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In some ways, net worth and wealth can be tricky terms to define. To some people, the phrases are synonymous. As others acknowledge, the perception of wealth is influenced by a variety of factors, including where you live, your career, and your age.

Here’s a deep dive into how to calculate individual net worth and some of the factors that may influence our perception of wealth.

Key Points

•   Net worth is calculated by subtracting liabilities from the total value of assets, including real estate and investments.

•   Assets like cash, life insurance, household items, and jewelry contribute to overall wealth.

•   A positive net worth results when assets exceed liabilities, indicating financial health.

•   Lifestyle creep can hinder wealth accumulation as higher incomes often lead to increased discretionary spending.

•   Middle-income families earn between $56,600 and $169,800 annually, defining economic classes.

How to Calculate Individual Net Worth

An individual’s net worth is the value of all of their combined assets minus any liabilities (that is, outstanding debts). If your assets are worth more than your liabilities, you have a positive net worth. If you owe more than you own, your net worth is negative.

Assets you may use as part of your net worth calculation can include:

•  Real estate. Your home, second home, rental property, commercial real estate, or other holdings.

•  Cars and other vehicles. Note that automobiles are typically subject to depreciation in value over time.

•  Investments. Stocks, bonds, mutual funds, and retirement accounts.

•  Cash

•  Life insurance. Use the cash value.

•  Household items. Furniture, silverware, etc.

•  Jewelry. Plus precious gems and metals.

Liabilities are debts such as:

•  Balance remaining on your mortgage

•  Student loans

•  Auto loans

•  Credit card debt

Recommended: Does Net Worth Include Home Equity?

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What Is the Difference Between Net Worth and Income?

Net worth and income don’t necessarily go hand in hand. Income is the money that is reported on a tax return, while a high net worth results from owning valuable assets. High net worth could be a result of careful saving, inheriting money, or hanging onto highly appreciated assets.

For example, let’s say someone bought a house in a once-undesirable neighborhood decades ago. Today, that neighborhood is super popular and the house is worth much more. Even if they don’t sell, the homeowner has increased their net worth without a boost in income. (It can be useful to see how net worth changes by age and location.)

On the other hand, a professional with a high salary who carries a lot of debt could have a relatively low net worth, especially if they also maintain a costly lifestyle. That said, various types of income certainly can have a big impact on how much wealth a person is able to accumulate.

Income is also one way that researchers sort individuals into economic classes, though the income ranges that delineate class can vary from year to year and by research methodology.

What Salary Is Considered a Middle-Class Income?

Pew Research Center defines middle-income Americans as those whose annual size-adjusted income is two-thirds to double the median size-adjusted household income. (Size-adjusted household income refers to the number of people within the household.)

A middle-income family of three earned $56,600 to $169,800 in 2022, the most recent information available from Pew Research.

What Salary Is Considered an Upper-Class Income?

Upper-income individuals earn more than double the median size-adjusted household income. This means a family of three may earn more than $169,800.

Wondering how your income compares? It can be helpful to look at the median income for a three-person household in each income tier.

Income Tier Median Income in 2022
Upper Income $256,920
Middle Income $106,092
Lower Income $35,318

Source: Pew Research Center

Why Wealth Is Relative Person to Person

The definition of “wealthy” differs depending on a person’s background, geography, and age. Consider a law student who earns very little money each year and carries hundreds of thousands in student debt. While their current wealth may be low, their potential future earnings may be quite high, and could catapult them into the wealthiest classes.

Consider, too, that where you live has a big impact on how far your wealth will stretch. A middle-income earner in an expensive city like San Francisco or New York may find it more difficult to make ends meet than someone in a small town in Oklahoma with a lower cost of living.

Ways to Measure Wealth

Wealth and net worth can be considered synonymous in some cases. But there are other factors that play into the perception of wealth and a person’s ability to accumulate it. Examples include demographic differences and potential return on investment, which may not have an immediate impact but can increase future wealth.

Income

As mentioned above, high income does not necessarily lead to high net worth — but it can. High earners may use their income to acquire assets that maintain equity, such as a home. These people may also use their earnings to invest within retirement and brokerage accounts.

Personal Savings

Your personal savings may refer to the cash you have on hand in checking and savings accounts, certificates of deposit, and money market accounts. It may also refer to the savings you have invested in brokerage and retirement accounts.

Ideally, these investments will appreciate over time, increasing net worth and providing a future source of income to maintain your standard of living after you stop working. As you build up your savings, tools like a money tracker app can help you keep tabs on your money.

Investment Rate of Return

An important factor in accumulating wealth is the rate of return (ROR) on your investments. Investment returns are not guaranteed. Stock prices rise and fall according to various trends in the market. Even bonds, which are relatively safe, are subject to default from time to time.

In the past, the stock market tended to rise over the long term. In fact, since 1926, the average annual rate of return for the stock market has been about 10%, surpassing potential returns for other major types of investments, including bonds.

Investors who save more, and hold more of their investment portfolio in stocks, may be better positioned to take advantage of these potential future returns.

Real Estate Assets

One way to think about wealth is as the maintaining of assets. Real estate can be a good place to build equity, and it can appreciate in value. Returns can vary widely depending on what type of real estate you buy — whether a home or commercial property — and where the property is located. Historically, the rate of return on real estate has been close to stock market returns. In the U.S. market, the median return on real estate investment is 8.6% annually, per the S&P 500 Index.

Age and Family Status

Demographic factors can have an impact on how much money you earn and the wealth you can accumulate. For example, median weekly earnings vary by age and gender.

Perhaps unsurprisingly, men and women ages 16 to 24 have the lowest median weekly earnings, with men earning $771 per week and women earning $695 in the second quarter of 2024, according to Bureau of Labor Statistics data.

Men age 35 and over enjoyed the highest median weekly earnings:

•  35 to 44: $1,379

•  45 to 54: $1,470

•  55 to 64: $1,361

Women earned less overall than men:

•  35 to 44: $1,114

•  45 to 54: $1,151

•  55 to 64: $1,048

The number of people in a household has a different impact. More people under one roof may require a larger home and more money spent on things like groceries, clothing, and transportation. As a result, a single individual usually requires less wealth to maintain a certain lifestyle than a family of five.

Good Credit Score

While not exactly a measure of wealth, a good credit score is a measure of financial health. It suggests that you have not taken on more debt than you can handle, and that you are able to make your payments on time.

A good credit score can also help you leverage your wealth to achieve financial goals. For example, lenders will look at your credit score when you apply for a loan to determine your creditworthiness. A good score can help you qualify for loans with lower interest rates. Individuals with bad credit, on the other hand, may be seen as a risk, and lenders may charge higher interest rates to compensate.

As a result, a good credit score can help you qualify for loans, such as a mortgage, at affordable rates that can help you build wealth.

Difference Between Material Wealth vs Spiritual Wealth

Material wealth is dependent on the physical and financial assets that you own and the debts you carry. Spiritual wealth, on the other hand, is not based on tangible items. Rather, it’s based on things like a sense of well-being and happiness.

Are material wealth and spiritual wealth linked? In a 2023 paper, authors Daniel Kahneman, Matthew A. Killingworth, and Barbara Mellers discovered an overall connection between larger incomes and increasing levels of happiness. But they also found that happiness peaks at $100,000 a year and then plateaus in people who are already unhappy.

Appreciating What You Have

One of the reasons that higher income doesn’t always translate into greater wealth is a phenomenon known as “lifestyle creep.” This occurs when increasing income leads to an increase in discretionary spending. A certain amount of lifestyle creep can result from trying to “keep up with the Joneses” — a tendency to accumulate material goods to compete with others in one’s perceived social class.

For example, as a person earns more, they might buy a bigger house, a more expensive car, pricey clothes, and start sending their kids to private school. These costly habits can mean that the individual may not be able to save more than when their salary was lower.

Try to avoid lifestyle creep by putting off grand lifestyle changes, like buying a large home, and putting off big purchases until absolutely necessary. Build and stick to a budget that includes wealth-building line items, such as saving in retirement funds. Track your progress with a budgeting app.

Practice appreciating what you already have, and you may find that some of the upgrades you desire are just wants — not necessities.

Recommended: What Credit Score Is Needed to Buy a Car?

The Takeaway

Net worth and wealth are inextricably linked. Measuring net worth helps people assess how many assets they currently have at their disposal. Accumulating wealth is about acquiring and maintaining assets that hold their value or increase in value. Doing so often requires careful saving and investing, as well as constant monitoring to ensure you stay on track.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What salary is considered middle-class income?

Middle-income Americans have annual incomes that are two-thirds to double the median income, according to Pew Research. For example, a middle-income family of three will earn $56,600 to $169,800.

What salary is considered upper-middle class income?

An upper-middle class income is at the high range of middle class income. According to the U.S. Census Bureau’s “Income in the United States: 2022” report, that’s an average annual income of $94,001 to $153,000.

What salary is considered lower-class income?

Low-income Americans are anyone earning less than two-thirds of the median household income. Per Pew Research Center, that means a family of three would have a household income of less than $56,600.

Photo credit: iStock/fizkes

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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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

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Source: sofi.com

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Categories

Real Estate

November 1, 2024
by Mark Ferguson

Over the last 20 years, I’ve bought and managed hundreds of rental properties. While most of my experience is with long-term rentals, I’ve also dabbled in short-term rentals and helped many other investors analyze both strategies. In this article, I’ll break down the key differences between short-term and long-term rentals to help you determine which strategy might work better for your situation.

Table of Contents

Quick Overview: Short-Term vs Long-Term Rentals

Before diving deep into the analysis, here’s a quick comparison:

Short-Term Rentals:

  • Higher potential monthly income
  • More hands-on management required
  • Higher operating costs
  • More market volatility
  • Often better in tourist areas

Long-Term Rentals:

  • More stable monthly income
  • Less day-to-day management
  • Lower operating costs
  • Generally more predictable
  • Work in most residential areas

Analyzing the Numbers: Real-World Example

Let’s look at a real example using a 3-bedroom, 2-bathroom house worth $300,000 in a decent area. I’ll break down the potential returns for both strategies using my rental property calculator.

Long-Term Rental Numbers:

  • Monthly Rent: $2,000
  • Annual Gross Income: $24,000
  • Vacancy Rate: 5% ($1,200)
  • Property Management: 8% ($1,920)
  • Maintenance: $2,400
  • Insurance: $1,200
  • Property Taxes: $2,400
  • Net Operating Income: $14,880

Short-Term Rental Numbers:

  • Average Nightly Rate: $150
  • Occupancy Rate: 70%
  • Annual Gross Income: $38,325
  • Cleaning Fees: $4,800
  • Property Management: 25% ($9,581)
  • Utilities: $2,400
  • Maintenance: $3,600
  • Insurance: $2,400
  • Property Taxes: $2,400
  • Net Operating Income: $13,144

While the short-term rental generates significantly more gross income, the net income is actually lower in this example due to higher expenses. However, these numbers can vary dramatically based on location and market conditions.

Advantages of Long-Term Rentals

1. Stability

Long-term rentals typically provide more predictable income. When you have good tenants on a yearly lease, you know exactly how much you’ll make each month. This makes it easier to plan for expenses and calculate returns.

2. Lower Operating Costs

With long-term rentals, tenants usually pay utilities and handle yard maintenance. You also don’t need to furnish the property or pay for regular cleaning services. This significantly reduces your operating expenses.

3. Less Management Intensive

Once you place good tenants, long-term rentals require minimal day-to-day management. You might only hear from tenants occasionally for maintenance issues. Learn more about how hard it is to be a landlord.

4. Easier Financing

Traditional lenders are more comfortable with long-term rentals. You’ll typically find better interest rates and down payment requirements compared to short-term rental properties.

Advantages of Short-Term Rentals

1. Higher Revenue Potential

In popular areas, short-term rentals can generate 2-3 times the gross revenue of long-term rentals. This higher income potential can lead to better cash flow in the right market.

2. Property Condition Control

With short-term rentals, you can regularly inspect and maintain the property between guests. This helps prevent major damage and keeps the property in better condition.

3. Personal Use Flexibility

If you want to use the property occasionally, short-term rentals offer that flexibility without violating any lease agreements.

4. Tax Benefits

Short-term rentals often qualify for additional tax benefits as a business rather than an investment property.

Key Challenges to Consider

Short-Term Rental Challenges:

  1. Regulations: Many cities are implementing strict short-term rental regulations or outright bans
  2. Market Volatility: Income can vary significantly by season and during economic downturns
  3. Higher Time Commitment: Managing bookings, cleanings, and guest communications requires more time
  4. Initial Costs: Furnishing and setting up a short-term rental requires significant upfront investment

Long-Term Rental Challenges:

  1. Problem Tenants: Bad tenants can be costly and time-consuming to remove
  2. Property Damage: Less frequent inspections mean damage might go unnoticed longer
  3. Market Constraints: Rental rates typically can’t be adjusted until lease renewal
  4. Lower Income Potential: Monthly income is generally lower than successful short-term rentals

How to Choose the Right Strategy

Consider these factors when deciding between short-term and long-term rentals:

Location Matters Most

  • Tourist areas → Short-term rentals often perform better
  • Residential neighborhoods → Long-term rentals usually make more sense
  • Business districts → Either can work, depending on specific market demands

Time Availability

  • Limited time → Long-term rentals are usually better
  • Flexible schedule → Short-term rentals might be manageable
  • Full-time investor → Either could work well

Financial Goals

  • Steady income → Long-term rentals
  • Maximum revenue potential → Short-term rentals (in the right market)
  • Building equity → Either strategy works

My Recommendation

After managing both types of rentals, I generally recommend starting with long-term rentals unless you have a property in a prime tourist location or significant experience in hospitality management. Long-term rentals provide a more stable foundation for building wealth through real estate with less risk and time commitment.

For those interested in short-term rentals, I suggest:

  1. Starting with one property to learn the market
  2. Choosing a location with year-round demand
  3. Building a reliable team (cleaners, maintenance, etc.)
  4. Having significant cash reserves for seasonal fluctuations

The Bottom Line

Both short-term and long-term rentals can be profitable investment strategies when executed properly. The best choice depends on your specific situation, including:

  • Available time
  • Market location
  • Risk tolerance
  • Management experience
  • Financial goals

I’ve found that most investors do better starting with long-term rentals and potentially adding short-term rentals to their portfolio later as they gain experience. Whatever strategy you choose, make sure to thoroughly analyze the numbers and market conditions before making your investment.

Want to learn more about rental property investing? Check out my guide to building a rental property empire or try my rental property calculator to analyze potential investments.

You might also be interested in learning about how to get started in rental properties or understanding the risks of rental property investing.

Source: investfourmore.com

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The big screen version of the Broadway musical “Wicked” is set to defy more than just gravity; it could break box office records. According to NBCUniversal, “Wicked” is already the No. 3 best PG-rated first-day ticket pre-seller of all time on movie ticket website Fandango, which indicates high interest in the movie ahead of its Nov. 22 release date.

These weeks before and after the movie’s release is the ideal time to celebrate “Wicked” fandom in the U.S. and abroad. There are brand collaborations spanning everything from beauty products to Crocs to Starbucks’ lineup of “Wicked” drinks, including a green cold brew. There are even glossy pink and green “Wicked” luggage.

But where should you go since the Land of Oz isn’t an option? Here are some ideas for a “Wicked”-inspired vacation good enough to rival any trip to Munchkinland.

1. New York City

(Getty Images)

New York City is home to the Broadway version, which has been playing in the Gershwin Theatre since 2003. In 2023, it became Broadway’s fourth longest-running production.

(Photo courtesy of Hilton)

Stay in the Oz-inspired, themed suite at the New York Hilton Midtown, available for a limited time between Nov. 21 and Jan. 5, 2025. Styled with a custom art deco aesthetic, the room includes two beds — one pink and one green. Whimsical touches include cocktails served from a hidden bar behind a bookshelf inspired by the Wizard’s Throne Room. Morning pastries are served via a floating balloon.

2. Seattle

(Photo courtesy of Visit Seattle)

Seattle, aptly nicknamed the Emerald City, is a good destination in November. The North American tour of the “Wicked” musical plays at The Paramount Theatre through Dec. 1.

To stretch your budget, bring friends. Groups of 10 or more receive discounted tickets or purchase tickets in-person at the box office to avoid online ticketing fees, which can sometimes amount to more than 10% of the overall ticket price. Use a credit card that earns rewards on entertainment purchases to maximize spending.

Besides the show, head to the Museum of Pop Culture, which has the Cowardly Lion costume from “The Wizard of Oz” on display.

3. Los Angeles

“Wicked” food, drinks and desserts on sale at Universal Hollywood. (Photo courtesy of NBCUniversal)

After its Seattle run, the touring version of the Broadway show heads to Los Angeles, where it’ll play at the Hollywood Pantages Theatre through Feb. 2, 2025. But that’s not the only “Wicked” magic in town.

Universal Studios Hollywood will display film props inside the park. Meanwhile, the Universal Cinema AMC at CityWalk Hollywood (which does not require Universal Studios theme park tickets to enter) will display costumes from the movie. Restaurants including Voodoo Doughnuts and The Toothsome Chocolate Emporium & Savory Feast Kitchen are serving up themed treats.

4. Central Florida

(Photo courtesy of Fred Trust)

Experience more “Wicked”-inspired adventures at Universal Orlando, which offers interactive recreations of movie scenes, including a walk down the yellow brick road.

Or, venture an hour east to Cape Canaveral to The Wizard of Oz Museum. With tickets at just $32, it’s a fraction of the cost of Universal Orlando tickets. The museum features projection-based exhibits that make you feel as though you’re walking through Oz, complete with a tornado simulation.

5. Washington, D.C.

(Photo courtesy of the National Museum of American History)

In the nation’s capital, see one of the most iconic pieces of Oz history: Dorothy’s ruby slippers. On display at the National Museum of American History, the slippers are now part of the “Entertainment Nation” exhibit, which opened in 2022, though they’ve been on almost-continuous display elsewhere since they were donated anonymously to the museum in 1979.

Museum admission is free, making this a budget-friendly stop in Washington, D.C. Plus, nearby, affordable Washington, D.C. hotels include the Residence Inn Washington, DC National Mall and Fairfield Inn & Suites Washington, DC/Downtown. Both have nightly rates this December for less than $200 — and both hotel chains offer free breakfast.

(Photo courtesy of The Clermont)

A version of the stage show has been performing at the Apollo Victoria Theatre in London since 2006, which is just a three-minute walk from the theater you’ll find The Clermont, Victoria. The hotel hosts a “Wicked” afternoon tea serving mostly green treats, including lime cheesecake and a chocolate pistachio dessert. At £40 (about $52) per person, it’s one of the more affordable hotel afternoon teas.

7. Bermuda

(Getty Images)

Bermuda is an archipelago made up of seven main islands and more than 100 smaller ones. “The Wonderful Wizard of Oz” illustrator William Denslow famously used his earnings to buy one of them.

Today, guided tours can offer you a look at that island, briefly known as Denslow Island. For example, Norwegian Cruise Line’s shore excursion called Famous Homes & Hideaways Cruise puts cruisers who have docked for the day on a smaller boat to sail past the island.

If you’re arriving by air, new nonstop flights from major U.S. cities to Bermuda’s L.F. Wade International Airport offer many options. For example, United Airlines extended its previously seasonal, nonstop two-hour service from Newark Liberty International Airport (EWR) to be year-round. One-way flights start at just 10,100 United MileagePlus miles (plus taxes and fees), which NerdWallet values at about $120.

(Top photo courtesy of NBCUniversal)

How to maximize your rewards

Source: nerdwallet.com

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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice.See Lexington Law’s editorial disclosure for more information.

There are over 18.3 million veterans in the United States and an additional 2.86 million service members on active duty. Service members dedicate their lives to our country, but many have poor credit, making it difficult to get a loan for a home or a vehicle. If you’re a veteran, a bad credit score can also cost you more money due to higher interest rates, but credit repair for veterans may be a solution.

Learning how to fix your credit score can help you and your family improve your financial well-being. There are steps you can take to repair your credit and programs that can help. In the guide below, we teach you how credit repair works and what you can do to work on your credit score.

Key takeaways:

  • Credit repair for veterans involves improving your credit score by learning how credit works and focusing on problem areas of your credit report.
  • In some cases, there are errors on your credit report that you can challenge to potentially improve your credit score.
  • There are many nonprofit organizations and additional resources for veterans looking to repair their credit.

What is credit repair for veterans?

Credit repair is when you take certain actions toward fixing and improving your credit score. Your FICO® credit score is the primary scoring model lenders and other businesses use to assess your creditworthiness. The five weighted factors that make up your credit score include: 

  • Payment history (35 percent): How well you make your payments on time and in full
  • Credit utilization (30 percent): How much you owe compared to your max credit limit
  • Credit age (15 percent): The average age of your credit accounts
  • Credit mix (10 percent): Your mix of revolving credit and installment loans
  • New credit (10 percent): How often you apply for new credit accounts

Credit bureaus use your credit report to find information on these five areas to determine your credit score. To repair their credit, veterans can review their credit reports and work on specific areas that need improvement. This involves developing good financial habits and paying down debts.

Your credit report may also contain errors like misreported late payments, which you can challenge with the credit bureaus.

How can credit repair help veterans?

There are VA home loans that don’t have minimum credit score requirements, but it’s different when dealing with private lenders. So, if you go through a bank for a home loan, auto loan, personal loan or anything else that requires a credit check, you need a good credit score. Putting in the effort to repair your credit as a veteran allows you to have more choices and opportunities with your finances.

When veterans fix their credit, they’re able to save money and have more opportunities. Your credit score is a primary factor in determining where you live, how much you pay in interest and deposits and sometimes, it determines what kind of job you can get. Fixing your credit score can take time, but it can help you and your family buy the home of your dreams and save money for your future.

Additional credit repair programs for veterans

In addition to the NFCC, there are more credit repair programs that specifically work with veterans. By working with veterans and their families regularly, they understand the specific needs and challenges veterans face. Some of these organizations offer free credit repair services for veterans by providing debt relief options. The following organizations provide services and resources that may be able to help you fix your credit score: 

  • Veterans Benefits Administration (VBA): The VBA is an organization run by the U.S. Department of Veterans Affairs that helps veterans understand their benefits. They also provide many services to help veterans manage their finances. This includes beneficiary financial counseling, a fiduciary program and mortgage delinquency assistance.
  • Military OneSource: Military OneSource offers many resources for veterans and their family members. They provide assistance with taxes, financial education resources, spouse employment and more. They also have financial counselors who help veterans manage their finances and debt.
  • Military Saves: This nonprofit organization is dedicated to helping military members learn how to save money, reduce debt and manage their finances. It partners with a wide range of military banks and credit unions to help veterans improve their financial well-being.

Can you get a VA home loan with bad credit?

Regardless of your credit score, you can qualify for a VA home loan. Unlike private home loans, there’s no minimum credit score for a VA home loan. Should you choose to work with a private lender, the minimum credit score is often 500, but it may be higher depending on the lender and the loan amount. Eligibility requirements for a VA home loan include:

There are also additional benefits to VA home loans. Unlike private loans, there are no down payment requirements or repayment penalties. VA home loans often have lower interest rates than private home loans, so you can save on the total price of the home.

How long does credit repair take for veterans?

How long credit repair takes depends on the individual. When you have more issues with your credit score that are lowering your score, it can take longer to repair it. Some of the factors that can determine how long credit repair takes include:

  • Your current credit score
  • How many derogatory items are on your credit report
  • Your current amount of debt

Some negative items on your credit report may take seven to 10 years to fall off your credit report, so this can increase the time frame. The length of time also depends on what score you’re trying to achieve.

For example, raising a score of 550 to 750 can take longer than raising it to 650. 

5 steps to improving your credit health

Credit counseling organizations and other programs can help you with your credit repair, but there are some steps you can take on your own as well. Before focusing on specific areas of your credit score, there are some initial steps you should take:

  • Step 1: Check your credit report
  • Step 2: Look for potential errors on your credit report
  • Step 3: Challenge potential errors
  • Step 4: Analyze your credit score for areas that need improvement
  • Step 5: Begin working on areas that are lowering your credit score

Below are some simple tips to help boost your credit score by focusing on the individual factors affecting your credit score: 

  • Make your payments on time
  • Keep your credit utilization below 30 percent
  • Have a good credit mix
  • Try not to open too many new credit accounts
  • Don’t close old credit accounts

If managing debt is a primary issue affecting your credit score, the following are some simple ways to begin paying down debt:

  • Create a budget
  • Consolidate your debt for a lower interest rate
  • Find sources of extra income

Check your credit score for free today

Before you can repair your credit score, you need to know what it is. The best way to do this is to get detailed information about your credit score so you know exactly where to focus your attention. Here at Lexington Law Firm, we provide a free credit assessment that can help you get started with a free credit score, credit report summary and credit repair recommendation. Sign up for your free credit assessment today.

Note: The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

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While presidential ballots are being tallied and argued about, mortgage rates tend to sit still and wait. So rates are unlikely to move much in November until the result of this year’s presidential election is clear and broadly accepted — even if it takes time to reach a consensus.

The elections of 2000 and 2020 offer examples for what we might see in the 2024 go-round.

In 2000, the outcome of the election depended on the result in Florida, where razor-thin margins led to five weeks of recounts and lawsuits. According to Freddie Mac, the 30-year mortgage rate stayed between 7.73% and 7.79% for the first three weeks of that saga before dropping to 7.54% in December, in the week before the Supreme Court stopped the vote recounts in Florida.

In 2020, it took four days for the TV networks and the Associated Press to conclude that Joe Biden had won the election. But Donald Trump didn’t concede, injecting uncertainty into the proceedings. In the 12 weeks from Election Day to the inauguration, the 30-year mortgage remained in a rather tight range: as high as 2.84% and as low as 2.65%. It averaged either 2.71% or 2.72% for four weeks in a row.

November’s mortgage rate forecast is for rates to remain relatively unchanged until doubt has evaporated. The direction of mortgage rates is anyone’s guess after that, depending on who wins the White House and which parties will control the House and Senate.

What happened in October

At the end of September, NerdWallet writer Kate Wood noted that mortgage rates had fallen for five months in a row, “but October could break the streak.” That’s what happened, which is good for her forecast record but bad for borrowers. In NerdWallet’s daily survey, the 30-year mortgage rate rose about 60 basis points (a basis point is one one-hundredth of a percentage point). It averaged 6.75% in the last week of October in NerdWallet’s survey, compared to 6.16% in the last week of September.

October’s rise in mortgage rates threw a wet blanket over the market. “After a brief burst of activity in September when rates were almost 60 basis points lower, overall applications have declined 27%, driven by a pullback in refinances,” said Joel Kan, deputy chief economist for the Mortgage Bankers Association.

Fed and mortgages moved in opposite directions

The Fed justified its rate reduction by noting that job gains had slowed and inflation had been falling toward the central bank’s 2% goal. That was true at the time of the Fed meeting. But then, a couple of weeks afterward, two economic reports were released that contradicted the Fed’s confident analysis:

  • Inflation ticked up to 2.7% in August from 2.6% in July, as measured in the Fed’s favorite inflation gauge, the core PCE price index. Markets had been expecting this. Nevertheless, inflation moved in the wrong direction.

  • Nonfarm payroll jobs grew by 254,000 in September, the most vigorous growth since March. This result surprised markets, which had expected slower job growth.

Healthy job creation can fuel inflation — and mortgage rates are sensitive to inflation. So the news of the robust economy was followed by a month of rising mortgage rates.

The Fed is expected to continue moving in the opposite direction by cutting short-term interest rates a quarter of a percentage point when it meets Nov. 6 and 7. But look for the Federal Reserve‘s action to be overshadowed by the election’s aftermath.

What other forecasters predict

Forecasts from Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors all imply that mortgage rates will fall in the final three months of this year and gradually decline all next year. The three organizations predict that the 30-year mortgage will average 6% to 6.3% from October through December, and to settle below 6% in the final three months of 2025.

As of the end of October, the 30-year mortgage has averaged 6.43% in the fourth quarter. For the predictions of lower rates in the fourth quarter to pan out, mortgage rates would need to fall decisively in November and December. Time is running short for that to happen.

Source: nerdwallet.com

Apache is functioning normally

In the not-too-distant past, when couples had kids, one partner stayed home — and essentially gave up their career for a while. Today, however, more companies are accommodating remote work and flexible hours for an expanding roster of jobs. Stay-at-home parents may be surprised to see that the industry they left behind is now open to hiring them back on a part-time or freelance basis.

We’ve rounded up the most promising work-from-home jobs with flexible hours across a range of occupations. Some require a relevant degree or specialized training or experience, while others are more open to motivated generalists.

Key Points

•   Remote work and flexible hours are more common, which can help parents who are re-entering the workforce.

•   Some work-from-home jobs require specific degrees, while others are open to generalists.

•   Companies increasingly accept remote work, with many employees on hybrid or fully remote schedules.

•   Sales representatives, advertising sales agents, and public relations specialists have remote work opportunities.

•   Financial sector roles like financial analysts and accountants offer good entry-level salaries and remote work options.

Is Working From Home Here to Stay?

Companies are finally accepting that work-from-home situations can be beneficial for businesses and workers. Today, 41% of American workers who have the ability to do their job remotely are working a hybrid schedule, according to a 2023 Pew Research Center survey. And 14% are able to work from home the entire week.

This is great news for the millions of Americans who can’t swing a full-time office job, from job-seeking retirees to self-described “antisocial” folks.

That said, telework is unlikely to be available for occupations that have a need for workers at a jobsite, including trade jobs. But many more professional roles can be fulfilled by remote workers.

Are WFH Jobs and Remote Jobs the Same?

WFH and remote jobs may be different in how they’re set up. Some companies define “work from home” (WFH) as a temporary situation, like working from home on a Friday but coming into the office other days of the week. The expectation for remote workers is that they define their own workday and may never need to go into the office.

Pros and Cons of Raising the Minimum Wage

13 WFH Jobs With Flexible Hours for Moms

If you need or want to work from home, there’s never been a better time. Take a look at these 13 occupations with the most remote opportunities, per the Bureau of Labor Statistics. Some may pay hourly vs. salaried, but all pay considerably higher than minimum wage.

We hope this list will inspire you to pursue a job with flexible hours that previously might have shut you out.

1. Market Research Analyst / Marketing Specialist

Median annual wage: $74,680

Job growth outlook (2023-2033): 8%

Requirements: Bachelor’s degree

What they do: Market research analysts study consumer behavior and preferences, then make recommendations to businesses that promise greater profitability. They also research a company’s position in the marketplace relative to their competitors.

2. Marketing Manager

Median annual wage: $156,580

Job growth outlook (2023-2033): 8%

Requirements: Bachelor’s degree

What they do: Marketing managers create interest in a product or service using advertisements, promotions, and other marketing tactics. They develop pricing strategies and negotiate advertising contracts. This is the highest paying job on our list.

3. Fundraiser

Median annual wage: $64,160

Job growth outlook (2023-2033): 6%

Requirements: Bachelor’s degree

What they do: Fundraisers organize events and campaigns to help raise money for an organization. They may work for political campaigns, nonprofits, or educational institutions.

4. Compensation and Benefits Manager

Median annual wage: $136,380

Job growth outlook (2023-2033: 2%

Requirements: Bachelor’s degree

What they do: Compensation and benefits managers administer an organization’s salary and insurance plans for employees. They analyze market trends to determine competitive pay and perks that attract and retain talent.

5. Claims Adjuster / Examiner / Investigator

Median annual wage: $75,020

Job growth outlook (2023-2033): -5%

Requirements: High school diploma or equivalent

What they do: Claims adjusters, examiners, and investigators are responsible for processing an insurance’s company’s claims. They determine if the claim is eligible and how much should be paid out. It’s one of the few jobs that don’t require college.

6. Financial and Investment Analyst

Median annual wage: $99,890

Job growth outlook (2023-2033): 9%

Requirements: Bachelor’s degree

What they do: Financial and investment analysts help businesses and individuals make decisions to become more profitable. Analysts may work on the “buy-side” (for companies with a lot of money to invest), the “sell-side” (for agents who sell stocks and bonds), or the media. They may specialize in a particular area or market, like tech or energy. The financial sector tends to have very good entry-level salaries.

7. Accountant / Auditor

Median annual wage: $79,880

Job growth outlook (2023-2033): 6%

Requirements: Bachelor’s degree

What they do: Accountants and auditors are responsible for preparing accurate financial reports, analyzing the financial health of an organization, and filing taxes. They may make suggestions to a business about how to reduce costs, eliminate inefficiencies, and improve profitability. Accounting has long been considered a good job for introverts.

8. Computer Systems Analyst

Median annual wage: $103,800

Job growth outlook (2023-2033): 11%

Requirements: Bachelor’s degree

What they do: Computer systems analysts help businesses become more efficient with specific computer technologies. They analyze the cost and benefits of IT systems and help managers decide which are best for their organization. They are sometimes called systems architects and usually specialize in a specific type of computer system.

When you’re earning a six-figure salary, it helps to have a big picture of your money. Tools like a spending app let you keep tabs on your budget and savings goals.

9. Network and Computer Systems Administrator

Median annual wage: $95,360

Job growth outlook (2023-2033): -3%

Requirements: Bachelor’s degree

What they do: Network and computer systems administrators are responsible for the day-to-day operation of computer networks for an organization. They may install, test, make upgrades and repairs, and train users. They manage servers, desktops, and mobile equipment. Much of this can be done remotely.

10. Computer Support Specialist

Median annual wage: $60,810

Job growth outlook (2023-2033): 6%

Requirements: Some college

What they do: Computer support specialists help users with computer network problems. They also maintain existing network systems. The potential as a part time job with flexible hours for students is there.

11. Sales Rep, Wholesale and Manufacturing

Median annual wage: $73,080

Job growth outlook (2023-2033): 1%

Requirements: Bachelor’s degree

What they do: Sales representatives can make money by selling products or services for an employer. They explain the features of the product and help the customer understand how the product can benefit them. They negotiate prices, prepare sales contracts, and submit orders for processing. They maintain a relationship with the client for ongoing business exchanges.

12. Advertising Sales Agent

Median annual wage: $61,270

Job growth outlook (2023-2033): -7%

Requirements: High school diploma or equivalent

What they do: Advertising sales agents sell advertising space to businesses and individuals. They build relationships with clients and explain the design, contracts, and cost of the ad space.

13. Public Relations Specialist

Median annual wage: $66,750

Job growth outlook (2023-2033): 6%

Requirements: Bachelor’s degree

What they do: Public relations specialists are responsible for maintaining a positive image for their clients. They do this by preparing information for the media, running social media programs, and preparing clients for interviews with the media.

Recommended: Jobs That Pay Off Student Loans

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The Takeaway

There’s never been a better time to be a remote worker. Whether you’re an expert in your field or need to make a job transition, remote jobs with flexible hours are now possible for many workers. Sometimes, it’s just a matter of knowing where to look for the jobs and finding the right match for your skills.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

What kind of job can I do as a stay-at-home mom?

Any job that can be done remotely is one you can do as a stay-at-home mom. Many well-paying jobs can be done remotely, such as legal work, marketing, sales, and more.

What is the best part-time job for a housewife?

The best part-time job for a housewife is one that fulfills you and helps support your family at the same time. Look for industries, occupations, companies, and individuals that are supportive of your goals and needs. In the competitive labor market we’re in now, you can ask for things that are important to you, such as a flexible schedule or remote work.

Photo credit: iStock/lechatnoir

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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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

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

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Source: sofi.com

Apache is functioning normally

Colorado Springs, CO, with its dramatic landscapes and deep history, offers an extensive array of fun-filled things to do that won’t cost you a dime. From the iconic Garden of the Gods to experiencing the local culture at events, there’s certainly no shortage of free things to do in Colorado Springs. 

Whether you’re on the hunt for a new home, apartment, or are searching for houses for rent in Colorado Springs, CO, in this article, we’ll take a look at the best free activities in Colorado Springs for anyone looking to enjoy what the city is known for without breaking the bank.

1. Visit Quail Lake Park

When creating a pros and cons list for living in Colorado Springs, “abundance of outdoor activities” often tops the list as the biggest perk.

“We believe in connecting adults and youth to the outdoors through enriching experiences. One free activity we recommend is spending time at Quail Lake Park,” shares Martin Trujillo at Colorado Youth Outdoors who hosts outdoor activities around Colorado. “You can fish from the shore, hike around the scenic lake, or enjoy a picnic while taking in views of Cheyenne Mountain.”

Quail Lake Park offers a peaceful escape with its beautiful lake, walking trails, and lush greenery. It’s a popular destination for outdoor activities and ranks among the best free things to do in Colorado Springs.

Trujillo also says that visitors can enjoy a hands-on experience with fly fishing, making it ideal for beginners and a wonderful way to connect with nature in the heart of the city.

2. Explore Garden of the Gods

“You can’t visit Colorado Springs without exploring Garden of the Gods,” states Lizzie Farr, a lifestyle blogger at Wandering the Gap. 

Garden of the Gods is a stunning National Natural Landmark in Colorado Springs, renowned for its striking red rock formations and panoramic views.

“The park has trails of varying lengths and difficulties, making it the perfect destination for all experience levels,” says Farr. “Make sure you keep your eyes peeled for wildlife, like hawks and bighorn sheep and don’t forget to check out the visitor center for an overlook, informational exhibits, a cafe, and a gift shop.”

With both the visitor and nature center, as well as the park itself, being free to explore, this natural oasis stands out as one of the top free things to do in Colorado Springs.

3. Attend an event at Pikes Peak Library District

In the colder months, it can be difficult to find ways to engage and keep the kiddos entertained when it’s just too cold to be outside.

“You can’t miss the Pikes Peak Library District’s free children’s programs at each of their 15 locations,” recommends local Kaitlyn McEntire, doula and birth and motherhood photographer. “For the younger ones, they host Storytime, Create and Play, Music and Movement, Toddler Time, and Baby Times.” 

Can’t make it to one of the scheduled events? Most of the local libraries in the city also have open play areas stocked with toys to spark the kiddos’ imagination—available for play regardless of the day or time.

4. Experience The Broadmoor hotel

“One of my favorite free things to do in Colorado Springs is walk around The Broadmoor hotel,” shares photographer Jennifer Shneidman. “The property is historic and stunning and the walk around the lake is incredibly serene.”

Spending an afternoon strolling around a luxurious hotel can be a delightful free activity, allowing you to soak in the opulent decor and stunning architecture. Hotels feature beautiful lobbies, art installations, and sometimes lush gardens, providing a unique opportunity to experience a taste of luxury without spending a dime.

“Make sure to visit during the holiday season, when they have elaborate decorations and a life-sized gingerbread display,” suggests Shneidman.

5. Enjoy Old Colorado City

Wandering around a city is a delightful and free way to immerse yourself in its unique atmosphere. You can discover hidden gems, enjoy street art, and experience local culture simply by strolling through the streets and neighborhoods of Colorado Springs.

Ashley Tisdale at Aberdeen Ridge, an independent living community in Colorado Springs, shares her favorite part of the city to meander. “Old Colorado City is a cute and charming neighborhood that will have things of interest for all. Between the local restaurants—my favorite being Pizzeria Rustica—and all of the small business shops, there is something for everyone.”

Tisdale concludes, “The neighborhood is charming, eclectic, historical, and overall a fun way to spend a day wandering around.”

Exploring the different neighborhoods on foot not only saves money but also creates lasting memories as you uncover their charm at your own pace.

6. Hike the Mesa, Greenlee, and Red Rock Canyon Path Loop

The outdoor activities in and near the city provide locals with an abundance of free things to do in Colorado Springs. With a captivating blend of majestic mountains, sweeping slopes, and picturesque parks, the landscape offers diverse opportunities for hiking, biking, and rock climbing.

“If you love to hike or mountain bike, the Mesa, Greenlee, and Red Rock Canyon Path Loop is a must-see. This scenic trail features breathtaking views of red rock formations, peaceful meadows, and beautiful geological wonders,” shares Cindy Vance, co-founder of Women’s Wine Hiking Society, a women-only hiking community that hits happy hour on the trail.

Featuring a combination of easy and moderate terrain, it provides breathtaking views of the surrounding mountains. Vance also suggests taking a break along the way to enjoy your favorite drink and take in the stunning Colorado scenery.

7. Dive into history at the Western Museum of Mining and Industry

The Western Museum of Mining and Industry is an educational campus with multiple exciting experiences for everyone to enjoy. Situated on 28 acres of natural beauty, from Smith Creek and ponds to historic ranch buildings and diverse outdoor displays, the outdoor scenery at this museum can be enjoyed for free. 

Say hello to the good folks at the front desk, bring a picnic lunch, and stroll around to discover the cool artifacts, photo ops, and unique sights.

8. Climb Pikes Peak

Another free thing to do in Colorado Springs where you can enjoy the outdoors is Pikes Peak. Known as one of Colorado’s most iconic mountains, the peak offers breathtaking panoramic views of the surrounding landscape. Accessible by car, hike, or cog railway, it attracts adventurers and nature lovers alike, making it a must-visit destination in Colorado Springs.

“Climbing Pikes Peak will give you bragging rights that you have been on top of a 14,000+ foot mountain,” jokes Courtney Heath, a lifestyle blogger at Crunchy Beach Mama. “The 6-10 hour hike will leave you with memories forever.”

Heath suggests, “Barr Trail is a great place to stop halfway up to eat and rest or even camp and make it a two-day adventure. Be sure to bring your jacket because it will be cold up there, but it is so worth it.” 

9. Take a walk around the Lincoln Center

“One of Colorado Springs and best-kept secrets is the Lincoln Center off of Cascade,” shares local photographer Andrew Selby. “It’s an old elementary school converted into a town plaza.”

Spend an afternoon getting your steps in by wandering around the businesses and taking in the smells and sounds of the local Colorado shops. 

Selby continues by saying that there is an array of local breweries, coffee shops, bakeries, and more to explore and meander around. These local businesses contribute to a distinctly ‘Colorado Springs’ atmosphere and a memorable experience.

Free things to do in Colorado Springs: Don’t break the bank

Colorado Springs is brimming with no-cost opportunities that highlight its scenic beauty and lively culture. Dive into the adventure and savor everything that makes this city a good place to live—whether you already call it home or are moving to Colorado Springs, these budget-friendly activities promise to create unforgettable moments. So, lace up your shoes, get outside, and uncover the wonders of The Springs.

Source: rent.com