, the less room you’ll have in your budget for a mortgage payment
Loan term — Loans with a shorter term (like a 15-year mortgage) typically have lower rates than a 30-year loan term
Borrower’s credit score — Typically the higher your credit score is, the lower your mortgage rate, and vice versa
Mortgage discount points — Borrowers have the option to buy discount points or ‘mortgage points’ at closing. These let you pay money upfront to lower your interest rate

Remember, every mortgage lender weighs these factors a little differently.

To find the best rate for your situation, you’ll want to get personalized estimates from a few different lenders.

Verify your new rate. Start here

Are refinance rates the same as mortgage rates?

Rates for a home purchase and mortgage refinance are often similar.

However, some lenders will charge more for a refinance under certain circumstances.

Typically when rates fall, homeowners rush to refinance. They see an opportunity to lock in a lower rate and payment for the rest of their loan.

This creates a tidal wave of new work for mortgage lenders.

Unfortunately, some lenders don’t have the capacity or crew to process a large number of refinance loan applications.

In this case, a lender might raise its rates to deter new business and give loan officers time to process loans currently in the pipeline.

Also, cashing out equity can result in a higher rate when refinancing.

Cash-out refinances pose a greater risk for mortgage lenders, so they’re often priced higher than new home purchases and rate-term refinances.

Check your refinance rates today. Start here

How to get the lowest mortgage or refinance rate

Since rates can vary, always shop around when buying a house or refinancing a mortgage.

Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.

Here are a few tips to keep in mind:

1. Get multiple quotes

Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.

Some simply go with the bank they use for checking and savings since that can seem easiest.

However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.

So get multiple quotes from at least three different lenders to find the right one for you.

2. Compare Loan Estimates

When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.

You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:

Interest rate
Annual percentage rate (APR)
Monthly mortgage payment
Loan origination fees
Rate lock fees
Closing costs

Remember, the lowest interest rate isn’t always the best deal.

Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.

Also, pay close attention to your closing costs.

Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.

3. Negotiate your mortgage rate

You can also negotiate your mortgage rate to get a better deal.

Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.

You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.

And if they’re not, keep shopping — there’s a good chance someone will.

Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?

Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).

Fixed-rate mortgages (FRMs) have interest rates that never change unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.

Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.

With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.

Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.

In most other cases, a fixed-rate mortgage is typically the safer and better choice.

Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.

How your credit score affects your mortgage rate

You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.

This is because credit history determines risk level.

Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.

For the best rate, aim for a credit score of 720 or higher.

Mortgage programs that don’t require a high score include:

Conventional home loans — minimum 620 credit score
FHA loans — minimum 500 credit score (with a 10% down
payment) or 580 (with a 3.5% down payment)
VA loans — no minimum credit score, but 620 is common
USDA loans — minimum 640 credit score

Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.

If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.

You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.

How big of a down payment do I need?

Nowadays, mortgage programs don’t require the conventional 20 percent down.

In fact, first-time home buyers put only 6 percent down on average.

Down payment minimums vary depending on the loan program. For example:

Conventional home loans require a down payment between 3%
and 5%
FHA loans require 3.5% down
VA and USDA loans allow zero down payment
Jumbo loans typically require at least 5% to 10% down

Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.

If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.

This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.

But a big down payment is not required.

For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.

Verify your new rate. Start here

Choosing the right type of home loan

No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.

The five main types of mortgages include:

Fixed-rate mortgage (FRM)

Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.

The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.

Adjustable-rate mortgage (ARM)

Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.

Your rate and payment can rise or fall annually depending on how the broader interest rate trends.

ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).

For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.

Jumbo mortgage

A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.

In 2023, the conforming loan limit is $726,200 in most areas.

Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.

FHA mortgage

A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.

VA mortgage

A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.

VA loans allow no down payment and have exceptionally low mortgage rates.

USDA mortgage

USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.

Bank statement loan

Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account. This is an option for self-employed or seasonally-employed borrowers.

Portfolio/Non-QM loan

These are mortgages that lenders don’t sell on the secondary mortgage market. This gives lenders the flexibility to set their own guidelines.

Non-QM loans may have lower credit score requirements, or offer low-down-payment options without mortgage insurance.

Choosing the right mortgage lender

The lender or loan program that’s right for one person might not be right for another.

Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.

Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.

Typically, it only takes a few hours to get quotes from multiple lenders — and it could save you thousands in the long run.

Time to make a move? Let us find the right mortgage for you

Current mortgage rates methodology

We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.

Source: themortgagereports.com

Apache is functioning normally

March 10, 2024 by Brett Tams

There is a difference between being rich and wealthy.

However, most people combine rich and wealthy into one bucket because they both seem so far off and unreachable.

It is important that you understand the distinction because what one person considers “rich” might actually be considered “wealthy.”

There is a huge difference between the two words, no matter how they are used.

Earning a lot of money does not automatically lead to happiness and success because when one achieves happiness when it can be reflected in the fulfillment of ambition.

Being rich usually means that you have an abundance of material things such as money and expensive items.

Being independently wealthy can be seen as someone who has a lot of money, but it also means that they have enough money that will last the test of time.

There is a difference between being rich and being wealthy, but they are both can be seen as positive things.

Let’s discuss the different types of wealth and how they are defined in order to help differentiate these two concepts.

The real key of Rich vs Wealthy is the discussion on which one you should be striving to be.

So, is it better to be rich or wealthy?

What is a Rich Person?

A rich person is someone who has a lot of money and assets. This may be a businessperson, an investor, or just someone who has been very successful in their field.

This rich person has probably created new money vs old money.

Rich people tend to barely save any money and spend excessively, meaning they run out of cash quickly. For example, a rich person might earn $10,000 in a month while spending $12,000 to wind up with a negative $2000 when the month is over.

The amount of debt for a rich person tends to be higher. They are willing to keep up the lifestyle rather than tell others about their debts.

To be rich you have to be able to take the risk of having money to invest and time to wait for the windfall.

What is a Wealthy Person?

A wealthy person is someone who has a lot of money for their lifestyle standards.

Since a wealthy person is consistently growing their money because they save and are wise with what they have. They tend to think of the future and put away some cash for it rather than spending everything.

Their goal is to take their large sum of money and grow that money even more through active or passive income.

A wealthy person does not have to be a number-crunching billionaire or someone who is living lavishly.

It is all about the decisions that you make and how those decisions can lead to wealth.

You can start to build wealth when you hit your first $100k in investments. When you have a salary of over $100k a year, this is much easier to do fast.

Wealthy people are those who have a lot more money than you do, but they work hard every day in order to keep it.

Rich vs Wealthy Money Habits

Rich people tend to spend more money than wealthy people.

The difference between rich people and wealthy people is that rich people have money habits that often lead to debt. Rich people are not usually frugal, and they tend to spend a lot of money.

Also, rich people have the ability to earn more if they choose something different in the future.

Rich people are usually defined as those with a net worth of over $10 million, but there is no set number for how much money someone has to be considered rich.

Wealthy people, on the other hand, have an annual income of $150,000 or more. Their wealth comes from hard work and saving money to slowly increase their net worth.

Broke People Habits:

Spend time watching TV and playing video games
Keep up with the Joneses’
Blame others for failures
The concept of change is too overwhelming
Too afraid of setting goals because they don’t want to be accountable
Deep in debt
Feel their situation will never change
Never save money
Willing to get a credit card just for a discount
Think bank fees and overdraft fees are a part of life
No emergency fund

Rich Habits:

Earns a lot of money
Spends a lot of money
Enjoys a flashy lifestyle
Okay being in debt
Focuses on the short term
Not big savers of their money
They frown upon being frugal
Prefer a challenge to make more money
Takes on bigger risks
Their inner circle is people exactly like them
Very impulse with decision making

Wealthy Habits:

Set long term goals
Creates an action plan to reach their goals
Take responsibility for their actions
Saves money consistently
Understands that passive income will grow their wealth
Constantly learning
Spend time reading
Enjoys the fact they have options
Lives below their means
Embraces frugal
Shy away from debt
Finds a mentor

How to Go from Rich to Wealthy

Many people feel the need to be rich because they have the idea that being rich is key to success.

However, many times, wealthy people are wealthier than their counterparts who are both richer and wealthier.

If you are rich, then it is important that you are not frugal because many times, being wealthy means having a lot of money and saving the rest. If you have a lot of money and are not frugal with it, then you could end up broke.

However, if your goal is to become wealthy meaning having a lot of money AND saving, then you are on the right path to financial freedom.

This is the difference between being rich and wealthy.

Rich vs Wealthy Mindset

First of all, the definitions of each of these are really close.

A rich mindset is a state of mind that knows that there are no limits to what you can achieve.
A wealthy mindset believes that success and wealth come from hard work and dedication.

Honestly, both money mindsets are needed to keep pushing yourself to reach financial freedom and enjoy time freedom.

You need a rich mindset to grow your money, but a wealthy mindset to keep that wealth.

The wealthy are more likely to have a growth mindset than the poor because they know that money is merely an instrument for achieving their goals.

Whereas, rich people often spend too much time worrying about what others think of them and why they aren’t as successful or wealthy as other people in society.

How to Become Wealthy

This is a question that has been asked many times, and finding the answer depends on how you define wealth.

In general, becoming wealthy means having enough money to support yourself without any outside help.

You have enough money to cover your expenses without the need for an additional influx of money. For many people, that means they need at least $1 million dollars, so they can live off the investments gains and dividends. If you are single, then $500k may be enough.

As such, becoming wealthy is one of the most difficult things to do.

If you are constantly struggling to make ends meet and never saving money, then becoming wealthy will be even harder for you to accomplish!

Here is what you need to do to move from well off vs rich vs wealthy.

Step #1 – Get out of debt

For people who are in debt, the solution is simple: get out of debt.

But for a lot of people, they need to make some changes before they can do that.

It’s important to get out of debt and that takes time. The more debt you have, the longer it will take.

However, I will tell you from personal experience. Until we paid off our debt, we didn’t make any progress financially. We were stuck on a hamster wheel. Since paying off our debt, we reach our financial goals so much easier.

Track your progress, set goals, and stay motivated while getting out of debt.

Step #2 – Stop comparing yourself

Although comparisons can be helpful and may indicate which side is doing better or worse, they are not always accurate. Sometimes comparing yourself to others will make you feel inferior and frustrated.

Keep in mind that you are not just the sum of your accomplishments.

Stop comparing yourself to other people and start focusing on the things that make you happy.

Conversely, spending time with people who inspire you will help cultivate a wealthy mindset. It can be anyone from your family members to celebrities, but it is important that these individuals are inspirational and not toxic for your mental health.

Step #3 – Become Your Own Boss

This doesn’t mean you can’t keep your 9-5 job. It means you are looking for ways to make money outside the traditional “job.”

An entrepreneur is a person who organizes and runs a business, typically with manageable risk and a small amount of capital, in order to turn it into a profitable venture.

Become creative with ways to bring in extra money. Some ideas include day trading, dropshipping, starting an Etsy shop, driving for Uber, or walking dogs.

Here are great ways to make money on the side:

It is possible to make more money on your business than you make more money in your current job or career.

Step #4 – Be Generous

Be generous to others.

Being wealthy means living a comfortable life and being able to help others.

Giving away money can be a way to build wealth, but it is not the only way. This helps you realize the impact you can have on the world.

Your small contribution can help shape and change the lives of so many.

Consequently, giving and helping others will motivate you to work harder and continue building your wealth.

Step #5 – Think Long Term & Set Goals

Life goals have exploded in recent years and many of us are now focused on growing our own wealth.

The truth of the matter is both wealth and richness are great.

Wealth enables a person to live life on his own terms and allows them to achieve the things they have dreamed of.

But, getting there does not just magically appear.

It takes a plan of action to reach those smart financial goals.

By consistently saving money, you will slowly build your net worth. Step by step you are building the foundation to become wealthy.

Baby steps to becoming wealthy.

Rich vs Wealthy Quotes

This rich vs wealthy quote from Stephen Swid is one of my favorite all-time quotes.

This quote quickly summarizes the difference between the wealthy vs rich definition.

“Being rich is having money; being wealthy is having time.”

As an American businessman and investor, Stephen Swid spent countless hours on various deal negotiations and build his own wealth. He understood the wealthy vs rich meaning.

This quote is something I focus on when making decisions of what next steps to take.

What does this quote mean to you?

What is considered being wealthy?

Being wealthy is a subjective term that can be interpreted in many ways. The definition of the term is different for everyone, so it’s hard to answer this question definitively.

Many people believe you need 7 figures or even 10 figures.

One could be considered to be wealthy or poor based on their country’s standards, their personal spending habits, and the types of investments they have.

The richest people are those who have made their wealth through investments and not necessarily the ones that have spent a lot of money.

The definition of wealthy is different for everyone, but it’s generally considered to be someone who has a lot of money and financial stability.

Being wealthy is measured by how much money you accumulate and save.

It is understanding your personal finances to budget, track savings, contribute to retirement, and grow liquid net worth.

A wealthy person is someone who has made wise decisions. Wealth does not have anything to do with how much money you have in your bank account.

Do you Fit the Definition of Wealthy vs Rich?

Now, we have covered the difference between the wealthy and the rich. If you’re wondering what is the difference between rich and wealthy, it’s not that complicated.

Rich people are those who have saved, invested, and built net worth through their income or assets. Wealthy people can follow these three simple steps to build your own wealth: save money in a savings account or investment account; invest in stocks, bonds, or other securities for growth; create an asset such as real estate by purchasing property with borrowed funds on low-interest rates

The key distinction between being rich or wealthy is the mindset.

Rich people might have more money in their bank accounts or assets, but they don’t think of themselves as rich because they are worried about their appearance and keeping up with their elite society. Wealthy individuals are those who see value in accumulating wealth primarily through investing and growing their financial portfolio with investments over time.

A rich person is someone who has more money than the average person but may not wealthy. They are always looking to make more money and spend more because they believe that there is not enough time or money in this world for them to enjoy.

Wealthy individuals are those who can afford to buy things and choose not to because it helps them increase their net worth and become more wealthy.

The only way to be wealthy is by being smart on your investments and having time for yourself in order to find happiness.

Being rich may or may not be something you should aspire to be. The more money you have, the more responsibilities you get.

There are many rich and wealthy people who are unhappy because they are so busy trying to keep up with society’s expectations.

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

March 10, 2024 by Brett Tams

Ahead of March Madness and summer events, Capital One is offering certain cardholders more rewards when they make purchases for sporting events, concerts, travel experiences and more through the ticketing platform Capital One Entertainment.

Through December 2025, cardholders of the following will earn an unlimited 5X miles on all purchases made through this platform instead of the standard 2X miles typically offered:

Powered by online event-ticket marketplace Vivid Seats, Capital One Entertainment allows cardholders to redeem rewards for tickets and packages to more than 500,000 events. Access is available through the Capital One mobile app or Capital One website (capitalone.com/entertainment.)

If you hold an eligible card and you’re planning on attending an event over the next few months, the potential rewards can help you get ahead on travel or other goals. Beyond booking through Capital One Entertainment, you can maximize rewards further if you book the tickets for those joining you in the fun. But be cautious to only book tickets for friends who are certain to reimburse you.

Examples of upcoming events include the NCAA Men’s and Women’s Final Four games; exclusive trips to Seville, Spain; Oaxaca, Mexico; and Paris with cultural experiences; special events created in partnership with Cultivist, a leading global arts club; the iHeartCountry Festival; and iHeartRadio Music Festival; among others.

The information related to the Capital One Savor Cash Rewards Credit Card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.

Source: nerdwallet.com

Apache is functioning normally

March 10, 2024 by Brett Tams

The median annual wage for psychologists in the U.S. is $85,330, according to the latest data from the U.S. Bureau of Labor Statistics (BLS). But salaries can vary significantly, ranging from less than $50,000 to more than $140,000.

How much money you can make as a psychologist may depend on several factors, including the industry you choose to work in, the level of education you attain, and where your job is located. Here’s a look at what psychologists do and how they are paid.

What Are Psychologists?

Psychologists are mental health professionals who are trained to help individuals and groups understand and address various behavioral, emotional, and organizational challenges. There are several different types of psychologists, including:

• Clinical and counseling psychologists, who evaluate, diagnose, and treat mental, emotional, and behavioral disorders such as depression, anxiety, grief, anger, and addiction.

• Industrial/organizational psychologists, who help organizations solve workplace issues and improve work-life balance.

• School psychologists, who specialize in dealing with problems that can affect students’ behaviors and learning.

• Neuropsychologists, who study how damage to a person’s brain or body can impact behavior and cognition.

• Forensic psychologists, who may collaborate with various law enforcement agencies, attorneys, judges, and others on certain aspects of a legal case.

It’s important to note that a psychologist is not the same thing as a psychiatrist, though they are often confused. A psychiatrist is a medical doctor who can prescribe medications. A psychologist typically holds a doctoral degree in psychology, which is a social science.
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What Does It Take to Become a Psychologist?

Do you have good observational skills? Are you a problem solver? Do you pride yourself on your ability to build a rapport with others? Do you have empathy for those who are experiencing emotional or behavioral issues?

If so, you may find you’re well-suited for a career as a psychologist. But you’ll also have to get the education and training necessary for the job.

Psychologists usually must have at least a master’s degree to get into the field, and depending on what type of work you hope to do, you may need a doctoral degree as well. Clinical and counseling psychologists, for example, typically need a Doctor of Philosophy (Ph.D.) in psychology or a Doctor of Psychology (Psy.D.) degree.

Industrial-organizational psychologists usually earn at least a master’s degree, with coursework that focuses on understanding how people behave in the workplace. School psychologists also may need at least a master’s degree with a focus on student development and other educational issues. And most degree programs can also require an internship and clinical experience.

Most states also require psychologists to obtain a license. And there are several certifications available that specific employers may require.

Recommended: High-Paying Vocational Jobs for 2024

How Much Do Starting Psychologists Make a Year?

The average salary for a starting psychologist in 2024 is $89,326, according to the job site Salary.com, but entry-level salaries currently can range from $75,493 to $101,117.

Of course, the work you do, your education level, certifications, and even your work location can impact how much you might earn as a beginning psychologist. The job site ZipRecruiter lists Washington, New York, Vermont, California, and Maine as the states where starting clinical psychologists currently earn the most money.

What Is the Average Salary for a Psychologist?

So, how much can you make per year if you choose a career as a psychologist?

You can expect your specialty to have a big influence on how much you earn. According to BLS statistics, industrial-organizational psychologists currently earn the highest salaries, while school psychologists earn the least.

Staying up to date by continuing your education and training may help boost your salary as well. And building a reputation through research and publishing can also make a psychologist more valuable to employers and clients.

If you’re hoping to negotiate for a more competitive paycheck, it’s important to remember that salaries — or how much a psychologist makes an hour — may be affected by the cost of living or demand in a particular region.
Here’s how psychologists’ average annual salaries break down by state based on ZipRecruiter data.

Average Psychologist Salary by State

State	Average Annual Salary
Alabama	$129,310
Alaska	$176,920
Arizona	$132,948
Arkansas	$130,467
California	$145,770
Colorado	$165,086
Connecticut	$132,272
Delaware	$155,187
Florida	$106,610
Georgia	$120,463
Hawaii	$173,156
Idaho	$139,446
Illinois	$152,897
Indiana	$135,754
Iowa	$131,180
Kansas	$123,671
Kentucky	$138,059
Louisiana	$119,804
Maine	$142,367
Maryland	$150,294
Massachusetts	$174,781
Michigan	$136,667
Minnesota	$137,219
Mississippi	$131,343
Missouri	$146,175
Montana	$130,944
Nebraska	$147,086
Nevada	$167,279
New Hampshire	$139,791
New Jersey	$143,454
New Mexico	$136,445
New York	$156,917
North Carolina	$141,923
North Dakota	$176,893
Ohio	$133,380
Oklahoma	$142,442
Oregon	$177,795
Pennsylvania	$143,748
Rhode Island	$164,679
South Carolina	$144,913
South Dakota	$167,182
Tennessee	$127,338
Texas	$138,507
Utah	$127,431
Vermont	$153,232
Virginia	$152,942
Washington	$169,179
West Virginia	$111,019
Wisconsin	$142,067
Wyoming	$137,573

Source: ZipRecruiter

Recommended: Cost of Living by State

Psychologist Job Considerations for Pay and Benefits

Besides a pretty good paycheck, another plus to becoming a psychologist is that you may not have to worry about job security. The BLS is projecting overall employment of psychologists will grow by 6% over the next decade, which is faster than the average for all occupations combined. And job growth for those who specialize in clinical and counseling psychology is projected to grow by 11%.

Of course, the pay and perks you’ll receive as a psychologist will likely be tied to the specialty you choose and the salary negotiation tactics you use. Whether you’re a school psychologist or work for a major corporation, you can expect to be offered benefits such as health insurance, a retirement plan, paid time off, and opportunities for continuing education.

Depending on the type of work you do, you may also be able to participate in profit-sharing, receive regular bonuses, work a flexible schedule, or earn income from consulting or writing books.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of a Psychologist’s Salary

Probably the biggest downside of choosing a career as a psychologist is the amount of time and money it can take just to get started. After getting your bachelor’s degree, it may take two or more years to complete your master’s degree, and then another four to seven years to earn your doctorate degree. Add on even more time for training — and to study for your license — and it could be several years before you can pursue the job you want. And by that time, you may have some substantial student debt to pay down.

On the plus side, you’ll be in a career that can be both personally and financially rewarding.

Here are some more pros and cons to consider:

Pros

• You’ll be helping people. As a psychologist, you can have a meaningful impact on others, whether you’re working with children or adults.

• The demand (and respect) for psychological services is increasing, as mental health is now considered an important part of our overall well-being.

• Whether you’re drawn to research, counseling, or clinical practice, a career in psychology can offer a wide array of job options. You may even be able to design a job and flexible schedule that suits your needs.

• You may benefit personally from skills like empathy, critical thinking, and creative problem-solving that you gain as a psychologist.

Cons

• Trying to help people who have behavioral and emotional issues can be stressful. It may be difficult to leave work at work.

• You may run into ethical dilemmas that make dealing with a client and/or employer a challenge.

• If you decide to open your own practice, you’ll have to deal with the business side of things as well as the work you’re doing with clients.

• Depending on the type of work you do, your job may be dangerous at times. You may have to counsel a person with anger issues, for example, or someone who has committed a violent crime, which could put you at risk.

As you consider this important career decision, keep in mind that online tools that can help you succeed. A money tracker app, for example, can help you create a budget, keep an eye on your spending, and monitor your credit score as you work toward your personal and financial goals.

The Takeaway

Working as a psychologist can be a fulfilling career, and finding and keeping a job in this growing field shouldn’t be too difficult. But you can expect to make a substantial investment in time and money before you finally get the job you want. And how much money you make as a psychologist can depend on several factors, especially when you’re starting out. The specialty you choose, who your employer is, and where your job is located can all affect your earning potential.

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FAQ

Can you make $100,000 a year as a psychologist?

Yes. According to the latest ZipRecruiter data, psychologists in every state make an average annual salary that’s more than $100,000.

Do people like being a psychologist?

Psychologists who responded to the website CareerExplorer’s ongoing survey on job satisfaction rated their career happiness a 3.5 out of 5 stars. And U.S. News & World Report, which ranks jobs based on salary, upward mobility, work-life balance, among other factors — gave “psychologist” the No. 5 spot on its list of “Best Science Jobs.”

Is it hard to get hired as a psychologist?

According to the U.S. Bureau of Labor Statistics, job growth for psychologists is expected to be strong through the next decade. If you get the proper education and training, and have a passion for helping others, it shouldn’t be too hard to find work in this profession.

Photo credit: iStock/Dean Mitchell

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Apache is functioning normally

March 9, 2024 by Brett Tams

Hey, I’ve just been featured on CNBC and I want to say hello to all of my new readers. You can read the CNBC article here – 34-year-old mom dropped $50,000 to cruise the world with her family: ‘It was some of the best money I ever spent’ If you are a new visitor –…

Hey,

I’ve just been featured on CNBC and I want to say hello to all of my new readers.

You can read the CNBC article here – 34-year-old mom dropped $50,000 to cruise the world with her family: ‘It was some of the best money I ever spent’

If you are a new visitor – welcome to Making Sense of Cents!

I have received many emails about how I was able to afford this trip. I have a free How To Start A Blog course that you can sign up for here. I also talk about this below and how I’ve been able to earn over $5,000,000 blogging over the years.

If you want to read more about my world cruise trip, I recommend reading Around-The-World Cruise With A Kid (25+ Countries In 4 Months!).

Here are some blog posts that you may find helpful and enjoy:

If you have any questions, please leave a comment below or send me an email.

Thanks for stopping by.

-Michelle Schroeder-Gardner

—-

In addition to reading the CNBC article linked above, I also want to talk about how I grew a blog that has earned me over $5,000,000. I know I will get a lot of questions, so I figured it’s best to lay it all out right here 🙂

What started as just a hobby turned into one of the most life-changing things I’ve ever done – that’s starting my blog, and learning how to make money with it.

Since learning how to monetize a blog over 10 years ago, I have now earned over $5,000,000 from my site. This is still hard for me to believe, and I’m the one who’s lived it!

In the beginning, all I was doing was tracking my own personal finance progress as I finished school and started paying off my student loans. Blogging was a very new concept to me at the time – I heard about it from a magazine – and people were just learning how to monetize blogs back in 2011.

Most bloggers started back then with display ads and sponsored posts, but the options have only increased.

Because of all of the new ways to make money blogging, like affiliate income and selling your own products, you can make somewhat passive income as a blogger.

Passive income is my favorite way to make money because it makes blogging even more flexible and something I can do as I work from home, travel, and work whenever I want.

Blogging has changed my life for the better, and I’m now earning thousands of dollars a month doing something I love.

Learning how to monetize a blog takes work and time, but it’s 100% possible to do. I started earning money after just six months of blogging, and I didn’t even set out to make money when I created Making Sense of Cents. Just think of the potential if you start out knowing that making money blogging is possible!

Starting my blog is one of the best things I’ve ever done for my work, personal, and financial life. And, I urge anyone who is interested to start a blog and learn how to monetize it.

How I earned my first income from blogging

Many of my readers have heard this story, but I love sharing it because I started out like many of you, except I had no idea that blogs could make money. When I started Making Sense in August of 2011, I simply wanted a way to keep track of my financial progress and meet others who had similar goals.

As I started getting to know other bloggers in the community, a blogger friend of mine connected me with an advertiser who was willing to pay me $100 for an advertisement.

I couldn’t believe someone would pay me $100 to advertise on my site!

While it wasn’t a lot of money, especially considering the amount of time and work I put towards my blog in those 6 months, it was very motivating to see that something I loved doing could actually make money.

After that first $100, I started doing a lot of research on how to monetize a blog, and my blogging income quickly grew from there.

One year after I started my blog, I was earning around $1,000 a month, and I was making around $10,000 monthly two years after I started Making Sense of Cents.

My income only continued to grow, and I am still earning a healthy income from this website today.

How To Start A Blog FREE Course

If you want to learn how to monetize a blog and you haven’t started your blog, then I recommend starting with my free blogging course How To Start A Blog FREE Course.

Here’s a quick outline of what you will learn in this free course:

Day 1: Reasons you should start a blog
Day 2: How to determine what to blog about
Day 3: How to create your blog – in this lesson, you will learn how to start a blog on WordPress, and my tutorial makes it very easy to start a blog
Day 4: How to monetize a blog – this is where you learn about the many different ways to make money blogging!
Day 5: My tips for earning passive income from your blog
Day 6: How to grow your traffic and followers
Day 7: Miscellaneous blogging tips that will help you be successful

This is delivered directly to your email inbox, and you will learn how to grow a blog from scratch.

Start with a plan for your blog

Sure, you can start on a whim, and that’s kind of what I did, haha.

But, I do think that creating a plan is a good idea if you want to learn how to monetize a blog. This can help you get an organized start, identify your blog’s niche, decide on your blogging goals, find opportunities for blogging income, and more.

It wasn’t until 2015 that I finally created a blogging plan (that’s 4 years after I started!), and my blog income grew significantly after that.

I credit that growth to creating a plan!

Having a plan would have been a huge help in the beginning, and I wish I would have started with one. I probably missed some income opportunities because I had no real plan or direction in the first couple of years.

Since creating a blogging plan, I became more focused on goals and motivated toward improving and building Making Sense of Cents.

Here are some questions that you may want to ask yourself when creating a plan for your blog:

What will you write about on your blog?
How do you want to make money with your blog?
What will you do to reach readers on your blog?
What are your goals for your blog?

Thinking about, researching, and answering these questions will help guide you on your journey and help you decide what to do next.

Write high-quality and engaging blog posts

Your blog’s content is extremely important. This will be what attracts your readers, has them coming back for more, earns you blogging income, and more.

Now, you don’t need to be an expert or need a degree to start talking about a subject, but you do need to be knowledgeable or interested in what you are talking about. And, always be truthful! This will show in your writing and actually help your readers.

To write high-quality content on your blog, here are some tips:

Figure out exactly what it is that you’d like to write about and why you think the content is important. Being passionate about a subject will give you the motivation to write content that people want to read. Just think about it: If you don’t enjoy writing your content, then why should you expect someone else to want to read it?
Ask your audience what they want you to write about. Many of my best ideas come from expanding on reader questions.
Research your blog topics by reading news articles, going to a library, searching for statistics and interesting facts, and more.
If your blog posts are more personal in nature, then dig deep and share your thoughts, and be personable in your writing – your readers want to hear your story!
Write long, helpful content. Sure, some great content may only be a few hundred words, but to be as helpful as possible, long content is usually the best. My content is usually over 2,000 words, and this article is around 5,000. Now, you don’t want to just write a lot of fluff content in order to get more words in – you want to actually be helpful!
Reread your content. I used to read my content 10 times or more before I would publish it. Now, I have an editor who makes sure I’m always publishing high-quality content.

Network, network, network

If you want to learn how to monetize a blog, then networking can be extremely helpful.

Networking can mean:

Making friends with other bloggers
Attending blogging conferences
Sharing content that other bloggers have written
Following other bloggers in your niche on social media
Signing up for other bloggers’ newsletters
Joining blogging groups on Facebook

Some bloggers don’t do any of these things and purely see other bloggers as competition. I don’t believe this is the correct way to approach blogging because you will hold yourself back immensely!

Networking is important because it can help you enjoy blogging (friends are nice to have, right?!), teach you new ideas (such as how to make money blogging or how to grow a blog), make valuable connections, and more.

Keep in mind that networking is even how I earned my very first $100 blogging. My blogging friend connected me with an advertiser, which helped changed my blogging journey.

I have learned a lot about blogging from the blogging community, and the people I’ve connected with have been a tremendous support as I’ve grown my blog.

Be prepared to put in a lot of hard work

Starting a blog is relatively easy. But, growing and learning how to monetize a blog takes a lot of work.

You’ll have to:

Start a blog, design it, create social media accounts, and more
Write high-quality blog posts
Attract an audience of readers
Monetize your blog
Continue learning about blogging
And more

Even when I was just a new blogger and had no plans of making money blogging, I was still spending well over 10 hours a week on Making Sense of Cents.

When I was working my full-time day job and earning an income from my blog, I was working around 40-50 hours a week on my blog on top of my day job!

Now that I blog full-time, my hours vary. Some months I hardly work, and there are other months that I may work 100 hours a week.

It’s not easy, and there’s always something that needs to be done.

But, I absolutely love blogging, which makes the hard work a little less tough.

How to monetize a blog: 4 different ways

There are many different ways you can monetize your blog, including:

Affiliate marketing
Advertisements and sponsorships
Display advertising
Create your own product, such as an ebook, course, physical or online products, and more

You could choose to monetize your blog using all of these methods, or even just one. It’s just a personal decision.

For me, I like to be diversified and monetize in many ways, so I do them all.

Below, I am going to dive a little deeper into each way to make money blogging.

1. Affiliate marketing

Affiliate marketing can be a great way to make money blogging because if there is a product or company that you enjoy, all you have to do is review the product and share a unique affiliate link where your readers can sign up or make a purchase.

In fact, this is my favorite way to monetize a blog. I enjoy it because it can be quite passive – I can create just one blog post and potentially earn an income from it years later. This is because even though a blog post may be older, I am still constantly driving traffic to it and readers are still purchasing through my affiliate links.

Affiliate marketing is a blog monetization method where you share a link to a product or company with your readers in an attempt to make an income from followers purchasing the product through your link.

Here are some quick tips so that you can make affiliate income on your blog:

Use the Pretty Link plugin to clean up messy-looking affiliate links. I use this for nearly all of my affiliate links because something like “makingsenseofcents.com/bluehost” looks much better than the long, crazy-looking links that affiliate programs usually give you.
Provide real reviews. You should always be honest with your reviews. If there is something you don’t like about a product, either don’t review the product at all or mention the negatives in your review.
Ask for a commission increase. If you are doing well with a particular affiliate program, ask to increase your commissions.
Build a relationship with your affiliate manager. Your affiliate manager can supply your readers with valuable coupons, commission increases, bonuses, and more.
Write tutorials. Readers want to know how they can use a product. Showing them how to use it, how it can benefit them, and more are all very helpful.
Don’t go overboard. There is no need to include an affiliate link 1,000 times in a blog post. Include them at the beginning, middle, and end, and readers will notice it. Perhaps bold it or find another way for it to stand out as well.

You can learn more about affiliate marketing strategies in my course Making Sense of Affiliate Marketing.

Advertisements and sponsorships example

2. Advertisements and sponsorships

Advertising on a blog is one of the first ways that bloggers learn how to monetize a blog. In fact, it’s exactly how I started!

This form of blogging income is when you directly partner with a company and advertise for them on your website or social media accounts.

You may be writing a review for them, a tutorial, talking about their product or company, taking pictures, and so on.

If you want to learn how to increase your advertising-income, I recommend taking my Making Sense of Sponsored Posts course.

Display advertising example

3. Display advertising

Display advertising is one of the easiest ways to make money blogging, but it most likely won’t earn you the most, especially in the beginning.

I’m sure you’ve seen display ads before. They may be on the sidebar, at the top of a post, within a blog post, and so on.

The ads are automatically added when you join an advertising network, and you do not need to manually add these ads to your blog.

Your display advertising income increases or decreases almost entirely based on your page views, and once you place the advertisement, there’s no direct work to be done.

If you want to learn how to monetize a blog through display advertising, then some popular networks include Adsense, MediaVine, and AdThrive.

Personally, I use AdThrive for my display advertising network. I don’t have many display advertisements on my blog, but it is easy income.

Sell your own product example

4. Sell your own products

Another popular way to monetize a blog is to create a sell your own products.

This could be an online product, something that you ship, and so on, such as:

An online course
A coaching program
An eBook
Printables
Memberships
Clothing, candles, artwork, hard copy books, and anything else you can think of

And the list goes on and on. I have seen bloggers be very successful in selling all kinds of things on their blogs.

What’s great about selling your own product is that you are in complete control of what you are selling, and your income is virtually unlimited in many cases.

I launched my first product about 5 years after I created Making Sense of Cents, which was a blogging course called Making Sense of Affiliate Marketing. I regret not creating something sooner because this has been an excellent source of income and has helped many people along the way.

Have an email list

If you really want to learn how to monetize a blog, I recommend that you start an email list from the very beginning.

I waited several years to start my email list, and that was a huge mistake!

Here’s why you need an email list right away:

Your newsletter is YOURS. Unlike social media sites, your newsletter and email subscribers are all yours, and you have their undivided attention. You don’t have to worry about algorithms not displaying your content to readers, and this is because they are your email subscribers. You aren’t fighting with anyone else to have them see your content.
The money is in your email list. I believe that email newsletters are the best way to promote an affiliate product. Your email subscribers signed up to hear what YOU have to write about, so you clearly have their full attention. Your email list, over any other promotional strategy, will almost always lead to more income and sales.
Your email subscribers are loyal to you. If someone is allowing you to show up in their inbox whenever you want, then they probably trust what you have to say and enjoy listening to you. This is a great way to grow an audience and a loyal one at that.
Email is a great way to deliver other forms of content. With Convertkit, I am able to easily create free email courses that are automatically sent to my subscribers. Once a reader signs up, Convertkit sends out all the information they need in whatever time frame I choose to deliver the content.

Attract readers

As a new blogger, you’ll want to find ways to attract a readership to your blog and your article.

No, you don’t need millions and millions of page views to earn a good living from blogging. In fact, I know some bloggers who receive 1,000,000 page views yet make less money than those with 100,000 monthly page views.

Every website is different, but once you learn what your audience wants, you can start to really make money blogging, regardless of how many page views you receive.

Having a successful blog is all about having a loyal audience and helping them with your content.

Even with all of that being said, if you want to learn how to monetize a blog, learning how to improve your traffic is valuable. The more loyal and engaged followers you have, the more money you may be able to make through your blog.

There are many ways to grow your readership, such as:

Write high-quality articles. Your blog posts should always be high-quality and helpful, and it means readers will want to come back for more.
Find social media sites to be active on. There are many social media platforms you can be active on, such as Pinterest, Facebook, Twitter, Instagram, TikTok, Youtube, and others.
Regularly share new posts. For most blogs, you should publish content at least once a week. Readers may forget about you if you go for weeks or months at a time without a blog post.
Guest post. Guest posting is a great way to reach a new audience, as it can bring new readers to your blog who will potentially subscribe to it.
Make sure it’s easy to share your content. I love sharing posts on social media. However, it gets frustrating when some blogs make it more difficult than it needs to be. You should always make sure it’s easy for readers to share your content, which means your social media icons should be easy to find, all of the info input and ready for sharing (title, link, and your username tagged), and so on. Also, you should make sure that when someone clicks on one of your sharing icons the title isn’t in CAPS (I’ve seen this too many times!).
Write better titles. The title of your post can either bring readers to you or deter them from clicking over. A great free tool to write better headlines is CoSchedule’s Headline tool.
Apply SEO strategies. SEO (search engine optimization) is not something I can teach in this small section, but I go over it below in another section.
Have a clean and user-friendly blog design. If you want more page views, you should make it as easy as possible for readers to navigate your blog. It should be easy for readers to find your blog homepage, search bar, blog posts, and so on.

Now, I also want to talk about helpful resources, courses, and more that can help you to learn how to grow your page views on your blog.

Below are some of my favorite blogging resources to help you improve your traffic:

Grow through SEO

SEO (search engine optimization) is how you get organic search traffic to your blog.

When you search a phrase on Google, you’ll see a bunch of different websites as the results. This is the result of these websites applying SEO strategies to their blog.

This is a great way for readers to find your blog, and SEO is important to pay attention to as you learn how to monetize a blog!

Below are some of my favorite SEO resources:

Stupid Simple SEO: This is my favorite overall SEO course, and one of the most popular for bloggers. I highly recommend taking it. I have gone through the whole course, and I constantly refer back to it.
Easy On-Page SEO: This is an easy-to-follow approach to learning on-page SEO so your articles can rank on Google. I have read this ebook twice, and it is super helpful.
Easy Backlinks for SEO: This ebook will show you 31 different ways to build backlinks, which are needed for SEO.
How To Get 50,000 Pageviews per Month With Keyword Research: This ebook shares the steps for keyword research so that you can get SEO traffic to your website.

Common questions about how to monetize a blog

Below, I’m going to answer some questions I’ve received about how to start a blog such as:

How many views do you need to monetize a blog?
How do beginner bloggers make money?
Why do bloggers fail?
How many posts should I have before I launch my blog?
How many times a week should I post on my blog?

How many views do you need to monetize a blog?

The amount of page views needed to make money blogging varies, and there is no magic number that you should be aiming for.

This is because it depends on so many factors, such as how you will monetize your blog, your niche, the number of email subscribers you have, the quality of your website, and more.

You may see success with 10,000 page views a month, or you may see success with over 100,000 page views a month. It simply depends on the factors above.

How do beginner bloggers make money?

Beginner bloggers can make money in many different ways, such as display advertising, affiliate marketing, creating their own products, and sponsorships.

You can start any of these right from the very beginning.

Display advertising is usually the easiest way to begin monetizing a blog, but the payoff is not very high, especially in the beginning when your page views are not high.

How many posts should I have before I launch my blog?

I recommend just launching your blog as soon as you have one blog post and a design. Building a huge backlog of blog posts isn’t usually needed, and it can prevent you from ever getting started!

How many times a week should I post on my blog?

The more blog posts you have, then the more traffic you may get. That’s because it’s more opportunities to show up in Google searches or share your posts on social media.

I recommend publishing a new blog post at least once a week. Anything less isn’t advised.

Publishing blog posts consistently is smart because readers know to expect regular content from you.

Why do bloggers fail?

Bloggers fail for many different reasons. These reasons may include:

Giving up too soon. It takes time to make money blogging, and sadly, many people give up just a few months into starting a blog.
Not publishing consistently. I recommend publishing content at least once a week, as described in the previous section. Some new bloggers may go months without publishing, and this will take them much longer to make money blogging as they are simply not dedicating enough time to their blog.
Not spending enough time learning about blogging. Blogging is not as easy as you may think. There is a lot to learn in order to make it work. You may need to learn about how to grow your blog’s traffic, how to monetize a blog, how to write high-quality content, and more.
Not having your own domain and self-hosting. If you want to make money blogging, I highly recommend owning your domain name and being self-hosted. The longer you put this easy step off, the longer it will most likely take for you to make money blogging. You can learn more at How To Start a WordPress Blog.

And much more. Blogging is like any business – there are things to learn, things to improve on, and more.

How do I start a blog?

If you have any other questions related to starting a blog, I recommend checking out What Is A Blog, How Do Blogs Make Money, & More. In this article, I answer more questions related to blogging such as:

How do I come up with a blog name?
What blogs make the most money?
How do you design a blog?
How many views do you need to make money blogging?
How many blog posts should I have before launching?
How do I get my blog noticed by Google?
How long until a blog makes money?
How do blogs make money?
How do bloggers get paid?

And more.

Please leave a comment if you have any questions.

Thanks for reading!

Source: makingsenseofcents.com

Apache is functioning normally

March 8, 2024 by Brett Tams

The NCAA’s name, image and likeness policy, or NIL, is an interim rule that allows college athletes to earn money by lending their celebrity to endorse or promote products, services or brands. Since it took effect in 2021, NIL deals have exploded, increasing by 146% from 2022 to 2023 according to SponsorUnited, an online platform that tracks sponsorship data.

In addition to the impact on college athletics, the policy increases access for smaller businesses that couldn’t previously afford big university sponsorships, allowing them to align themselves with the school brands through smaller NIL deals.

“There are a lot of athletes who want to be part of this economy, at most schools, and not all of them are looking for million-dollar deals,” says Robert Boland, a sports law professor at Seton Hall University and attorney at Shumaker law firm with a specialization in collegiate and professional sports, including NIL sponsorship.

Here’s what small-business owners need to know before investing in this type of partnership.

NIL is similar to other types of marketing

The majority of NIL deals involve social media posts, according to Opendorse, an online athlete marketplace and NIL technology company. These types of deals work similarly to other types of influencer marketing, where popular social media personalities collaborate with businesses to promote their products.

NIL activities can also include print or TV ads, clinics or in-person meet-and-greets or autograph signings. While compensation can be cash, small-business owners can also offer free or discounted products or services to athletes in exchange for promotion, Boland says.

The NIL landscape is broader than it looks

Though big-name companies and star athletes get all the media attention, data from Opendorse indicate that the average NIL deal since the policy was implemented ranges from $228 to just over $10,000, depending on the athlete and collegiate division. Keep in mind, though, that those averages are inflated by high-dollar deals that only a handful of star athletes receive. Many NIL sponsorships are, as Boland describes, “small-dollar deals.”

Though NCAA football is by far the leading sport for NIL endorsements, sports like volleyball, track and field, baseball and softball make up nearly a quarter of NIL activity, and athletes who compete in less visible sports can also be great partners, according to Boland.

The leading industries for NIL deals are apparel and footwear, followed by local restaurants and technology companies — but those aren’t the only businesses that can see a return from NIL deals.

Brian Quigley, founder of Beacon Lending, a Colorado-based mortgage company, has collaborated with three college athletes in Boulder and Fort Collins to promote his business. He’s found that these sponsorships have grown brand recognition and trust, particularly among a younger demographic, and have also deepened his ties with the respective communities, which he sees as especially important for someone in his industry.

Collectives can help facilitate NIL deals

Small-business owners who aren’t comfortable reaching out to athletes directly can go through NIL collectives, which are school-specific, independent organizations that act as marketplaces for athletes to connect with interested companies and vice versa. Collectives function similarly to marketing or talent agencies and are intended to protect athletes and businesses by facilitating NIL transactions and handling the financials of the deals.

Currently, there are over 250 collectives in existence or on the way, and the majority of schools in the Power 5 conferences — The Atlantic Coast Conference (ACC), Big Ten Conference, Big 12 Conference, Pacific-12 Conference (Pac-12) and the Southeastern Conference (SEC) — have at least one collective.

NIL activity isn’t uniformly regulated

The NCAA’s policy doesn’t allow an athlete to be compensated for athletic performance and strictly prohibits deals that are contingent on enrollment at a particular university. For now, such deals are regulated at the state and university level, which means that schools and students bear the responsibility of monitoring and reporting activity and potential violations.

This has led to concerns that NIL deals lend themselves too closely to a “pay-for-play” model and encourage illegal recruiting activities. Currently, several pieces of bipartisan legislation have been introduced in Congress that could make regulations universal nationwide.

This means that the model for NIL sponsorships is still very “dynamic,” cautions Steven Baker, a mentor at the Coachella Valley, California, chapter of SCORE, a nonprofit that offers free resources for small-business owners. Small-business owners need to be intentional about each aspect of their approach, including their marketing strategy and plans for return on investment, according to Baker. Above all, avoid investing just because you’re a fan.

Small-business owners will need to do their research on whom they’re working with. Quigley’s recommendation is to prioritize authenticity. “Choose athletes who resonate with your brand values,” he said in an email. “It’s not just a transaction but a partnership.”

Source: nerdwallet.com

Apache is functioning normally

March 8, 2024 by Brett Tams

While there are plenty of benefits to going public, there are also some downsides to being listed on a major stock exchange. Public companies must abide by strict government compliance and corporate government statutes and answer to shareholders and regulatory bodies. Plus they’re subject to the whims of the broader stock market on a regular basis.

So, public companies can opt to go private and delist from a public stock exchange. What happens when a public company goes private? Here’s what you need to know about that process.

Table of Contents

What Is Going Private?

When a company goes from public to private, the company is delisted from a stock exchange and its shareholders can no longer trade their shares in a public market. It also means that a private company no longer has to abide by the Sarbanes-Oxley Act of 2002. That legislation required publicly-traded companies to accommodate expansive and costly regulatory requirements, especially in the compliance risk management and financial reporting areas. (The legislation was created by lawmakers to help protect investors from fraudulent financial practices by corporations.)

Going private may also mean less pricing and financial stability, as private company shares typically have less liquidity than a public company traded on a stock exchange. That can leave a private company with fewer financing options to fund operations.

Going private also changes the way a company operates. Without public shareholders to satisfy, the company’s founders or owners can control both the firm’s business decisions and any shares of private stock. Private companies can consolidate power among one or a few owners. That can lead to quicker business decisions and a clear path to take advantage of new business opportunities.

By definition, a private company, or a company that has been “privatized”, may be owned by an individual or a group of individuals (i.e., a consortium) that also has a specific number of shareholders.

Unlike traditional stocks, investors in a private company do not purchase shares through a stock broker or through an online investment platform. Instead, investors purchase private equity shares from the company itself or from existing shareholders.
💡 Quick Tip: Before opening an investment account, know your investment objectives, time horizon, and risk tolerance. These fundamentals will help keep your strategy on track and with the aim of meeting your goals.

What Is Privatization?

Privatization is the opposite of an initial public offering. It’s the process by which a company goes from being a publicly traded company to being a private one. A private company may still offer shares of stock, but those shares aren’t available on public market exchanges. There’s no need to satisfy public shareholders and the company has less governmental oversight into its governance and documents.

(Note that privatization is also a term used to describe when a public or government organization switches to ownership by a private, non-governmental group.)

What Happens if You Own Shares of a Company That Goes Private?

If shareholders approve a tender offer to take a public company private, they’ll each receive a payment for the number of shares that they’re giving up. Typically, private investors pay a premium that exceeds the current share price and shareholders receive that money in exchange for giving up ownership in the company.

This is the opposite of IPO investing, in which the public buys stock in a newly listed company, and private owners have a chance to cash out.

Why a Company May Go Private

Likely the biggest reason why a company would choose to go private are the costs associated with being a public company (largely to accommodate regulatory demands from local, state, and federal governments).

Those costs may include the following potential corporate budget challenges:

• The legal, accounting, and compliance costs needed to accommodate company financial filings and associated corporate governance oversight obligations.

• The costs needed to pay compliance, investor relations, and other staffing needs – or the hiring of third-party specialty firms to handle these obligations.

• The costs associated with paying strict attention to company share price – a public company always has to keep its eye on maximizing its stock performance and on keeping shareholders satisfied with the firm’s stock performance.

In addition, going private enables companies to free up management and staff to turn their attention to firm financial growth, instead of regulatory and compliance issues or shareholder concerns. Some public companies struggle to invest for the long-term because they’re worried about meeting short-term targets to keep their stock price up.

Going private also enables companies to keep critical financial and operational data away out of the public record — and the hands of competitors. Privatization could also help companies avoid lawsuits from shareholders and curb some litigation risk.

How to Take a Company Private

Typically, companies that go private work with either a private-equity group or a private-equity firm pooling funds to “buy out” a public company’s entire amount of publicly-traded stock. This typically requires a group of investors since, in most cases, it takes an enormous amount of financial capital to buy out a company with hundreds of millions (or even billions) of dollars linked to its publicly-traded stock.

Often a consortium of private equity investors gets help financing with a privatization campaign from an investment bank or other large financial institution. The fund usually comes in the form of a massive loan — with interest — that the consortium can use to buy out a public company’s shares.

With the funding needed to close the deal on hand, the private equity consortium makes a tender offer to purchase all outstanding shares in the public company, which existing shareholders vote on. If approved, existing shareholders sell their stock to the private investors who become the new owners of the company.

The goal is that the private investors will take the gains accrued through stronger company revenues and rejuvenated stock, to pay down the investment banking loan, pay off any investment banking fees accrued, and begin managing the income and capital gains garnered from their investment in the company. While this can take some time, the process of going private is much less intensive than the IPO process.

Company executives, meanwhile, can focus on growing the company. In many instances, newly-minted private companies may roll out a new business plan and prospectus that firm executives can share with potential shareholders, hopefully bringing more capital into the company. Sometimes private owners will plan to IPO the business again in the future.
💡 Quick Tip: Keen to invest in an initial public offering, or IPO? Be sure to check with your brokerage about what’s required. Typically IPO stock is available only to eligible investors.

Pros and Cons of Going Private

Taking a company private has both benefits and drawbacks for the company.

The Pros

In addition to lower costs, there are several other advantages to delisting a company.

• Establishing privacy. When a company goes public, it relinquishes the right to keep the company private. By taking a company private, it makes it easier to operate outside of the public eye.

• Fewer shareholders. Public companies don’t have to deal with external company sources that may make life difficult for company executives and may result in a loss of operational independence. Once a company goes private, the founders or new owners retain full control over the business and have the last word on all company decisions.

• A private company doesn’t have to deal with financial regulators. A private company doesn’t need to file financial disclosures with the U.S. Securities and Exchange Commission and other government regulatory bodies. While a private company may have to file an annual report with the state where it operates, the information is limited and financial information remains private.

The Cons

There are some disadvantages to taking a company private.

• Capital funding challenges. When a company goes private, it loses the ability to raise funds through the publicly-traded financial markets, which can be an easy and efficient way to boost company revenues. Yet by privatizing the company, publicly-funded capital is no longer an option. Such companies may have to borrow funds from a bank or private lender, or sell stock based on a state’s specific regulatory requirements.

• The owner may have more legal liability. Private companies, especially sole proprietorships or general partnerships, aren’t protected from legal actions or creditors. If a private company is successfully sued in court, the court can garnish the business owner’s personal assets if necessary.

• More powerful shareholders. While there are not as many shareholders at a private company, new owners, such as venture capitalists or private equity funds, may have strong feelings about the operational business decisions, and as owners, they may have more power over seeing their wishes carried out.

The Takeaway

Going private can be an advantage for companies that want more control at the executive level, and no longer want their shares listed on a public exchange. However, taking a company private may impact the company’s bottom line as corporate financing options thin out when public shareholders can no longer buy the company’s stock.

If a company you own stock in goes private, you will no longer own shares in that company or be able to buy them through a traditional broker. For investors, having different types of assets in an investment portfolio may be helpful in case something happens to or changes with one of them.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Invest with as little as $5 with a SoFi Active Investing account.

FAQ

Is it good for a public company to go private?

Going private can have benefits for a public company, including lower costs related to legal, accounting, and compliance obligations, as well as costs associated with maximizing stock performance and keeping shareholders happy. In addition, going private may allow a company’s staff to focus more fully on financial growth, and keep critical company data out of the public record (and the hands of competitors).

However, there are potential drawbacks as well. For instance, a company may face capital funding challenges once it goes private since it can no longer raise funds through publicly-traded financial markets.

What happens to my private shares when a company goes public?

Once a company goes public (typically done through a process called an IPO, or initial public offering), your private shares become public shares, and they become worth the public trading price of the shares.

How long does it take for a public company to be private?

How long it takes for a public company to become private depends on the time it takes to complete the steps involved. For instance, the company has to buy out all of its publicly-traded stock; it usually works with a group of private investors to do this since the process is costly. Once they have the founding secured, a tender offer is made to purchase all outstanding shares in the public company, which the existing shareholders vote on. If that is approved, the shareholders sell their stock to the owners of the company. How long all this takes generally depends on the company and the specific situation.

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Apache is functioning normally

March 7, 2024 by Brett Tams

National mortgage rates were mostly lower compared to a week ago, according to rate data collected by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo mortgages each moved lower, while rates for adjustable rate mortgages rose.

While it’s expected that rates will gradually come down this year, it may not be a straight downward path.

At its Jan. 31 meeting, the Federal Reserve announced it would hold off changing rates, but could cut rates in the future. The Fed meets again on March 20, where they’ll announce an updated outlook. Rate fluctuations affect many areas of the economy, including the 10-year Treasury, a key benchmark for fixed-rate mortgages.

“Where the 10-Year Treasury yield goes, mortgage rates will follow,” says Ken Johnson of Florida Atlantic University. “In roughly the last two months, the 10-year Treasury yield is up 50 basis points. Depending on the source, the 30-year mortgage rate is up 48 basis points. Treasurys’ path remains a coin toss at this point.”

Rates last updated March 5, 2024.

These rates are marketplace averages based on the assumptions here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, March 5th, 2024 at 7:30 a.m.

30-year mortgage retreats, -0.09%

Today’s average rate for the benchmark 30-year fixed mortgage is 7.25 percent, a decrease of 9 basis points over the last week. Last month on the 5th, the average rate on a 30-year fixed mortgage was lower, at 7.10 percent.

At the current average rate, you’ll pay principal and interest of $682.18 for every $100,000 you borrow. That’s $6.11 lower, compared with last week.

The 30-year mortgage is the most popular option for borrowers. It has a number of advantages. Among them:

Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower, more affordable payments spread over time.
Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Keep in mind: Your monthly housing payment can still change if your homeowners insurance premiums and property taxes go up or, less likely, down.
Buying power: With lower payments, you might qualify for a larger loan amountor a more expensive home.
Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like building an emergency fund, contributing to retirement or college tuition, or saving for home repairs and maintenance.

Learn more: What is a fixed-rate mortgage and how does it work?

15-year mortgage rate eases, -0.06%

The average rate you’ll pay for a 15-year fixed mortgage is 6.70 percent, down 6 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $882 per $100,000 borrowed. The bigger payment may be a little more difficult to find room for in your monthly budget than a 30-year mortgage payment, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more quickly.

5/1 ARM rate moves higher, +0.12%

The average rate on a 5/1 adjustable rate mortgage is 6.31 percent, up 12 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.31 percent would cost about $620 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Current jumbo mortgage rate retreats, -0.10%

The average jumbo mortgage rate today is 7.28 percent, down 10 basis points over the last seven days. This time a month ago, the average rate on a jumbo mortgage was lesser at 7.16 percent.

At the average rate today for a jumbo loan, you’ll pay $684.21 per month in principal and interest for every $100,000 you borrow. That’s lower by $6.81 than it would have been last week.

Refinance rates

Current 30 year mortgage refinance rate climbs, +0.01%

The average 30-year fixed-refinance rate is 7.25 percent, up 1 basis point from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 7.19 percent.

At the current average rate, you’ll pay $682.18 per month in principal and interest for every $100,000 you borrow. That’s $0.68 higher compared with last week.

Where are mortgage rates heading?

With inflation still above the Fed’s 2 percent goal and the job market holding strong, the Fed isn’t likely to cut rates at its March meeting.

“The Federal Reserve will not cut interest rates in the first half of this year, in my view,” says Lawrence Yun, chief economist of the National Association of Realtors, “but rate cuts of three, four or even five rounds will be possible in the second half of the year as rent measures will be much more well-behaved.”

The rates on 30-year mortgages mostly follow the 10-year Treasury, which shifts continuously as economic conditions dictate, while the cost of variable-rate home loans mirror the Fed’s moves.

These broader factors influence overall rate movement. As a borrower, you could be quoted a higher or lower rate compared to the trend.

What these rates mean for you and your mortgage

While mortgage rates change daily, it’s unlikely we’ll see rates back at 3 percent anytime soon. If you’re shopping for a mortgage now, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.

To help you uncover the best deal, get at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.

“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”

More on current mortgage rates

Methodology

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.

Source: bankrate.com